BILAG 7.1 TIL VEDTÆGTERfor Dancann Pharma A/S SCHEDULE 7.1 OF THE ARTICLES OF ASSOCIATIONof Dancann Pharma A/S
Ref. 326051-wls
BILAG 7.1 TIL VEDTÆGTER for Xxxxxxx Xxxxxx A/S | SCHEDULE 7.1 OF THE ARTICLES OF ASSOCIATION of Xxxxxxx Xxxxxx A/S |
1. Beslutning
1.1 Generalforsamlingen i XxxXxxx
Xxxxxx A/S (”Selskabet”) har den
23. juli 2021 besluttet at udstede [2.480.000] 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 [93.000] kr. kapitalandele i Selska- bet.
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
1. Resolution
1.1 On 23 July 2021, the general meeting of XxxXxxx Xxxxxx A/S (the ”Compa- ny”) resolved to issue [2,480,000] 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 [93,000] 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 [2.480.000] 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 [aktiernes markedskurs pr. 23. juli 2021 plus 30%] kr. (”Udnyttelses- kursen”).
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.
2.1 A total of [2,480,000] 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 [the market price of the shares as at 23 July 2021 plus 30%] 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.
5.1. 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
5.3 If the Company (represented by the board of directors) and a Warrant Hold- 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
Indehaveren overføre Tegningsbelø- bet til en af Selskabet oplyst bank- 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-
Holder must transfer the Subscription Amount to a bank account 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 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
dehaveren har opnået enighed om førtidig udnyttelse) hhv. 7.3 (1 uge 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-
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 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
skabets kapitalandele, således at Selskabets kapitalandele er unotere- 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”).
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 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 Vedrørende udnyttelse henvises i 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,
7.4 As regards exercise, reference is also 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-
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 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
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 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 [93,000] as a result of exercise of the issued Warrants.
med mere end nominelt [93.000] kr.
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 [93.000] 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 [aktiernes markedskurs pr. den 23. juli 2021 plus 30%] kr. pr. kapitalan- del a nominelt 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-
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 [93,000].
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 [the market price of the shares as at 23 July 2021 plus 30%] is payable per share of nom- inally 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-
skabet fra tidspunktet for registrering af kapitalforhøjelsen hos Erhvervs- 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 et Udnyttelsesvindue i Udnyttelsesperi- oden, som nærmere beskrevet oven- for.
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.
pany from the date of registration of the shares with the Danish Business 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 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 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.