BILAG 6.5.1 TIL VEDTÆGTERfor Dancann Pharma A/S SCHEDULE 6.5.1 OF THE ARTICLES OF ASSOCIATIONof Dancann Pharma A/S
Ref. 326051-wls
BILAG 6.5.1 TIL VEDTÆGTER for ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ A/S | SCHEDULE 6.5.1 OF THE ARTICLES OF ASSOCIATION of ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ A/S |
1. Beslutning
1.1 Generalforsamlingen i ▇▇▇▇▇▇▇
▇▇▇▇▇▇ A/S (”Selskabet”) har den
23. juli 2021 truffet beslutning om at bemyndige Selskabets bestyrelse til ad en eller flere omgange at udstede warrants. Der henvises til vedtægter- nes pkt. 6.5.
1.2 Bestyrelsen har den 5. oktober 2021 besluttet delvist at udnytte bemyndi- gelsen ved at træffe beslutning om at udstede 2.207.399,00 warrants (”Warrants”), der hver giver ret til at tegne 1 kapitalandel i Selskabet á nominelt 0,0375 kr. Bestyrelsen har samtidig truffet beslutning om den dertil hørende kapitalforhøjelse.
1.3 Selskabets aktionærer har ikke for- tegningsret til de udstedte Warrants, der udstedes til fordel for tretten (13) forudbestemte investorer (”Indeha- verne”).
1.4 I det omfang de udstedte Warrants udnyttes, giver disse Indehaverne ret til at tegne op til i alt nominelt 82.777,4625 kr. kapitalandele i Sel- skabet.
1. Resolution
1.1 On 23 July 2021, the general meeting of ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ A/S (the ”Company”) decided to authorize the Company’s board of directors to – in one or more tranches - issue warrants. Please refer to article 6.5 of the articles of associa- tion.
1.2 On 5 October 2021, the board of direc- tors decided to partly exercise the au- thorization by deciding to issue 2,207,399.00 warrants (“Warrants”), each carrying the right to subscribe for 1 share of a nominal value of DKK 0.0375. The board of directors simulta- neously made a resolution on the re- lated capital increase.
1.3 The Company's shareholders do not have any pre-emption right to subscribe for the Warrants that are issued in fa- vour of thirteen (13) pre-determined in- vestors (the “Warrant Holders”).
1.4 To the extent that the Warrants are ex- ercised, the Warrants shall entitle the Warrant Holders to subscribe for up to a total of nominally DKK 82,777.4625 shares in the Company.
Kolding Copenhagen Hamburg Flensburg
1.5 Bestyrelsen har som led i ovennævnte beslutning fastsat de i dette bilag an- førte vilkår for tegning og udnyttelse af de udstedte Warrants samt for den dertil hørende kapitalforhøjelse.
2. Warrants
2.1 Der udstedes i alt 2.207.399,00 War- rants, der hver giver ret til at tegne én kapitalandel a nominelt 0,0375 kr.
2.2 Tegning af Warrants skal ske senest den 11. oktober 2021.
2.3 Selskabet fører en fortegnelse over udstedte Warrants.
3. Vederlag for Warrants
3.1 De udstedte Warrants tildeles veder- lagsfrit.
4. Udnyttelseskurs
4.1 Ved udnyttelse af de udstedte War- rants skal der pr. kapitalandel a nomi- nelt 0,0375 kr. betales et beløb på DKK 4.8685 (”Udnyttelseskursen”).
5. Udnyttelsesperiode
5.1 De udstedte Warrants kan udnyttes i perioden 14. juli 2022 – 4. august 2022 (begge dage inklusive) (”Ud- nyttelsesperiode”) som nærmere beskrevet nedenfor, jf. dog også pkt.
1.5 As part of the above resolution, the board of directors has laid down the terms and conditions set out in this schedule for subscription and exercise of the issued Warrants and for the related capital increase.
2. Warrants
2.1 A total of 2,207,399.00 Warrants will be issued, each carrying the right to sub- scribe for one share of nominally DKK 0.0375.
2.2 Subscription of the warrants must be completed no later than on 11 October 2021.
2.3 The Company keeps a register of the is- sued Warrants.
3. Consideration for Warrants
3.1 The issued Warrants will be allocated free of charge.
4. Exercise Price
4.1 When exercising the issued Warrants, an amount of DKK 4,8685 is payable per share of a nominal value of DKK 0.0375 (the “Exercise Price”).
5. Exercise Period
5.1 The issued Warrants are exercisable during the period 14 July 2022 - 4 Au- gust 2022 (both days included) (“Exer- cise Period”) as further described
5.3 og 7.
5.2 Warrants, der ikke er udnyttet ved ud- løbet af Udnyttelsesperioden i pkt. 5.1, bortfalder uden yderligere varsel, vederlag eller kompensation til Inde- haveren.
5.1. Ved enighed herom (på skrift) lø- ber en periode på 1 uge (i forbindelse med sådan enighed mellem Selskabet og Indehaveren benævnt ”Udnyttel- sesperiode”), hvor Indehaveren kan udnytte en del af eller alle sine War- rants i overensstemmelse med pkt. 6. Warrants, der ikke er udnyttet efter udløbet af en sådan Udnyttelsesperi- ode, kan dog udnyttes i en senere Ud- nyttelsesperiode (senest i Udnyttel- sesperioden i pkt. 5.1).
5.4 Uagtet ovenstående kan der aldrig ske udnyttelse af Warrants i strid med ufravigelige lovregler, herunder mar- kedsmisbrugsforordningen.
6. Fremgangsmåde ved udnyttelse af Warrants
6.1 Såfremt Indehaveren af en eller flere Warrants helt eller delvist ønsker at udnytte de pågældende Warrants, skal vedkommende fremsende skrift- lig meddelelse herom (”Udnyttelses- meddelelsen”) til Selskabet (dvs. til bestyrelsesformanden).
below, however see also clauses 5.3 and 7.
5.2 Any Warrants not exercised during the Exercise Period in clause 5.1 shall lapse without further notice, remuneration or compensation to the Warrant Holder.
5.3 If the Company (represented by the board of directors) and a Warrant Holder so agree, the Warrant Holder can exer- cise some or all of its Warrants earlier than the Exercise Period in clause 5.1. Upon such agreement (in writing), a pe- riod of one (1) week begins (in connec- tion with such agreement between the Company and the Warrant Holder re- ferred to as “Exercise Period”) during which the Warrant Holder can exercise some or all of its Warrants in accordance with clause 6. However, any Warrants not exercised during such Exercise Pe- riod can be exercised during a later Ex- ercise Period (the Exercise Period in clause 5.1 being the latest).
5.4 Regardless of the above, Warrants can- not be exercised in violating of manda- tory legislation, including the EU market abuse regulation.
6. Procedure for exercising Warrants
6.1 If a Warrant Holder of one or more War- rants wants to exercise said Warrants in whole or in part, the Warrant Holder must give the Company written notice thereof (the ”Exercise Notice”) (i.e. notice to the chairman of the board of
Udnyttelsesmeddelelsen skal inde- holde oplysning om hvor mange War- rants, der ønskes udnyttet. Indehave- ren er i en Udnyttelsesperiode beret- tiget til at udnytte alle eller en del af sine Warrants. Samtidig med frem- sendelsen af Udnyttelsesmeddelelsen skal Indehaveren overføre Tegnings- beløbet til en af Selskabet oplyst bankkonto.
6.2 ”Tegningsbeløbet” beregnes som Udnyttelseskursen multipliceret med antallet af Warrants, der ønskes ud- nyttet (og betales i DKK).
6.4 Indehaverne er kun berettigede til at afgive én Udnyttelsesmeddelelse i en Udnyttelsesperiode. Udnyttelsesmed- delelsen er bindende og kan ikke til- bagetrækkes.
directors). The Exercise Notice must contain information about the number of the Warrants the Warrant Holder wants to exercise. In an Exercise Period, the Warrant Holder is entitled to exercise all or some of its Warrants. Concurrently with the forwarding of the Exercise No- tice, the Warrant Holder must transfer the Subscription Amount to a bank ac- count designated by the Company.
6.2 The “Subscription Amount” is calcu- lated as the Exercise Price multiplied by the number of Warrants exercised (and is paid in DKK).
6.3 Further information for the exercise of Warrants, including information about where to send the Exercise Notice and to which bank account the Subscription Amount must be transferred, will be available at the Company's website or otherwise available for the Warrant Holders at least 2 weeks before an Exer- cise Period begins.
6.4 The Warrant Holders are only entitled to give one (1) Exercise Notice in an Exer- cise Period. The Exercise Notice is bind- ing and cannot be withdrawn.
6.6 I tilfælde af udnyttelse i henhold til pkt. 5.3 eller 7 (førtidig udnyttelse) skal Udnyttelsesmeddelelsen og Teg- ningsbeløbet være Selskabet i hænde senest kl. 15:00 dansk tid den sidste dag i Udnyttelsesperioden, jf. pkt. 5.3 (1 uge efter, at Selskabet og Indeha- veren har opnået enighed om førtidig udnyttelse) hhv. 7.3 (1 uge efter at Indehaveren har modtaget Exit Med- delelsen).
6.7 Er Udnyttelsesmeddelelsen eller Teg- ningsbeløbet ikke Selskabet rettidigt i hænde, anses Udnyttelsesmeddele- sen for ikke at være afgivet, og Teg- ningsbeløbet skal tilbagebetales til In- dehaveren.
6.8 Ved rettidig udnyttelse af Warrants skal Selskabet hurtigst muligt og se- nest 2 uger efter Udnyttelsesperio- dens udløb (og forud for gennemfø- relse af Exit, hvis relevant) foretage anmeldelse af kapitalforhøjelsen til Erhvervsstyrelsen, ligesom Selskabet snarest herefter skal søge de nye ka- pitalandele optaget til handel på Spot- light Stock Market (eller andet mar- ked, hvorpå kapitalandelene på dette tidspunkt er optaget til handel) på lige fod med Selskabets eksisterende ka- pitalandele.
7. Retsstilling i tilfælde af en Exit i Selskabet
7.1 Såfremt der forud for Udnyttelsespe- rioden i pkt. 5.1 sker en Exit i Selska- bet, kan Indehaverne uden
6.6 In the event of exercise under clause 5.3 or 7 (early exercise), the Exercise Notice and the Subscription Amount must be received by the Company no later than 03:00 p.m. Danish time in the last day of the Exercise Window, cf. clause 5.3 (one (1) week after the Company and the Warrant Holder have agreed on early exercise) respectively 7.3 (one (1) week after the Warrant Holder has received the Exit Notice).
6.7 If the Exercise Notice or Subscription Amount is not received by the Company in due time, the Exercise Notice shall have no effect, and the Subscription Amount must be repaid to the Warrant Holder.
6.8 Upon the punctual exercise of Warrants, the Company must register the capital increase with the Danish Business Au- thority as soon as possible and within two (2) weeks of the end of the Exercise Period (and prior to completion of the Exit, if relevant), and the Company must as soon as possible thereafter endeav- our to have the new shares admitted to trading on the Spotlight Stock Market (or another market at which the shares at such time is admitted to trading) on equal terms with the Company's existing shares.
7. Legal rights in case of an Exit in the Company
7.1 In the event of an Exit in the Company prior to the Exercise Period in clause 5.1, the Warrant Holders may exercise,
hensyntagen til Udnyttelsesperioden i pkt. 5.1 udnytte alle de udstedte (og endnu ikke udnyttede) Warrants forud for gennemførelsen af den pågæl- dende Exit.
7.2 Ved ”Exit” forstås én af følgende be- givenheder: (i) afnotering af Selska- bets kapitalandele, således at Selska- bets kapitalandele er unoterede (dvs. afnotering fra Spotlight Stock Market ifm. notering på en anden multilateral handelsfacilitet eller reguleret marked anses ikke som en Exit), (ii) et (frivil- ligt eller pligtmæssigt) overtagelses- tilbud, (iii) indgåelse af en partner- skabsaftale eller joint venture aftale, der fastsætter partnerens fremtidige opkøb af Selskabet, (iv) at Selskabet fusioneres, (v) spaltning af Selskabet,
(vi) salg af størstedelen af selskabets aktiviteter, herunder salg af en væ- sentlig del af Selskabets aktiver eller en væsentlig del af Selskabets imma- terielle rettigheder, (vii) udlicensering af alle eller en væsentlig del af Selska- bets immaterielle rettigheder på en måde, der kan sidestilles med det i pkt. (vi) nævnte salg, (viii) opløsning eller likvidation af Selskabet; (ix) en anden transaktion hvor hele eller væ- sentlige dele af Selskabets aktiver re- aliseres mod vederlag i kontanter eller likvide værdipapirer eller (x) en kom- bination af ovenstående.
7.3 Senest 2 uger forud for gennemførel- sen af en Exit er Selskabet forpligtet til at give Indehaverne skriftlig med- delelse om den forestående Exit (”Exit Meddelelse”). Med Exit
without regard to the Exercise Period in clause 5.1, all of the issued (and not yet exercised) Warrants prior to the conclu- sion of the Exit.
7.2 “Exit” shall mean any of the following events: (i) delisting of the Company's shares to the effect that the shares are unlisted (i.e. delisting from Spotlight Stock Market in connection with listing of the Company’s shares on another multi- lateral trading facility or regulated mar- ket is not considered an Exit), (ii) a (vol- untary or mandatory) takeover bid, (iii) the entering into a partnership or joint venture agreement stipulating a future acquisition of the Company by the part- ner, (iv) a merger of the Company, (v) a demerger of the Company, (vi) a sale of a material part of the Company’s activi- ties, including a sale of all or a material part of the Company’s assets or all or a material part of the Company’s intellec- tual property rights, (vii) licensing of all or a material part of the intellectual property rights of the Company in a way, which can be considered equal to the sale set out in point (vi), (viii) dissolution or liquidation of the Company, (ix) an- other transaction whereby all or materi- ally all of the assets of the Company is realized in consideration for cash or liq- uid securities, or (x) a combination of the above.
7.3 The Company must give the Warrant Holders notice of the Exit (the “Exit No- tice”) no later than two (2) weeks be- fore the Exit is expected to be con- cluded. The notice must include the
Meddelelsen skal følge de i pkt. 6.3 nævnte oplysninger. Med afgivelsen af Exit Meddelelsen begynder en peri- ode på 1 uge, hvori Indehaveren vil kunne udnytte de udstede Warrants (i forbindelse med en Exit benævnt ”Ud- nyttelsesperiode”).
7.4 Vedrørende udnyttelse henvises i øv- rigt til pkt. 6. Det præciseres i den for- bindelse, at Warrants, der i forbin- delse med en Exit ikke udnyttes i Ud- nyttelsesperioden, jf. pkt. 7.3, i over- ensstemmelse med pkt. 6, bortfalder uden videre, uden at Indehaveren har krav på vederlag eller kompensation (og kan således ikke udnyttes efter Exit).
7.5 Selskabet vil for at sikre samtidighed planlægge en udnyttelse af de ud- stedte Warrants i tilfælde af Exit såle- des, at kapitalandelene ikke tegnes, før det er sikkert, at en Exit vil blive gennemført. Hvis Indehaveren i over- ensstemmelse med pkt. 6 har afgivet Udnyttelsesmeddelelse i forbindelse med en forestående Exit, og den for- ventede Exit alligevel ikke finder sted, skal Indehaverens Udnyttelsesmed- delelse anses for ikke-afgivet, og Sel- skabet skal tilbagebetale det af Inde- haveren indbetalte Tegningsbeløb. De udstedte Warrants består herefter uændret som før Indehaverens afgi- velse af Udnyttelsesmeddelelsen.
8. Retsstilling i tilfælde af ændringer i Selskabets kapitalforhold
information specified in clause 6.3. Issue of the Exit Notice shall mark the begin- ning of a period of one (1) week in which the Warrant Holder will be able to exer- cise the Warrants (in connection with an Exit referred to as “Exercise Period”).
7.4 As regards exercise, reference is also made to clause 6. In that context it is specified that any Warrants that, in con- nection with the Exit, are not exercised in the Exercise Period, cf. clause 7.3, in accordance with clause 6, will lapse without further notice and without the Warrant Holder being entitled to consid- eration or compensation (and are thereby not exercisable after the Exit).
7.5 The Company will, in order to secure simultaneity, arrange an exercise of the Warrants in a way where the shares are not subscribed for until it is certain that an Exit will be completed. If the Warrant Holder in accordance with clause 6 has submitted an Exercise Notice in connec- tion with an anticipated Exit, and the an- ticipated Exit does not occur, the War- rant Holder's Exercise Notice shall be deemed not to have been submitted, and the Company must refund any Sub- scription Amount paid by the Warrant Holder. The Warrants will remain valid without change as before the Warrant ▇▇▇▇▇▇'▇ submission of the Exercise No- tice.
8. Legal rights in case of changes in the Company's capital structure
8.1 Udstedelse af Warrants skal ikke inde- bære restriktioner for Selskabet og dets kapitalejere med hensyn til æn- dringer af Selskabets kapitalforhold.
8.2 Ændringer i kapitalforhold omfatter, men er ikke begrænset til, kapitalfor- højelse, kapitalnedsættelse, ændring i stykstørrelsen for kapitalandelene i Selskabet, Selskabets erhvervelse af egne kapitalandele, udstedelse af fondsandele, udstedelse af warrants og udstedelse af konvertible gælds- breve.
8.3 Hvis Selskabet gennemfører kapital- ændringer til markedskurs, eller hvis værdien af de udstedte Warrants ved kapitalændringen stiger, vil Udnyttel- seskursen og/eller antallet af War- rants ikke blive justeret.
8.4 Såfremt der gennemføres ændringer i Selskabets kapitalforhold på vilkår, der afviger fra markedsværdien af Selskabets kapitalandele, således at værdien af de udstedte Warrants fal- der, skal der foretages en regulering af Udnyttelseskursen og/eller antallet af Warrants, således at værdien af de udstedte Warrants ikke påvirkes af disse ændringer. Beregningen af denne regulering foretages af Selska- bets revisor i henhold til generelt an- erkendte principper (som fastsættes af revisor). Ved ændringer i Selska- bets kapitalforhold, der i medfør af dette pkt. 8 medfører, at der skal ske en regulering, skal Selskabet anmode dets revisor om at foretage denne be- regning. Ændringen kan ikke resultere
8.1 The issue of Warrants shall not imply any restrictions on the Company and its shareholders with regard to capital changes in the Company.
8.2 Capital changes include, but is not lim- ited to, capital increase, a capital re- duction, change of the denomination of the shares in the Company, the Com- pany’s acquisition of treasury shares, issue of bonus shares, issue of warrants or issue of convertible bonds.
8.3 If the Company completes a capital change at market price, or if the value of the issued Warrants is increased by the capital change, the Exercise Price and/or number of Warrants shall not be ad- justed.
8.4 In case of capital changes in the Com- pany, which are completed at a price that deviates from the market price of the Company’s shares, to the effect that the value of the issued Warrants de- creases, the Exercise Price and/or num- ber of Warrants shall be adjusted in a way that the value of the Warrants is not affected by these changes. The calcula- tion of the adjustment shall be made by the Company’s auditor in accordance with generally accepted principles (as determined by the auditor). In the event of changes in the Company's capital structure, that according to this clause 8 shall entail an adjustment, the Company must request its auditor to make such calculation. An adjustment cannot lead to an Exercise Price lower than par value
i, at Udnyttelseskursen bliver lavere end kurs pari for de nyudstedte kapi- talandele. Ændringen kan ligeledes ikke resultere i, at Selskabets sel- skabskapital ved udnyttelse af de ud- stedte Warrants forhøjes med mere end nominelt 82.777,4625 kr.
8.5 Uanset pkt. 8.4 skal der ikke foretages ændringer i forbindelse med (i) udste- delse af kapitalandele, tegningsoptio- ner, gæld, optioner eller konvertible instrumenter til Selskabets medarbej- dere, ledelse eller bestyrelsesmed- lemmer som del af et incitamentspro- gram, (ii) Konvertering/udnyttelse af de i pkt. (i) nævnte instrumenter, (iii) konvertering af eksisterende konver- tible instrumenter (pr. 5. oktober 2021) og (iv) udlodning af udbytte fra Selskabet.
9. Omsættelighed
9.1 Indehaveren skal være berettiget til at overdrage sine Warrants, idet Indeha- veren i så fald er forpligtet til samtidig at give meddelelse til Selskabet herom.
10. Rettigheder knyttet til Warrants
10.1 De udstedte Warrants er omsætnings- papirer.
10.2 De udstedte Warrants giver ikke ret til at stemme på Selskabets generalfor- samlinger og giver ikke ret til udbytte.
of the new shares. Further, the adjust- ment cannot result in the Company’s share capital be increased by more than nominally DKK 82,777.4625 as a result of exercise of the issued Warrants.
8.5 Regardless of clause 8.4, no adjustment shall be made in connection with (i) is- suance of shares, warrants, debt, op- tions or convertible debt to the Com- pany’s employees, management or board members as part of an incentive program; (ii) exercise/conversion of the instruments mentioned in point (i), (iii) conversion of currently existing convert- ible debt (as at 5 October 2021), and/or
(iv) distribution of dividend from the Company.
9. Transferability
9.1 The Warrant Holder may transfer its Warrants, and the Warrant Holder is obliged to give notice hereof to the Company simultaneously.
10. Rights attached to Warrants
10.1 The issued Warrants are negotiable in- struments.
10.2 The issued Warrants do not carry any right to vote at the general meetings of the Company and carry no right of divi- dend.
11. Bestemmelser vedrørende even- tuel kapitalforhøjelse
11.1 For den kapitalforhøjelse, der gen- nemføres ved en eventuel udnyttelse af de udstedte Warrants, gælder føl- gende:
11.1.1 Kapitalforhøjelsen sker uden forteg- ningsret for de eksisterende kapital- ejere.
11.1.2 Det beløb, hvorved selskabskapitalen forhøjes, udgør mindst nominelt 0,0375 kr. og højest nominelt 82.777,4625 kr.
11.1.3 De nye kapitalandele udbydes i stør- relser a nominelt 0,0375 kr.
11.1.4 Der skal betales et kontant beløb på DKK 4.8685 pr. kapitalandel a nomi- nelt 0,0375 kr.
11.1.5 Der kan ikke ske delvis indbetaling af de nye kapitalandele.
11.1.6 De nye kapitalandele skal tilhøre samme kapitalklasse som Selskabets øvrige kapitalandele. Såfremt der in- den udnyttelsen af de udstedte War- rants træffes beslutning om indførelse af forskellige kapitalklasser i Selska- bet, skal kapitalandele, der tegnes på baggrund af de udstedte Warrants, til- høre den kapitalklasse, som stiller In- dehaverne som om, at de udstedte Warrants var blevet udnyttet umiddel- bart før indførelsen af den eller de nye kapitalklasser.
11. Provisions on potential capital in- creases
11.1 The following applies to the capital in- crease which will be carried through in the event of exercise of the issued War- rants:
11.1.1 The capital increase will be carried through without any pre-emption right for the existing shareholders.
11.1.2 The amount by which the share capital is increased is minimum nominally DKK 0.0375 and maximum nominally DKK 82,777.4625.
11.1.3 The new shares will be offered in denom- inations of nominally DKK 0.0375.
11.1.4 A cash amount of DKK 4,8685 is payable per share of nominally DKK 0.0375.
11.1.5 Part payment of the new shares is not permitted.
11.1.6 The new shares will belong to the same share class as the other shares in the Company. If a resolution is made to in- troduce different share classes in the Company before the issued Warrants are exercised, shares subscribed for by ex- ercise of the Warrants will belong to the share class which will place the Warrant Holders in the position as if the issued Warrants had been exercised immedi- ately before the introduction of the new share class(es).
11.1.7 De nye kapitalandele tillægges samme rettigheder som Selskabets øvrige kapitalandele.
11.1.8 De nye kapitalandele giver ret til ud- bytte og andre rettigheder i selskabet fra tidspunktet for registrering af ka- pitalforhøjelsen hos Erhvervsstyrel- sen.
11.1.9 De nye kapitalandele skal lyde på navn og noteres i Selskabets ejerbog.
11.1.10 De nye kapitalandele skal være om- sætningspapirer.
11.1.11 Udnyttelse af de udstedte Warrants og indbetaling af Tegningsbeløbet for de nye kapitalandele skal ske i et Udnyt- telsesvindue i Udnyttelsesperioden, som nærmere beskrevet ovenfor.
11.1.12 Selskabet afholder omkostningerne ved kapitalforhøjelsen, der anslås at udgøre 10.000 kr. eksklusive moms.
12. Tvister
12.1 Alle tvister, som måtte opstå i forbin- delse med de udstedte Warrants, skal afgøres efter dansk ret (bortset fra danske lovvalgsregler, der fører til an- vendelse af et andet lands ret) ved de almindelige danske domstole, idet Retten i Kolding skal være værneting i første instans.
11.1.7 The new shares will carry the same rights as the Company's other shares.
11.1.8 The new shares will carry a right of divi- dend and other rights in the Company from the date of registration of the shares with the Danish Business Author- ity.
11.1.9 The new shares will be registered shares and will be registered in the Company's register of shareholders.
11.1.10 The new shares will be negotiable instru- ments.
11.1.11 Exercise of the Warrants and payment of the Subscription Amount for the new shares shall be done during an Exercise Window in the Exercise Period, as fur- ther described above.
11.1.12 The Company pays the costs relating to the capital increase, which are estimated at DKK 10,000 exclusive of VAT.
12. Disputes
12.1 Any dispute arising out of or in connec- tion with the issued Warrants will be set- tled pursuant to Danish law (with the ex- ception of any conflict of laws rules which may lead to the application of other law than Danish law) by the ordi- nary Danish courts of law, as the Court in Kolding is the court of first instance.