6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

March 13, 2020

Commission File Number: 001 - 38178

Zealand Pharma A/S

(Exact Name of Registrant as Specified in Its Charter)

Sydmarken 11

2860 Søborg (Copenhagen)

Denmark

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x            Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

Furnished as Exhibit 99.1 to this Report on Form 6-K is a company announcement of Zealand Pharma A/S or the Company, dated March 11, 2020, convening the Company’s ordinary Annual General Meeting to be held on April 2, 2020.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Zealand Pharma A/S
By:	/s/ Matthew Dallas
	Name:	Matthew Dallas
	Title:	Chief Financial Officer

Date: March 13, 2020

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Company announcement dated March 11, 2020
99.2	Appendix 1 to AGM 2020 notice to convene (description of the nominated candidates)
99.3	Appendix 2 to AGM 2020 notice to convene (Articles of Association)
99.4	Appendix 3 to AGM 2020 notice to convene (Remuneration Policy)

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EX-99.1

Exhibit 99.1

Company Announcement – No. 04 / 2020

Zealand Pharma convenes its Annual General Meeting 2020

Copenhagen, March 11, 2020 – Zealand Pharma A/S ("Zealand") convenes the Company’s ordinary Annual General Meeting to be held on

Thursday April 2, 2020 at 3.00 PM CET

at Zealand Pharma A/S, Sydmarken 11, DK-2860 Søborg, Denmark.

Agenda:

(1)	Management’s report on the Company's activities during the past financial year
(2)	Approval of the audited Annual Report 2019

(3)	Resolution on the cover of loss in accordance with the approved Annual Report 2019
(4)	Election of members to the Board of Directors
(5)	Election of the auditor
(6)	Authorization for the Company to acquire treasury shares directly and/or acquire American depositary shares

(7)         Proposal from the Board of Directors to approve the Company's Remuneration Policy

(8)         Proposal from the Board of Directors to approve the fees for the Board of Directors for the financial year 2020

(9)	Proposal from the Board of Directors to approve a new authorization to increase the share capital of the Company by way of cash contribution and without pre-emption rights for the Company's existing shareholders
(10)	Proposal from the Board of Directors to approve a new authorization to increase the share capital of the Company by way of contribution in kind and without pre-emption rights for the Company's existing shareholders
(11)	Proposal from the Board of Directors to approve a new authorization to increase the share capital of the Company by way of cash contribution, by contribution in kind or by debt conversion and with pre-emption rights for the Company's existing shareholders
(12)	Proposal from the Board of Directors to approve a new authorization to the Board of Directors to issue warrants

(13) Any other business

The Annual General Meeting will be held in English.

After the Annual General Meeting 2020, refreshments (coffee and cake) will be served, and there will be an opportunity to speak with members of Zealand’s Corporate Management team.

The notice to convene the Annual General Meeting as well as the registration and proxy forms are available on Zealand’s website via the following link:

www.zealandpharma.com/annual-general-meeting/

The notice to convene is enclosed in this announcement, and the following should be noted:

Agenda item no. 4: The board members elected by the General Meeting are elected on an annual basis.

All of the incumbent board members are standing for re-election and the Board of Directors proposes, in accordance with the recommendation from the Nomination Committee, re-election of all the members:

· Alf Gunnar Martin Nicklasson

· Kirsten Aarup Drejer

· Alain Munoz

· Jeffrey Berkowitz

· Michael John Owen

· Leonard Kruimer

· Bernadette Mary Connaughton

For a description of the nominated candidates, see Appendix 1 to this notice.

For further information, please contact:

Zealand Pharma Investor Relations

+45 50 60 38 00 investors@zealandpharma.com

Lani Pollworth Morvan, Investor Relations and Communication

lpm@zealandpharma.com

About Zealand Pharma A/S

Zealand Pharma A/S (Nasdaq Copenhagen and New York: ZEAL) ("Zealand") is a biotechnology company focused on the discovery and development of innovative peptide-based medicines. More than 10 drug candidates invented by Zealand have advanced into clinical development, of which two have reached the market. Zealand’s current pipeline of internal product candidates focus on specialty gastrointestinal and metabolic diseases. Zealand’s portfolio also includes two clinical license collaborations with Boehringer Ingelheim and pre-clinical license collaboration with Alexion Pharmaceuticals.

Zealand is based in Copenhagen (Søborg), Denmark. For further information about the Company's business and activities, please visit www.zealandpharma.com or follow Zealand on LinkedIn or Twitter @ZealandPharma.

Zealand convenes its Annual General Meeting 2020

Notice to convene the Annual General Meeting of Zealand Pharma A/S (CVR no. 20 04 50 78) (the "Company").

The Board of Directors of the Company hereby convenes the Annual General Meeting of the Company to be held on:

Thursday April 2, 2020 at 3.00 pm CET

at Zealand Pharma A/S, Sydmarken 11, DK-2860 Søborg, Denmark.

Agenda:

(1)	Management’s report on the Company's activities during the past financial year
(2)	Approval of the audited Annual Report 2019

(3)	Resolution on the cover of loss in accordance with the approved Annual Report 2019
(4)	Election of members to the Board of Directors
(5)	Election of the auditor
(6)	Authorization for the Company to acquire treasury shares directly and/or acquire American depositary shares

(7)         Proposal from the Board of Directors to approve the Company's Remuneration Policy

(8)         Proposal from the Board of Directors to approve the fees for the Board of Directors for the financial year 2020

(9)	Proposal from the Board of Directors to approve a new authorization to increase the share capital of the Company by way of cash contribution and without pre-emption rights for the Company's existing shareholders
(10)	Proposal from the Board of Directors to approve a new authorization to increase the share capital of the Company by way of contribution in kind and without pre-emption rights for the Company's existing shareholders

(11)	Proposal from the Board of Directors to approve a new authorization to increase the share capital of the Company by way of cash contribution, by contribution in kind or by debt conversion and with pre-emption rights for the Company's existing shareholders
(12)	Proposal from the Board of Directors to approve a new authorization to the Board of Directors to issue warrants
(13)	Any other business

Complete proposals:

Re item (2):

The Board of Directors proposes that the Annual Report 2019 is approved.

Re item (3):  

The Board of Directors proposes that the annual result, which is a loss of DKK 571,541,143 is carried forward to the following year.

Re item (4):  

The board members elected by the General Meeting are elected on an annual basis.  

All of the incumbent board members are standing for re-election and the Board of Directors proposes, in accordance with the recommendation from the Nomination Committee, re-election of all the members:

· Alf Gunnar Martin Nicklasson

· Kirsten Aarup Drejer

· Alain Munoz

· Jeffrey Berkowitz

· Michael John Owen

· Leonard Kruimer

· Bernadette Mary Connaughton

For a description of the nominated candidates, see Appendix 1 to this notice.

Re item (5):  

The Board of Directors proposes the election of ERNST & YOUNG Godkendt Revisionspartnerselskab, CVR no.: 30 70 02 28, to replace Deloitte Statsautoriseret Revisionspartnerselskab as the Company's auditor, in accordance with the recommendation of the Audit Committee. The Audit Committee has not been influenced by third parties and has not been subject to any agreement with third parties that limits the General Meeting to electing certain auditors or audit firms as auditor.

Re item (6):  

The Board of Directors requests that the General Meeting authorizes the Company to acquire, during the period until the next Annual General Meeting, treasury shares directly and/or acquire American depositary shares, provided the acquisition, pursuant to Section 197 of the Danish Companies Act, can be financed by funds that could otherwise be distributed as ordinary dividends. The Company's aggregated acquisition of treasury shares and American depositary shares shall not exceed a total nominal value of 10% of the Company's share capital at any given time. The acquisition price for the treasury shares may not deviate by more than 10% from the quoted price for the Company’s shares on Nasdaq Copenhagen at the time of purchase, and the acquisition price for the American depositary shares may not deviate by more than 10% from the quoted price for the American depositary shares traded on NASDAQ Global Select Market in the United States at the time of purchase. The Company may surrender any acquired American depositary shares to the depositary enabling the Company to take delivery of the underlying shares.

Re item (7)

The Board of Directors proposes that the General Meeting approves a new Remuneration Policy for the Company.

The proposal for the new Remuneration Policy is subject to the new regulation from the implementation of the

new Shareholders Rights Directive (Directive (EU) 2017/828 of 17 May 2017) in Section 139 of the Danish Companies Act.

The new Remuneration Policy has been prepared in accordance with the requirements in Section 139a of the Danish Companies Act and combines and continues the main terms of the Company's existing Remuneration Policy and Overall Guidelines for incentive pay to the Board of Directors and Executive Management. The Overall Guidelines for incentive pay to the Board of Directors and Executive Management will as a consequence of the new regulation automatically lapse upon approval of the new Remuneration Policy.

Compared to the Company's existing Remuneration Policy, the Board of Directors has proposed few amendments in the new Remuneration Policy, including:

(i)       New terms in regard to vesting and exercise period of share rights and/or warrants to members of the Executive Management.

(ii)      Lapse of old PSU plan and introduction of new RSU plan for members of the Executive Management ensuring contribution to and alignment with the long-term interests of the Company by linking the value of RSU's to the development in share price.

The new Remuneration Policy also contains additional descriptions in accordance with the new requirements of Section 139a of the Danish Companies Act, including, inter alia, explanations on the link between variable remuneration and the Company's long-term interests and the possibility for the Board of Directors to derogate from certain parts of the Remuneration Policy in exceptional circumstances when deemed necessary in order to serve the long-term interests of the Company.

The new Remuneration Policy is attached as Appendix 2 to this notice.

Re item (8)

The Board of Directors proposes that the General Meeting approves the fees for the Board of Directors for the financial year 2020:

· Member base fee of DKK 400,000

· Chairman fee of DKK 350,000

· Vice-Chairman fee of DKK 100,000

· Audit Committee member fee of DKK 50,000

· Audit Committee chairman fee of DKK 150,000

· Remuneration and Compensation Committee member fee of DKK 50,000.

The fees for the Board of Directors for the financial year 2020 are unchanged compared to 2019.

Re item (9)

The Board of Directors proposes that the General Meeting replaces the Board of Directors' authorization to increase the share capital of the Company pursuant to Section 7.1 of the Company's Articles of Association with the following new article 7.1:

"7.1 Bestyrelsen er i perioden indtil den 2. april 2025 bemyndiget til ad en eller flere gange at forhøje Selskabets aktiekapital ved udstedelse af nye aktier med indtil nominelt DKK 9.013.665. Forhøjelsen af aktiekapitalen skal ske til markedskurs og skal gennemføres uden fortegningsret for Selskabets eksisterende aktionærer. Forhøjelsen skal "During the period until 2 April 2025 the board of directors is authorized to increase at one or more times the Company's share capital by issuance of new shares by up to nominally DKK 9,013,665. The capital increase shall be effected at market price and shall be implemented without pre-emption rights for the Company's existing

ske ved kontant indbetaling." shareholders. The capital increase must be implemented by way of cash contribution."

Re item (10)

The Board of Directors proposes that the General Meeting replaces the Board of Directors' authorization to increase the share capital of the Company pursuant to Section 7.2 of the Company's Articles of Association with the following new article 7.2:

"7.2 Bestyrelsen er i perioden indtil den 2. april 2025 bemyndiget til ad en eller flere gange at forhøje Selskabets aktiekapital ved udstedelse af nye aktier med indtil nominelt DKK 3.605.466. Forhøjelsen af aktiekapitalen skal ske til markedskurs og skal gennemføres uden fortegningsret for Selskabets eksisterende aktionærer. Forhøjelsen skal ske ved apportindskud." "During the period until 2 April 2025 the board of directors is authorized to increase at one or more times the Company's share capital by issuance of new shares by up to nominally DKK 3,605,466. The capital increase shall be effected at market price and shall be implemented without pre-emption rights for the Company's existing shareholders. The capital increase must be implemented by way of contribution in kind."

Re item (11)

The Board of Directors proposes that the General Meeting replaces Section 7.3 of the Company's Articles of Association with a new authorization to the Board of Directors to increase the share capital of the Company as reflected in the following new article 7.3:

"7.3 Bestyrelsen er i perioden indtil den 2. april 2025 bemyndiget til ad en eller flere gange at forhøje Selskabets aktiekapital ved udstedelse af nye aktier med indtil nominelt DKK 18.027.330. Forhøjelsen af aktiekapitalen skal gennemføres med fortegningsret for Selskabets eksisterende aktionærer, og den kan ske til en favørkurs fastsat af bestyrelsen. Bestyrelsen kan bestemme, at forhøjelsen skal ske ved kontant indbetaling, apportindskud eller ved konvertering af gæld." "During the period until 2 April 2025 the board of directors is authorized to increase at one or more times the Company's share capital by issuance of new shares by up to nominally DKK DKK 18,027,330. The capital increase shall be implemented with pre-emption rights for the Company's existing shareholders and the subscription price may be a favourable price fixed by the board of directors of the Company. The board of directors may decide to implement the capital increase by way of cash contribution, by contribution in kind or by debt conversion."

Re item (12)

The Board of Directors proposes that the General Meeting approves a new authorization to the Board of Directors to issue warrants in accordance with the following provisions to be inserted as new sections 8.8-8.10 in the Company's articles of association:

"8.8 Bestyrelsen er i perioden indtil den 2 april 2021 bemyndiget til ad en eller flere gange at udstede warrants med ret til at tegne op til nominelt DKK 821.544 aktier i Selskabet. Selskabets aktionærer skal ikke have fortegningsret ved bestyrelsens udnyttelse af denne bemyndigelse. De nærmere vilkår fastsættes af bestyrelsen. Bestyrelsen fastsætter selv udnyttelseskursen samt øvrige vilkår for warrants, dog således at udnyttelseskursen som minimum skal svare til markedskursen på tidspunktet for udstedelsen af warrants, medmindre disse udstedes til Selskabets medarbejdere.	"During the period until 2 April 2021 the board of directors is authorized to issue at one or more times warrants with a right to subscribe for shares up to an aggregate amount of nominally DKK 821,544 shares in the Company. The shareholders of the Company will not have pre-emptive subscription rights when the board of directors exercises this authorization. The specific terms and conditions in this respect are to be determined by the board of directors. The board of directors determines, at its own discretion, the exercise price as well as other terms and conditions for the warrants, always provided that the exercise price as a minimum corresponds to the market price at the time of issuance of the warrants, unless these are issued to the Company's employees.
Bestyrelsen kan efter de til enhver tid gældende regler i selskabsloven 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 adgangen 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.	Pursuant to the provisions of the Danish Companies Act in force from time to time, the board of directors may reapply or reissue any lapsed non-exercised warrants, provided that such reapplication or reissue is made under the terms and conditions and within the time limits specified under this authority. Reapplication means the right of the board of directors to let another contractual party become a party to an already existing agreement on warrants. Re-issue means the possibility for the board of directors to re-issue new warrants under the same authorization if those already issued have lapsed.
Bestyrelsen er i perioden indtil den 2. april 2021 endvidere bemyndiget til ad en eller flere gange at forhøje Selskabets aktiekapital med op til nominelt DKK 821.544 aktier ved kontant indbetaling i forbindelse med udnyttelse af warrants eller et sådant beløb som måtte følge af en eventuel regulering af antallet af warrants ved ændringer i Selskabets kapitalforhold. Selskabets aktionærer skal ikke have fortegningsret til aktier som udstedes ved udnyttelse af udstedte warrants.	During the period until 2 April 2021, the board of directors is also authorized to increase at one or more times the Company's share capital by up to nominally DKK 821,544 shares by cash payment in connection with the exercise of the warrants or such an amount caused by an adjustment (if any) in the number of warrants due to changes in the capital structure, without pre-emptive subscription rights for the shareholders of the Company to shares issued by exercise of the issued warrants.
8.9 Alle aktier, der tegnes ved udnyttelse af	The shares subscribed for by exercise of the

warrants udstedt i henhold til § 8.8, skal være omsætningspapirer og navneaktier og noteres i Selskabets ejerbog.	warrants issued pursuant to article 8.8 shall be negotiable instruments and issued in the holder's name and shall be registered in the Company's Register of Shareholders.
De nye aktier skal være ligestillet med den bestående aktiekapital. Ingen aktionær skal være forpligtet til at lade sine aktier indløse helt eller delvist. De nye aktier skal give ret til udbytte og andre rettigheder i Selskabet fra det tidspunkt, som fastsættes af bestyrelsen i forhøjelsesbeslutningen.	The new shares shall have the same rights as the existing shares of the Company. No shareholder shall be obliged to have the shares redeemed fully or partly. The new shares shall give rights to dividends and other rights in the Company from the time which is determined by the board of directors in connection with the decision to increase the share capital.
8.10 Bestyrelsen er bemyndiget til at ændre nærværende vedtægter i tilfælde af udnyttelse af de givne bemyndigelser eller warrants."	The board of directors is authorized to amend these Articles of Association as a consequence of applying the authorizations granted or the exercise of warrants."

A revised version of the Articles of Association reflecting the proposed changes pursuant to items 9-12 is available at our corporate website.

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Language

The General Meeting is held in English without any translation into Danish.

Resolution requirements

The following requirements are applicable in order to pass the resolutions and must all be fulfilled in order for the proposals to be adopted:

The proposals set out in items 2-8 of the agenda must be adopted by a simple majority of votes. The adoption of the proposals under items 9-12 requires that the proposals are adopted by at least two-thirds of the votes cast as well as at least two-thirds of the share capital represented at the General Meeting.

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General share information

The share capital of the Company is nominally DKK 36,054,661. The nominal amount of each share is DKK 1. Each share of DKK 1 has one vote at the General Meeting.

The shareholders may exercise their financial rights through their own depositary banks.

Information on the Company’s website

Further information about the General Meeting will be available from 11 March, 2020 to 2 April, 2020 on the Company’s website, https://www.zealandpharma.com/annual-general-meeting/ including:

1) The total number of shares and voting rights in the Company on the date of the notice

2) The notice to convene, along with the agenda and the complete proposals

3) A proxy form

4) A postal vote form

5) A registration form to be used when ordering an admission card

6) The documents to be presented at the Annual General Meeting 2020, including the Annual Report 2019, draft new Remuneration Policy and draft new Articles of Association.

Publication of notice

This notice has been made public via the electronic system of the Danish Business Authority and on the Company's website. It has also been sent electronically to all shareholders who have registered their e-mail address with the Company.

Request for notice to convene by ordinary mail

Please note that shareholders need to notify the Company each year, via the shareholder portal, if they wish to receive the notice to convene for the AGM by ordinary mail instead of e-mail.

Questions

Shareholders may ask questions concerning the agenda and the other material relating to the General Meeting both before and during the General Meeting itself.

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In order to attend the General Meeting and vote, the following apply:

Date of registration

The shareholders' right to attend and vote at the General Meeting, or to vote by post, is determined based on the shares that the shareholders hold on the date of registration, which is March 26, 2020.

Only persons who are shareholders of the Company on the date of registration may attend and vote at the General Meeting; however, please see below regarding shareholders' requests for admission cards in due time.

Once the date of registration has passed, the shares held by each shareholder will be calculated. The calculation is based on the registration of shares in the register of shareholders as well as on notifications of ownership that were received by the Company before the date of registration passed for the purpose of registration in the register of shareholders, but which have not yet been registered in the register of shareholders.

Admission card

In order to attend the General Meeting, shareholders must order an admission card no later than March 30, 2020 at 9.00 am CET.

Admission cards can be ordered electronically directly from the shareholder portal in the Investors section of the Company’s website: http://zealandpharma.com/investors/shareholder-portal.

Admission cards can also be ordered from Computershare A/S, Lottenborgvej 26, 2800 Kgs. Lyngby, Denmark, by e-mail (gf@computershare.dk) or fax (+45 45 46 09 98).

Admission cards will be sent out electronically via e-mail to the e-mail address specified in the shareholder portal at the time of registration. The admission card must be presented at the Annual General Meeting either electronically on a smartphone/tablet or in a printed version.

Shareholders who have requested admission cards without specifying their e-mail address can collect the admission card at the entrance of the Annual General Meeting on presentation of ID.

Voting forms will be handed out at the entrance of the Annual General Meeting.

Proxy

Proxies may represent a shareholder at the General Meeting. In this case, Computershare A/S must receive a proxy form no later than March 30, 2020 at 9.00 am CET.

It is possible to submit a proxy electronically directly via the shareholder portal in the Investors section of the Company’s website: http://zealandpharma.com/investors/shareholder-portal.

The proxy form can also be downloaded or printed from the Company’s website, http://zealandpharma.com/investors/shareholder-portal. and be sent by post (Computershare A/S, Lottenborgvej 26, 2800 Kgs. Lyngby, Denmark), fax (+45 45 46 09 98) or e-mail (gf@computershare.dk).

Postal vote

Shareholders who cannot attend the General Meeting can vote by post, in other words vote in writing before the General Meeting is held. Computershare A/S must have received a postal vote no later than March 30, 2020 at 9.00 am CET.

It is possible to vote by post electronically on the shareholder portal in the Investors section of the Company’s website: http://zealandpharma.com/investors/shareholder-portal.

A postal vote form is also available for downloading or printing from the Company’s website, http://zealandpharma.com/investors/shareholder-portal. Once completed, this may be sent by post (Computershare A/S, Lottenborgvej 26, 2800 Kgs. Lyngby, Denmark), fax (+45 45 46 09 98) or e-mail (gf@computershare.dk).

A postal vote that has been sent is irrevocable.

Processing of personal data

The Company's Privacy Policy for Shareholders etc. explains how the Company processes personal data in connection with the General Meeting - the Policy is available at www.zealandpharma.com under "Investor > Annual General Meeting".

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Date: 11 March, 2020

Kind regards,

The Board of Directors of Zealand Pharma A/S

EX-99.2

Exhibit 99.2

Appendix 1 – Recommendation from the Nomination Committee

Nominated candidates to the Board of Directors

Alain Munoz

Board member

Elected to the Board in 2005 (resigned in 2006 and was re-elected in 2007).

Qualifications

MD in Cardiology and Anaesthesiology, head of the clinical department of cardiology at the University Hospital of Montpellier. He has numerous publications to his name and has been a member of the scientific committee of the French Drug Agency (ANSM).

Competencies

Alain Munoz is CEO of Science, Business and Management SASU (France), and has more than 30 years' experience in the pharmaceutical industry at senior management level. He served as SVP for international development within the Sanofi Group and as SVP for the pharmaceutical division of Fournier Laboratories.

Alain Munoz is an independent board member of Amryt Pharma, Auris Medical and Oxthera He is a member of the Scientific advisory board of Valneva SE.

Martin Nicklasson

Chairman of the Board

Chairman of the Remuneration and Compensation Committee

Chairman of the Nomination Committee

Elected to the Board in 2015 and regarded as an independent board member.

Qualifications

Certified pharmacist.

PhD in Pharmaceutical Technology from the University of Uppsala, where he is an Associate Professor in the Department of Pharmaceutics.

Competencies

Martin Nicklasson has held various executive vice president positions at AstraZeneca PLC and has served as President and CEO of Biovitrum AB and Swedish Orphan Biovitrum AB. Prior to this, he held a number of leadership positions at AB Astra and Kabi Pharmacia AB. Martin Nicklasson is Chairman of the boards of Orexo AB and Kymab Ltd. He serves as a board member of Basilea Pharmaceutica Ltd.

Michael J. Owen

Board member

Elected to the Board in 2012 and regarded as an independent board member.

Qualifications

PhD in Biochemistry from Cambridge University and BA in Biochemistry from Oxford University.

Competencies

Michael J. Owen is co-founder and former CSO of Kymab Ltd. Before joining Kymab, he held several leading positions at GlaxoSmithKline (GSK), latterly as SVP and head of biopharmaceuticals research. Prior to joining GSK in 2001, he headed the Lymphocyte Molecular Biology group at the Imperial Cancer Research Fund. He

has more than 20 years' research experience with a focus on the immune system. He has more than 150 publications to his name and is a member of the European Molecular Biology Organization and a Fellow of the Academy of Medical Sciences.

Michael J Owen is Chairman of the board of Ossianix Inc and is also a member of the board of Avacta Group plc, ReNeuron Group plc, Sareum Holdings plc, Iksuda Therapeutics and GammaDelta Therapeutics. He is also an adviser to the CRT Pioneer Fund.

Kirsten Aarup Drejer

Board member

Elected to the Board in 2018 and regarded as an independent board member.

Qualifications

PhD in Pharmacology and an MSc in Pharmacy from the University of Copenhagen.

Competencies

Kirsten Drejer is co-founder and previous CEO of Symphogen A/S (2000-2016) which is a privately biotech company dedicated to the development of mAb mixtures to provide effective treatments to serious diseases including oncology. Dr. Drejer holds more than 30 years of international experience in the pharmaceutical and biotech industry. Before co-founding Symphogen A/S in 2000, Kirsten Drejer held several scientific and managerial positions at Novo Nordisk A/S, including four years as Director of Diabetes Discovery, and three years as Corporate Facilitator. In addition to her position as member of the board of directors of Zealand Pharma she holds board seats with Bioneer A/S (Chairman), Bioporto A/S, Lyhne & Co, Antag Therapeutics ApS (Chairman), Alligator Bioscience and ResoTher Pharma ApS (Chairman). Additionally, she is on the Advisory Board for The Faculty of Pharmaceutical Sciences, University of Copenhagen and the Advisory Board for DTU Bioengineering and she serves on the expert panel for InnoBooster grants.

Bernadette Connaughton

Board member

Regarded as an independent board member.

Qualifications

MBA from The Wharton School, University of Pennsylvania and BA from Johns Hopkins University.

Competencies

Bernadette Connaughton has held a number of leading positions as President and Vice President at Bristol-Myers Squibb focusing on the commercialization of oncology, virology, cardiovascular and diabetes products. She has more than 30 years of global strategic, commercial and leadership expertise, and a broad perspective on the strategy, capabilities and governance required for successful execution in U.S. and international markets. She has been a member of the European Federation of Pharmaceutical Industry Association, Patient Access and European Markets Committees and phRMA Marketing Practices, Industry Code of Practices and DTC Code Committees, among others.

In addition to her position as member of the board of directors of Zealand Pharma she holds board seats with Halozyme Therapeutics, Inc. (since September 2018) and Syneos Health, Inc. (since November 2019). Additionally, she is on the board of Boys and Girls Club of Mercer County.

Leonard Kruimer

Board member

Regarded as an independent board member.

Qualifications

MBA from Harvard Business School and a Certified Public Accountant in New York State.

Competencies

Leonard Kruimer has more than 35 years of experience in corporate finance, planning and strategy, including 20 years in senior executive positions in private and publicly listed biotechnology companies. He is currently Chairman of the Board of BioInvent International AB and serves as independent board member of Oncolytics, a Nasdaq listed company. He is on the investment advisory council of Karmijn Kapitaal, a private equity company in Amsterdam. He was Chief Financial Officer and Member of the Management Board at Crucell N.V. from 1998 until its acquisition by JNJ in 2011. Previously, he held senior executive positions at GE Capital and Continental Can Company. He started with Price Waterhouse in New York and was a consultant with McKinsey.

Jeffrey Berkowitz

Board member

Regarded as an independent board member.

Qualifications

J.D., Brooklyn Law School, Brooklyn, NY and BA Political Science, Union College, Schenectady, NY.

Competencies

Jeffrey Berkowitz is a global executive with extensive branded and generic pharmaceutical, retail pharmacy, wholesale drug distribution, specialty, payor and healthcare services leadership experience in P&L accountable roles. He has held a number of international leading positions, including Executive Vice President of UnitedHealth Group/Optum where he led Optum's International division as CEO, and Senior Vice President at Merck & Company, Inc. He has also served as President of Pharma and Global Market Access at Walgreens Boots Alliance, Inc. He is a member of the Board of Directors of H. Lundbeck A/S, Esperion Theraptics, Inc. and Infinity Pharmaceuticals, Inc., and has served on the Board of Directors of the Swiss-American Chamber of Commerce. Jeffrey Berkowitz has been recognized three times in PharmaVoice magazine as one of the 100 Most Inspiring Leaders in the Life Sciences in 2009, 2010 and 2012.

EX-99.3

Exhibit 99.3

REMUNERATION POLICY FOR

ZEALAND PHARMA A/S

Objectives of the Policy

· This Remuneration Policy (the "Policy") describes the overall guidelines for remuneration to members of the Board of Directors (the “Board”) and the registered Executive Management Board (“Executive Management”) of Zealand Pharma A/S, CVR no. 20 04 50 78 (“Zealand” or the "Company") or any related company controlled by the Company. The Executive Management means only the persons registered with the Danish Business Authority.

· The overall objective of this Policy is to ensure transparency in the disclosure of remuneration of members of the Board and the Executive Management.

· The purpose behind the remuneration principles as described in this Policy is to strengthen attraction, retention and motivation of qualified international members of the Board and the Executive Management to Zealand. In addition, Zealand wants to encourage strong individual performance of such members as well as ensure the maximization of shareholder value and of the Company’s long-term sustainability. Therefore, members of the Executive Management receive a combination of fixed salary and incentives which promote and support value creation to the Company's business on both a short- and a long-term basis as well as the long-term sustainability of the Company.

· The remuneration to the Board and the Executive Management is assessed on an ongoing basis to ensure that it is in line with comparable companies within the same industry as Zealand and does not exceed what is considered reasonable with regard to the Company's financial position. Furthermore, remuneration is determined under consideration of the competences, efforts and responsibilities required of members of the Board and the Executive Management. When laying out the principles set out in this Policy, consideration has been made to ensure that the remuneration of the Board and Executive Management reflects the responsibilities and skills required of each role relative to peer companies, as well as to other senior leadership positions in the Company.

· Remuneration to the Board and the Executive Management is disclosed in the Remuneration Report which is presented to the shareholders in connection with the Company’s annual general meeting (AGM).

Determination of the Policy and handling conflicts of interest

Determination of the Policy

· A key task of the Remuneration Committee, and ultimately the Board, is to ensure that this Policy provides an appropriate framework for the remuneration of the Company's Board and Executive Management that reflects the Company’s circumstances, the business environment, applicable legislation and takes into account market trends. For these purposes it may rely on external advice.

· Whenever it is deemed necessary or appropriate, the Remuneration Committee shall propose revisions and articulate suggestions to the framework within which, the Board and Executive Management will be remunerated. The Policy shall be presented for approval at the general meeting when there are material changes to the Policy. In case a revision of the Policy is needed, the Board must ensure that a proposal for a revised Policy is prepared and presented for the shareholders' approval at the Company's general meeting.

· The Policy is reviewed annually by the Remuneration Committee to make sure that there is a reasonable consistency between the remuneration for Executive Management and Board, the Company’s short and long-term goals and shareholder interests on an overall level. Furthermore,

the annual review is in place in order to ensure that the Company remains able to attract and retain the best possible leadership talent.

· The Remuneration Committee submits an eventual proposal for any amendments to the Board for its approval. Any revisions implying material changes to the Policy are subject to approval by the general meeting. The Policy in force at any given time must be presented for a binding vote at the Company’s annual general meeting at least every fourth years.

Handling of conflicts of interest

· When reviewing the Policy, the Remuneration Committee may consult with the Executive Management, but the Executive Management have no decision-making power in terms of the Policy.

· It is the Board's assessment that there is no risk of conflicts of interest in connection with the Board's involvement in the determination or revision of the Policy. This assessment is based on the fact that (i) the remuneration guidelines primarily concern the remuneration of the Executive Management, (ii) the Board's total remuneration is approved by the Company's shareholders at a general meeting and (iii) any material changes to the Policy are also approved by the shareholders at a general meeting. These factors minimise the risk of conflicts of interest in connection with the Board’s involvement in the determination or revision of the Policy.

Remuneration of the Board 

· Each member of the Board is eligible for an annual fixed base fee, and the Chairman and the Deputy Chairman may receive an additional multiple of the base fee. Board members may receive a multiple of the base fee for their work on Board committees. The multiples compared to the Board member fee are shown in the table below.

Role	Multiple
Chairman of the Board	0.875x
Vice Chairman of the Board	0.25x
Chairman of the Audit Committee	0.375x
Member of the Audit Committee	0.125x
Member of the Remuneration Committee	0.125x

· Board members do not receive any additional fees for work on other Board Committees than the above mentioned in this policy. In any event no member of the board may receive a total board fee that is greater than the authorisation level given at the annual general meeting.

· Members of the Board may receive an additional fee for operational tasks carried out on an ad hoc basis outside the scope of the ordinary duties of the Board. The Chairman shall approve such tasks and determine any additional fees prior to the execution of the tasks. Any such additional fee shall reasonably reflect the time spent and the workload of the ad hoc operational task carried out and cannot exceed an amount corresponding to 150% of the annual fixed base fee. Any ad hoc fees and the reasoning behind the payment of such are subject to disclosure in the Remuneration Report.

· Members of the Board may be reimbursed for costs and expenses related to travel and accommodation for their duties as members of the Board.

· In addition to the above-mentioned fees, the Company may pay statutory contributions to social security and similar taxes and charges linked to a member of the Board’s directorship with the Company.

· The members of the Board do not receive and are not eligible for any incentive pay and do not participate in any retirement or benefit arrangements provided by the Company. Employee-elected Board members may be part of incentive schemes applicable to employees of the Company but only in their capacity of employees.

· Remuneration of the Board for each financial year shall be approved at the annual general meeting under a separate item on the agenda.

· Board members are elected by the shareholders at the Company’s annual general meeting for a period until the next annual general meeting. Employee-elected Board members receive the same remuneration as members of the Board elected by the shareholders.

Remuneration of the Executive Management

· The remuneration of the Executive Management may be composed of the following remuneration components:

o Fixed annual salary

o Short-term incentives (STI)

o Long-term share-based incentives (LTI)

o Other customary benefits

o Pension

o Extraordinary one-off payments

· The remuneration, including the composition of remuneration components, of the Executive Management is determined by the Board in collaboration with the Remuneration Committee.

· Determination and revision of the Policy, including the remuneration of the Executive Management, is made under due consideration of a comparative assessment of the remuneration of the Executive Management with the salary and terms of employment of the Company’s employees. The terms in any applicable collective agreements have also been taken into account. In setting the guidelines for the Policy, it has further been considered that the relationship between the remuneration of the Executive Management and the Company’s other employees’ total remuneration does not differ significantly from market practice in comparable companies.

· The combination of fixed and incentive-based remuneration has been chosen to support the objectives of the Policy. In order to support a combination of short-and long-term goals, the relative proportion of the different remuneration elements is usually designed such that the fixed annual salary and LTI each represent approximately 35% of the total pay mix while STI is approximately 30% of the total pay mix.

Fixed annual salary

· The fixed annual salary is in line with market practice and is based on the scope of the work required as well as the performance and the responsibility of each member of the Executive Management. The fixed annual salary for each member of the Executive Management is subject to annual reassessment by the Board.

Short-term incentives (STI)

· The Executive Management are offered a cash-based STI in order to support the short-term performance of the Company. The maximum cash bonus cannot exceed 72% of the Executive Management member’s fixed annual salary at the time of award for any given financial year. Target is 60% of the annual fixed salary.

· The STI is linked to the achievement of predefined performance targets which are determined by the Board based on a proposal prepared by the Remuneration Committee. Determination of applicable performance targets must be based on considerations on the Company's business strategy, including short- and long-term goals and value creation for the Company and the shareholders. All performance targets must consist of clear and measurable criteria, which may vary depending on the circumstances, e.g. market conditions and changes in the Company's business strategy.

· The performance targets may be linked to the achievement on certain key financial or strategic objectives (e.g. revenue, profitability, operational performance) or non-financial performance targets (e.g. reaching certain development milestones, employee engagement or the safeguarding of and compliance with internal procedures.

· Achievement on the performance targets is evaluated after the financial year by the Board, and the cash bonus, if any, is paid during the following financial year. Payment of cash bonus is only relevant when conditions and targets have been fully or partly met and if no targets are met, no bonus is paid out.

· The Company, acting on the decision of the Board of Directors may reserve the right to postpone payment of cash bonuses for a period of one year.

Long-term incentives (LTI)

· The Company offers a combination of different LTI instruments to reward the Executive Management for dedicated and focused results intended to achieve and support the long-term interests of the Company, including the sustainability of the Company and its business.

· For any given financial year, the total value of any share-based remuneration cannot exceed 100% of the fixed annual salary for each member of the Executive Management at the time of grant.

· The total aggregated number of any share-based instruments granted under any applicable LTI plan, cannot exceed 10% of the total number of shares in the Company, for any given financial year.

· The Company may purchase treasury shares to cover the obligations to deliver shares under the LTI. Where this is of benefit to Zealand, the Company may reserve the right to settle the LTI in cash instead of transferring shares.

· In case of a change-of-control, merger, liquidation or the like, the Board may decide at its sole discretion to accelerate the vesting of any share-based incentives.

Warrants

· Members of the Executive Management may be eligible to receive warrants free of charge.

Grant

· The Executive Management may be granted warrants with a value corresponding to a certain percentage of the Executive Management member’s annual fixed salary. For any given financial year, the total value of the warrants granted to any member of the Executive Management cannot exceed 75% of their fixed annual salary at the time of grant.

· The value of the warrants is determined in accordance with recognized valuation methods such as the Black Scholes formula.

Vesting

· The warrants vest after three years and are not subject to any performance targets other than the share price which must be higher at the time of vesting than at the time of grant in order for the warrants to have any value.

· Warrants granted to US-based Executive Management members vest gradually, 1/3 per year as this is more aligned with market practice in the US.

Exercise

· The warrants have a total life of 10 years. Warrants granted to Executive Management members outside of the US have an exercise period of seven years.

· Warrants granted to Executive Management members in the US have an exercise period between 7 and 9 years, depending on when the warrants vest.

· The exercise price of the warrants will be equal to the market price of the Company's shares at the time of grant.

Restricted Share Units (RSUs)

· For Executive Management, it is the Board’s assessment that the appropriate measure of Zealand’s long-term performance and sustainability is reflected in the share price. In addition, a review of market practice in peer companies confirms that it is challenging to find relevant, meaningful long-term performance targets in a bio-tech context.

· Accordingly, the share price is a natural metric to align the interests of the Executive Management with those of the key investors of the Company. For these reasons members of the Executive Management may be eligible to receive an annual grant of RSUs free of charge.

Grant

· The Executive Management may be granted RSUs with a value corresponding to a certain percentage of the Executive Management member’s annual fixed salary. The value of the RSUs is determined as the simple average of the closing price of the Zealand share on Nasdaq Copenhagen A/S for a period of five trading days following the publication of the annual report of the Company for the preceding financial year.

· For any given financial year, the total value of the RSUs granted to any member of the Executive Management cannot exceed 75% of their fixed annual salary at the time of grant, though is typically 25% of the fixed annual salary.

· The granted RSUs are not eligible for dividends.

Vesting

· The RSUs have a three-year vesting period, and are subject to the Executive Management member’s continued employment throughout the vesting period.

Other customary benefits

· The members of the Executive Management may be entitled to customary and appropriate monetary benefits and non-monetary benefits, such as company car, phone and other benefits of an aggregated value of up to 5 percentage of the fixed annual salary of each member of the Executive Management. Such benefits for the Executive Management are determined on an individual basis by the Board and based on market practice.

Pension

· Members of the Executive Management may be entitled to receive pension contributions as a fixed payment to a pension insurance of up to 20% of their fixed annual salary. The composition of such pensions is determined on an individual basis by the Board in collaboration with the individual member of the Executive Management.

· There are no supplementary pension schemes or early retirement schemes as part of the remuneration package to the Executive Management other than those already set out in this policy.

Extraordinary one-off payments

· In individual cases, the Board may for recruitment purposes, at its own discretion, award a one-off bonus or LTI grant (sign-on bonus or LTI grant). Such sign-on bonus cannot exceed 200% of the fixed annual salary, pension and target bonus under the STI paid to the member of the Executive Management for the financial year.

· In special cases, to take effect upon the occurrence of a specific event, e.g. the acquisition of a controlling interest in a company or the completion of a takeover bid, the Board may award or grant extraordinary one-off payments or remuneration. Such extraordinary awards or grants may be incentive-based and may be cash and/or share-based or a mix thereof, in which case they will be awarded or granted in line with the provisions on award or grant in sections 4.2 and/or 4.3 above. The award or grant of extraordinary one-off payments or remuneration cannot exceed 60% of the fixed annual salary of each member of the Executive Management.

· In case of any share-based grants, the share value will be determined as the simple average of the closing price of the Zealand share on Nasdaq Copenhagen A/S for a period of five trading days prior to the extraordinary grant date.

Other terms for the Executive Management

Termination and severance payments

· Contracts with members of the Executive Management are not time limited, but may be terminated by both the member of the Executive Management and the Company.

· The Company may terminate the executive service agreement relating to any member of the Executive Management with a notice of up to 12 months. Each member of the Executive Management may terminate the employment by giving the Company a notice of up to six months.

· The specific terms regarding termination, including severance payments and resignation of members of the Executive Management is determined on an individual basis by the Board. Severance payments in case of termination cannot exceed 50% of the total remuneration of the individual member of the Executive Management for the previous financial year.

Claw back

· All incentive payments, grants and awards (whether STI, LTI or exceptional payments) are subject to claw back without compensation if earned on the basis of data or other grounds subsequently proven to be manifestly misstated.

Derogation from the Policy

· The Board may, in exceptional circumstances, be entitled to derogate from the Policy on a temporary basis when it is deemed necessary in order to serve the long-term interests of the Company and the sustainability of the Company and its business.

· Any proposal to derogate from the Policy shall be decided by the Board upon a recommendation from the Remuneration Committee and is subject to disclosure in the following Remuneration Report.

· If the Board assesses that exceptional circumstances necessitate derogation from the Policy in order to serve the long-term interests of the Company and the sustainability of the Company and its business, the Board may decide to derogate from:

(i)	the relative limits for the multiples of the base fee to members of the Board (clause 3);
(ii)	the relative limits compared to the annual fixed salary for additional ad hoc fees for operational tasks to the Board (clause 3);
(iii)	the relative limits compared to the annual fixed salary for benefits and fixed pension to members of the Executive Management (clauses 4.4 and 4.5); and
(iv)	the limits compared to the annual fixed salary for applicable incentive schemes of variable remuneration to members of the Executive Management (clauses 4.2, 4.3.1 and 4.3.2).

Already existing agreements

· Remuneration agreements for members of the Board or the Executive Management, which have been entered into before the shareholders’ approval of this Policy will continue on the already agreed terms, and are, thus, not subject to the guidelines in this Policy.

Approval and publication

· This Policy has been prepared in accordance with the Danish Companies Act section 139 and 139a and the Recommendations on Corporate Governance (of 23 November 2017).

· The Policy has been approved at the Company's annual general meeting on 2 April 2020 and is available on the Company's website on www.zealandpharma.com for as long as it is applicable.

EX-99.4

Exhibit 99.4

 

VEDTÆGTER	ARTICLES OF ASSOCIATION
zealand pharma a/s	zealand pharma a/s

VEDTÆGTER	ARTICLES OF ASSOCIATION
zealand pharma a/s	zealand pharma a/s
(CVR-nr.: 20 04 50 78)	(CVR no.: 20 04 50 78)

1	Navn	Name
1.1	Selskabets navn er Zealand Pharma A/S.	The Company's name is Zealand Pharma A/S.
1.2	Selskabets binavn er Zealand Pharmaceuticals A/S.	The Company's secondary name is Zealand Pharmaceuticals A/S.
2	Formål	Objects
2.1	Selskabets formål er at drive forskning, produktion, handel og dermed beslægtet virksomhed, primært inden for medicinalbranchen.	The object of the Company is to engage in research, manufacture, trade and related activities, primarily within the pharmaceutical industry.
3	Koncernsprog	Corporate language
3.1	Selskabets koncernsprog er engelsk.	The corporate language of the Company is English.
4	Aktiekapital	Share Capital
4.1	Selskabets aktiekapital udgør DKK 36.054.661.	The share capital of the Company is DKK 36,054,661.
4.2	Aktiekapitalen er fuldt indbetalt.	The share capital has been paid up in full.
5	Aktier	Shares
5.1	Hver akties pålydende er DKK 1.	The nominal amount of each share is DKK 1.
5.2	Aktierne er udstedt gennem VP Securities A/S.	The shares are issued through VP Securities A/S.
5.3	Aktierne er omsætningspapirer.	The shares are negotiable instruments.

5.4	Ingen aktier har særlige rettigheder.	No shares carry any special rights.
5.5	Der gælder ingen indskrænkninger i aktiernes omsættelighed.	No restrictions shall apply as to the transferability of the shares.
5.6	Ingen aktionær skal være forpligtet til at lade sine aktier indløse helt eller delvist.	No shareholder shall be obliged to have the shares redeemed fully or partly.
5.7	Aktierne udstedes på navn og skal noteres i Selskabets ejerbog.	The shares shall be issued in the holder's name and shall be registered in the Company's Register of Shareholders.
5.8	Selskabets ejerbog føres af Computershare A/S, CVR-nr. 27 08 88 99, der er valgt som ejerbogsfører på Selskabets vegne.	The Register of Shareholders is handled by Computershare A/S, CVR no. 27 08 88 99, on behalf of the Company.
6	Udbytte	Dividend
6.1	Udbytte betales til aktionærerne ved overførsel gennem VP Securities A/S.	Dividend shall be paid out to shareholders by transfer through VP Securities A/S.
6.2	Udbytte, der ikke har været hævet inden tre år fra forfaldsdagen, tilfalder Selskabet.	Dividend that has not been claimed within three years of the due date shall accrue to the Company.
7	Bemyndigelse til kapitalforhøjelse	Authorization to increase the share capital
7.1	Bestyrelsen er i perioden indtil den 2. april 2025 bemyndiget til ad en eller flere gange at forhøje Selskabets aktiekapital ved udstedelse af nye aktier med indtil nominelt DKK 9.013.665. Forhøjelsen af aktiekapitalen skal ske til markedskurs og skal gennemføres uden fortegningsret for Selskabets eksisterende aktionærer. Forhøjelsen	During the period until 2 April 2025 the board of directors is authorized to increase at one or more times the Company's share capital by issuance of new shares by up to nominally DKK 9,013,665. The capital increase shall be effected at market price and shall be implemented without pre-emption rights for the Company's existing shareholders. The capital increase must be implemented by way of cash

	skal ske ved kontant indbetaling.	contribution.
7.2	Bestyrelsen er i perioden indtil den 2. april 2025 bemyndiget til ad en eller flere gange at forhøje Selskabets aktiekapital ved udstedelse af nye aktier med indtil nominelt DKK 3.605.466. Forhøjelsen af aktiekapitalen skal ske til markedskurs og skal gennemføres uden fortegningsret for Selskabets eksisterende aktionærer. Forhøjelsen skal ske ved apportindskud.	During the period until 2 April 2025 the board of directors is authorized to increase at one or more times the Company's share capital by issuance of new shares by up to nominally DKK 3,605,466. The capital increase shall be effected at market price and shall be implemented without pre-emption rights for the Company's existing shareholders. The capital increase must be implemented by way of contribution in kind.
7.3	Bestyrelsen er i perioden indtil den 2. april 2025 bemyndiget til ad en eller flere gange at forhøje Selskabets aktiekapital ved udstedelse af nye aktier med indtil nominelt DKK 18.027.330. Forhøjelsen af aktiekapitalen skal gennemføres med fortegningsret for Selskabets eksisterende aktionærer, og den kan ske til en favørkurs fastsat af bestyrelsen. Bestyrelsen kan bestemme, at forhøjelsen skal ske ved kontant indbetaling, apportindskud eller ved konvertering af gæld.	During the period until 2 April 2025 the board of directors is authorized to increase at one or more times the Company's share capital by issuance of new shares by up to nominally DKK DKK 18,027,330. The capital increase shall be implemented with pre-emption rights for the Company's existing shareholders and the subscription price may be a favourable price fixed by the board of directors of the Company. The board of directors may decide to implement the capital increase by way of cash contribution, by contribution in kind or by debt conversion.
7.4	De nye aktier udstedt i henhold til punkt 7.1-7.3 skal være ligestillet med den bestående aktiekapital. De nye aktier skal være omsætningspapirer og navneaktier og skal noteres i Selskabets ejerbog. Ingen aktionær skal være forpligtet til at lade sine aktier indløse helt eller delvist. De nye aktier skal give ret til udbytte og andre	The new shares issued pursuant to articles 7.1-7.3 shall have the same rights as the existing shares of the Company. The new shares shall be negotiable instruments and issued in the holder's name and shall be registered in the Company's Register of Shareholders. No shareholder shall be obliged to have the shares redeemed

	rettigheder i Selskabet fra det tidspunkt, som fastsættes af bestyrelsen i forhøjelsesbeslutningen.	fully or partly. The new shares shall give rights to dividends and other rights in the Company from the time which is determined by the board of directors in connection with the decision to increase the share capital.
7.5	Bestyrelsen er bemyndiget til at fastsætte de nærmere vilkår for kapitalforhøjelser i henhold til ovennævnte bemyndigelser. Bestyrelsen er endvidere bemyndiget til at foretage de ændringer i vedtægterne som måtte være nødvendige som følge af bestyrelsens udnyttelse af ovenstående bemyndigelser.	The board of directors is authorized to stipulate detailed terms and conditions governing capital increases under the authority given above. The board of directors is also authorized to amend these Articles of Association as required in connection with its use of such authority.
8	Bemyndigelse til udstedelse af warrants	Authorization to issuance of warrants
8.1	På et bestyrelsesmøde i Selskabet afholdt den 1. april 2014 vedtog Selskabets bestyrelse at udstede warrants (2014-1 employee incentive program) i henhold til bemyndigelse, som udløb den 2. november 2015, svarende til nominelt DKK 100.000 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed, i henhold til bemyndigelse, som udløb den 2. november 2015. Det konkrete antal warrants tildelt udgør 100.000. De fuldstændige vilkår for warrants er vedlagt som 8.1.f. Bilag 8.1.f udgør en integreret del af nærværende vedtægter. 28.000 warrants er udnyttet den 14. december 2018 og 72.000 warrants er udnyttet den 15. marts 2019, og hermed er alle warrants udnyttet.	At a meeting of the board of directors of the Company held on 1 April 2014, the board of directors of the Company resolved to issue warrants (2014-1 employee incentive program) pursuant to an authorization which expired on 2 November 2015, corresponding to a nominal amount of DKK 100,000 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith pursuant to an authorization which expired on 2 November 2015. The final number of warrants granted is 100,000. The complete terms of the warrants are attached as Schedule 8.1.f. Schedule 8.1.f constitutes an integrated part of these Articles of Association. 28,000 warrants were exercised on 14 December 2018 and 72,000 warrants were exercised on 15 March 2019, and

	thus all warrants were exercised.
På et bestyrelsesmøde i Selskabet afholdt den 25. marts 2015 vedtog Selskabets bestyrelse at udstede warrants (2015-1 employee incentive program) i henhold til bemyndigelse, som udløb den 2. november 2015, svarende til nominelt DKK 100.000 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed i henhold til bemyndigelse, som udløb den 2. november 2015. Det konkrete antal warrants tildelt udgør 100.000. De fuldstændige vilkår for warrants er vedlagt som bilag 8.1.g. Bilag 8.1.g udgør en integreret del af nærværende vedtægter. 35.000 warrants er udnyttet den 13. september 2019, og 33.000 warrants er udnyttet den 22. november 2019. Som følge af udnyttelse af warrants, er det udestående antal warrants, der kan udnyttes, reduceret til 32.000 warrants.	At a meeting of the board of directors of the Company held on 25 March 2015, the board of directors of the Company resolved to issue warrants (2015-1 employee incentive program) pursuant to an authorization which expired on 2 November 2015, corresponding to a nominal amount of DKK 100,000 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith pursuant to an authorization which expired on 2 November 2015. The final number of warrants granted is 100,000. The complete terms of the warrants are attached as Schedule 8.1.g. Schedule 8.1.g constitutes an integrated part of these Articles of Association. 35,000 warrants were exercised on 13 September 2019, and 33,000 warrants were exercised on 22 November 2019. As a result of exercise of warrants, the number of warrants available for exercise has been reduced to 32,000 warrants.
På et bestyrelsesmøde i Selskabet afholdt den 5. maj 2015 vedtog Selskabets bestyrelse at udstede warrants (2015-4 employee incentive program) i henhold til bemyndigelse, som udløb den 2. november 2015, svarende til nominelt DKK 46.359 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed i henhold til bemyndigelse, som udløb den 2. november 2015. Det konkrete antal	At a meeting of the board of directors of the Company held on 5 May 2015, the board of directors of the Company resolved to issue warrants (2015-4 employee incentive program) pursuant to an authorization which expired on 2 November 2015, corresponding to a nominal amount of DKK 46,359 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith pursuant to an authorization which expired on 2 November 2015. The final number of warrants granted is

	warrants tildelt udgør 46.359. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4. Bilag 8.4 udgør en integreret del af nærværende vedtægter. 12.000 warrants er udnyttet den 23. august 2019, 12.000 warrants er udnyttet den 13. september 2019, og 12.000 warrants er udnyttet den 22. november 2019. Som følge af udnyttelse af warrants, er det udestående antal warrants, der kan udnyttes, reduceret til 10.359 warrants.	46,359. The complete terms of the warrants are attached as Schedule 8.4. Schedule 8.4 constitutes an integrated part of these Articles of Association. 12,000 warrants were exercised on 23 August 2019, 12,000 warrants were exercised on 13 September 2019, and 12,000 warrants were exercised on 22 November 2019. As a result of exercise of warrants, the number of warrants available for exercise has been reduced to 10,359 warrants.
8.2	Alle aktier, der ved udnyttelse af warrants udstedt i henhold til § 8.1 skal være omsætningspapirer og navneaktier og noteres i Selskabets ejerbog.	The shares subscribed for by exercise of the warrants issued pursuant to article 8.1 shall be negotiable instruments and issued in the holder's name and shall be registered in the Company's Register of Shareholders.
	De nye aktier skal være ligestillet med den bestående aktiekapital. Ingen aktionær skal være forpligtet til at lade sine aktier indløse helt eller delvist. De nye aktier skal give ret til udbytte og andre rettigheder i Selskabet fra det tidspunkt, som fastsættes af bestyrelsen i forhøjelsesbeslutningen.	The new shares shall have the same rights as the existing shares of the Company. No shareholder shall be obliged to have the shares redeemed fully or partly. The new shares shall give rights to dividends and other rights in the Company from the time which is determined by the board of directors in connection with the decision to increase the share capital.
8.3	Bestyrelsen er bemyndiget til at ændre nærværende vedtægter i tilfælde af udnyttelse af de givne bemyndigelser eller warrants.	The board of directors is authorized to amend these Articles of Association as a consequence of applying the authorizations granted or the exercise of warrants.
8.4	Bestyrelsen er i perioden indtil den 21. april 2020 bemyndiget til ad en eller flere gange at udstede warrants med	During the period until 21 April 2020 the board of directors is authorized to issue at one or more times warrants

ret til at tegne op til nominelt DKK 2.750.000 aktier i Selskabet. Selskabets aktionærer skal ikke have fortegningsret ved bestyrelsens udnyttelse af denne bemyndigelse. De nærmere vilkår fastsættes af bestyrelsen. Bestyrelsen fastsætter selv udnyttelseskursen samt øvrige vilkår for warrants, dog således at udnyttelseskursen som minimum skal svare til markedskursen på tidspunktet for udstedelsen af warrants, medmindre disse udstedes til Selskabets medarbejdere.	with a right to subscribe for shares up to an aggregate amount of nominally DKK 2,750,000 shares in the Company. The shareholders of the Company will not have pre-emptive subscription rights when the Board of Directors exercises this authorization. The specific terms and conditions in this respect are to be determined by the Board of Directors. The Board of Directors determines, at its own discretion, the exercise price as well as other terms and conditions for the warrants, always provided that the exercise price as a minimum corresponds to the market price at the time of issuance of the warrants, unless these are issued to the Company's employees.
Bestyrelsen kan efter de til enhver tid gældende regler i selskabsloven 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 adgangen 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.	Pursuant to the provisions of the Danish Companies Act in force from time to time, the Board of Directors may reapply or reissue any lapsed non-exercised warrants, provided that such reapplication or reissue is made under the terms and conditions and within the time limits specified under this authority. Reapplication means the right of the Board of Directors to let another contractual party become a party to an already existing agreement on warrants. Reissue means the possibility for the Board of Directors to reissue new warrants under the same authorization if those already issued have lapsed.
Bestyrelsen er i perioden indtil den 21. april 2020 endvidere bemyndiget til ad en eller flere gange at forhøje Selskabets aktiekapital med op til	During the period until 21 April 2020, the Board of Directors is also authorized to increase at one or more times the Company's share capital by

nominelt DKK 2.750.000 aktier ved kontant indbetaling i forbindelse med udnyttelse af warrants eller et sådant beløb som måtte følge af en eventuel regulering af antallet af warrants ved ændringer i Selskabets kapitalforhold. Selskabets aktionærer skal ikke have fortegningsret til aktier som udstedes ved udnyttelse af udstedte warrants.

up to nominally DKK 2,750,000 shares by cash payment in connection with the exercise of the warrants or such an amount caused by an adjustment (if any) in the number of warrants due to changes in the capital structure, without pre-emptive subscription rights for the shareholders of the Company to shares issued by exercise of the issued warrants.

På et bestyrelsesmøde i Selskabet afholdt den 5. maj 2015 vedtog Selskabets bestyrelse at udstede warrants (2015-2 employee incentive program) svarende til nominelt DKK 366.250 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Det konkrete antal warrants tildelt udgør 366.250. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4. Bilag 8.4 udgør en integreret del af nærværende vedtægter. 25.550 warrants udstedt under dette program er pr. 13. december 2019 bortfaldet. 7.500 warrants er udnyttet den 14. september 2018, 18.250 warrants er udnyttet den 5. april 2019, 45.539 warrants er udnyttet den 28. maj 2019, 89.315 warrants er udnyttet den 14. juni 2019, 4.500 warrants er udnyttet den 23. august 2019, 10.671 warrants er udnyttet den 13. september 2019, 57,925 warrants er udnyttet den 22. november 2019, og 16.350 warrants er udnyttet den 13. december 2019. Som følge af dels udnyttelse dels bortfald af warrants, er det udestående antal warrants, der kan udnyttes, reduceret til 90.650 warrants.

At a meeting of the board of directors of the Company held on 5 May 2015, the board of directors of the Company resolved to issue warrants (2015-2 employee incentive program) corresponding to a nominal amount of DKK 366,250 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The final number of warrants granted is 366,250. The complete terms of the warrants are attached as Schedule  8.4. Schedule 8.4 constitutes an integrated part of these Articles of Association. 25,550 warrants issued under this program has lapsed per 13 December 2019. 7,500 warrants were exercised on 14 September 2018, 18,250 warrants were exercised on 5 April 2019, 45,539 warrants were exercised on 28 May 2019, 89,315 warrants were exercised on 14 June 2019,  4,500 warrants were exercised on 23 August 2019, 10,671 warrants were exercised on 13 September 2019, 57,925 warrants were exercised on 22 November 2019, and 16,350 warrants were exercised on 13 December 2019. As a result of exercise/lapse of warrants, the number of warrants available for exercise has been reduced

	to 90,650 warrants.
På et bestyrelsesmøde i Selskabet afholdt den 5. maj 2015 vedtog Selskabets bestyrelse at udstede warrants (2015-3 employee incentive program) svarende til nominelt DKK 100.000 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Samtlige warrants udstedt under dette program er pr. 28. februar 2019 bortfaldet. Som følge af bortfald af warrants ophæves bilag 8.4.a.	At a meeting of the board of directors of the Company held on 5 May 2015, the board of directors of the Company resolved to issue warrants (2015-3 employee incentive program) corresponding to a nominal amount of DKK 85,434 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. All warrants issued under this program have lapsed per 28 February 2019. As a result of lapse of warrants, Schedule 8.4.a is terminated.
På et bestyrelsesmøde i Selskabet afholdt den 5. april 2016 vedtog Selskabets bestyrelse at udstede warrants (2016-1 employee incentive program) svarende til nominelt DKK 347.250 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Det konkrete antal warrants tildelt udgør 347.250. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4.b. Bilag 8.4.b udgør en integreret del af nærværende vedtægter. 65.750 warrants udstedt under dette program er pr. 13. december 2019 bortfaldet. 1.500 warrants er udnyttet den 13. september 2019, 55.300 warrants er udnyttet den 22. november 2019, og 14.625 warrants er udnyttet den 13. december 2019. Som følge af dels udnyttelse, dels bortfald af warrants, er det udestående antal warrants, der kan udnyttes, reduceret til 210.075 warrants.	At a meeting of the board of directors of the Company held on 5 April 2016, the board of directors of the Company resolved to issue warrants (2016-1 employee incentive program) corresponding to a nominal amount of DKK 347,250 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The final number of warrants granted is 347,250. The complete terms of the warrants are attached as Schedule 8.4.b. Schedule 8.4.b constitutes an integrated part of these Articles of Association. 65,750 warrants issued under this program has lapsed per 13 December 2019. 1,500 warrants were  exercised on 13 September 2019, 55,300 warrants were exercised on 22 November 2019, and 14,625 warrants were exercised on 13 December 2019. As a result of exercise/lapse of warrants, the number of warrants available for exercise has been reduced

	to 210,075 warrants.
På et bestyrelsesmøde i Selskabet afholdt den 5. april 2016 vedtog Selskabets bestyrelse at udstede warrants (2016-2 employee incentive program) svarende til nominelt DKK 85.434 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Samtlige warrants udstedt under dette program er pr. 28. februar 2019 bortfaldet. Som følge af bortfald af warrants ophæves bilag 8.4.c.	At a meeting of the board of directors of the Company held on 5 April 2016, the board of directors of the Company resolved to issue warrants (2016-2 employee incentive program) corresponding to a nominal amount of DKK 85,434 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. All warrants issued under this program have lapsed per 28 February 2019. As a result of lapse of warrants, Schedule 8.4.c is terminated.
På et bestyrelsesmøde i Selskabet afholdt den 15. juli 2016 vedtog Selskabets bestyrelse at udstede warrants (2016-3 employee incentive program) svarende til nominelt DKK 40.000 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Det konkrete antal warrants tildelt udgør 40.000. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4.d. Bilag 8.4.d udgør en integreret del af nærværende vedtægter.  Samtlige warrants udstedt under dette program er pr. 13. december 2019 bortfaldet. Som følge af bortfald af warrants ophæves bilag 8.4.d.	At a meeting of the board of directors of the Company held on 15 July 2016, the board of directors of the Company resolved to issue warrants (2016-3 employee incentive program) corresponding to a nominal amount of DKK 40,000 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The final number of warrants granted is 40,000. The complete terms of the warrants are attached as Schedule 8.4.d. Schedule 8.4.d constitutes an integrated part of these Articles of Association.  All warrants issued under this program have lapsed per 13 December 2019. As a result of lapse of warrants, Schedule 8.4.d is terminated.
På et bestyrelsesmøde i Selskabet afholdt den 6. april 2017 vedtog Selskabets bestyrelse at udstede warrants (2017-1 employee incentive program) svarende til nominelt DKK 424.000 aktier; og bestyrelsen vedtog	At a meeting of the board of directors of the Company held on 6 April 2017, the board of directors of the Company resolved to issue warrants (2017-1 employee incentive program) corresponding to a nominal amount of

samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Det konkrete antal warrants tildelt udgør 424.000. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4.e. Bilag 8.4.e udgør en integreret del af nærværende vedtægter. 131.750 warrants udstedt under dette program er pr. 13. december 2019 bortfaldet. Som følge af bortfald af warrants, er det udestående antal warrants, der kan udnyttes, reduceret til 292.250 warrants.	DKK 424,000 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The final number of warrants granted is 424,000. The complete terms of the warrants are attached as Schedule 8.4.e. Schedule 8.4.e constitutes an integrated part of these Articles of Association. 131,750 warrants issued under this program has lapsed per 13 December 2019. As a result of lapse of warrants, the number of warrants available for exercise has been reduced to 292,250 warrants.
På et bestyrelsesmøde i Selskabet afholdt den 6. april 2017 vedtog Selskabets bestyrelse at udstede warrants (2017-2 employee incentive program) svarende til nominelt DKK 93.392 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Samtlige warrants udstedt under dette program er pr. 28. februar 2019 bortfaldet. Som følge af bortfald af warrants ophæves bilag 8.4.f.	At a meeting of the board of directors of the Company held on 6 April 2017, the board of directors of the Company resolved to issue warrants (2017-2 employee incentive program) corresponding to a nominal amount of DKK 93,392 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. All warrants issued under this program have lapsed per 28 February 2019. As a result of lapse of warrants, Schedule 8.4.f is terminated.
På et bestyrelsesmøde i Selskabet afholdt den 25. august 2017 vedtog Selskabets bestyrelse at udstede warrants (2017-3 employee incentive program) svarende til nominelt DKK 14.566 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Samtlige warrants udstedt under dette program er pr. 28. februar 2019 bortfaldet. Som følge af bortfald	At a meeting of the board of directors of the Company held on 25 August 2017, the board of directors of the Company resolved to issue warrants (2017-3 employee incentive program) corresponding to a nominal amount of DKK 14,566 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. All warrants issued under this program have lapsed per 28 February 2019. As

af warrants ophæves bilag 8.4.g.	a result of lapse of warrants, Schedule 8.4.g is terminated.
På et bestyrelsesmøde i Selskabet afholdt den 25. august 2017 vedtog Selskabets bestyrelse at udstede warrants (2017-4 employee incentive program) svarende til nominelt DKK 6.608 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Samtlige warrants udstedt under dette program er pr. 28. februar 2019 bortfaldet. Som følge af bortfald af warrants ophæves bilag 8.4.h.	At a meeting of the board of directors of the Company held on 25 August 2017, the board of directors of the Company resolved to issue warrants (2017-4 employee incentive program) corresponding to a nominal amount of DKK 6,608 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. All warrants issued under this program have lapsed per 28 February 2019. As a result of lapse of warrants, Schedule 8.4.h is terminated.
På et bestyrelsesmøde i Selskabet afholdt den 22. maj 2018 vedtog Selskabets bestyrelse at udstede warrants (2018-1 employee incentive program) svarende til nominelt DKK 515.500 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Det konkrete antal warrants tildelt udgør 515.500. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4.i. Bilag 8.4.i udgør en integreret del af nærværende vedtægter. 97.500 warrants udstedt under dette program er pr. 13. december  2019 bortfaldet. Som følge af bortfald af warrants, er det udestående antal warrants, der kan udnyttes, reduceret til 418.000 warrants.	At a meeting of the board of directors of the Company held on 22 May 2018, the board of directors of the Company resolved to issue warrants (2018-1 employee incentive program) corresponding to a nominal amount of DKK 515,500 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The final number of warrants granted is 515,500. The complete terms of the warrants are attached as Schedule 8.4.i. Schedule 8.4.i constitutes an integrated part of these Articles of Association. 97,500 warrants issued under this program has lapsed per 13 December  2019. As a result of lapse of warrants, the number of warrants available for exercise has been reduced to 418,000 warrants.
	At a meeting of the board of directors of the Company held on 22 May 2018, the board of directors of the Company

På et bestyrelsesmøde i Selskabet afholdt den 22. maj 2018 vedtog Selskabets bestyrelse at udstede warrants (2018-1 employee incentive program) svarende til nominelt DKK 100.000 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Samtlige warrants udstedt under dette program er pr. 28. februar 2019 bortfaldet. Som følge af bortfald af warrants ophæves bilag 8.4.j.	resolved to issue warrants (2018-1 employee incentive program) corresponding to a nominal amount of DKK 100,000 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. All warrants issued under this program have lapsed per 28 February 2019. As a result of lapse of warrants, Schedule 8.4.j is terminated.
På et bestyrelsesmøde i Selskabet afholdt den 15. oktober 2018 vedtog Selskabets bestyrelse at udstede warrants (2018-2 employee incentive program) svarende til nominelt DKK 40.000 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Det konkrete antal warrants tildelt udgør 40.000. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4.k. Bilag 8.4.k udgør en integreret del af nærværende vedtægter.	At a meeting of the board of directors of the Company held on 15 October 2018, the board of directors of the Company resolved to issue warrants (2018-2 employee incentive program) corresponding to a nominal amount of DKK 40,000 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The final number of warrants granted is 40,000. The complete terms of the warrants are attached as Schedule 8.4.k. Schedule 8.4.k constitutes an integrated part of these Articles of Association.
På et bestyrelsesmøde i Selskabet afholdt den 10. april 2019 vedtog Selskabets bestyrelse at udstede warrants (2019-1 employee incentive program) svarende til nominelt DKK 397.750 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Det konkrete antal warrants tildelt udgør 397.750. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4.l. Bilag 8.4.l udgør en integreret	At a meeting of the board of directors of the Company held on 10 April 2019, the board of directors of the Company resolved to issue warrants (2019-1 employee incentive program) corresponding to a nominal amount of DKK 397,750 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The final number of warrants granted is 397,750. The complete terms of the warrants are attached as Schedule 8.4.l. Schedule 8.4.l constitutes an

del af nærværende vedtægter. 17.500 warrants udstedt under dette program er pr. 13. december  2019 bortfaldet. Som følge af bortfald af warrants, er det udestående antal warrants, der kan udnyttes, reduceret til 380.250 warrants.	integrated part of these Articles of Association. 17,500 warrants issued under this program has lapsed per 13 December  2019. As a result of lapse of warrants, the number of warrants available for exercise has been reduced to 380,250 warrants.
På et bestyrelsesmøde i Selskabet afholdt den 13. juni 2019 vedtog Selskabets bestyrelse at udstede warrants (2019-2 employee incentive program) svarende til nominelt DKK 168.388 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Det konkrete antal warrants tildelt udgør 168.388. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4.m. Bilag 8.4.m udgør en integreret del af nærværende vedtægter. 26.716 warrants udstedt under dette program er pr. 13. december  2019 bortfaldet. Som følge af bortfald af warrants, er det udestående antal warrants, der kan udnyttes, reduceret til 141.672 warrants.	At a meeting of the board of directors of the Company held on 13 June 2019, the board of directors of the Company resolved to issue warrants (2019-2 employee incentive program) corresponding to a nominal amount of DKK 168,388 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The final number of warrants granted is 168,388. The complete terms of the warrants are attached as Schedule 8.4.m. Schedule 8.4.m constitutes an integrated part of these Articles of Association. 26,716 warrants issued under this program has lapsed per 13 December 2019. As a result of lapse of warrants, the number of warrants available for exercise has been reduced to 141,672 warrants.
På et bestyrelsesmøde i Selskabet afholdt den 13. juni 2019 vedtog Selskabets bestyrelse at udstede warrants (2019-3 employee incentive program) svarende til nominelt DKK 25.976 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse	At a meeting of the board of directors of the Company held on 13 June 2019, the board of directors of the Company resolved to issue warrants (2019-3 employee incentive program) corresponding to a nominal amount of DKK 25,976 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The final number of warrants granted is 25,976. The complete terms of the warrants are attached as Schedule

	dermed. Det konkrete antal warrants tildelt udgør 25.976. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4.n. Bilag 8.4.n udgør en integreret del af nærværende vedtægter.	8.4.n. Schedule 8.4.n constitutes an integrated part of these Articles of Association.
	På et bestyrelsesmøde i Selskabet afholdt den 5. december 2019 vedtog Selskabets bestyrelse at udstede warrants (2019-4 employee incentive program) svarende til nominelt DKK 48.915 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Det konkrete antal warrants tildelt udgør 48.915. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4.o. Bilag 8.4.o udgør en integreret del af nærværende vedtægter.	At a meeting of the board of directors of the Company held on 5 December 2019, the board of directors of the Company resolved to issue warrants (2019-4 employee incentive program) corresponding to a nominal amount of DKK 48,915 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The final number of warrants granted is 48,915. The complete terms of the warrants are attached as Schedule 8.4.0. Schedule 8.4.0 constitutes an integrated part of these Articles of Association.
	Som følge af dels udstedelse af warrants dels bortfald af warrants, er det udestående antal warrants, der kan udstedes i henhold til bemyndigelsen i nærværende § 8.4, ændret til 780.737 warrants.	As a result of issuance/lapse of warrants, the number of warrants available for issuance under the authorization in this article 8.4 has been changed to 780,737 warrants.
8.5	Alle aktier, der tegnes ved udnyttelse af warrants udstedt i henhold til § 8.4, skal være omsætningspapirer og navneaktier og noteres i Selskabets ejerbog.	The shares subscribed for by exercise of the warrants issued pursuant to article 8.4 shall be negotiable instruments and issued in the holder's name and shall be registered in the Company's Register of Shareholders.
	De nye aktier skal være ligestillet med den bestående aktiekapital. Ingen aktionær skal være forpligtet til at lade sine aktier indløse helt eller delvist. De nye aktier skal give ret til udbytte og andre rettigheder i Selskabet fra det	The new shares shall have the same rights as the existing shares of the Company. No shareholder shall be obliged to have the shares redeemed fully or partly. The new shares shall give rights to dividends and other rights in the Company from the time which is determined by the Board of

	tidspunkt, som fastsættes af bestyrelsen i forhøjelsesbeslutningen.	Directors in connection with the decision to increase the share capital.
8.6	Bestyrelsen er bemyndiget til at ændre nærværende vedtægter i tilfælde af udnyttelse af de givne bemyndigelser eller warrants.	The board of directors is authorized to amend these Articles of Association as a consequence of applying the authorizations granted or the exercise of warrants.
8.7	Bestyrelsens bemyndigelse til at udstede warrants i henhold til § 8.4 er udløbet.	The board of directors' authorization to issue warrants under article 8.4 has expired.
8.8	Bestyrelsen er i perioden indtil den 2. april 2021 bemyndiget til ad en eller flere gange at udstede warrants med ret til at tegne op til nominelt DKK 821.544 aktier i Selskabet. Selskabets aktionærer skal ikke have fortegningsret ved bestyrelsens udnyttelse af denne bemyndigelse. De nærmere vilkår fastsættes af bestyrelsen. Bestyrelsen fastsætter selv udnyttelseskursen samt øvrige vilkår for warrants, dog således at udnyttelseskursen som minimum skal svare til markedskursen på tidspunktet for udstedelsen af warrants, medmindre disse udstedes til Selskabets medarbejdere.	During the period until 2 April 2021 the board of directors is authorized to issue at one or more times warrants with a right to subscribe for shares up to an aggregate amount of nominally DKK 821,544 shares in the Company. The shareholders of the Company will not have pre-emptive subscription rights when the Board of Directors exercises this authorization. The specific terms and conditions in this respect are to be determined by the Board of Directors. The Board of Directors determines, at its own discretion, the exercise price as well as other terms and conditions for the warrants, always provided that the exercise price as a minimum corresponds to the market price at the time of issuance of the warrants, unless these are issued to the Company's employees.
	Bestyrelsen kan efter de til enhver tid gældende regler i selskabsloven genanvende eller genudstede eventuelle bortfaldne ikke udnyttede warrants, forudsat at genanvendelsen eller	Pursuant to the provisions of the Danish Companies Act in force from time to time, the Board of Directors may reapply or reissue any lapsed non-exercised warrants, provided that such reapplication or reissue is made under

	genudstedelsen finder sted inden for de vilkår og tidsmæssige begrænsninger, der fremgår af denne bemyndigelse. Ved genanvendelse forstås adgangen 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.	the terms and conditions and within the time limits specified under this authority. Reapplication means the right of the Board of Directors to let another contractual party become a party to an already existing agreement on warrants. Reissue means the possibility for the Board of Directors to reissue new warrants under the same authorization if those already issued have lapsed.
	Bestyrelsen er i perioden indtil den 2. april 2021 endvidere bemyndiget til ad en eller flere gange at forhøje Selskabets aktiekapital med op til nominelt DKK 821.544 aktier ved kontant indbetaling i forbindelse med udnyttelse af warrants eller et sådant beløb som måtte følge af en eventuel regulering af antallet af warrants ved ændringer i Selskabets kapitalforhold. Selskabets aktionærer skal ikke have fortegningsret til aktier som udstedes ved udnyttelse af udstedte warrants.	During the period until 2 April 2021, the Board of Directors is also authorized to increase at one or more times the Company's share capital by up to nominally DKK 821,544 shares by cash payment in connection with the exercise of the warrants or such an amount caused by an adjustment (if any) in the number of warrants due to changes in the capital structure, without pre-emptive subscription rights for the shareholders of the Company to shares issued by exercise of the issued warrants.
8.9	Alle aktier, der tegnes ved udnyttelse af warrants udstedt i henhold til § 8.8, skal være omsætningspapirer og navneaktier og noteres i Selskabets ejerbog.	The shares subscribed for by exercise of the warrants issued pursuant to article 8.8 shall be negotiable instruments and issued in the holder's name and shall be registered in the Company's Register of Shareholders.
	De nye aktier skal være ligestillet med den bestående aktiekapital. Ingen aktionær skal være forpligtet til at lade sine aktier indløse helt eller delvist. De nye aktier skal give ret til udbytte og andre rettigheder i Selskabet fra det tidspunkt, som fastsættes af bestyrelsen i forhøjelsesbeslutningen.	The new shares shall have the same rights as the existing shares of the Company. No shareholder shall be obliged to have the shares redeemed fully or partly. The new shares shall give rights to dividends and other rights in the Company from the time which is determined by the Board of

8.10	Bestyrelsen er bemyndiget til at ændre nærværende vedtægter i tilfælde af udnyttelse af de givne bemyndigelser eller warrants.	Directors in connection with the decision to increase the share capital. The board of directors is authorized to amend these Articles of Association as a consequence of applying the authorizations granted or the exercise of warrants.
9	Generalforsamling	General Meetings
9.1	Generalforsamlinger afholdes i Storkøbenhavn.	General meetings of the Company shall be held in Greater Copenhagen.
9.2	Ordinære generalforsamlinger skal afholdes i så god tid, at den reviderede og godkendte årsrapport kan indsendes og være modtaget i Erhvervsstyrelsen senest fire måneder efter regnskabsårets udløb.	Annual general meetings shall be held early enough for the audited and adopted annual report to be submitted to and received by the Danish Business Authority not later than four months after the closing of the financial year.
9.3	Bestyrelsen skal senest otte uger før dagen for den påtænkte afholdelse af den ordinære generalforsamling offentliggøre datoen for afholdelsen af generalforsamlingen samt datoen for den seneste fremsættelse af krav om optagelse af et bestemt emne på dagsordenen for aktionærerne, jf. punkt 9.4.	Not later than eight weeks before the date set for the annual general meeting the board of directors shall announce the date on which it intends to hold the general meeting as well as the date by which requests filed by shareholders wishing to have specific items included on the agenda, cf. article 9.4.
9.4	Forslag fra aktionærerne til behandling på den ordinære generalforsamling skal være skriftligt fremsat til bestyrelsen senest seks uger før generalforsamlingens afholdelse. Modtager bestyrelsen et forslag senere end seks uger før generalforsamlingens afholdelse, afgør bestyrelsen, om forslaget er fremsat i så god tid, at emnet alligevel kan optages på dagsordenen.	Proposals from shareholders for consideration by the annual general meeting shall be submitted to the board of directors in writing not later than six weeks before the date of the general meeting. In the event that the board of directors receives a proposal later than six weeks before the general meeting, the board of directors shall decide whether it was received in time for it to be included on the agenda nonetheless.

9.5	Ekstraordinær generalforsamling afholdes efter en generalforsamlings beslutning, bestyrelsens beslutning, når det kræves af Selskabets revisor, eller når det til behandling af et bestemt emne skriftligt kræves af aktionærer, der ejer mindst 5 % af aktiekapitalen.	An extraordinary general meeting shall be held when decided by a general meeting, the board of directors or requested by the Company's auditor as well as when requested in writing by shareholders holding at least 5 % of the share capital for consideration of a specific issue.
9.6	Alle dokumenter til brug for Selskabets generalforsamlinger i forbindelse med eller efter generalforsamlingen, herunder indkaldelsen og forhandlingsprotokollen, skal alene udarbejdes på engelsk.	All documents prepared for use by or for a general meeting of the Company in connection with or after the general meeting, including the notice and the minutes, must be prepared in English only.
9.7	Generalforsamlinger skal indkaldes med højst fem ugers og mindst tre ugers varsel. Indkaldelse til ekstraordinær generalforsamling skal ske senest 14 dage efter, at bestyrelsen har modtaget behørig anmodning herom.	General meetings shall be convened with a maximum notice of five weeks and a minimum notice of three weeks. An extraordinary general meeting shall be convened within 14 days after a proper request has been received by the board of directors.
9.8	Bestyrelsen skal indkalde til generalforsamling ved bekendtgørelse indrykket i Erhvervsstyrelsens it-system samt ved offentliggørelse på Selskabets hjemmeside (www.zealandpharma.com).	The board of directors shall convene general meetings by publication in the computer information system of the Danish Business Authority and by posting on the Company's website (www.zealandpharma.com).
9.9	Indkaldelsesvarslet regnes fra den første bekendtgørelse. Indkaldelse sker endvidere ved meddelelse til alle noterede aktionærer i ejerbogen, som har fremsat begæring herom, til den adresse, herunder e-mailadresse, jf. punkt 12, de har opgivet til Selskabet.  Er oplysningerne i ejerbogen utilstrækkelige eller mangelfulde, har bestyrelsen ingen pligt til at søge disse	The length of the notice shall be reckoned from the first advertisement. General meetings shall moreover be convened by sending a notice to all shareholders entered in the Company's Register of Shareholders having so requested, to the address, including the e-mail address, cf. article 12, informed to the Company. If the information contained in the Register of

	berigtiget eller til at indkalde på anden måde.	Shareholders is insufficient or incorrect, the board of directors shall not be obliged to rectify the information or to give notice in any other way.
9.10	Indkaldelsen skal som minimum indeholde:	The notice shall as a minimum include:

(1)	Tid og sted for generalforsamlingen, samt hvilke emner der skal behandles på generalforsamlingen. Såfremt der på generalforsamlingen skal behandles forslag til vedtægtsændringer, skal forslagets væsentligste indhold angives i indkaldelsen.	(1)	Time and place for the general meeting and the issues to be considered at the general meeting. If the general meeting is to consider a proposal to amend the Articles of Association, then the notice shall specify the material content of the proposal.
(2)	En beskrivelse af aktiekapitalens størrelse og aktionærernes stemmeret.	(2)	The amount of the share capital and the voting rights of the shareholders.
(3)	Den i vedtægternes punkt 10.2 nævnte registreringsdato med en tydeliggørelse af, at det alene er selskaber eller personer, der på denne dato er aktionærer i Selskabet, der har ret til at deltage i og stemme på generalforsamlingen.	(3)	The registration date stated in article 10.2 with a clear indication that only companies or persons holding shares in the Company as at said date shall be entitled to attend and vote at the general meeting.
(4)	Angivelse af hvor og hvordan den komplette, uforkortede tekst til de dokumenter, der skal fremlægges på generalforsamlingen, dagsordenen og de fuldstændige forslag kan fås, herunder den nøjagtige internetadresse til Selskabets hjemmeside, hvor dagsordenen og de dokumenter nævnt i punkt 12.2 vil blive gjort tilgængelige.	(4)	An indication of where and how to obtain the full, unbridged text of the documents to be presented at the general meeting, the agenda and the complete proposals, including the exact internet address of the Company's website where the agenda and the other documents mentioned in article 12.2 will be made available.

(5)	Proceduren for stemmeafgivelse ved fuldmagt, brev og ved elektronisk stemmeafgivelse, herunder at der vil blive stillet en fuldmagtsblanket til rådighed for enhver stemmeberettiget aktionær.	(5)	The procedure for voting by proxy, by postal and by electronic means, and the Company will make a proxy form available for the shareholders that are entitled to vote.
(6)	Såfremt generalforsamlingen gennemføres elektronisk eller delvis elektronisk, jf. punkt 11.1, skal indkaldelsen tillige indeholde oplysninger derom samt om tilmelding og de nærmere krav til de elektroniske systemer som vil blive anvendt. Indkaldelsen skal angive, at oplysninger om fremgangsmåden ved elektronisk generalforsamling vil kunne findes på Selskabets hjemmeside.	(6)	If the general meeting is conducted by electronic means or partly by electronic means, cf. article 11.1 this shall be stated in the convening notice together with the details on how to sign up and what the requirements are to the electronic systems that will be used. The convening notice shall point out that detailed information about the procedure will be available on the Company's website.

9.11	Generalforsamlingen afholdes på engelsk, uden at der sker simultantolkning til dansk.	The general meeting is held in English without simultaneous translation to Danish.
9.12	Senest tre uger før generalforsamlingen skal følgende oplysninger som minimum være tilgængelige på Selskabets hjemmeside:	Not later than three weeks prior to a general meeting the following information, as minimum, shall be available on the Company's website:

(1)	Indkaldelsen.	(1)	The notice.
(2)	Det samlede antal aktier og stemmerettigheder på datoen for indkaldelsen.	(2)	The total number of shares and voting rights on the date of the notice.
(3)	De dokumenter, der skal fremlægges på generalforsamlingen, herunder for den ordinære generalforsamlings	(3)	The documents to be submitted to the general meeting, including with respect to the annual general meeting the audited

	vedkommende den reviderede årsrapport.		annual report.
(4)	Dagsordenen og de fuldstændige forslag.	(4)	The agenda and complete proposals.
(5)	De formularer, der skal anvendes ved stemmeafgivelse ved fuldmagt og ved brev.	(5)	The forms to be used for voting by proxy or postal.

9.13 Dagsordenen for den ordinære generalforsamling skal omfatte: The agenda of the annual meeting shall include:

(1)	Bestyrelsens beretning om Selskabets virksomhed i det forløbne regnskabsår.	(1)	A report from the board of directors on the Company's activities in the past financial year.
(2)	Godkendelse af den reviderede årsrapport.	(2)	Approval of the audited annual report.
(3)	Beslutning om anvendelse af overskud eller dækning af underskud i henhold til den godkendte årsrapport.	(3)	A resolution on the distribution of profit or the cover of loss in accordance with the annual report adopted.
(4)	Valg af medlemmer til bestyrelsen.	(4)	Election of members to the board of directors.
(5)	Valg af revisor.	(5)	Election of auditor.
(6)	Bemyndigelse til erhvervelse af egne aktier.	(6)	Authorization to acquire the Company's own shares.
(7)	Eventuelle forslag fra bestyrelse eller aktionærer.	(7)	Any proposals submitted by the board of directors or by shareholders.
(8)	Eventuelt.	(8)	Any other business.

9.14 Forhandlingerne på generalforsamlingen ledes af en dirigent, der udpeges af bestyrelsen. Dirigenten afgør alle spørgsmål A chairman of the meeting appointed by the board of directors shall preside over the proceedings at general meetings and decide upon all questions

	vedrørende emnernes behandling, stemmeafgivning og stemmeresultaterne.	of procedure, voting and voting results.
9.15	Et referat af generalforsamlingen indføres i en protokol. Referatet skal underskrives af dirigenten og af bestyrelsens formand. Senest to uger efter generalforsamlingens afholdelse skal generalforsamlingsprotokollen eller en bekræftet udgave af denne gøres tilgængelig for Selskabets aktionærer.	The proceedings at a general meeting shall be recorded in a minute book and be signed by the chairman of the general meeting and the chairman of the board of directors. Not later than two weeks after the general meeting the minute book, or a certified transcript of the minute book, shall be made available to the Company's shareholders.
9.16	Generalforsamlingsprotokollen skal for hver beslutning som udgangspunkt indeholde en fuldstændig redegørelse for afstemningen, derunder 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) det samlede antal af stemmer for og imod hvert beslutningsforslag og (v) antallet af eventuelle stemmeundladelser.	As a general rule, for each resolution made at the general meeting the minute book of the general meeting must set out at a minimum the full details of the voting including information on (i) the total number of shares for which valid votes were cast, (ii) the proportion of the share capital accounted for by these votes, (iii) the total number of valid votes, (iv) the number of votes cast in favour of and against each resolution, and (v) the total number of abstentions, if any.
9.17	Ønsker ingen af aktionærerne en fuldstændig redegørelse for afstemningerne, er det kun nødvendigt i generalforsamlingsprotokollen at fastslå afstemningsresultatet for hver beslutning. Dirigenten skal således i forbindelse med hver generalforsamlingsbeslutning have afklaret hvorvidt, ingen af aktionærerne ønsker en fuldstændig redegørelse for afstemningen.	If no shareholder requests that the full details of the votes be included in the minute book, the minute book need only to state the results of the individual votes. Accordingly, the Chairman of the general meeting shall have to clarify for each individual vote whether or not any shareholders request the inclusion in the minute book of the full details of the vote.
9.18	Senest to uger efter generalforsamlingens afholdelse skal	Not later than two weeks after the general meeting the voting results from

	afstemningsresultatet offentliggøres på Selskabets hjemmeside.	the general meeting shall be posted on the Company's website.
10	Møderet - Stemmeret	Right of Attendance - Voting Right
10.1	En aktionærs ret til at deltage i og afgive stemme på en generalforsamling fastsættes i forhold til de aktier, som aktionæren besidder på registreringsdatoen.	A shareholders right to attend general meetings and to vote at general meetings is determined on the basis of the shares that the shareholder owns on the registration date.
10.2	Registreringsdatoen ligger en uge før generalforsamlingens afholdelse. De aktier, den enkelte aktionær besidder, opgøres på registreringsdatoen på grundlag af noteringen af aktionærens ejerforhold i ejerbogen samt meddelelser om ejerforhold, som Selskabet har modtaget med henblik på indførsel i ejerbogen.	The registration date is one week before the general meeting is held. The shares which the individual shareholder owns are calculated on the registration date on the basis of the registration of ownership in the Company's Register of Shareholders as well as notifications concerning ownership which the Company has received with a view to update the ownership in the Register of Shareholders.
10.3	Enhver aktionær som senest tre dage inden generalforsamlingens afholdelse har meddelt Selskabet sin deltagelse, og som har modtaget et adgangskort, er berettiget til personligt eller ved fuldmagt at deltage i generalforsamlingen. Adgangskort udstedes til den i Selskabets ejerbog noterede aktionær.	Any shareholder who has notified the Company of his participation not later than three days prior to the general meeting and who has received an admission card shall be entitled to attend the general meeting, either in person or by proxy. Admission card will be issued to the holder registered in the Company's Register of Shareholders.
10.4	På generalforsamlingen giver hvert aktiebeløb på DKK 1 én stemme. En aktionær har ret til at udøve stemmerettighederne i tilknytning til nogle af sine aktier på en måde, der ikke er identisk med udøvelsen af stemmerettighederne i tilknytning til andre af dennes aktier.	Each share of DKK 1 has one vote at general meetings. A shareholder may exercise the voting rights attached to some of his/her shares in a manner that is not identical to the exercise of the voting rights attached to his/her other shares.

10.5	Stemmeret kan udøves i henhold til skriftlig fuldmagt eller ved brevstemme, og Selskabet skal senest tre uger før generalforsamlingen gøre formularer til brug herfor tilgængelige på Selskabets hjemmeside. En brevstemme skal være Selskabet i hænde senest tre dage før generalforsamlingens afholdelse for at blive medtaget på generalforsamlingen.	A shareholder may vote by proxy or by postal, and the Company shall not later than three weeks prior to the general meeting make a form for this use available on the Company's website. A vote by postal must be received by the Company not later than three days prior to the general meeting is held in order to be counted at the general meeting.
10.6	Aktionæren eller fuldmægtigen kan møde på generalforsamlingen sammen med en rådgiver.	The shareholder or the proxyholder may attend the general meeting accompanied by an advisor.
10.7	Generalforsamlingen træffer beslutning ved simpelt stemmeflertal, medmindre andet følger af lovgivningen eller af Selskabets vedtægter.	At general meetings resolutions shall be decided by simple majority of votes unless otherwise prescribed by law or the Articles of Association.
11	Elektronisk generalforsamling	Electronic general meetings
11.1	Bestyrelsen kan, når den anser det for hensigtsmæssigt og generalforsamlingen kan afvikles på betryggende vis, bestemme at generalforsamlingen udelukkende skal foregå elektronisk (fuldstændig elektronisk generalforsamling). Bestyrelsen kan herudover under samme forudsætninger vælge at tilbyde aktionærerne at deltage elektronisk på generalforsamlinger, der i øvrigt gennemføres ved fysisk fremmøde (delvis elektronisk generalforsamling). Aktionærerne kan derved elektronisk deltage i, ytre sig samt stemme på generalforsamlingen. Nærmere oplysninger vil til sin tid kunne findes på Selskabets hjemmeside og i indkaldelsen til de pågældende generalforsamlinger, ligesom de i Selskabets ejerbog noterede	When the board of directors finds it appropriate and technically safe it may decide that the general meeting solely shall be held as an electronic general meeting (completely electronic general meeting). The board of directors may also as an alternative under the same circumstances invite shareholders to attend by electronic means general meetings that are also attended by shareholders in person (partially electronic general meeting). In this way, shareholders will be able to attend, express their opinion and vote at the general meeting by electronic means. In due course more information will be made available on the Company's website and in the notices convening the general meetings involved, and written information on the subject will also be sent to

	aktionærer vil modtage skriftlig meddelelse herom.	shareholders listed in the Company's Register of Shareholders.
12	Elektronisk kommunikation	Electronic communication
12.1	Bestyrelsen er bemyndiget til at indføre elektronisk kommunikation mellem Selskabet og dets aktionærer, således at Selskabet kan benytte elektronisk dokumentudveksling og elektronisk post, som nærmere angivet nedenfor i sin kommunikation med aktionærerne.	The board of directors has been granted authority to introduce electronic communication between the Company and its shareholders, meaning that the Company may use electronic document exchange and electronic mail as specified below in its communication with the shareholders.
12.2	Indkaldelse af aktionærerne til ordinær og ekstraordinær generalforsamling, herunder de fuldstændige forslag til vedtægtsændringer, tilsendelse af dagsorden, årsrapport, delårsrapport, kvartalsrapport, fondsbørsmeddelelser, generalforsamlingsprotokollater, fuldmagtsblanketter og adgangskort samt øvrige generelle oplysninger fra Selskabet til aktionærerne vil kunne sendes af Selskabet til aktionærerne via e-mail.	The Company shall be able to send notices convening annual and extraordinary general meetings including the complete proposals for amendments to the articles of association, agenda, annual report, interim report, quarterly report, stock exchange releases, minutes and general meetings, proxy forms, mail-in voting forms, admission cards and other general information from the Company to it shareholders by means of email.
12.3	Ovennævnte dokumenter, bortset fra adgangskort til generalforsamlingen, vil tillige blive offentliggjort på Selskabets hjemmeside. På Selskabets hjemmeside vil der tillige kunne findes oplysning om kravene til de anvendte systemer samt om fremgangsmåden i forbindelse med elektronisk kommunikation.	The above documents, to the exclusion of admission cards for the general meeting, shall also be posted on the Company's website. The Company's website shall also contain information about requirements to the systems used and the procedures applying to the use of electronic communication.
12.4	Selskabet er forpligtet til at bede navnenoterede aktionærer om en elektronisk adresse hvortil meddelelser m.v. kan sendes, og det er den enkelte aktionærs ansvar at sikre, at Selskabet	The Company must request registered shareholders for an electronic address to which notices can be sent, and it is the responsibility of each shareholder to ensure that the Company is in

	er i besiddelse af den korrekte elektroniske adresse.	possession of a proper electronic address.
13	Bestyrelse	Board of Directors
13.1	Til Selskabets bestyrelse vælger generalforsamlingen mindst fire og højst syv medlemmer.	The general meeting shall elect at least four and not more than seven directors.
13.2	Bestyrelsesmedlemmer, som er valgt af generalforsamlingen, afgår på hvert års ordinære generalforsamling, men kan genvælges.	The directors elected by the general meeting shall retire from office at each annual general meeting but shall be eligible for re-election.
13.3	Bestyrelsen vælger af sin midte en formand og en næstformand.	The board of directors elects a chairman and a vice-chairman from among its members.
13.4	Beslutninger i bestyrelsen træffes, medmindre andet er aftalt, med almindelig stemmeflerhed. I tilfælde af stemmelighed er formandens, og i hans/hendes forfald næstformandens, stemme udslagsgivende.	Unless otherwise decided by the board of directors, decisions of the board of directors shall be decided by simple majority of votes. In the event of an equality of votes, the chairman, and in his/her absence the vice-chairman, shall have a casting vote.
13.5	Bestyrelsen træffer ved en forretningsorden nærmere bestemmelse om udførelsen af sit hverv.	The board of directors shall lay down rules of its proceedings.
13.6	Bestyrelsesmedlemmerne oppebærer et årligt honorar, hvis samlede størrelse skal fremgå af årsrapporten for det pågældende år.	The directors shall be remunerated annually as prescribed in the annual report for the relevant year.
13.7	Bestyrelsen kan meddele prokura, enkel eller kollektiv.	The board of directors may authorize one person alone or more persons jointly to sign for the Company by procuration.

14	Direktion	Executive management
14.1	Bestyrelsen ansætter en direktion bestående af mellem en og fire direktører. Hvis direktionen består af flere direktører, skal én af disse udnævnes til administrerende direktør.	The board of directors shall employ at least one but not more than four managers to comprise the Company's executive management. Where more than one manager is employed, one of them shall be appointed managing director.
14.2	Bestyrelsen er bemyndiget til at beslutte at lade Selskabet skadesløsholde medlemmerne af direktionen samt Selskabets medarbejdere for visse krav, der er knyttet til deres rolle i Selskabet.	The board of directors is authorized to resolve to let the Company indemnify the members of executive management and the Company's employees for certain claims against these individuals in connection with their services to the Company.

Selskabets skadesløsholdelse omfatter krav og rimelige sagsomkostninger, der er knyttet til den planlagte notering af selskabet i USA og/eller Selskabets efterfølgende status som noteret i USA.	The Company's indemnification covers claims and reasonable legal costs arising from the listing of the Company in the United States and/or the Company's subsequent status as listed in the United States.
Selskabets skadesløsholdelse skal ikke omfatte følgende krav:	However, the Company's indemnification shall not cover the following claims:

1)	Krav mod en person, der gøres gældende efter dansk ret ved en dansk domstol, medmindre der er tale om krav, der er knyttet til noteringen af Selskabet i USA og/eller Selskabets efterfølgende status som noteret i USA,	1)	Claims against a person according to Danish law raised before the Danish Courts, except claims arising from the listing of the Company in the United States and/or the Company's subsequent status as listed in the United States,
2)	krav mod en person som følge af skader med tilhørende sagsomkostninger, der skyldes kriminelle handlinger og/eller grov uagtsomhed eller	2)	claims against a person for damages and legal costs related to criminal and/or grossly negligent or willful acts or omissions committed

	forsætlige handlinger eller undladelser, der er begået af personen,		by the person,
3)	krav mod en person, som skyldes opnåelse eller forsøg på at opnå en gevinst eller anden type fordel, som personen eller en nærtstående fysisk eller juridisk person til personen ikke er berettiget til at opnå, og/eller	3)	claims against a person, which is attributable to the gaining or purported gaining of any profit or advantage to which the individual or any related natural or legal person was not legally entitled, and/or
4)	krav omfattet af forsikringsdækning. Hvis forsikringsselskabet nægter at dække krav af andre årsager end dem, der er nævnt oven for under pkt. 1 og 2, vil Selskabets skadesløsholdelse dække sådanne krav under forudsætning af, at Selskabet i sådanne tilfælde er berettiget til på ethvert tidspunkt at repræsentere den forsikrede under hensyntagen til forsikringsselskabet, og Selskabet skal automatisk overtage samtlige rettigheder i henhold til forsikringspolicen.	4)	claims covered by insurance. If the insurance company refuses to provide cover for reasons other than those mentioned in items 1 and 2 above, the Company's indemnification will cover such claims, provided, however that the Company in such event shall be entitled at any time to represent the insured in respect of the insurance company and shall automatically by subrogation enter into any and all rights under said insurance policy.

Selskabets skadesløsholdelse pr. krav pr. person er begrænset til maksimalt det bruttoprovenu, Selskabet opnår i forbindelse med noteringen i USA.	The indemnification shall be limited to a maximum amount per claim per person equivalent to the gross proceeds obtained by the Company in connection with the listing in the United States.
Skadesløsholdelsen skal opretholdes i 5 år efter, at den skadesløsholdte person er fratrådt sin stilling hos Selskabet, hvis de krav, der rejses inden for denne periode, er knyttet til personens tidligere hverv i Selskabet.	The indemnification shall remain in force for a period of five years after the resignation of the indemnified person

		from such person's position with the Company, if the claims made within such period are related to such person's services to the Company.
15	Tegningsregel	Signature Rules
15.1	Selskabet tegnes af bestyrelsens formand i forening med den administrerende direktør, eller af bestyrelsens formand i forening med et bestyrelsesmedlem, eller af en direktør i forening med to bestyrelsesmedlemmer, eller af den administrerende direktør i forening med en direktør eller af den samlede bestyrelse.	The Company shall be bound by the joint signatures of the chairman of the board of directors with the managing director; or the chairman of the board of directors jointly with one member of the board of directors; or one member of the board of managers jointly with two members of the board of directors; or the joint signatures of the managing director and one member of the board of managers; or all members of the board of directors jointly.

16	Revisor	Auditor
16.1	Selskabets årsrapport revideres af en statsautoriseret revisor.	The Company's annual report shall be audited by a state-authorized public accountant.
16.2	Revisor vælges af den ordinære generalforsamling for et år ad gangen.	The auditor shall be elected by the annual general meeting for one year at a time.
17	Årsrapport	Annual Report
17.1	Selskabets regnskabsår er kalenderåret.	The financial year of the Company is the calendar year.
17.2	Selskabets årsrapport udarbejdes og aflægges udelukkende på engelsk.	The Company's annual report shall be prepared and submitted in English only.
18	Selskabsmeddelelser	Company Announcements
18.1	Selskabets offentliggørelse af information i henhold til gældende	The Company's disclosure of information pursuant to applicable

	børslovgivning, herunder selskabsmeddelelser, sker udelukkende på engelsk.	securities legislation, including company announcements, shall be in English only.
19	Bilag	Schedules
19.1	Bilag 8.1.a: Warrants (2011-1 employee incentive program), jf. vedtægternes § 8.1.	Schedule 8.1.a: Warrants (2011-1 employee incentive program), cf. Article 8.1 of the Articles of Association.
19.2	Bilag 8.1.c: Warrants (2012-1 employee incentive program), jf. vedtægternes § 8.1.	Schedule 8.1.c: Warrants (2012-1 employee incentive program), cf. Article 8.1 of the Articles of Association.
19.3	Bilag 8.1.f: Warrants (2014-1 employee incentive program), jf. vedtægternes § 8.1.	Schedule 8.1.f: Warrants (2014-1 employee incentive program), cf. Article 8.1 of the Articles of Association.
19.4	Bilag 8.1.g: Warrants (2015-1 employee incentive program), jf. vedtægternes § 8.1.	Schedule 8.1.g: Warrants (2015-1 employee incentive program), cf. Article 8.1 of the Articles of Association.
19.5	Bilag 8.4: Warrants (2015-2 og 2015-4 employee incentive program), jf. vedtægternes § 8.1. og 8.4.	Schedule 8.4.: Warrants (2015-2 and 2015-4 employee incentive program), cf. Article 8.1 and 8.4 of the Articles of Association.
19.6	Bilag 8.4.b: Warrants (2016-1 employee incentive program), jf. vedtægternes § 8.4.	Schedule 8.4.b: Warrants (2016-1 employee incentive program), cf. Article 8.4 of the Articles of Association.
19.7	Bilag 8.4.d: Warrants (2016-3 employee incentive program), jf. vedtægternes § 8.4.	Schedule 8.4.d: Warrants (2016-3 employee incentive program), cf. Article 8.4 of the Articles of Association.
19.8	Bilag 8.4.e: Warrants (2017-1 employee incentive program), jf. vedtægternes § 8.4.	Schedule 8.4.e: Warrants (2017-1 employee incentive program), cf. Article 8.4 of the Articles of Association.
19.9	Bilag 8.4.i: Warrants (2018-1 employee incentive program), jf. vedtægternes § 8.4.	Schedule 8.4.i: Warrants (2018-1 employee incentive program), cf. Article 8.4 of the Articles of Association.

19.10	Bilag 8.4.k: Warrants (2018-2 employee incentive program), jf. vedtægternes § 8.4.	Schedule 8.4.k: Warrants (2018-2 employee incentive program), cf. Article 8.4 of the Articles of Association.
19.11	Bilag 8.4.l: Warrants (2019-1 employee incentive program), jf. vedtægternes § 8.4.	Schedule 8.4.l: Warrants (2019-1 employee incentive program), cf. Article 8.4 of the Articles of Association.
19.12	Bilag 8.4.m: Warrants (2019-2 employee incentive program), jf. vedtægternes § 8.4.	Schedule 8.4.m: Warrants (2019-2 employee incentive program), cf. Article 8.4 of the Articles of Association.
19.13	Bilag 8.4.n: Warrants (2019-3 employee incentive program), jf. vedtægternes § 8.4.	Schedule 8.4.n: Warrants (2019-3 employee incentive program), cf. Article 8.4 of the Articles of Association.
19.14	Bilag 8.4.o: Warrants (2019-4 employee incentive program), jf. vedtægternes § 8.4.	Schedule 8.4.o: Warrants (2019-4 employee incentive program), cf. Article 8.4 of the Articles of Association

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Vedtaget på Selskabets ordinære generalforsamling den 2. april 2020.	Approved at the Company's ordinary general meeting on 2 April 2020.