VEDTÆGTER
VEDTÆGTER
for XXXXXXX XXXXXX A/S, CVR-nr. 39 42 60 05
1. Navn
1.1 Selskabets navn er XXXXXXX XXXXXX A/S.
1.2 Selskabets binavne er Danish Cannabinoids Pharmaceuticals A/S og Danish Cannabis Pharmaceuti- cals A/S.
2. Formål
2.1 Selskabets formål er fremstilling og udvikling af cannabinoid- baseret medicin samt handel med denne – herunder eksport og im- port – samt anden virksomhed og aktiviteter, der efter bestyrelsens skøn står i forbindelse hermed.
3. Selskabskapital
3.1 Selskabet har en selskabskapital på nominelt [841.242,7125] kr.
THE ARTICLES OF ASSOCIATION of XXXXXXX XXXXXX A/S,
business reg. no. 39 42 60 05
1. Name
1.1 The name of the Company is XXXXXXX XXXXXX A/S.
1.2 The secondary names of the Company are Danish Cannabinoids Pharmaceu- ticals A/S and Danish Cannabis Phar- maceuticals A/S.
2. Object
2.1 The object of the Company is the pro- duction and development of canna- binoid medicine and trade with this – including export and import – and other business and activities related hereto to the judgment of the Board of Directors.
3. Share capital
3.1 The share capital of the Company is DKK [841,242.7125] nominal value.
øbenhavn Hamborg Flensborg
3.2 Selskabskapitalen er fordelt på kapitalandele med en nominel værdi på 0,0375 kr. pr. kapitalan- del.
4. Kapitalandelenes rettigheder
4.1 Hver kapitalandel med en nominel værdi på 0,0375 kr. giver ret til én stemme på generalforsamlin- gen.
4.2 Kapitalandelene er navnekapital- andele.
4.3 Kapitalandelene er omsætnings- papirer.
4.4 Selskabet udsteder ikke ejerbevi- ser. Kapitalandelene udstedes i papirløs form gennem og registre- res hos VP Securities A/S, CVR-nr. 21 59 93 36.
4.5 Selskabets ejerbog føres af VP Investor Services A/S (VP Ser- vices A/S), CVR-nr. 30 20 11 83.
5. Bemyndigelse til kapitalforhø- jelse
5.1 På den ekstraordinære generalfor- samling den 23. juli 2021 blev be- styrelsen i henhold til selskabslo- vens § 155 i perioden frem til den
1. juni 2026 bemyndiget til at ud- stede kapitalandele i selskabet og herved foretage kapitalforhøjelser i selskabet ad en eller flere gange
3.2 The share capital is divided into shares of a nominal value of DKK 0.0375 per share.
4. Rights carried by shares
4.1 Each share of a nominal value of DKK 0.0375 carries the right to one (1) vote at general meetings.
4.2 The shares are registered shares.
4.3 The shares are negotiable instru- ments.
4.4 The Company does not issue share certificates. The shares are issued in paperless form through and regis- tered with VP Securities A/S, CVR no. 21 59 93 36.
4.5 The Company’s register of sharehold- ers is kept by VP Investor Services A/S (VP Services A/S), CVR no. 30 20 11 83.
5. Authorization to increase the share capital
5.1 At the extraordinary general meeting held on 23 July 2021, the Board of Di- rectors was, pursuant to clause 155 of the Danish Companies Act, in the pe- riod until 1 June 2026 authorised to issue shares in the Company and thereby increase the share capital in one or more issues of new shares
uden fortegningsret for selskabets eksisterende kapitalejere med op til et nominelt beløb på 340.910 kr. Kapitalforhøjelsen kan ske kontant, ved apportindskud og/eller ved gældskonvertering (som besluttes af bestyrelsen).
5.3 De nye kapitalandele jf. punkt 5.1 og 5.2, skal lyde på navn og note- res i selskabets ejerbog, indbeta- les fuldt ud, være omsætningspa- pirer, der skal ikke gælde ind- skrænkninger i kapitalandelenes omsættelighed, og de skal i en- hver henseende have samme ret-
without pre-emption rights for the Company’s existing shareholders by up to a nominal amount of DKK 340,910. The capital increase can be by way of cash contribution, contribu- tion in kind and/or converision of debt (to be decided by the Board of Direc- tors). The capital increase can be be- low market price, however if shares are issued to existing shareholders, such issue must be carried out at market price, unless such issue is car- ried out with pre-emption rights for all existing shareholders.
5.2 At the extraordinary general meeting held on 23 July 2021, the Board of Di- rectors was, pursuant to clause 155 of the Danish Companies Act, in the pe- riod until 1 June 2026 authorised to issue shares in the Company and thereby increase the share capital in one or more issues of new shares with pre-emption rights for the Company’s existing shareholders by up to a nom- inal amount of DKK 468,750. The cap- ital increase can be by way of cash contribution, contribution in kind and/or conversion of debt (to be de- cided by the Board of Directors) and can be below market price.
5.3 Shares issued in accordance with arti- cle 5.1 and 5.2, shall be issued in the name of the holder and registered in the Company’s register of sharehold- ers, be fully paid up, be negotiable in- struments, there shall be no re- strictions on the negotiability of the shares, and the shares shall in every
tigheder som de eksisterende ka- pitalandele. Bestyrelsen er be- myndiget til at fastsætte de nær- mere vilkår for kapitalforhøjelser- ne i henhold til ovenstående be- myndigelser og til at foretage æn- dringer i selskabets vedtægter, der måtte være nødvendige som følge af bestyrelsens udnyttelse af bemyndigelserne.
5.4 Den samlede kapitalforhøjelse, som bestyrelsen kan træffe be- slutning om i medfør af bemyndi- gelserne i pkt. 5.1 og 5.2 tilsam- men, kan ikke overstige nominelt
511.365 kr.
6. Bemyndigelse til at udstede warrants
1.017.147 stk. kapitalandele a nominelt 0,0375 kr., dvs. op til i alt nominelt 38.143,0125 kr. kapi- talandele. Bestyrelsen er samtidig bemyndiget til at foretage den dertil hørende kapitalforhøjelse. De pågældende warrants kan ud- stedes til fordel for selskabets di- rektionsmedlemmer og medarbej- dere samt til direktionsmedlem- mer og medarbejdere i selskabets datterselskaber. De hidtidige kapi-
respect carry the same rights as the existing shares. The Board of Direc- tors is authorized to lay down the terms and conditions for the capital increases pursuant to the above au- thorizations and to make such
amendments to the Company’s Arti- cles of Association as may be required as a result of the Board of Directors’ exercise of said authorizations.
5.4 the total capital increase, which the Board of Directors can resolve pursu- ant the authorisations in clauses 5.1 and 5.2 collectively, cannot exceed nominally DKK 511,365.
6. Authorization to issue warrants
talejere skal således ikke have fortegningsret. Udstedelse af war- rants i medfør af denne bemyndi- gelse er betinget af, at selskabets kapitalandele er optaget til handel på Spotlight Stock Market, så dis- se warrants kan kun udstedes, når selskabets kapitalandele er opta- get til handel på Spotlight Stock Market. Bestyrelsen fastsætter de nærmere vilkår for fordelingen og udstedelsen af de pågældende warrants. De pågældende war- rants skal udstedes til markeds- kursen.
6.1.1 Den 6. april 2021 udnyttede be- styrelsen den i pkt. 6.1 anførte bemyndigelse fuldt ud og beslut- tede at udstede 1.017.147 war- rants, der hver giver ret til teg- ning af 1 kapitalandel à nominelt kr. 0,0375 i selskabet, og traf samtidig beslutning om den dertil hørende potentielle kapitalforhø- jelse. De udstedte warrants giver ret til at tegne op til nominelt 38.143,0125 kr. aktier i Selska- bet. De fuldstændige vilkår for disse warrants er indeholdt i Bilag 6.1.1, der udgør en integreret del af Selskabets vedtægter.
out pre-emption rights for the Com- pany’s existing shareholders. The is- sue of warrants pursuant to this au- thorisation is conditional on the Com- pany’s shares being admitted to trad- ing on Spotlight Stock Market, so the warrants can only be issued when the Company’s shares are admitted to trading on Spotlight Stock Market.
The Board of Directors lays down the more specific conditions for the distri- bution and issuance of the said war- rants. Said warrant must be issued at market price.
6.1.1 On 6 April 2021, the board of direc- tors exercised the autorisation set out in article 6.1 in full and resolved to is- sue 1,017,147 warrants, each carry- ing the right to subscribe for 1 share of nominally DKK 0.0375, and to pass a resolution on the potential capital increase related thereto. The issued warrants carry the right to subscribe for up to nominally DKK 38,143.0125 shares in the Company. The full set of terms and conditions regarding the warrants are specified in Schedule
6.1.1 which forms an integral part of the Articles of Association of the Company.
6.2 At the extraordinary general meeting held on 21 September 2020, the Board of Directors was, pursuant to article 169 and to article 155 of the Danish Companies Act, in the period until 1 June 2021 authorized in one or more tranches in connection with the contemplated admission of the com-
kapitalandele på Spotlight Stock Market at udstede warrants, der giver ret til tegning af op til
2.668.000 stk. aktier a 0,0375 kr., dvs. op til i alt nominelt
100.050 kr. aktier. Bestyrelsen er samtidig bemyndiget til at foreta- ge den dertil hørende kapitalfor- højelse. De pågældende warrants kan udstedes til fordel for dem, der som led i udnyttelsen af be- myndigelsen i tidligere punkt 5.1 (nu udgået) tegner kapitalandele i forbindelse med den påtænkte op- tagelse af selskabets kapitalande- le på Spotlight Stock Market. De hidtidige kapitalejere skal således ikke have fortegningsret. Teg- ningskursen ved udnyttelse af de pågældende warrants skal mindst svare til den kurs, der anvendes ved udnyttelsen af bemyndigelsen i tidligere punkt 5.1 (nu udgået). Bestyrelsen fastsætter i øvrigt de nærmere vilkår for fordelingen og udstedelsen af de pågældende warrants.
6.2.1 Den 2. oktober 2020 udnyttede bestyrelsen den i pkt. 6.2 anførte bemyndigelse og besluttede at udstede warrants og traf samtidig beslutning om den dertil hørende potentielle kapitalforhøjelse. De udstedte warrants giver ret til at tegne op til nominelt 100.050 kr. aktier i Selskabet. De fuldstændi- ge vilkår for disse warrants er in- deholdt i Bilag 6.2.1, der udgør en integreret del af Selskabets ved-
xxxx’x shares at Spotlight Stock Mar- ket to issue warrants granting the right to subscribe for up to 2,668,000 shares of nominally DKK 0.0375, i.e. up to a total of nominally DKK 100,050 shares in the Company. The Board of Directors is at the same general meeting authorized to resolve the related capital increase. The said warrants shall be issued in favour of those that, further to the exercise of the authorization in the previous Arti- cle 5.1 (now deleted), subscribe for shares in connection with the con- templated admission of the compa- ny’s shares at Spotlight Stock Market and without pre-emption rights for the Company’s existing shareholders. The subscription price upon exercis- ing the said warrants must be as a minimum equivalent of the subscrip- tion price applied further to the exer- cise of the authorization in the previ- ous Article 5.1 (now deleted). The Board of Directors lays down other- wise the more specific conditions for the distribution and issuance of the said warrants.
6.2.1 On 2 October 2020, the board of di- rectors exercised the autorisation set out in article 6.2 and resolved to is- sue warrants and to pass a resolution on the potential capital increase re- lated thereto. The issued warrants carry the right to subscribe for up to nominally DKK 100,050 shares in the Company. The full set of terms and conditions regarding the warrants are specified in Schedule 6.2.1 which forms an integral part of the Articles
tægter.
508.574 stk. kapitalandele a no- minelt 0,0375 kr., dvs. op til i alt nominelt 19.071,525 kr. kapital- andele. Bestyrelsen er samtidig bemyndiget til at foretage den dertil hørende kapitalforhøjelse. De pågældende warrants kan ud- stedes til fordel for selskabets til enhver tid værende bestyrelses- medlemmer, og de hidtidige kapi- talejere skal således ikke have fortegningsret. Herudover finder de i Bilag 6.3 anførte vilkår og rammer anvendelse på bestyrel- sens bemyndigelse.
Bestyrelsen fastsætter under hen- syntagen til de i Bilag 6.3 anførte vilkår og rammer de nærmere vil- kår for fordelingen og udstedelsen af de pågældende warrants.
6.3.1 Den 28. april 2021 udnyttede bestyrelsen den i pkt. 6.3 anførte bemyndigelse delvist og beslutte- de at udstede 300.000 warrants, der hver giver ret til tegning af 1 kapitalandel à nominelt kr. 0,0375 i selskabet, og traf samtidig be- slutning om den dertil hørende potentielle kapitalforhøjelse. De
of Association of the Company.
6.3 At the ordinary general meeting held on 28 April 2021, the Board of Direc- tors was, pursuant to article 169 and to article 155 of the Danish Compa- nies Act, authorized in one or more tranches and in the period until 1 April 2026 to issue warrants granting the right to subscribe for up to 508,574 shares of nominally DKK 0.0375, i.e. up to a total of nominally DKK 19,071.525 shares in the Com- pany. The Board of Directors is at the same general meeting authorized to resolve the related capital increase. The said warrants can be issued in favour of members of the Board of Directors from time to time without pre-emption rights for the Company’s existing shareholders. Further, the terms and limits set out in Schedule
6.3 apply to the authorisation to the Board of Directors.
Subject to the terms and limits set out in Schedule 6.3, the Board of Di- rectors lays down otherwise the more specific conditions for the distribution and issuance of the said warrants.
6.3.1 On 28 April 2021, the board of direc- tors exercised the autorisation set out in article 6.3 in part and resolved to issue 300.000 warrants, each carrying the right to subscribe for 1 share of nominally DKK 0.0375, and to pass a resolution on the potential capital in- crease related thereto. The issued warrants carry the right to subscribe
udstedte warrants giver ret til at tegne op til nominelt 11.250 kr. aktier i Selskabet. De fuldstændi- ge vilkår for disse warrants er in- deholdt i Bilag 6.3.1, der udgør en integreret del af Selskabets ved- tægter.
9.375.000 stk. aktier a 0,0375 kr., dvs. op til i alt nominelt 351.562,50 kr. aktier. Bestyrelsen er samtidig bemyndiget til at fore- tage den dertil hørende kapital- forhøjelse. De pågældende war- rants skal udstedes med forteg- ningsret for de eksisterende kapi- talejere. De pågældende warrants kan udstedes til under markeds- kurs. Bestyrelsen fastsætter i øv- rigt de nærmere vilkår for forde- lingen og udstedelsen af de på- gældende warrants.
3.750.000 stk. aktier a 0,0375 kr., dvs. op til i alt nominelt
for up to nominally DKK 11,250 shares in the Company. The full set of terms and conditions regarding the warrants are specified in Schedule
6.3.1 which forms an integral part of the Articles of Association of the Company.
6.4 At the extraordinary general meeting held on 23 July 2021, the Board of Directors was, pursuant to article 169 and to article 155 of the Danish Com- panies Act, in the period until 1 June 2026 authorised in one or more tranches to issue warrants granting the right to subscribe for up to 9,375,000 shares of nominally DKK 0.0375, i.e. up to a total of nominally DKK 351,562.50 shares in the Com- pany. The Board of Directors is at the same general meeting authorized to resolve the related capital increase. Said warrants must be issued with pre-emption rights for the Company’s existing shareholders. The warrants can be issued below market price. The Board of Directors lays down otherwise the more specific conditions for the distribution and issuance of the said warrants.
6.5 At the extraordinary general meeting held on 23 July 2021, the Board of Directors was, pursuant to article 169 and to article 155 of the Danish Com- panies Act, in the period until 1 June 2026 authorized in one or more tranches to issue warrants granting the right to subscribe for up to 3,750,000 shares of nominally DKK 0.0375, i.e. up to a total of nominally
140.625 kr. aktier. Bestyrelsen er samtidig bemyndiget til at foreta- ge den dertil hørende kapitalfor- højelse. De pågældende warrants kan udstedes uden fortegningsret for de eksisterende kapitalejere. De pågældende warrants kan ud- stedes til under markedskurs, dog således at såfremt warrants ud- stedes til eksisterende kapitaleje- re, skal tegningskursen ved ud- nyttelse af warrants mindst svare til aktiernes markedskurs på ud- stedelsestidspunktet, med mindre udstedelsen sker med forteg- ningsret for alle eksisterende ka- pitalejere. Bestyrelsen fastsætter i øvrigt de nærmere vilkår for for- delingen og udstedelsen af de på- gældende warrants.
6.6 Kapitalandele tegnet på baggrund af warrants udstedt i medfør af punkt 6.1, 6.2, 6.3, 6.4 og 6.5 skal lyde på navn og noteres i sel- skabets ejerbog, indbetales fuldt ud, være omsætningspapirer, der skal ikke gælde begrænsningerne i kapitalandelenes omsættelighed, og de skal i enhver henseende have samme rettigheder som de eksisterende kapitalandele.
7. Warrants
7.1 Den 23. juli 2021 besluttede ge- neralforsamlingen at udstede war- rants og traf samtidig beslutning om den dertil hørende potentielle
DKK 140,625 shares in the Company. The Board of Directors is at the same general meeting authorized to resolve the related capital increase. Said war- rants can be issued without pre- emption rights for the Company’s ex- isting shareholders. The warrants can be issued below market price. How- ever, if warrants are issued to exist- ing shareholders, the subscription price upon exercise of warrants must be as a minimum equivalent to the market price of the shares as at the date of the issue, unless the issue is carried out with pre-emption rights for all existing shareholders. The Board of Directors lays down other- wise the more specific conditions for the distribution and issuance of the said warrants.
6.6 Shares that are subscribed for on the basis of warrants issued pursuant to articles 6.1, 6.2, 6.3, 6.4 and 6.5 shall be issued in the name of the holder and registered in the Compa- ny’s register of shareholders, be fully paid up, be negotiable instruments, there shall be no restrictions on the negotiability of the shares, and the shares shall in every respect carry the same rights as the existing shares.
7. Warrants
7.1 On 23 July 2021, the general meeting resolved to issue warrants and to pass a resolution on the potential capital increase related thereto. The
kapitalforhøjelse. De udstedte warrants giver ret til at tegne op til nominelt [63.837,7125] kr. ak- tier i Selskabet. De fuldstændige vilkår for disse warrants er inde- holdt i Bilag 7.1, der udgør en in- tegreret del af Selskabets ved- tægter.
8. Overgang af kapitalandele
8.1 Såfremt selskabets kapitalandele ikke er optaget til handel på et reguleret marked eller en multila- teral handelsfacilitet, kræver en- hver overgang af kapitalandele i selskabet bestyrelsens forudgåen- de samtykke.
9. Koncernsprog
9.1 Selskabets koncernsprog er en- gelsk.
10. Ledelsesorganer
10.1 Selskabet ledes af en bestyrelse på 3-8 medlemmer.
10.2 Bestyrelsen varetager den over- ordnede og strategiske ledelse af selskabet og sikrer en forsvarlig organisation af selskabets virk- somhed.
10.3 Bestyrelsens medlemmer afgår hvert år på den ordinære general- forsamling. Genvalg kan finde sted.
issued warrants carry the right to subscribe for up to nominally DKK [63,837.7125] shares in the Compa- ny. The full set of terms and condi- tions regarding the warrants are specified in Schedule 7.1 which forms an integral part of the Articles of As- sociation of the Company.
8. Transfer of shares
8.1 Provided that the shares of the Com- pany are not admitted to trading on a regulated market or a multilateral trading facility, any transfer of shares in the Company requires the prior consent of the Board of Directors.
9. Corporate Language
9.1 The Company’s corporate language is English.
10. Management bodies
10.1 The Company is managed by a Board of Directors consisting of three (3) to eight (8) members.
10.2 The Board of Directors is in charge of the overall and strategic management of the Company and must ensure
proper organisation of the Company’s
business.
10.3 The members of the Board of Direc- tors retire each year at the annual general meeting. Board members may be re-elected.
10.4 Bestyrelsen vælger selv sin for- mand og, såfremt bestyrelsen fin- der det relevant, en næstformand.
10.5 Bestyrelsen er beslutningsdygtig, når over halvdelen af samtlige medlemmer er repræsenteret. Be- slutninger må dog ikke træffes, uden at så vidt muligt samtlige medlemmer har haft adgang til at deltage i sagens behandling.
10.6 De anliggender, der behandles i bestyrelsen, afgøres ved simpelt stemmeflertal.
10.7 Bestyrelsen skal ved en forret- ningsorden træffe nærmere be- stemmelser om udførelse af be- styrelsens hverv.
10.8 Bestyrelsens møder afholdes på engelsk.
10.9 Selskabets bestyrelse ansætter en direktion på 1-8 medlemmer.
10.10 Direktionen varetager den daglige ledelse af selskabet. Direktionen skal følge de retningslinjer og an- visninger, som bestyrelsen har gi- vet.
11. Tegningsregel
11.1 Selskabet tegnes af direktøren og bestyrelsesformanden i forening eller af den samlede bestyrelse.
10.4 The Board of Directors elects its own chairman and, if deemed relevant by the Board of Directors, a vice- chairman.
10.5 The Board of Directors forms a quor- um when more than half of its mem- bers are represented. However, reso- lutions cannot be passed without as many members as possible being giv- en access to participate in the trans- action of the business.
10.6 All resolutions by the Board of Direc- tors must be passed by a simple ma- jority of votes.
10.7 The Board of Directors must lay down rules of procedure for the perfor-
mance of the Board’s duties.
10.8 Meetings of the Board of Directors are held in English.
10.9 The Company’s Board of Directors appoints an executive board consist- ing of 1-8 members.
10.10 The Executive Board is in charge of the day-to-day management of the Company. The Executive Board must follow the guidelines and directions of the Board of Directors.
11. Power to bind the Company
11.1 The Company is bound by the joint signatures of the Chief Executive Of- ficer and the Chairman of the Board of
Directors or by the joint signatures of all members of the Board of Directors.
12. Generalforsamlinger
12.1 Kapitalejernes ret til at træffe beslutninger i selskabet udøves på generalforsamlingen.
12.2 Generalforsamlingen har den hø- jeste myndighed i alle selskabets anliggender inden for de i lovgiv- ningen og disse vedtægter fast- satte grænser.
12.3 Generalforsamlingen afholdes på engelsk.
12.4 Dokumenter udarbejdet til gene- ralforsamlingens interne brug i forbindelse med eller efter xxxx- xxxxxxxxxxxxxxx udarbejdes på engelsk.
12.5 Generalforsamlingen afholdes på selskabets hjemsted. Er det under særlige omstændigheder nødven- digt, kan generalforsamlingen dog afholdes andetsteds.
12.6 Ordinær generalforsamling skal afholdes hvert år i så god tid, at den godkendte årsrapport kan indsendes til Erhvervsstyrelsen, så den er modtaget i styrelsen se- nest 5 måneder efter regnskabs- årets slutning.
12.7 Ekstraordinær generalforsamling skal afholdes, når bestyrelsen,
12. General meetings
12.1 The shareholders’ rights to pass reso- lutions in the Company are exercised at general meetings.
12.2 The general meetings are vested with the highest authority in all matters of the Company within the limits given by law and these Articles of Associa- tion.
12.3 The general meeting of the Company is held in English.
12.4 Documents prepared for the general meeting's internal use in connection with or after the general meeting must be prepared in English.
12.5 General meetings are held at the reg- istered office of the Company. If spe- cial circumstances so require, a gen- eral meeting may be held elsewhere.
12.6 The annual general meeting must be held in time for the adopted annual report to reach the Danish Business Authority within five (5) months after the end of the financial year.
12.7 Extraordinary general meetings must be held upon request from the Board
den generalforsamlingsvalgte re- visor eller kapitalejere, der ejer 5
% af selskabets kapital, forlanger det. Ekstraordinær generalforsam- ling til behandling af et bestemt angivet emne indkaldes, senest 2 uger efter at det er forlangt.
12.8 Bestyrelsen indkalder til general- forsamling ved elektronisk post (e-mail) til alle i ejerbogen note- rede kapitalejere, som har frem-
sat begæring herom, samt ved of- fentliggørelse på selskabets hjemmeside. Hvis selskabets kapi- talandele er optaget til handel på et reguleret marked eller en mul- tilateral handelsfacilitet, skal ind- kaldelse endvidere ske i overens- stemmelse med de regler, der måtte være fastsat af det regule- rede marked eller den multilatera- le handelsfacilitet.
12.9 Indkaldelse skal foretages tidligst 4 uger og senest 2 uger før gene- ralforsamlingen.
12.10 Indkaldelsen til generalforsamling skal altid indeholde:
1) Tidspunkt og sted for general- forsamlingen.
2) Dagsorden såvel som de vig- tigste forslag under hvert punkt på dagsordenen.
3) En beskrivelse af de procedu- rer, som kapitalejerne skal
of Directors, the auditor elected by the general meeting or shareholders who hold 5 % of the share capital. Extraordinary general meetings to transact specific business must be convened within two (2) weeks of re- ceipt of a request to such effect.
12.8 The Board of Directors convenes the general meeting by electronic mail (e- mail) to all those shareholders regis- tered in the shareholders’ register who have submitted a request hereof, and by public announcement on the website of the Company. If the Com- pany’s shares are admitted to trading on a regulated market or a multilat- eral trading facility, the notice must also be made in accordance with the rules set by the regulated market or the multilateral trading facility in question.
12.9 Notice of the general meeting must be given no earlier than four (4) weeks before the general meeting and no later than two (2) weeks before the general meeting.
12.10 The notice to convene the general meeting must always include the fol- lowing:
1) the time and place of the meeting;
2) the agenda as well as the main proposals under each item of the agenda;
3) a description of the procedures the shareholders must comply with in
overholde for at kunne deltage i og stemme på generalfor- samlingen enten personligt el- ler ved fuldmægtig.
4) Registreringsdatoen, der afgør retten for kapitalejerne til at deltage i og stemme på gene- ralforsamlingen.
5) En beskrivelse af kapitalejer- nes ret til at stille spørgsmål vedrørende forhold på dagsor- denen enten under generalfor- samlingen eller ved at stille spørgsmålet til selskabet på forhånd.
6) Den internetadresse, hvor ge- neralforsamlingsdokumenterne og de foreslåede beslutninger er tilgængelige.
7) Det samlede antal kapitalan- dele og stemmerettigheder på datoen for indkaldelsen.
8) Adressen på selskabets hjem- meside.
12.11 Kapitalejere, der ønsker et be- stemt emne optaget på dagsorde- nen for den ordinære generalfor- samling, skal skriftligt fremsætte krav herom over for bestyrelsen. Fremsættes kravet senest 6 uger før generalforsamlingen skal af- holdes, har kapitalejeren ret til at få emnet optaget på dagsordenen. Modtager selskabet kravet senere end 6 uger før generalforsamlin- gens afholdelse, afgør bestyrel- sen, om kravet er fremsat i så god tid, at emnet kan optages på dagsordenen.
order to participate in and vote at the general meeting either in per- son or through proxy representa- tive;
4) the registration date that defines the right to participate in and vote at the general meeting;
5) a description of shareholders' right to ask questions related to an item on the agenda either during the meeting or by submitting the question to the Company in ad- vance;
6) the internet address where the general meeting documents and proposed resolutions are available;
7) the total number of shares and voting rights on the date of the notice to convene;
8) the address of the Company web- site.
12.11 Shareholders who want specific busi- ness to be included on the agenda of the annual general meeting must submit a written request to the Board of Directors. If the request is received at least six (6) weeks before the date of the general meeting, the share- holder is entitled to have the item in- cluded on the agenda. If the Compa- ny receives the request less than six
(6) weeks before the date of the gen- eral meeting, the Board of Directors will decide whether the request has been made in sufficient time for the item to be included on the agenda..
12.12 Senest 2 uger før generalforsam- lingen skal dagsordenen og de fuldstændige forslag, der skal be- handles på generalforsamlingen, og for den ordinære generalfor- samlings vedkommende tillige årsrapporten, gøres tilgængelige til eftersyn for kapitalejerne.
12.13 Dagsordenen for den ordinære generalforsamling skal som mini- mum indeholde følgende punkter:
1) Godkendelse af årsrapporten.
2) Anvendelse af overskud eller dækning af underskud i hen- hold til den godkendte årsrap- port.
3) Valg af bestyrelse.
4) Valg af revisor.
12.14 En kapitalejers ret til at deltage i en generalforsamling og afgive stemme fastsættes i forhold til de kapitalandele, kapitalejeren be- sidder på registreringsdatoen. Re- gistreringsdatoen ligger 1 uge før generalforsamlingens afholdelse. En kapitalejers kapitalbesiddelse og stemmerettighed opgøres på registreringsdatoen på baggrund af notering af de kapitalejerfor- hold, der er registreret i ejerbo- gen, samt de meddelelser om ejerforhold, som selskabet har modtaget med henblik på indfør- sel i ejerbogen.
12.15 En kapitalejers ret til at deltage i
12.12 The agenda and the complete pro- posed resolutions and, in case of the annual general meeting, also the au- dited report, must be available for in- spection by the shareholders no later than two weeks before the general meeting.
12.13 The agenda of the annual general meeting shall as a minimum include the following items:
1) Adoption of the annual report;
2) Application of profit or covering of loss pursuant to the adopted an- nual report;
3) Election of members of the Board of Directors;
4) Election of auditor(s).
12.14 A shareholder’s right to attend and vote at the general meeting shall be determined on the basis of the shares held by the shareholder on the date of registration. The registration date is one (1) week before the date of the general meeting. The number of shares and of votes of each share- holder are calculated on the registra- tion date based on the information in the shareholders’ register and the in- formation about ownership that the Company has received for the pur- pose of it being entered into the
shareholders’ register.
12.15 To uphold the shareholder’s right to
en generalforsamling er betinget af, at kapitalejeren senest 3 dage før generalforsamlingens afholdel- se har anmeldt sin deltagelse og anmodet om adgangskort. Anmel- delsen af deltagelse er ikke til hinder for, at kapitalejeren, efter at anmeldelse har fundet sted, beslutter at lade sig repræsentere ved fuldmægtig.
12.16 Kapitalejere har ret til at møde på generalforsamlingen ved fuld- mægtig. Fuldmægtigen skal kunne fremlægge skriftlig og dateret fuldmagt.
12.18 En kapitalejer kan brevstemme. Brevstemmen skal i givet fald væ- re modtaget af selskabet kl. 10.00 dagen før generalforsamlingens afholdelse. For at sikre identifika- tion af den enkelte kapitalejer, der udnytter sin ret til at brevstemme, skal brevstemmen være under- skrevet af kapitalejeren samt med blokbogstaver eller trykte bogsta- ver angive dennes fulde navn og adresse.
12.19 Selskabet generalforsamlinger er ikke åbne for offentligheden, medmindre bestyrelsen i det en- kelte tilfælde giver tilladelse hertil.
attend the general meeting, the shareholder is required to notify the company of his/her attendance and submit a request for an admission card at least three (3) days before the general meeting. Such notification does not prevent the shareholder from subsequently deciding to attend the general meeting by proxy.
12.16 Shareholders are entitled to attend general meetings by proxy. The au- thorised person must produce a writ- ten and dated instrument of proxy.
12.18 Shareholders may vote by post, i.e by casting their votes in writing. In such case the vote by post must be re- ceived by the Company at the latest at 10 am the day before the general meeting. In order to ensure identifi- cation of the shareholder exercising his or her right to vote by post, the vote by post must be signed by the shareholder and in capital letters or printed letters specify the full name and address of the shareholder.
12.19 The general meetings of the Company are not open to the public, unless the Board of Directors in each case has given its consent.
12.20 Generalforsamlingen ledes af en af bestyrelsen udpeget dirigent.
12.21 Medmindre andet følger af lovgiv- ningen afgøres alle anliggender på generalforsamlingen ved simpelt stemmeflertal. Står stemmerne li- ge, er forslaget ikke vedtaget. Personvalg samt anliggender, hvor kapitalejerne skal stemme om flere muligheder ved én af- stemning, afgøres ved relativt simpelt flertal. Står stemmerne li- ge ved personvalg, skal valget af- gøres ved lodtrækning.
12.22 Over forhandlingerne på general- forsamlingen skal der føres en protokol, der underskrives af diri- genten.
13. Elektronisk kommunikation
13.1 Selskabet kan anvende elektro- nisk dokumentudveksling samt elektronisk post (e-mail) i kom- munikation mellem selskabet og kapitalejerne. Dette omfatter ind- kaldelse af kapitalejerne til ordi- nær og ekstraordinær generalfor- samling, herunder de fuldstændi- ge forslag til vedtægtsændringer, tilsendelse af dagsorden, årsrap- port mv. samt øvrige generelle oplysninger fra selskabet til kapi- talejerne. Selskabet kan altid be- nytte almindelig brevpost som al-
12.20 The general meeting is presided over by a chairman of the meeting elected by the Board of Directors.
12.21 Unless otherwise provided by law, all business transacted at general meet- ings must be decided by a simple ma- jority of votes. If the number of votes for and against is the same, the pro- posed resolution will not be passed. Where votes involve electing people or casting only one vote against sev- eral options, these votes must be de- cided by a relative, simple majority of votes. Where a vote that involves electing people results in a tie, the tie must be decided by lot.
12.22 Minutes recording the proceedings at the general meeting must be kept and must be signed by the chairman of the meeting.
13. Electronic communication
13.1 The Company may use electronic ex- change of documents and electronic mails (emails) in the communication between the Company and the share- holders. This includes the notice call- ing the shareholders to the annual general meeting and the extraordi- nary general meeting, including the complete proposed resolutions for amendments to the Articles, sending of the agenda, the annual report etc. as well as other general information from the Company to the sharehold- ers. The Company may always use
ternativ til elektronisk kommuni- kation. Det er kapitalejernes an- svar at sikre, at selskabet er i be- siddelse af korrekt elektronisk kontaktoplysning. Kapitalejerne kan få oplysninger om kravene til de anvendte systemer og om fremgangsmåden ved elektronisk kommunikation ved henvendelse til selskabet.
14. Regnskabsår og årsrapporter
14.1 Selskabets regnskabsår løber fra den 1. januar til den 31. decem- ber.
14.2 Årsrapporter udarbejdes og af- lægges på engelsk.
I tilfælde af uoverensstemmelse mellem den danske ordlyd af vedetægterne og den engelske oversættelse er den danske ord- lyd gældende.
Som ændret på den ekstraordinære gene- ralforsamling den 23. juli 2021.
ordinary mail as alternative to elec- tronic communication. The sharehold- ers are responsible for ensuring that the Company has the correct elec- tronic address. The shareholders may find information on the requirements to the systems to be used and the procedures to be followed by contact- ing the Company.
14. Financial year and Annual Reports
14.1 The financial year of the Company runs from 1 January to 31 December.
14.2 Annual reports shall be prepared and presented in English.
In case of inconsistency between the Danish wording of the Articles and the English transla- tion, the Danish wording prevails.
Amended at the extraordinary general meeting on 23 July 2021.
BILAG 7.1 TIL VEDTÆGTER
for Xxxxxxx Xxxxxx A/S
1. Beslutning
1.1 Generalforsamlingen i XxxXxxx
Xxxxxx A/S (”Selskabet”) har den
23. juli 2021 besluttet at udstede [1.702.339] warrants (”Warrants”), der hver giver ret til at tegne 1 kapi- talandel i Selskabet á nominelt 0,0375 kr. Generalforsamlingen har samtidig truffet beslutning om den dertil hørende kapitalforhøjelse.
1.2 Selskabets aktionærer har ikke for- tegningsret til de udstedte Warrants, der udstedes til fordel for 12 forud- bestemte investorer (”Indehaver- ne”).
1.3 I det omfang de udstedte Warrants udnyttes, giver disse Indehaverne ret til at tegne op til i alt nominelt [63.837,7125] kr. kapitalandele i Selskabet.
1.4 Generalforsamlingen har som led i ovennævnte beslutning fastsat de i dette Bilag 7.1 anførte vilkår for teg- ning og udnyttelse af de udstedte Warrants samt for den dertil hørende kapitalforhøjelse.
2. Warrants
SCHEDULE 7.1 OF THE ARTICLES OF ASSOCIATION
of Xxxxxxx Xxxxxx A/S
1. Resolution
1.1 On 23 July 2021, the general meeting of XxxXxxx Xxxxxx A/S (the ”Compa- ny”) resolved to issue [1,702,339] war- rants (“Warrants”), each carrying the right to subscribe for 1 share of a nom- inal value of DKK 0.0375. The general meeting simultaneously made a resolu- tion on the related capital increase.
1.2 The Company's shareholders do not have any pre-emption right to sub- scribe for the Warrants that are issued in favour of 12 pre-determined inves- tors (the “Warrant Holders”).
1.3 To the extent that the Warrants are exercised, the Warrants shall entitle the Warrant Holders to subscribe for up to a total of nominally DKK [63,837.7125] shares in the Company.
1.4 As part of the above resolution, the general meeting has laid down the terms and conditions set out in this Schedule 7.1 for subscription and exer- cise of the issued Warrants and for the related capital increase.
2. Warrants
Kolding Copenhagen Hamburg Flensburg
2.1 Der udstedes i alt [1.702.339] stk. Warrants, der hver giver ret til at tegne én kapitalandel a nominelt 0,0375 kr.
2.2 Tegning af Warrants skal ske senest den 27. juli 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 no- minelt 0,0375 kr. betales et beløb på 4,8685 kr. (”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.
5.3 og 7.
5.2 Warrants, der ikke er udnyttet ved udløbet af Udnyttelsesperioden i pkt. 5.1, bortfalder uden yderligere var- sel, vederlag eller kompensation til Indehaveren.
5.3 Såfremt Selskabet (repræsenteret ved bestyrelsen) og en Indehaver
2.1 A total of [1,702,339] Warrants will be issued, each carrying the right to sub- scribe for one (1) share of nominally DKK 0.0375.
2.2 Subscription of the warrants must be completed no later than on 27 July 2021.
2.3 The Company keeps a register of the issued 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 be- low, however see also clauses 5.3 and 7.
5.2 Any Warrants not exercised during the the Exercise Period in clause 5.1 shall lapse without further notice, remunera- tion or compensation to the Warrant Holder.
5.3 If the Company (represented by the board of directors) and a Warrant Hold-
bliver enige herom, kan Indehaveren udnytte en del af eller alle sine War- rants før Udnyttelsesperioden i pkt.
5.1. Ved enighed herom (på skrift) løber en periode på 1 uge (i forbin- delse med sådan enighed mellem Selskabet og Indehaveren benævnt ”Udnyttelsesperiode”), hvor Inde- haveren kan udnytte en del af eller alle sine Warrants i overensstemmel- se med pkt. 6. Warrants, der ikke er udnyttet efter udløbet af en sådan Udnyttelsesperiode, kan dog udnyt- tes i en senere Udnyttelsesperiode (senest i Udnyttelsesperioden i pkt. 5.1.
5.4 Uagtet ovenstående kan der aldrig ske udnyttelse af Warrants i strid med ufravigelige lovregler, herunder markedsmisbrugsforordningen.
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 (”Udnyttel- sesmeddelelsen”) til Selskabet (dvs. til bestyrelsesformanden). Ud- nyttelsesmeddelelsen skal indeholde oplysning om hvor mange Warrants, der ønskes udnyttet. Indehaveren er i en Udnyttelsesperiode berettiget til at udnytte alle eller en del af sine Warrants. Samtidig med fremsendel- sen af Udnyttelsesmeddelelsen skal Indehaveren overføre Tegningsbelø- bet til en af Selskabet oplyst bank-
er so agree, the Warrant Holder can exercise some or all of its Warrants earlier than the Exercise Period in clause 5.1. Upon such agreement (in writing), a period of one (1) week be- gins (in connection with such agree- ment between the Company and the Warrant Holder referred to as “Exer- cise 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 Period can be ex- ercised during a later Exercise 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 Warrants wants to exercise said War- rants 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 directors). The Exercise Notice must contain information about the number of the Warrants the Warrant Holder wants to exercise. In an Exer- cise Period, the Warrant Holder is enti- tled to exercise all or some of its War- rants. Concurrently with the forwarding of the Exercise Notice, the Warrant Holder must transfer the Subscription Amount to a bank account designated
konto.
6.2 ”Tegningsbeløbet” beregnes som Udnyttelseskursen multipliceret med antallet af Warrants, der ønskes ud- nyttet (og betales i DKK).
6.4 Indehaverne er kun berettiget til at afgive én Udnyttelsesmeddelelse i en Udnyttelsesperiode. Udnyttelsesmed- delelsen er bindende og kan ikke til- bagetrækkes.
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 In- dehaveren har opnået enighed om førtidig udnyttelse) hhv. 7.3 (1 uge
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 two (2) weeks before an Exercise Period begins.
6.4 The Warrant Holders are only entitled to give one (1) Exercise Notice in an Exercise Period. The Exercise Notice is binding and cannot be withdrawn.
6.5 In the event of exercise under clause
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
efter at Indehaveren har modtaget Exit Meddelelsen).
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 Indehaveren.
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 Spotlight Stock Market (eller andet marked, hvorpå kapitalandelene på dette tidspunkt er optaget til handel) på lige fod med Selskabets eksiste- rende kapitalandele.
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 Sel- skabet, kan Indehaverne uden hen- syntagen til Udnyttelsesperioden i pkt. 5.1 udnytte alle de udstedte (og endnu ikke udnyttede) Warrants for- ud for gennemførelsen af den pågæl- dende Exit.
7.2 Ved ”Exit” forstås én af følgende begivenheder: (i) afnotering af Sel- skabets kapitalandele, således at Selskabets kapitalandele er unotere-
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 War- rants, the Company must register the capital increase with the Danish Busi- ness Authority 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 Com- pany must as soon as possible thereaf- ter endeavour to have the new shares admitted to trading on the Spotlight Stock Market (or another market at which the shares at such time is admit- ted 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, without regard to the Exercise Period in clause 5.1, all of the issued (and not yet exercised) Warrants prior to the conclusion 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
de (dvs. afnotering fra Spotlight Stock Market ifm. notering på en an- den multilateral handelsfacilitet eller reguleret marked anses ikke som en Exit), (ii) et (frivilligt eller pligtmæs- sigt) overtagelsestilbud, (iii) indgåel- se af en partnerskabsaftale eller joint venture aftale, der fastsætter partne- rens fremtidige opkøb af Selskabet,
(iv) at Selskabet fusioneres, (v) spaltning af Selskabet, (vi) salg af størstedelen af selskabets aktiviteter, herunder salg af en væsentlig del af Selskabets aktiver eller en væsentlig del af Selskabets immaterielle ret- tigheder, (vii) udlicensering af alle el- ler en væsentlig del af Selskabets immaterielle rettigheder på en måde, der kan sidestilles med det i pkt. (vi) nævnte salg, (viii) opløsning eller li- kvidation af Selskabet; (ix) en anden transaktion hvor hele eller væsentlige dele af Selskabets aktiver realiseres mod vederlag i kontanter eller likvide værdipapirer eller (x) en kombination 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 Med- delelsen skal følge de i pkt. 6.3 nævnte oplysninger. Med afgivelsen af Exit Meddelelsen begynder en pe- riode på 1 uge, hvori Indehaveren vil kunne udnytte de udstede Warrants (i forbindelse med en Exit benævnt ”Udnyttelsesperiode”).
7.4 Vedrørende udnyttelse henvises i
Stock Market in connection with listing of the Company’s shares on another multilateral trading facility or regulated market is not considered an Exit), (ii) a (voluntary or mandatory) takeover bid,
(iii) the entering into a partnership or joint venture agreement stipulating a future acquisition of the Company by the partner, (iv) a merger of the Com- pany, (v) a demerger of the Company,
(vi) a sale of a material part of the Company’s activities, including a sale of all or a material part of the Company’s assets or all or a material part of the Company’s intellectual property rights,
(vii) licensing of all or a material part of the intellectual property rights of the Company in a way, which can be con- sidered equal to the sale set out in point (vi), (viii) dissolution or liquida- tion of the Company, (ix) another transaction whereby all or materially all of the assets of the Company is realized in consideration for cash or liquid secu- rities, or (x) a combination of the above.
7.3 The Company must give the Warrant Holders notice of the Exit (the “Exit Notice”) no later than two (2) weeks before the Exit is expected to be con- cluded. The notice must include the in- formation 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 exercise the Warrants (in connection with an Exit referred to as “Exercise Period”).
7.4 As regards exercise, reference is also
øvrigt til pkt. 6. Det præciseres i den forbindelse, at Warrants, der i forbin- delse med en Exit ikke udnyttes i Ud- nyttelsesperioden, jf. pkt. 7.3, i overensstemmelse med pkt. 6, bort- falder uden videre, uden at Indeha- veren 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 så- ledes, at kapitalandelene ikke tegnes, før det er sikkert, at en Exit vil blive gennemført. Hvis Indehaveren i overensstemmelse med pkt. 6 har afgivet Udnyttelsesmeddelelse i for- bindelse med en forestående Exit, og den forventede Exit alligevel ikke fin- der sted, skal Indehaverens Udnyt- telsesmeddelelse anses for ikke- afgivet, og Selskabet skal tilbagebe- tale det af Indehaveren indbetalte Tegningsbeløb. De udstedte Warrants består herefter uændret som før In- dehaverens afgivelse af Udnyttel- sesmeddelelsen.
8. Retsstilling i tilfælde af ændrin- ger i Selskabets kapitalforhold
8.1 Udstedelse af Warrants skal ikke indebære restriktioner for Selskabet og dets kapitalejere med hensyn til ændringer af Selskabets kapitalfor- hold.
8.2 Ændringer i kapitalforhold omfatter, men er ikke begrænset til, kapitalfor- højelse, kapitalnedsættelse, ændring
made to clause 6. In that context it is specified that any Warrants that, in connection with the Exit, are not exer- cised 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 consideration 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 War- rant Holder in accordance with clause 6 has submitted an Exercise Notice in connection with an anticipated Exit, and the anticipated Exit does not occur, the Warrant Holder's Exercise Notice shall be deemed not to have been submitted, and the Company must refund any Subscription Amount paid by the War- rant Holder. The Warrants will remain valid without change as before the War- rant Holder's submission of the Exercise Notice.
8. Legal rights in case of changes in the Company's capital structure
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
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 Sel- skabets revisor i henhold til generelt anerkendte principper (som fastsæt- tes af revisor). Ved ændringer i Sel- skabets kapitalforhold, der i medfør af dette pkt. 8 medfører, at der skal ske en regulering, skal Selskabet anmode dets revisor om at foretage denne beregning. Ændringen kan ik- ke resultere i, at Udnyttelseskursen bliver lavere end kurs pari for de ny- udstedte kapitalandele. Ændringen kan ligeledes ikke resultere i, at Sel- skabets selskabskapital ved udnyttel- se af de udstedte Warrants forhøjes med mere end nominelt [63.837,7125] kr.
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 adjusted.
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 decreases, the Exercise Price and/or number of Warrants shall be adjusted in a way that the value of the Warrants is not affected by these changes. The calculation of the adjustment shall be made by the Company’s auditor in ac- cordance with generally accepted prin- ciples (as determined by the auditor). In the event of changes in the Compa- ny's capital structure, that according to this clause 8 shall entail an adjustment, the Company must request its auditor to make such calculation. An adjust- ment cannot lead to an Exercise Price lower than par value of the new shares. Further, the adjustment cannot result in the Company’s share capital be in- creased by more than nominally DKK [63,837.7125] as a result of exercise of the issued Warrants.
8.5 Uanset pkt. 8.4 skal der ikke foreta- ges ændringer i forbindelse med (i) udstedelse af kapitalandele, teg- ningsoptioner, gæld, optioner eller konvertible instrumenter til Selska- bets medarbejdere, ledelse eller be- styrelsesmedlemmer som del af et incitamentsprogram, (ii) Konverte- ring/udnyttelse af de i pkt. (i) nævn- te instrumenter, (iii) konvertering af eksisterende konvertible instrumen- ter (pr. 23. juli 2021) og (iv) udlod- ning af udbytte fra Selskabet.
9. Omsættelighed
9.1 Indehaveren skal være berettiget til at overdrage sine Warrants, idet In- dehaveren i så fald er forpligtet til samtidig at give meddelelse til Sel- skabet herom.
10. Rettigheder knyttet til Warrants
10.1 De udstedte Warrants er omsæt- ningspapirer.
10.2 De udstedte Warrants giver ikke ret til at stemme på Selskabets general- forsamlinger og giver ikke ret til ud- bytte.
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:
8.5 Regardless of clause 8.4, no adjust- ment shall be made in connection with
(i) issuance of shares, warrants, debt, options 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 con- vertible debt (as at 23 July 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 instruments.
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. 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 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 [63.837,7125] 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 4,8685 kr. 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 indførel- se af forskellige kapitalklasser i Sel- skabet, skal kapitalandele, der teg- nes på baggrund af de udstedte War- rants, tilhøre den kapitalklasse, som stiller Indehaverne som om, at de udstedte Warrants var blevet udnyt- tet umiddelbart før indførelsen af den eller de nye kapitalklasser.
11.1.7 De nye kapitalandele tillægges sam- me rettigheder som Selskabets øvri- ge kapitalandele.
11.1.8 De nye kapitalandele giver ret til udbytte og andre rettigheder i sel- skabet fra tidspunktet for registrering af kapitalforhøjelsen hos Erhvervs-
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 [63,837.7125].
11.1.3 The new shares will be offered in de- nominations of nominally DKK 0.0375.
11.1.4 A cash amount of DKK 4.8685 is paya- ble 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 exercise 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 immediately before the introduction of the new share class(es).
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 dividend and other rights in the Com- pany from the date of registration of the shares with the Danish Business
styrelsen.
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 en Udnyttelsesperiode, som nærmere beskrevet ovenfor.
11.1.12 Selskabet afholder omkostningerne ved kapitalforhøjelsen, der anslås at udgøre 40.000 kr. eksklusive moms.
12. Tvister
12.1 Alle tvister, som måtte opstå i for- bindelse med de udstedte Warrants, skal afgøres efter dansk ret (bortset fra danske lovvalgsregler, der fører til anvendelse af et andet lands ret) ved de almindelige danske domstole, idet Retten i Kolding skal være værneting i første instans.
Authority.
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 in- struments.
11.1.11 Exercise of the Warrants and payment of the Subscription Amount for the new shares shall be done during an Exercise Period, as further described above.
11.1.12 The Company pays the costs relating to the capital increase, which are estimat- ed at DKK 40,000 exclusive of VAT.
12. Disputes
12.1 Any dispute arising out of or in connec- tion with the issued Warrants will be settled pursuant to Danish law (with the exception of any conflict of laws rules which may lead to the application of other law than Danish law) by the ordinary Danish courts of law, as the Court in Kolding is the court of first in- stance.