UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2022
Commission File Number: 001-39950
Evaxion Biotech A/S
(Exact Name of Registrant as Specified in Its Charter)
Dr. Neergaards Vej 5f
DK-2970 Hoersholm
Denmark
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
INCORPORATION BY REFERENCE
This report on Form 6-K shall be deemed to be incorporated by reference in Evaxion Biotech A/S’s registration statements on Form S-8 (File No. 333-255064), on Form F-3 (File No. 333-265132) and on Form F-1 (File No. 333-266050), including any prospectuses forming a part of such registration statements and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
Closing of Warrant Exercise Window
On September 14, 2022, an exercise window closed for outstanding warrants of Evaxion Biotech A/S (the “Company”), exercisable for the Company’s ordinary shares, nominal value DKK 1. In connection with the exercises of certain of such warrants during this exercise window, the Company registered aggregate share capital increases of nominal DKK 144,234 with the Danish Business Authority, corresponding to an aggregate increase in the Company’s share capital to nominal DKK 23,977,928 through the issuance of such 144,234 ordinary shares against aggregate cash consideration of DKK 144,234 (or approximately USD $19,378), based on the DKK-USD exchange rate on September 14, 2022).
Warrant Grants
On September 15, 2022, the Company’s board of directors granted an aggregate of 11,000 warrants (the “Warrants”) to certain employees of the Company. In connection with the grant of the Warrants, the Company amended its Articles of Association to provide for the grant thereof. Each Warrant confers the right to subscribe for one ordinary share of the Company at an exercise price equal to US $2.42 per share, converted into DKK using the official exchange rate between DKK and USD on the date of exercise. The Warrants were issued on the terms and conditions set out in Appendix 5 of the Company’s Articles of Association. Of such Warrants, 5,000 warrants vest with 1/36 per month from August 1, 2022, and 6,000 warrants vest with 1/36 per month from August 8, 2022.
After giving effect to the grant of the Warrants described above, warrants to subscribe for an additional 803,254 ordinary shares of the Company remain available for future grant by the Company’s board of directors pursuant to the Company’s Articles of Association. The foregoing description of the material terms of the Warrants is qualified in its entirety by reference to the Company’s Articles of Association, which is included as Exhibit 1.1 hereto and incorporated by reference herein.
The Company’s Articles of Association were amended to reflect these issuances of these ordinary shares and Warrants and are attached hereto as Exhibit 1.1.
Exhibits
Exhibit | ||
No. | Description | |
1.1 | Articles of Association |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Evaxion Biotech A/S | ||
Date: September 23, 2022 | By: | /s/ Lori Hollander |
Lori Hollander Vice President, Financial Planning & Analysis |
Exhibit 1.1
VEDTÆGTER / ARTICLES
OF
ASSOCIATION
EVAXION BIOTECH A/S
CVR-nr. 31762863
1. Selskabets navn og formål | 1. Name and object | |
1.1 Selskabets navn er Evaxion Biotech A/S. Selskabet driver tillige virksomhed under binavnet NovVac A/S. | 1.1 The name of the Company is Evaxion Biotech A/S. The Company also carries on business under the secondary name NovVac A/S. | |
1.2 Selskabets formål er at skabe avanceret software med henblik på udvikling af nye immunterapier og vacciner. | 1.3 The objective of the Company is to create advanced software that enables the development of novel immune therapies and vaccines. | |
2. Kapitalforhold | 2. Capital | |
2.1 Selskabets kapital udgør nominelt 23.977.928 kr. fordelt på 23.977.928 aktier á nominelt 1 kr. eller multipla heraf. | 2.1 The share capital is nominal DKK 23,977,928 divided into 23,977,928 shares of nominal DKK 1 each or any multiples hereof. | |
2.2 Kapitalejers navn og adresse indføres i selskabets ejerbog. Ejerbogen føres af Computershare A/S (CVR-nr. 27088899). | 2.2 The names and addresses of the shareholders shall be entered into the Company’s shareholders’ register. The shareholders’ register shall be kept by Computershare A/S (CVR no. 27088899). | |
2.3 Ingen aktie har særlige rettigheder og ingen kapitalejer er pligtig at lade sine aktier indløse. | 2.3 No share carries any special rights and no shareholder is obliged to let his shares be redeemed. | |
2.4 Aktierne er ikke-omsætningspapirer. | 2.4 The shares are non-negotiable instruments. | |
2.5 Bestyrelsen er i perioden indtil 3. januar 2026 bemyndiget til ad én eller flere gange at udstede warrants til medlemmer af selskabets bestyrelse og direktion samt nøglemedarbejdere, rådgivere og konsulenter i selskabet eller dets datterselskaber, som giver ret til tegning af i alt op til nominelt DKK 803.254 uden fortegningsret for selskabets aktionærer. Udnyttelseskursen for warrants, der er udstedt i henhold til denne bemyndigelse, skal fastsættes af bestyrelsen til markedskurs eller favørkurs. Bestyrelsen fastlægger vilkårene for udstedte warrants og fordelingen heraf. | 2.5. The board of directors is until 3 January 2026 authorized at one or more times to issue warrants to members of the company's board of directors and executive management as well as key-employees, advisors and consultants of the company or its subsidiaries entitling the holder to subscribe for shares for a total of up to nominal value of DKK 803,254 without pre-emptive subscription rights for the company's shareholders. The exercise price for the warrants issued according to this authorization shall be determined by the board of directors at market price or at a discount price. The board of directors shall determine the terms for the warrants issued and the distribution hereof. |
tildelingstidspunktet. | deemed vested on the grant date. | |
61.560 warrants udstedes på de i vedtægternes bilag 5 angivne vilkår idet hver warrant giver ret til tegning af nominelt kr. 1 aktie mod kontant indbetaling af kr. 1, og således at optjening af warrants i henhold til bilag 5 regnes fra 1. januar 2020. | 61,560 warrants are issued on the terms and conditions set forth in appendix 5 to the articles of association. Each warrant confers the right to subscribe nominal DKK 1 share against cash payment of DKK 1 and vesting according to appendix 5 shall be calculated from 1 January 2020. | |
19.008 warrants udstedes på de i vedtægternes bilag 5 angivne vilkår idet hver warrant giver ret til tegning af nominelt kr. 1 aktie mod kontant indbetaling af kr. 1, og således at optjening af warrants i henhold til bilag 5 regnes fra 1. maj 2020. | 19,008 warrants are issued on the terms and conditions set forth in appendix 5 to the articles of association. Each warrant confers the right to subscribe nominal DKK 1 share against cash payment of DKK 1 and vesting according to appendix 5 shall be calculated from 1 May 2020. | |
150.660 warrants udstedes på de i vedtægternes bilag 5 angivne vilkår idet hver warrant giver ret til tegning af nominelt kr. 1 aktie mod kontant indbetaling af kr. 1, og således at optjening af warrants i henhold til bilag 5 regnes fra 1. oktober 2019. | 150,660 warrants are issued on the terms and conditions set forth in appendix 5 to the articles of association. Each warrant confers the right to subscribe nominal DKK 1 share against cash payment of DKK 1 and vesting according to appendix 5 shall be calculated from 1 October 2019. | |
120.024 warrants udstedes på de i vedtægternes bilag 5 angivne vilkår idet hver warrant giver ret til tegning af nominelt kr. 1 aktie mod kontant indbetaling af kr. 1, og således at warrants anses for optjent fuldt ud på tildelingstidspunktet. Herudover finder punkt 5 i bilag 5 ikke anvendelse. | 120,024 warrants are issued on the terms and conditions set forth in appendix 5 to the articles of association. Each warrant confers the right to subscribe nominal DKK 1 share against cash payment DKK 1 and all warrants shall be deemed vested on the grant date. Additionally, clause 5 of appendix 5 shall not apply. | |
40.752 warrants udstedes på de i vedtægternes bilag 5 angivne vilkår idet hver warrant giver ret til tegning af nominelt kr. 1 aktie mod kontant indbetaling af kr. 1, og således at warrants anses for optjent fuldt ud på tildelingstidspunktet. | 40,752 warrants are issued on the terms and conditions set forth in appendix 5 to the articles of association. Each warrant confers the right to subscribe nominal DKK 1 share against cash payment of DKK and all warrants shall be deemed vested on the grant date. | |
Samtidig har bestyrelsen truffet beslutning om den dertil hørende kapitalforhøjelse, således at selskabskapitalen kan forhøjes med op til 581.796 aktier. Selskabets kapitalejere skal ikke have fortegningsret til aktier, som udstedes ved udnyttelse af warrants. De nærmere vilkår for kapitalforhøjelsen fremgår ovenfor og af bilag 1-3 og 5. | At the same time the board of directors has decided upon the related capital increase, such that the capital of the company can be increased by up to 581,796 shares. The company's shareholders shall not have priority subscription rights to shares issued by the exercise of warrants. The terms for this capital increase are also specified above and in appendices 1-3 and 5. |
Evaxion Articles of Association
2.5.6 I henhold til bemyndigelse fra generalforsamlingen i vedtægternes punkt 2.5 har bestyrelsen den 14. juni 2022 tildelt og udstedt i alt 65.000 warrants og truffet beslutning om den til disse warrants hø-rende forhøjelse af selskabets aktiekapital. War-rants udstedes i øvrigt på de i bilag 5 angivne vil-kår dog således at 10.000 warrants optjenes med 1/36 pr. md. fra og med 1. februar 2022, 10.000 warrants optjenes med 1/36 pr. md. fra og med 1. april 2022 og 45.000 warrants optjenes med 1/36 pr. md. fra og med 1. juni 2022. Bemyndigelsen i pkt. 2.5 er herefter nedsat til nominelt DKK 814.254. | 2.5.6 Pursuant to the authorization from the general meet-ing set out in article 2.5 of the articles of associa-tion the board of directors has on June 14, 2022 granted and issued 65,000 and resolved to carry out the increase of the company's share capital relating to the warrants. The warrants are issued on the terms and conditions set out in appendix 5 provided, however, that 10,000 warrants vest with 1/36 per month from February 1, 2022, 10,000 warrants vest with 1/36 per month from April 1, 2022 and 45,000 warrants vest with 1/36 per month from June 1, 2022. The authorization in ar-ticle 2.5 is hereafter reduced to 814,254. | |
Hver warrant giver ret til tegning af én ordinær ak-tie á nominelt DKK 1,00 i selskabet til en teg-ningspris på USD 1,83 omregnet til DKK til den of-ficielle vekselkurs mellem DKK/USD som er gældende på udnyttelsesdagen, dog minimum DKK 1 pr. aktie à nominelt kr. 1, dog således at regule-rings-mekanismerne i punkt 6 i vedtægternes bi-lag 5 kan resultere i et andet antal aktier og/eller en anden tegningskurs. |
Each warrant confers the right to subscribe for one ordinary share of nominal DKK 1.00 in the com-pany at a subscription price of USD 1.83 convert-ed into DKK using the official exchange rate between DKK and USD on the exercise day, how-ever no less than DKK 1 per share of nominal DKK 1, provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the arti-cles of association may result in a different num-ber of shares and/or a different subscription price. | |
Under henvisning til selskabslovens regler skal følgende vilkår være gældende i forbindelse med udstedelse af ovennævnte warrants og senere tegning af aktier ved udnyttelse af disse warrants: | With reference to the Danish Companies Act, the following terms and conditions shall apply in con-nection with the issue of the warrants and subse-quent subscription of shares by exercise of the warrants: | |
- Det mindste og det højeste beløb, hvormed aktie-kapitalen skal kunne forhøjes på baggrund af de udstedte warrants, udgør henholdsvis nominelt DKK 1 og DKK 65.000, dog således at regule-ringsmekanismerne i punkt 6 i | - The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the basis of the warrants is DKK 1 and DKK 65,000, respectively, provided, however, that the adjustment |
- De anslåede omkostninger, der skal afholdes af selskabet ved kapitalforhøjelsen, udgør DKK 10.000 (ekskl. moms). | - The costs in connection with the capital increase to be borne by the company are approx. DKK 10,000 (excluding VAT). |
Øvrige vilkår for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremgår af vedtægternes bilag 5. | Additional terms and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth in appendix 5 to the articles of association. |
aktier med op til nominelt DKK 5.500.000 med fortegningsret for selskabets aktionærer. Kapitalforhøjelser i henhold til denne bemyndigelse skal af bestyrelsen gennemføres ved kontantindskud. Aktierne kan udstedes til markedskurs eller en favørkurs som fastsat af bestyrelsen. | shares with up to nominal DKK 5,500,000 with pre-emptive subscription rights for the company's shareholders. Capital increases according to this authorization shall be carried out by the board of directors by way of cash contributions. The shares may be issued at market price or at a discount price as determined by the board of directors. | |
For aktier som udstedes i henhold til pkt. 3.2 skal gælde, at de skal være ikke-omsætningspapirer og skal lyde på navn og noteres på navn i ejerbogen. De nye aktier skal være underlagt samme indskrænkninger i aktiernes omsættelighed, som er gældende for selskabets øvrige aktier, og ingen aktionær skal være forpligtet til lade sine aktier indløse helt eller delvist. Der kan ikke ske delvis indbetaling. Aktierne skal i det hele være ligestillet med den bestående aktiekapital og skal ikke tilhøre en særlig aktieklasse. Aktierne giver ret til udbytte og andre rettigheder i selskabet på tidspunktet for registreringen af kapitalforhøjelsen i Erhvervsstyrelsen. | For shares issued pursuant to this section 3.2 the following shall apply: The new shares shall be non-negotiable instruments issued in the name of the holder and registered in the name of the holder in the company's register of shareholders. The shares shall be subject to the same restrictions on transferability as the existing shares of the Company and no shareholder shall be obliged to have the shares redeemed fully or partly. No partial payment is allowed. The shares shall be with the same rights as the existing share capital and shall not belong to a specific share class. The shares shall give rights to dividends and other rights in the company from the time of registration of the capital increase with the Danish Business Authority | |
3.3 Bestyrelsen er i perioden indtil 3. januar 2026 bemyndiget til ad én eller flere gange at optage lån mod udstedelse af konvertible gældsbreve, som giver ret til tegning af i alt op til nominelt DKK 14.700.000 uden fortegningsret for selskabets aktionærer. Konvertering skal ske til en kurs, der mindst svarer til markedskurs på tidspunktet for bestyrelsens beslutning om at udstede de konvertible gældsbreve. Aktier vil anses som værende udstedt til markedskurs, såfremt aktierne tegnes til +/-10% af den noterede kurs på selskabets aktier på en relevant fondsbørs i Europa eller USA Lånene skal indbetales kontant. I øvrigt fastsætter bestyrelsen de nærmere vilkår for de konvertible gældsbreve, der udstedes i henhold til bemyndigelsen. | 3.3 The board of directors is until 3 January 2026 authorized at one or more times to obtain loans against issuance of convertible loan notes which give the right to subscribe for shares for a total of up to nominal value of DKK 14,700,000 without pre-emptive subscription rights for the company's shareholders. The conversion shall be carried out at a price that corresponds in aggregate to at least the market price at the time of the decision of the board of directors. Shares shall be considered issued at market price if the shares are issued at +/-10 of the listed price for the company’s shares on a relevant stock exchange in Europe or the USA. The loans shall be paid in cash. The terms and conditions for the convertible loan notes shall be determined by the board of directors. | |
Til gennemførelse af den til konvertering af de konvertible gældsbreve hørende kapitalforhøjelse bemyndiges bestyrelsen til i perioden indtil 3. januar 2026 at forhøje selskabets aktiekapital ad én eller flere gange med op til i alt nominelt DKK 14.700.000 ved konvertering af de konvertible gældsbreve. Selskabets aktionærer skal ikke have fortegningsret til aktier, der udstedes ved konverteringen. | As a consequence of the conversion of the convertible loan notes, the board of directors is authorized until 3 January 2026 to increase the share capital by a nominal value of up to DKK 14,700,000 by conversion of the convertible loan notes. The company's shareholders shall not have pre-emptive rights to subscribe for shares issued by conversion of the convertible loan notes. | |
De aktier, som måtte blive tegnet ved konvertering af de konvertible gældsbreve, skal være ikke-omsætningspapirer og skal lyde på navn og noteres på navn i ejerbogen. De nye aktier skal være underlagt samme indskrænkninger i aktiernes omsættelighed, som er gældende for selskabets øvrige aktier, og ingen aktionær skal være forpligtet til at lade sine aktier indløse helt eller delvist. Der kan ikke ske delvis indbetaling. Aktierne skal i det hele være ligestillet med den bestående aktiekapital og skal ikke tilhøre en særlig aktieklasse. Aktierne giver ret til udbytte og andre rettigheder i selskabet på tidspunktet for registreringen af kapitalforhøjelsen i Erhvervsstyrelsen. | The shares issued based on convertible loan notes shall be non-negotiable instruments issued in the name of the holder and registered in the name of the holder in the company's register of shareholders. The shares shall be subject to the same restrictions on transferability as the existing shares of the Company and no shareholder shall be obliged to have the shares redeemed fully or partly. No partial payment is allowed. The shares shall be with the same rights as the existing share capital and shall not belong to a specific share class. The shares shall give rights to dividends and other rights in the company from the time of registration of the capital increase with the Danish Business Authority. |
9. Revision og regnskabsår | 9. Audit and financial year | |
9.1 Selskabets årsrapporter revideres af én af generalforsamlingen valgt statsautoriseret eller registreret revisor, der vælges for ét år ad gangen. Genvalg er muligt. | 9.1 The Company's annual reports are audited by a state-authorized public accountant or a registered accountant, elected by the General Meeting for a term of one year, subject to re-election. | |
9.2 Årsrapporten opgøres i overensstemmende med god regnskabsskik og under foretagelse af påbudte og nødvendige afskrivninger og henlæggelser. | 9.2 The annual report is compiled in accordance with sound accounting principles and subject to obligatory and requisite depreciations and provisions. | |
9.3 Selskabets regnskabsår er kalenderåret. Regnskabet kan aflægges på engelsk. Det første regnskabsår løber fra stiftelsen til den 31. december 2009. | 9.3 The financial year of the Company shall be the calendar year. The annual report may be presented in English. The first financial year runs from the incorporation date to 31 December 2009. | |
10. Elektronisk kommunikation | 10. Electronic communication | |
10.1 Al kommunikation fra selskabet til den enkelte kapitalejer skal ske elektronisk ved e-mail, medmindre andet følger af lov. | 10.1 All communication from the Company to each individual shareholder shall take place by electronic means by e-mail, unless otherwise provided for by law. | |
10.2 Det er aktionærens ansvar at sikre, at selskabet er i besiddelse af den korrekte e-mailadresse. | 10.2 The shareholders shall be responsible for ensuring that the Company has the correct e-mail address | |
10.3 Al kommunikation fra aktionærerne til selskabet skal ske elektronisk ved e-mail til e-mailadresse, som oplyst på selskabets hjemmeside | 10.3 All communication from the shareholders to the Company shall take place by electronic means by e-mail to the e-mail address as set out on the Company’s website. | |
11. Bemyndigelse til uddeling af ekstraordinært udbytte | 11. Authorization to distribute extraordinary dividend | |
11.1 Bestyrelsen bemyndiges til efter de i selskabsloven herom gældende regler at træffe beslutning om uddeling af ekstraordinært udbytte frem til næste ordinære generalforsamling. | 11.1 With reference to applicable rules in the Companies Act, the board of directors is authorized to decide on the distribution of extraordinary dividend until the next Ordinary General Meeting. | |
12. Uoverensstemmelse | 12. Discrepancy | |
12.1 Hvis der er uoverensstemmelser mellem den danske version og engelske version af vedtægterne, da finder den engelske version | 12.1 In case of any discrepancy between the Danish and the English version of the articles of association, the latter shall prevail. |
BILAG 1 TIL VEDTÆGTER
APPENDIX 1 TO ARTICLES OF ASSOCIATION
WARRANTAFTALE | WARRANT AGREEMENT | |||
Mellem | Evaxion Biotech ApS | Between | Evaxion Biotech ApS | |
Ole Maaløes Vej 3 | Ole Maaløes Vej 3 | |||
2200 København N | 2200 København N | |||
og | [Navn] | and | [Name] | |
[Adresse] | [Address] | |||
[Adresse] | [Address] |
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 |
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 kapitalejerrettigheder, 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 increase 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 connection 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 Selskabet til en pris af kr. 1 ("Tegningsprisen"). | 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"). |
4.5 | Medmindre Selskabet bestemmer andet, vil samtlige Warrants automatisk bortfalde uden yderligere varsel og uden kompensation, hvis en Udnyttelsesmeddelelse og en eventuel Yderligere Forpligtelseserklæring samt betaling af det relevante 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 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 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 begivenhed. | Any Warrants that are not exercised in connection with an Exit shall automatically become void without 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 Warrantindehaveren har tegnet kapitalandele i Selskabet gennem udnyttelse af Warrants, og disse nye kapitalandele er blevet registreret i Erhvervsstyrelsen, beholder Warrantindehaveren 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 efter eget skøn at forlange, at Selskabet tilbagekøber de erhvervede kapitalandele 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 registered with the Danish Business Authority, the shares subscribed for shall be retained notwithstanding a notified Exit is not finally completed and the exercised Warrants shall not be reversed; 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 kompensation. | Any Warrants that are not exercised in connection 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 automatisk uden yderligere varsel og uden kompensation. | 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 compensation lapse and become null and void. |
4.10 | 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 udstedte 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: |
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 kapitalandel i Selskabet, som sælgende kapitalejere vil modtage ved en Exit med fradrag af et forholdsmæssigt 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 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 advisors etc. When calculating the fair market value of the Warrants, the Company 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. |
Dato for Warrantindehaverens opsigelse/ Date of termination notice being served by the Warrantee | %
af Warrants | Antal
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 |
(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 kapitalandele ændres, skal antallet af Warrants (antal af kapitalandele) 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 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 Warrantindehaveren kan tegne gennem udnyttelse af Warrants, 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 Warrantee 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 Selskabet (oprettelse af et holdingselskab/apportindskud), | (iii) | effect an exchange of shares which includes all shares in the Company (establishment of a holding company/non-cash contribution), |
Name: Title: |
Name: Title: |
BILAG 2 TIL VEDTÆGTER
APPENDIX 2 TO ARTICLES OF ASSOCIATION
|
|||
WARRANTAFTALE AGREEMENT |
WARRANT | ||
Mellem | Evaxion Biotech ApS Bredgade 34 E 1260 København K |
Between | Evaxion Biotech ApS Bredgade 34 E 1260 Copenhagen K |
og | [Navn] [Adresse] |
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 | 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 |
BILAGSFORTEGNELSE | INDEX OF EXHIBITS |
Bilag 1.2: Vedtægter | Exhibit 1.2: Articles of Association |
Der er den 10. september 2017 indgået følgende warrantaftale ("Aftalen") mellem | This Warrant Agreement (the "Agreement") is entered 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 "Company") | |
(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 collectively 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 Warrantindehaveren warrants i Selskabet for at sikre, at Selskabet og Warrantindehaveren har fælles interesser, 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 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 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 Warrantindehaveren modtager 617.184 warrants i Selskabet til | 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 |
Warrantindehaveren ("Warrants"). | 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, 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 connection 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 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") | The Warrantee may exercise all or part of the Warrants (i) in connection with an Exit (see Clause 4.2) or (ii) at any time determined by the Board (a "Window"). | |
4.2 | "Exit" betyder (a) en ændring i ejerforholdene i Selskabet, hvorved en uafhængig tredjemand erhverver 50 % eller mere af selskabskapitalen i Selskabet 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; (d) en fusion med Selskabet som det ophørende selskab; eller (e) en kombination af (a) - (d). | An "Exit" shall mean (a) a change of control in the Company whereby any independent third party acquires 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 disposition of all or a material part of the Company's assets; (d) a merger whereby the Company is the discontinuing entity; or (e) a com- bination of (a) - (d) above. |
5 | VISSE BETINGELSER I RELATION TIL EXIT | 5 | CERTAIN CONDITIONS RELATING TO AN EXIT |
6 | OPSIGELSE AF ANSÆTTELSESFORHOLDET | 6 | TERMINATION OF EMPLOYMENT |
6.1 | Hvis Selskabet opsiger Warrantindehaverens ansættelse i Selskabet med en hvilken som helst begrundelse bortset fra Warrantindehaverens misligholdelse, 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 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 folkepension eller alderspension fra Selskabet. | In the event the Company terminates the Warrantee'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 retirement pension (in Danish: "alderspension") from the Company. | |
6.2 | Hvis Selskabet opsiger Warrantindehaverens 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 opsigelsesperioden. | In the event that the Company terminates 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 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 procentdel af Warrants, der er tildelt i henhold til denne Aftale, som anført nedenfor, i overensstemmelse med vilkårene i Aftalen, som om Warrantindehaveren 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 misligholdelse") the Warrantee shall have the right to exercise such percentage of the 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: | |
6.3.1 | Hvis Warrantindehaveren opsiger sin ansættelse inden udløbet af 1 år efter Ansættelsesdatoen: | If the Warrantee serves notice of termination before the first anniversary of the Employment Date: no |
ingen Warrants. | Warrants; |
vilkårene i denne Aftale. | conditions of this Agreement. |
7 | ÆNDRING I RETSSTILLING ELLER SELSKABSKAPITAL | 7 | CHANGE OF LEGAL STATUS OR SHARECAPITAL |
(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, |
(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 Selskabet (oprettelse af et holdingselskab/apportindskud), | (iii) | effect an exchange of shares which includes all shares in the Company (establishment of a holding company/non-cash contribution), |
8 | TEGNING AF KAPITALANDELE | 8 | SUBSCRIPTION OF SHARES |
Ved udnyttelse af et hvilket som helst antal Warrants gælder følgende for tegning af nye kapitalandele: | Upon exercise of any part of the Warrants, 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 preemption rights with respect to the Warrants or shares issued by exercise of the Warrants. | ||
(ii) | Betaling af tegningsbeløbet og tegning af kapitalandele skal finde sted samtidigt. | (ii) | Payment of the subscription amount and subscription of shares shall take place simul- |
(iii) | De nye kapitalandele udstedes i kapitalandele 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 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 forbindelse med fremtidige kapitalforhøjelser er begrænsede for så vidt angår udstedelse af warrants eller tegning af kapitalandele gennem udnyttelse af sådanne warrants eller ved andre begivenheder i henhold til generalforsamlingens 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 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 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 udnyttelse 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 Selskabet: | Clauses 9.2 - 9.4 shall apply provided the Warrantee is an employee of the Company: |
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. | 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, including whether the requirements for the application of the provision are not met or if the provision is altered or repealed in the future. | |
9.5 | De skattemæssige konsekvenser for Warrantindehaveren 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. Warrantindehaveren opfordres til at søge skattemæssig rådgivning i forbindelse 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 connection 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 udnyttelse af Warrants tildelt i henhold til denne Af- tale tiltræde og acceptere at være 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 ejeraftale 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 underskrives senest på tidspunktet for udnyttelse 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 applicable to the shareholders of the Company from time to time by signing a deed of adherence to such Shareholders' Agreement. The Warrantee acknowledges and accepts that such Shareholders Agreement may include terms only applicable on the Warrantee and not on the other shareholders 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 conditional hereupon. |
11 | OVERDRAGELSE AF WARRANTS | 11 | ASSIGNMENT OF WARRANTS |
12 | AFKALD | 12 | WAIVER |
12.1 | Warrantindehaveren garanterer ikke at ville påberåbe sig eller på anden måde benytte sig af minoritetsbeskyttelsesreglen i henhold Selskabsloven, herunder § 73, ifølge hvilken en minoritetskapitalejer kan fordre sine kapitalandele indløst af en kapitalejer, der ejer mere end ni tiendedele af kapitalandelene (indløsningsret). | The Warrantee undertakes not to invoke or other- wise rely upon the minority protection 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 | 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 security |
Selskabet som sikkerhed for (i) opfyldelse af Warrantindehaverens forpligtelser i henhold til Aftalen og (ii) opfyldelse af Warrantindehaverens forpligtelser i henhold til ejeraftale, der er gældende for Warrantindehaverens kapitalandele i Selskabet. | 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. |
14 | FULDMAGT | 14 | POWER OF ATTORNEY |
14.1 | Warrantindehaveren giver hermed Selskabets Bestyrelse fuldmagt til på Warrantindehaverens vegne at iværksætte enhver foranstaltning, der måtte være nødvendig til opfyldelse af denne Aftale. | The Warrantee hereby grants the Board power of attorney to undertake any necessary actions on behalf of the Warrantee to ensure fulfilment of this Agreement. |
15 | TAVSHEDSPLIGT | 15 | CONFIDENTIALITY |
15.1 | Parterne forpligter sig til at behandle indholdet 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 myndighed, som har en lovlig ret til at kræve sådanne oplysninger, eller hvis en sådan fremlæggelse udspringer af lovgivningen. | The Parties undertake to treat the content of this Agreement and its terms and conditions confidential. A Party shall be entitled to disclose the terms and conditions 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. | 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 indgåelse eller ophør, skal først søges afgjort ved forhandling. Kan Parterne ikke nå til enighed, afgøres tvisten ved de danske domstole i København. | The Parties shall primarily seek to amicably settle any dispute arising out of or in connection with this Agreement, including its conclusion or termination. If the Parties cannot reach an agreement, the dispute shall be settled by the Danish courts in Copenhagen. |
18 | UNDERSKRIFT, HELE AFTALEN OG ÆNDRINGER HERTIL | 18 | SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS |
18.1 | Denne Aftale er udfærdiget i to eksemplarer, hvoraf det ene underskrevne eksemplar forbliver hos Selskabet, mens det andet underskrevne | 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 |
eksemplar udleveres til Warrantindehaveren. Aftalen træder i kraft på datoen for underskrivelsen. | 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. |
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For and on behalf of Evaxion Biotech ApS: | For the Warantee: |
Name: |
Name: |
Title: | Title: |
Name: |
|
Title: |
BILAG 3 TIL VEDTÆGTER
APPENDIX 3 TO ARTICLES OF ASSOCIATION
STRICTLY CONFIDENTIAL - LEGAL PRIVILEGE
WARRANTAFTALE | WARRANT AGREEMENT |
Mellem | Evaxion Biotech | Between | Evaxion Biotech |
ApS Bredgade 34 E | ApS Bredgade 34 E | ||
1260 København K | 1260 Copenhagen K | ||
og | [Navn] | and | [Name] |
[Adresse] | [Address] |
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 | 5 |
4 | EXERCISE OF WARRANTS | 5 |
5 | VISSE BETINGELSER I RELATION TIL EXIT | 8 |
5 | CERTAIN CONDITIONS RELATING TO AN EXIT | 8 |
6 | OPSIGELSE AF ANSÆTTELSESFORHOLDET | 11 |
6 | TERMINATION OF EMPLOYMENTS | 11 |
7 | ÆNDRING I RETSSTILLING ELLER SELSKABSKAPITAL | 13 |
7 | CHANGE OF LEGAL STATUS OR SHARE CAPITAL | 13 |
8 | TEGNING AF KAPITALANDELE | 15 |
8 | SUBACRIPTION OF SHARES | 15 |
9 | SKAT | 17 |
9 | TAX | 17 |
10 | EJERAFTALE | 17 |
10 | SHAREHOLDERS’ AGREEMENT | 17 |
11 | OVERDRAGELSE AF WARRANTS | 18 |
11 | ASSIGNMENT OF WARRANTS | 18 |
12 | AFKALD | 19 |
12 | WAIVER | 19 |
13 | PANTSÆTNING AF KAPITALANDELE | 19 |
13 | PLEDGE OF SHARES | 19 |
14 | FULDMAGT | 19 |
14 | POWER OF ATTORNEY | 19 |
15 | TAVSHEDSPLIGT | 19 |
15 | CONFIDENTIALITY | 19 |
16 | LOVVALG | 20 |
16 | GOVERNING LAW | 20 |
17 | TVISTER | 20 |
17 | DISPUTES | 20 |
18 | UNDERSKRIFT, HELE AFTALEN OG ÆNDRINGER HERTIL | 20 |
18 | SIGNATURES, ENTIRE AGREEMENT AND AMENDMENTS | 20 |
BILAGSFORTEGNELSE | INDEX OF EXHIBITS |
Bilag 1.2: Vedtægter | Exhibit 1.2: Company's articles of association |
Der er den 31. december 2017 indgået følgende warrantaftale ("Aftalen") mellem: | This Warrant Agreement (the "Agreement") is entered into on December 31, 2017 between: | ||||
(1) | Evaxion Biotech ApS, CVR-nr. 31 76 28 63, Bredgade 34 E, 1260 København K, Danmark ("Selskabet") | Evaxion Biotech ApS, CVR no: 31 76 28 63 , Bredgade 34E, 1260 Copenhagen, Denmark (the "Company") | |||
(2) | [Navn, CPR-nr., adresse] ("Warrantindehaveren") | [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 hereinafter 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 Warrantindehaveren 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 FOLLOWS: | ||||
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 Warrantindehaveren har fælles interesser, og at begge Parter medvirker til at skabe den bedst mulige 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 possible way. | ||
1.2 | Selskabets vedtægter er vedlagt denne Aftale som bilag 1.2. Warrantindehaveren accepterer hermed alle fremtidige ændringer 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 | 2.1 | Subject to the terms and conditions set out in this Agreement, the Company hereby issues |
Warrantindehaveren modtager [•] warrants i Selskabet ("Warrants"). | and the Warrantee receives [•] warrants in the Company 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. | 2.2 | 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. | 2.3 | The Warrants are granted free of charge. | |
2.4 | Warrants giver ikke Warrantindehaveren kapitalejerrettigheder, som f.eks. fondskapitalandele, eller fortegningsret i tilfælde af en kapitalforhøjelse i Selskabet. | 2.4 | 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 increase of the Company. | |
2.5 | Selskabet er forpligtet til at føre en fortegnelse over udstedte Warrants, som skal opbevares sammen med Selskabets ejerbog. | 2.5 | The Company undertakes to keep and maintain a register of issued Warrants to be kept in connection 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"). | 3.1 | 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") | 4.1 | The Warrantee may exercise all or part of the Warrants (i) in connection with an Exit (see Clause 4.2) or (ii) at any time determined by the Board (a "Window"). | |
4.2 | "Exit" betyder (a) en ændring i ejerforholdene i Selskabet, hvorved en uafhængig tredjemand erhverver 50 % eller mere af selskabskapitalen i Selskabet 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; (d) en fusion med Selskabet som det ophørende selskab; | 4.2 | An "Exit" shall mean (a) a change of control in the Company whereby any independent third party acquires 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 disposition of all or a material part of the Company's assets; (d) a merger whereby the Company is the discontinuing entity; or (e) a combination of (a) - (d) |
eller (e) en kombination af (a) - (d). | above. | |||
4.3 | I tilfælde af en Exit skal Selskabet udstede en skriftlig meddelelse herom ("Meddelelse om Exit") til Warrantindehaveren. Meddelelsen om Exit skal indeholde relevante oplysninger 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 Warrantindehaveren ("Yderligere Forpligtelseserklæring"). | 4.3 | In the event of an Exit, the Company shall issue a written notice of Exit ("Exit Notice") to the Warrantee. The Exit Notice shall include relevant information on the process and be accompanied by a form of exercise notice (the "Exercise Notice") together 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 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 finder sted, ved at Warrantindehaveren fremsender "Udnyttelsesmeddelelsen" 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 Selskabet svarende til det relevante tegningsbeløb. | 4.4 | 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 Undertakings. 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 samtlige Warrants automatisk bortfalde uden yderligere varsel og uden kompensation, hvis en Udnyttelsesmeddelelse og en eventuel Yderligere Forpligtelseserklæring samt betaling af det relevante tegningsbeløb ikke er fremsendt senest to (2) uger efter datoen for Meddelelsen om Exit. | 4.5 | Unless otherwise decided by the Company, if an Exercise Notice and any 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 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 begivenhed. | 4.6 | Any Warrants that are not exercised in connection with an Exit shall automatically become void without 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 Warrantindehaveren har tegnet kapitalandele i Selskabet gennem udnyttelse af Warrants, og disse nye kapitalandele er blevet registreret i Erhvervsstyrelsen, beholder Warrantindehaveren 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 efter eget skøn at forlange, at Selskabet tilbagekøber de erhvervede kapitalandele til Tegningsprisen. | 4.7 | 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 subscribed for in the Company by exercise of Warrants and such new shares have been registered with the Danish Business Authority, the shares subscribed for shall be retained notwithstanding a notified Exit is not finally completed and the exercised Warrants shall not be reversed, 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. | 4.8 | 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. | 4.9 | 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 automatisk uden yderligere varsel og uden kompensation. | 4.10 | 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 compensation 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 udstedte warrants således: | 4.11 | 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 | Vested warrants may be exercise in four annual exercise windows of two weeks each that |
ligger to handelsdage 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 første fire udnyttelsesperioder kan warrantindehaveren maksimalt udnytte 25% af de til warrantindehaveren tildelte warrants forudsat altid at warrants er optjent. | 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 warratholder 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 anmode om i forbindelse med en børsnotering. | 5.3 | Following exercise of Warrants in connection with an IPO, the Warrantee shall sign and accept such agreements or undertakings, including in respect of a period of lock-up and other lock-up obligations, which may be proposed by the issuing 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 moderselskaber eller datterselskaber, eller til kapitalandele, warrants, konvertible værdipapirer eller andet kapitalandelsbaseret instrument udstedt af Selskabet efter omstrukturering, 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 | 5.4 | The Company may request, and the Warrantee shall then accept, that all or a portion of the Warrants shall be equitably 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 other equity based instrument issued by the Company as restructured, such that such Warrantee's Warrants immediately following such exchange, when aggregated with any cash consideration paid to such Warrantee, shall have substantially the same value as the Warrants, including any Warrants held by such Warrantee immediately prior to such exchange. Notwithstanding any of the foregoing, the Warrantee shall be entitled to partial consideration in cash to the extent necessary in order for the |
Warrants, herunder de Warrants ejet af Warrantindehaveren umiddelbart før en sådan ombytning. Uanset ovenstående er Warrantindehaveren berettiget til en delvis kontant udbetaling 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 værdipapirer. | Warrantee to be able to pay any personal income 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 tredjemand, der er udpeget af Selskabet) berettiget til at købe Warrants fra Warrantindehaveren til en pris, der fastsættes i overensstemmelse med punkt 5.5 nedenfor. | 5.5 | 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 5.8 below. | |
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 meddelelse betragtes som værende kommet Warrantindehaveren i hænde, og Selskabets rettighed derved udøvet, på tidspunktet for e-mailens afsendelse, forudsat at meddelelsen er stilet til den e-mailadresse, 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. | 5.6 | 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 Warrantee has informed 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 | 5.7 | 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. | 5.7.1 | 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 | 5.7.2 | 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 |
Exit med fradrag af et forholdsmæssigt 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 proportionate amount of any fees to advisors etc. When calculating the fair market value of the Warrants, the Company 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 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 overdraget sammen med aktiverne, samt en forholdsmæssig andel af omkostninger, honorarer m.v. i forbindelse med transaktionen. | 5.7.3 | 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 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 har modtaget betaling for de solgte aktiver. | 5.7.4 | The purchase price for the Warrants determined in accordance with Clauses 5.8.2 - 5.8.3 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 ANSÆTTELSES-FORHOLDET | 6. | TERMINATION OF EMPLOYMENT | |
6.1 | Punkterne 6.2 -6.6 finder anvendelse, hvis Warrantindehaveren er ansat i Selskabet | 6.3 | Clauses 6.2 - 6.6 shall apply provided the Warrantee 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 berettiget til at udnytte | 6.4 | In the event the Company terminates the Warrantee's employment with the Company for any reason 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 |
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 folkepension eller alderspension fra Selskabet. | 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 retirement pension (in Danish: "alderspension") from the Company. | |||
6.3 | Hvis Selskabet opsiger Warrantindehaverens 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 opsigelsesperioden. | 6.5 | In the event that the Company terminates 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 Warrants granted pursuant to this Agreement, but not exercised at the time of the expiration of the notice period, becomes null and void. | |
6.4 | Hvis Warrantindehaveren opsiger sin ansættelse i Selskabet inden den 31. december 2020 med en hvilken som helst begrundelse, bortset fra Selskabets grove misligholdelse, bortfalder samtlige Warrants, der er tildelt i henhold til denne Aftale, men som ikke er udnyttet på tidspunktet for udløbet af opsigelsesperioden. | 6.6 | In the event that the Warrantee terminates the employment with the Company before December 31 2020 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 2020 med en hvilken som helst begrundelse, bortset fra Selskabets grove misligholdelse, er Warrantindehaveren berettiget til at udnytte det antal Warrants tildelt i henhold til denne Aftale, som er anført nedenfor, i overensstemmelse med vilkårene i Aftalen, som om Warrantindehaveren stadig var ansat i Selskabet. | If the Warrantee terminates the employment with the Company on or after December 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 exercise 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 Warrantindehaverens opsigelse | % of Warrants | Date of termination notice being served by the Warrantee | % of Warrants | |
31. december 2020 | 33.333 | December 31 2020 | 33.333 | |
1. april 2021 | 41.666 | April 1 2021 | 41.666 | |
1. juli 2021 | 49.999 | July 1 2021 | 49.999 | |
1. oktober 2021 | 58.332 | October 1 2021 | 58.332 | |
1. januar 2022 | 66.665 | January 1 2022 | 66.665 | |
1. april 2022 | 74.998 | April 1 2022 | 74.998 | |
1. juli 2022 | 83.331 | July 1 2022 | 83.331 | |
1. oktober 2022 | 91.664 | October 1 2022 | 91.664 | |
30. december 2022 | 100 | December 30 2022 | 100 |
Resterende Warrants, som ikke er udnyttet på tidspunktet for udløbet af opsigelsesperioden, bortfalder. | Remaining Warrants not exercised at the time of the expiration of the notice period, become null and void. | |||
6.6 | Hvis Warrantindehaveren opsiger sin ansættelse i Selskabet begrundet i Selskabets grove misligholdelse, 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 Selskabet. | 6.7 | In the event that the Warrantee terminates the employment 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 accordance with the terms and conditions of this Agreement as if the Warrantee continued to be employed by the Company. | |
6.7 | I tilfælde af Warrantindehaverens død, vil Warrantindehaverens bo eller Warrantindehaverens overlevende ægtefælle (hvis denne sidder i uskiftet bo) være berettiget til at udnytte Warrants i overensstemmelse med vilkårene i denne Aftale. | 6.8 | 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 undivided 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 | 7.1 | Change of Share Capital | |||
7.1.1 | I tilfælde af ændringer i Selskabets selskabskapital, herunder men ikke begrænset til: | 7.1.1 | 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 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 kapitalandele ændres, skal antallet af Warrants (antal af kapitalandele) og/eller Udnyttelsesprisen tilpasses, således at værdien af Warrants ikke bliver påvirket af sådanne ændringer. | 7.1.2 | 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 dækning af tab, skal antallet af kapitalandele, som Warrantindehaveren kan tegne gennem udnyttelse af Warrants, reduceres (nedrundet) forholdsmæssigt til den nominelle reduktion af kapitalen sammenholdt med Selskabets totale nominelle selskabskapital før reduktionen. | 7.1.3 | 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 compared to the total nominal share capital of the Company before the reduction. |
7.2 | Andre ændringer | 7.2 | Other Changes | |||
7.2.1 | Hvis der træffes beslutning om | 7.2.1 | 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 kapitalandelsombytning, der omfatter samtlige kapitalandele i Selskabet (oprettelse af et holdingselskab/apportindskud), | (iii) | effect an exchange of shares which includes all shares in the Company (establishment of a holding company/non-cash contribution), | |||
er Warrantindehaveren berettiget til at udnytte Warrants på ikrafttrædelsesdatoen for den relevante ændring, jf. dog punkt 7.2.2. Selskabets Bestyrelse skal skriftligt meddele Warrantindehaveren, hvis der træffes en af de ovennævnte beslutninger, og Warrantindehaveren kan udnytte samtlige Warrants inden for 30 dage fra datoen for meddelelsen. Samtlige Warrants, som Selskabets Bestyrelse ikke har modtaget en Udnyttelsesmeddelelse for inden udgangen af 30-dages fristen, bortfalder automatisk uden yderligere varsel eller kompensation, medmindre de erstattes i henhold til punkt 7.2.2. | the Warrantee shall be entitled to exercise 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 received an Exercise Notice prior to the expiry of the 30 days' notice the Warrants will automatically and without further notice 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 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. | 7.2.2 | In the event of contribution of the Company by merger, de-merger or an ex-change of shares which includes all shares in the Company (establishment of a holding company/non-cash contribution) 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 | 8.1 | Upon exercise of any part of the Warrants, the |
Warrants gælder følgende for tegning af nye kapitalandele: | 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 tegning af kapitalandele skal finde sted samtidigt. Warrantindehaverens rettigheder som kapitalejer efter udnyttelse af samtlige Warrants eller en del heraf træder i kraft, når uigenkaldelig kontant betaling til Selskabet har fundet 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 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 kapitalandele 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 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 forbindelse med fremtidige kapitalforhøjelser er begrænsede for så vidt angår udstedelse af warrants eller tegning af kapitalandele gennem udnyttelse af sådanne warrants eller ved andre begivenheder i henhold til generalforsamlingens 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 other events as decided by the general meeting of the Company. | |||
(vii) | De nye kapitalandele giver ret til | (vii) | The new shares shall carry a right to |
dividende og andre rettigheder i Selskabet til enhver tid, når den relevante kapitalforhøjelse er registreret i Erhvervsstyrelsen. | 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 udnyttelse 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 Selskabet: | 9.1 | Clauses 9.2 - 9.4 shall apply provided the Warrantee is an employee of the Company: | |||
9.2 | Warrants er underlagt ligningslovens § 7 P. | 9.2 | The Warrants shall be subject to Section 7 P of the Danish Tax Assessment Act. | |||
9.3 | Selskabet har vurderet værdien af de tildelte warrants til DKK 1.901 pr. stk. (før justering for fondsaktieudstedelse og aktiesplit af 4. januar 2021). | 9.3 | The Company has assessed the value of each granted warrants as DKK 1901 (before adjustment for bonus shares and 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. | 9.4 | 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, including whether the requirements for the application of the provision are not met or if the provision is altered or repealed in the future. | |||
9.5 | De skattemæssige konsekvenser for Warrantindehaveren 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. Warrantindehaveren opfordres til at søge skattemæssig rådgivning i forbindelse med indgåelsen af denne Aftale. | 9.5 | 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 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 udnyttelse af Warrants tildelt i henhold til denne Af- tale tiltræde og acceptere at være 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 ejeraftale 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 underskrives senest på tidspunktet for udnyttelse af Warrants, og udnyttelsen af Warrants skal være betinget heraf. | 10.1 | The Warrantee shall at the time of exercise 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 adherence to such Shareholders' Agreement. The Warrantee acknowledges and accepts that such Shareholders Agreement may include terms only applicable on the Warrantee and not on the other shareholders 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 conditional hereupon. | |
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. | 11.1 | The Warrants and any other rights and/or obligations granted to the Warrantee under this Agreement 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 overdragelse i tilfælde af Warrantindehaverens død finde sted til Warrantindehaverens bo og/eller hans/hendes arvinger. | 11.2 | 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 Warrantindehaverens kapitalandele henholdsvis Warrants, herunder kapitalandele erhvervet gennem udnyttelse af Warrants, ikke være genstand for inkassoprocedurer, fogedforretninger eller anden form for fuldbyrdelse og må heller ikke bruges som pant over for tredjepart. | 11.3 | 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 enforcement, nor are they to be pledged to any third party. However, subject to prior written approval from the board of the |
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. | Company the Warrantee shall be entitled 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 minoritetsbeskyttelsesreglen i henhold Selskabsloven, herunder § 73, ifølge hvilken en minoritetskapitalejer kan fordre sine kapitalandele indløst af en kapitalejer, der ejer mere end ni tiendedele af kapitalandelene (indløsningsret). | 12.1 | The Warrantee undertakes not to invoke or otherwise rely upon the minority protection rule available under the Danish Companies Act, including Clause 73, stipulating the right to require a shareholder 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 forpligtelser i henhold til Aftalen og (ii) opfyldelse af Warrantindehaverens forpligtelser i henhold til ejeraftale, der er gældende for Warrantindehaverens kapitalandele i Selskabet. | 13.1 | 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 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. | |
14 | FULDMAGT | 14. | POWER OF ATTORNEY | |
14.1 | Warrantindehaveren giver hermed Selskabets Bestyrelse fuldmagt til på Warrantindehaverens vegne at iværksætte enhver foranstaltning, der måtte være nødvendig til opfyldelse af denne Aftale. | 14.1 | The Warrantee hereby grants the Board power of attorney to undertake any necessary actions on behalf of the Warrantee to ensure fulfilment of this Agreement. |
15 | TAVSHEDSPLIGT | 15. | CONFIDENTIALITY | |
15.1 | Parterne forpligter sig til at behandle indholdet 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 myndighed, som har en lovlig ret til at kræve sådanne oplysninger, eller hvis en sådan fremlæggelse udspringer af lovgivningen. | 15.1 | The Parties undertake to treat the content of this Agreement and its terms and conditions confidential. A Party shall be entitled to disclose the terms and conditions of this Agreement upon written request 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. | 16.1 | This Agreement shall be governed by the laws of Denmark. | |
17 | VISTER | 17. | DISPUTES | |
17.1 | Enhver tvist mellem Parterne, der måtte udspringe af Aftalen, herunder dens indgåelse eller ophør, skal først søges afgjort ved forhandling. Kan Parterne ikke nå til enighed, afgøres tvisten ved de danske domstole i København. | 17.1 | The Parties shall primarily seek to amicably settle any dispute arising out of or in connection with this Agreement, including its conclusion or termination. If the Parties cannot reach an agreement, the dispute shall be settled by the Danish courts in Copenhagen. | |
18 | UNDERSKRIFT, HELE AFTALEN OG ÆNDRINGER HERTIL | 18. | SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS | |
18.1 | Denne Aftale er udfærdiget i to eksemplarer, hvoraf det ene underskrevne eksemplar forbliver hos Selskabet, mens det andet underskrevne eksemplar udleveres til Warrantindehaveren. Aftalen træder i kraft på datoen for underskrivelsen. | 18.1 | 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. | 18.2 | All notifications, demands or similar pursuant to or relating to this Agreement shall be made in writing to the other Party. | |
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Schedule 4 | |
Evaxion Biotech A/S | |
Warrant Terms | |
1. | RESOLUTION |
1.1 | The Board of Directors has on 17 December 2020, pursuant to the authorisation set out in article 2.8 of Evaxion Biotech A/S’s (the “Company”) articles of association, determined that the following terms and conditions (the “Warrant Terms”) shall apply to warrants (the “Warrants”) issued to the European Investment Bank (the “Warrant Holder”) according to the authorisation. |
2. | ISSUE OF WARRANTS AND WARRANT CONSIDERATION |
2.1 | The Warrants are issued to the Warrant Holder in connection with the disbursement of loans according to the loan facility entered into between the Warrant Holder and the Company. In connection with each issuance of Warrants the Warrant Holder shall sign a warrant certificate (the “Warrant Certificate”). Warrants are issued free of charge, without payment of any kind from the Warrant Holder. |
2.2 | The Warrants and any shares subscribed for upon the exercise of the Warrants shall be issued without pre-emptive subscription rights for the Company's shareholders in accordance with the resolution referred to in paragraph 1.1 above |
2.3 | The Company will, along with the Company’s register of shareholders, keep a list of the issued Warrants. |
3. | EXERCISE OF WARRANTS |
3.1 | 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 adjustment mechanisms set forth in clause 5. |
3.2 | 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. |
3.3 | 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. |
3.4 | The Warrant Holder agrees and accepts to be bound by a customary lock-up agreement in the event of an IPO according to which Warrants may not be exercised/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 purpose) on a stock exchange or regulated market, including but not limited to a listing 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 Warrants 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. | |
3.6 | 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 Company in a materially adverse manner during 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 determined according to ordinary principles of Danish law taking into account specifically the Company. |
4. | PROCEDURE FOR EXERCISE OF WARRANTS |
4.1 | To exercise a Warrant, the Warrant Holder 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 3.3. |
4.2 | The Warrant Holder must within 10 business 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 subscription list, failing which the Exercise Notice shall be deemed cancelled. |
4.3 | Upon the timely receipt by the Company of an Exercise Notice and the Exercise Price from the Warrant Holder, the Company 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 registered with the Danish Business Authority in accordance with applicable law. The Company's register of shareholders shall be updated to reflect the Warrant Holder's shareholding. |
5. | CHANGES IN THE COMPANY'S CAPITAL STRUCTURE |
5.1 | Changes in the Company’s capital structure 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. |
5.2 | 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 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. | |
5.3 | 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 option schemes (including options to board members, advisors and consultants) as well as future exercise of such options and/or warrants. Warrants shall, furthermore, 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 issues following an IPO (including a listing of ADSs in the USA) with customary discounts to market price of up to 10% on the listed price. |
5.4 | In the event of a merger where the Company is not the surviving company, unexercised 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 subscribed for on the basis of the new warrants, 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. |
5.5 | In the event of a demerger of the Company, 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 remain 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 reduced 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 warrants issued by the receiving company (or companies) shall be the same as the terms stipulated herein. |
6. | LIQUIDATION |
6.1 | In the event of a solvent liquidation of the Company, the Warrant Holder may in whole or in part exercise all of its unexercised Warrants. |
6.2 | The Company must notify the Warrant Holder in writing of any resolution to enter into a solvent liquidation immediately after the adopting of such resolution. The Warrant Holder must within 3 months following the date of receipt of such notification deliver an Exercise Notice to the chairman of the Company's board of directors (on behalf of the Company) in accordance with clause 4 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 automatically, without notice and without any compensation. |
7. | PUT OPTION |
7.1 | 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 purchase any Warrant granted to the Warrant Holder in consideration of the payment by the Company to the Warrant Holder of the Fair Market Value of the Warrants (as defined in clause 8) (the "Put Option"). The Warrant Holder may exercise the Put Option in relation to any Warrant on and at any time after the occurrence of any of the following events ("Put Event"): |
(a) | at any point in time on or after the occurrence 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, including but not limited to listing of American Depositary Shares (ADS') in the United States; | |
(c) | a sale, assignment, transfer or other disposal of all (or substantially all) of the issued share capital in the Company; |
(d) | a sale, assignment, transfer or other disposal of all (or substantially all) of the assets 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 Controlling 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. |
7.1.1 | For the purpose of clause 7.1, "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 maximum number of votes that might be cast at a general meeting of an entity, (ii) appoint 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. |
7.2 | The Put Option shall be exercised by the Warrant Holder serving upon the Company an irrevocable notification ("Put Option Notice"). The Put Option Notice shall specify the Fair Market Value of the relevant Warrants, taking into account any adjustment under clause 5. |
7.3 | If within 20 business days from the Company'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 Notice"), the Company shall be deemed to have agreed the Fair Market Value specified in the Put Option Notice, and the Put Option Notice shall automatically become final and binding on the Parties. |
7.3.1 | If the Company has delivered an Objective Notice, the Warrant Holder shall refer the matter to an independent, international and leading investment bank or a leading global firm of accountants (the "Expert") for determination in accordance with clause 8. |
7.3.2 | 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 explanation setting out in reasonable detail the basis and methods used for the purposes of the calculations performed. The Expert's decision on Fair Market Value is binding upon the Company and the Warrant 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. |
7.4 | Within 20 business days of the Fair Market 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 specified in the Put Option Notice, whereupon the relevant Warrants will be cancelled and of no further force and effect. |
8. | FAIR MARKET VALUE |
8.1 | 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 appropriate in light of the nature, facts, and circumstances 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 below), given market conditions at the measurement date, between market participants that are (i) independent of each other, (ii) knowledgeable of the market, (iii) able to transact and willing to transact, that is, they are motivated but not forced or otherwise compelled to do so. |
8.2 | The valuation shall be by guided by the International Private Equity and Venture Capital Valuation Guidelines as such are amended from time to time. |
8.3 | 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 after an IPO, the Fair Market Value shall mean the average VWAP of the Company’s shares calculated for the entire period from the IPO until the date of notification that the Put Option is being exercised. |
8.4 | For the purposes of this clause 8, “Orderly 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 involving the respective assets or liabilities. |
9. | TERMS OF THE ISSUE OF SHARES |
9.1 | The following shall apply for the new shares issued in connection with the exercise of Warrants in accordance with these Warrant Terms: |
(a) | the maximum nominal value of the capital 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 basis of exercise of the Warrants are issued/subscribed for without pre-emption rights for the Company's existing shareholders; |
(c) | the new shares issued on the basis of exercise of Warrants shall be subscribed for in cash and paid in full; |
(d) | the new shares issued on the basis of exercise of Warrants shall be non-negotiable instruments; |
(e) | the new shares shall be registered in the name of the shareholders and be registered in the shareholders’ register; |
(f) | the new shares issued on the basis of Warrants will not be subject to any restrictions 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 according 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 Company. |
10. | TRANSFERABILITY |
10.1 | The transferability of the Warrants shall not be subject to any restrictions, provided that any sale or transfer of Warrants must comply with all applicable laws. |
11. | NOTICES |
11.1 | Any communication by the Warrant Holder to the Company regarding all matters in these Warrant Terms shall be conducted 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 |
12.1 | 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, implementation, perfection, registration, enforcement, amendment (including supplements and waivers) or termination resulting from the Warrant Terms, including but not limited to all costs in connection with issuing of the Warrants and the potential exercise hereof, except for any capital gain or income tax payable by, or imposed on, the Warrant Holder. |
13. | GOVERNING LAW AND JURISDICTION |
13.1 | 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. |
13.2 | 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. |
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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 ARTICLES 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 December 2020 resolved that the following 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 article 2.5 of the articles of association: | ||
1. | GENERELT | GENERAL | |
1.1. | Selskabet har besluttet at indføre et incitamentsprogram for bestyrelse, direktion, øvrige medarbejdere samt rådgivere/konsulenter (herefter samlet benævnt ”Warrantindehavere”) i/for Selskabet og dets eventuelle datterselskaber (herefter benævnt ”Selskabet”). Programmet er baseret på vederlagsfri tildeling af warrants. | The Company has decided to introduce an incentive program for board members, 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 (udnyttelsesperioder) at tegne nye aktier i Selskabet til en kurs, der er fastsat på forhånd (udnyttelsesprisen). Udnyttelsesprisen fastsættes af bestyrelsen i forbindelse med hver udstedelse/tildeling af warrants. Én warrant giver ret til at tegne én ordinær | A warrant is a right, but not an obligation, during fixed periods (exercise periods) 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 nominal DKK 1.00 per ordinary share in the |
aktie i Selskabet á nominelt DKK 1,00. | Company. | ||
1.3. | Warrants tildeles efter bestyrelsens diskretionære 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 Warrantindehavers warrantaftale, hvor mange warrants 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 subject to payment from the Warrantholders. | |
2.3. | Selskabet eller den til hvem kompetencen er delegeret fører en fortegnelse over tildelte warrants, der ajourføres løbende. | The Company or the Company’s proxy shall keep records of granted warrants and update the records at regular intervals. | |
3. | OPTJENING | VESTING | |
3.1. | Warrantindehaveren optjener som udgangspunkt ret til at udnytte warrants med 1/36 pr. måned regnet fra tildelingstidspunktet. Bestyrelsen skal dog være berettiget til at fravige nævnte udgangspunkt og bestemme, at tildelte warrants anses for optjent pr. tildelingstidspunktet, eller at der skal gælde særlige regler for optjeningen. Sådanne eventuelle fravigelser skal specificeres i vedtægterne i forbindelse med udstedelsen. | The warrants granted shall, as a general 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 special rules shall apply in relation to vesting. Such deviations, if any, shall be specified in the articles of association in connection with the issuance. | |
3.2. | En Warrantindehaver optjener kun warrants, så længe vedkommende er bestyrelsesmedlem 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. |
shall be governed by Danish law. | |||
12.2. | Hvis der måtte opstå en tvist mellem Warrantindehaveren og Selskabet i relation til forståelsen eller gennemførelsen af warrantprogrammet, skal denne søges bilagt i mindelighed ved en forhandling mellem parterne. | Any disagreement between the Warrantholder and the Company in relation to the understanding or implementation of the warrant scheme shall be settled amicably by negotiation between the parties. | |
12.3. | Hvis parterne ikke kan opnå enighed, skal eventuelle tvister afgøres ved de almindelige danske domstole. | If the parties fail to reach consensus, any disputes shall be settled by the ordinary Danish courts. |
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