MINUTES OF ANNUAL GENERAL MEETING 2021 - Seite 3

"For shares issued pursuant to clause 7.6 the following shall apply: The new shares shall be negotiable instruments issued in the name of the holder and registered in the name of the holder in the company's register of shareholders. The shares shall not have any restrictions as to their transferability and no shareholder shall be obliged to have the shares redeemed fully or partly. No partial payment shall be allowed. The shares shall have the same rights as the existing share capital and shall not belong to a specific share class. The shares shall give rights to dividends and other rights in the company from the time of registration of the capital increase with the Danish Business Authority."

9.                   Authorization to issue investor warrants

The General Meeting resolved with the required majority to insert the following authorization as a new clause 6.11 in the Company's articles of association:

"The board of directors is until 14 April 2026 authorized to resolve, in one or more times, on issuing warrants to investors in the company conferring the right to subscribe for up to nominal DKK 6,000,000 shares and to resolve on the appertaining capital increase of maximum DKK 6,000,000. Warrants shall be issued at an exercise price determined by the board of directors, however not below the market price at the time of issuance. The exercise price must be fully paid up. Terms of warrants are determined by the board of directors in connection with its exercise of this authorization." 

"The shares issued based on exercise of warrants shall be negotiable instruments issued in the name of the holder and registered in the name of the holder in the company's register of shareholders. The shares shall not have any restrictions as to their transferability and no shareholder shall be obliged to have the shares redeemed fully or party. No partial payment shall be allowed. The shares shall have the same rights as the existing share capital and shall not belong to a specific share class. The shares shall give rights to dividends and other rights in the company from the time of registration of the capital increase with the Danish Business Authority."