V E D T Æ G T E R ARTICLES OF ASSOCIATION. for. Newcap Holding A/S. (CVR-nr ) (Central Business Register No.

Transkript

1 V E D T Æ G T E R ARTICLES OF ASSOCIATION for Newcap Holding A/S (CVR-nr ) (Central Business Register No ) 5. april 2018 Translation This text has been prepared in Danish and in English. In case of discrepancies, the Danish text will prevail.

2 1 Selskabets navn 1 Name of the Company Selskabets navn er Newcap Holding A/S. The name of the Company is Newcap Holding A/S. 2 Selskabets formål Selskabets formål er direkte eller indirekte at eje selskaber eller andre kapitalandele, helt eller delvist, i erhvervsdrivende virksomheder af enhver art, samt drive finansiel, industri-, handels-, service- og finansieringsvirksomhed samt direkte eller indirekte at eje fast ejendom, samt sælge selskabets, direkte eller indirekte ejede, selskaber, kapitalandele eller fast ejendom. 3 Selskabets kapital og aktier Selskabets aktiekapital udgør nominelt DKK , fordelt på aktier à DKK 0,50, der registreres i VP Securities A/S, svarende til stk. aktier à DKK 0,50. Aktiekapitalen er fuldt indbetalt. 2 Objects of the Company The objects of the Company are, directly or indirectly, to own companies or other equity interests, wholly or in part, in business enterprises of all kinds and to carry on financial, industrial, commercial, service and financing activities and, directly or indirectly, to own real property and to sell the Company's directly or indirectly owned companies, equity interests or real property. 3 Capital and Shares of the Company The Company s nominal share capital amounts to 62,998,551 divided into shares of a nominal value of DKK 0.50 each registered with VP Securities A/S, corresponding to 125,997,102 shares in denominations of DKK The share capital has been fully paid up. 3B Aktiebog 3B Register of Shareholders Selskabets aktiebog føres af Computershare A/S, Kongevejen 418, 2840 Holte. 4 Rettigheder og pligter Ingen aktier har særlige rettigheder. Ingen aktionær er forpligtet til at lade sine aktier indløse helt eller delvist. Der gælder ingen indskrænkninger i aktiernes omsættelighed. Aktierne er omsætningspapirer. Computershare A/S, Kongevejen 418, 2840 Holte, Denmark, shall keep the Register of Shareholders of the Company. 4 Rights and Obligations No share carries any special rights. No shareholder is obliged to have his shares redeemed in full or in part. No restrictions apply to the transferability of the shares. The shares are negotiable instruments. 5 Udstedelse af aktier 5 Issue of Shares 2

3 Aktierne udstedes gennem VP Securities A/S. Rettigheder vedrørende aktierne skal anmeldes til VP Securities A/S efter de herom gældende regler. 6 Udbytte Udbytte på selskabets aktier udbetales gennem VP Securities A/S efter de herom fastsatte regler. Udbytte, der ikke er hævet inden 5 år fra afholdelse af selskabets ordinære generalforsamling, tilfalder selskabet. 7 Mortifikation af aktier Mortifikation af selskabets aktier, interimsbeviser og tegningsbeviser kan finde sted uden dom i overensstemmelse med de herom fastsatte regler. 8 Bemyndigelser Bestyrelsen er bemyndiget til at forhøje selskabskapitalen ved udstedelse af nye aktier i én eller flere udstedelser med fortegningsret for selskabets hidtidige aktionærer med en samlet nominel værdi på DKK , jf. dog stk. 3. Bemyndigelsen gælder i perioden frem til og med den 8. april Bestyrelsen er bemyndiget til at forhøje selskabskapitalen ved udstedelse af nye aktier i én eller flere udstedelser uden fortegningsret for selskabets hidtidige aktionærer med en samlet nominel værdi på DKK , jf. dog stk. 3. Forhøjelsen kan ske uden fortegningsret for selskabets hidtidige aktionærer, såfremt dette sker til markedskurs eller som vederlag for selskabets overtagelse af en bestående virksomhed eller bestemte formueværdier til en værdi, der modsvarer de udstedte aktiers værdi. Bemyndigelsen gælder i perioden frem til og med den 8. april Bestyrelsens bemyndigelse efter stk. 1 og 2 kan tilsammen maksimalt udnyttes ved udstedelse af nye aktier med en samlet nominel værdi på DKK Forhøjelse af selskabets Shares are issued through VP Securities A/S. Rights pertaining to the shares must be notified to VP Securities A/S according to the relevant rules applicable. 6 Dividends Dividend on the shares of the Company is paid through VP Securities A/S according to the relevant rules. Dividend not claimed within five years from the date of the annual general meeting of the Company will accrue to the Company. 7 Cancellation of Shares Shares, interim certificates and warrants may be cancelled extra-judicially in accordance with the relevant rules. 8 Authorities The Board of Directors is authorised to increase the share capital by issuing new shares by means of one or several issues with preemption rights to existing shareholders up to a nominal amount of DKK 25,000,000; however, cf. sub-clause 3. The authorisation will be valid until 8 April The Board of Directors is authorised to increase the share capital by issuing new shares by means of one or several issues without preemption rights to existing shareholders up to a nominal amount of DKK 25,000,000; cf. subclause 3. The increase may be effected without pre-emption rights to the existing shareholders provided that this is made at market price or as consideration for the company s acquisition of an existing undertaking or certain assets at a value which off-sets the value of the issued shares. The authorisation will be valid until 8 April The Board of Directors authorisation under subclauses 1 and 2 may together maximum be used for issuing new shares up to a total nominal value of DKK 25,000,000. The increase of 3

4 kapital kan ske såvel ved kontant indbetaling som på anden måde. De nye aktier, der udstedes i henhold til stk.1 og stk. 2 ovenfor, udstedes som navneaktier. Aktierne skal være omsætningspapirer. Der skal ikke gælde nogen begrænsninger i deres omsættelighed. Ingen aktier skal have særlige rettigheder, og ingen aktionær skal være forpligtet til at indløse sine aktier helt eller delvis. De nye aktiers rettigheder indtræder på det tidspunkt bestyrelsen bestemmer, dog senest 12 måneder efter kapitalforhøjelsens registrering. Bestyrelsen bemyndiges til at fastsætte de nærmere vilkår for kapitalforhøjelser i henhold til ovennævnte bemyndigelser. Bestyrelsen bemyndiges endvidere til at foretage de ændringer i selskabets vedtægter, som måtte være nødvendige som følge af bestyrelsens udnyttelse af ovenstående bemyndigelser. På et bestyrelsesmøde i selskabet afholdt den 11. november 2016 vedtog selskabets bestyrelse at udnytte bemyndigelsen i dette punkt 8 til at forhøje selskabskapitalen med nominelt DKK , ved udstedelse af nye aktier á DKK 0,50 pr. styk. 9 Tegningsoptioner Bestyrelsen er indtil den 4. april 2023 bemyndiget til ad en eller flere gange at udstede op til i alt tegningsoptioner (warrants), der hver giver adgang til at tegne én (1) aktie á nominelt DKK 0,50 i selskabet samt foretage dertil hørende kapitalforhøjelser på op til i alt nominelt DKK uden fortegningsret for selskabets eksisterende aktionærer. Bemyndigelsen giver ret til at udstede warrants til selskabets medarbejdere samt medarbejdere i selskabets direkte og indirekte ejede datterselskaber. Bemyndigelsen giver ikke ret til at udstede warrants til bestyrelsesmedlemmer i sel- the share capital may be effected for cash or other consideration. The new shares issued pursuant to sub-clause 1 and 2 above shall be issued to named holders. The shares shall be negotiable instruments. There shall be no restrictions on their transferability. No shares shall carry special rights, and no shareholders shall be under an obligation to redeem their shares in whole or in part. The new shares carry rights from a time to be determined by the Board of Directors, which shall not be later than 12 months from registration of the capital increase. The Board of Directors is authorised to determine the detailed terms and conditions of capital increases effected under the above authorisations. The Board of Directors is furthermore authorised to amend the company s articles of association as may be required in consequence of the Board of Directors exercise of the above authorisations. At a meeting of the Board of the Directors of the company held on 11 November 2016, the Board of Directors resolved to increase the share capital with nominally DKK 3,553,421 in accordance with the authorisation in this clause 8, corresponding to an issue of 7,106,842 new shares each with a value of DKK 0.50 per share. 9 Share Options The Board of Directors is until 4 April 2023 authorised, at one or more times, to issue up to 10,000,000warrants, each conferring a right to subscribe for one (1) share of nominally DKK 0.50 in the company, and to implement the corresponding increase(s) of the share capital up to a total amount of nominally DKK 5,000,000 without pre-emptive rights for the company s existing shareholders. Warrants may be issued to employees in the company and its subsidiaries. Warrants may not be issued to any board members of the Company. 4

5 skabet. Bestyrelsen kan efter de til enhver tid gældende regler genanvende eller genudstede eventuelle bortfaldne ikke udnyttede warrants, forudsat at genanvendelsen eller genudstedelsen finder sted inden for de vilkår og tidsmæssige begrænsninger, der fremgår af denne bemyndigelse. Ved genanvendelse forstås adgang for bestyrelsen til at lade en anden aftalepart indtræde i en allerede bestående aftale om warrants. Ved genudstedelse forstås bestyrelsens mulighed for inden for samme bemyndigelse at genudstede nye warrants, hvis allerede udstedte warrants er bortfaldet. En warrant udstedt i medfør at denne bemyndigelse skal give ret til at tegne én (1) aktie á nominelt DKK 0,50 i selskabet til en af bestyrelsen fastsat tegningskurs, der dog ikke kan være lavere end børskursen på selskabets aktier på tildelingstidspunktet. Subject to the rules in force at any time, the Board of Directors may reuse or reissue lapsed and unexercised warrants if any, provided that the reuse or reissue occurs under the terms and within the time limitations set out in this authorisation. Reuse is to be construed as the Board of Directors' entitlement to let another party enter into an existing agreement on warrants. Reissue is to be construed as the Board of Directors' option to reissue new warrants, under the same authorisation, if previously issued warrants have lapsed. A warrant issued under this authorisation shall grant the holder a right to subscribe for one (1) share of a nominal value of DKK 0.50 in the company at a subscription price determined by the Board of Directors, noting that the subscription price cannot be below the stock market price for the company s shares at the grant time. Udnyttelsesperioden for warrants bestemmes af bestyrelsen, der tillige fastsætter de nærmere vilkår for de warrants, der udstedes i henhold til bemyndigelsen. For nye aktier, udstedt i henhold til denne bemyndigelse, skal gælde, at de nye aktier skal tegnes ved kontant indbetaling (uden mulighed for delvis indbetaling), at de nye aktier skal registreres i VP Securities A/S og giver ret til udbytte fra tidspunktet for kapitalforhøjelsens registrering i Erhvervsstyrelsen, at de nye aktier skal være omsætningspapirer og udstedes på navn i selskabets ejerbog, at der med hensyn til indløselighed og omsættelighed skal gælde de samme regler, som der gælder for de øvrige aktier i selskabet, at aktierne i øvrigt skal have samme rettigheder som selskabets eksisterende aktier, og at der ikke skal gælde indskrænkninger i de nye aktionærers fortegningsret ved fremtidige forhøjelser. På et bestyrelsesmøde i selskabet af- The exercise period and other relevant terms and conditions for warrants issued under this authorisation is determined by the Board of Directors. The following terms and conditions apply to new shares issued in connection with exercise of warrants covered by this authorization: The new shares shall be subscribed by way of cash contribution (without any option of partial payment), the new shares shall be registered in VP Securities A/S and shall carry the right to receive dividend from the time of registration with the Danish Business Authority, the new shares shall be negotiable instruments and shall be registered in the name of the holder in the company s register of shareholders, the same restrictions shall apply to the transferability and redemption of the new shares as apply to the company s existing shares, the new shares shall have the same rights as existing shares and there shall be no restrictions on the new shares pre-emption rights in the event of future increases. At a meeting of the Board of the Direc- 5

6 holdt den 24. august 2016 vedtog selskabets bestyrelse at udstede i alt tegningsoptioner (warrants), til en gruppe ledende medarbejdere i selskabets datterselskab Monyx Asset Management AB (tidligere Monyx Financial Group AB), der hver giver adgang til at tegne én (1) aktie á nominelt DKK 0,50 i selskabet. Bestyrelsen vedtog samtidig at forhøje selskabets aktiekapital med op til i alt nominelt DKK ( stk. aktier á DKK 0,50 pr. styk) i overensstemmelse hermed. De fuldstændige vilkår for de hermed udstedte warrants er vedlagt som bilag 9. Bilag 9 udgør en integreret del af nærværende vedtægter. På et bestyrelsesmøde i selskabet afholdt den 22. juni 2017 vedtog selskabets bestyrelse at udstede i alt tegningsoptioner (warrants), til en gruppe ledende medarbejdere i selskabets datterselskaber Monyx Asset Management AB (tidligere Monyx Financial Group AB) og monyx AB, der hver giver adgang til at tegne én (1) aktie á nominelt DKK 0,50 i selskabet. Bestyrelsen vedtog samtidig at forhøje selskabets aktiekapital med op til i alt nominelt DKK ( stk. aktier á DKK 0,50 pr. styk) i overensstemmelse hermed. De fuldstændige vilkår for de hermed udstedte warrants er vedlagt som bilag 9A. Bilag 9A udgør en integreret del af nærværende vedtægter. tors of the company held on 24 August 2016, the Board of Directors resolved to issue 2,030,000 of warrants to a group of senior employees in the company s subsidiary Monyx Asset Management AB (previously Monyx Financial Group AB), each conferring a right to subscribe for one (1) share of nominally DKK 0.50 in the company. At the same time the Board of Directors resolved to increase the share capital of the company with up to a total amount of nominally DKK 1,015,000 (2,030,000 shares of DKK 0.50 each) in accordance therewith. The complete terms of the warrants are attached as exhibit 9. Exhibit 9 constitutes an integrated part of these Articles of Association. At a meeting of the Board of the Directors of the company held on 22 June 2017, the Board of Directors resolved to issue warrants to a group of senior employees in the company s subsidiaries Monyx Asset Management AB (previously Monyx Financial Group AB) and Monyx AB, each conferring a right to subscribe for one (1) share of nominally DKK 0.50 in the company. At the same time the Board of Directors resolved to increase the share capital of the company with up to a total amount of nominally DKK ( shares of DKK 0.50 each) in accordance therewith. The complete terms of the warrants are attached as exhibit 9A. Exhibit 9A constitutes an integrated part of these Articles of Association. 10 Elektronisk kommunikation Selskabets bestyrelse er bemyndiget til at beslutte, at selskabet fremover benytter elektronisk dokumentudveksling samt elektronisk post i sin kommunikation med aktionærerne i henhold til nedenstående, jf. selskabslovens Electronic Communication The Board of Directors of the Company is authorised to resolve that the Company will in future use electronic document exchange and electronic mail in its communication with shareholders pursuant to the paragraph below, cf. Section 92 of the Danish Companies Act (selskabsloven). 6

7 Ved udnyttelse af bemyndigelsen vil indkaldelse af aktionærer til ordinær og ekstraordinær generalforsamling og tilsendelse af dagsorden, regnskabsmeddelelser, årsrapport, halvårs-rapport, kvartalsrapporter, fondsbørsmeddelelser samt generelle oplysninger fra selskabet til aktionærerne fremsendes af selskabet til aktionærerne via . Ved bestyrelsens udnyttelse af bemyndigelsen skal bestyrelsen tillige træffe beslutning om, hvor på selskabets hjemmeside ovennævnte dokumenter vil kunne findes. Ved bestyrelsens udnyttelse af bemyndigelsen skal bestyrelsen tillige tilse, at oplysning om kravene til de anvendte systemer, om fremgangsmåden i forbindelse med elektronisk kommunikation samt øvrige tekniske oplysninger af betydning herfor tillige fremgår af selskabets hjemmeside. Ved udnyttelse af bemyndigelsen er bestyrelsen bemyndiget til at foretage de nødvendige ændringer af vedtægten. If this authority is exercised, the Company will use to send the shareholders notices convening the shareholders to annual general meetings and extraordinary general meetings and agendas, financial reports, annual reports, interim financial reports, stock exchange announcements and general information to the shareholders from the Company. If the Board of directors exercises this authority, the Board of directors must also resolve where the above documents can be found on the website of the Company. If the Board of directors exercises this authority, the Board of directors must moreover ensure that information on the requirements for the systems used, the procedure in connection with electronic communication and other technical information of importance therefore also appear from the website of the Company. If the Board of directors exercises this authority, the Board of Directors is authorised to carry out the necessary amendments to the Articles of Association. 11 Generalforsamling Selskabets generalforsamling afholdes i København. Den ordinære generalforsamling afholdes i så god tid, at den reviderede og godkendte årsrapport kan modtages i Erhvervs- og Selskabsstyrelsen inden 4 måneder efter regnskabsårets slutning, jf. 24. Selskabets ordinære og ekstraordinære generalforsamlinger indkaldes af bestyrelsen med højst 5 ugers og mindst 3 ugers varsel. Indkaldelse sker via selskabets hjemmeside. Dog skal indkaldelse også ske skriftligt til de i selskabets aktiebog noterede aktionærer, der har fremsat begæring herom. 11 General Meetings The Company will hold its general meetings in Copenhagen. The annual general meeting must be held in time for the audited and approved annual report to reach the Danish Commerce and Companies Agency (Erhvervs- og Selskabsstyrelsen) no later than 4 months after the end of the financial year, cf. Article 24. The Board of Directors must convene the annual and extraordinary general meetings of the Company with a notice of no more than 5 weeks and no less than 3 weeks. Notice of the meeting will be made on the Company's website. However, the Company must send a written notice to those of the shareholders recorded in the Company's register of shareholders having so 7

8 requested. Indkaldelsen skal angive tid og sted for generalforsamlingen samt dagsordenen, hvoraf fremgår hvilke anliggender, der foreligger til behandling. Såfremt forslag til vedtægtsændringer skal behandles på generalforsamlingen, skal forslagets væsentligste indhold angives i indkaldelsen Ekstraordinære generalforsamlinger indkaldes, når det til behandling af et bestemt emne skriftligt forlanges af aktionærer, der ejer mindst 5 % af aktiekapitalen, eller når to medlemmer af bestyrelsen eller selskabets revisor anmoder om dette. Forslag fra aktionærernes side må, for at komme til behandling på den ordinære generalforsamling, være indgivet til bestyrelsen senest 6 uger før generalforsamlingen afholdes. Modtager bestyrelsen anmodningen senere end 6 uger før generalforsamlingen, afgør bestyrelsen, om forslaget kan optages på dagsorden. Medmindre selskabsloven foreskriver en kortere frist, skal følgende dokumenter og oplysninger gøres tilgængelige for aktionærerne på selskabets hjemmeside senest 3 uger før generalforsamlingens afholdelse: (i) indkaldelsen, (ii) det samlede antal aktier og stemmerettigheder på datoen for indkaldelsen, (iii) de dokumenter, der skal fremlægges på generalforsamlingen, (iv) dagsordenen og de fuldstændige forslag, og (v) de formularer, der skal anvendes ved stemmeafgivelse ved fuldmagt og ved stemmeafgivelse per brev, medmindre disse formularer sendes direkte til aktionærerne. Kan disse formularer af tekniske årsager ikke gøres tilgængelige på selskabets hjemmeside, skal selskabet på sin hjemmeside oplyse, hvordan formula- The notice of the meeting must state the date and place of the general meeting and be accompanied by an agenda stating the business to be transacted. If a proposal to amend these Articles of Association is to be transacted at the general meeting, the notice must set out the main contents of the proposed resolution. Extraordinary general meetings must be convened when, for the transaction of a specific issue, a written request is made by shareholders holding at least 5% of the share capital or by two members of the Board of Directors or by the Company's auditor. To be transacted at the annual general meeting, proposals from shareholders must be submitted to the Board of Directors no later than 6 weeks before the general meeting. If the Board of Directors receives such request later than 6 weeks before the general meeting, the Board of Directors will decide whether or not to include the proposal in the agenda. Unless the Companies Act prescribes a shorter notice, the following documents and information Supervisory smust be made available to the shareholders on the Company's website no later than 3 weeks before the general meeting. (i) the notice convening the general meeting; (ii) the total number of shares and voting rights at the date of the notice convening the meeting; (iii) the documents to be submitted to the general meeting; (iv) the agenda and the complete proposals; and (v) the standard forms to be used if shareholders are to be represented by proxy or to vote by post unless such forms are sent directly to the shareholders. Where, for technical reasons, such forms cannot be made available on the Company's website, the Company must state on its website how paper-based forms may be 8

9 rerne kan rekvireres i papirform. I sådanne tilfælde sender selskabet formularerne til enhver aktionær, der fremsætter begæring herom. Bestyrelsen skal senest 8 uger før dagen for den påtænkte afholdelse af den ordinære generalforsamling offentliggøre datoen for den påtænkte afholdelse af generalforsamlingen samt datoen for den seneste fremsættelse af krav om optagelse af et bestemt emne på dagsordenen for aktionærerne. 12 Dagsorden Dagsorden for den ordinære generalforsamling skal mindst omfatte: 1) Præsentation af dirigent 2) Fremlæggelse af den reviderede årsrapport til godkendelse 3) Beslutning om overskuddets fordeling eller dækning af tab. 4) Eventuelle forslag fra bestyrelse eller aktionærer 5) Valg af bestyrelse 6) Valg af revisor 7) Eventuelt 13 Adgang Adgang til generalforsamlingen har aktionærer, der senest 3 dage før generalforsamlingen har forsynet sig med adgangskort. Selskabet udsteder adgangskort til aktionærer, der besidder aktier i selskabet på registreringsdatoen, jf. vedtægternes Adgangskortet påføres oplysninger om det antal stemmer, der tilkommer aktionæren. Selskabets generalforsamlinger er åbne for pressen. 14 Stemmeret På generalforsamlingen giver hvert aktiebeløb på DKK 0,50 én stemme. Aktionærernes ret til at møde samt til at stemme på selskabets generalforsamlinger eller afgive brevstemme, jf. vedtægternes 14.4, fastsæt- obtained. In that case, the Company will send the forms to all shareholders making a request to that effect. No later than 8 weeks before the date of the proposed general meeting, the Board of Directors must publish the date of the proposed general meeting and the date on which the shareholders must submit their requests if they wish a particular issue to be included in the agenda. 12 Agenda The agenda for the annual general meeting must include: 1) Presentation of chairman of the meeting 2) Submission of the audited annual report for approval 3) Resolution on distribution of profit or cover of loss 4) Any proposals from the Board of Directors or the shareholders 5) Election of Board of Directors 6) Election of auditor 7) Any other business 13 Attendance Shareholders who have acquired an admission card at least 3 days before the general meeting are entitled to attend the meeting. The Company will issue admission cards to shareholders holding shares in the Company at the registration date; see Article The admission card will carry information on the number of votes that the shareholder is entitled to cast. The Company's general meetings are open to the press. 14 Voting Rights Each share amount of DKK 0.50 entitles the holder to one vote at general meetings. Each shareholder is entitled to attend and vote at the Company's general meetings or to vote by post; see Article 14.4, on the basis of the 9

10 tes i forhold til de aktier, aktionærerne besidder på registreringsdatoen, som defineret i vedtægternes Afståelser eller erhvervelser af aktier, der finder sted i perioden mellem registreringsdatoen og generalforsamlingsdatoen, påvirker ikke stemmeretten på generalforsamlingen eller brevstemmeretten til brug for generalforsamlingen. Registreringsdatoen er den dato, der ligger 1 uge før generalforsamlingens afholdelse. På registreringsdatoen opgøres de aktier, som hver af selskabets aktionærer besidder på registreringsdatoen. Opgørelsen sker på baggrund af stedfundne noteringer af aktier i aktiebogen samt behørigt dokumenterede meddelelser til selskabet om aktieerhvervelser, der endnu ikke er indført i aktiebogen, men som er modtaget af selskabet inden udløbet af registreringsdatoen. Aktionærerne kan i stedet for at afgive deres stemme på selve generalforsamlingen vælge af afgive brevstemme. Aktionærer der vælger at stemme per brev, skal sende deres brevstemme til selskabet, enten per alm. post eller per e- mail, således at brevstemmen er selskabet i hænde senest 1 dag før generalforsamlingens afholdelse. En brevstemme, som er modtaget af selskabet, kan ikke tilbagekaldes. Aktionærerne kan forud for generalforsamlingen stille eventuelle spørgsmål til dagsordenen og andet materiale til brug for generalforsamlingen, således at disse spørgsmål er selskabet i hænde senest 8 dage før generalforsamlingens afholdelse. Adgangen til at stille spørgsmål inden generalforsamlingens afholdelse påvirker ikke aktionærernes ret til at stille eventuelle spørgsmål på selve generalforsamlingen. Aktionærer har ret til at møde på generalforsamlingen ved fuldmægtig, der skal fremlægge skriftlig og dateret fuldmagt. Der gælder ingen tidsmæssige eller andre begrænsninger for fuldmagter, bortset fra fuldmagter til selskabets ledelse, der ikke kan gives for en længere periode end 12 måneder og kun kan gives til en bestemt generalforsamling med en på forhånd kendt dagsorden. shares held by the shareholder at the registration date as defined in Article The registration date is 1 week before the general meeting. No sale or acquisition of shares taking place in the period between the registration date and the date of the general meeting will affect the shareholder's voting rights at the general meeting or the shareholder's right to vote by post. The registration date is the date 1 week before the general meeting. The shares held by the individual shareholder are stated at the registration date on the basis of the shares recorded in the Company's register of shareholders and any notice of ownership accompanied by proper documentation given to the Company by a shareholder for the purpose of having his shareholding recorded in the Company's register of shareholders where such shareholding has not yet been recorded in the register. Instead of casting their votes at the general meeting, the shareholders are entitled to vote by post. Shareholders electing to vote by post, must sent their postal vote to the Company, by ordinary post or by , in time for the vote to reach the Company no later than 1 day before the general meeting. A postal vote received by the Company cannot be withdrawn. Before the general meeting, the shareholders are entitled to ask questions to the agenda and the other material to be considered at the general meeting. Such questions must reach the Company no later than 8 days before the general meeting. The right to ask questions before the general meeting does not affect the shareholders' right to ask questions at the general meeting. The shareholders are entitled to be represented at general meetings by a proxy submitting a written and dated instrument of proxy. Such proxy instruments are not subject to any restrictions as regards term or otherwise. This does not apply to the term of proxy instruments issued to the Company's management, as such instruments cannot be issued for terms exceeding 12 months, and such instruments must be 10

11 given for a particular general meeting having an agenda already known before the meeting. En fuldmagt kan til enhver tid tilbagekaldes skriftligt af fuldmagtsgiveren. Aktionæren eller fuldmægtigen kan møde på generalforsamlingen sammen med en rådgiver. The shareholder issuing the proxy instrument is entitled at any time to revoke the instrument in writing. Any shareholder or proxy attending a general meeting is entitled to be accompanied by an advisor. 15 Afstemninger Alle beslutninger på generalforsamlingen vedtages ved simpelt stemmeflertal, med mindre selskabslovgivningen eller anden lovgivning eller selskabets vedtægter bestemmer andet. Til vedtagelse af beslutninger om ændringer af selskabets vedtægter eller om selskabets opløsning kræves, at mindst 2/3 af den på generalforsamlingen repræsenterede stemmeberettigede aktiekapital stemmer for forslaget. 16 Dirigent Generalforsamlingen ledes af en af bestyrelsen udpeget dirigent, der leder forhandlingerne og afgør alle spørgsmål vedrørende sagernes behandlingsmåde. 17 Forhandlingsprotokollen Over det på generalforsamlingen passerede indføres en kort beretning i den dertil af bestyrelsen autoriserede forhandlingsprotokol, der underskrives af dirigenten og bestyrelsens tilstedeværende medlemmer. Alle beslutninger skal indføres i forhandlingsprotokollen. Senest 2 uger efter generalforsamlingens afholdelse skal forhandlingsprotokollen, eller en bekræftet udskrift af denne, gøres tilgængelig for selskabets aktionærer. 15 Votes All resolutions at general meetings are passed by simple majority unless otherwise stipulated by company legislation or other legislation or the Articles of Association of the Company. The passing of resolutions for amendment of the Articles of Association of the Company or its dissolution requires a majority in favour of the resolution of at least two thirds of the voting share capital represented at the general meeting. 16 Chairman of the Meeting The Board of Directors shall appoint a chairman of the general meeting who conducts proceedings and decides all issues concerning the transaction of the business. 17 Minutes of Proceedings A short record of the business transacted at general meetings must be entered into a minute-book authorised for this purpose by the Board of Directors. The minute-book must be signed by the chairman of the meeting and the members of the Board of Directors attending the meeting. All resolutions must be entered into the minutebook. No later than 2 weeks after the general meeting, the minute-book or a certified transcript of the minute-book must be made available to the Company's shareholders. 11

12 Forhandlingsprotokollen skal for hver beslutning som udgangspunkt indeholde en fuldstændig redegørelse for afstemningen, herunder oplysninger om (i) hvor mange aktier, der er afgivet gyldige stemmer for, (ii) den andel af aktiekapitalen, som disse stemmer repræsenterer, (iii) det samlede antal gyldige stemmer, (iv) antallet af stemmer for og imod hvert beslutningsforslag og (v) antallet af eventuelle stemmeundladelser. Ønsker ingen af aktionærerne en fuldstændig redegørelse for afstemningen, jf. 17.4, er det kun nødvendigt i forhandlingsprotokollen at fastslå afstemningsresultatet for hver beslutning. Senest 2 uger efter generalforsamlingens afholdelse skal afstemningsresultater offentliggøres på selskabets hjemmeside. In respect of each resolution, the minute-book must include detailed information on the casting of votes, including information on (i) the number of shares in respect of which valid votes have been cast; (ii) the part of the share capital represented by such votes; (iii) the total number of valid votes; (iv) the number of votes cast in favour and against each proposed resolution; and (v) the number of shares in respect of which votes have not been cast. If no shareholder wishes to receive detailed information on the casting of votes; see Article 17.4, the minute-book only needs to include the voting result of each proposed resolution. The voting results must be published on the Company's website no later than 2 weeks after the general meeting. 18 Selskabets ledelse Bestyrelsen består af 3 til 7 medlemmer, der vælges af generalforsamlingen. Bestyrelsen konstituerer sig selv og vælger af sin midte en formand. Bestyrelsesmedlemmer behøver ikke at være aktionærer. 18 Management of the Company The Board of Directors shall have from three to seven members elected by the general meeting. The Board of Directors becomes operative by electing a Chairman among its members. Members of the Board of Directors need not be shareholders. Bestyrelsen vælges for ét år ad gangen og afgår samlet på den ordinære generalforsamling. Genvalg kan finde sted. 19 Bestyrelsen Bestyrelsen har den overordnede ledelse af alle selskabets anliggender. Bestyrelsen er beslutningsdygtig, når over halvdelen af bestyrelsesmedlemmerne er til stede. I tilfælde af stemmelighed, gør formandens Members of the Board of Directors are elected for one year at a time, and the Board of Dirctors shall resign en bloc at the annual general meeting. Members of the Board of Directors are eligible for re-election. 19 Board of Directors The Board of Directors is responsible for the overall management of the Company's affairs. The Board of Directors forms a quorum when more than half of its members are present. In case of equality of votes, the Chairman has the 12

13 stemme udslaget. Formanden indkalder til bestyrelsesmøde, når denne skønner det påkrævet, eller når et medlem eller en direktør fremsætter krav herom. 20 Vederlag til bestyrelsen Bestyrelsen fastsætter selv sit vederlag, der helt eller delvist kan være incitamentsbaseret. Vederlaget må ikke overstige, hvad der anses for sædvanligt og forsvarligt, under hensyntagen til arbejdets omfang samt hvad der anses som forsvarligt i forhold til selskabets og koncernens økonomiske stilling. 21 Direktionen Bestyrelsen ansætter 1 til 3 direktører i selskabet og fastsætter vilkår for den eller disses stilling. Direktøren eller direktørerne kan tillige være medlemmer af bestyrelsen, men kan dog ikke være bestyrelsens formand. 22 Tegningsregel Selskabet tegnes af den samlede bestyrelse, 2 medlemmer af bestyrelsen i forening, eller af 1 direktør og 1 bestyrelsesmedlem i forening. Bestyrelsen kan meddele prokura, enkelt eller kollektivt. casting vote. The Chairman shall convene a meeting of the Board of directors when he deems it necessary or when a member of the Board of Directors or the Executive Board so demands. 20 Remuneration for the Board of Directors The Board of Directors fixes its own remuneration, which may be wholly or partly incentivebased. The remuneration may not exceed what is considered usual and warranted in view of the extent of the work and what is considered warranted relative to the financial position of the Company and the Group. 21 Executive Board The Board of Directors shall engage between one and three executive officers and shall lay down conditions for his or their position(s). The executive officer or officers may also be members of the Board of Directors, but may not be its Chairman. 22 Power to Bind the Company The Company is bound by the joint signatures of all the members of the Board of Directors, two members of the Board of Directors or of one member of the Executive Board and one member of the Board of directors. The Board of Directors may grant an individual or collective power of procuration. 23 Regnskab og revision Revision af selskabets regnskaber foretages af en på den ordinære generalforsamling valgt statsautoriseret revisor. 24 Selskabets regnskabsår Selskabets regnskabsår løber fra 1. januar til 31. december. 23 Financial Statements and Audits The financial statements of the Company must be audited by a state-authorised public accountant elected at the Annual General Meeting. 24 Financial Year of the Company The financial year of the Company is from 1 January to 31 December. 13

14 25 Årsrapporten Regnskabet i årsrapporten opgøres under omhyggelig hensyntagen til tilstedeværende værdier og forpligtelser og under foretagelse af forsvarlige afskrivninger. Henstår der uafskrevet underskud fra tidligere år, skal overskud først anvendes til afskrivning af dette. Restbeløbet anvendes efter generalforsamlingens bestemmelse til yderligere henlæggelse, overførsel til næste års regnskab eller inden for den gældende lovgivnings regler om udbytte til aktionærer. 26 Retningslinjer for incitamentsaflønning af bestyrelsen og direktionen Der er vedtaget retningslinjer for incitamentsaflønning af bestyrelsen og direktionen, jf. selskabslovens 139. Retningslinjerne kan ses på selskabets hjemmeside. 25 Annual Report The financial statements of the annual report are presented with due regard for existing values and obligations and with adequate provision being made. If losses not written off remain from previous years, any profit must first be applied to write off such losses. As resolved by the general meeting, any residual amount will be applied for further reserves, transferred to retained earnings or distributed within the rules of applicable legislation on dividend to shareholders. 26 Guidelines for Incentive Pay to Members of the Board of Directors and the Executive Board Guidelines for incentive pay to members of the Board of Directors and the Executive Board have been adopted, cf. Section 139 of the Danish Companies Act. The guidelines can be viewed on the Company s website... Vedtaget på ordinær generalforsamling den 5. april Approved at the ordinary general meeting held on 5 April

15 BILAG 9 TIL VEDTÆGTER FOR EXHIBIT 9 TO THE ARTICLES OF ASSOCI- ATION FOR NEWCAP HOLDING A/S NEWCAP HOLDING A/S

16 INDHOLDSFORTEGNELSE / TABLE OF CONTENT 1 BAGGRUND... 3 BACKGROUND UDSTEDELSE AF WARRANTS... 3 ISSUE OF WARRANTS ORDINÆR UDNYTTELSE AF WARRANTS... 4 ORDINARY EXCERCISE OF WARRANTS EKSTRAORDINÆR UDNYTTELSE AF WARRANTS... 4 EXTRAORDINARY EXCERCISE OF WARRANTS PRAKTISK UDNYTTELSE AF WARRANTS... 7 PRACTICAL EXERCISE OF WARRANTS TEGNINGSKURS VED UDNYTTELSE AF WARRANTS... 7 SUBSCRIPTION PRICE IN CONNECTION WITH EXCERCISE OF WARRANTS REGULERING AF VILKÅR FOR WARRANTS VED VISSE DEFINEREDE ÆNDRINGER I SELSKABETS KAPITALFORHOLD... 8 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED CHANGES IN THE COMPANY'S CAPITAL STRUCTURE OMSÆTTELIGHED... 9 TRANSFERABILITY VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS... 9 CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF WARRANTS KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS CAPITAL INCREASE IN CONNECTION WITH EXERCISE OF WARRANTS OMKOSTNINGER RELATERET TIL UDSTEDELSE AF AKTIER COSTS RELATED TO THE ISSUE OF SHARES OPHØR AF ANSÆTTELSE TERMINATION OF EMPLOYMENT INSIDERHANDEL INSIDER TRADING SKATTEMÆSSIGE FORHOLD TAX IMPLICATIONS SPROG LANGUAGE LOVVALG OG VÆRNETING GOVERNING LAW AND VENUE Side 2

17 1 Baggrund Background 1.1 På bestyrelsesmøde i NewCap Holding A/S ( Selskabet ) den 24. august 2016 blev det i overensstemmelse med vedtægternes 9 vedtaget at udstedt warrants ( Warrants ) til en gruppe ledende medarbejdere ( Warrantindehavere ) i Selskabets datterselskab Monyx Financial Group AB ( Medarbejderselskabet ) på de vilkår, der fremgår af dette bilag. 1.2 Tegning af Warrants har fundet sted ved underskrivelse af individuelle warrantaftaler ( Warrantaftaler ), som indeholder Warrantindehaverens navn og antal tildelte Warrants. 1.3 Selskabet har opfordret hver enkelt Warrantindehaver til forinden indgåelsen af de individuelle Warrantaftaler at søge juridisk rådgivning, og hver enkelt Warrantindehaver har tidsmæssigt haft mulighed for at følge denne opfordring. 1.4 Selskabet og Warrantindehaverne betegnes i det følgende samlet som Parterne. 1.5 Warrants berettiger Warrantindehaveren til at tegne aktier i Selskabet på de nedenfor anførte betingelser. At a board meeting held in NewCap Holding A/S (the Company ) on 24 August 2016 it was decided to issue warrants ( Warrants ) to a group of senior employees ( Warrant Holders ) in the Company s subsidiary Monyx Financial Group AB (the Employee Company ) in accordance with section 9 of the Company s articles of association, on the terms set out in this exhibit. The subscription for Warrants has taken place by signing of individual warrant agreements ("Warrant Agreements"), which contain the name of the Warrant Holder and the number of Warrants granted. The Company has encouraged each Warrant Holder to seek legal advice before entering into the individual Warrant Agreements, and each of the Warrant Holders have had adequate time to seek such advice. The Company and the Warrant Holders are in the following together referred to as the Parties. Warrants entitle the Warrant Holder to subscribe for shares in the Company on the terms set out below. 2 Udstedelse af warrants Issue of warrants 2.1 Bestyrelsen har udstedt i alt Warrants i Selskabet, der hver giver adgang til at tegne én (1) aktie á nominelt DKK 0,50 i Selskabet. 2.2 Den samlede købesum for de udstedte Warrants udgør DKK , svarende til DKK 0,38698 pr. Warrant. 2.3 Købesummen er opgjort efter Black-Scholes-modellen, og Parterne er enige om, at The board of directors has decided to issue 2,030,000 Warrants in the Company, each conferring a right to subscribe for one (1) share of nominally DKK 0.50 in the Company. The aggregate purchase price for the issued Warrants amounts to DKK 785,574, corresponding to DKK per Warrant. The purchase price has been calculated in accordance with the principles of the Black-Scholes Side 3

18 købesummen svarer til markedsprisen for de udstedte Warrants. 2.4 Købesummen for Warrants erlægges ved indgåelsen af de individuelle Warrantaftaler mellem Selskabet og Warrantindehaveren. 2.5 Den individuelle købesum, der skal erlægges af hver Warrantindehaver, fremgår af hver Warrantindehavers individuelle Warrantaftale. model, and the Parties agree that the calculated purchase price equals the market value of the issued Warrants. The purchase price for the Warrants becomes payable upon signing of the individual Warrant Agreements between the Company and the Warrant Holder. The purchase price payable by each Warrant Holder is set out in each Warrant Holder s individual Warrant Agreement. 3 Ordinær udnyttelse af warrants Ordinary excercise of warrants 3.1 En Warrantindehaver kan kun udnytte de erhvervede Warrants i det tidsrum, der er angivet i pkt. 3.2 nedenfor ( Udnyttelsesvinduet ). 3.2 En Warrantindehaver kan udnytte sine Warrants i den 6 ugers periode, der begynder på tidspunktet for offentliggørelsen af Selskabets årsrapport for regnskabsåret Warrants, der ikke er udnyttet på eller før den sidste dag i Udnyttelsesvinduet, bortfalder automatisk uden yderligere varsel og/eller kompensation til Warrantindehaveren. 3.4 Warrantindehaveren er berettiget til at udnytte alle eller en del af sine Warrants. A Warrant Holder may only excercise the acquired Warrants in the period specified in Clause 3.2 below (the Exercise Window ). A Warrant Holder may excercise its Warrants during the 6-week period starting from the time of publication of the Company s annual report for the financial year Warrants, which have not been exercised on or before the last day of the Excercise Window will automatically lapse and become void without any further notice and/or compensation to the Warrant Holder. The Warrant Holder is entitled to excercise all or part of his or her Warrants. 4 Ekstraordinær udnyttelse af warrants Extraordinary excercise of warrants 4.1 Udover den ordinære udnyttelse af Warrants i henhold til punkt 3 ovenfor kan Warrantindehaveren beslutte at udnytte sine Warrants helt eller delvist forud for Udnyttelsesvinduet i overensstemmelse med bestemmelserne i punkt 4.1(i) 4.1(v). i. Såfremt Selskabet ophører med at have bestemmende indflydelse over Medarbejderselskabet, således som det er defineret i selskabslovens 6 og 7, skal Selskabet give In addition to the ordinary exercise of Warrants as set out in Clause 3 above, the Warrant Holder may decide to exercise its Warrants in part or in total prior to the Exercise Window in accordance with Clauses 4.1(i) 4.1(v). In the event that the Company ceases to control the Employee Company, cf. Sections 6 and 7 in the Danish Companies Act, the Company shall notify Side 4

19 ii. iii. Warrantindehaveren skriftlig meddelelse herom. Warrantindehaveren er herefter berettiget til at udnytte sine Warrants helt eller delvist i en periode på 6 uger fra meddelelsestidspunktet eller det senere tidspunkt, hvor det konkret måtte være lovligt for Warrantindehaveren at udnytte sine Warrants (dvs. hvor det ikke følger af EU-ret, national ret eller anden relevant bestemmelse, at der konkret er tale om et lukket handelsvindue). Udnyttelse af Warrants skal ske i overensstemmelse med punkt 5 og 6. Såfremt Selskabets kompetente instanser træffer beslutning om likvidation af Selskabet, skal Selskabet give Warrantindehaveren skriftlig meddelelse herom. Warrantindehaveren har herefter en frist på to uger fra datoen for afsendelse af meddelelsen fra Selskabet til skriftligt at meddele Selskabet, om Warrants ønskes udnyttet helt eller delvis. Selskabet skal håndtere Warrantindehaverens meddelelse således, at aktierne er registreret i Warrantindehaverens depot senest fem handelsdage forud for sidste handelsdag for Selskabets aktier. Hvis Warrantindehaveren ikke ønsker at udnytte Warrants, bortfalder disse automatisk uden yderligere varsel og uden kompensation efter udløbet af fristen, forudsat at Selskabet opløses endeligt som følge af den meddelte beslutning. Udnyttelse af Warrants skal ske i overensstemmelse med punkt 5 og 6. Såfremt Selskabets kompetente instanser træffer beslutning om at fusionere Selskabet, og fusionen medfører, at Selskabet ophører, skal Selskabet give Warrantindehaveren skriftlig meddelelse herom. Warrantindehaveren har herefter en frist på to uger fra datoen for afsendelse af meddelelsen fra Selskabet til skriftligt at meddele Selskabet, om Warrants ønskes udnyttet helt eller delvis. Selskabet skal håndtere Warrantindehaverens meddelelse således, at aktierne er registreret i Warrantindehaverens depot senest fem handelsdage forud for sidste handelsdag for Selskabets aktier. Hvis Warrantindehaveren ikke ønsker at udnytte the Warrant Holder in writing to this effect. Following this notification, the Warrant Holder will be entitled to excercise its Warrants in total or in part during a 6-week period starting from the time of notification or on that later date where it would actually be legal for the Warrant Holder to exercise its Warrants (i.e. where a closed trading window doesn t apply according to EC regulation, national regulation or any other relevant provision). Any exercise of the Warrants must be in accordance with Clauses 5 and 6. In the event that the competent bodies of the Company passes a resolution to liquidate the Company, the Company shall notify the Warrant Holder in writing to this effect. Following this notification, the Warrant Holder shall notify the Company in writing within two weeks as from the date of the posting of this notification from the Company whether he/she wishes to exercise the Warrants in whole or in part. The notice must in such case be processed by the Company so that the shares are registered in the Warrant Holder's depot at least five trading days be- fore the last day of trading of the Company's shares. If the Warrant Holder does not wish to exercise the Warrants, the Warrants shall automatically become void without any further notice or compensation, following the expiry of the time limit, provided that the Company is finally liquidated as a result of the notified resolution. Any exercise of the Warrants must be in accordance with Clauses 5 and 6. In the event that the competent bodies of the Company passes a resolution to merge the Company and such merger results in the Company being discontinued, the Company shall notify the Warrant Holder in writing to this effect. Following such notification, the Warrant Holder shall notify the Company in writing within two weeks as from the date of the posting of this notification from the Company whether he/she wishes to exercise the Warrants in whole or in part. The notice must in such case be processed by the Company so that the shares are registered in the Warrant Holder's depot at least five trading days before the last day of trading of the Company's shares. If the Warrant Holder Side 5

20 iv. Warrants, bortfalder disse automatisk uden yderligere varsel og uden kompensation efter udløbet af fristen, forudsat at Selskabet opløses endeligt som følge af den meddelte beslutning. Udnyttelse af Warrants skal ske i overensstemmelse med punkt 5 og 6. Såfremt Selskabets kompetente instanser træffer beslutning om at spalte Selskabet, skal Selskabet give Warrantindehaveren skriftlig meddelelse herom, uanset om Selskabet ophører som følge af spaltningen. Warrantindehaveren har herefter en frist på to uger fra datoen for afsendelse af meddelelsen fra Selskabet til skriftligt at meddele Selskabet, om Warrants ønskes udnyttet helt eller delvis. Selskabet skal håndtere Warrantindehaverens meddelelse således, at aktierne er registreret i Warrantindehaverens depot senest fem handelsdage forud for spaltningens gennemførelse. Hvis Warrantindehaveren ikke ønsker at udnytte Warrants, bortfalder disse automatisk uden yderligere varsel og uden kompensation efter udløbet af fristen, forudsat at spaltningen gennemføres endeligt som følge af den meddelte beslutning. Udnyttelse af Warrants skal ske i overensstemmelse med punkt 5 og 6. does not wish to exercise the Warrants, the Warrants shall automatically become void without any further notice or compensation, following the expiry of the time limit, provided that the Company is finally discontinued as a result of the notified resolution. Any exercise of the Warrants must be in accordance with Clauses 5 and 6. In the event that the competent bodies of the Company passes a resolution to demerge the Company, the Company shall notify the Warrant Holder in writing to this effect, irrespective of whether or not the Company is dissolved as a result of the demerger. Following such notification, the Warrant Holder shall notify the Company in writing within two weeks as from the date of the posting of this notification from the Company whether he/she wishes to exercise the Warrants in whole or in part. The notice must in such case be processed by the Company so that the shares are registered in the Warrant Holder's depot at least five trading days before the completion of the demerger. If the Warrant Holder does not wish to exercise the Warrants, the Warrants shall automatically become void without any further notice or compensation, following the expiry of the time limit, provided that the demerger is finally completed as a result of the notified resolution. Any exercise of the Warrants must be in accordance with Clauses 5 and 6. v. Såfremt Selskabets kompetente instanser træffer beslutning om at afnotere Selskabet fra Nasdaq Copenhagen A/S, skal Selskabet give Warrantindehaveren skriftlig meddelelse herom. Warrantindehaveren har herefter en frist på to uger fra datoen for afsendelse af meddelelsen fra Selskabet til skriftligt at meddele Selskabet, om Warrants ønskes udnyttet helt eller delvis. Selskabet skal håndtere Warrantindehaverens meddelelse således, at aktierne er registreret i Warrantindehaverens depot senest fem handelsdage forud for sidste handelsdag for Selskabets aktier. Hvis Warrantindehaveren ikke ønsker at udnytte Warrants, bortfalder disse automatisk uden yderligere varsel og uden kompensation, efter at Selska- In the event that the competent bodies of the Company passes a resolution to delist the Company from Nasdaq Copenhagen A/S, the Company shall notify the Warrant Holder in writing to this effect. Following such notification, the Warrant Holder shall notify the Company in writing within two weeks as from the date of the posting of this notification from the Company whether he/she wishes to exercise the Warrants in whole or in part. The notice must be processed by the Company so that the shares are registered in the Warrant Holder's depot at least five trading days before the last day of trading of the Company's shares. In so far as the Warrant Holder does not wish to exercise the Warrants, the Warrants shall automatically become void without any further notice or compensation, following the completion of the delisting of the Company. Side 6

21 bet er blevet afnoteret. Udnyttelse af Warrants skal ske i overensstemmelse med punkt 5 og 6. Any exercise of the Warrants must be in accordance with Clauses 5 and 6. 5 Praktisk udnyttelse af warrants Practical exercise of warrants 5.1 Såfremt Warrantindehaveren ønsker at udnytte Warrants, skal skriftlig meddelelse herom sendes til Selskabet ( Udnyttelsesmeddelelse ) med angivelse af, hvor mange Warrants der udnyttes. 5.2 Udnyttelsesmeddelelsen skal være Selskabet i hænde inden udløbet af Udnyttelsesvinduet (alternativt som anført ovenfor under punkt 4). 5.3 Samtidig med at der gives meddelelse om udnyttelse af Warrants skal Warrantindehaveren indbetale et kontantbeløb til Selskabet svarende til det relevante tegningsbeløb fastsat i henhold til punkt 6 nedenfor. In the event that a Warrant Holder wishes to exercise Warrants, written notice to this effect (the Exercise Notice ) must be given to the Company, specifying the number of Warrants to be exercised. The Excercise Notice must be received by the Company before the expiry of the Exercise Window (alternatively a set out in Clause 4 above). At the same time as giving notice of the excercise of the Warrants, the Warrant Holder shall pay in cash to the Company an amount equal to the relevant subscription amount fixed under the terms of Clause 6 below. 6 Tegningskurs ved udnyttelse af warrants Subscription price in connection with excercise of warrants 6.1 Tegningskursen er fastsat til 478, svarende til DKK 2,39 pr. aktie á nominelt DKK 0,50 ( Tegningskursen ). Tegningskursen er beregnet den 24. august 2016 ( Tildelingstidspunktet ), som den volumenvægtede gennemsnitskurs på Selskabets børsnoterede aktier opgjort over de seneste 30 handelsdage, plus 10 %, svarende til en overkurs på DKK 0,09 pr. aktie á nominelt DKK 0,50 i forhold til den noterede slutkurs på Selskabets aktier på Nasdaq Copenhagen A/S dagen før Tildelingstidspunktet. 6.2 Tegningskursen kan justeres som anført i punkt 7 nedenfor. The subscription price is fixed at 478, corresponding to DKK 2.39 per share of nominally DKK 0.50 (the Subscription Price ). The Subscription price was calculated on 24 August 2016 (the Grant Time ) as the volume weighted average price on the Company s listed shares traded over the course of the last 30 trading days, plus 10 %, corresponding to a premium of DKK 0.09 pr. share of nominally DKK 0.50 compared to the closing price on the Company s shares traded on Nasdaq Copenhagen A/S the day before the Grant Time. The Subscription Price may be regulated as set out in Clause 7 below. Side 7

22 7 Regulering af vilkår for warrants ved visse definerede ændringer i selskabets kapitalforhold 7.1 Såfremt Selskabet forud for Warrantindehavernes udnyttelse af Warrants (i) udsteder fondsaktier, (ii) gennemfører en kapitalnedsættelse, (iii) gennemfører en kapitalforhøjelse, (iv) ændrer den nominelle værdi af Selskabets aktier (v) udsteder warrants eller konvertible gældsbreve eller (vi) i et regnskabsår udlodder udbytte af en eller flere omgange, der tilsammen overstiger 100 procent af koncernens overskud i foregående regnskabsår (som kan anvendes til udbytteudlodning), kan der foretages en regulering af Tegningskursen i punkt 6.1 og/eller antallet af aktier, der kan tegnes på baggrund af en udstedte Warrants, hvis Selskabets bestyrelse diskretionært vurderer, at dette er nødvendigt med henblik på at sikre, at værdien af Warrantindehaverens Warrants forbliver uændret. Tegningskursen kan dog ikke fastsættes til en værdi, der er lavere end børskursen på Selskabets aktier på Tildelingstidspunktet. Herudover er det en betingelse for reguleringen af antallet af aktier, som kan tegnes ved udnyttelse af Warrants, at Selskabets bestyrelse har fået tildelt den nødvendige bemyndigelse af generalforsamlingen til at udstede et sådant yderligere antal aktier i Selskabet. 7.2 Såfremt Selskabet fusionerer som det fortsættende selskab, foretages ingen regulering af Tegningskursen eller af antallet af aktier, der kan tegnes på baggrund af tildelte Warrants, medmindre der sker en kapitalforhøjelse i forbindelse med fusionen, i hvilket tilfælde bestemmelserne i punkt 7.1 finder anvendelse. 7.3 Såfremt antallet af nye aktier, som kan tegnes ved udnyttelse af Warrants, forøges i overensstemmelse med dette punkt 7, skal størstebeløbet af den kapital, der kan tegnes Adjustment of the conditions for warrants in case of certain defined changes in the company's capital structure If the Company, prior to the Warrant Holders exercise of Warrants, (i) issues bonus shares, (ii) carries out a capital reduction, (iii) carries out a capital increase, (iv) changes the nominal value of the Company s shares, (v) issues warrants or convertible debt instruments, or (vi) in a financial year pays out dividends on one or more occasions which aggregately exceeds 100 per cent of the group s distributable profit from the preceding financial year, an adjustment of the Subscription Price in Clause 6.1 and/or the number of shares that may be subscribed for by exercising a Warrant might be made, if the Company s board of directors in their sole discretion assesses that such an adjustment is necessary in order for the value of the Warrants to remain the same. The exercise price cannot however be fixed at a price lower than the closing price on the Company s shares on Nasdaq Copenhagen A/S at the Grant Time. Further, it is a condition for any adjustment of the number of shares that can be subscribed for by exercising the Warrants that the board of directors of the Company has been granted the necessary authority by the general meeting to issue such additional number of shares in the Company. If the Company participates in a merger as the continuing company, there shall be no adjustment of the Subscription Price or the number of shares that may be subscribed for on the basis of the issued Warrants, unless the Company s share capital is increased in connection with the merger, in which case Clause 7.1 will apply. If the number of new shares that may be subscribed for by exercise of the Warrants is adjusted upwards in accordance with this Clause 7, then the maximum increase of capital that may be subscribed on the basis of Warrants covered by this exhibit, cf. Clause 10.2 below, shall be increased accordingly. Side 8

23 på grundlag af Warrants omfattet af dette bilag, jf. punkt 10.2 nedenfor, forøges tilsvarende. 8 Omsættelighed Transferability 8.1 En Warrantindehaver kan overdrage tildelte warrants til tredjemand, forudsat (i) at Warrantindehaveren ikke på det pågældende tidspunkt er i besiddelse af intern viden vedrørende Selskabet, og (ii) at det ikke følger af EU-ret, national ret eller anden relevant bestemmelse, at der konkret er tale om et lukket handelsvindue. Warrantindehaveren er dog forpligtet til forudgående med en frist på ikke under to (2) uger at tilbyde de pågældende Warrants til Selskabet til en pris svarende til markedsprisen beregnet i overensstemmelse med Black-Scholes værdiansættelsesmodel. En eventuel erhverver af Warrants opnår ikke en bedre retsstilling end Warrantindehaveren og vil således bl.a. være forpligtet til at tilbagesælge de erhvervede Warrants til Selskabet i det tilfælde, at Warrantindehaveren ophører med at være ansat i Medarbejderselskabet forud for udnyttelsestidspunktet. A Warrant Holder may transfer acquired Warrants on the condition (i) that the Warrant Holders does not possess inside information related to the Company at that time and (ii) that a closed trading window does not apply according to EC regulation, national regulation or any other relevant provision. The Warrant Holder is however - prior to any transfer of Warrants - obligated to offer the Warrants to the Company at a price equal to fair market value determined in accordance with the Black-Scholes valuation model. The Company must be given a period of no less then to weeks to consider the offer. A potential transferee will not acquire a better legal position than the Warrant Holder meaning that the transferee for example will be obligated to sell the Warrants to the Company if the Warrant Holder ceases to be employed by the Employee Company prior to exercise of the Warrants. 9 Vilkår for nye aktier udstedt ved udnyttelse af warrants 9.1 Følgende vilkår skal være gældende for nye aktier tegnet ved udnyttelse af Warrants omfattet af dette bilag: i. For de nye aktier gælder der ikke fortegningsret for de eksisterende aktionærer. Conditions for new shares issued following exercise of warrants The following terms and conditions shall apply to the new shares issued by the exercise of Warrants covered by this exhibit: The existing shareholders shall not have any preemptive right to the new shares. ii. iii. Nye aktier udstedt på grundlag af udnyttede Warrants indbetales kontant samtidig med fremsendelse af Udnyttelsesmeddelelse (uden mulighed for delvis indbetaling). De nye aktier skal udstedes på navn og skal registreres i Warrantindehaverens navn i Selskabets ejerbog. New shares issued on the basis of exercised Warrants shall be paid up in cash at the same date as the Exercise Notice is forwarded (without any option of partial payment). The new shares shall be issued in the holder's name and shall be registered in the name of the Warrant Holder in the Company's register of shareholders. Side 9

24 iv. De nye aktier skal være omsætningspapirer. The new shares shall be negotiable instruments. v. Med hensyn til indløselighed og omsættelighed skal der gælde de same regler, som der gælder for de øvrige aktier i Selskabet. The same restrictions shall apply to the transferability and redemption of the new shares as apply to the Company s existing shares. vi. vii. viii. ix. De nye aktier skal registreres i VP Securities A/S. De nye aktier skal give ret til udbytte og andre rettigheder i Selskabet fra tidspunktet for den relevante kapitalforhøjelses registrering hos Erhvervsstyrelsen. De nye aktier skal have samme rettigheder som Selskabets eksisterende aktier, og der skal ikke gælde indskrænkninger i fortegningsretten ved fremtidige kapitalforhøjelser. Selskabet skal afholde omkostningerne i forbindelse med udstedelse af Warrants i henhold til de individuelle Warrantaftaler og omkostningerne forbundet med efterfølgende udnyttelse af Warrants. Selskabets omkostninger i forbindelse med udstedelse af Warrants i henhold til dette bilag og de dertil hørende kapitalforhøjelser anslås til at andrage højst DKK The new shares shall be registered in VP Securities A/S. The new shares shall carry a right to dividend and other rights in the Company as from the time when the relevant capital increase has been registered with the Danish Business Authority. The new shares shall have the same rights as the existing shares in the Company and there shall be no restrictions on the new shares pre-emption rights in the event of future capital increases. The Company shall pay the costs in connection with the issue of Warrants pursuant to the individual Warrant Agreements and the costs in connection with the subsequent exercise of the Warrants. The Company's costs in connection with the issue of Warrants pursuant to this exhibit and the related capital increases are estimated at a maximum of DKK 130, Kapitalforhøjelse ved udnyttelse af warrants 10.1 Såfremt Warrantindehaveren giver rettidig meddelelse om udnyttelse af Warrants, skal Selskabet gennemføre den dertil hørende kapitalforhøjelse Størstebeløbet af den kapital, der kan tegnes på grundlag af Warrants omfattet af dette bilag er nominelt DKK ( stk. aktier á DKK 0,50 pr. styk), og mindstebeløbet er nominelt DKK 0,50 (1 aktie á DKK 0,50). Størstebeløbet kan forøges eller reduceres i henhold til bestemmelserne om regulering i punkt 7. Capital increase in connection with exercise of warrants In the event that the Warrant Holder gives notification on time of the exercise of the Warrants, the Company shall carry out the relating increase of capital. The maximum increase of capital that may be subscribed on the basis of Warrants covered by this exhibit is nominally DKK 1,015,000 (2,030,000 shares of DKK 0.50 each) and the minimum amount is DKK 0.50 (1 share at DKK 0.50). The maximum amount may be increased or reduced in accordance with the provisions on adjustment set forth in Clause 7. Side 10

25 11 Omkostninger relateret til udstedelse af aktier 11.1 Selskabet bærer samtlige omkostninger til børsmægler samt afregningshonorar forbundet med Warrantindehaverens udnyttelse af Warrants. Costs related to the issue of shares All costs related to the stockbroker and settlement fees charged in connection with the Warrant Holder's exercise of the Warrants shall be borne by the Company. 12 Ophør af ansættelse Termination of employment 12.1 Hvis Warrantindehaveren forud for Udnyttelsesvinduet ophører med at være ansat i Medarbejderselskabet eller et med Selskabet koncernforbundet selskabet, og Warrantindehaveren er Good Leaver, hvorved forstås, at A. Warrantindehaverens ansættelse ophører fordi han/hun opnår pensionsalderen, B. Warrantindehaveren bliver opsagt af Medarbejderselskabet eller et med Selskabet koncernforbundet selskab uden, at det er begrundet i misligholdelse fra Warrantindehaverens side, C. Warrantindehaveren bringer ansættelsesforholdet til ophør grundet Medarbejderselskabets eller det koncernforbundne selskabs væsentlige misligholdelse, eller D. Warrantindehaverens ansættelsesforhold ophører grundet invaliditet eller død, er Warrantindehaveren eller dennes bo berettiget og forpligtet til at sælge de erhvervede Warrants til Selskabet til en pris svarende til markedsprisen beregnet i overensstemmelse med Black-Scholes værdiansættelsesmodel Hvis Medarbejderen forud for Udnyttelsesvinduet ophører med at være ansat i If the Warrant Holder prior to the start of the Exercise Window ceases to be employed by the Employee Company or an affiliated company, and the Warrant Holder is a Good Leaver, meaning that the Warrant Holder leaves because (s)he reaches retirement age, is terminated by the Employee Company or by an affiliated company without cause, terminates the employment due to the Employee Company s or an affiliated company s breach of contract; or leaves due to invalidity or dead, then the Warrant Holder or his/her estate shall be entitled and required to sell the Warrants to the Company at a price equal to fair market value determined in accordance with the Black-Scholes valuation model. If the Warrant Holder prior to the start of the Exercise Window ceases to be employed by the Employee Company or an affiliated company, and the Side 11

26 Medarbejderselskabet eller et med Selskabet koncernforbundet selskabet, og Medarbejderen er Bad Leaver, hvorved forstås, at Medarbejderens ansættelse er ophørt af andre grunde end dem der er nævnt i punkt 12.1, er Medarbejderen berettiget og forpligtet til at sælge Warrants til Selskabet til det laveste af (i) markedsprisen beregnet i overensstemmelse med Black-Scholes værdiansættelsesmodel eller (ii) omkostningen forstået som købsprisen på Tildelingstidspunktet. Warrant Holder is a Bad Leaver meaning that the Warrant Holder leaves for other reasons that those outlined in section 12.1, then the Warrant Holder is entitled and required to sell the Warrants to the Company at a price equal to the lower of (i) the fair market value determined in accordance with the Black-Scholes valuation model or (ii) the cost defined as the purchase price paid at the Grant Time. 13 Insiderhandel Insider trading 13.1 Warrantindehaverne har bekræftet, at de ikke er i besiddelse af nogen insiderviden på datoen for dette bilag Salg af aktier, der er tegnet gennem udnyttelse af Warrants er underlagt de til enhver tid gældende bestemmelser om insiderhandel, herunder Selskabets interne regler om handel med værdipapirer udstedt af Selskabet. The Warrant Holders have confirmed that they are not in possession of any insider knowledge at the date of this exhibit. Sale of shares subscribed for by any exercise of Warrants is subject to the provisions on insider trading applicable at any time, including the Company's internal rules governing trade in securities issued by the Company. 14 Skattemæssige forhold Tax implications 14.1 Samtlige skattemæssige forpligtelser og konsekvenser for Warrantindehaveren som følge af Warrantaftalen, de udstedte Warrants eller de erhvervede aktier gennem udnyttelse af disse Warrants er alene Warrantindehaverens ansvar og er Selskabet uvedkommende Warrantindehaveren er kraftigt opfordret til at søge skattemæssig rådgivning i forbindelse med indgåelsen af Warrantaftalen. All tax obligations and consequences to the Warrant Holder resulting from the Warrant Agreement, the Warrants issued or the shares acquired by the exercise of such Warrants, are the sole responsibility of the Warrant Holder and of no concern to the Company. The Warrant Holder is strongly encouraged to seek tax advice in connection with entering the Warrant Agreement. 15 Sprog Language 15.1 I tilfælde af uoverensstemmelser mellem den danske og den engelske version af In case of disagreements between the Danish and the English version of this exhibit, the Danish version shall prevail. Side 12

27 dette bilag skal den danske version være gældende. 16 Lovvalg og værneting Governing law and venue 16.1 De individuelle Warrantaftaler er underlagt og skal fortolkes i overensstemmelse med dansk ret med undtagelse af danske ansættelsesretlige regler, herunder aftalelovens 36, aktieoptionsloven, funktionærloven og ferieloven, som ikke finder anvendelse, da Warrantindehaveren er svensk undergivet svenske ansættelsesvilkår og ansættelsesretlige regler Enhver uenighed, tvist eller krav som måtte opstå på baggrund af eller i forbindelse med de individuelle Warrantaftaler, eller et brud på, ophævelse af eller ugyldighed af en bestemmelse i en Warrantaftale ( Tvist ) skal endeligt afgøres ved voldgift Voldgiftsretten skal bestå af tre voldgiftsdommere, hvoraf Selskabet og Warrantindehaveren hver udpeger en dommer. De udpegede dommere udpeger herefter i fællesskab den tredje dommer Voldgiftsretten skal finde sted i København Voldgiftsforhandlingerne skal foregå på engelsk The individual Warrant Agreements are governed by and shall be construed in accordance with the laws of Denmark with the exception of Danish employment law rules, including the Danish Contract Act section 36, the Danish Stock Option Act, the Salaried Employees Act and the Danish Holiday Act which will not apply as the Warrant Holder is Swedish subject to Swedish employment terms and employment law rules. Any dispute, controversy or claim arising out of or in connection with the individual Warrant Agreements, or the breach, termination or invalidity of any provision of any of the Warrant Agreements (a Dispute ) shall be finally resolved by arbitration. The arbitration shall be conducted before an arbitral tribunal composed of three arbitrators, one each appointed by the Company and the Warrant Holder. The two arbitrators so appointed shall mutually appoint a third arbitrator. The venue of arbitration shall be Copenhagen. The language of the arbitration shall be English. Side 13

28 BILAG 9A TIL VEDTÆGTER FOR EXHIBIT 9A TO THE ARTICLES OF ASSO- CIATION FOR NEWCAP HOLDING A/S NEWCAP HOLDING A/S

29 INDHOLDSFORTEGNELSE / TABLE OF CONTENT 1 BAGGRUND... 3 BACKGROUND UDSTEDELSE AF WARRANTS... 3 ISSUE OF WARRANTS ORDINÆR UDNYTTELSE AF WARRANTS... 4 ORDINARY EXCERCISE OF WARRANTS EKSTRAORDINÆR UDNYTTELSE AF WARRANTS... 4 EXTRAORDINARY EXCERCISE OF WARRANTS PRAKTISK UDNYTTELSE AF WARRANTS... 7 PRACTICAL EXERCISE OF WARRANTS TEGNINGSKURS VED UDNYTTELSE AF WARRANTS... 8 SUBSCRIPTION PRICE IN CONNECTION WITH EXCERCISE OF WARRANTS REGULERING AF VILKÅR FOR WARRANTS VED VISSE DEFINEREDE ÆNDRINGER I SELSKABETS KAPITALFORHOLD... 8 ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED CHANGES IN THE COMPANY'S CAPITAL STRUCTURE OMSÆTTELIGHED... 9 TRANSFERABILITY VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS... 9 CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF WARRANTS KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS CAPITAL INCREASE IN CONNECTION WITH EXERCISE OF WARRANTS OMKOSTNINGER RELATERET TIL UDSTEDELSE AF AKTIER COSTS RELATED TO THE ISSUE OF SHARES OPHØR AF ANSÆTTELSE TERMINATION OF EMPLOYMENT INSIDERHANDEL INSIDER TRADING SKATTEMÆSSIGE FORHOLD TAX IMPLICATIONS SPROG LANGUAGE LOVVALG OG VÆRNETING GOVERNING LAW AND VENUE Side 2

30 1 Baggrund Background 1.1 På bestyrelsesmøde i NewCap Holding A/S ( Selskabet ) den 22. juni 2017 blev det i overensstemmelse med vedtægternes 9 vedtaget at udstedt warrants ( Warrants ) til en gruppe ledende medarbejdere ( Warrantindehavere ) i Selskabets datterselskaber Monyx Asset Management AB og Monyx AB (hver benævnt et Medarbejderselskab ) på de vilkår, der fremgår af dette bilag. 1.2 Tegning af Warrants har fundet sted ved underskrivelse af individuelle warrantaftaler ( Warrantaftaler ), som indeholder Warrantindehaverens navn og antal tildelte Warrants. 1.3 Selskabet har opfordret hver enkelt Warrantindehaver til forinden indgåelsen af de individuelle Warrantaftaler at søge juridisk rådgivning, og hver enkelt Warrantindehaver har tidsmæssigt haft mulighed for at følge denne opfordring. 1.4 Selskabet og Warrantindehaverne betegnes i det følgende samlet som Parterne. 1.5 Warrants berettiger Warrantindehaveren til at tegne aktier i Selskabet på de nedenfor anførte betingelser. At a board meeting held in NewCap Holding A/S (the Company ) on 22 June 2017 it was decided to issue warrants ( Warrants ) to a group of senior employees ( Warrant Holders ) in the Company s subsidiaries Monyx Asset Management AB and Monyx AB (each referred to as an Employee Company ) in accordance with section 9 of the Company s articles of association, on the terms set out in this exhibit. The subscription for Warrants has taken place by signing of individual warrant agreements ("Warrant Agreements"), which contain the name of the Warrant Holder and the number of Warrants granted. The Company has encouraged each Warrant Holder to seek legal advice before entering into the individual Warrant Agreements, and each of the Warrant Holders have had adequate time to seek such advice. The Company and the Warrant Holders are in the following together referred to as the Parties. Warrants entitle the Warrant Holder to subscribe for shares in the Company on the terms set out below. 2 Udstedelse af warrants Issue of warrants 2.1 Bestyrelsen har udstedt i alt Warrants i Selskabet, der hver giver adgang til at tegne én (1) aktie á nominelt DKK 0,50 i Selskabet. 2.2 Den samlede købesum for de udstedte Warrants udgør DKK , svarende til DKK 0,37321 pr. Warrant. The board of directors has decided to issue 2,040,000 Warrants in the Company, each conferring a right to subscribe for one (1) share of nominally DKK 0.50 in the Company. The aggregate purchase price for the issued Warrants amounts to DKK 761,350, corresponding to DKK per Warrant. Side 3

31 2.3 Købesummen er opgjort efter Black-Scholes-modellen, og Parterne er enige om, at købesummen svarer til markedsprisen for de udstedte Warrants. 2.4 Købesummen for Warrants erlægges ved indgåelsen af de individuelle Warrantaftaler mellem Selskabet og Warrantindehaveren. 2.5 Den individuelle købesum, der skal erlægges af hver Warrantindehaver, fremgår af hver Warrantindehavers individuelle Warrantaftale. The purchase price has been calculated in accordance with the principles of the Black-Scholes model, and the Parties agree that the calculated purchase price equals the market value of the issued Warrants. The purchase price for the Warrants becomes payable upon signing of the individual Warrant Agreements between the Company and the Warrant Holder. The purchase price payable by each Warrant Holder is set out in each Warrant Holder s individual Warrant Agreement. 3 Ordinær udnyttelse af warrants Ordinary excercise of warrants 3.1 En Warrantindehaver kan kun udnytte de erhvervede Warrants i det tidsrum, der er angivet i pkt. 3.2 nedenfor ( Udnyttelsesvinduet ). 3.2 En Warrantindehaver kan udnytte sine Warrants i den 6 ugers periode, der begynder på tidspunktet for offentliggørelsen af Selskabets årsrapport for regnskabsåret Warrants, der ikke er udnyttet på eller før den sidste dag i Udnyttelsesvinduet, bortfalder automatisk uden yderligere varsel og/eller kompensation til Warrantindehaveren, jf. dog punkt 4.2 nedenfor. 3.4 Warrantindehaveren er berettiget til at udnytte alle eller en del af sine Warrants. A Warrant Holder may only excercise the acquired Warrants in the period specified in Clause 3.2 below (the Exercise Window ). A Warrant Holder may excercise his Warrants during the 6-week period starting from the time of publication of the Company s annual report for the financial year Warrants, which have not been exercised on or before the last day of the Excercise Window will automatically lapse and become void without any further notice and/or compensation to the Warrant Holder, cf. however Clause 4.2 below. The Warrant Holder is entitled to excercise all or part of his Warrants. 4 Ekstraordinær udnyttelse af warrants Extraordinary excercise of warrants 4.1 Udover den ordinære udnyttelse af Warrants i henhold til punkt 3 ovenfor kan Warrantindehaveren beslutte at udnytte sine Warrants helt eller delvist forud for Udnyttelsesvinduet i overensstemmelse med bestemmelserne i punkt 4.1(i) 4.1(v). In addition to the ordinary exercise of Warrants as set out in Clause 3 above, the Warrant Holder may decide to exercise his or her Warrants in part or in total prior to the Exercise Window in accordance with Clauses 4.1(i) 4.1(v). Side 4

32 i. Såfremt Selskabet ophører med at have bestemmende indflydelse over det Medarbejderselskab, hvori Warrantindehaveren er ansat, således som det er defineret i selskabslovens 6 og 7, skal Selskabet give Warrantindehaveren skriftlig meddelelse herom. Warrantindehaveren er herefter berettiget til at udnytte sine Warrants helt eller delvist i en periode på 6 uger fra meddelelsestidspunktet eller det senere tidspunkt, hvor det konkret måtte være lovligt for Warrantindehaveren at udnytte sine Warrants (dvs. hvor det ikke følger af EUret, national ret eller anden relevant bestemmelse, at der konkret er tale om et lukket handelsvindue). Udnyttelse af Warrants skal ske i overensstemmelse med punkt 5 og 6. In the event that the Company ceases to control the Employee Company, where the Warrant Holder is employed, cf. Sections 6 and 7 in the Danish Companies Act, the Company shall notify the Warrant Holder in writing to this effect. Following this notification, the Warrant Holder will be entitled to excercise its Warrants in total or in part during a 6- week period starting from the time of notification or on that later date where it would actually be legal for the Warrant Holder to exercise its Warrants (i.e. where a closed trading window doesn t apply according to EC regulation, national regulation or any other relevant provision). Any exercise of the Warrants must be in accordance with Clauses 5 and 6. ii. iii. Såfremt Selskabets kompetente instanser træffer beslutning om likvidation af Selskabet, skal Selskabet give Warrantindehaveren skriftlig meddelelse herom. Warrantindehaveren har herefter en frist på to uger fra datoen for afsendelse af meddelelsen fra Selskabet til skriftligt at meddele Selskabet, om Warrants ønskes udnyttet helt eller delvis. Selskabet skal håndtere Warrantindehaverens meddelelse således, at aktierne er registreret i Warrantindehaverens depot senest fem handelsdage forud for sidste handelsdag for Selskabets aktier. Hvis Warrantindehaveren ikke ønsker at udnytte Warrants, bortfalder disse automatisk uden yderligere varsel og uden kompensation efter udløbet af fristen, forudsat at Selskabet opløses endeligt som følge af den meddelte beslutning. Udnyttelse af Warrants skal ske i overensstemmelse med punkt 5 og 6. Såfremt Selskabets kompetente instanser træffer beslutning om at fusionere Selskabet, og fusionen medfører, at Selskabet ophører, skal Selskabet give Warrantindehaveren skriftlig meddelelse herom. Warrantindehaveren har herefter en frist på to uger fra datoen for afsendelse af meddelelsen fra Selskabet til skriftligt at meddele Selskabet, om Warrants ønskes udnyttet helt eller delvis. Selskabet skal håndtere Warrantindehaverens meddelelse således, In the event that the competent bodies of the Company passes a resolution to liquidate the Company, the Company shall notify the Warrant Holder in writing to this effect. Following this notification, the Warrant Holder shall notify the Company in writing within two weeks as from the date of the posting of this notification from the Company whether he/she wishes to exercise the Warrants in whole or in part. The notice must in such case be processed by the Company so that the shares are registered in the Warrant Holder s depot at least five trading days before the last day of trading of the Company's shares. If the Warrant Holder does not wish to exercise the Warrants, the Warrants shall automatically become void without any further notice or compensation, following the expiry of the time limit, provided that the Company is finally liquidated as a result of the notified resolution. Any exercise of the Warrants must be in accordance with Clauses 5 and 6. In the event that the competent bodies of the Company passes a resolution to merge the Company and such merger results in the Company being discontinued, the Company shall notify the Warrant Holder in writing to this effect. Following such notification, the Warrant Holder shall notify the Company in writing within two weeks as from the date of the posting of this notification from the Company whether he/she wishes to exercise the Warrants in whole or in part. The notice must in such case be Side 5

33 iv. at aktierne er registreret i Warrantindehaverens depot senest fem handelsdage forud for sidste handelsdag for Selskabets aktier. Hvis Warrantindehaveren ikke ønsker at udnytte Warrants, bortfalder disse automatisk uden yderligere varsel og uden kompensation efter udløbet af fristen, forudsat at Selskabet opløses endeligt som følge af den meddelte beslutning. Udnyttelse af Warrants skal ske i overensstemmelse med punkt 5 og 6. Såfremt Selskabets kompetente instanser træffer beslutning om at spalte Selskabet, skal Selskabet give Warrantindehaveren skriftlig meddelelse herom, uanset om Selskabet ophører som følge af spaltningen. Warrantindehaveren har herefter en frist på to uger fra datoen for afsendelse af meddelelsen fra Selskabet til skriftligt at meddele Selskabet, om Warrants ønskes udnyttet helt eller delvis. Selskabet skal håndtere Warrantindehaverens meddelelse således, at aktierne er registreret i Warrantindehaverens depot senest fem handelsdage forud for spaltningens gennemførelse. Hvis Warrantindehaveren ikke ønsker at udnytte Warrants, bortfalder disse automatisk uden yderligere varsel og uden kompensation efter udløbet af fristen, forudsat at spaltningen gennemføres endeligt som følge af den meddelte beslutning. Udnyttelse af Warrants skal ske i overensstemmelse med punkt 5 og 6. processed by the Company so that the shares are registered in the Warrant Holder's depot at least five trading days before the last day of trading of the Company's shares. If the Warrant Holder does not wish to exercise the Warrants, the Warrants shall automatically become void without any further notice or compensation, following the expiry of the time limit, provided that the Company is finally discontinued as a result of the notified resolution. Any exercise of the Warrants must be in accordance with Clauses 5 and 6. In the event that the competent bodies of the Company passes a resolution to demerge the Company, the Company shall notify the Warrant Holder in writing to this effect, irrespective of whether or not the Company is dissolved as a result of the demerger. Following such notification, the Warrant Holder shall notify the Company in writing within two weeks as from the date of the posting of this notification from the Company whether he/she wishes to exercise the Warrants in whole or in part. The notice must in such case be processed by the Company so that the shares are registered in the Warrant Holder's depot at least five trading days before the completion of the demerger. If the Warrant Holder does not wish to exercise the Warrants, the Warrants shall automatically become void without any further notice or compensation, following the expiry of the time limit, provided that the demerger is finally completed as a result of the notified resolution. Any exercise of the Warrants must be in accordance with Clauses 5 and 6. v. Såfremt Selskabets kompetente instanser træffer beslutning om at afnotere Selskabet fra Nasdaq Copenhagen A/S, skal Selskabet give Warrantindehaveren skriftlig meddelelse herom. Warrantindehaveren har herefter en frist på to uger fra datoen for afsendelse af meddelelsen fra Selskabet til skriftligt at meddele Selskabet, om Warrants ønskes udnyttet helt eller delvis. Selskabet skal håndtere Warrantindehaverens meddelelse således, at aktierne er registreret i Warrantindehaverens depot senest fem handelsdage forud for sidste handelsdag for Selskabets aktier. Hvis Warrantindehaveren ikke ønsker at udnytte Warrants, bortfalder disse automatisk uden yderligere varsel og uden kompensation, In the event that the competent bodies of the Company passes a resolution to delist the Company from Nasdaq Copenhagen A/S, the Company shall notify the Warrant Holder in writing to this effect. Following such notification, the Warrant Holder shall notify the Company in writing within two weeks as from the date of the posting of this notification from the Company whether he/she wishes to exercise the Warrants in whole or in part. The notice must be processed by the Company so that the shares are registered in the Warrant Holder s depot at least five trading days before the last day of trading of the Company's shares. In so far as the Warrant Holder does not wish to exercise the Warrants, the Warrants shall automatically become void without any further notice or compensation, following the completion of the delisting of the Company. Any exercise of the Side 6

34 efter at Selskabet er blevet afnoteret. Udnyttelse af Warrants skal ske i overensstemmelse med punkt 5 og Udover den ordinære udnyttelse af Warrants i henhold til punkt 3 ovenfor og den ekstraordinære udnyttelse af Warrants i henhold til punkt 4.1 ovenfor kan Warrantindehaveren, såfremt Warrantindehaveren er i besiddelse af intern viden i Udnyttelsesvinduet, udnytte Warrants i en periode på 2 uger efter Selskabets førstkommende offentliggørelse af en halvårsrapport eller årsrapport efter udløbet af Udnyttelsesvinduet, hvorunder Warrantindehaveren ikke besidder intern viden. For at kunne udnytte Warrants i dette ekstraordinære vindue er det dog et krav, at Warrantindehaveren senest 2 uger før udløbet af Udnyttelsesvinduet skriftligt har orienteret Selskabets bestyrelse om den manglende adgang til lovligt at udnytte Warrants som følge af besiddelsen af intern viden, og at denne opfattelse deles af Selskabets bestyrelse. Det er Selskabets bestyrelse der diskretionært beslutter, om betingelserne i dette punkt 4.2 er opfyldt. Selskabets bestyrelse skal underrette Warrantindehaveren om sin beslutning senest 1 uge før udløbet af Udnyttelsesvinduet. Warrants must be in accordance with Clauses 5 and 6. In addition to the ordinary exercise of Warrants as set out in Clause 3 above, and the extraordinary exercise of Warrants as set out in clause 4.1 above, the Warrant Holder may provided that he/she is in possession of inside information during the Exercise Window - exercise Warrants during a 2-week window following the Company s first succeeding publication of a half annual or annual report after the expiry of the Exercise window in which the Warrant Holder does not possess inside information. Any exercise of Warrants during this extraordinary window is, however, subject to the conditions that the Warrant Holder no later than two weeks before the expiry of the Exercise Window informs the Company's board of directors in writing of his/her inability to legally exercise Warrants due to the possession of inside information, and that the board of directors supports the Warrant Holder s assessment of the situation. The board of directors of the Company will in their sole discretion decide whether the conditions of this Claus 4.2 are met. The board of directors shall inform the Warrant Holder of its decision no later than one week prior to the expiry of the Exercise Window. 5 Praktisk udnyttelse af warrants Practical exercise of warrants 5.1 Såfremt Warrantindehaveren ønsker at udnytte Warrants, skal skriftlig meddelelse herom sendes til Selskabet ( Udnyttelsesmeddelelse ) med angivelse af, hvor mange Warrants der udnyttes. 5.2 Udnyttelsesmeddelelsen skal være Selskabet i hænde inden udløbet af Udnyttelsesvinduet (alternativt som anført ovenfor under punkt 4). 5.3 Samtidig med at der gives meddelelse om udnyttelse af Warrants skal Warrantindehaveren indbetale et kontantbeløb til Selskabet svarende til det relevante tegningsbeløb fastsat i henhold til punkt 6 nedenfor. In the event that the Warrant Holder wishes to exercise Warrants, written notice to this effect (the Exercise Notice ) must be given to the Company, specifying the number of Warrants to be exercised. The Excercise Notice must be received by the Company before the expiry of the Exercise Window (alternatively a set out in Clause 4 above). At the same time as giving notice of the excercise of the Warrants, the Warrant Holder shall pay in cash to the Company an amount equal to the relevant subscription amount fixed under the terms of Clause 6 below. Side 7

35 6 Tegningskurs ved udnyttelse af warrants 6.1 Tegningskursen er fastsat af Selskabets bestyrelse den 22. juni 2017 ( Tildelingstidspunktet ) til 456 (DKK 2,28 pr. aktie á nominelt DKK 0,50)( Tegningskursen ), svarende til slutkursen på Selskabets aktier på Nasdaq OMX Copenhagen A/S aftenen før Tildelingstidspunktet. 6.2 Tegningskursen kan justeres som anført i punkt 7 nedenfor. Subscription price in connection with excercise of warrants The subscription price was fixed by the board of directors of the Company on 22 June 2017 (the Grant Time ) at 456 (DKK 2.28 per share of nominally DKK 0.50)(the Subscription Price ) corresponding to the closing price on the Company s shares traded on Nasdaq OMX Copenhagen A/S the night before the Grant Time. The Subscription Price may be regulated as set out in Clause 7 below. 7 Regulering af vilkår for warrants ved visse definerede ændringer i selskabets kapitalforhold 7.1 Såfremt Selskabet forud for Warrantindehaverens udnyttelse af Warrants (i) udsteder fondsaktier, (ii) gennemfører en kapitalnedsættelse, (iii) gennemfører en kapitalforhøjelse, (iv) ændrer den nominelle værdi af Selskabets aktier (v) udsteder warrants eller konvertible gældsbreve eller (vi) i et regnskabsår udlodder udbytte af en eller flere omgange, der tilsammen overstiger 100 procent af koncernens overskud i foregående regnskabsår (som kan anvendes til udbytteudlodning), kan der foretages en regulering af Tegningskursen i punkt 6.1 og/eller antallet af aktier, der kan tegnes på baggrund af udstedte Warrants, hvis Selskabets bestyrelse diskretionært vurderer, at dette er nødvendigt med henblik på at sikre, at værdien af Warrantindehaverens Warrants forbliver uændret. Tegningskursen kan dog ikke fastsættes til en værdi, der er lavere end børskursen på Selskabets aktier på Tildelingstidspunktet. Herudover er det en betingelse for reguleringen af antallet af aktier, som kan tegnes ved udnyttelse af Warrants, at Selskabets bestyrelse har fået tildelt den nødvendige bemyndigelse af generalforsamlingen til at udstede et sådant yderligere antal aktier i Selskabet. 7.2 Såfremt Selskabet fusionerer som det fortsættende selskab, foretages ingen regulering af Tegningskursen eller af antallet af Adjustment of the conditions for warrants in case of certain defined changes in the company's capital structure If the Company, prior to the Warrant Holder s exercise of Warrants, (i) issues bonus shares, (ii) carries out a capital reduction, (iii) carries out a capital increase, (iv) changes the nominal value of the Company s shares, (v) issues warrants or convertible debt instruments, or (vi) in a financial year pays out dividends on one or more occasions which aggregately exceeds 100 per cent of the group s distributable profit from the preceding financial year, an adjustment of the Subscription Price in Clause 6.1 and/or the number of shares that may be subscribed for by exercising a Warrant might be made, if the Company s board of directors in their sole discretion assesses that such an adjustment is necessary in order for the value of the Warrants to remain the same. The Subscription Price cannot however be fixed at a price lower than the closing price on the Company s shares on Nasdaq Copenhagen A/S at the Grant Time. Further, it is a condition for any adjustment of the number of shares that can be subscribed for by exercising the Warrants that the board of directors of the Company has been granted the necessary authority by the general meeting to issue such additional number of shares in the Company. If the Company participates in a merger as the continuing company, there shall be no adjustment of the Subscription Price or the number of shares that may Side 8

36 aktier, der kan tegnes på baggrund af udstedte Warrants, medmindre der sker en kapitalforhøjelse i forbindelse med fusionen, i hvilket tilfælde bestemmelserne i punkt 7.1 finder anvendelse. 7.3 Såfremt antallet af nye aktier, som kan tegnes ved udnyttelse af Warrants, forøges i overensstemmelse med dette punkt 7, skal størstebeløbet af den kapital, der kan tegnes på grundlag af Warrants omfattet af dette bilag, jf. punkt 10.2 nedenfor, forøges tilsvarende. be subscribed for on the basis of the issued Warrants, unless the Company s share capital is increased in connection with the merger, in which case Clause 7.1 will apply. If the number of new shares that may be subscribed for by exercise of the Warrants is adjusted upwards in accordance with this Clause 7, then the maximum increase of capital that may be subscribed on the basis of Warrants covered by this exhibit, cf. Clause 10.2 below, shall be increased accordingly. 8 Omsættelighed Transferability 8.1 Warrantindehaveren kan overdrage tildelte Warrants til tredjemand, forudsat (i) at Warrantindehaveren ikke på det pågældende tidspunkt er i besiddelse af intern viden vedrørende Selskabet, og (ii) at det ikke følger af EU-ret, national ret eller anden relevant bestemmelse, at der konkret er tale om et lukket handelsvindue. Warrantindehaveren er dog forpligtet til forudgående med en frist på ikke under to (2) uger at tilbyde de pågældende Warrants til Selskabet til en pris svarende til markedsprisen beregnet i overensstemmelse med Black-Scholes værdiansættelsesmodel. En eventuel erhverver af Warrants opnår ikke en bedre retsstilling end Warrantindehaveren og vil således bl.a. være forpligtet til at tilbagesælge de erhvervede Warrants til Selskabet i det tilfælde, at Warrantindehaveren ophører med at være ansat i et Medarbejderselskab eller et andet med Selskabet koncernforbundet selskab forud for udnyttelsestidspunktet. A Warrant Holder may transfer acquired Warrants on the condition (i) that the Warrant Holder does not possess inside information related to the Company at that time and (ii) that a closed trading window does not apply according to EC regulation, national regulation or any other relevant provision. The Warrant Holder is however - prior to any transfer of Warrants - obligated to offer the Warrants to the Company at a price equal to fair market value determined in accordance with the Black-Scholes valuation model. The Company must be given a period of no less then to weeks to consider the offer. A potential transferee will not acquire a better legal position than the Warrant Holder meaning that the transferee for example will be obligated to sell the Warrants to the Company if the Warrant Holder ceases to be employed by an Employee Company or another company affiliated with the Company prior to exercise of the Warrants. 9 Vilkår for nye aktier udstedt ved udnyttelse af warrants 9.1 Følgende vilkår skal være gældende for nye aktier tegnet ved udnyttelse af Warrants omfattet af dette bilag: i. For de nye aktier gælder der ikke fortegningsret for de eksisterende aktionærer. Conditions for new shares issued following exercise of warrants The following terms and conditions shall apply to the new shares issued by the exercise of Warrants covered by this exhibit: The existing shareholders shall not have any preemptive right to the new shares. Side 9

37 ii. iii. iv. Nye aktier udstedt på grundlag af udnyttede Warrants indbetales kontant samtidig med fremsendelse af Udnyttelsesmeddelelse (uden mulighed for delvis indbetaling). De nye aktier skal udstedes på navn og skal registreres i Warrantindehaverens navn i Selskabets ejerbog. De nye aktier skal være omsætningspapirer. New shares issued on the basis of exercised Warrants shall be paid up in cash at the same date as the Exercise Notice is forwarded (without any option of partial payment). The new shares shall be issued in the holder's name and shall be registered in the name of the Warrant Holder in the Company's register of shareholders. The new shares shall be negotiable instruments. v. Med hensyn til indløselighed og omsættelighed skal der gælde de same regler, som der gælder for de øvrige aktier i Selskabet. The same restrictions shall apply to the transferability and redemption of the new shares as apply to the Company s existing shares. vi. vii. viii. ix. De nye aktier skal registreres i VP Securities A/S. De nye aktier skal give ret til udbytte og andre rettigheder i Selskabet fra tidspunktet for den relevante kapitalforhøjelses registrering hos Erhvervsstyrelsen. De nye aktier skal have samme rettigheder som Selskabets eksisterende aktier, og der skal ikke gælde indskrænkninger i fortegningsretten ved fremtidige kapitalforhøjelser. Selskabet skal afholde omkostningerne i forbindelse med udstedelse af Warrants i henhold til de individuelle Warrantaftaler og omkostningerne forbundet med efterfølgende udnyttelse af Warrants. Selskabets omkostninger i forbindelse med udstedelse af Warrants i henhold til dette bilag og den dertil hørende kapitalforhøjelse anslås til at andrage højst DKK The new shares shall be registered in VP Securities A/S. The new shares shall carry a right to dividend and other rights in the Company as from the time when the relevant capital increase has been registered with the Danish Business Authority. The new shares shall have the same rights as the existing shares in the Company and there shall be no restrictions on the new shares pre-emption rights in the event of future capital increases. The Company shall pay the costs in connection with the issue of Warrants pursuant to the individual Warrant Agreements and the costs in connection with the subsequent exercise of the Warrants. The Company's costs in connection with the issue of Warrants pursuant to this exhibit and the related capital increases are estimated at a maximum of DKK Kapitalforhøjelse ved udnyttelse af warrants 10.1 Såfremt Warrantindehaveren giver rettidig meddelelse om udnyttelse af Warrants, skal Selskabet gennemføre den dertil hørende kapitalforhøjelse. Capital increase in connection with exercise of warrants In the event that the Warrant Holder gives notification on time of the exercise of the Warrants, the Company shall carry out the relating increase of capital. Side 10

38 10.2 Størstebeløbet af den kapital, der kan tegnes på grundlag af Warrants omfattet af dette bilag er nominelt DKK ( stk. aktier á DKK 0,50 pr. styk), og mindstebeløbet er nominelt DKK 0,50 (1 aktie á DKK 0,50). Størstebeløbet kan forøges eller reduceres i henhold til bestemmelserne om regulering i punkt 7. The maximum increase of capital that may be subscribed on the basis of Warrants covered by this exhibit is nominally DKK 1,020,000 (2,040,000 shares of DKK 0.50 each) and the minimum amount is DKK 0.50 (1 share at DKK 0.50). The maximum amount may be increased or reduced in accordance with the provisions on adjustment set forth in Clause Omkostninger relateret til udstedelse af aktier 11.1 Selskabet bærer samtlige omkostninger til børsmægler samt afregningshonorar forbundet med Warrantindehaverens udnyttelse af Warrants. Costs related to the issue of shares All costs related to the stockbroker and settlement fees charged in connection with the Warrant Holder's exercise of the Warrants shall be borne by the Company. 12 Ophør af ansættelse Termination of employment 12.1 Hvis Warrantindehaveren forud for Udnyttelsesvinduet ophører med at være ansat i et Medarbejderselskab eller et andet med Selskabet koncernforbundet selskabet, og Warrantindehaveren er Good Leaver, hvorved forstås, at a) Warrantindehaverens ansættelse ophører fordi han/hun opnår pensionsalderen, b) Warrantindehaveren bliver opsagt af et Medarbejderselskab eller et andet med Selskabet koncernforbundet selskab uden, at det er begrundet i misligholdelse fra Warrantindehaverens side, c) Warrantindehaveren bringer ansættelsesforholdet til ophør grundet et Medarbejderselskabs eller et andet koncernforbundet selskabs væsentlige misligholdelse, eller d) Warrantindehaverens ansættelsesforhold ophører grundet invaliditet eller død, If the Warrant Holder prior to the start of the Exercise Window ceases to be employed by an Employee Company or another company affiliated with the Company, and the Warrant Holder is a Good Leaver, meaning that the Warrant Holder leaves because (s)he reaches retirement age, is terminated by an Employee Company or by another company affiliated with the Company without cause, terminates the employment due to an Employee Company s or another affiliated company s breach of contract; or leaves due to invalidity or dead, er Warrantindehaveren eller dennes bo berettiget og forpligtet til at sælge de erhverthen the Warrant Holder or his/her estate shall be entitled and required to sell the Warrants to the Company at a price equal to fair market value determined Side 11

39 vede Warrants til Selskabet til en pris svarende til markedsprisen beregnet i overensstemmelse med Black-Scholes værdiansættelsesmodel Hvis Warrantindehaveren forud for Udnyttelsesvinduet ophører med at være ansat i et Medarbejderselskab eller et andet med Selskabet koncernforbundet selskabet, og Warrantindehaveren er Bad Leaver, hvorved forstås, at Warrantindehaverens ansættelse er ophørt af andre grunde end dem der er nævnt i punkt 12.1, er Warrantindehaveren berettiget og forpligtet til at sælge Warrants til Selskabet til det laveste af (i) markedsprisen beregnet i overensstemmelse med Black-Scholes værdiansættelsesmodel eller (ii) omkostningen forstået som købsprisen på Tildelingstidspunktet. in accordance with the Black-Scholes valuation model. If the Warrant Holder prior to the start of the Exercise Window ceases to be employed by an Employee Company or another company affiliated with the Company, and the Warrant Holder is a Bad Leaver meaning that the Warrant Holder leaves for other reasons that those outlined in section 12.1, then the Warrant Holder is entitled and required to sell the Warrants to the Company at a price equal to the lower of (i) the fair market value determined in accordance with the Black-Scholes valuation model or (ii) the cost defined as the purchase price paid at the Grant Time. 13 Insiderhandel Insider trading 13.1 Warrantindehaveren har bekræftet, at han ikke er i besiddelse af nogen insiderviden på datoen for dette bilag Salg af aktier, der er tegnet gennem udnyttelse af Warrants er underlagt de til enhver tid gældende bestemmelser om insiderhandel, herunder Selskabets interne regler om handel med værdipapirer udstedt af Selskabet. The Warrant Holder has confirmed that he/she is not in possession of any insider knowledge at the date of this exhibit. Sale of shares subscribed for by any exercise of Warrants is subject to the provisions on insider trading applicable at any time, including the Company's internal rules governing trade in securities issued by the Company. 14 Skattemæssige forhold Tax implications 14.1 Samtlige skattemæssige forpligtelser og konsekvenser for Warrantindehaveren som følge af dette bilag, de erhvervede Warrants eller de erhvervede aktier gennem udnyttelse af disse Warrants er alene Warrantindehaverens ansvar og er Selskabet uvedkommende Warrantindehaveren er kraftigt opfordret til at søge skattemæssig rådgivning i forbindelse med udstedelse af Warrants omfattet af dette bilag. All tax obligations and consequences to the Warrant Holder resulting from this exhibit, the Warrants issued or the shares acquired by the exercise of such Warrants, are the sole responsibility of the Warrant Holder and of no concern to the Company. The Warrant Holder is strongly encouraged to seek tax advice in connection with the issue of Warrants covered by this exhibit. Side 12

40 15 Sprog Language 15.1 I tilfælde af uoverensstemmelser mellem den danske og den engelske version af dette bilag skal den danske version være gældende. In case of disagreements between the Danish and the English version of this exhibit, the Danish version shall prevail. 16 Lovvalg og værneting Governing law and venue 16.1 De individuelle Warrantaftaler er underlagt og skal fortolkes i overensstemmelse med dansk ret med undtagelse af danske ansættelsesretlige regler, herunder aftalelovens 36, aktieoptionsloven, funktionærloven og ferieloven, som ikke finder anvendelse, da Warrantindehaveren er svensk undergivet svenske ansættelsesvilkår og ansættelsesretlige regler Enhver uenighed, tvist eller krav som måtte opstå på baggrund af eller i forbindelse med de individuelle Warrantaftaler, eller et brud på, ophævelse af eller ugyldighed af en bestemmelse i en Warrantaftale ( Tvist ) skal endeligt afgøres ved voldgift Voldgiftsretten skal bestå af tre voldgiftsdommere, hvoraf Selskabet og Warrantindehaveren hver udpeger en dommer. De udpegede dommere udpeger herefter i fællesskab den tredje dommer Voldgiftsretten skal finde sted i København Voldgiftsforhandlingerne skal foregå på engelsk The individual Warrant Agreements are governed by and shall be construed in accordance with the laws of Denmark with the exception of Danish employment law rules, including the Danish Contract Act section 36, the Danish Stock Option Act, the Salaried Employees Act and the Danish Holiday Act which will not apply as the Warrant Holder is Swedish subject to Swedish employment terms and employment law rules. Any dispute, controversy or claim arising out of or in connection with the individual Warrant Agreements, or the breach, termination or invalidity of any provision of a Warrant Agreement (a Dispute ) shall be finally resolved by arbitration. The arbitration shall be conducted before an arbitral tribunal composed of three arbitrators, one each appointed by the Company and the Warrant Holder. The two arbitrators so appointed shall mutually appoint the third arbitrator. The venue of arbitration shall be Copenhagen. The language of the arbitration shall be English. Side 13