Exhibit 99.4

Template for notification and public disclosure of transactions by persons discharging manage-rial responsibilities and persons closely associated with them 1.       Details of the person discharging managerial responsibilities/person closely associated a) Name Adam Steensberg 2.       Reason for the notification a) Position/status EVP, Chief Medical and Development Officer in Zealand Pharma A/S b) Initial notification/Amend- Initial notification ment 3.       Details of the issuer, emission allowance market participant, auction platform, auctioneer or auc- tion monitor a) Name Zealand Pharma A/S, CVR-no. 20045078 b) LEI¹ 549300ITBB1ULBL4CZ12 4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial Shares instrument, type of instru- ment Identification code DK0060257814 b) Nature of the transaction Sale of shares c)       Price(s) and volume(s) Price(s) Volume(s) DKK 219,7 26.764 d)       Aggregated information - Aggregated volume DKK 5.881.311,67 - Price e) Date of the transaction 06 April 2020 f) Place of the transaction Nasdaq Copenhagen A/S