INDHOLDSFORTEGNELSE/TABLE OF CONTENTS 1 BAGGRUND OG OMFANG ................................................................................................ 4 1 BACKGROUND AND SCOPE ............................................................................................ 4 2 TILDELING AF WARRANTS .............................................................................................. 5 2 GRANT OF WARRANTS .................................................................................................... 5 3 TEGNINGSPRIS ................................................................................................................. 5 3 SUBSCRIPTION PRICE ..................................................................................................... 5 4 UDNYTTELSE AF WARRANTS ......................................................................................... 6 4 EXERCISE OF WARRANTS ............................................................................................... 6 5 VISSE BETINGELSER I RELATION TIL EXIT ....................................................................... 9 5 CERTAIN CONDITIONS RELATING TO AN EXIT ............................................................. 9 6 OPSIGELSE AF ANSÆTTELSESFORHOLDET ............................................................... 12 6 TERMINATION OF EMPLOYMENT .................................................................................. 12 7 ÆNDRING I RETSSTILLING ELLER SELSKABSKAPITAL .............................................. 14 7 CHANGE OF LEGAL STATUS OR SHARE CAPITAL ...................................................... 14 8 TEGNING AF KAPITALANDELE ...................................................................................... 17 8 SUBSCRIPTION OF SHARES.......................................................................................... 17 9 SKAT ................................................................................................................................ 18 9 TAX .................................................................................................................................. 18 10 EJERAFTALE ................................................................................................................... 19 10 SHAREHOLDERS' AGREEMENT .................................................................................... 19 11 OVERDRAGELSE AF WARRANTS ................................................................................. 20 11 ASSIGNMENT OF WARRANTS ....................................................................................... 20 12 AFKALD ........................................................................................................................... 21 12 WAIVER ........................................................................................................................... 21 13 PANTSÆTNING AF KAPITALANDELE ............................................................................ 21 13 PLEDGE OF SHARES ...................................................................................................... 21 14 FULDMAGT ...................................................................................................................... 21 14 POWER OF ATTORNEY .................................................................................................. 21 15 TAVSHEDSPLIGT ............................................................................................................ 22 15 CONFIDENTIALITY .......................................................................................................... 22 16 LOVVALG ......................................................................................................................... 22 16 GOVERNING LAW................................................................................................................. 22 17 TVISTER .......................................................................................................................... 22 17 DISPUTES ........................................................................................................................ 22 18 UNDERSKRIFT, HELE AFTALEN OG ÆNDRINGER HERTIL ......................................... 22 18 SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS ......................................... 22

BILAGSFORTEGNELSE INDEX OF EXHIBITS Bilag 1.2: Vedtægter Exhibit 1.2: Articles of Association

Der er den 31. december 2016 indgået følgende warrantafta- le ("Aftalen") mellem: This Warrant Agreement (the "Agreement") is en- tered into on December 31 2016 between: (1) Evaxion Biotech ApS, CVR-nr: 31 76 28 63, Ole Maaløes Vej 3, 2200 København N ("Selska- bet") (2) [Navn, CPR-nr., adresse] ("Warrantindehave- ren") - Selskabet og Warrantindehaveren samlet be- nævnt "Parterne" og separat tillige en "Part" (1) Evaxion Biotech ApS, CVR no: 31 76 28 63, Ole Maaløes Vej 3, 2200 Køben- havn N (the "Company") (2) [Name, Civil Reg. No. (CPR), address] (the "Warrantee") - the Company and the Warrantee herein- after collectively referred to as the "Par- ties" and separately as a "Party" EFTERSOM WHEREAS (A) Warrantindehaveren er ansat af Selskabet (B) Selskabet ønsker at motivere Warrantindehave- ren ved at tildele et vist antal warrants til War- rantindehaveren. (A) The Warrantee is employed by the Com- pany (B) The Company wishes to incentivise the Warrantee by granting certain warrants to the Warrantee. HAR PARTERNE VEDTAGET FØLGENDE: NOW IT IS HEREBY AGREED AS FOLLOWS:

1 Baggrund og omfang 1 Background and Scope 1.1 Formålet med denne Aftale er at tildele Warrantin- dehaveren warrants i Selskabet for at sikre, at Selskabet og Warrantindehaveren har fælles inte- resser, og at begge Parter medvirker til at skabe den bedst mulige værdiudvikling i Selskabet. The purpose of this Agreement is to grant the Warrantee warrants in the Company in order to ensure that the Company and the Warrantee have aligned interests and that both Parties are working to ensure that the value of the Com- pany develops in the best possible way. 1.2 Selskabets vedtægter er vedlagt denne Aftale som bilag 1.2. Warrantindehaveren accepterer hermed alle fremtidige ændringer i Selskabets vedtægter. The Company's articles of association are at- tached hereto as Exhibit 1.2. The Warrantee hereby accepts all future changes to the Compa- ny's articles of association. 2 Tildeling af warrants 2 Grant of Warrants 2.1 I henhold til betingelserne i denne Aftale udsteder Selskabet hermed, og Warrantindehaveren mod- tager [●] warrants i Selskabet til Warrantindehave- ren ("Warrants"). Subject to the terms and conditions set out in this Agreement, the Company hereby issues and the Warrantee receives [●] warrants in the Com- pany to the Warrantee (the "Warrants"). 2.2 Hver Warrant giver Warrantindehaveren ret, men ikke pligt, til at tegne én kapitalandel à nominelt kr. 1 i Selskabet. Each Warrant shall provide the Warrantee with a right, but not an obligation, to subscribe for one share with a nominal value of DKK 1 in the Company. 2.3 Warrants tildeles vederlagsfrit. The Warrants are granted free of charge. 2.4 Warrants giver ikke Warrantindehaveren kapital- ejerrettigheder, som f.eks. fondskapitalandele, el- ler fortegningsret i tilfælde af en kapitalforhøjelse i Selskabet. The Warrants shall not entitle the Warrantee to any shareholder rights such as bonus shares or pre-emption rights in the event of a capital in- crease of the Company. 2.5 Selskabet er forpligtet til at føre en fortegnelse over udstedte Warrants, som skal opbevares sammen med Selskabets ejerbog. The Company undertakes to keep and maintain a register of issued Warrants to be kept in con- nection with the Company's share register. 3 Tegningspris 3 Subscription Price 3.1 Hver Warrant giver Warrantindehaveren ret til at tegne én kapitalandel à nominelt kr. 1 i Selska- bet til en pris af kr. 1 ("Tegningsprisen"). Each Warrant gives the Warrantee the right to sub- scribe for one share with a nominal value of DKK 1 in the Company at a price of DKK 1 (the "Sub- scription Price").

4.5 Medmindre Selskabet bestemmer andet, vil samtlige Warrants automatisk bortfalde uden yderligere varsel og uden kompensation, hvis en Udnyttelsesmeddelelse og en eventuel Yderlige- re Forpligtelseserklæring samt betaling af det re- levante tegningsbeløb ikke er fremsendt senest to uger efter datoen for Meddelelsen om Exit. Unlesss otherwise decided by the Company, if an Exercise Notice and any Supplementary Un- dertakings together with payment of the relevant subscription amount is not submitted no later than two (2) weeks from the date of the Exit No- tice, all Warrants shall automatically and without further notice or compensation lapse and be- come null and void. 4.6 Warrants, der ikke udnyttes i forbindelse med en Exit, vil automatisk bortfalde uden kompensation efter gennemførelsen af den relevante begiven- hed. Any Warrants that are not exercised in connection with an Exit shall automatically become void with- out compensation, following the completion of the relevant event. 4.7 Såfremt der efter Meddelelsen om Exit ikke sker en endelig gennemførelse af Exit, beholder Warrantindehaveren sine Warrants i henhold til vilkårene i denne Aftale. Hvis Warrantindehave- ren har tegnet kapitalandele i Selskabet gennem udnyttelse af Warrants, og disse nye kapitalande- le er blevet registreret i Erhvervsstyrelsen, behol- der Warrantindehaveren de tegnede kapitalande- le, uanset at den bebudede Exit ikke er endeligt gennemført, og de udnyttede Warrants skal ikke tilbageføres. Både Selskabet og Warrantindeha- veren har dog ret til efter eget skøn at forlange, at Selskabet tilbagekøber de erhvervede kapitalan- dele til Tegningsprisen. In the event that an Exit is not finally completed following an Exit Notice, the Warrantee's right to the Warrants as set out in the Agreement shall be retained. In the event that shares have been sub- scribed for in the Company by exercise of Warrants and such new shares have been regis- tered with the Danish Business Authority, the shares subscribed for shall be retained notwith- standing a notified Exit is not finally completed and the exercised Warrants shall not be re- versed; however, both the Company and the Warrantee may on a discretionary basis request that the Company shall repurchase the shares acquired at the Subscription Price. 4.8 Såfremt der oprettes et Vindue, skal punkt 4.3 - 4.5 samtidig være gældende. In case a Window is established, Clauses 4.3 - 4.5 shall apply simultaneously. 4.9 Warrants, der ikke udnyttes i forbindelse med et Vindue, bortfalder automatisk uden kompensa- tion. Any Warrants that are not exercised in connec- tion with a Window shall automatically become void without compensation. 4.9.1 Såfremt et Vindue ikke er blevet oprettet senest den 31. december 2036, bortfalder Warrants au- tomatisk uden yderligere varsel og uden kompen- sation. In the event an Exit or a Window has not oc- curred on or before December 31 2036, the Warrants shall automatically and without further notice or compensation lapse and become null and void. 4.10 I forbindelse med en notering af ADS’er på Nasdaq, USA, har Selskabets bestyrelse i hen- hold til pkt. 4.1 truffet beslutning om at fastsætte udnyttelsesvinduerne for udstedte warrants såle- des: In connection with a listing of ADSs on Nasdaq, USA, the board of directors has resolved, pursu- ant to clause 4.1, to determine the exercise win- dows for issued warrants as follows:

Optjente warrants kan udnyttes i fire årlige udnyt- telsesvinduer på 2 uger, som hver ligger to han- delsdage efter offentliggørelsen af henholdsvis Selskabets årsrapport, halvårsregnskabet samt kvartalsmeddelelserne. Første udnyttelsesperiode indtræder dog tidligst 180 dage efter Selskabets notering af ADS’er på Nasdaq, USA, og i de før- ste fire udnyttelsesperioder kan warrantindehave- ren maksimalt udnytte 25% af de til warrantinde- haveren tildelte warrants, forudsat altid at war- rants er optjent. Vested warrants may be exercise in four annual exercise windows of two weeks each that each commence two trading days following publication of the Company’s annual report, the 6-month re- port and the interim reports. The first exercise window shall, however, be at least 180 days fol- lowing the listing by the Company of ADSs on Nasdaq, USA and in the first four exercise periods the warrantholder may as a maximum exercise 25% of the warrants granted to the respective warrantholders, provided always that the warrants have vested. 5 Visse betingelser i relation til Exit 5 Certain Conditions relating to an Exit 5.1 Efter udnyttelse af Warrants i forbindelse med en børsnotering skal Warrantindehaveren underskrive og tiltræde de aftaler eller forpligtelser, herunder i relation til en lock-up periode eller andre lock-up forpligtelser, som den udstedende bank måtte an- mode om i forbindelse med en børsnotering. Following exercise of Warrants in connection with an IPO, the Warrantee shall sign and ac- cept such agreements or undertakings, including in respect of a period of lock-up and other lock- up obligations, which may be proposed by the is- suing bank in connection with an IPO. 5.2 Selskabet kan kræve, og Warrantindehaveren skal i så fald acceptere, at samtlige eller en del af Warrants ombyttes ligeligt til kapitalandele, warrants, konvertible værdipapirer eller et andet kapitalandelsbaseret instrument udstedt af en køber eller af en efterfølger af Selskabet eller af et af disses moderselskab eller datterselskab, eller til kapitalandele, warrants, konvertible vær- dipapirer eller andet kapitalandelsbaseret in- strument udstedt af Selskabet efter omstrukture- ring, således at den pågældende Warrantinde- havers Warrants umiddelbart efter en sådan ombytning sammen med betaling af en eventuel kontant godtgørelse til Warrantindehaveren i alt væsentlig har samme værdi som Warrants, her- under de Warrants ejet af Warrantindehaveren umiddelbart før en sådan ombytning. Uanset ovenstående er Warrantindehaveren berettiget til en delvis kontant udbetaling i det omfang, det- te er nødvendigt, for at Warrantindehaveren er i stand til at betale eventuel indkomst- eller kapitalgevinst skat, der umiddelbart forfalder som følge af en sådan ombytning af værdipapirer. The Company may request, and the Warrantee shall then accept, that all or a portion of the War- rants shall be equitably exchanged for shares, warrants, convertibles or any other equity based instrument, issued by any purchaser of or suc- cessor to the Company, or by a parent or subsid- iary of either of them, or shares, warrants, con- vertibles or any other equity based instrument is- sued by the Company as restructured, such that such Warrantee's Warrants immediately follow- ing such exchange, when aggregated with any cash consideration paid to such Warrantee, shall have substantially the same value as the War- rants, including any Warrants held by such War- rantee immediately prior to such exchange. Not- withstanding any of the foregoing, the Warran- tee shall be entitled to partial consideration in cash to the extent necessary in order for the War- rantee to be able to pay any personal income or capital gains tax immediately falling due as a re- sult of such exchange of securities.

5.3 Forud for en Exit er Selskabet (eller en tredje- mand, der er udpeget af Selskabet) berettiget til at købe Warrants fra Warrantindehaveren til en pris, der fastsættes i overensstemmelse med punkt 5.5 nedenfor. Prior to an Exit, the Company (or a third party appointed by the Company) shall have a right to purchase the Warrants from the Warrantee for a price determined in accordance with Clause 5.5 be- low. 5.4 Hvis Selskabet ønsker at udnytte en af sine rettighe- der i henhold til denne Aftale, skal der gives skriftlig meddelelse herom per email til Warrantindehaveren. En meddelelse betragtes som værende kommet Warrantindehaveren i hænde, og Selskabets ret- tighed derved udøvet, på tidspunktet for emailens afsendelse, forudsat at meddelelsen er stilet til den emailadresse, som Warrantindehaveren til enhver tid har oplyst Selskabet om. Udnyttelse af en rettighed i henhold til punkt 5.3 ovenfor er altid betinget af, at Exit faktisk er blevet gennemført. If the Company wishes to exercise any of its rights under this Agreement, a written notice to that effect shall be sent by email to the Warrantee. A notice shall be deemed to have reached a Warrantee, and hence the right of the Company shall be deemed to have been exercised, at the time of the dispatch of the email, provided the notice has been addressed to the email address of the Warrantee which the War- rantee has informed the Company at any time. The exercise of rights pursuant to Clause 5.3 above is always subject to the condition that the Exit is actual- ly completed. 5.5 Købspris i forbindelse med Exit Purchase Price in connection with an Exit 5.5.1 Ved køb af Warrantindehaverens Warrants i henhold til punkt 5.3 skal værdien af Warrants være baseret på den rimelige markedsværdi som anført nedenfor. When the Warrantee's Warrants are purchased in accordance with Clause 5.3, the Warrants shall be based on the fair market value as set out below. 5.5.2 Den rimelige markedsværdi af Warrants beregnes af Selskabet på grundlag af den nettopris per kapital- andel i Selskabet, som sælgende kapitalejere vil mod- tage ved en Exit med fradrag af et forholdsmæssigt beløb for vederlag til rådgivere m.v. Ved beregningen af den rimelige markedsværdi af Warrants skal Sel- skabet fratrække et beløb, som Selskabet anser som passende i betragtning af de sælgende kapitalejeres eventuelle forpligtelser i henhold til Exit. The fair market value of the Warrants shall be cal- culated by the Company based on the net price per share of the Company to be received by the selling shareholders in an Exit deducted the proportionate amount of any fees to advisors etc. When calculat- ing the fair market value of the Warrants, the Com- pany shall deduct from the fair market value an amount which the Company deems appropriate when considering the selling shareholders' poten- tial liabilities pursuant to the Exit.

5.5.3 Når Warrants købes i forbindelse med en Exit som følge af salg eller overdragelse af samtlige eller en væsentlig del af Selskabets aktiver, er værdien af Warrants den rimelige markedsværdi på tidspunktet efter salget. I tilfælde af en sådan Exit skal der ved beregningen af den rimelige markedsværdi for Warrants tages højde for den købspris, Selskabet har modtaget for de solgte aktiver, med fradrag af gæld, der ikke er over- draget sammen med aktiverne, samt en for- holdsmæssig andel af omkostninger, honorarer m.v. i forbindelse med transaktionen. When the Warrants are purchased in connection with an Exit based on the sale or disposition of all or a material part of the Company's assets, the val- ue of the Warrants shall be the fair market value at the time after such sale. In case of such Exit, the fair market value of the Warrants shall take into ac- count the purchase price received by the Company for the assets sold, net of any debts not transferred together with the assets as well as a proportionate part of any cost, fees etc. related to the transac- tion. 5.5.4 Købsprisen for Warrants fastlagt i henhold til punkt 5.5.2 - 5.5.3 ovenfor skal betales 15 dage efter, at de sælgende kapitalejere i Selskabet har modta- get betaling for deres kapitalandele, og i tilfælde af køb i forbindelse med et salg af aktiver, når Sel- skabet har modtaget betaling for de solgte aktiver. The purchase price for the Warrants determined in accordance with Clauses 5.5.2 - 5.5.3 above, as applicable, shall be paid 15 days after the selling shareholders of the Company have received payment for their shares, and in case of a purchase in connection with an asset sale, when the Company has received payment for the assets sold. 6 Opsigelse af ansættelsesforholdet 6 Termination of Employment 6.1 Punkterne 6.2 - 6.7 finder anvendelse, hvis Warrantindehaveren er ansat i Selskabet: Clauses 6.2 - 6.7 shall apply provided the War- rantee is an employee of the Company: 6.2 Hvis Selskabet opsiger Warrantindehaverens ansættelse i Selskabet med en hvilken som helst begrundelse bortset fra Warrantindehaverens misligholdelse, er Warrantindehaveren beretti- get til at udnytte Warrants tildelt i henhold til denne Aftale i overensstemmelse med vilkårene i Aftalen, som om Warrantindehaveren stadig var ansat i Selskabet. Dette gælder ligeledes, hvis ansættelsesforholdet bringes til ophør, fordi Warrantindehaveren har nået den alder, der gælder for pensionering fra Selskabet, eller fordi Warrantindehaveren kan oppebære folkepensi- on eller alderspension fra Selskabet. In the event the Company terminates the War- rantee's employment with the Company for any reason other than due to the Warrantee's breach (in Danish "misligholdelse"), the Warran- tee shall have the right to exercise any Warrants granted pursuant to this Agreement in accord- ance with the terms and conditions of this Agreement as if the Warrantee continued to be employed by the Company. The same applies if the employment rela- tionship comes to an end because the Warrantee has reached the age of retirement from the Company or is entitled to old age pension (in Danish: "folkepension") or re- tirement pension (in Danish: "alderspension") from the Company.

6.3 Hvis Selskabet opsiger Warrantindehaverens an- sættelse i Selskabet begrundet i Warrantindeha- verens misligholdelse eller berettiget bortviser Warrantindehaveren, bortfalder samtlige War- rants, der er tildelt i henhold til denne Aftale, men som ikke er udnyttet på tidspunktet for udløbet af opsigelsesperioden. In the event that the Company terminates the Warrantee's employment with the Company due to the Warrantee's breach (in Danish "mis- ligholdelse") or summarily dismisses the Warran- tee for cause (in Danish "bortvisning"), all War- rants granted pursuant to this Agreement, but not exercised at the time of the expiration of the no- tice period, becomes null and void. 6.4 Hvis Warrantindehaveren opsiger sin ansættel- se i Selskabet inden den 31. december 2019 med en hvilken som helst begrundelse, bortset fra Selskabets grove misligholdelse, bortfalder samtlige Warrants, der er tildelt i henhold til den- ne Aftale, men som ikke er udnyttet på tidspunktet for udløbet af opsigelsesperioden. In the event that the Warrantee terminates the employment with the Company before Decem- ber 31 2019 for any reason other than due the Company's material breach (in Danish: "grov misligholdelse"), all Warrants granted pursuant to this Agreement, but not exercised at the time of the expiration of the notice period, become null and void. 6.5 Hvis Warrantindehaveren opsiger sin ansættelse i Selskabet fra og med den 31. december 2019 med en hvilken som helst begrundelse, bortset fra Selskabets grove misligholdelse, er Warrant- indehaveren berettiget til at udnytte det antal Warrants tildelt i henhold til denne Aftale, som er anført nedenfor, i overensstemmelse med vilkåre- ne i Aftalen, som om Warrantindehaveren stadig var ansat i Selskabet: If the Warrantee terminates the employment with the Company on or after December 2019 for any reason other than due the Company's material breach (in Danish: "grov mislighold- else") the Warrantee shall have the right to ex- ercise such number of Warrants granted pur- suant to this Agreement as set out below in ac- cordance with the terms and conditions of this Agreement as if the Warrantee continued to be employed by the Company: Dato for Warrantindehaverens opsi- gelse/ Date of termination notice being served by the Warrantee % af Warrants % of Warrants Antal Warrants No. of Warrants December 31 2019 33,333 April 1 2020 41,666 July 1 2020 49,999 October 1 2020 58,332 January 1 2021 66,665 April 1 2021 74,998 July 1 2021 83,331 October 31 2021 91,664 December 1 2021 100 Resterende Warrants, som ikke er udnyttet på tids- punktet for udløbet af opsigelesperioden, bortfalder. Remaining Warrants not exercised at the time of the expiration of the notice period, become null and void.

6.6 [For nogle Warrantindehavere i henhold til in- dividuel aftale: Uanset ovenstående, kan [an- tal] Warrants udnyttes i henhold til punkt 6.5 uag- tet datoen for opsigelsen fra Warrantin- dehaverens side.] [For some Warrantees subject to individual agreement: Notwithstanding the above, [number ]Warrants shall be exercisable in accordance with Clause 6.5 regardless of the date of termination notice being served by the Warrantee.] 6.7 Hvis Warrantindehaveren opsiger sin ansættelse i Selskabet begrundet i Selskabets grove mislig- holdelse, er Warrantindehaveren berettiget til at udnytte Warrants tildelt i henhold til denne Aftale i overensstemmelse med vilkårene i Aftalen, som om Warrantindehaveren stadig var ansat i Sel- skabet. In the event that the Warrantee terminates the employment with the Company due to the Com- pany's material breach (in Danish: "grov mis- ligholdelse"), the Warrantee shall have the right to exercise any Warrants granted pursuant to this Agreement in accordance with the terms and conditions of this Agreement as if the Warrantee continued to be employed by the Company. 6.8 I tilfælde af Warrantindehaverens død, vil Warrantindehaverens bo eller Warrantindehave- rens overlevende ægtefælle (hvis denne sidder i uskiftet bo) være berettiget til at udnytte War- rants i overensstemmelse med vilkårene i denne Af- tale. In the event of the death of the Warrantee, the estate of the Warrantee or the spouse of the Warrantee (if the surviving spouse retains undi- vided possession of the estate) shall have the right to exercise any Warrants in accordance with the terms and conditions of this Agreement. 7 Ændring i retsstilling eller selskabskapital 7 Change of legal status or share capital 7.1 Ændring i selskabskapital Change of Share Capital 7.1.1 I tilfælde af ændringer i Selskabets sel- skabskapital, herunder men ikke begrænset til: In case of changes in the Company’s share cap- ital including but not limited to: (i) forøgelse af selskabskapitalen, (i) increase of the share capital, (i) udstedelse af konvertible obligationer, (ii) issuance of convertible bonds, (iii) udstedelse af nye tegningsretter, eller (iii) issuance of new subscription rights, or (iv) nedsættelse af selskabskapitalen, (iv) decrease of the share capital, uanset om dette sker til en kurs, der er lig med markedskursen for Selskabets kapitalandele, el- ler til en overkurs, eller hvis ændringerne nævnt i 7.1.1 (i)-(iv) sker til favørkurs, sker der ingen re- gulering i Warrants. whether at a rate that is equal to the market price of the shares of the Company or at premium rate ("overkurs"), or if the changes mentioned in Clause 7.1.1 (i)-(iv) are made at a special price (“favørkurs”), no regulation of Warrants shall occur. 7.1.2 Hvis den nominelle værdi af Selskabets kapital- andele ændres, skal antallet af Warrants (antal af kapitalandele) og/eller Udnyttelsesprisen til- passes, således at værdien af Warrants ikke bli- ver påvirket af sådanne ændringer. If the nominal value of the shares of the Company is amended, the number of Warrants (number of shares) and/or the Exercise Price shall be adjusted, so that the value of the Warrants is not affected by the said amendments.

7.1.3 Hvis selskabskapitalen nedsættes til dækning af tab, skal antallet af kapitalandele, som Warrant- indehaveren kan tegne gennem udnyttelse af Warrants, reduceres (nedrundet) forholdsmæs- sigt til den nominelle reduktion af kapitalen sammenholdt med Selskabets totale nominelle selskabskapital før reduktionen If the share capital is reduced in order to cover losses, the number of shares for which the War- rantee may subscribe by exercising the Warrants shall be reduced (rounded down) proportionately to the nominal reduction of the capital compared to the total nominal share capital of the Company before the reduction. 7.2 Andre ændringer Other Changes 7.2.1 Hvis der træffes beslutning om If a resolution is made to (i) at likvidere eller afvikle Selskabet, (i) liquidate or wind up the Company, (ii) at spalte Selskabet eller (ii) demerge the Company, or (iii) at gennemføre en kapitalandelsombytning, der omfatter samtlige kapitalandele i Sel- skabet (oprettelse af et holdingsel- skab/apportindskud), (iii) effect an exchange of shares which in- cludes all shares in the Company (es- tablishment of a holding com- pa- ny/non-cash contribution), er Warrantindehaveren berettiget til at udnytte Warrants på ikrafttrædelsesdatoen for den re- levante ændring, jf. dog punkt 7.2.2. Selska- bets Bestyrelse skal skriftligt meddele Warrant- indehaveren, hvis der træffes en af de oven- nævnte beslutninger, og Warrantindehaveren kan udnytte samtlige Warrants inden for 30 da- ge fra datoen for meddelelsen. Samtlige War- rants, som Selskabets Bestyrelse ikke har mod- taget en Udnyttelsesmeddelelse for inden ud- gangen af 30 dages fristen, bortfalder automa- tisk uden yderligere varsel eller kompensation, medmindre de erstattes i henhold til punkt 7.2.2. the Warrantee shall be entitled to exercise his/her Warrants on the effective date of the rel- evant change, see however Clause 7.2.2. The Company’s Board shall give written notice to the Warrantee if one of the above resolutions is made and the Warrantee may exercise all such Warrants within 30 days from the date of such notice. If the Board has not received an Exercise Notice prior to the expiry of the 30 days' notice, the Warrants will automatically and without fur- ther no- tice be cancelled and become void without notice or compensation unless replaced in accordance with Clause 7.2.2. 7.2.2 Hvis Selskabet indgår i en fusion, spaltning eller kapitalandelsombytning, der omfatter samtlige kapitalandele i Selskabet (oprettelse af et hol- dingselskab/apportindskud), er Selskabet be- ret- tiget, men ikke forpligtet til at anmode om, at Warrants erstattes med retten til at teg- ne kapitalandele i de(t) modtagende sel- skab(er), forudsat at de(t) fortsættende sel- skab(er) er enig heri. In the event of contribution of the Company by merger, de-merger or an exchange of shares which includes all shares in the Company (estab- lishment of a holding company/non-cash contri- bu- tion) the Company shall have the right, but not the obligation, to request that the War- rants are replaced by the right to subscribe to shares in the receiving company(ies) subject to written approval by the continuing company(ies).

8 Tegning af kapitalandele 8 Subscription of Shares 8.1 Ved udnyttelse af et hvilket som helst antal War- rants gælder følgende for tegning af nye kapi- talandele: Upon exercise of any part of the Warrants, the fol- lowing will apply for the subscription of new shares: (i) De andre kapitalejere i Selskabet har ikke fortegningsret med hensyn til Warrants el- ler kapitalandele udstedt gennem udnyt- telse af Warrants (i) The other shareholders of the Company have no preemption rights with respect to the Warrants or shares issued by exer- cise of the Warrants. (ii) Betaling af tegningsbeløbet og tegning af kapitalandele skal finde sted samtidigt. Warrantindehaverens rettigheder som ka- pitalejer efter udnyttelse af samtlige War- rants eller en del heraf træder i kraft, når uigenkaldelig kontant betaling til Selska- bet har fundet sted. Selskabet skal regi- strere Warrantindehaveren som kapital- ejer i Selskabets ejerbog. (ii) Payment of the subscription amount and subscription of shares shall take place simultaneously. The Warrantee's rights as a shareholder following exercise of the Warrants or part thereof shall come into force when an irrevocable cash payment has been made to the Company. The Company shall register the Warrantee as a shareholder in the Company's share register. (iii) De nye kapitalandele udstedes i kapital- andele à nominelt kr. 1 eller multipla her- af. (iii) The new shares are issued in shares of nominally DKK 1 or multiples hereof. (iv) De nye kapitalandele skal udstedes på navn, indføres i Selskabets ejerbog og er ikke-omsættelige. (iv) The new shares are issued on name, shall be registered in the Company's share register and are non-negotiable shares. (v) Restriktionerne på eksisterende kapitalandele vedrørende omsættelighed gælder også for de nye kapitalandele. (v) The restrictions on the current shares as to negotiability shall also apply for the new shares. (vi) Fortegningsret for nye kapitalandele i forbin- delse med fremtidige kapitalforhøjelser er be- grænsede for så vidt angår udstedelse af war- rants eller tegning af kapitalandele gennem udnyttelse af sådanne warrants eller ved andre begivenheder i henhold til generalforsamlin- gens beslutning. (vi) The preemptive rights of the new shares in connection with future capital increases shall be limited in connection with the is- suance of warrants or subscription of shares by exercising such warrants or other events as decided by the general meeting of the Company. (vii) De nye kapitalandele giver ret til dividende og andre rettigheder i Selskabet til enhver tid, når den relevante kapitalforhøjelse er registreret i Erhvervsstyrelsen. (vii) The new shares shall carry a right to divi- dend and other rights in the Company from the time when the relevant capital increase has been registered with the Danish Business Authority. (viii) Selskabet betaler omkostningerne i forbindel- se med udstedelse og udnyttelse af Warrants. (viii) The Company shall pay the costs in con- nection with the issuance and exercise of Warrants

11 Overdragelse af Warrants 11 Assignment of Warrants 11.1 Warrants og andre rettigheder og/eller forpligtelser af Warrantindehaveren i henhold til denne Aftale må ikke være genstand for udlæg (pant, sikkerhed eller lignende), erhverves eller på anden måde overdrages af Warrantindehaveren. The Warrants and any other rights and/or obliga- tions granted to the Warrantee under this Agree- ment cannot be subject to any encumbrance (as pledge, security or similar), assignment or in any other way be transferred by the Warrantee. 11.2 Uanset det anførte under punkt 11.1 kan overdra- gelse i tilfælde af Warrantindehaverens død finde sted til Warrantindehaverens bo og/eller hans/hendes arvinger. Notwithstanding Clause 11.1, assignment to the estate left by the Warrantee and/or to his/her heir/heiress in the event of death shall be allowed. 11.3 Uanset det anførte under punkt 11.1 må Warrant- indehaverens kapitalandele henholdsvis Warrants, herunder kapitalandele erhvervet gennem udnyt- telse af Warrants, ikke være genstand for inkasso- procedurer, fogedforretninger eller anden form for fuldbyrdelse og må heller ikke bruges som pant over for tredjepart. Warrantindehaveren har dog ved forudgående skriftlig tilladelse fra Selskabets Bestyrelse ret til at bruge kapitalandele og war- rants som pant i forbindelse med finansiering af køb af sådanne kapitalandele og warrants, hvis panthaver forud for pantsætningen skriftligt bekræfter at ville respektere denne Aftale. Notwithstanding Clause 11.1, the Warrantee's shares and Warrants (as applicable), including shares acquired by the exercise of Warrants, are not to be subjected to debt collection proceed- ings, creditor enforcement or any other type of en- forcement, nor are they to be pledged to any third party. However, subject to prior written approval from the board of the Company the Warrantee shall be en- titled to pledge shares and warrants in connection with the funding of the purchase of such shares and warrants if the pledgee prior to the pledge accepts in writing to respect this Agreement. 12 Afkald 12 Waiver 12.1 Warrantindehaveren garanterer ikke at ville påbe- råbe sig eller på anden måde benytte sig af minori- tetsbeskyttelsesreglen i henhold Selskabsloven, herunder § 73, ifølge hvilken en minoritetskapital- ejer kan fordre sine kapitalandele indløst af en ka- pitalejer, der ejer mere end ni tiendedele af kapi- talandelene (indløsningsret). The Warrantee undertakes not to invoke or oth- erwise rely upon the minority protection rule available under the Danish Companies Act, in- cluding Clause 73, stipulating the right to require a share- holder holding more than ninetenths of the shares to acquire the shares of any minority shareholder (in Danish: "indløsningsret") 13 Pantsætning af kapitalandele 13 Pledge of Shares 13.1 Warrantindehaveren forpligter sig herved at pant- sætte kapitalandele i Selskabet tegnet gennem ud- nyttelse af Warrants (herunder eventuelle stemme- rettigheder) til de andre kapitalejere i Selskabet som sikkerhed for (i) opfyldelse af Warrantindeha- verens forpligtelser i henhold til Aftalen og (ii) op- fyldelse af Warrantindehaverens forpligtelser i hen- hold til ejeraftale, der er gældende for Warrantin- dehaverens kapitalandele i Selskabet. The Warrantee hereby undertakes to pledge any shares in the Company subscribed for by exercise of any Warrants (including voting rights (if any)) to the other shareholders of the Company as secu- rity for (i) the fulfilment of the Warrantee's obliga- tions under this Agreement and (ii) the fulfilment of the Warrantee's obligations under any Sharehold- ers' Agreement governing the shares in the Com- pany held by the Warrantee.

18.1 Denne Aftale er udfærdiget i to eksemplarer, hvor- af det ene underskrevne eksemplar forbliver hos Selskabet, mens det andet underskrevne eksem- plar udleveres til Warrantindehaveren. Aftalen træder i kraft på datoen for underskrivelsen. This Agreement is signed in two copies; one shall be held by the Company and the other by the Warrantee. The Agreement shall be in force from the date of signing. 18.2 Alle meddelelser eller lignende i henhold til eller i forbindelse med Aftalen skal foretages skriftligt fra den ene Part til den anden. All notifications, demands or similar pursuant to or relating to this Agreement shall be made in writing to the other Party. - 0 – - 0 - For and on behalf of Evaxion Biotech ApS: For [the Warantee]: ____________________________ Name: Title: ____________________________ Name: Title: ____________________________ Name: Title: ___________________________ Name: Title:

BILAG 2 TIL VEDTÆGTER APPENDIX 2 TO ARTICLES OF ASSOCIATION WARRANTAFTALE WARRANT AGREEMENT Mellem Evaxion Biotech ApS Bredgade 34 E 1260 København K og [Navn] [Adresse] Between Evaxion Biotech ApS Bredgade 34 E 1260 Copenhagen K and [Name] [Address]

2 INDHOLDSFORTEGNELSE/TABLE OF CONTENTS 1 BAGGRUND OG OMFANG ....................................................................................................................... 4 1 BACKGROUND AND SCOPE ................................................................................................................... 4 2 TILDELING AF WARRANTS ..................................................................................................................... 4 2 GRANT OF WARRANTS........................................................................................................................... 4 3 TEGNINGSPRIS ....................................................................................................................................... 5 3 SUBSCRIPTION PRICE ............................................................................................................................ 5 4 UDNYTTELSE AF WARRANTS ................................................................................................................ 5 4 EXERCISE OF WARRANTS ..................................................................................................................... 5 5 VISSE BETINGELSER I RELATION TIL EXIT .......................................................................................... 7 5 CERTAIN CONDITIONS RELATING TO AN EXIT .................................................................................... 7 6 OPSIGELSE AF ANSÆTTELSESFORHOLDET ....................................................................................... 8 6 TERMINATION OF EMPLOYMENT .......................................................................................................... 8 7 ÆNDRING I RETSSTILLING ELLER SELSKABSKAPITAL .....................................................................10 7 CHANGE OF LEGAL STATUS OR SHARE CAPITAL .............................................................................10 8 TEGNING AF KAPITALANDELE ..............................................................................................................11 8 SUBSCRIPTION OF SHARES .................................................................................................................11 9 SKAT ........................................................................................................................................................12 9 TAX ..........................................................................................................................................................12 10 EJERAFTALE ...........................................................................................................................................13 10 SHAREHOLDERS' AGREEMENT ............................................................................................................13 11 OVERDRAGELSE AF WARRANTS .........................................................................................................13 11 ASSIGNMENT OF WARRANTS ..............................................................................................................13 12 AFKALD ...................................................................................................................................................14 12 WAIVER ...................................................................................................................................................14 13 PANTSÆTNING AF KAPITALANDELE ...................................................................................................14 13 PLEDGE OF SHARES .............................................................................................................................14 14 FULDMAGT ..............................................................................................................................................14 14 POWER OF ATTORNEY ..........................................................................................................................14 15 TAVSHEDSPLIGT ....................................................................................................................................14 15 CONFIDENTIALITY ..................................................................................................................................14 16 LOVVALG .................................................................................................................................................14 16 GOVERNING LAW ...................................................................................................................................14 17 TVISTER ..................................................................................................................................................14 17 DISPUTES................................................................................................................................................14 18 UNDERSKRIFT, HELE AFTALEN OG ÆNDRINGER HERTIL ................................................................15 18 SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS ................................................................15

3 BILAGSFORTEGNELSE INDEX OF EXHIBITS Bilag 1.2: Vedtægter Exhibit 1.2: Articles of Associa- tion

WWW.ADLEXADVOKATER.DK SIDE 4 AF 106 Der er den 10. september 2017 indgået følgende warrant- aftale ("Aftalen") mellem This Warrant Agreement (the "Agreement") is en- tered into on 10 September 2017 between: (1) Evaxion Biotech ApS, CVR-nr. 31 76 28 63, Bredgade 34 E, 1260 København K ("Selskabet") Evaxion Biotech ApS, CVR No. 31 76 28 63, Bredgade 34 E, 1260 Copenhagen K (the "Com- pany") (2) [Navn, adresse] (the "Warrantindehaveren") [Name, address] (the "Warrantee") - Selskabet og Warrantindehaveren samlet benævnt "Parterne" og separat tillige en "Part" - the Company and the Warrantee hereinafter col- lectively referred to as the "Parties" and separately as a "Party" EFTERSOM WHEREAS Warrantindehaveren er ansat som CEO i selskabet med virkning fra den 1. juli 2017 ("Ansættelsesdatoen") The Warrantee is employed by the Company as CEO effective as of 1 July 2017 (the "Employment Date") Selskabet ønsker at motivere Warrantindehaveren ved at tildele et vist antal warrants til Warrantindehaveren. The Company wishes to incentivise the Warrantee by granting certain warrants to the Warrantee. HAR PARTERNE VEDTAGET FØLGENDE: NOW IT IS HEREBY AGREED AS FOLLOWS: 1 BAGGRUND OG OMFANG 1 BACKGROUND AND SCOPE 1.1 Formålet med denne Aftale er at tildele Warrantin- dehaveren warrants i Selskabet for at sikre, at Sel- skabet og Warrantindehaveren har fælles interes- ser, og at begge Parter medvirker til at skabe den bedst mulige værdiudvikling i Selskabet. The purpose of this Agreement is to grant the War- rantee warrants in the Company in order to ensure that the Company and the Warrantee have aligned interests and that both Parties are working to en- sure that the value of the Company develops in the best possible way. 1.2 Selskabets vedtægter er vedlagt denne Aftale som bilag 1.2. Warrantindehaveren accepterer hermed alle fremtidige ændringer i Selskabets vedtægter. The Company's articles of association are at- tached hereto as Exhibit 1.2. The Warrantee hereby accepts all future changes to the Company's articles of association.

2 TILDELING AF WARRANTS 2 GRANT OF WARRANTS 2.1 I henhold til betingelserne i denne Aftale udsteder Selskabet hermed, og Warrantindehaveren modta- ger 617.184 warrants i Selskabet til Warrantinde- haveren ("Warrants"). Subject to the terms and conditions set out in this Agreement, the Company hereby issues and the Warrantee receives 617,184 warrants in the Com- pany to the Warrantee (the "Warrants"). 2.2 Hver Warrant giver Warrantindehaveren ret, men ikke pligt, til at tegne én kapitalandel à nominelt kr. 1 i Selskabet. Each Warrant shall provide the Warrantee with a right, but not an obligation, to subscribe for one share with a nominal value of DKK 1 in the Com- pany 2.3 Warrants tildeles vederlagsfrit. The Warrants are granted free of charge. 2.4 Warrants giver ikke Warrantindehaveren kapital- ejerrettigheder, som f.eks. fondskapitalandele, eller fortegningsret i tilfælde af en kapitalforhøjelse i Selskabet. The Warrants shall not entitle the Warrantee to any shareholder rights such as bonus shares or pre- emption rights in the event of a capital in- crease of the Company. 2.5 Selskabet er forpligtet til at føre en fortegnelse over udstedte Warrants, som skal opbevares sammen med Selskabets ejerbog. The Company undertakes to keep and maintain a register of issued Warrants to be kept in connec- tion with the Company's share register. 3 TEGNINGSRET 3 SUBSCRIPTION PRICE 3.1 Hver Warrant giver Warrantindehaveren ret til at tegne én kapitalandel à nominelt kr. 1 i Selskabet til en pris af kr. 1 ("Tegningsprisen"). Each Warrant gives the Warrantee the right to sub- scribe for one share with a nominal value of DKK 1 in the Company at a price of DKK 1 (the "Subscrip- tion Price"). 4 UDNYTTELSE AF WARRANTS 4 EXERCISE OF WARRANTS 4.1 Warrantindehaveren kan udnytte alle eller en del af Warrants (i) i forbindelse med en Exit (se punkt 4.2) eller (ii) på et tidspunkt, der fastsættes af Be- styrelsen (et "Vindue") The Warrantee may exercise all or part of the War- rants (i) in connection with an Exit (see Clause 4.2) or (ii) at any time determined by the Board (a "Win- dow"). 4.2 "Exit" betyder (a) en ændring i ejerforholdene i Selskabet, hvorved en uafhængig tredjemand er- hverver 50 % eller mere af selskabskapitalen i Sel- skabet eller kommer til at kontrollere mere end 50 % af stemmerne i Selskabet; (b) en børsnotering af Selskabets aktier; (c) salg eller overdragelse af samtlige eller en væsentlig del af Selskabet aktiver; An "Exit" shall mean (a) a change of control in the Company whereby any independent third party ac- quires 50% or more of the share capital in the Company or comes to control more than 50% of the votes in the Company; (b) an initial public offering of the Company's shares ("IPO"); (c) the sale or dis- position of all or a material part of the Company's

(d) en fusion med Selskabet som det ophørende selskab; eller (e) en kombination af (a) - (d). assets; (d) a merger whereby the Company is the discontinuing entity; or (e) a com- bination of (a) - (d) above. 4.3 I tilfælde af en Exit skal Selskabet udstede en skrift- lig meddelelse herom ("Meddelelse om Exit") til Warrantindehaveren. Meddelelsen om Exit skal in- deholde relevante oplysninger om fremgangsmå- den, bilagt en formular til meddelelse om udnyttel- se ("Udnyttelsesmeddelelsen") samt eventuelt en yderligere forpligtelseserklæring, som Selskabet ef- ter eget skøn måtte forlange (f.eks. tiltrædelsesdo- kument til en aftale om køb og salg af anparter eller lignende forpligtelser til overdragelse af anparter, der er tegnet ved udnyttelse af Warrants), og som skal underskrives af Warrantindehaveren ("Yderli- gere Forpligtelseserklæring"). In the event of an Exit, the Company shall issue a written notice of Exit ("Exit Notice") to the War- rantee. The Exit Notice shall include relevant infor- mation on the process and be accompanied by a form of exercise notice (the "Exercise Notice") to- gether with any supplementary undertakings as may be required by the Company at its discretion (for instance adherence documentation to a share sale and purchase agreement or similar undertak- ings to transfer the shares subscribed for by exer- cise of the Warrants) to be signed by the Warran- tee (the "Supplementary Undertakings"). 4.4 Meddelelse om udnyttelse af Warrants finder sted, ved at Warrantindehaveren fremsender "Udnyttel- sesmeddelelsen" til Selskabet med oplysning om det ønskede antal kapitalandele samt en eventuel Yderligere Forpligtelseserklæring. Samtidig med fremsendelsen af Udnyttelsesmeddelelsen og eventuelt Yderligere Forpligtelseserklæring skal Warrantindehaveren betale et kontant beløb til Sel- skabet svarende til det relevante tegningsbeløb. Notification of exercise of the Warrants takes place by the Warrantee's submission to the Company of the Exercise Notice stating the number of shares requested together with any Supplementary Under- takings. At the same time of submitting the Exercise Notice and any Supplementary Undertakings, the Warrantee shall pay in cash to the Company an amount equal to the relevant subscription amount. 4.5 Medmindre Selskabet bestemmer andet, vil samtli- ge Warrants automatisk bortfalde uden yderligere varsel og uden kompensation, hvis en Udnyttel- sesmeddelelse og en eventuel Yderligere Forplig- telseserklæring samt betaling af det relevante teg- ningsbeløb ikke er fremsendt senest to uger efter datoen for Meddelelsen om Exit. Unless otherwise decided by the Company, if an Exercise Notice and any Supplementary Undertak- ings together with payment of the relevant sub- scription amount is not submitted no later than two (2) weeks from the date of the Exit Notice, all War- rants shall automatically and without further notice or compensation lapse and become null and void. 4.6 Warrants, der ikke udnyttes i forbindelse med en Exit, vil automatisk bortfalde uden kompensation efter gennemførelsen af den relevante begiven- hed. Any Warrants that are not exercised in connection with an Exit shall automatically become void with- out compensation, following the completion the rel- evant event. 4.7 Såfremt der efter Meddelelsen om Exit ikke sker en endelig gennemførelse af Exit, beholder Warrant- indehaveren sine Warrants i henhold til vilkårene i In the event that an Exit is not finally completed fol- lowing an Exit Notice, the Warrantee's right to the Warrants as set out in the Agreement shall be re-

denne Aftale. Hvis Warrantindehaveren har tegnet kapitalandele i Selskabet gennem udnyttelse af Warrants, og disse nye kapitalandele er blevet re- gistreret i Erhvervsstyrelsen, beholder Warrantin- dehaveren de tegnede kapitalandele, uanset at den bebudede Exit ikke er endeligt gennemført, og de udnyttede Warrants skal ikke tilbageføres. Både Selskabet og Warrantindehaveren har dog ret til ef- ter eget skøn at forlange, at Selskabet tilbagekøber de erhvervede kapitalandele til Tegningsprisen. tained. In the event that shares have been sub- scribed for in the Company by exercise of War- rants and such new shares have been registered with the Danish Business Authority, the shares sub- scribed for shall be retained notwithstanding a noti- fied Exit is not finally completed and the exercised Warrants shall not be reversed, however, both the Company and the Warrantee may on a discretion- ary basis request that the Company shall repur- chase the shares acquired at the Subscription Price. 4.8 Såfremt der oprettes et Vindue, skal punkt 4.3 - 4.5 samtidig være gældende. In case a Window is established Clauses 4.3-4.5 shall apply simultaneously. 4.9 Warrants, der ikke udnyttes i forbindelse med et Vindue, bortfalder automatisk uden kompensa- tion. Any Warrants that are not exercised in connection with a Window shall automatically become void without compensation. 4.10 Såfremt et Vindue ikke er blevet oprettet senest den 31. december 2036, bortfalder Warrants auto- matisk uden yderligere varsel og uden kompensa- tion. In the event an Exit or a Window has not occurred on or before 31 December 2036, the Warrants shall automatically and without further notice or compen- sation lapse and become null and void. 4.11 I forbindelse med en notering af ADS’er på Nasdaq, USA, har Selskabets bestyrelse i hen- hold til pkt. 4.1 truffet beslutning om at fastsætte udnyttelsesvinduerne for udstedte warrants såle- des: In connection with a listing of ADSs on Nasdaq, USA, the board of directors has resolved, pursuant to clause 4.1, to determine the exercise windows for issued warrants as follows: Optjente warrants kan udnyttes i fire årlige udnyt- telsesvinduer på 2 uger, som hver ligger to han- delsdage efter offentliggørelsen af henholdsvis Selskabets årsrapport, halvårsregnskabet samt kvartalsmeddelelserne. Første udnyttelsesperiode indtræder dog tidligst 180 dage efter Selskabets notering af ADS’er på Nasdaq, USA, og i de før- ste fire udnyttelsesperioder kan warrantindehave- ren maksimalt udnytte 25% af de til warrantinde- haveren tildelte warrants forudsat altid at warrants er optjent. Vested warrants may be exercise in four annual exercise windows of two weeks each that each commence two trading days following publication of the Company’s annual report, the 6-month report and the interim reports. The first exercise window shall, however, be at least 180 days following the listing by the Company of ADSs on Nasdaq, USA and in the first four exercise periods the warran- tholder may as a maximum exercise 25% of the warrants granted to the respective warrantholders, provided always that the warrants have vested. 5 VISSE BETINGELSER I RELATION TIL EXIT 5 CERTAIN CONDITIONS RELATING TO AN

EXIT 5.1 Efter udnyttelse af Warrants i forbindelse med en børsnotering skal Warrantindehaveren under- skri- ve og tiltræde de aftaler eller forpligtelser, herunder i relation til en lock-up periode eller andre lock-up forpligtelser, som den udstedende bank måtte an- mode om i forbindelse med en børsnotering. Following exercise of Warrants in connection with an IPO, the Warrantee shall sign and accept such agreements or undertakings including in respect of period of lock-up and other lock-up obligations which may be proposed by the issuing bank in con- nection with an IPO. 5.2 Selskabet kan kræve, og Warrantindehaveren skal i så fald acceptere, at samtlige eller en del af War- rants ombyttes ligeligt til kapitalandele, warrants, konvertible værdipapirer eller et andet kapitalan- delsbaseret instrument udstedt af en køber eller af en efterfølger af Selskabet eller af et af disses mo- derselskab eller datterselskab, eller til kapitalande- le, warrants, konvertible værdipapirer eller andet kapitalandelsbaseret instrument udstedt af Selska- bet efter omstrukturering, således at den pågæl- dende Warrantindehavers Warrants umiddelbart ef- ter en sådan ombytning - sammen med betaling af en eventuel kontant godtgørelse til Warrantindehaveren - i alt væsentlig har samme værdi som Warrants, herunder de War- rants ejet af Warrantindehaveren umiddelbart før en sådan ombytning. Uanset ovenstående er War- rantindehaveren berettiget til en delvis kontant ud- betaling i det omfang, dette er nødvendigt, for at Warrantindehaveren er i stand til at betale eventuel indkomst- eller kapitalgevinstskat, der umiddelbart forfalder som følge af en sådan ombytning af vær- dipapirer. The Company may request, and the Warrantee shall then accept, that all or a portion of the War- rants shall be equitably exchanged for shares, war- rants, convertibles or any other equity based in- strument, issued by any purchaser of or successor to the Company, or by a parent or subsidiary of ei- ther of them, or shares, warrants, convertibles or any other equity based instrument issued by the Company as restructured, such that such Warran- tee's Warrants immediately following such ex- change, when aggregated with any cash considera- tion paid to such Warrantee, shall have substantially the same value as the Warrants, including any War- rants held by such Warrantee immediately prior to such exchange. Notwithstanding any of the forego- ing, the Warrantee shall be entitled to partial con- sideration in cash to the extent necessary in order for the Warrantee to be able to pay any personal in- come or capital gains tax immediately falling due as a result of such exchange of securities. 5.3 Forud for en Exit er Selskabet (eller en tredje- mand, der er udpeget af Selskabet) berettiget til at købe Warrants fra Warrantindehaveren til en pris, der fastsættes i overensstemmelse med punkt 5.5 nedenfor. Prior to an Exit, the Company (or a third party ap- pointed by the Company) shall have a right to pur- chase the Warrants from the Warrantee for a price determined in accordance with Clause 5.5 below. 5.4 Hvis Selskabet ønsker at udnytte en af sine ret- tigheder i henhold til denne Aftale, skal der gives skriftlig meddelelse herom per email til Warrantin- dehaveren. En meddelelse betragtes som væ- ren- de kommet Warrantindehaveren i hænde, og Sel- If the Company wishes to exercise any of its rights under this Agreement, a written notice to that ef- fect shall be sent by email to the Warrantee. A no- tice shall be deemed to have reached a War- rantee, and hence the right of the Company shall be

skabets rettighed derved udøvet, på tidspunk- tet for emailens afsendelse, forudsat at meddelelsen er stilet til den emailadresse, som Warrantindeha- veren til enhver tid har oplyst Selskabet om. Udnyt- telse af en rettighed i henhold til punkt 5.3 ovenfor er altid betinget af, at Exit faktisk er blevet gennem- ført. deemed to have been exercised, at the time of the dispatch of the email, provided the notice has been addressed to the email address of the Warrantee which the Warrantee has informed the Company at any time. The exercise of rights pursuant to Clause 5.3 above is always subject to the condition that the Exit is actually completed. 5.5 Købspris i forbindelse med Exit Purchase Price in connection with an Exit 5.5.1 Ved køb af Warrantindehaverens Warrants i hen- hold til punkt 5.3 skal værdien af Warrants være baseret på den rimelige markedsværdi som anført nedenfor. When the Warrantee's Warrants are purchased in accordance with Clause 5.3, the Warrants shall be based on the fair market value as set out below. 5.5.2 Den rimelige markedsværdi af Warrants bereg- nes af Selskabet på grundlag af den nettopris per kapitalandel i Selskabet, som sælgende kapital- ejere vil modtage ved en Exit med fradrag af et for- holdsmæssigt beløb for vederlag til rådgivere m.v. Ved beregningen af den rimelige markedsværdi af Warrants skal Selskabet fratrække et beløb, som Selskabet anser som passende i betragtning af de sælgende kapitalejeres eventuelle forpligtelser i henhold til Exit. The fair market value of the Warrants shall be cal- culated by the Company based on the net price per share of the Company to be received by the selling shareholders in an Exit deducted the proportionate amount of any fees to advisors etc. When calculat- ing the fair market value of the Warrants, the Com- pany shall deduct from the fair market value an amount which the Company deems appropriate when considering the selling shareholders' potential liabilities pursuant to the Exit. 5.5.3 Når Warrants købes i forbindelse med en Exit som følge af salg eller overdragelse af samtlige el- ler en væsentlig del af Selskabets aktiver, er vær- dien af Warrants den rimelige markedsværdi på tidspunktet efter salget. I tilfælde af en sådan Exit skal der ved beregningen af den rimelige markeds- værdi for Warrants tages højde for den købspris, Selskabet har modtaget for de solgte aktiver, med fradrag af gæld, der ikke er overdraget sammen med aktiverne, samt en forholdsmæssig andel af omkostninger, honorarer m.v. i forbindelse med transaktionen. When the Warrants are purchased in connection with an Exit based on the sale or disposition of all or a material part of the Company's assets, the value of the Warrants shall be the fair market value at the time after such sale. In case of such Exit, the fair market value of the Warrants shall take into account the purchase price received by the Company for the assets sold, net of any debts not transferred together with the assets as well as a proportionate part of any cost, fees etc. related to the transaction. 5.5.4 Købsprisen for Warrants fastlagt i henhold til punkt 5.5.2 - 5.5.3 ovenfor skal betales 15 dage efter, at de sælgende kapitalejere i Selskabet har modtaget betaling for deres kapitalandele, og i tilfælde af køb i forbindelse med et salg af aktiver, når Selskabet The purchase price for the Warrants determined in accordance with Clauses 5.5.2 - 5.5.3 above, as applicable, shall be paid 15 days after the selling shareholders of the Company have received pay- ment for their shares, and in case of a purchase in

har modtaget betaling for de solgte aktiver. connection with an asset sale, when the Company has received payment for the assets sold. 6 OPSIGELSE AF ANSÆTTELSESFORHOLDET 6 TERMINATION OF EMPLOYMENT 6.1 Hvis Selskabet opsiger Warrantindehaverens an- sættelse i Selskabet med en hvilken som helst be- grundelse bortset fra Warrantindehaverens mislig- holdelse, er Warrantindehaveren berettiget til at udnytte Warrants tildelt i henhold til denne Aftale i overensstemmelse med vilkårene i Aftalen, som om Warrantindehaveren stadig var ansat i Selska- bet. Dette gælder ligeledes, hvis ansættelsesfor- holdet bringes til ophør, fordi Warrantindehaveren har nået den alder, der gælder for pensionering fra Selskabet, eller fordi Warrantindehaveren kan op- pebære folkepension eller alderspension fra Sel- skabet. In the event the Company terminates the Warran- tee's employment with the Company for any rea- son other than due to the Warrantee's breach (in Danish "misligholdelse"), the Warrantee shall have the right to exercise any Warrants granted pursuant to this Agreement in accordance with the terms and conditions of this Agreement as if the Warrantee continued to be employed by the Company. The same applies if the employment relationship comes to an end because the Warrantee has reached the age of retirement from the Company or is entitled to old age pension (in Danish: "folkepension") or re- tirement pension (in Danish: "alderspension") from the Company. 6.2 Hvis Selskabet opsiger Warrantindehaverens an- sættelse i Selskabet begrundet i Warrantindehave- rens misligholdelse eller berettiget bortviser War- rantindehaveren, bortfalder samtlige Warrants, der er tildelt i henhold til denne Aftale, men som ikke er udnyttet på tidspunktet for udløbet af opsigelsespe- rioden. In the event that the Company terminates the War- rantee's employment with the Company due to the Warrantee's breach (in Danish "misligholdelse") or summarily dismisses the Warrantee for cause (in Danish "bortvisning"), all Warrants granted pursuant to this Agreement, but not exercised at the time of the expiration of the notice period, become null and void. 6.3 Hvis Warrantindehaveren opsiger sin ansættelse i Selskabet med en hvilken som helst begrundelse, bortset fra Selskabets grove misligholdelse, er Warrantindehaveren berettiget til at udnytte en pro- centdel af Warrants, der er tildelt i henhold til den- ne Aftale, som anført nedenfor, i overensstemmel- se med vilkårene i Aftalen, som om Warrantinde- haveren stadig var ansat i Selskabet. If the Warrantee terminates the employment with the Company for any reason other than due the Company's material breach (in Danish: "grov mis- ligholdelse") the Warrantee shall have the right to exercise such percentage of the Warrants granted pursuant to this Agreement as set out below in ac- cordance with the terms and conditions of this Agreement as if the Warrantee continued to be em- ployed by the Company: 6.3.1 Hvis Warrantindehaveren opsiger sin ansættelse inden udløbet af 1 år efter Ansættelsesdatoen: in- gen Warrants. If the Warrantee serves notice of termination be- fore the first anniversary of the Employment Date: no Warrants; 6.3.2 Hvis Warrantindehaveren opsiger sin ansættelse If the Warrantee serves notice of termination on the

inden udløbet af 2 år efter Ansættelsesdatoen: 20% af tildelte Warrants. first anniversary and up to the day prior to the second anniversary of the Employment Date: twenty per cent (20 %) of the Warrants; 6.3.3 Hvis Warrantindehaveren opsiger sin ansættelse inden udløbet af 3 år efter Ansættelsesdatoen: 40% af tildelte Warrants. If the Warrantee serves notice of termination on the second anniversary and up to the day prior to the third anniversary of the Employment Date: forty per cent (40 %) of the Warrants; 6.3.4 Hvis Warrantindehaveren opsiger sin ansættelse inden udløbet af 3 år efter Ansættelsesdatoen: 60% af tildelte Warrants. If the Warrantee serves notice of termination on the third anniversary and up to the day prior to the fourth anniversary of the Employment Date: sixty per cent (60 %) of the Warrants; 6.3.5 Hvis Warrantindehaveren opsiger sin ansættelse inden udløbet af 4 år efter Ansættelsesdatoen: 80% af tildelte Warrants. If the Warrantee serves notice of termination on the fourth anniversary and up to the day prior to the fifth anniversary of the Employment Date: eighty per cent (80 %) of the Warrants; and 6.3.6 Hvis Warrantindehaveren opsiger sin ansættelse inden udløbet af 5 år efter Ansættelsesdatoen: 100% af tildelte Warrants. If the Warrantee serves notice of termination on or after the fifth anniversary of the Employment Date: one hundred per cent (100 %) of the Warrants. Resterende Warrants, der ikke er udnyttet ved ud- løbet af opsigelsesperioden, bortfalder. Remaining Warrants not exercised at the time of the expiration of the notice period, become null and void. 6.4 Hvis Warrantindehaveren opsiger sin ansættelse i Selskabet begrundet i Selskabets grove mislighol- delse, er Warrantindehaveren berettiget til at udnyt- te Warrants tildelt i henhold til denne Aftale i over- ensstemmelse med vilkårene i Aftalen, som om Warrantindehaveren stadig var ansat i Selskabet. In the event that the Warrantee terminates the em- ployment with the Company due to the Company's material breach (in Danish: "grov misligholdelse"), the Warrantee shall have the right to exercise any Warrants granted pursuant to this Agreement in ac- cordance with the terms and conditions of this Agreement as if the Warrantee continued to be em- ployed by the Company. 6.5 I tilfælde af Warrantindehaverens død, vil Warrant- indehaverens bo eller Warrantindehaverens over- levende ægtefælle (hvis denne sidder i uskiftet bo) være berettiget til at udnytte Warrants i overens- stemmelse med vilkårene i denne Aftale. In the event of the death of the Warrantee, the es- tate of the Warrantee or the spouse of the War- rantee (if the surviving spouse retains undivided possession of the estate) shall have the right to ex- ercise any Warrants in accordance with the terms and conditions of this Agreement. 7 ÆNDRING I RETSSTILLING ELLER SEL- 7 CHANGE OF LEGAL STATUS OR SHARE

SKABSKAPITAL CAPITAL 7.1 Ændring i selskabskapital Change of Share Capital 7.1.1 I tilfælde af ændringer i Selskabets selskabskapi- tal, herunder men ikke begrænset til: In case of changes in the Company's share capital including but not limited to (i) forøgelse af selskabskapitalen, (i) increase of the share capital, (ii) udstedelse af konvertible obligationer, (ii) issuance of convertible bonds, (iii) udstedelse af nye tegningsretter, eller (iii) issuance of new subscription rights, or (iv) nedsættelse af selskabskapitalen, (iv) decrease of the share capital, uanset om dette sker til en kurs, der er lig med markedskursen for Selskabets kapitalandele, eller til en overkurs, eller hvis ændringerne nævnt i 7.1.1 (i) - (iv) sker til favørkurs, sker der ingen regulering i Warrants. whether at a rate that is equal to the market price of the shares of the Company or at premium rate ("overkurs"), or if the changes mentioned in Clause 7.1.1 (i) - (iv) are made at a special price ("favørkurs") no regulation of Warrants shall occur. 7.1.2 Hvis den nominelle værdi af Selskabets kapitalan- dele ændres, skal antallet af Warrants (antal af ka- pitalandele) og/eller Udnyttelsesprisen tilpasses, således at værdien af Warrants ikke bliver påvirket af sådanne ændringer. If the nominal value of the shares of the Company is amended, the number of Warrants (number of shares) and/or the Exercise Price shall be ad- just- ed, so that the value of the Warrants is not affected by the said amendments. 7.1.3 Hvis selskabskapitalen nedsættes til dækning af tab, skal antallet af kapitalandele, som Warrantin- dehaveren kan tegne gennem udnyttelse af War- rants, reduceres (nedrundet) forholdsmæssigt til den nominelle reduktion af kapitalen sammenholdt med Selskabets totale nominelle selskabskapital før reduktionen. If the share capital is reduced in order to cover losses, the number of shares for which the War- rantee may subscribe by exercising the Warrants shall be reduced (rounded down) proportionately to the nominal reduction of the capital compared to the total nominal share capital of the Company before the reduction. 7.2 Andre ændringer Other Changes 7.2.1 Hvis der træffes beslutning om If a resolution is made to (i) at likvidere eller afvikle Selskabet, (i) liquidate or wind up the Company, (ii) at spalte Selskabet eller (ii) demerge the Company, or (iii) at gennemføre en kapitalandelsombytning, (iii) effect an exchange of shares which in-

det sted. Selskabet skal registrere Warrant- indehaveren som kapitalejer i Selskabets ejerbog. made to the Company. The Company shall register the Warrantee as a shareholder in the Company's share register. (iii) De nye kapitalandele udstedes i kapitalan- dele à nominelt kr. 1 eller multipla heraf. (iii) The new shares are issued in shares of nominally DKK 1 or multiples hereof. (iv) De nye kapitalandele skal udstedes på navn, indføres i Selskabets ejerbog og er ik- ke-omsættelige. (iv) The new shares are issued on name, shall be registered in the Company's share regis- ter and are non-negotiable shares. (v) Restriktionerne på eksisterende kapitalan- dele vedrørende omsættelighed gælder og- så for de nye kapitalandele. (v) The restrictions on the current shares as to negotiability shall also apply for the new shares. (vi) Fortegningsret for nye kapitalandele i for- bindelse med fremtidige kapitalforhøjelser er begrænsede for så vidt angår udstedelse af warrants eller tegning af kapitalandele gen- nem udnyttelse af sådanne warrants eller ved andre begivenheder i henhold til gene- ralforsamlingens beslutning. (vi) The pre-emptive rights of the new shares in connection with future capital increases shall be limited in connection with the issuance of warrants or subscription of shares by exer- cising such warrants or other events as de- cided by the general meeting of the Compa- ny. (vii) De nye kapitalandele giver ret til dividende og andre rettigheder i Selskabet til enhver tid, når den relevante kapitalforhøjelse er registreret i Erhvervsstyrelsen. (vii) The new shares shall carry a right to div- idend and other rights in the Company from the time when the relevant capital increase has been registered with the Danish Busi- ness Authority. (viii) Selskabet betaler omkostningerne i forbin- delse med udstedelse og udnyttelse af War- rants. (viii) The Company shall pay the costs in connec- tion with the issuance and exercise of War- rants. 9 SKAT 9 TAX 9.1 Punkterne 9.2 - 9.4 finder anvendelse, hvis War- rantindehaveren er ansat i Selskabet: Clauses 9.2 - 9.4 shall apply provided the Warran- tee is an employee of the Company: 9.2 Warrants er underlagt ligningslovens § 7 P. The Warrants shall to the extent possible be sub- ject to Section 7 P of the Danish Tax Assessment Act. 9.3 Selskabet har vurderet værdien af de tildelte war- rants til DKK 1.074,72 pr. styk baseret (før justering The Company has assessed the value of each granted warrant as DKK 1,074.72 (before adjust-

for fondsaktieudstedelse og aktiesplit af 4. januar 2021). ment for bonus shares and share split adopted on 4 January 2021). 9.4 Selskabet giver ikke Warrantindehaveren nogen garanti for, at Warrants beskattes efter ligningslo- vens § 7 P med eventuelle senere ændringer, her- under om kravene til anvendelse af bestemmelsen ikke er opfyldt, eller om bestemmelsen fremover er ændret eller ophævet. The Company does not make any guarantees to the Warrantee that the Warrantee will be subject to the tax treatment under Section 7 P of the Danish Tax Assessment Act, as amended from time to time, in- cluding whether the requirements for the application of the provision are not met or if the provision is al- tered or repealed in the future. 9.5 De skattemæssige konsekvenser for Warrantinde- haveren i forbindelse med denne Aftale, herunder men ikke begrænset til erhvervelse og/eller tildeling af Warrants, og/eller skattemæssige konsekvenser i forbindelse med udnyttelse af Warrants, er Sel- skabet uvedkommende. Warrantindehaveren op- fordres til at søge skattemæssig rådgivning i for- bindelse med indgåelsen af denne Aftale. The tax consequences for the Warrantee arising in connection with or out of this Agreement, including but not limited to the acquisition and/or granting of the Warrants and/or the tax consequences in con- nection with the exercise of the Warrants, are of no concern to the Company. The Warrantee is strongly encouraged to seek tax advice in connection with entering into this Agreement. 10 EJERAFTALE 10 SHAREHOLDERS’ AGREEMENT 10.1 Warrantindehaveren skal på tidspunktet for ud- nyttelse af Warrants tildelt i henhold til denne Af- tale tiltræde og acceptere at være bundet af en- hver ejeraftale, der gælder for kapitalejere i Sel- skabet til enhver tid ved at underskrive en tiltræ- delseserklæring til en sådan ejeraftale. Warrantin- dehaveren tiltræder og accepterer, at en sådan ejeraftale kan indeholde betingelser, der alene gælder for Warrantindehaveren og ikke for de an- dre kapitalejere i Selskabet. Således har ikke alle kapitalejere i Selskabet de samme rettigheder i henhold til ejeraftalen. En sådan tiltrædelseserklæ- ring skal underskrives senest på tidspunktet for ud- nyttelse af Warrants, og udnyttelsen af Warrants skal være betinget heraf. The Warrantee shall at the time of exercise of the Warrants granted hereunder endorse and agree to be bound by any Shareholders' Agreement ap- plicable to the shareholders of the Company from time to time by signing a deed of adherence to such Shareholders' Agreement. The Warrantee acknowl- edges and accepts that such Shareholders Agree- ment may include terms only applicable on the War- rantee and not on the other shareholders of the Company. Thus, not all shareholders of the Com- pany may have the same rights under the Share- holders Agreement. Such deed of adherence shall be signed no later than at the time of the exercise of the Warrants and the exercise of any Warrants shall be conditional hereupon. 11 OVERDRAGELSE AF WARRANTS 11 ASSIGNMENT OF WARRANTS 11.1 Warrants og andre rettigheder og/eller forpligtel- ser af Warrantindehaveren i henhold til denne Af- tale må ikke være genstand for udlæg (pant, sik- kerhed eller lignende), erhverves eller på anden The Warrants and any other rights and/or obliga- tions granted to the Warrantee under this Agree- ment cannot be subject to any encumbrance (as pledge, security or similar), assignment or in any

måde overdrages af Warrantindehaveren. other way be transferred by the Warrantee. 11.2 Uanset det anførte under punkt 11.1 kan overdra- gelse i tilfælde af Warrantindehaverens død finde sted til Warrantindehaverens bo og/eller hans/hendes arvinger. Notwithstanding Clause 11.1, assignment to the es- tate left by the Warrantee and/or to his/her heir/heiress in the event of death shall be allowed. 11.3 Uanset det anførte under punkt 11.1 må Warrantin- dehaverens kapitalandele henholdsvis Warrants, herunder kapitalandele erhvervet gennem udnyttel- se af Warrants, ikke være genstand for inkasso- procedurer, fogedforretninger eller anden form for fuldbyrdelse og må heller ikke bruges som pant over for tredjepart. Warrantindehaveren har dog ved forudgående skriftlig tilladelse fra Selskabets Bestyrelse ret til at bruge kapitalandele og warrants som pant i forbindelse med finansiering af køb af sådanne kapitalandele og warrants, hvis panthaver forud for pantsætningen skriftligt bekræfter at ville respektere denne Aftale. Notwithstanding Clause 11.1, the Warrantee's shares and Warrants (as applicable), including shares acquired by the exercise of Warrants, are not to be subjected to debt collection proceedings, creditor enforcement or any other type of enforce- ment, nor are they to be pledged to any third party. However, subject to prior written ap- proval from the board of the Company the Warrantee shall be enti- tled to pledge shares and warrants in connection with the funding of the purchase of such shares and warrants if the pledgee prior to the pledge accepts in writing to respect this Agreement. 12 AFKALD 12 WAIVER 12.1 Warrantindehaveren garanterer ikke at ville påberåbe sig eller på anden måde benytte sig af minoritets- beskyttelsesreglen i henhold Selskabsloven, her- under § 73, ifølge hvilken en minoritetskapitalejer kan fordre sine kapitalandele indløst af en kapital- ejer, der ejer mere end ni tiendedele af kapitalan- delene (indløsningsret). The Warrantee undertakes not to invoke or other- wise rely upon the minority protection rule availa- ble under the Danish Companies Act, including Clause 73, stipulating the right to require a share- holder holding more than nine-tenths of the shares to acquire the shares of any minority shareholder (in Danish: "indløsningsret"). 13 PANTSÆTNING AF KAPITALANDELE 13 PLEDGE OF SHARES 13.1 Warrantindehaveren forpligter sig herved at pant- sætte kapitalandele i Selskabet tegnet gennem ud- nyttelse af Warrants (herunder eventuelle stemme- rettigheder) til de andre kapitalejere i Selskabet som sikkerhed for (i) opfyldelse af Warrantindeha- verens forpligtelser i henhold til Aftalen og (ii) op- fyldelse af Warrantindehaverens forpligtelser i hen- hold til ejeraftale, der er gældende for Warrantin- dehaverens kapitalandele i Selskabet. The Warrantee hereby undertakes to pledge any shares in the Company subscribed for by exercise of any Warrants (including voting rights (if any)) to the other shareholders of the Company as se- curity for (i) the fulfilment of the Warrantee's obligations under this Agreement and (ii) the fulfilment of the Warrantee's obligations under any Shareholders' Agreement governing the shares in the Company held by the Warrantee.

den ene Part til den anden. to the other Party. - 0 - - 0 - For and on behalf of Evaxion Biotech ApS: For the Warantee: ____________________________ ____________________________ Name: Title: Name: Title: ____________________________ Name: Title:

BILAG 3 TIL VEDTÆGTER APPENDIX 3 TO ARTICLES OF ASSOCIATION STRICTLY CONFIDENTIAL - LEGAL PRIVILEGE WARRANTAFTALE WARRANT AGREEMENT Mellem Evaxion Biotech ApS Bredgade 34 E 1260 København K og [Navn] [Adresse] Between Evaxion Biotech ApS Bredgade 34 E 1260 Copenhagen K and [Name] [Address]

INDHOLDSFORTEGNELSE/TABLE OF CONTENTS 1 BAGGRUND OG OMFANG .................................................................................................4 1 BACKGROUND AND SCOPE ..............................................................................................4 2 TILDELING AF WARRANTS ...............................................................................................4 2 GRANT OF WARRANTS ......................................................................................................4 3 TEGNINGSPRIS ..................................................................................................................5 3 SUBSCRIPTION PRICE .......................................................................................................5 4 UDNYTTELSE AF WARRANTS ..........................................................................................5 4 EXERCISE OF WARRANTS.................................................................................................5 5 VISSE BETINGELSER I RELATION TIL EXIT ........................................................................ 6 5 CERTAIN CONDITIONS RELATING TO AN EXIT .................................................................... 6 6 OPSIGELSE AF ANSÆTTELSESFORHOLDET ..................................................................8 6 TERMINATION OF EMPLOYMENTS .................................................................................8 7 ÆNDRING I RETSSTILLING ELLER SELSKABSKAPITAL ...............................................10 7 CHANGE OF LEGAL STATUS OR SHARE CAPITAL .........................................................10 8 TEGNING AF KAPITALANDELE .......................................................................................11 8 SUBACRIPTION OF SHARES ..........................................................................................11 9 SKAT .................................................................................................................................12 9 TAX ...................................................................................................................................12 10 EJERAFTALE ....................................................................................................................13 10 SHAREHOLDERS’ AGREEMENT ....................................................................................13 11 OVERDRAGELSE AF WARRANTS ..................................................................................13 11 ASSIGNMENT OF WARRANTS .......................................................................................13 12 AFKALD ............................................................................................................................13 12 WAIVER ............................................................................................................................13 13 PANTSÆTNING AF KAPITALANDELE .............................................................................14 13 PLEDGE OF SHARES ......................................................................................................14 14 FULDMAGT .......................................................................................................................14 14 POWER OF ATTORNEY ..................................................................................................14 15 TAVSHEDSPLIGT .............................................................................................................14 15 CONFIDENTIALITY ..........................................................................................................14 16 LOVVALG ..........................................................................................................................14 16 GOVERNING LAW ...........................................................................................................14 17 TVISTER ...........................................................................................................................14 17 DISPUTES ........................................................................................................................14 18 UNDERSKRIFT, HELE AFTALEN OG ÆNDRINGER HERTIL ..........................................14 18 SIGNATURES, ENTIRE AGREEMENT AND AMENDMENTS .........................................14

BILAGSFORTEGNELSE INDEX OF EXHIBITS Bilag 1.2: Vedtægter Exhibit 1.2: Company's articles of association

Der er den 31. december 2017 indgået følgende war- rantaftale ("Aftalen") mellem: This Warrant Agreement (the "Agree- ment") is entered into on December 31 2017 between: (1) Evaxion Biotech ApS, CVR-nr. 31 76 28 63, Bredgade 34 E, 1260 København K, Dan- mark ("Selskabet") Evaxion Biotech ApS, CVR no: 31 76 28 63 , Bredgade 34E, 1260 Copenhagen, Denmark (the "Company") (2) [Navn, CPR-nr., adresse] ("Warrantindeha- veren") [Name, Civil Reg. No. (CPR), address] (the "Warrantee") - Selskabet og Warrantindehaveren er herefter samlet benævnt "Parterne" og hver for sig "Part" - the Company and the Warrantee here- inafter collectively referred to as the "Parties" and separately as a "Party" EFTERSOM WHEREAS (A) Warrantindehaveren er ansat i selskabet. (A) The Warrantee is employed by the Company. (B) Selskabet ønsker at motivere Warrantinde- haveren ved at tildele et vist antal warrants til Warrantindehaveren. (B) The Company wishes to incentivise the Warrantee by granting certain warrants to the Warrantee. HAR PARTERNE VEDTAGET FØLGENDE: NOW IT IS HEREBY AGREED AS FOL- LOWS: 1 BAGGRUND OG OMFANG 1. Background and Scope 1.1 Formålet med denne Aftale er at tildele Warrantindehaveren warrants i Selskabet for at sikre, at Selskabet og Warrantinde- haveren har fælles interesser, og at begge Parter medvirker til at skabe den bedst mu- lige værdiudvikling i Selskabet. 1.1 The purpose of this Agreement is to grant the Warrantee warrants in the Company in order to ensure that the Company and the Warrantee have aligned interests and that both Parties are working to ensure that the value of the Company develops in the best pos- sible way. 1.2 Selskabets vedtægter er vedlagt denne Af- tale som bilag 1.2. Warrantindehaveren accepterer hermed alle fremtidige ændrin- ger i Selskabets vedtægter. 1.2 The Company's articles of association are attached hereto as Exhibit 1.2. The Warrantee hereby accepts all future changes to the Company's articles of association.

2 TILDELING AF WARRANTS 2. Grant of Warrants 2.1 I henhold til betingelserne i denne Aftale udsteder Selskabet hermed, og Warrantin- dehaveren modtager [●] warrants i Selska- bet ("Warrants"). 2.4 Subject to the terms and conditions set out in this Agreement, the Company hereby issues and the Warrantee re- ceives [●] warrants in the Company to the Warrantee (the "Warrants"). 2.2 Hver Warrant giver Warrantindehaveren ret, men ikke pligt, til at tegne én kapitalan- del à nominelt kr. 1 i Selskabet. 2.5 Each Warrant shall provide the Warran- tee with a right, but not an obligation, to subscribe for one share with a nominal value of DKK 1 in the Company. 2.3 Warrants tildeles vederlagsfrit. 2.6 The Warrants are granted free of charge. 2.4 Warrants giver ikke Warrantindehaveren kapitalejerrettigheder, som f.eks. fondska- pitalandele, eller fortegningsret i tilfælde af en kapitalforhøjelse i Selskabet. 2.7 The Warrants shall not entitle the War- rantee to any shareholder rights such as bonus shares or pre-emption rights in the event of a capital increase of the Company. 2.5 Selskabet er forpligtet til at føre en forteg- nelse over udstedte Warrants, som skal opbevares sammen med Selskabets ejer- bog. 2.8 The Company undertakes to keep and maintain a register of issued Warrants to be kept in connection with the Compa- ny's share register. 3 TEGNINGSRET 3. Subscription Price 3.1 Hver Warrant giver Warrantindehaveren ret til at tegne én kapitalandel à nominelt kr. 1 i Sel- skabet til en pris af kr. 1 ("Tegningsprisen"). 3.4 Each Warrant gives the Warrantee the right to subscribe for one share with a nominal value of DKK 1 in the Company at a price of DKK 1 (the "Subscription Price"). 4 UDNYTTELSE AF WARRANTS 4. Exercise of Warrants 4.1 Warrantindehaveren kan udnytte alle eller en del af Warrants (i) i forbindelse med en Exit (se punkt 4.2) eller (ii) på et tidspunkt, der fastsættes af Bestyrelsen (et "Vindue") 4.4 The Warrantee may exercise all or part of the Warrants (i) in connection with an Exit (see Clause 4.5) or (ii) at any time determined by the Board (a "Window").

4.2 "Exit" betyder (a) en ændring i ejerforhol- dene i Selskabet, hvorved en uafhængig tredjemand erhverver 50 % eller mere af selskabskapitalen i Selskabet eller kommer til at kontrollere mere end 50 % af stem- merne i Selskabet; (b) en børsnotering af Selskabets aktier; (c) salg eller overdragel- se af samtlige eller en væsentlig del af Sel- skabet aktiver; (d) en fusion med Selskabet som det ophørende selskab; eller (e) en kombination af (a) - (d). 4.5 An "Exit" shall mean (a) a change of control in the Company whereby any in- dependent third party acquires 50% or more of the share capital in the Compa- ny or comes to control more than 50% of the votes in the Company; (b) an initial public offering of the Company's shares ("IPO"); (c) the sale or disposition of all or a material part of the Company's as- sets; (d) a merger whereby the Compa- ny is the discontinuing entity; or (e) a combination of (a) - (d) above. 4.3 I tilfælde af en Exit skal Selskabet udstede en skriftlig meddelelse herom ("Meddelelse om Exit") til Warrantindehaveren. Medde- lelsen om Exit skal indeholde relevante op- lysninger om fremgangsmåden, bilagt en formular til meddelelse om udnyttelse ("Udnyttelsesmeddelelsen") samt eventuelt en yderligere forpligtelseserklæring, som Selskabet efter eget skøn måtte forlange (f.eks. tiltrædelsesdokument til en aftale om køb og salg af anparter eller lignende forpligtelser til overdragelse af anparter, der er tegnet ved udnyttelse af Warrants), og som skal underskrives af Warrantinde- haveren ("Yderligere Forpligtelseserklæ- ring"). 4.6 In the event of an Exit, the Company shall issue a written notice of Exit ("Exit Notice") to the Warrantee. The Exit No- tice shall include relevant information on the process and be accompanied by a form of exercise notice (the "Exercise Notice") together with any supplemen- tary undertakings as may be required by the Company at its discretion (for in- stance adherence documentation to a share sale and purchase agreement or similar undertakings to transfer the shares subscribed for by exercise of the Warrants) to be signed by the Warrantee (the "Supplementary Undertakings"). 4.4 Meddelelse om udnyttelse af Warrants fin- der sted, ved at Warrantindehaveren frem- sender "Udnyttelsesmeddelelsen" til Sel- skabet med oplysning om det ønskede an- tal kapitalandele samt en eventuel Yderlige- re Forpligtelseserklæring. Samtidig med fremsendelsen af Udnyttelsesmeddelelsen og eventuelt Yderligere Forpligtelseserklæ- ring skal Warrantindehaveren betale et kontant beløb til Selskabet svarende til det relevante tegningsbeløb. 4.7 Notification of exercise of the Warrants takes place by the Warrantee's submis- sion to the Company of the Exercise No- tice stating the number of shares re- quested together with any Supplemen- tary Undertakings. At the same time of submitting the Exercise Notice and any Supplementary Undertakings, the War- rantee shall pay in cash to the Company an amount equal to the relevant sub- scription amount. 4.5 Medmindre Selskabet bestemmer andet, vil samtlige Warrants automatisk bortfalde 4.8 Unless otherwise decided by the Com- pany, if an Exercise Notice and any

uden yderligere varsel og uden kompensa- tion, hvis en Udnyttelsesmeddelelse og en eventuel Yderligere Forpligtelseserklæring samt betaling af det relevante tegningsbe- løb ikke er fremsendt senest to (2) uger ef- ter datoen for Meddelelsen om Exit. Supplementary Undertakings together with payment of the relevant subscription amount is not submitted no later than two (2) weeks from the date of the Exit Notice, all Warrants shall automatically and without further notice or compensa- tion lapse and become null and void. 4.6 Warrants, der ikke udnyttes i forbindelse med en Exit, vil automatisk bortfalde uden kompensation efter gennemførelsen af den relevante begivenhed. 4.9 Any Warrants that are not exercised in connection with an Exit shall automati- cally become void without compensa- tion, following the completion of the rele- vant event. 4.7 Såfremt der efter Meddelelsen om Exit ikke sker en endelig gennemførelse af Exit, be- holder Warrantindehaveren sine Warrants i henhold til vilkårene i denne Aftale. Hvis Warrantindehaveren har tegnet kapitalan- dele i Selskabet gennem udnyttelse af Warrants, og disse nye kapitalandele er blevet registreret i Erhvervsstyrelsen, be- holder Warrantindehaveren de tegnede kapitalandele, uanset at den bebudede Exit ikke er endeligt gennemført, og de udnyt- tede Warrants skal ikke tilbageføres. Både Selskabet og Warrantindehaveren har dog ret til efter eget skøn at forlange, at Sel- skabet tilbagekøber de erhvervede kapital- andele til Tegningsprisen. 4.10 In the event that an Exit is not finally completed following an Exit Notice, the Warrantee's right to the Warrants as set out in the Agreement shall be retained. In the event that shares have been sub- scribed for in the Company by exercise of Warrants and such new shares have been registered with the Danish Busi- ness Authority, the shares subscribed for shall be retained notwithstanding a noti- fied Exit is not finally completed and the exercised Warrants shall not be re- versed, however, both the Company and the Warrantee may on a discretionary basis request that the Company shall repurchase the shares acquired at the Subscription Price. 4.8 Såfremt der oprettes et Vindue, skal punkt 4.3 - 4.5 samtidig være gældende. 4.11 In case a Window is established Clauses 4.3- 4.5 shall apply simultaneously. 4.9 Warrants, der ikke udnyttes i forbindelse med et Vindue, bortfalder automatisk uden kompensation. 4.12 Any Warrants that are not exercised in connection with a Window shall automat- ically become void without compensa- tion. 4.10 Såfremt et Vindue ikke er blevet oprettet senest den 31. december 2036, bortfalder Warrants automatisk uden yderligere varsel 4.13 In the event an Exit or a Window has not occurred on or before December 31 2036, the Warrants shall automatically and without further notice or compensa-

og uden kompensation. tion lapse and become null and void. 4.11 I forbindelse med en notering af ADS’er på Nasdaq, USA, har Selskabets bestyrelse i henhold til pkt. 4.1 truffet beslutning om at fastsætte udnyttelsesvinduerne for udsted- te warrants således: 4.14 In connection with a listing of ADSs on Nasdaq, USA, the board of directors has resolved, pursuant to clause 4.1, to determine the exercise windows for is- sued warrants as follows: Optjente warrants kan udnyttes i fire årlige udnyttelsesvinduer på 2 uger, som hver ligger to handelsdage efter offentliggørel- sen af henholdsvis Selskabets årsrapport, halvårsregnskabet samt kvartalsmeddelel- serne. Første udnyttelsesperiode indtræder dog tidligst 180 dage efter Selskabets note- ring af ADS’er på Nasdaq, USA, og i de første fire udnyttelsesperioder kan warrant- indehaveren maksimalt udnytte 25% af de til warrantindehaveren tildelte warrants for- udsat altid at warrants er optjent. Vested warrants may be exercise in four annual exercise windows of two weeks each that each commence two trading days following publication of the Com- pany’s annual report, the 6-month report and the interim reports. The first exer- cise window shall, however, be at least 180 days following the listing by the Company of ADSs on Nasdaq, USA and in the first four exercise periods the war- rantholder may as a maximum exercise 25% of the warrants granted to the re- spective warrantholders, provided al- ways that the warrants have vested. 5 VISSE BETINGELSER I RELATION TIL EXIT 5. Certain Conditions relating to an Exit 5.1 Efter udnyttelse af Warrants i forbindelse med en børsnotering skal Warrantindeha- veren underskrive og tiltræde de aftaler el- ler forpligtelser, herunder i relation til en lock-up periode eller andre lock-up forplig- telser, som den udstedende bank måtte anmode om i forbindelse med en børsnote- ring. 5.4 Following exercise of Warrants in con- nection with an IPO, the Warrantee shall sign and accept such agreements or un- dertakings, including in respect of a pe- riod of lock-up and other lock-up obliga- tions, which may be proposed by the is- suing bank in connection with an IPO. 5.2 Selskabet kan kræve, og Warrantindehave- ren skal i så fald acceptere, at samtlige el- ler en del af Warrants ombyttes ligeligt til kapitalandele, warrants, konvertible værdi- papirer eller et andet kapitalandelsbaseret instrument udstedt af en køber eller af en efterfølger af Selskabet eller af et af disses moderselskaber eller datterselskaber, eller til kapitalandele, warrants, konvertible vær- 5.5 The Company may request, and the Warrantee shall then accept, that all or a portion of the Warrants shall be equita- bly exchanged for shares, warrants, convertibles or any other equity based instrument, issued by any purchaser of or successor to the Company, or by a parent or subsidiary of either of them, or shares, warrants, convertibles or any

dipapirer eller andet kapitalandelsbaseret instrument udstedt af Selskabet efter om- strukturering, således at den pågældende Warrantindehavers Warrants umiddelbart efter en sådan ombytning - sammen med betaling af en eventuel kontant godtgørelse til Warrantindehaveren - i alt væsentlig har samme værdi som de pågældende War- rants, herunder de Warrants ejet af War- rantindehaveren umiddelbart før en sådan ombytning. Uanset ovenstående er War- rantindehaveren berettiget til en delvis kon- tant udbetaling i det omfang, dette er nød- vendigt, for at Warrantindehaveren er i stand til at betale eventuel indkomst- eller kapitalgevinstskat, der umiddelbart forfal- der som følge af en sådan ombytning af værdipapirer. other equity based instrument issued by the Company as restructured, such that such Warrantee's Warrants immediately following such exchange, when aggre- gated with any cash consideration paid to such Warrantee, shall have substan- tially the same value as the Warrants, including any Warrants held by such Warrantee immediately prior to such ex- change. Notwithstanding any of the foregoing, the Warrantee shall be enti- tled to partial consideration in cash to the extent necessary in order for the Warrantee to be able to pay any person- al income or capital gains tax immediate- ly falling due as a result of such ex- change of securities. 5.3 Forud for en Exit er Selskabet (eller en tredjemand, der er udpeget af Selskabet) berettiget til at købe Warrants fra Warrant- indehaveren til en pris, der fastsættes i overensstemmelse med punkt 5.5 neden- for. 5.6 Prior to an Exit, the Company (or a third party appointed by the Company) shall have a right to purchase the Warrants from the Warrantee for a price deter- mined in accordance with Clause 5.8 be- low. 5.4 Hvis Selskabet ønsker at udnytte en af sine rettigheder i henhold til denne Aftale, skal der gives skriftlig meddelelse herom per e- mail til Warrantindehaveren. En meddelel- se betragtes som værende kommet War- rantindehaveren i hænde, og Selskabets rettighed derved udøvet, på tidspunktet for e-mailens afsendelse, forudsat at medde- lelsen er stilet til den e-mailadresse, som Warrantindehaveren til enhver tid har op- lyst Selskabet om. Udnyttelse af en ret- tighed i henhold til punkt 5.3 ovenfor er al- tid betinget af, at Exit faktisk er blevet gen- nemført. 5.7 If the Company wishes to exercise any of its rights under this Agreement, a writ- ten notice to that effect shall be sent by email to the Warrantee. A notice shall be deemed to have reached a Warrantee, and hence the right of the Company shall be deemed to have been exer- cised, at the time of the dispatch of the email, provided the notice has been ad- dressed to the email address of the War- rantee which the Warrantee has in- formed the Company at any time. The exercise of rights pursuant to Clause 5.6 above is always subject to the condition that the Exit is actually completed. 5.5 Købspris i forbindelse med Exit 5.8 Purchase Price in connection with an

Exit 5.5.1 Ved køb af Warrantindehaverens Warrants i henhold til punkt 5.3 skal værdien af War- rants være baseret på den rimelige mar- kedsværdi, som anført nedenfor. 5.8.1 When the Warrantee's Warrants are purchased in accordance with Clause 5.6, the Warrants shall be based on the fair market value as set out below. 5.5.2 Den rimelige markedsværdi af Warrants beregnes af Selskabet på grundlag af den nettopris per kapitalandel i Selskabet, som sælgende kapitalejere vil modtage ved en Exit med fradrag af et forholdsmæssigt be- løb for vederlag til rådgivere m.v. Ved be- regningen af den rimelige markedsværdi af Warrants skal Selskabet fratrække et be- løb, som Selskabet anser som passende i betragtning af de sælgende kapitalejeres eventuelle forpligtelser i henhold til Exit. 5.8.2 The fair market value of the Warrants shall be calculated by the Company based on the net price per share of the Company to be received by the selling shareholders in an Exit deducted the proportionate amount of any fees to ad- visors etc. When calculating the fair market value of the Warrants, the Com- pany shall deduct from the fair market value an amount which the Company deems appropriate when considering the selling shareholders' potential liabilities pursuant to the Exit. 5.5.3 Når Warrants købes i forbindelse med en Exit som følge af salg eller overdragelse af samtlige eller en væsentlig del af Selska- bets aktiver, er værdien af Warrants den rimelige markedsværdi på tidspunktet efter salget. I tilfælde af en sådan Exit skal der ved beregningen af den rimelige markeds- værdi for Warrants tages højde for den købspris, Selskabet har modtaget for de solgte aktiver, med fradrag af gæld, der ik- ke er overdraget sammen med aktiverne, samt en forholdsmæssig andel af omkost- ninger, honorarer m.v. i forbindelse med transaktionen. 5.8.3 When the Warrants are purchased in connection with an Exit based on the sale or disposition of all or a material part of the Company's assets, the value of the Warrants shall be the fair market value at the time after such sale. In case of such Exit, the fair market value of the Warrants shall take into account the pur- chase price received by the Company for the assets sold, net of any debts not transferred together with the assets as well as a proportionate part of any cost, fees etc. related to the transaction. 5.5.4 Købsprisen for Warrants fastlagt i henhold til punkt 5.5.2 - 5.5.3 ovenfor skal betales 15 dage efter, at de sælgende kapitalejere i Selskabet har modtaget betaling for deres kapitalandele, og i tilfælde af køb i forbin- delse med et salg af aktiver, når Selskabet har modtaget betaling for de solgte aktiver. 5.8.4 The purchase price for the Warrants de- termined in accordance with Clauses 5.8.2 - 5.8.3 above, as applicable, shall be paid 15 days after the selling share- holders of the Company have received payment for their shares, and in case of a purchase in connection with an asset sale, when the Company has received

payment for the assets sold. 6 OPSIGELSE AF ANSÆtTELSES- FORHOLDET 6. Termination of Employment 6.1 Punkterne 6.2 -6.6 finder anvendelse, hvis Warrantindehaveren er ansat i Selskabet 6.4 Clauses 6.2 - 6.6 shall apply provided the Warrantee is an employee of the Company: 6.2 Hvis Selskabet opsiger Warrantindehave- rens ansættelse i Selskabet med en hvilken som helst begrundelse bortset fra Warrant- indehaverens misligholdelse, er Warrantin- dehaveren berettiget til at udnytte Warrants tildelt i henhold til denne Aftale i overens- stemmelse med vilkårene i Aftalen, som om Warrantindehaveren stadig var ansat i Sel- skabet. Dette gælder ligeledes, hvis ansæt- telsesforholdet bringes til ophør, fordi War- rantindehaveren har nået den alder, der gælder for pensionering fra Selskabet, eller fordi Warrantindehaveren kan oppebære folkepension eller alderspension fra Selska- bet. 6.5 In the event the Company terminates the Warrantee's employment with the Com- pany for any reason other than due to the Warrantee's breach (in Danish "mis- ligholdelse"), the Warrantee shall have the right to exercise any Warrants grant- ed pursuant to this Agreement in ac- cordance with the terms and conditions of this Agreement as if the Warrantee continued to be employed by the Com- pany. The same applies if the employ- ment relationship comes to an end be- cause the Warrantee has reached the age of retirement from the Company or is entitled to old age pension (in Danish: "folkepension") or retirement pension (in Danish: "alderspension") from the Com- pany. 6.3 Hvis Selskabet opsiger Warrantindehave- rens ansættelse i Selskabet begrundet i Warrantindehaverens misligholdelse eller berettiget bortviser Warrantindehaveren, bortfalder samtlige Warrants, der er tildelt i henhold til denne Aftale, men som ikke er udnyttet på tidspunktet for udløbet af opsi- gelsesperioden. 6.6 In the event that the Company termi- nates the Warrantee's employment with the Company due to the Warrantee's breach (in Danish "misligholdelse") or summarily dismisses the Warrantee for cause (in Danish "bortvisning"), all War- rants granted pursuant to this Agree- ment, but not exercised at the time of the expiration of the notice period, becomes null and void. 6.4 Hvis Warrantindehaveren opsiger sin an- sættelse i Selskabet inden den 31. decem- ber 2020 med en hvilken som helst be- grundelse, bortset fra Selskabets grove misligholdelse, bortfalder samtlige War- 6.7 In the event that the Warrantee termi- nates the employment with the Company before December 31 2020 for any rea- son other than due the Company's mate- rial breach (in Danish: "grov mislighold-

rants, der er tildelt i henhold til denne Afta- le, men som ikke er udnyttet på tidspunktet for udløbet af opsigelsesperioden. else"), all Warrants granted pursuant to this Agreement, but not exercised at the time of the expiration of the notice peri- od, become null and void. 6.5 Hvis Warrantindehaveren opsiger sin an- sættelse i Selskabet fra og med den 31. december 2020 med en hvilken som helst begrundelse, bortset fra Selskabets grove misligholdelse, er Warrantindehaveren be- rettiget til at udnytte det antal Warrants til- delt i henhold til denne Aftale, som er an- ført nedenfor, i overensstemmelse med vil- kårene i Aftalen, som om Warrantindeha- veren stadig var ansat i Selskabet. 6.8 If the Warrantee terminates the employ- ment with the Company on or after De- cember 31 2020 for any reason other than due to the Company's material breach (in Danish: "grov misligholdelse") the Warrantee shall have the right to ex- ercise such number of Warrants granted pursuant to this Agreement as set out below in accordance with the terms and conditions of this Agreement as if the Warrantee continued to be employed by the Company: Dato for Warrantinde- haverens opsigelse % of Warrants 31. december 2020 33.333 1. april 2021 41.666 1. juli 2021 49.999 1. oktober 2021 58.332 1. januar 2022 66.665 1. april 2022 74.998 1. juli 2022 83.331 1. oktober 2022 91.664 30. december 2022 100 Date of termination notice being served by the Warrantee % of Warrants December 31 2020 33.333 April 1 2021 41.666 July 1 2021 49.999 October 1 2021 58.332 January 1 2022 66.665 April 1 2022 74.998 July 1 2022 83.331 October 1 2022 91.664 December 30 2022 100 Resterende Warrants, som ikke er udnyttet på tidspunktet for udløbet af opsigelsespe- rioden, bortfalder. Remaining Warrants not exercised at the time of the expiration of the notice peri- od, become null and void.

6.6 Hvis Warrantindehaveren opsiger sin an- sættelse i Selskabet begrundet i Selska- bets grove misligholdelse, er Warrantinde- haveren berettiget til at udnytte Warrants tildelt i henhold til denne Aftale i overens- stemmelse med vilkårene i Aftalen, som om Warrantindehaveren stadig var ansat i Selskabet. 6.9 In the event that the Warrantee termi- nates the employment with the Company due to the Company's material breach (in Danish: "grov misligholdelse"), the Warrantee shall have the right to exer- cise any Warrants granted pursuant to this Agreement in accordance with the terms and conditions of this Agreement as if the Warrantee continued to be em- ployed by the Company. 6.7 I tilfælde af Warrantindehaverens død, vil Warrantindehaverens bo eller Warrantin- dehaverens overlevende ægtefælle (hvis denne sidder i uskiftet bo) være berettiget til at udnytte Warrants i overensstemmel- se med vilkårene i denne Aftale. 6.10 In the event of the death of the Warran- tee, the estate of the Warrantee or the spouse of the Warrantee (if the surviving spouse retains undivided possession of the estate) shall have the right to exer- cise any Warrants in accordance with the terms and conditions of this Agree- ment. 7 ÆNDRING I RETSSTILLING ELLER SEL- SKABSKAPITAL 7. Change of legal status or share capi- tal 7.1 Ændring i selskabskapital 7.4 Change of Share Capital 7.1.1 I tilfælde af ændringer i Selskabets sel- skabskapital, herunder men ikke begræn- set til: 7.4.1 In case of changes in the Company’s share capital including but not limited to (i) forøgelse af selskabskapitalen, (i) increase of the share capital, (ii) udstedelse af konvertible obligatio- ner, (ii) issuance of convertible bonds, (iii) udstedelse af nye tegningsretter, el- ler (iii) issuance of new subscription rights, or (iv) nedsættelse af selskabskapitalen, (iv) decrease of the share capital, uanset om dette sker til en kurs, der er lig med markedskursen for Selskabets kapi- talandele, eller til en overkurs, eller hvis ændringerne nævnt i 7.1.1 (i) - (iv) sker til favørkurs, sker der ingen regulering i War- whether at a rate that is equal to the market price of the shares of the Com- pany or at premium rate ("overkurs"), or if the changes mentioned in Clause 7.1.1 (i) - (iv) are made at a special price

rants. (“favørkurs”) no regulation of Warrants shall occur. 7.1.2 Hvis den nominelle værdi af Selskabets kapitalandele ændres, skal antallet af War- rants (antal af kapitalandele) og/eller Ud- nyttelsesprisen tilpasses, således at vær- dien af Warrants ikke bliver påvirket af så- danne ændringer. 7.4.2 If the nominal value of the shares of the Company is amended, the number of Warrants (number of shares) and/or the Exercise Price shall be adjusted, so that the value of the Warrants is not affected by the said amendments. 7.1.3 Hvis selskabskapitalen nedsættes til dæk- ning af tab, skal antallet af kapitalandele, som Warrantindehaveren kan tegne gen- nem udnyttelse af Warrants, reduceres (nedrundet) forholdsmæssigt til den nomi- nelle reduktion af kapitalen sammenholdt med Selskabets totale nominelle selskabs- kapital før reduktionen. 7.4.3 If the share capital is reduced in order to cover losses, the number of shares for which the Warrantee may subscribe by exercising the Warrants shall be reduced (rounded down) proportionately to the nominal reduction of the capital com- pared to the total nominal share capital of the Company before the reduction. 7.2 Andre ændringer 7.5 Other Changes 7.2.1 Hvis der træffes beslutning om 7.5.1 If a resolution is made to (i) at likvidere eller afvikle Selskabet, (i) liquidate or wind up the Company, (ii) at spalte Selskabet eller (ii) demerge the Company, or (iii) at gennemføre en kapitalandelsom- bytning, der omfatter samtlige kapi- talandele i Selskabet (oprettelse af et holdingselskab/apportindskud), (iii) effect an exchange of shares which includes all shares in the Company (establishment of a holding compa- ny/non-cash contribution), er Warrantindehaveren berettiget til at ud- nytte Warrants på ikrafttrædelsesdatoen for den relevante ændring, jf. dog punkt 7.2.2. Selskabets Bestyrelse skal skriftligt medde- le Warrantindehaveren, hvis der træffes en af de ovennævnte beslutninger, og War- rantindehaveren kan udnytte samtlige War- rants inden for 30 dage fra datoen for meddelelsen. Samtlige Warrants, som Sel- skabets Bestyrelse ikke har modtaget en Udnyttelsesmeddelelse for inden udgangen af 30-dages fristen, bortfalder automatisk the Warrantee shall be entitled to exer- cise their Warrants on the effective date of the relevant change, see however Clause 7.2.2. The Company’s Board shall give written notice to the Warrantee if one of the above resolutions is made and the Warrantee may exercise all such Warrants within 30 days from the date of such notice. If the Board has not re- ceived an Exercise Notice prior to the expiry of the 30 days' notice the War- rants will automatically and without fur-

uden yderligere varsel eller kompensation, medmindre de erstattes i henhold til punkt 7.2.2. ther notice be cancelled and become void without notice or compensation un- less replaced in accordance with Clause 7.2.2. 7.2.2 Hvis Selskabet indgår i en fusion, spaltning eller kapitalandelsombytning, der omfatter samtlige kapitalandele i Selskabet (opret- telse af et holdingselskab/apportindskud), er Selskabet berettiget, men ikke forpligtet til at anmode om, at Warrants erstattes med retten til at tegne kapitalandele i de(t) modtagende selskab(er), forudsat at de(t) fortsættende selskab(er) er enig heri. 7.5.2 In the event of contribution of the Com- pany by merger, de-merger or an ex- change of shares which includes all shares in the Company (establishment of a holding company/non-cash contribu- tion) the Company shall have the right, but not the obligation, to request that the Warrants are replaced by the right to subscribe to shares in the receiving company(ies) subject to written approval by the continuing company(ies). 8 TEGNING AF KAPITALANDELE 8. Subscription of shares 8.1 Ved udnyttelse af et hvilket som helst antal Warrants gælder følgende for tegning af nye kapitalandele: 8.4 Upon exercise of any part of the War- rants, the following will apply for the subscription of new shares: (i) De andre kapitalejere i Selskabet har ikke fortegningsret med hensyn til Warrants eller kapitalandele udstedt gennem udnyttelse af Warrants (i) The other shareholders of the Company have no pre-emption rights with respect to the Warrants or shares issued by exercise of the Warrants. (ii) Betaling af tegningsbeløbet og teg- ning af kapitalandele skal finde sted samtidigt. Warrantindehaverens ret- tigheder som kapitalejer efter udnyt- telse af samtlige Warrants eller en del heraf træder i kraft, når uigenkaldelig kontant betaling til Selskabet har fun- det sted. Selskabet skal registrere Warrantindehaveren som kapitalejer i Selskabets ejerbog. (ii) Payment of the subscription amount and subscription of shares shall take place simultaneously. The Warrantee's rights as a share- holder following exercise of the Warrants or part thereof shall come into force when an irrevocable cash payment has been made to the Company. The Company shall reg- ister the Warrantee as a sharehold- er in the Company's share register. (iii) De nye kapitalandele udstedes i kapi- talandele à nominelt kr. 1 eller multi- (iii) The new shares are issued in shares of nominally DKK 1 or multi-

pla heraf. ples hereof. (iv) De nye kapitalandele skal udstedes på navn, indføres i Selskabets ejer- bog og er ikke-omsættelige. (iv) The new shares are issued on name, shall be registered in the Company's share register and are non-negotiable shares. (v) Restriktionerne på eksisterende kapi- talandele vedrørende omsættelighed gælder også for de nye kapitalandele. (v) The restrictions on the current shares as to negotiability shall also apply for the new shares. (vi) Fortegningsret for nye kapitalandele i forbindelse med fremtidige kapitalfor- højelser er begrænsede for så vidt angår udstedelse af warrants eller tegning af kapitalandele gennem ud- nyttelse af sådanne warrants eller ved andre begivenheder i henhold til ge- neralforsamlingens beslutning (vi) The pre-emptive rights of the new shares in connection with future capital increases shall be limited in connection with the issuance of warrants or subscription of shares by exercising such warrants or oth- er events as decided by the general meeting of the Company. (vii) De nye kapitalandele giver ret til divi- dende og andre rettigheder i Selska- bet til enhver tid, når den relevante kapitalforhøjelse er registreret i Er- hvervsstyrelsen. (vii) The new shares shall carry a right to dividend and other rights in the Company from the time when the relevant capital increase has been registered with the Danish Business Authority. (viii) Selskabet betaler omkostningerne i forbindelse med udstedelse og udnyt- telse af Warrants. (viii) The Company shall pay the costs in connection with the issuance and exercise of Warrants. 9 SKAT 9. Tax 9.1 Punkterne 9.2 - 9.4 finder anvendelse, hvis Warrantindehaveren er ansat i Sel- skabet: 9.4 Clauses 9.5 - 9.7 shall apply provided the Warrantee is an employee of the Company: 9.2 Warrants er underlagt ligningslovens § 7 P. 9.5 The Warrants shall be subject to Section 7 P of the Danish Tax Assessment Act. 9.3 Selskabet har vurderet værdien af de til- delte warrants til DKK 1.901 pr. stk. (før justering for fondsaktieudstedelse og ak- 9.6 The Company has assessed the value of each granted warrants as DKK 1901 (before adjustment for bonus shares and

tiesplit af 4. januar 2021). share split of 4 January 2021). 9.4 Selskabet giver ikke Warrantindehaveren nogen garanti for, at Warrants beskattes efter ligningslovens § 7 P med eventuelle senere ændringer, herunder om kravene til anvendelse af bestemmelsen ikke er opfyldt, eller om bestemmelsen fremover er ændret eller ophævet. 9.7 The Company does not make any guar- antees to the Warrantee that the War- rantee will be subject to the tax treat- ment under Section 7 P of the Danish Tax Assessment Act, as amended from time to time, including whether the re- quirements for the application of the pro- vision are not met or if the provision is altered or repealed in the future. 9.5 De skattemæssige konsekvenser for War- rantindehaveren i forbindelse med denne Aftale, herunder men ikke begrænset til erhvervelse og/eller tildeling af Warrants, og/eller skattemæssige konsekvenser i forbindelse med udnyttelse af Warrants, er Selskabet uvedkommende. Warrantin- dehaveren opfordres til at søge skatte- mæssig rådgivning i forbindelse med ind- gåelsen af denne Aftale. 9.8 The tax consequences for the Warrantee arising in connection with or out of this Agreement, including but not limited to the acquisition and/or granting of the Warrants and/or the tax consequences in connection with the exercise of the Warrants, are of no concern to the Com- pany. The Warrantee is strongly encour- aged to seek tax advice in connection with entering into this Agreement. 10 EJERAFTALE 10. Shareholders’ Agreement 10.1 Warrantindehaveren skal på tidspunktet for udnyttelse af Warrants tildelt i henhold til denne Af- tale tiltræde og acceptere at væ- re bundet af enhver ejeraftale, der gælder for kapitalejere i Selskabet til enhver tid ved at underskrive en tiltrædelseserklæring til en sådan ejeraftale. Warrantindehaveren tiltræder og accepterer, at en sådan ejeraf- tale kan indeholde betingelser, der alene gælder for Warrantindehaveren og ikke for de andre kapitalejere i Selskabet. Således har ikke alle kapitalejere i Selskabet de samme rettigheder i henhold til ejeraftalen. En sådan tiltrædelseserklæring skal under- skrives senest på tidspunktet for udnyttelse af Warrants, og udnyttelsen af Warrants skal være betinget heraf. 10.4 The Warrantee shall at the time of exer- cise of the Warrants granted hereunder endorse and agree to be bound by any Shareholders' Agreement applicable to the shareholders of the Company from time to time by signing a deed of adher- ence to such Shareholders' Agreement. The Warrantee acknowledges and ac- cepts that such Shareholders Agreement may include terms only applicable on the Warrantee and not on the other share- holders of the Company. Thus, not all shareholders of the Company may have the same rights under the Shareholders Agreement. Such deed of adherence shall be signed no later than at the time of the exercise of the Warrants and the exercise of any Warrants shall be condi-

tional hereupon. 11 OVERDRAGELSE AF WARRANTS 11. Assignment of Warrants 11.1 Warrants og andre rettigheder og/eller for- pligtelser af Warrantindehaveren i henhold til denne Aftale må ikke være genstand for udlæg (pant, sikkerhed eller lignende), er- hverves eller på anden måde overdrages af Warrantindehaveren. 11.4 The Warrants and any other rights and/or obligations granted to the War- rantee under this Agreement cannot be subject to any encumbrance (as pledge, security or similar), assignment or in any other way be transferred by the Warran- tee. 11.2 Uanset det anførte under punkt 11.1 kan overdragelse i tilfælde af Warrantindehave- rens død finde sted til Warrantindehave- rens bo og/eller hans/hendes arvinger. 11.5 Notwithstanding Clause 11.4, assign- ment to the estate left by the Warrantee and/or to his/her heir/heiress in the event of death shall be allowed. 11.3 Uanset det anførte under punkt 11.1 må Warrantindehaverens kapitalandele hen- holdsvis Warrants, herunder kapitalandele erhvervet gennem udnyttelse af Warrants, ikke være genstand for inkassoprocedurer, fogedforretninger eller anden form for fuld- byrdelse og må heller ikke bruges som pant over for tredjepart. Warrantindehave- ren har dog ved forudgående skriftlig tilla- delse fra Selskabets Bestyrelse ret til at bruge kapitalandele og warrants som pant i forbindelse med finansiering af køb af så- danne kapitalandele og warrants, hvis panthaver forud for pantsætningen skriftligt bekræfter at ville respektere denne Aftale. 11.6 Notwithstanding Clause 11.1, the War- rantee's shares and Warrants (as appli- cable), including shares acquired by the exercise of Warrants, are not to be sub- jected to debt collection proceedings, creditor enforcement or any other type of enforcement, nor are they to be pledged to any third party. However, subject to prior written approval from the board of the Company the Warrantee shall be en- titled to pledge shares and warrants in connection with the funding of the pur- chase of such shares and warrants if the pledgee prior to the pledge accepts in writing to respect this Agreement. 12 AFKALD 12. Waiver 12.1 Warrantindehaveren garanterer ikke at ville påberåbe sig eller på anden måde benytte sig af minoritetsbeskyttelsesreglen i hen- hold Selskabsloven, herunder § 73, ifølge hvilken en minoritetskapitalejer kan fordre sine kapitalandele indløst af en kapitalejer, der ejer mere end ni tiendedele af kapital- andelene (indløsningsret). 12.4 The Warrantee undertakes not to invoke or otherwise rely upon the minority pro- tection rule available under the Danish Companies Act, including Clause 73, stipulating the right to require a share- holder holding more than nine-tenths of the shares to acquire the shares of any minority shareholder (in Danish:

"indløsningsret"). 13 PANTSÆTNING AF KAPITALANDELE 13. Pledge of Shares 13.1 Warrantindehaveren forpligter sig herved at pantsætte kapitalandele i Selskabet tegnet gennem udnyttelse af Warrants (herunder eventuelle stemmerettigheder) til de andre kapitalejere i Selskabet som sikkerhed for (i) opfyldelse af Warrantindehaverens for- pligtelser i henhold til Aftalen og (ii) opfyl- delse af Warrantindehaverens forpligtelser i henhold til ejeraftale, der er gældende for Warrantindehaverens kapitalandele i Sel- skabet. 13.4 The Warrantee hereby undertakes to pledge any shares in the Company sub- scribed for by exercise of any Warrants (including voting rights (if any)) to the other shareholders of the Company as security for (i) the fulfilment of the War- rantee's obligations under this Agree- ment and (ii) the fulfilment of the War- rantee's obligations under any Share- holders' Agreement governing the shares in the Company held by the War- rantee. 14 FULDMAGT 14. Power of Attorney 14.1 Warrantindehaveren giver hermed Selska- bets Bestyrelse fuldmagt til på Warrantin- dehaverens vegne at iværksætte enhver foranstaltning, der måtte være nødvendig til opfyldelse af denne Aftale. 14.4 The Warrantee hereby grants the Board power of attorney to undertake any nec- essary actions on behalf of the Warran- tee to ensure fulfilment of this Agree- ment. 15 TAVSHEDSPLIGT 15. Confidentiality 15.1 Parterne forpligter sig til at behandle ind- holdet af denne Aftale og betingelserne for Aftalen fortroligt. En Part er berettiget til at fremlægge betingelserne i denne Aftale på skriftlig opfordring fra en offentlig myndig- hed, som har en lovlig ret til at kræve så- danne oplysninger, eller hvis en sådan fremlæggelse udspringer af lovgivningen. 15.4 The Parties undertake to treat the con- tent of this Agreement and its terms and conditions confidential. A Party shall be entitled to disclose the terms and condi- tions of this Agreement upon written re- quest from a public authority that has a legal right to require this information or if such disclosure follows from statutory law. 16 LOVVALG 16. Governing law 16.1 Denne Aftale er underlagt dansk ret. 16.4 This Agreement shall be governed by the laws of Denmark. 17 TVISTER 17. Disputes

17.1 Enhver tvist mellem Parterne, der måtte udspringe af Aftalen, herunder dens indgå- else eller ophør, skal først søges afgjort ved forhandling. Kan Parterne ikke nå til enighed, afgøres tvisten ved de danske domstole i København. 17.4 The Parties shall primarily seek to ami- cably settle any dispute arising out of or in connection with this Agreement, in- cluding its conclusion or termination. If the Parties cannot reach an agreement, the dispute shall be settled by the Dan- ish courts in Copenhagen. 18 UNDERSKRIFT, HELE AFTALEN OG ÆNDRINGER HERTIL 18. Signatures, entire Agreement, and amendments 18.1 Denne Aftale er udfærdiget i to eksempla- rer, hvoraf det ene underskrevne eksem- plar forbliver hos Selskabet, mens det an- det underskrevne eksemplar udleveres til Warrantindehaveren. Aftalen træder i kraft på datoen for underskrivelsen. 18.4 This Agreement is signed in two copies; one shall be held by the Company and the other by the Warrantee. The Agree- ment shall be in force from the date of signing. 18.2 Alle meddelelser eller lignende i henhold til eller i forbindelse med Aftalen skal foreta- ges skriftligt fra den ene Part til den anden. 18.5 All notifications, demands or similar pur- suant to or relating to this Agreement shall be made in writing to the other Par- ty. - 0 - - 0 - For og på vegne af Evaxion Biotech ApS: For and on behalf of Evaxion Biotech ApS: ____________________________ Navn: Lars Staal Wegner Titel: CEO ____________________________ Name: Lars Staal Wegner Title: CEO For [the Warantee]: For [the Warantee]: ____________________________ Navn: Titel: ____________________________ Name: Title:

Bilag 4 Schedule 4 Evaxion Biotech A/S Evaxion Biotech A/S Warrant Terms 1. RESOLUTION 1.1 The Board of Directors has on 17 Decem- ber 2020, pursuant to the authorisation set out in article 2.8 of Evaxion Biotech A/S’s (the “Company”) articles of asso- ciation, determined that the following terms and conditions (the “Warrant Terms”) shall apply to warrants (the “Warrants”) issued to the European In- vestment Bank (the “Warrant Holder”) according to the authorisation. 2. ISSUE OF WARRANTS AND WARRANT CONSIDERATION 2.4 The Warrants are issued to the Warrant Holder in connection with the disburse- ment of loans according to the loan facili- ty entered into between the Warrant Holder and the Company. In connection with each issuance of Warrants the War- rant Holder shall sign a warrant certifi- cate (the “Warrant Certificate”). Warrants are issued free of charge, without pay- ment of any kind from the Warrant Hold- er. 2.5 The Warrants and any shares subscribed for upon the exercise of the Warrants shall be issued without pre-emptive sub- scription rights for the Company's share- holders in accordance with the resolution referred to in paragraph Fejl! Henvis- ningskilde ikke fundet. above 2.6 The Company will, along with the Com- pany’s register of shareholders, keep a

list of the issued Warrants. 3. EXERCISE OF WARRANTS 3.4 Each Warrant may be exercised against payment of a subscription price in cash to the Company of DKK 1 per share of a nominal value of DKK 1 (the "Exercise Price"), subject, however, to the adjust- ment mechanisms set forth in clause 0. 3.5 As an alternative to receiving shares in the Company, the Warrant Holder has the right to require that the Company satisfy the exercise of the Warrants by way of net settlement. 3.6 The Warrant Holder is entitled to exercise the Warrants in full or in part at any time. Unexercised Warrants shall remain in the Warrant Holder's possession and shall not expire and lapse. 3.7 3.8 The Warrant Holder agrees and accepts to be bound by a customary lock-up agreement in the event of an IPO accord- ing to which Warrants may not be exer- cised/or settled for cash within 180 days from the date of completion of an initial public offering and official listing of shares of the Company (or the shares in any company or vehicle created by the Company's shareholders for such pur- pose) on a stock exchange or regulated market, including but not limited to a list- ing of American Depositary Shares (ADS') in the United States (here and elsewhere in this document referred to as an “IPO”). Following an IPO clause 7.1 (f) shall cease to be of effective and shall become null and void. Additionally, the Warrant Holder agrees not to exercise the War- rants and/or claim settlement for a period of one (1) month following the first public

filing of the prospectus relating to an IPO. In no event shall the aggregate lock-up period exceed 180 days from the date of completion of the IPO. 3.9 3.10 The Parties agree that the lock-up agreement as set out in clause 3.4 shall cease to be effective and shall become null and void in the event that there is a materially adverse event relating to the Company and thereby affecting the Com- pany in a materially adverse manner dur- ing the lock-up period described in clause 3.4, including but not limited to if the Company or its management is subject to a criminal investigation or is involved in any kind of fraudulent activities, money laundering activities, terror financing tax evasion and tax havens. The definition of a materially adverse event shall be de- termined according to ordinary principles of Danish law taking into account specifi- cally the Company. 4. PROCEDURE FOR EXERCISE OF WAR- RANTS 4.4 To exercise a Warrant, the Warrant Hold- er must give the Company written notice thereof (the "Exercise Notice"). Exercise Notice may be given by a Warrant Holder more than once, reference is made to section 0. 4.5 The Warrant Holder must within 10 busi- ness days from the date of the Exercise Notice pay in cash the Exercise Price for Warrants exercised into the bank account designated by the Company in the sub- scription list, failing which the Exercise Notice shall be deemed cancelled. 4.6 Upon the timely receipt by the Company of an Exercise Notice and the Exercise

Price from the Warrant Holder, the Com- pany shall carry out the increase of the Company's share capital reflecting the exercise of Warrants and shall ensure and procure that the resolution is duly regis- tered with the Danish Business Authority in accordance with applicable law. The Company's register of shareholders shall be updated to reflect the Warrant Hold- er's shareholding. 5. CHANGES IN THE COMPANY'S CAPI- TAL STRUCTURE 5.4 Changes in the Company’s capital struc- ture which are not carried out at market price and thereby cause a change of the potential possibility of gain attached to a Warrant shall require an adjustment of the Warrants in accordance with this clause 5. 5.5 Adjustments shall be made so that the potential possibility of gain attached to a Warrant, in so far as possible, shall re- main the same before and after the oc- currence of the incident causing the ad- justment. The adjustment shall be carried out by the Company’s auditor according to recognized principles. The adjustment may be carried out either by an increase or decrease of the number of shares that can be issued following an exercise of a Warrant and/or an increase or decrease of the Exercise Price. The exercise price cannot, however, at any time be below nominal value of the shares. 5.6 Warrants shall not be adjusted as a result of the Company’s issuance of additional employee shares, share options and/or warrants as part of employee share op- tion schemes (including options to board members, advisors and consultants) as

well as future exercise of such options and/or warrants. Warrants shall, fur- thermore, not be adjusted as a result of capital increases following the Warrant Holders’ and others’ exercise of warrants in the Company. In addition the Warrant Holder shall, irrespective of this clause 5, not be entitled to adjustments in the event of capital increases in directed is- sues following an IPO (including a listing of ADSs in the USA) with customary dis- counts to market price of up to 10% on the listed price. 5.7 In the event of a merger where the Com- pany is not the surviving company, unex- ercised Warrants shall be exchanged for new warrants in the surviving company, which shall entitle the Warrant Holder to subscribe for shares in the surviving company. The number of shares in the surviving company that can be sub- scribed for on the basis of the new war- rants, and/or the Exercise Price, shall be adjusted to the extent that the terms of the exchange set out in the merger plan for the Company (compared to the value of the shares in the surviving company) provide a basis therefore. If funds are distributed to the shareholders of the Company in connection with the merger, the Exercise Price shall be reduced on the basis thereof. 5.8 In the event of a demerger of the Com- pany, the Warrant Holder shall receive warrants in the receiving company (or companies) to an extent and on terms that entail that the terms for the Warrant Holder to the widest possible extent re- main the same after the demerger. If funds are distributed to the shareholders of the Company in connection with the demerger, the Exercise Price shall be re-

duced on the basis thereof. The number of Warrants shall entitle the Warrant Holder to the same potential shareholding which an exercise of all Warrants prior to the demerger would have resulted in. Moreover, the terms applying to the war- rants issued by the receiving company (or companies) shall be the same as the terms stipulated herein. 6. LIQUIDATION 6.4 In the event of a solvent liquidation of the Company, the Warrant Holder may in whole or in part exercise all of its unexer- cised Warrants. 6.5 The Company must notify the Warrant Holder in writing of any resolution to en- ter into a solvent liquidation immediately after the adopting of such resolution. The Warrant Holder must within 3 months fol- lowing the date of receipt of such notifi- cation deliver an Exercise Notice to the chairman of the Company's board of di- rectors (on behalf of the Company) in ac- cordance with clause Fejl! Henvisnings- kilde ikke fundet. above, which shall apply mutatis mutandis, if the Warrant Holder elects to exercise its Warrants. Any Warrants not exercised upon such 3 months period ending will lapse automat- ically, without notice and without any compensation. 7. PUT OPTION 7.4 Subject to mandatory applicable law, the Company irrevocably grants the Warrant Holder the right (but not the obligation) to require the Company to cancel or pur- chase any Warrant granted to the War- rant Holder in consideration of the pay- ment by the Company to the Warrant

Holder of the Fair Market Value of the Warrants (as defined in clause 0) (the "Put Option"). The Warrant Holder may exercise the Put Option in relation to any Warrant on and at any time after the oc- currence of any of the following events ("Put Event"): (a) at any point in time on or after the occur- rence of the sixth anniversary after the Warrant Holder has been granted the first Warrant; (b) any mandatory or voluntary prepayment in whole or in part of the Company’s debt to the Warrant Holder; an initial public offering and admission to trading and official listing of shares of the Company (or the shares in any company or vehicle created by the Company's shareholders for such purpose) on a stock exchange or regulated market, in- cluding but not limited to listing of Ameri- can Depositary Shares (ADS') in the Unit- ed States; (c) a sale, assignment, transfer or other dis- posal of all (or substantially all) of the is- sued share capital in the Company; (d) a sale, assignment, transfer or other dis- posal of all (or substantially all) of the as- sets and undertakings of the Company; (e) any person or group of persons acting in concert gains Control of the Company or of any entity directly or ultimately Con- trolling the Company; or (f) Andreas Holm Mattsson and Niels Iversen Møller (individually or together) cease to own and Control directly or indirectly

more than 25% (twenty five per cent) of the voting rights or economic interest of the Company or be the beneficial owners directly or indirectly through wholly owned subsidiaries of more than 25% (twenty five per cent) of the issued share capital of the Company. 7.4.1 For the purpose of clause Fejl! Henvis- ningskilde ikke fundet., "Control" shall mean the power (directly or indirectly) to (i) cast, or to control the casting of, more than 50% (fifty per cent.) of the maxi- mum number of votes that might be cast at a general meeting of an entity, (ii) ap- point or remove all, or the majority, of the directors of an entity; and/or (iii) give directions with respect to the operating and financial policies of an entity with which the directors of that entity are obliged to comply. 7.5 The Put Option shall be exercised by the Warrant Holder serving upon the Compa- ny an irrevocable notification ("Put Option Notice"). The Put Option Notice shall specify the Fair Market Value of the rele- vant Warrants, taking into account any adjustment under clause 0. 7.6 If within 20 business days from the Com- pany's receipt of the Put Option Notice, the Company has not delivered a notice in writing to the Warrant Holder disputing the Fair Market Value ("Objection No- tice"), the Company shall be deemed to have agreed the Fair Market Value speci- fied in the Put Option Notice, and the Put Option Notice shall automatically become final and binding on the Parties. 7.6.1 If the Company has delivered an Objec- tive Notice, the Warrant Holder shall refer the matter to an independent, interna-

tional and leading investment bank or a leading global firm of accountants (the "Expert") for determination in accordance with clause 0. 7.6.2 The Expert must within one month of the matter being referred to it, give written notice of its determination of Fair Market Value to the Company and the Warrant Holder, together with a written explana- tion setting out in reasonable detail the basis and methods used for the purposes of the calculations performed. The Ex- pert's decision on Fair Market Value is binding upon the Company and the War- rant Holder, and the Fair Market Value set out in the Put Option Notice shall be deemed adjusted in accordance with the Expert's decision on Fair Market Value. 7.7 Within 20 business days of the Fair Mar- ket Value becoming final and binding, the Company must pay the aggregate Fair Market Value in respect of the relevant Warrants in cash by electronic transfer of funds for same day value to such bank account as the Warrant Holder has speci- fied in the Put Option Notice, whereupon the relevant Warrants will be cancelled and of no further force and effect. 8. FAIR MARKET VALUE 8.4 The valuation of the Fair Market Value prior to an IPO shall be determined: (a) on a fully diluted basis assuming exercise of all warrants outstanding; (b) by applying techniques that are appropri- ate in light of the nature, facts, and cir- cumstances of the financial instrument; (c) using reasonable current market data and

inputs combined with market participant assumptions; and (d) based on the price that would be received for an asset or paid to transfer a liability in an Orderly Transaction (as defined be- low), given market conditions at the measurement date, between market par- ticipants that are (i) independent of each other, (ii) knowledgeable of the market, (iii) able to transact and willing to trans- act, that is, they are motivated but not forced or otherwise compelled to do so. 8.5 The valuation shall be by guided by the International Private Equity and Venture Capital Valuation Guidelines as such are amended from time to time. 8.6 Following an IPO the Fair Market Value shall mean the average VWAP of the Company’s shares calculated for a period of six (6) months following the date of notification that the Put Option is being exercised. In the first six (6) months af- ter an IPO, the Fair Market Value shall mean the average VWAP of the Compa- ny’s shares calculated for the entire peri- od from the IPO until the date of notifica- tion that the Put Option is being exer- cised. 8.7 For the purposes of this clause 0, “Order- ly Transaction” means a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions in- volving the respective assets or liabilities. 9. TERMS OF THE ISSUE OF SHARES 9.4 The following shall apply for the new shares issued in connection with the ex-

ercise of Warrants in accordance with these Warrant Terms: (a) the maximum nominal value of the capi- tal increase resulting from an exercise of Warrants will be DKK 351,036, and the minimum nominal value will be DKK 1; (b) the new shares subscribed for on the ba- sis of exercise of the Warrants are is- sued/subscribed for without pre-emption rights for the Company's existing share- holders; (c) the new shares issued on the basis of ex- ercise of Warrants shall be subscribed for in cash and paid in full; (d) the new shares issued on the basis of ex- ercise of Warrants shall be non- negotiable instruments; (e) the new shares shall be registered in the name of the shareholders and be regis- tered in the shareholders’ register; (f) the new shares issued on the basis of Warrants will not be subject to any re- strictions in the pre-emption rights in connection with future capital increases; (g) the new shares are entitled to dividends, and other rights in the Company accord- ing to the provisions in the Company’s articles of association, from the date the registration of the capital increase with the Danish Business Authority; and (h) the new shares shall carry the same rights as the existing shares in the Com- pany.

10. TRANSFERABILITY 10.4 The transferability of the Warrants shall not be subject to any restrictions, provid- ed that any sale or transfer of Warrants must comply with all applicable laws. 11. NOTICES 11.4 Any communication by the Warrant Hold- er to the Company regarding all matters in these Warrant Terms shall be conduct- ed via e-mail to the chairman of the Company’s board of directors (to the e- mail address most recently notified to the Warrant Holder). 12. COSTS 12.4 The Company shall be liable for all taxes, duties, fees and other impositions of whatsoever nature, including stamp duty and registration fees, arising out of the creation, preparation, execution, imple- mentation, perfection, registration, en- forcement, amendment (including sup- plements and waivers) or termination re- sulting from the Warrant Terms, including but not limited to all costs in connection with issuing of the Warrants and the po- tential exercise hereof, except for any capital gain or income tax payable by, or imposed on, the Warrant Holder. 13. GOVERNING LAW AND JURISDIC- TION 13.4 The Warrant Terms are governed by and will be interpreted in accordance with Danish law. However, the conflict of laws rules must be disregarded to the extent that such rules are non-mandatory. 13.5 Any dispute arising out of the Warrant

Terms, including any dispute concerning the existence or validity of the Warrant Terms, will be brought before the Danish courts. ---oOo---

The English part of this parallel document in Danish and English is an unofficial translation of the original Danish text. In the event of disputes or misunderstandings arising from the interpretation of the translation, the Danish language shall prevail. BILAG 5 TIL SELSKABETS VEDTÆGTER EVAXION BIOTECH A/S ("Selskabet") APPENDIX 5 TO ARTI- CLES OF ASSOCIATION EVAXION BIOTECH A/S (the "Company") INTRODUKTION INTRODUCTION Bestyrelsen har den 17. december 2020 bestemt, at følgende vilkår og betingelser skal være gældende for visse warrants, der udstedes til bestyrelse, direktion, øvrige medarbejdere samt rådgivere/konsulenter i henhold til bemyndigelsen i vedtægternes pkt. 2.5: The board of directors has on 17 De- cember 2020 resolved that the follow- ing terms and conditions shall apply to certain warrants which are granted to board members, management, other employees and advisors/consultants according to the authorization in arti- cle 2.5 of the articles of association: 1. GENERELT GENERAL 1.1. Selskabet har besluttet at indføre et inci- tamentsprogram for bestyrelse, direktion, øvrige medarbejdere samt rådgive- re/konsulenter (herefter samlet benævnt ”Warrantindehavere”) i/for Selskabet og dets eventuelle datterselskaber (herefter benævnt ”Selskabet”). Programmet er ba- seret på vederlagsfri tildeling af warrants. The Company has decided to introduce an incentive program for board mem- bers, management, other employees and advisors/consultants (hereinafter collectively referred to as “Warrant- holders”) in/on behalf of the Company and its subsidiaries (collectively the “Company”). The program is based on grant of warrants without payment. 1.2. En warrant er en ret, men ikke en pligt, til i nærmere fastlagte perioder (udnyttelses- perioder) at tegne nye aktier i Selskabet til en kurs, der er fastsat på forhånd (udnyt- telsesprisen). Udnyttelsesprisen fastsættes af bestyrelsen i forbindelse med hver ud- stedelse/tildeling af warrants. Én warrant giver ret til at tegne én ordinær aktie i Selskabet á nominelt DKK 1,00. A warrant is a right, but not an obliga- tion, during fixed periods (exercise pe- riods) to subscribe for new ordinary shares in the Company at a fixed price (the exercise price) in advance. The exercise price shall be determined by the board of directors. Each warrant carries the right to subscribe for nomi- nal DKK 1.00 per ordinary share in the

Company. 1.3. Warrants tildeles efter bestyrelsens diskre- tionære skøn. Warrants are offered at the discretion of the board of directors. 2. TILDELING AF WARRANTS GRANT OF WARRANTS 2.1. Det skal fremgå af den enkelte Warrantin- dehavers warrantaftale, hvor mange war- rants Warrantindehaveren får tildelt, samt til hvilken kurs warrants kan udnyttes. The individual Warrantholder’s warrant agreement shall describe how many warrants have been granted to the Warrantholder and the exercise price for the warrants. 2.2. Warrantindehaverne skal ikke betale noget vederlag for at få tildelt warrants. The grant of warrants shall not be sub- ject to payment from the Warrant- holders. 2.3. Selskabet eller den til hvem kompetencen er delegeret fører en fortegnelse over til- delte warrants, der ajourføres løbende. The Company or the Company’s proxy shall keep records of granted warrants and update the records at regular in- tervals. 3. OPTJENING VESTING 3.1. Warrantindehaveren optjener som ud- gangspunkt ret til at udnytte warrants med 1/36 pr. måned regnet fra tildelingstids- punktet. Bestyrelsen skal dog være beret- tiget til at fravige nævnte udgangspunkt og bestemme, at tildelte warrants anses for optjent pr. tildelingstidspunktet, eller at der skal gælde særlige regler for optje- ningen. Sådanne eventuelle fravigelser skal specificeres i vedtægterne i forbindel- se med udstedelsen. The warrants granted shall, as a gen- eral rule, vest for exercise with 1/36 per month from the date of grant. The board of directors shall, however, be entitled to deviate from the general rule and determine that warrants shall vest as of the grant date, or that spe- cial rules shall apply in relation to vesting. Such deviations, if any, shall be specified in the articles of associa- tion in connection with the issuance. 3.2. En Warrantindehaver optjener kun war- rants, så længe vedkommende er bestyrel- sesmedlem eller ansat i Selskabet eller dets eventuelle datterselskaber. Warrants shall only vest to the extent that the Warrantholder is currently a board member or employed by the Company or its subsidiaries, if any.

4.4. De warrants, som Warrantindehaveren ikke udnytter i den sidste udnyttelsesperiode, bortfalder uden yderligere varsel og uden kompensation eller vederlag af nogen art til Warrantindehaveren. Warrants not exercised by the Warran- tholder during the last exercise period shall become null and void without fur- ther notice and without compensation or payment of any kind to the Warran- tholder. 4.5. Warrantindehaverens udnyttelse af war- rants forudsætter som udgangspunkt, at Warrantindehaveren er ansat i Selskabet eller et koncernforbundet selskab på det tidspunkt, hvor warrants udnyttes. I tilfæl- de af ansættelsesforholdets ophør gælder de i punkt 5 nedenfor indeholdte bestem- melser. The Warrantholder’s exercise of war- rants shall generally require that the Warrantholder is employed by the Company or any affiliated group com- pany at the time of exercise. In the event of termination of the employ- ment the terms and conditions includ- ed in clause 5 below shall apply. 4.6. Selskabets bestyrelse er i tilfælde af at Selskabet børsnoteres eller der noteres ADS’er i USA berettiget til énsidigt at æn- dre udnyttelsesperioderne, således at ud- nyttelsesperioderne tilpasses de til enhver tid gældende regler for insider-handel, hvilket med mindre bestyrelsen beslutter andet vil sige at der vil være fire udnyttel- sesperioder på to uger hver, som ligger umiddelbart efter selskabets aflæggelse af årsrapporten, kvartalsrapporterne og halv- årsrapporten. In the event of a listing of the Compa- ny’s shares, or an ADS listing on a stock exchange, the Company’s board of directors, at its discretion, is enti- tled to change the exercise periods in order to adapt to applicable rules on insider trading, which unless the board of directors determine otherwise will mean that there will be four exercise periods of two weeks each following respectively the reporting of an annual report, quarterly reports and the inter- im 6-months’ report. 4.7. I forbindelse med en notering af ADS’er på Nasdaq, USA, har Selskabets bestyrelse i henhold til pkt. 4.1 truffet beslutning om at fastsætte udnyttelsesvinduerne for ud- stedte warrants således: In connection with a listing of ADSs on Nasdaq, USA, the board of directors has resolved, pursuant to clause 4.1, to determine the exercise windows for issued warrants as follows: Optjente warrants kan udnyttes i fire årlige udnyttelsesvinduer på 2 uger, som hver ligger to handelsdage efter offentliggørel- sen af henholdsvis Selskabets årsrapport, halvårsregnskabet samt kvartalsmeddelel- serne. Første udnyttelsesperiode indtræder dog tidligst 180 dage efter Selskabets no- tering af ADS’er på Nasdaq, USA, og i de Vested warrants may be exercise in four annual exercise windows of two weeks each that each commence two trading days following publication of the Company’s annual report, the 6- month report and the interim reports. The first exercise window shall, how- ever, be at least 180 days following

første fire udnyttelsesperioder kan war- rantindehaveren maksimalt udnytte 25% af de til warrantindehaveren tildelte warrants forudsat altid at warrants er optjent. the listing by the Company of ADSs on Nasdaq, USA and in the first four exer- cise periods the warrantholder may as a maximum exercise 25% of the war- rants granted to the respective war- rantholders, provided always that the warrants have vested. 5. FRATRÆDEN RESIGNATION 5.1. Warrantindehaverens udnyttelse af optjen- te warrants er reguleret ovenfor i punkt 4. The Warrantholder’s exercise of vested warrants is regulated above in section 4. I tilfælde af bestyrelseshvervets eller an- sættelsesforholdets ophør bevarer War- rantindehaveren retten til at udnytte war- rants, som allerede er optjente på tids- punktet for bestyrelseshvervet eller ansæt- telsesforholdets ophør, dvs. fra og med den første dag, hvor Warrantindehaveren ikke længere har krav på at modtage ho- norar eller løn fra Selskabet, uanset om Warrantindehaveren faktisk ophører med at fungere på et tidligere tidspunkt, samt retten til at udnytte eventuelle warrants, som senere måtte blive optjent i henhold til punkt 3 ovenfor. In the event of termination of the board position or employment, the Warrantholder keeps his/her right to exercise warrants already vested at the time the board position or em- ployment is terminated, meaning from the first day when the Warrantholder is no longer entitled to a salary or fees from the Company, notwithstanding that the Warrantholder has actually ceased to perform his/her duties at an earlier date, as well as his/her right to exercise any warrants that may vest later pursuant to section 3 above. 5.2. Uanset det ovenfor anførte gælder, at så- fremt bestyrelseshvervet eller ansættelses- forholdet med Warrantindehaveren bringes til ophør af Selskabet som en følge af War- rantindehaverens misligholdelse, bortfalder alle warrants (optjente og ikke-optjente) dog uden yderligere varsel og uden kom- pensation eller vederlag af nogen art til Warrantindehaveren. Irrespective of the above, if the Com- pany terminates the board member- ship or employment contract due to the Warrantholder’s breach of con- tract, all warrants (vested and unvest- ed) shall become null and void without further notice and without compensa- tion or payment of any kind to the Warrantholder. 6. JUSTERING AF WARRANTS ADJUSTMENT OF WARRANTS 6.1. Hvis der sker ændringer i Selskabets kapi- talforhold, der medfører en ændring af den Changes in the Company’s capital structure causing a change of the po-

potentielle gevinstmulighed, der er knyttet til en warrant, skal warrants justeres i henhold til nærværende punkt 6. tential possibility of gain attached to a warrant shall require an adjustment of the warrants in accordance with this clause 6. 6.2. En justering skal ske, således at den po- tentielle gevinstmulighed, der er knyttet til en warrant, så vidt muligt er den samme som før og efter indtræden af den hændel- se, der begrunder justeringen. Justeringen gennemføres med bistand fra Selskabets eksterne rådgiver. Justeringen kan ske en- ten ved en forøgelse eller en formindskelse af det antal aktier, der kan udstedes i hen- hold til en warrant, og/eller en forøgelse eller formindskelse af udnyttelseskursen. Adjustments shall be made so that the potential possibility of gain attached to a warrant, in so far as possible, shall remain the same before and after the occurrence of the incident causing the adjustment. The adjustment shall be carried out with the assistance of the Company’s external advisor. The ad- justment may be effected either by an increase or decrease of the number of shares that can be issued following an exercise of a warrant and/or an in- crease or decrease of the exercise price. 6.3. Selskabets udstedelse af medarbejderakti- er, aktieoptioner og/eller yderligere war- rants som led i medarbejderaktieordninger (herunder til bestyrelsesmedlemmer) såvel som senere udnyttelse af sådanne optioner og/eller warrants, medfører ikke krav på justering af warrants. Den kapitalforhøjel- se, der finder sted som følge af Warrantin- dehavernes udnyttelse af warrants i Sel- skabet, medfører heller ikke justering af warrants. Herudover skal warrantindehave- ren, uanset punkt 6.5, ikke være berettiget til justering, såfremt der sker aktieudste- delser til under markedskurs, som en følge af eksempelvis udvandingsbestemmelser i den for Selskabets aktionærers gældende ejeraftale som medfører en udvanding af Selskabets ordinære aktier eller ved kon- vertering af konvertible obligationer, som blev udstedt til markedskurs, uanset, at selve konverteringen sker til favørkurs på konverteringstidspunktet. Warrants shall not be adjusted as a re- sult of the Company’s issue of addi- tional employee shares, share options and/or warrants as part of employee share option program (including op- tions to board members) as well as fu- ture exercise of such options and/or warrants. Warrants shall, furthermore, not be adjusted as a result of capital increases following the Warranthold- ers’ and others’ exercise of warrants in the Company. In addition the Warran- tholder shall, irrespective of clause 6.5, not be entitled to adjustments in the event of capital increases below market price if e.g. anti-dilution provi- sions in the shareholders´ agreement for the Company´s shareholders re- sults in a dilution of the Company´s ordinary shares or in connection with convertible bonds, issued at market price, irrespective of whether the con- version itself takes place at a discount

upon conversion. Enhver regulering af udnyttelseskursen og/eller det antal aktier som kan tegnes ved udnyttelse af warrants i henhold til dette pkt. 6 skal alene gælde for warrants, som endnu ikke er udnyttet på det tids- punkt, der medfører en regulering. Allere- de udnyttede warrants påvirkes ikke af re- guleringer. Any adjustments of the exercise price and/or and/or the number of shares that can be subscribed for by exercis- ing the warrants pursuant to this clause 6 shall only apply to warrants not exercised by the Warrantholder at the time of the event triggering the adjustment. No adjustment shall af- fect already exercised warrants. 6.4. Fondsaktier: Bonus Shares Hvis det besluttes at udstede fondsaktier i Selskabet, skal warrants justeres således: If it is decided to issue bonus shares in the Company, warrants shall be ad- justed as follows: Udnyttelsesprisen på enhver endnu ikke udnyttet warrant ganges med faktoren: The exercise price for each warrant not yet exercised shall be multiplied by the factor: = __A___ (A+B) og antallet af endnu ikke udnyttede war- rants ganges med faktoren: 1 hvor: A = den nominelle aktiekapital før udste- delsen af fondsaktier, og B = den samlede nominelle værdi på fondsaktierne. = ___A___ (A+B) and the number of warrants not yet exercised shall be multiplied by the factor: 1 where: A = the nominal share capital before issue of bonus shares, and B = the total nominal value of bonus shares. Hvis det justerede antal aktier ikke er et helt tal, skal der afrundes nedad til det nærmeste hele tal. If the adjusted number of shares does not amount to a whole number, the number shall be rounded down to the

nearest whole number. 6.5. Kapitalændringer til en anden kurs end markedskursen: Changes of capital at a price different from the market price: Hvis det besluttes at forhøje eller nedsætte aktiekapitalen i Selskabet til en kurs under markedskursen (vedrørende kapitalned- sættelser også til over markedskursen), skal warrants justeres således: If it is decided to increase or decrease the share capital in the Company at a price below the market price (in rela- tion to capital decreases also above the market price), warrants shall be adjusted as follows: Udnyttelsesprisen på enhver endnu ikke udnyttet warrant ganges med faktoren: The exercise price for each non- exercised warrants shall be multiplied by the factor: = (A_x K) + (B x T) (A+B) x K og antallet af endnu ikke udnyttede war- rants ganges med faktoren 1 hvor: A = den nominelle aktiekapital før ændrin- gen i kapitalen B = den nominelle ændring i aktiekapitalen K = aktiens markedskurs / lukkekurs da- gen forinden annoncering af ændringen i aktiekapitalen, og T = tegningskurs/nedsættelseskurs ved ændringen i aktiekapitalen = (A_x K) + (B x T) (A+B) x K and the number of non-exercised war- rants shall be multiplied by the factor: 1 where: A = nominal share capital before the change in capital B = nominal change in the share capi- tal K = market price / closing price of the share on the day prior to the an- nouncement of the change in the share capital, and T = subscription price/reduction price in relation to the change in the share capital Hvis det det justerede antal aktier ikke er If the adjusted number of shares does

et helt tal, skal der afrundes nedad til det nærmeste hele tal. not amount to whole numbers, each number shall be rounded down to the nearest whole number. Såfremt Selskabet er børsnoteret skal der ikke ske regulering i tilfælde af fravigelser fra den noterede kurs på 10% eller min- dre. In the event the Company is listed no adjustments shall take place in the event that the deviation from the listed price is 10% or less. 6.6. Ændringer i den enkelte aktie pålydende værdi: Changes in the nominal value of each individual share: Hvis det besluttes at ændre aktiernes på- lydende værdi, skal warrants justeres så- ledes: If it is decided to change the nominal value of the shares, warrants shall be adjusted as follows: Udnyttelsesprisen på enhver endnu ikke udnyttet warrant ganges med faktoren: = __A____ B og antallet af endnu ikke udnyttede war- rants ganges med faktoren: 1 hvor: A = den enkelte aktie nominelle værdi ef- ter ændringen, og B = den enkelte aktie nominelle værdi før ændringen. Hvis det justerede antal aktier ikke er et helt tal, skal der afrundes nedad til det nærmeste hele tal. The exercise price for each non- exercised warrant shall be multiplied by the factor: = __A____ B and the number of non-exercised war- rants shall be multiplied by the factor: 1 where: A = nominal value of each share after the change, and B = nominal value of each share be- fore the change. If the adjusted number of shares does not amount to a whole number, the number shall be rounded down to the nearest whole number.

6.7. Udbetaling af udbytte: Payment of dividend: Hvis det besluttes at udbetale udbytte, skal den del af udbyttet, der overstiger 10 % af egenkapitalen, medføre en justering af udnyttelsesprisen efter denne formel: If it is decided to pay dividends, the part of the dividends exceeding 10 per cent of the equity capital shall lead to adjustment of the exercise price ac- cording to the following formula: E2 = E1 - U – Umax A hvor: E2 = den justerede udnyttelsespris E1 = den oprindelige udnyttelsespris U = det udbetalte udbytte Umax = 10 % af egenkapitalen, og A = det samlede antal aktier i Selskabet. E2 = E1 - U – Umax A where: E2 = the adjusted exercise price E1 = the original exercise price U = dividends paid out Umax = 10 per cent of the equity capi- tal, and A = total number of shares in the Company. Den egenkapital, der skal lægges til grund ved ovenstående justering, er egenkapita- len anført i den årsrapport som godkendes af generalforsamlingen hvor udbytte be- sluttes, men justeret til markedsværdi. Hvis Selskabet er børsnoteret, fastsættes markedsværdien til aktiernes noterede pris på tidspunktet for beslutningen om at ud- betale udbytte. Hvis Selskabet er unoteret, fastsættes markedsværdien fra seneste kapitalrunde i Selskabet hvor en eller flere investorer har tegnet aktier. The equity capital which shall form the basis of the abovementioned adjust- ment is the equity capital stipulated in the Annual Report to be adopted at the General Meeting where dividends shall be approved before allocation, but ad- justed to market price. If the Company is listed then the market price shall be the listed price of the shares at the time of the decision to pay dividends. If the Company is unlisted then the market price shall be determined by the latest investment round in the Company, in which one or more inves- tors have subscribed shares.

6.8. Andre ændringer i Selskabets kapitalfor- hold: Other changes in the Company’s capi- tal position: Hvis der sker andre ændringer i Selskabets kapitalforhold, der medfører en ændring i warrants økonomiske værdi, skal (med- mindre andet er angivet ovenfor) warrants justeres, således at ændringen ikke påvir- ker warrants økonomiske værdi. In the event of other changes in the Company’s capital position causing changes to the financial value of war- rants, warrants shall (unless otherwise indicated above) be adjusted in order to ensure that the changes do not in- fluence the financial value of the war- rants. Den beregningsmetode, der skal anvendes ved justeringen, fastsættes af en af besty- relsen valgt ekstern rådgiver. The calculation method to be applied to the adjustment shall be decided by an external advisor appointed by the board of directors. Det præciseres, at forhøjelse eller nedsæt- telse af Selskabets aktiekapital til mar- kedskurs ikke medfører, at der skal finde regulering sted af tegningskursen eller an- tallet af aktier, der kan tegnes. It is emphasized that increase or de- crease of the Company’s share capital at market price does not lead to an ad- justment of the subscription price or the number of shares to be subscribed. 6.9. Likvidation: Liquidation: Hvis Selskabet bliver likvideret, fremskyn- des et evt. optjeningstidspunkt for alle uudnyttede warrants, således at Warrant- indehaveren kan udnytte warrants i en ekstraordinær udnyttelsesperiode umiddel- bart før den pågældende transaktion finder sted. Should the Company be liquidated, the vesting time, if any, for all non- exercised warrants shall be changed so that the Warrantholder may exercise his/her warrants in an extraordinary exercise period immediately preceding the relevant transaction. 6.10. Fusion og spaltning: Merger and split: Hvis Selskabet indgår i en fusion som det fortsættende selskab, bliver warrants ikke påvirket, medmindre der i forbindelse med fusionen sker en kapitalforhøjelse til en anden kurs end markedskursen, idet war- rants i så fald justeres i henhold til punkt 6.5. If the Company merges as the continu- ing company, warrants shall remain unaffected unless, in connection with the merger, the capital is increased at a price other than the market price and in that case warrants shall be ad- justed in accordance with clause 6.5.

Hvis Selskabet fusionerer som det ophø- rende selskab eller bliver spaltet, kan det fortsættende selskabs bestyrelse vælge én af disse muligheder: If the Company merges as the termi- nating company or is split, the con- tinuing company's board of directors may elect one of the following possibil- ities: a) Warrantindehaveren kan umiddel- bart inden fusionen/spaltningen udnytte alle ikke udnyttede war- rants, der ikke er bortfaldet (inklu- sive warrants der endnu ikke er optjent), eller b) warrants erstattes af nye ak- tie/aktieinstrumenter i de(t) fort- sættende selskab(er) af tilsvarende økonomisk værdi før skat. Ved spaltning kan de fortsættende sel- skaber selv bestemme, i hvilke(t) selskab(er) Warrantindehaverne skal modtage de nye aktie/aktie- instrumenter. a) The Warrantholder may exer- cise all non-exercised warrants that are not declared null and void (inclusive of warrants not yet vested) immediately before the merger/split, or b) new share instruments in the continuing company/companies of a corresponding financial pre-tax value shall replace the warrants. On split the continu- ing companies may decide in which company/companies the Warrantholders shall receive the new share instruments. 6.11. Salg og aktieombytning: Sale and exchange of shares: Hvis mere end 50% af aktiekapitalen i Sel- skabet bliver solgt (ikke tegnet eller ud- stedt) eller indgår i en aktieombytning, kan bestyrelsen vælge én af disse mulig- heder: If more than 50 per cent of the share capital in the Company is sold (not subscribed or issued) or is part of a share swap, the board of directors may elect one of the following possibilities: a) Warrantindehaveren kan umiddelbart inden salget/aktieom-bytningen ud- nytte alle ikke-udnyttede warrants, der ikke er bortfaldet (inklusive war- rants der endnu ikke er optjent). Herudover indtræder der en pligt, hvorefter Warrantindehaverne skal sælge de tegnede aktier på samme vilkår som de øvrige aktionærer (ved salg). a) The Warrantholder may exercise all non-exercised warrants that are not declared null and void (inclusive of warrants not yet vested) immediately before the sale/swap of shares. Further- more, the Warrantholder shall undertake an obligation to sell the subscribed shares on the same conditions as the other shareholders (when selling)

måde overføres, ej heller i forbindelse med bodeling, og hverken til eje eller til sikker- hed, uden bestyrelsens samtykke. War- rantindehaverens warrants kan dog overgå til Warrantindehaverens ægtefæl- le/samlever og/eller livsarvinger i tilfælde af Warrantindehaverens død. Det er en be- tingelse herfor, at modtageren underskri- ver den gældende warrantaftale samt, så- fremt dette kræves af bestyrelsen, en ejeraftale. cluding in connection with division of property on divorce or legal separa- tion, for ownership or as security with- out the consent of the board of direc- tors. The Warrantholder’s warrants may, however, be transferred to the Warrantholder’s spouse/cohabitant and/or issue in the event of the War- rantholder’s death. It is a condition precedent that the recipient signs the applicable warrant agreement and, to the extent required by the board of di- rectors, a shareholders’ agreement. 8. TEGNING AF NYE AKTIER VED UD- NYTTELSE AF WARRANTS SUBSCRIPTION FOR NEW SHARES BY EXERCISE OF WARRANTS 8.1. Tegning af nye aktier ved udnyttelse af til- delte warrants finder sted ved, at Warrant- indehaveren afleverer en af Selskabet ud- arbejdet udnyttelsesmeddelelse til Selska- bet senest kl. 16:00 CET den sidste dag i den relevante udnyttelsesperiode. Udnyt- telsesmeddelelsen skal være udfyldt med alle informationer. Udnyttelsesprisen for de nye aktier, der skal betales ved et kontant indskud, skal være modtaget af Selskabet senest på den sidste dag i den relevante udnyttelsesperiode. Subscription for new shares by exer- cise of granted warrants must be made through submission by the Warrant- holder no later than the last day of the relevant exercise period at 16:00 CET to the Company of an exercise notice drafted by the Company. The exercise notice shall be filled in with all infor- mation. The Company must have re- ceived the exercise price for the new shares, payable as a cash contribution, by the last day of the relevant exercise period. 8.2. Hvis den i punkt. 8.1 angivne frist over- skrides, enten således at udnyttelsesmed- delelsen i udfyldt stand eller betalingen ik- ke er Selskabet i hænde inden kl. 16 på den sidste dag i udnyttelsesperioden, an- ses tegningen for ugyldig, og Warrantinde- haveren kan i denne situation ikke anses for herved at have udnyttet sine warrants for en eventuel efterfølgende udnyttelses- periode. If the limitation period set forth in clause 8.1 expires as a result of the Company not having received the filled-in exercise notice or the payment by 16:00 of the last day of the exer- cise period, the subscription shall be deemed invalid, and in this situation the Warrantholder shall not be consid- ered as having exercised his/her war- rants for a possible subsequent exer- cise period.

8.3. De warrants, som Warrantindehaveren ikke har udnyttet i den sidste udnyttelsesperio- de, bortfalder uden yderligere varsel og uden kompensation. Warrants not exercised by the Warran- tholder during the last exercise period shall become null and void without fur- ther notice and without compensation. 8.4. Når den kapitalforhøjelse, som udnyttelsen af warrants har medført, er registreret i Erhvervsstyrelsen, modtager Warrantinde- haveren fra Selskabet dokumentation for sit ejerskab til aktier i Selskabet. When the capital increase caused by exercise of warrants has been regis- tered with the Danish Business Author- ity, the Warrantholder shall receive, from the Company, proof of his share- holding in the Company. 8.5. Forud for udnyttelse skal Warrantindeha- veren tiltræde Selskabets til enhver tid gældende ejeraftale eller en særskilt ejer- aftale omfattende de af Selskabets aktio- nærer, som har tegnet aktier ved udnyttel- se af warrants. Det samme gælder War- rantindehaverens arvinger /dødsbo. Prior to exercise of warrants, the War- rantholder shall adhere to the Compa- ny’s shareholders’ agreement or a separate shareholders’ agreement comprising those shareholders of the Company that have subscribed for shares by exercise of warrants. The same applies to the heirs/estate of the Warrantholder. Warrantindehaveren er bekendt med og accepterer, at ovennævnte ejeraftaler kan indeholde i) forpligtelser til at sælge akti- erne ved Warrantindehaverens fratræden, uanset årsag, til en pris der kan afvige fra markedsværdien, ii) konkurrence- og kun- deklausuler, iii) salgsbegrænsninger og iv) andre restriktioner på Warrantindehaveren, som kan være byrdefulde for Warrantinde- haveren. The Warrantholder accepts and acknowledges that the above- mentioned shareholders’ agreement may contain i) obligations to sell shares upon termination of the War- rantholder’s employment, irrespective of the cause, at a price which may de- viate from the market value; ii) non- competition and non-solicitation claus- es; iii) sales restrictions and iv) other restrictions which may be burdensome for the Warrantholder. 9. DE NYE ORDINÆRE AKTIERS RET- TIGHEDER THE RIGHTS OF NEW ORDINARY SHARES 9.1. Udover de ovenfor anførte vilkår for den til de udstedte warrants hørende kapitalfor- højelse gælder følgende vilkår: In addition to the terms and conditions set forth above, the increase of the share capital relating to the warrants granted shall be subject to the follow- ing terms and conditions:

- De nye aktier udstedes i aktier à DKK 1,00 eller multipla heraf, - De nye aktier skal give ret til udbytte i selskabet for det løbende regn- skabsår, hvori aktierne tegnes, på li- ge fod med de eksisterende aktier og andre rettigheder i selskabet fra og med datoen for tegningen af aktierne, - De nye aktier skal tilhøre samme ak- tieklasse, som de eksisterende aktier i selskabet, - Kapitalforhøjelsen sker uden forteg- ningsret for de hidtidige aktionærer, idet tegningen sker på baggrund af warrants tildelt til Selskabets eller dets datterselskabers direktionsmed- lemmer og øvrige medarbejdere, - Der skal ikke gælde indskrænkninger i den til de nye aktier knyttede for- tegningsret ved fremtidige kapitalfor- højelser, - Fristen for tegning af de nye aktier beregnes på baggrund af bestemmel- serne ovenfor, - Det fulde beløb til tegning af det an- tal aktier, som de omfattede medar- bejdere mv. ønsker at tegne, skal indbetales kontant og senest samtidig med tegningen af de pågældende ak- tier, og - De nye aktier skal lyde på navn, no- teres i selskabets ejerbog og være - The new shares will be divided into shares of nominal DKK 1.00 or multiples hereof; - The new shares will carry divi- dend rights for the financial year in which subscription takes place on equal terms with the existing shares as well as other rights in the company as from the day of subscription of the shares; - The new shares shall belong to the same share class as the ex- isting shares in the company; - The capital increase shall be made without any pre-emption rights for the existing sharehold- ers, given that the subscription is based on warrants granted to the Company’s or its subsidiaries’ members of the management or other employees; - The pre-emption rights attached to the new shares shall not be subject to any restrictions in the event of future capital increases; - The deadline for subscription of the new shares shall be calculat- ed pursuant to the provisions set forth above; - The full subscription amount for the number of shares which the employees etc. wish to subscribe for, shall be paid in cash no later than on the day of subscription of the shares in question; and

ikke-omsætningspapirer. - The new shares shall be made out in the name of the holder, be recorded in the company’s regis- ter of shareholders and be non- negotiable instruments. 9.2. Selskabet afholder omkostninger i forbin- delse med udstedelsen af warrants og se- nere udnyttelse heraf. Selskabets omkost- ninger forbundet med udstedelsen af war- rants og den hertil hørende kapitalforhøjel- se anslås til DKK 25.000. The Company shall pay all costs con- nected with granting of warrants and later exercise thereof. The Company’s costs in connection with issue of war- rants and the related capital increase are estimated to DKK 25,000. 10. ANDRE BESTEMMELSER OTHER PROVISIONS 10.1. Tildeling af warrants har ingen umiddelba- re økonomiske konsekvenser for Warrant- indehaveren. Værdien af warrants indgår ikke i beregningen af feriepenge, pensi- onsbidrag eller øvrige vederlagsafhængige ydelser fra Selskabet eller et evt. datter- selskab. Grant of warrants has no immediate economic consequences for Warran- tholder. The value of warrants will not form part of the calculation of holiday allowances, pension contributions or other contributions or payments, which are based on your remuneration from the Company or a subsidiary, if any. 10.2. Det forhold, at Selskabet tilbyder Warrant- indehavere warrants, forpligter ikke på no- gen måde Selskabet til at opretholde an- sættelsesforholdet. The fact that the Company offers war- rants to Warrantholders shall not in any way obligate the Company to maintain the employment. 11. SKATTEMÆSSIGE KONSEKVENSER TAX CONSEQUENCES 11.1. De personlige skattemæssige konsekven- ser forbundet med Warrantindehaverens tegning eller udnyttelse af warrants er Sel- skabet uvedkommende. The personal tax implications connect- ed to the Warrantholder’s subscription for or exercise of warrants shall be of no concern to the Company. 12. LOVVALG OG VÆRNETING LAW AND VENUE 12.1. Tegningen af warrants, vilkårene herfor og udnyttelsen, og vilkårene for senere teg- ning af aktier i Selskabet skal reguleres af dansk ret. Acceptance of warrants, the terms and conditions thereto and the exercise, and terms and conditions for future subscription for shares in the Company shall be governed by Danish law.

12.2. Hvis der måtte opstå en tvist mellem War- rantindehaveren og Selskabet i relation til forståelsen eller gennemførelsen af war- rantprogrammet, skal denne søges bilagt i mindelighed ved en forhandling mellem parterne. Any disagreement between the War- rantholder and the Company in rela- tion to the understanding or imple- mentation of the warrant scheme shall be settled amicably by negotiation be- tween the parties. 12.3. Hvis parterne ikke kan opnå enighed, skal eventuelle tvister afgøres ved de alminde- lige danske domstole. If the parties fail to reach consensus, any disputes shall be settled by the ordinary Danish courts. ---oOo---