Common use of Exercise of the Warrants Clause in Contracts

Exercise of the Warrants. 4.1 The Warrants have a total lifetime of 10 years, which means that the Warrants have an exercise period starting from their respective Vesting Date until, and including, 13 September 2030 (the “Exercise Period”). This means that 1/3 of the Warrants have an exercise of period of 9 years, 1/3 have an exercise period of 8 years and the remaining 1/3 have an exercise period of 7 years. During the Exercise Period, the Warrants may be exercised during specific trading windows following the Company’s publication of quarterly reports (including annual and semi-annual reports). The exact dates for the trading windows will be displayed on the online portal on the Company’s intranet. Warrants not exercised on or before the last day of the Exercise Period will automatically lapse and become void without any further notice or compensation. 4.2 Upon exercise, the Warrant Holder may, for each Warrant, subscribe for 1 share in the Company of a nominal value of DKK 1.00 at the Subscription Price. The Subscription Price may be regulated due to extraordinary events as set out in this Agreement. 4.3 To exercise his/her Warrants, the Warrant Holder must electronically give notice to the Company, using the online portal available on the Company's intranet. Practicalities in connection with the exercise of the Warrants may be changed by the Company. In that case, the Warrant Holder will be notified in writing by the Company. 4.4 The Warrant Holder will pay in cash to the Company an amount equal to the total value of the Warrants (the "Subscription Amount") at the same time as giving notice of the exercise of the Warrants.