Zealand Pharma launches long-term incentive programs for Zealand’s Board of Directors, Corporate Management and employees for 2024

Company announcement – No. 22 / 2024

Zealand Pharma launches long-term incentive programs for Zealand’s Board of Directors, Corporate Management and employees for 2024

Copenhagen, Denmark, April 19, 2024 – Zealand Pharma A/S (“Zealand”) (Nasdaq: ZEAL) (CVR-no. 20 04 50 78), a Copenhagen-based biotechnology company focused on the discovery and development of innovative peptide-based medicines, announces the implementation of long-term incentive programs (the “LTIP”) for Zealand's Board of Directors, Corporate Management and employees in accordance with Zealand's remuneration policy and overall guidelines for incentive pay, as adopted at the annual general meeting held on March 20, 2024 (“Remuneration Policy”).

Long-term incentive program

Zealand has made the following awards in its long-term incentive plan. It has awarded:

• 20,497 restricted stock units ("RSUs") to Zealand's Board of Directors
• 52,777 performance stock units ("PSUs") and 52,777 RSUs have been awarded to Zealand’s Corporate Management
• 7,071 RSUs have been awarded to Zealand's US employees and
• 146,260 warrants have been awarded to Zealand's employees in Denmark (except for members of Corporate Management).

The warrants are granted under the warrant program covered by the authorization pursuant to Article 8.10 of Zealand's Articles of Association adopted at Zealand's annual general meeting on April 6, 2022 (the authorization has subsequently been renewed and increased pursuant to Articles 8.13 and 8.14 of Zealand's Articles of Association, most recently at the annual general meeting on March 20, 2024). The total cost of the incentive grants is DKK 122,458,942 million.

Zealand implemented the LTIP to align with selected European and U.S. biotech peers, and it is intended to drive long-term performance, align the Corporate Management’s and employees' interests with those of Zealand’s shareholders, and support the attraction, retention and motivation of first-rate talent.

The number of granted RSUs and PSUs may be adjusted due to e.g., changes in Zealand's share capital structure or other significant events, subject to obtaining a calculation made by Zealand's auditor or an independent third party. The number of granted warrants may be adjusted as set out in Zealand's Articles of Association.

Board RSUs

To the extent that the Board member holds any additional role as member of Zealand's Audit Committee, Remuneration Committee and/or Scientific Committee, the Board member has received an additional grant of RSUs in accordance with the Remuneration Policy. Such grants are included in the above-mentioned total number.