Document:

Exhibit 4.3

Genmab 2016 Restricted Stock Units Program

 

INTRODUCTION

 

This Restricted Stock Units Program (the “RSU Program”) has been established for the benefit of the board of directors and executive management of the Company as well as the employees of the Company and its Subsidiaries with a view to encouraging common and sustainable long term goals for the Participants and the Company’s shareholders in line with the Company’s strategy.

 

The RSU Program sets out the general terms and conditions that shall apply in connection with the grant, vesting and exercise of RSUs.

 

DEFINITIONS

 

“Bad Leaver” shall have the meaning set out in clause 4.2.2.

 

“Change of Control” shall have the meaning set out in clause 8.1.

 

“Company” shall mean Genmab A/S, a publicly traded company incorporated in Denmark registered under CVR no. 2102 3884.

 

“Early Board Leaver” shall have the meaning set out in clause 4.3.2.

 

“Incentive Guidelines” shall have the meaning as set out in clause 3.1.

 

“Incentive Schemes” shall have the meaning set out in clause 7.2.

 

“Net Settlement” shall mean that the Company reduces the number of shares delivered to the Participant with a number corresponding to the value of the tax that the Company or one its Subsidiaries is required to withhold.

 

“Participant” shall mean a person who holds one or more RSUs under the RSU Program.

 

“RSU” shall mean a right and obligation for a Participant to receive shares in the Company from the Company.  Each RSU shall provide a Participant with a right and obligation to receive one (1) share with a nominal value of DKK 1.00, subject to the vesting conditions set out in clauses 4.2 to 4.3, including performance criteria for vesting, if applicable.

 

“RSU Award Agreement” shall mean the agreement with the Participant setting out the date of grant of RSUs, the maximum number of RSUs to vest, the performance criteria for vesting, if applicable, and the Vesting Period.  Upon accepting the RSU Award Agreement, the Participant accepts the terms and conditions of the RSU Award Agreement and RSU Program, effective as of the grant date provided in the applicable RSU Award Agreement.

 

“RSU Program” shall have the meaning set out in clause 1.1.

 

 

 

“Subsidiary” shall mean a direct or indirect subsidiary of the Company, currently including Genmab B.V., Genmab Holding B.V. and Genmab US, Inc.

 

“Vesting Letter” shall mean the letter sent to a Participant setting out the number of RSUs that have vested upon expiry of the Vesting Period.

 

“Vesting Period” shall mean the period as set forth in the RSU Award Agreement as determined pursuant to clause 4.1.

 

GRANT OF RSUs

 

The board of directors shall in its sole discretion decide on the maximum number of RSUs to be granted and on any performance criteria for vesting thereof, in compliance with the General Guidelines adopted pursuant to Section 139 of the Danish Companies Act Governing Incentive Programmes for the Board of Directors and the Executive Board of Genmab A/S, April 9, 2014, as amended from time to time (the “Incentive Guidelines”), if applicable.

 

The RSUs shall be personal and cannot be transferred or assigned.  RSUs may not be pledged or otherwise serve as the basis for settlement of claims by the Participant’s creditors.  Transfer can be made to the heirs in case of the Participant’s death.

 

The RSU Award Agreement to each Participant shall set out the date of grant of RSUs, the maximum number of RSUs to vest, the performance criteria for vesting, if any, and the Vesting Period.

 

VESTING OF RSUs

 

The RSUs will vest on the first banking day of the month following a period of three (3) years from the date of grant (the “Vesting Date”), subject to the vesting conditions set out in clauses 4.2 to 4.3, including the performance criteria for vesting, if any (the “Vesting Period”).

 

For Participants who are members of the executive management or employees of the Company or one of its Subsidiaries the following shall apply:

 

If the Participant’s employment with the Company or a Subsidiary ceases as a result of the Participant being a Bad Leaver, then all RSUs that are granted, but not yet vested shall lapse automatically, without notice and without compensation at the time of the cessation of the employment.  If the Participant’s employment with the Company or a Subsidiary ceases due to retirement at the age of minimum 65 years, death, serious sickness or serious injury (a “Good Leaver” termination), then all RSUs that are granted, but not yet vested shall remain outstanding in accordance with their terms for the remainder of Vesting Period and shall be settled at the same time and subject to the same conditions that apply to then-active Participants.

 

The Participant will be deemed to be a Bad Leaver if such Participant ceases to be an employee of the Company or a Subsidiary due to (i) the Participant being dismissed, due to the Participant’s material breach of the employment relationship, or (ii) the Participant’s termination (except in circumstances that would constitute a Good Leaver termination) of the employment relationship if this is not caused by the Company or Subsidiary’s material breach of the employment relationship.  For the purposes of clause 4.2.2(i) the employment shall be deemed ceased when notice of dismissal has been received by the Participant.  For the purposes of clause 4.2.2(ii) the employment shall be deemed ceased at the expiry of the applicable notice period.

 

 

 

For Participants who are members of the board of directors the following shall apply:

 

If the Participant’s membership on the board of directors ceases as a result of the Participant being an Early Board Leaver, then all RSUs that are granted, but not yet vested, shall lapse automatically, without notice and without compensation at the time of the cessation of the membership of the board of directors.  If the Participant’s membership on the board of directors ceases as a result of (i) the age limitation specified in clause 12 of the Company’s Articles of Association, or (ii) death or serious sickness or serious injury of the Participant, then all RSUs that are granted, but not yet vested shall remain outstanding in accordance with their terms for the remainder of Vesting Period and shall be settled at the same time and subject to the same conditions that apply to then-active Participants.

 

The Participant will be deemed to be an Early Board Leaver if such Participant ceases his/her membership of the board of directors, unless this is caused by (i) the age limitation specified in clause 12 of the Company’s Articles of Association, or (ii) death, serious sickness or serious injury of the Participant.

 

The board of directors may in its sole discretion decide to dispense with or deviate from the vesting conditions set forth in clauses 4.2 to 4.3, including the agreed performance criteria, if any.  Vesting may only take place, however, within the time periods where the RSUs in question would otherwise have vested, i.e. the Participant in question cannot be treated more favourably than the continuing employees or members of the executive management or board of directors.  For the avoidance of doubt, any changes in vesting conditions, however, shall not impact or change the Vesting Period or Vesting Date.

 

Shortly prior to the expiry of the Vesting Period, the Participants will receive a Vesting Letter setting out the actual number of RSUs that will vest upon expiry of the Vesting Period, also taking into account whether the performance criteria for vesting, if any, set out in the RSU Award Agreement to each Participant have been met, and if Net Settlement of the shares has been applied.  Upon receipt of the Vesting Letter, the Participant shall notify the Company of his/her VP securities account details.

 

DELIVERY OF SHARES

 

RSUs that do not vest according to clause 4 shall lapse automatically, without notice and without compensation.

 

RSUs that vest according to clause 4 shall be converted into shares and delivered to the Participant pursuant to clauses 5.3 to 5.6.

 

 

 

The Company may in its sole discretion decide to make a Net Settlement of the shares delivered to the Participant in case the Company or one of its Subsidiaries has a tax withholding obligation with respect to such Participant.

 

Trading with shares is subject to applicable laws and regulations (as well as internal Company guidelines) in force from time to time, including the prohibitions against insider trading.  Where a Participant is in possession of inside information at the time of receiving the shares, he/she will be prevented from selling shares in the Company at such point of time.  The Participant shall also observe restrictions against trading in closed trading periods, if applicable.

 

As soon as practicable following the Vesting Date, but no later than thirty (30) days after the Vesting Date, the Company shall transfer the number of shares corresponding to the vested RSUs to the Participant’s VP securities account (an account administered by the Danish VP Securities Services (Vrdipapircentralen)).

 

It is a precondition for the Company’s transfer of shares to the Participant that the Participant has access to or opens a VP securities account.  Any costs arising from such VP securities account shall be borne by the Participant.

 

CASH SETTLEMENT

 

Upon vesting of the RSUs, the Company may at its sole discretion in extraordinary circumstances choose to make a cash settlement instead of delivering shares.  A cash settlement implies that the Company shall pay a cash amount per RSU corresponding to the closing price of the shares on the Vesting Date, and will be paid as soon as possible, but no later than thirty (30) days following the Vesting Date.

 

If the Company decides to make a cash settlement instead of delivering shares, the Company shall inform the Participant thereof no later than the day of vesting.

 

CHANGES TO COMPANY CAPITAL

 

If the Company (i) reduces or increases its share capital at any price other than the market price, (ii) changes the nominal value of the shares; or (iii) issues bonus shares, the board of directors shall decide whether this calls for an adjustment of the number of RSUs to avoid affecting the total value of the granted RSUs.

 

Any decision by the board of directors or Company to (i) issue RSUs under the RSU Program or issue shares, stock options, warrants, convertible bonds or the like to one or more employees, consultants, managers or executive management members of the Company or a Subsidiary (the “Incentive Schemes”) or (ii) buy or sell own shares in that connection shall not cause any adjustment to the number of RSUs, whether such issuance, purchase or sale is made at market price or not.  Likewise, there shall be no adjustment of the number of RSUs as a result of any capital increase performed by the exercise of such instruments under the Incentive Schemes of the Company.

 

Any decision for the distribution of dividend shall cause no adjustment of the number of RSUs.

 

 

 

If one of the situations set out in clause 7.1 occurs and upon the request of the board of directors, the Company shall ask its auditor or another expert appointed by the Company to calculate whether the number of RSUs shall be adjusted and – if so – the number of such adjustment.  The result of such calculation shall be forwarded to the Company and subsequently to the Participant as soon as possible.  Any such adjustment shall still be subject to the Incentive Guidelines.

 

The calculation made by the auditor or other expert shall be based on generally accepted principles.

 

The calculation made by the auditor or other expert under this clause shall be final and binding on the Company and the Participant.  Any costs in connection with the auditor’s work shall be borne by the Company.

 

CHANGE OF CONTROL, MERGER, DEMERGER, LIQUIDATION

 

In the event one or more shareholders obtains a controlling influence over the Company as defined in section 31 of the Danish Securities Trading Act (a “Change of Control”), the board of directors shall in its sole discretion decide – subject to completion of the Change of Control – to either:

 

accelerate the vesting (including dispensing with the vesting conditions set forth in clauses 4.2 to 4.3, including the agreed performance criteria, if any), or

 

accelerate the vesting (including dispensing with the vesting conditions set forth in clauses 4.2 to 4.3, including the agreed performance criteria, if any) and make a cash settlement to the Participant in accordance with the principles set forth in clause 6.

 

In the event of a merger or de-merger whereby the Company is dissolved, the board of directors shall in its sole discretion decide – subject to completion of the merger or de-merger – to either:

 

accelerate the vesting (including dispensing with the vesting conditions set forth in clauses 4.2 to 4.3, including the agreed performance criteria, if any), or

 

accelerate the vesting (including dispensing with the vesting conditions set forth in clauses 4.2 to 4.3, including the agreed performance criteria, if any) and make a cash settlement, to the Participant in accordance with the principles set forth in clause 6.

 

In the event it is resolved to dissolve the Company through a solvent liquidation, the board of directors may in its sole discretion decide – subject to completion of the dissolution – to either:

 

accelerate the vesting (including dispensing with the vesting conditions set forth in clauses 4.2 to 4.3, including the agreed performance criteria, if any), or

 

accelerate the vesting (including dispensing with the vesting conditions set forth in clauses 4.2 to 4.3, including the agreed performance criteria, if any) and make a cash settlement to the Participant in accordance with the principles set forth in clause 6.

 

 

 

The Company shall notify the Participants of the occurrence of any event comprised by this clause 8 and of any determinations by the Company under clauses 8.1 through 8.3 above and shall provide the Participants no less than ten (10) days’ written notice to inform the Company of its VP securities account.  In any of these events, the RSUs shall vest on an accelerated basis as of the closing date of any transaction under clauses 8.1 through 8.3 above.

 

To the extent that a Participant is a U.S. taxpayer, his or her award shall only be accelerated on a Change of Control to the extent that it would constitute a “change in control” for purposes of Section 409A of the U.S. Internal Revenue Code.

 

OTHER TERMS AND CONDITIONS

 

The tax implications of the RSU Program for the Participants shall be of no concern to the Company or any Subsidiary.  The Participant is encouraged – if deemed necessary or desirable – to seek advice from a public accountant or another tax consultant at his/her own expense.

 

The board of directors may at any time, alter, amend, suspend, cancel or terminate the RSU Program , provided that the terms and conditions of already granted RSUs may not be changed and/or amended in a way that, seen as whole, reduces the value of the RSUs for the Participants.

 

CHOICE OF LAW AND DISPUTE RESOLUTION

 

This RSU Program and each contractual relationship between a Participant and the Company and/or a Subsidiary shall be governed by and construed in accordance with Danish law.

 

Any dispute or disagreement arising out of this RSU Program and each contractual relationship between a Participant and the Company and/or a Subsidiary, shall be finally settled by arbitration in accordance with the “Rules of Arbitration Procedure” of the Danish Institute of Arbitration (“Voldgiftsinstituttet”).The arbitration tribunal shall have three (3) members, one (1) of whom shall be a Danish judge.  All members of the arbitration tribunal shall be appointed in accordance with the aforesaid rules of procedure.  The arbitration tribunal shall decide on the legal costs.  The parties shall keep confidential all information about any arbitration proceedings, including the existence and subject-matter thereof, and the arbitration award.

 

ACCEPTANCE OF THE TERMS

 

By accepting the RSU Award Agreement, the Participant agrees to the terms and conditions of the RSUs as specified in this RSU Program.  Accordingly, the Participant’s accepting of the RSU Award Agreement shall be considered as his/her signing of this RSU Program, which the Participant is aware of and accepts.

 

(Originally adopted by the board of directors on December 15, 2014 and amended by the board of directors on December 15, 2016.)

 

 

 

 

December 15, 2016

 

	 	 	 
	

Mats Pettersson

 

 

	 	

Anders Gersel Pedersen

 

 

	

Dan Bruno

 

 

	 	

Pernille Erenbjerg

 

 

	

Rick Hibbert

 

 

	 	

Peter Storm Kristensen

 

 

	

Burton G. Malkiel

 

	 	

Paolo PaolettiExhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”) HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE
THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: $300,000	 	Dated as of February 20, 2019

 

Thunder
Bridge Acquisition II, Ltd, a Cayman Islands exempted company (the “Maker”), promises to pay to the
order Thunder Bridge Acquisition II, LLC or its registered assigns or successors in interest (the
“Payee”), or order, the principal sum of Three Hundred Thousand Dollars ($300,000) or such lesser amount
as shall have been advanced by Payee to Maker and shall remain unpaid under this Note on the Maturity Date (as defined below)
in lawful money of the United States of America, on the terms and conditions described below.  All payments on this Note
shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such
account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

1. Principal.
The entire unpaid principal balance of Note shall be payable on the earlier of:  (i) December 31, 2019, or
(ii) the date on which Maker consummates an initial public offering of its securities (such earlier date, the
“Maturity Date”).  The principal balance may be prepaid at any time. Under no circumstances shall any
individual, including but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally
for any obligations or liabilities of the Maker hereunder.

 

2. Drawdown
Requests. Maker and Payee agree that Maker may request, from time to time, up to Three Hundred Thousand Dollars
($300,000) in draw downs under this Note to be used for costs and expenses related to Maker’s formation and the
proposed initial public offering of its securities (the “IPO”).  Principal of this Note may be drawn
down from time to time prior to the Maturity Date upon written request from Maker to Payee (each, a “Drawdown
Request”).  Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than
Ten Thousand Dollars ($10,000).  Payee shall fund each Drawdown Request no later than three (3) business days after
receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns outstanding under this Note at any
time may not exceed Three Hundred Thousand Dollars ($300,000).  No fees, payments or other amounts shall be due to Payee
in connection with, or as a result of, any Drawdown Request by Maker.

 

3. Interest. No interest shall accrue
on the unpaid principal balance of this Note.

 

4. Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any
sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late
charges and finally to the reduction of the unpaid principal balance of this Note.

 

5. Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a) Failure
to Make Required Payments.  Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.

 

(b) Voluntary
Bankruptcy, Etc.  The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

    	 		 

     

    

 

(c) Involuntary
Bankruptcy, Etc.  The entry of a decree or order for relief by a court having jurisdiction in the premises in respect
of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

 

6.  Remedies.

 

(a) Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable
thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon the occurrence of an Event of Default specified in Sections 5(b) or 5(c), the unpaid principal balance of this Note,
and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without
any action on the part of Payee.

 

7. Waivers. 
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by
Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting
any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or
sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and
Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution
issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

8. Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or
enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability
of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification
granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may
be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers,
guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9. Notices. All
notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most
recently provided to such party or such other electronic mail address as may be designated in writing by such party.  Any
notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally,
on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business
day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

10. Construction. 
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS
THEREOF.

 

11. Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

    	 	2	 

     

    

 

12. Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest
or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which
the proceeds of the IPO conducted by the Maker (including the deferred underwriters discounts and commissions) and the proceeds
of the sale of the warrants issued in a private placement to occur prior to the consummation of the IPO are to be deposited, as
described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission
in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against
the trust account for any reason whatsoever.

 

13. Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

14. Assignment. No
assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law
or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent
shall be void.

 

IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	Thunder
    Bridge Acquisition II, Ltd
	 	 
	 	By:	/s/ Gary Simanson
	 	 	Name:	Gary Simanson
	 	 	Title:	President and Chief Executive Officer

 

 

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