Document:

Prepared by R.R. Donnelley Financial -- EX-10.3(b)

 Exhibit 10.3(b) 

[Translation from German] 
 Supplement No. 1 
 To the Rental Agreement of April 11/April 15,
2013, Im Neuenheimer Feld 584, basement, ground floor, right, and 2nd floor, left, Im Neuenheimer Feld 583, 1st floor, right 
  

 

			
	Between	  	Technologiepark Heidelberg II GmbH & Co. KG
		  	Dischingerstr. 8
		  	69123 Heidelberg
		  	VAT ID no. DE 244 593 546
		
		  	(hereinafter called “Lessor”)
		
	And	  	Ascendis Pharma GmbH, registered under HRB 337385 with the Mannheim local court (Amtsgericht), represented by the managing director (Geschäftsführerin) with sole power of
representation
		  	Ms Lotte Sønderbjerg
		  	Im Neuenheimer Feld 584
		  	69120 Heidelberg
		  	VAT ID no. DE 813 586 261
		
		  	(hereinafter called “Lessee”)

 In addition to the space already rented, totalling 1,288.37 m2, Lessee is renting extra space in the building at Im
Neuenheimer Feld 584 on the first floor, right hand side. The additional space thus rented measures 168.41 m2 + general use space + 6% of the communal area for a total of 206.87 m2, so that together with the space already rented, the total
rental area rises to 1,495.24 m2. Lessor and Lessee thus supplement the Rental Agreement as follows: 
 Further to para. 1 Rental term
and termination: 
 on 1.1 
 The
tenancy for the additional rented space that is the subject of this Supplement starts on December 01, 2013. Rental payments start on December 01, 2013. 
 Further to para. 3 Rental property: 
 on. 3.1 

In addition to the property already being rented, the Lessor lets to the Lessee the space on the first floor of building INF 584 marked in the plans as
“1.201 Büro 1 (office 1) 16.61 m2, Büro 1 1.201 (office 1 1.201) 23.59 m2, 1.214 Garderobe (cloakroom) 5.22 m2, 1.219 S1-Labor (laboratory) 63.72 m2 and 1.222 S1-Labor (laboratory) 59.27 m2”. The actual
location has been marked in colour on the floor plan attached as Appendix 1 to this Supplement. The size of the space rented is calculated as shown in the attached Appendix 2. 

The space is taken “as is” in non-renovated condition. At the end of the tenancy the premises are to be returned cleared and swept. 

Lessee shall consult with the other tenants occupying the same floor in Building II about taking turns to clean the areas in communal use. 

 Further to para. 4 Rent and rent adjustments: 

on 4.1 
 As of December 01, 2013 the
monthly rent is: 
  

													
	 	1,461.41 m2	  	  	 Office and laboratory space
	  	€	13.17	  	  	€	19,246.77	  
	 	20.93 m2	  	  	 Compressor room INF 584, basement
	  	€	13.17	  	  	€	275.65	  
	 	12.90 m2	  	  	 Storage space INF 583, 1st floor
	  	€	13.17	  	  	€	169.89	  
	 	35          	  	  	 Underground parking spaces
	  	€	60.00	  	  	€	2,100.00	  
	 	4          	  	  	 Outside parking spaces
	  	€	40.00	  	  	€	160.00	  
	 	1495.24 m2	  	  	 Advance running costs and service charges
	  	€	5.09	  	  	€	7,610.77	  
				  		  				  	  
	  
	 
				
	 	Subtotal	  	  		  				  	€	29,563.08	  
	  
	 Value added tax (currently 19%)
	   
	  	€	5,616.99	  
				  		  				  	  
	  
	 
		
	  
	 Total per month
	   
	  	€	35,180.07	  
				  		  				  	  
	  
	 

 on 4.4 
 The
stepped rent agreement shall apply to this Supplement as if the additional space had been rented from the start of the original lease. Rents and rental changes thus follow a uniform pattern. 
 Further to para. 13 Deposit: 
 on 13.1 Instead of a deposit of € 90,000.00 as
originally stated, the applicable deposit shall be € 105,000.00. 
 Further to para. 15 Final provisions: 

This Supplement - including any excerpts therefrom - must not be published, nor must third parties be granted access to it or information regarding it,
without the consent of the Lessor (Section 1.11 German Copyright Law/UrhG, Section 823 ff BGB/German Civil Code). 
 The forgoing additions
and amendments serve to modify the lease agreements previously in force if and inasmuch as provisions thereof are affected. In all other respects the Rental Agreement and all other elements and appendices shall remain valid. 

Two copies of this Supplement have been made and the Lessor and Lessee have each received one copy. The Supplements have been firmly bound together (with
eyelet). 
 The Parties are prepared to bind this Supplement no. 1 to the Rental Agreement and to treat the two documents as one Rental
Agreement. 
  

					
	Heidelberg 29 NOV 2013	 		 	Heidelberg, 27 Dec. 2013
			
	/s/ Lotte Sønderbjerg	 		 	(Signature illegible)
			
	- Lessee -	 		 	- Lessor -
	//Company stamp of Ascendis Pharma GmbH//	 		 	//Company Stamp of Technologiepark
		 		 	Heidelberg GmbH & Co. KG//

 Appendix 1 to Supplement no. 1 between Technologiepark Heidelberg II GmbH & Co. KG and Ascendis
Pharma GmbH on the renting of additional space “Im Neuenheimer Feld 584 (1st floor), 69120 Heidelberg” Page 1 of 1 
  

 
 

 

 Key: 
 Büro = Office 
 Teeküche/Spülküche = Pantry 

Gard./Garderobe = Cloakroom 
 WC = Toilet

 Labor = Laboratory 
 Aufzug =
Elevator 
 Besprechung = Meeting room 

Sekretariat = Secretary’s office 
 Flur =
Corridor 
 Elektro = Electrical appliances 
 Server = Server 
 Treppenhaus = Staircase 

Denkzelle = Think Tank 
 Lager mit
Kühlzelle = Storeroom with cooling chamber 
 Computerauswertung = Computer analysis 

 Appendix 2 to Supplement no. 1 between Technologiepark Heidelberg II GmbH & Co. KG and Ascendis Pharma
GmbH on the renting of additional space “Im Neuenheimer Feld 584 (1st floor), 69120 Heidelberg” Page 1 of 1 
  

			
	Oct 15, 2013	  	Usable space 584 1st floor, right Oct. 15, 2013

  

																															
	584	  	1st floor	  	 	 	  	 	 	  	Rental area 1	 	 	Rental area 2	 	 	Rental area 2	 	 	Rental area 2	 	 	 	 
	 	  	 	  	 	 	  	 	 	  	Gene Bridges	 	 	Ascendis	 	 	Oryx	 	 	TP intern	 	 	 	 
	Room	  	Description	  	Area	 	  	 	 	  	 	 	 	 	 	 	 	 	 	Mid zone	 	 	 	 
	 1.203
	  	 Office 3
	  	 	17.38 m2	  	  				  	 	17.38 m2	  	 				 				 				 			
	 1.204
	  	 Office 4
	  	 	17.58 m2	  	  				  	 	17.58 m2	  	 				 				 				 			
	 1.205
	  	 Secretary’s Office
	  	 	17.38 m2	  	  				  	 	17.38 m2	  	 				 				 				 			
	 1.206
	  	 Office 5
	  	 	27.97 m2	  	  				  	 	27.97 m2	  	 				 				 				 			
	 1.208
	  	 Office 6
	  	 	16.35 m2	  	  				  	 	16.35 m2	  	 				 				 				 			
	 1.208.1
	  	 Office 7
	  	 	16.52 m2	  	  				  	 	16.52 m2	  	 				 				 				 			
	 1.209
	  	 Computer analysis
	  	 	16.78 m2	  	  				  	 	16.78 m2	  	 				 				 				 			
	 1.210
	  	 Store+ cooling chamber
	  	 	15.13 m2	  	  				  	 	15.13 m2	  	 				 				 				 			
	 1.211
	  	 Pantry
	  	 	15.88 m2	  	  				  	 	15.88 m2	  	 				 				 				 			
	 1.223
	  	 S1 laboratory
	  	 	53.31 m2	  	  				  	 	53.31 m2	  	 				 				 				 			
	 1.226
	  	 S1 laboratory
	  	 	50.93 m2	  	  				  	 	50.93 m2	  	 				 				 				 			
	 1.207.1
	  	 Corridor
	  	 	19.52 m2	  	  				  	 	19.52 m2	  	 				 				 				 			
	 1.220.1
	  	 Corridor
	  	 	45.15 m2	  	  				  	 	45.15 m2	  	 				 				 				 			
									
	 1.220
	  	 Corridor 3
	  	 	42.20 m2	  	  				  				 				 				 				 			
	 1.201.1
	  	 Office 1.1
	  	 	20.86 m2	  	  				  				 				 	 	20.86 m2	  	 				 			
	 1.201.2
	  	 Office 1.2
	  	 	16.61 m2	  	  				  				 	 	16.61 m2	  	 				 				 			
	 1.202
	  	 Office 2
	  	 	23.59 m2	  	  				  				 	 	23.59 m2	  	 				 				 			
	 1.207
	  	 Corridor 4
	  	 	22.58 m2	  	  				  				 				 				 				 			
	 1.212
	  	 Meeting
	  	 	42.06 m2	  	  				  				 				 				 	 	42.06 m2	  	 			
	 1.213
	  	 Pantry 50%
	  	 	7.17 m2	  	  				  	 	3.59 m2	  	 				 				 	 	3.59 m2	  	 			
	 1.214
	  	 Cloakroom
	  	 	5.22 m2	  	  				  				 	 	5.22 m2	  	 				 				 			
	 1.217
	  	 Server
	  	 	4.00 m2	  	  				  				 				 				 				 			
	 1215
	  	 Toilet ladies / 2
	  	 	8.81 m2	  	  				  				 				 				 				 			
	 1216
	  	 Toilet gents / 2
	  	 	12.68 m2	  	  				  				 				 				 				 			
	 1219
	  	 S1 laboratory
	  	 	63.72 m2	  	  				  				 	 	63.72 m2	  	 				 				 			
	 1222
	  	 S1 laboratory
	  	 	59.27 m2	  	  				  				 	 	59.27 m2	  	 				 				 			
		  		  	  
	  
	 	  				  				 				 				 				 			
									
		  	 Total area
	  	 	658.65 m2	  	  				  				 				 				 				 			
		  		  	  
	  
	 	  				  				 				 				 				 			
		  		  				  				  	 	333.47 m2	  	 	 	168.41 m2	  	 	 	20.86 m2	  	 	 	45.65 m2	  	 	 	568.38 m2	  
		  	 Percentage share
	  				  				  	 	58.67	% 	 	 	29.63	% 	 	 	3.67	% 	 	 	8.03	% 	 	 	100	% 
									
		  	 Shared space
	  				  				  				 				 				 				 			
	 1215
	  	 Toilet ladies
	  	 	8.81 m2	  	  				  				 				 				 				 			
	 1216
	  	 Toilet gents
	  	 	12.68 m2	  	  				  				 				 				 				 			
	 1217
	  	 Server
	  	 	4.00 m2	  	  				  				 				 				 				 			
	 1207
	  	 Corridor
	  	 	22.58 m2	  	  				  				 				 				 				 			
	 1220
	  	 Corridor
	  	 	42.20 m2	  	  	 	90.27 m2	  	  				 				 				 				 			
						
	 Allocation of shared space
	   
	  	 	52.96 m2	  	 	 	26.75 m2	  	 	 	3.31 m2	  	 	 	7.25 m2	  	 	 	90.27 m2	  
		  		  				  				  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
						
	 Total area of rented property
	   
	  	 	386.43 m2	  	 	 	195.16 m2	  	 	 	24.17 m2	  	 	 	52.89 m2	  	 	 	658.65 m2	  
		  		  				  				  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
									
	 + 6%
	  		  				  				  	 	409.62	  	 	 	206.87Prepared by R.R. Donnelley Financial -- EX-10.4(b)

 Exhibit 10.4(b) 

WARRANT CERTIFICATE 

(non-negotiable instrument) 
 Ascendis Pharma A/S,
Hellerup Boulevard 12, DK-2900 Hellerup (hereinafter referred to as Ascendis Pharma), cvr.nr. 29 91 87 91, has on [date of grant] issued this Warrant Certificate to 

[adresse] 
 (hereinafter referred
to as the “Warrantholder”) 
 whereby the Warrantholder without payment has received and accepted allocation of [number] warrants, which confer
the right to subscribe [number] A-shares in Ascendis Pharma at a subscription price of DKK [price] per share with a nominal value of DKK 1. The other terms applying to the warrants have been set forth in Ascendis Pharma’s articles of
association clause 4b with appendix [1][2], which is attached to this Warrant Certificate. 
 Shareholder’s Agreement 

A shareholders’ agreement between Ascendis Pharma’s shareholders and the warrantholders, which shall apply to the extent that the shares are
subscribed through exercise of warrants, has been attached. The issuance of warrants according to this Warrant Certificate is conditional upon the Warrantholder accepting said shareholders’ agreement. 

This Warrant Certificate is issued in two original copies with one original copy Ascendis Pharma and one original for the Warrantholder. By signing this
certificate, the Warrantholder accepts to have received the issued warrants on the above terms. 
  

							
	Place:                     , [date]	 		 	Hellerup, [date]
			
	  
	 		 	  

	[Name]	 		 	Michael Wolff Jensen, Chairman

 
			
	  

	Jan Møller Mikkelsen, CEO

  
 2

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