Full Press Release Details
Notice to Convene the Annual General Meeting of Genmab A/S
Company Announcement
COPENHAGEN, Denmark; March 9, 2021 - Genmab A/S (Nasdaq: GMAB) summons the Annual General Meeting on Tuesday, April 13, 2021 at 14:00 PM CET. Due to the COVID-19 pandemic the annual general meeting will be held as a wholly virtual general meeting without physical attendance in accordance with the Danish Executive Order no. 2240 of December 29, 2020.
The notice for the Annual General Meeting, including Appendix 1: Candidates for the Board of Directors and Appendix 2: Proposed amended Remuneration Policy is attached.
Genmab is an international biotechnology company with a core purpose to improve the lives of patients with cancer. Founded in 1999, Genmab is the creator of multiple approved antibody therapeutics that are marketed by its partners. The company aims to create, develop and commercialize differentiated therapies by leveraging next-generation antibody technologies, expertise in antibody biology, translational research and data sciences and strategic partnerships. To create novel therapies, Genmab utilizes its next-generation antibody technologies, which are the result of its collaborative company culture and a deep passion for innovation. Genmab's proprietary pipeline consists of modified antibody candidates, including bispecific T-cell engagers and next-generation immune checkpoint modulators, effector function enhanced antibodies and antibody-drug conjugates. The company is headquartered in Copenhagen, Denmark with locations in Utrecht, the Netherlands, Princeton, New Jersey, U.S. and Tokyo, Japan. For more information, please visit Genmab.com.
Marisol Peron, Senior Vice President, Global Investor Relations & Communications
T: +1 609 524 0065; E: mmp@genmab.com
For Investor Relations:
Andrew Carlsen, Senior Director, Head of Investor Relations
T: +45 3377 9558; E: acn@genmab.com
This Company Announcement contains forward looking statements. The words "believe", "expect", "anticipate", "intend" and "plan" and similar expressions identify forward looking statements. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. The important factors that could cause our actual results or performance to differ materially include, among others, risks associated with pre-clinical and clinical development of products, uncertainties related to the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products or technologies obsolete, and other factors. For a further discussion of these risks, please refer to the risk management sections in Genmab's most recent financial reports, which are available on www.genmab.com and the risk factors included in Genmab's most recent Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. Genmab does not undertake any obligation to update or revise forward looking statements in this Company Announcement nor to confirm such statements to reflect subsequent events or circumstances after the date made or in relation to actual results, unless required by law.
Genmab A/S and/or its subsidiaries own the following trademarks: Genmab ; the Y-shaped Genmab logo ; Genmab in combination with the Y-shaped Genmab logo ; HuMax ; DuoBody ; DuoBody in combination with the DuoBody logo ; HexaBody ; HexaBody in combination with the HexaBody logo ; DuoHexaBody ; HexElect ; and UniBody . Arzerra and Kesimpta are trademarks of Novartis AG or its affiliates. DARZALEX and DARZALEX FASPRO are trademarks of Janssen Pharmaceutica NV. TEPEZZA is a trademark of Horizon Therapeutics plc.
| Genmab A/S | Tel: +45 7020 2728 | Company Announcement no. 20 |
| Kalvebod Brygge 43 | Fax: +45 7020 2729 | Page 1/2 |
| 21560 Copenhagen V, Denmark | www.genmab.com | CVR no. 2102 3884 |
| LEI Code 529900MTJPDPE4MHJ122 |
DK-1560 Copenhagen V
To the Shareholders of Genmab A/S
ANNUAL GENERAL MEETING
Genmab A/S (in the following the "Company") hereby invites its shareholders to attend the Annual General Meeting on
Tuesday April 13, 2021 at 14:00 PM CEST
Due to the COVID-19 pandemic the annual general meeting will be held as a wholly virtual general meeting without physical attendance in accordance with the Danish Executive Order no. 2240 of December 29, 2020.
Re item 1 on the agenda:
It is proposed to take note of the report of the Board of Directors.
Re item 2 on the agenda:
It is proposed to adopt the audited Annual Report 2020 and to grant discharge to Board of Directors and Executive Management.
Re item 3 on the agenda:
It is proposed that the profit of DKK 4,758 million for the accounting year 2020 be carried forward by transfer to retained earnings.
Re item 4 on the agenda:
It is proposed to approve the 2020 Compensation Report.
Re item 5 on the agenda:
Pursuant to Article 12 of the Company's Articles of Association, the members of the Board of Directors are elected for periods of one year. The election period for Deirdre P. Connelly, Pernille Erenbjerg, Rolf Hoffmann, Dr. Paolo Paoletti, Jonathan Peacock and Dr. Anders Gersel Pedersen expires at this General Meeting. The Board of Directors proposes to re-elect Deirdre P. Connelly, Pernille Erenbjerg, Rolf Hoffmann, Dr. Paolo Paoletti, Jonathan Peacock and Dr. Anders Gersel Pedersen for a one-year period.
Information on the nominated candidates including details on their special competencies and additional executive functions/directorships is included in Appendix 1.
Re item 6 on the agenda:
The Board of Directors proposes re-election of PricewaterhouseCoopers, Statsautoriseret Revisionspartnerselskab as the Company's elected auditor in accordance with the Audit and Finance Committee's recommendation. The Audit and Finance Committee has not been influenced by third parties and has not been subject to any agreement with third parties, which limits the General Meeting's choice to certain auditors or audit firms.
Re item 7 (a) on the agenda:
The Board of Directors proposes that the fees for members of the Board of Directors, including the committees thereof, in 2021 shall be as set out below and in accordance with the proposed amended Remuneration Policy for the Board of Directors and the Executive Management of Genmab A/S, see agenda item 7(b) and 7(c):
Compared to the 2020 remuneration, the proposed base fee for members of the Board of Directors is increased from DKK 400,000 to DKK 600,000. The Board of Directors believes that this ensures that Genmab A/S, as it grows in both complexity and size, can continue to attract and retain highly-qualified board members from the U.S. and around the world, who are able to commit their skills, experience and time to the Board of Directors. All other board fees remain unchanged.
The proposed increase of the base fee should be seen in conjunction with the proposed reduction of the multiplier for the Chair and Deputy Chair set out in item 7(b).
Members of the Board of Directors will furthermore receive share-based instruments in the form of restricted stock units in accordance with the proposed amended Remuneration Policy for the Board of Directors and the Executive Management of Genmab A/S.
Re item 7 (b) on the agenda:
The Board of Directors proposes to decrease the base fee multiplier for the Chair (changes from three (3) times to two (2) times the base fee) and Deputy Chair (changes from two (2) times to one and a half (1.5) times the base fee) and amend this element of the Remuneration Policy for the Board of Directors and the Executive Management of Genmab A/S accordingly. The proposed amendment described in this agenda item 7(b) is reflected in the attached Appendix 2, which is a compare version of all proposed amendments to the wording of the Remuneration Policy for the Board of Directors and the Executive Management of Genmab A/S1.
Re item 7 (c) on the agenda:
The Board of Directors proposes to adopt certain other changes to the Remuneration Policy for the Board of Directors and the Executive Management of Genmab A/S. The changes are designed to take account of the views expressed by some of our major shareholders during the engagement process in 2019 and 2020 and
1 I.e. changes to the format or the placing of a paragraph is not highlighted as an amendment in Appendix 2.
intended to enable Genmab to maintain a market competitive compensation program that is aligned with its compensation principles.
The proposed amendments include:
Board of Directors and Executive Management policy amendments
As a result of the proposed introduction of "double trigger" vesting, the accelerated vesting of warrant and RSU awards in change of control events will cease to be automatic and the awards will be subject to accelerated vesting only in the event of a qualifying termination of service following a change of control or if the acquiring company fails to equitably assume the RSUs, i.e. roll over or exchange into equivalent awards.
The proposed amendment to the vesting provisions ensures that members of the Board of Directors may be treated as "good leavers" and RSUs may continue to vest on a pro-rated basis even when such members resign from the Board of Directors. This addresses the concerns of some investors that the lapsing of RSUs, when a board member ceases to be a member of the Board of Directors, may impair his or her independence.
Executive Management policy amendments
The proposed amendments further include various minor and/or linguistic changes as well as some changes to the structure.
During 2020, the Company's Compensation Committee retained the services of independent compensation advisers to support a review of Genmab's compensation. The review was made in light of Genmab's business strategy and the feedback we have received from our shareholders as well as the voting guidance services in connection with a program of engagement with our largest shareholders and the voting guidance services, which was conducted in 2019 and reiterated in 2020. We appreciate the feedback we have received and have summarized the feedback and the Company's response in the 2020 Compensation Report - see https://ir.genmab.com/governance/compensation.
The elements of the proposed Remuneration Policy are designed to be competitive when compared to the compensation programs and levels of compensation in other similar international biotech and biopharmaceutical companies in the U.S. and in Europe.
The proposed Remuneration Policy has been designed to align the interests of shareholders and the Company's Board of Directors and Executive Management and will allow the Company to position pay, in a way that enables us to create compensation packages which are attractive internationally and, at the same time, in alignment with our values.
The proposed amendments described in this agenda item 7(c) are reflected in the attached Appendix 2, which is a compare version of all proposed amendments to the wording of the Remuneration Policy for the Board of Directors and the Executive Management of Genmab A/S2.
Re item 7 (d) on the agenda:
The Board of Directors proposes that the Annual General Meeting authorizes the Board of Directors to allow the Company to acquire treasury shares up to a total nominal amount of DKK 500,000 and until and including April 12, 2026. The purchase price for the relevant shares may not deviate by more than 10% from the price quoted on Nasdaq Copenhagen A/S at the time of the acquisition. Such shares may only be acquired to the extent that the Company's total holding of treasury shares does not at any time exceed a nominal value of 10% of the share capital. The main purpose of the authorization is for the Company to be able to purchase treasury shares in order to settle the obligation to deliver shares and/or American Depository Shares (ADS) to employees, the Executive Management and/or Board Directors pursuant to the Company's share-based remuneration programs.
Re item 7 (e) on the agenda:
The Board of Directors proposes to replace the Board of Directors' authorizations in Article 4A (to issue new shares) and Article 5A (to issue convertible debt instruments) of the Articles of Association with new authorizations to the Board of Directors to issue new shares and convertible debt instruments respectively, which collectively can be utilized to increase the share capital of the Company up to a total nominal amount of DKK 5,500,000 with and without preemption right for the existing shareholders, respectively for a period of five (5) years from the date of this General Meeting and thereby to amend Articles 4A and 5A and to adopt a new Article 5B as set forth below:
The Board of Directors is until and including April 12, 2026 authorized to increase the nominal registered share capital on one or more occasions without pre-emption rights for the existing shareholders by up to nominally DKK 5,500,000 by subscription of new shares that shall have the same rights as the existing shares of the Company. The capital increase can be made by cash or by non-cash payment. Within the authorization to increase the share capital by nominally DKK 5,500,000 shares, the Board of Directors may on one or more occasions and without preemption rights for the existing shareholders of the Company issue up to nominally DKK 2,000,000 shares to employees of the Company and the Company's directly and indirectly owned subsidiaries by cash payment at market price or at a discount price as well as by the issue of bonus shares. No transferability restrictions or redemption obligations shall apply to the new shares. The shares shall be negotiable instruments, issued in the name of the holder and registered in the name of the holder in the Company's Register of Shareholders. The new shares shall give right to dividends and other rights as determined by the Board of Directors in its resolution to increase the capital.
Further, the Board of Directors is until and including April 12, 2026 authorized to
increase the nominal registered share capital on one or more occasions with preemption rights for the existing shareholders by up to nominally DKK 5,500,000 by subscription of new shares that shall have the same rights as the existing shares of the Company. The capital increase can be made by cash or by non-cash payment. No transferability restrictions or redemption obligations shall apply to the new shares. The shares shall be negotiable instruments, issued in the name of the holder and registered in the name of the holder in the Company's Register of Shareholders. The new shares shall give right to dividends and other rights as determined by the Board of Directors in its resolution to increase the capital.
In connection with the exercise of the authorizations in this Article 4A, the Board of Directors may, however, not increase the nominal share capital by more than a total of DKK 5,500,000.
2 I.e. changes to the format or the placing of a paragraph is not highlighted as an amendment in Appendix 2.
The Board of Directors shall be authorized, until and including April 12, 2026, by one or more issues to issue convertible debt instruments up to a maximum amount of DKK 6.5 billion with a right for the lender to convert his claim to a maximum of nominally DKK 2,600,000 new shares. However, the nominal increase of the share capital may be higher due to subsequent adjustments of the convertible debt instruments in accordance with the adjustment clauses determined by the Board of Directors when the convertible debt instruments are issued. Convertible debt instruments may be raised in DKK or the equivalent in foreign currency (including US dollar (USD) or euro (EUR)) computed at the rates of exchange ruling at the day of loan. The Board of Directors is also authorized to effect the consequential increase of the capital. Convertible debt instruments may be issued against payment in cash or in other ways. The subscription of shares shall be without pre-emption rights for the shareholders and the convertible debt instruments shall be offered at a subscription price and conversion price that in the aggregate at least corresponds to the market price of the shares at the time of the decision of the Board of Directors. The time limit for conversion may be fixed for a longer period than five (5) years after the raising of the convertible debt instruments. The terms for raising of debt instruments as well as time and terms for the capital increase shall be decided by the Board of Directors in accordance with section 169 of the Companies Act. If the Board of Directors exercises the authorization new shares shall be negotiable instruments, issued in the name of the holder and carry dividend as of a date to be fixed by the Board of Directors. No restrictions shall apply as to the pre-emption right of the new shares, and shall rank pari passu with existing shares with respect to rights, redeemability and negotiability.
The Board of Directors shall be authorized, until and including April 12, 2026, by one or more issues to issue convertible debt instruments up to a maximum amount of DKK 6.5 billion with a right for the lender to convert his claim to a maximum of nominally DKK 2,600,000 new shares. However, the nominal increase of the share capital may be higher due to subsequent adjustments of the convertible debt instruments in accordance with the adjustment clauses determined by the Board of Directors when the convertible debt instruments are issued. Convertible debt instruments may be raised in DKK or the equivalent in foreign currency (including US dollar (USD) or euro (EUR)) computed at the rates of exchange ruling at the day of loan. The Board of Directors is also authorized to effect the consequential increase of the capital. Convertible debt instruments may be issued against payment in cash or in other ways. The subscription of shares shall be with pre-emption rights for the shareholders and the convertible debt instruments shall be offered at a subscription price and conversion price that in the aggregate at least corresponds to the market price of the shares at the time of the decision of the Board of Directors. The time limit for conversion may be fixed for a longer period than five (5) years after the raising of the convertible debt instruments. The terms for raising of convertible debt instruments as well as time and terms for the capital increase shall be decided by the Board of Directors in accordance with section 169 of the Companies Act. If the Board of Directors exercises the authorization new shares shall be negotiable instruments, issued in the name of the holder and carry dividend as of a date to be fixed by the Board of Directors. No restrictions shall apply as to the pre-emption right of the new shares, and shall rank pari passu with existing shares with respect to rights, redeemability and negotiability.
In connection with the exercise of the authorizations in this Article 5A, the Board of Directors may, however, not issue convertible debt instruments up to more than a total of DKK 6.5 billion nor increase the nominal share capital by more than a total of DKK 2,600,000 however, the nominal increase of the share capital may be higher due to subsequent adjustments of the convertible debt instruments in accordance with the adjustment clauses determined by the Board of Directors when the convertible debt instruments are issued.
The authorizations to the Board of Directors set out in Articles 4A and 5A above combined can, subject to the limitations set forth therein, be utilized to increase the share capital by a total of nominally DKK 5,500,000 however, the nominal increase of the share capital may be higher due to subsequent adjustments of the convertible debt instruments in accordance with the adjustment clauses determined by the Board of Directors when the convertible debt instruments are issued.".
The proposed Articles 4A, 5A and 5B will in Danish read:
Bestyrelsen er til og med den 12. april 2026 bemyndiget til ad en eller flere gange uden fortegningsret for de best ende aktion rer at udvide Selskabets registrerede aktiekapital med indtil nominelt 5.500.000 kr. ved tegning af nye aktier, der skal v re ligestillet med den best ende aktiekapital. Forh jelsen kan ske enten ved apportindskud eller kontant indbetaling. Inden for bemyndigelsen til at udvide aktiekapitalen med indtil nominelt 5.500.000 kr. aktier kan bestyrelsen, ad en eller flere gange og uden fortegningsret for selskabets best ende aktion rer, udstede indtil nominelt 2.000.000 kr. aktier til medarbejdere i selskabet og selskabets direkte og indirekte ejede datterselskaber mod kontant tegning til markedskurs eller til en kurs, der er lavere end markedskursen eller ved udstedelse af fondsaktier. For nye aktier skal der ikke g lde oms ttelighedsbegr nsninger eller bestemmelser om indl sning. Aktierne skal v re oms tningspapirer, og de skal lyde p navn samt noteres p navn i selskabets ejerbog. Nye aktier skal give ret til udbytte og andre rettigheder i selskabet fra det tidspunkt, bestyrelsen bestemmer i sin forh jelsesbeslutning.
Endvidere er bestyrelsen til og med den 12. april 2026 bemyndiget til ad en eller flere gange med fortegningsret for de best ende aktion rer at udvide selskabets aktiekapital med indtil nominelt 5.500.000 kr. ved tegning af nye aktier, der skal v re ligestillet med den best ende aktiekapital. Forh jelsen kan ske enten ved apportindskud eller kontant indbetaling. For nye aktier skal der ikke g lde oms ttelighedsbegr nsninger eller bestemmelser om indl sning. Aktierne skal v re oms tningspapirer, og de skal lyde p navn samt noteres p navn i selskabets ejerbog. Nye aktier skal give ret til udbytte og andre rettigheder i selskabet fra det tidspunkt, bestyrelsen bestemmer i sin forh jelsesbeslutning.
Ved udnyttelse af bemyndigelserne i denne 4A kan bestyrelsen dog maksimalt forh je selskabets aktiekapital med i alt nominelt 5.500.000 kr.
Selskabet kan til og med den 12. april 2026 efter bestyrelsens n rmere be-stemmelse ad n eller flere gange udstede konvertible g ldsbreve p op til maksimalt DKK 6,5 mia. med en ret for l ngiver til at konvertere sin fordring til maksimalt nominelt DKK 2.600.000 nye aktier. Dog kan antallet af aktier blive h jere p grund af efterf lgende reguleringer af de konvertible g ldsbreve i henhold til de reguleringsbestemmelser, der er fastlagt af bestyrelsen ved udstedelsen af de konvertible g ldsbreve. Konvertible g ldsbreve kan udstedes i danske kroner eller modv rdien heraf i udenlandsk valuta (herunder amerikanske dollar (USD) eller euro (EUR)) opgjort til de p udstedelsestidspunktet g ldende kurser. Bestyrelsen bemyndiges samtidig til at gennemf re den dertil h rende kapitalforh jelse. Konvertible g ldsbreve kan udstedes mod kontant indbetaling eller p anden m de. Tegningen skal ske uden fortegningsret for aktion rerne og de konvertible g ldsbreve skal udbydes til en tegningskurs og konverteringskurs, som under t mindst svarer til aktiernes markedskurs p tidspunktet for bestyrelsens beslutning. Konverteringsfristen kan fastl gges til en l ngere periode end fem (5) r efter udstedelsen af det konvertible g ldsbrev. Vilk rene for udstedelse af konvertible g ldsbreve samt tidspunkt og vilk r for kapitalforh jelsen fasts ttes af bestyrelsen i overensstemmelse med selskabslovens 169. Nye aktier, der udstedes som f lge af bestyrelsens udnyttelse af bemyndigelsen skal v re oms tningspapirer, udstedes p navn og b re udbytte fra det tidspunkt, der fasts ttes af bestyrelsen. Der skal ikke g lde nogle indskr nkninger i de nye aktiers fortegningsret, og disse skal med hensyn til rettigheder, indl selighed og oms ttelighed v re stillet som eksisterende aktier.
Selskabet kan til og med den 12. april 2026 efter bestyrelsens n rmere be-stemmelse ad n eller flere gange udstede konvertible g ldsbreve p op til maksimalt DKK 6,5 mia. med en ret for l ngiver til at konvertere sin fordring til maksimalt nominelt DKK 2.600.000 nye aktier. Dog kan antallet af aktier blive h jere p grund af efterf lgende reguleringer af de konvertible g ldsbreve i henhold til de reguleringsbestemmelser, der er fastlagt af bestyrelsen ved udstedelsen af de konvertible g ldsbreve. Konvertible g ldsbreve kan udstedes i danske kroner eller modv rdien heraf i udenlandsk valuta (herunder amerikanske dollar (USD) eller euro (EUR)) opgjort til de p udstedelsestidspunktet g ldende kurser. Bestyrelsen bemyndiges samtidig til at gennemf re den dertil h rende kapitalforh jelse. Konvertible g ldsbreve kan udstedes mod kontant indbetaling eller p anden m de. Tegningen skal ske med fortegningsret for aktion rerne og de konvertible g ldsbreve skal udbydes til en tegningskurs og konverteringskurs, som under t mindst svarer til aktiernes markedskurs p tidspunktet for bestyrelsens
beslutning. Konverteringsfristen kan fastl gges til en l ngere periode end fem (5) r efter udstedelsen af det konvertible g ldsbrev. Vilk rene for udstedelse af konvertible g ldsbreve samt tidspunkt og vilk r for kapitalforh jelsen fasts ttes af bestyrelsen i overensstemmelse med selskabslovens 169. Nye aktier, der udstedes som f lge af bestyrelsens udnyttelse af bemyndigelsen skal v re oms tningspapirer, udstedes p navn og b re udbytte fra det tidspunkt, der fasts ttes af bestyrelsen. Der skal ikke g lde nogle indskr nkninger i de nye aktiers fortegningsret, og disse skal med hensyn til rettigheder, indl selighed og oms ttelighed v re stillet som eksisterende aktier.
Ved udnyttelse af bemyndigelserne i denne 5A kan bestyrelsen dog maksimalt udstede konvertible g ldsbreve p op til i alt DKK 6,5 mia. og maksimalt forh je selskabets aktiekapital med i alt nominelt DKK 2.600.000. Dog kan antallet af aktier blive h jere p grund af efterf lgende reguleringer af de konvertible g ldsbreve i henhold til de reguleringsbestemmelser, der er fastlagt af bestyrelsen ved udstedelsen af de konvertible g ldsbreve.
Bemyndigelserne til bestyrelsen i henhold til 4A og 5A ovenfor kan, med forbehold af de deri n vnte begr nsninger, tilsammen udnyttes til at forh je selskabets kapital med op til nominelt DKK 5.500.000. Dog kan antallet af aktier blive h jere p grund af efterf lgende reguleringer af de konvertible g ldsbreve i henhold til de reguleringsbestemmelser, der er fastlagt af bestyrelsen ved udstedelsen af de konvertible g ldsbreve."
Re item 7(f) on the agenda:
The Board of Directors proposes that Article 5 of the Company's Articles of Association be amended so that the Board of Directors is authorized to issue up to an additional 750,000 warrants to employees of the Company as well as employees of the Company's directly and indirectly owned subsidiaries (excluding the Company's Executive Management), entitling the holder to subscribe for shares in the Company up to a nominal value of DKK 750,000. With this authorization to issue up to an additional 750,000 warrants, the potential dilution (including the outstanding warrants and the aggregate unused part of the existing authorizations) is kept below 5% of the share capital. The proposal means that Article 5 will read as follows:
By decision of the General Meeting on March 28, 2017 the Board of Directors is authorized to issue on one or more occasions warrants to subscribe the Company's shares up to a nominal value of DKK 500,000 and to make the related capital increases in cash up to a nominal value of DKK 500,000. The Board of Directors has issued 394,489 warrants and re-issued 58,840 warrants under this authorization. This authorization shall remain in force for a period ending on March 28, 2022.
Furthermore, by decision of the General Meeting on March 29, 2019 the Board of Directors is authorized to issue on one or more occasions additional warrants to subscribe the Company's shares up to a nominal value of DKK 500,000 to the Company's employees as well as employees of the Company's directly and indirectly owned subsidiaries, excluding the Company's executive management, and to make the related capital increases in cash up to a nominal value of DKK 500,000. The Board of Directors has issued 398,301 warrants and re-issued 20,439 warrants under this authorization. This authorization shall remain in force for a period ending on March 28, 2024.
Furthermore, by decision of the General Meeting on April 13, 2021 the Board of Directors is authorized to issue on one or more occasions additional warrants to subscribe the Company's shares up to a nominal value of DKK 750,000 to the Company's employees as well as employees of the Company's directly and indirectly owned subsidiaries, excluding the Company's executive management, and to make the related capital increases in cash up to a nominal value of DKK 750,000, however, the nominal increase of the share capital may be higher due to subsequent adjustments of the warrants in accordance with the adjustment clauses determined by the Board of Directors when the warrants are issued. This authorization shall remain in force for a period ending on April 12, 2026.
The authorizations entitle the Board of Directors to issue warrants to the Company's employees as well as employees of the Company's directly and indirectly owned subsidiaries however, with the authorizations of March 29, 2019 and April 13, 2021 not comprising the Company's executive management. Subject to the rules in force at any time, the Board of Directors may re-use or re-issue lapsed nonexercised warrants, if any, provided that the re-use or re-issue occurs under the same terms and within the time limitations set out in this authorization. Re-use is to be construed as the Board of Directors' entitlement to let another party enter into an existing agreement on warrants. Re-issue is to be construed as the Board of Directors' option to re-issue new warrants under the same authorization, if previously issued warrants have lapsed. The existing shareholders of the Company shall not have a right of pre-emption in connection with the issue of warrants based on these authorizations. One warrant shall give the right to subscribe one share with a nominal value of DKK 1 at a subscription price per share determined by the Board of Directors which, however, shall be no less than the market price per share of the Company's shares at the time of issue.
The exercise period for the issued warrants shall be determined by the Board of Directors.
The Board of Directors is authorized to set out more detailed terms for the warrants that are to be issued based on these authorizations. The existing shareholders of the Company shall not have a right of preemption in connection with issue of shares on the basis of warrants. The shares that are issued through the exercise of warrants shall have the same rights as existing shares cf. these Articles of Association.".
The proposed Article 5 will in Danish read:
Ved generalforsamlingsbeslutning af 28. marts 2017 er bestyrelsen bemyndiget til ad en eller flere gange at udstede warrants til tegning af selskabets aktier med indtil nominelt 500.000 kr. og til at gennemf re de dertil relaterede kontante kapitalforh jelser p indtil nominelt 500.000 kr. Bestyrelsen har udstedt 394.489 warrants samt genudstedt 58.840 warrants under denne bemyndigelse. Denne bemyndigelse skal v re g ldende i perioden frem til 28. marts 2022.
Yderligere er bestyrelsen ved generalforsamlingsbeslutning af 29. marts 2019 bemyndiget til ad en eller flere gange at udstede yderligere warrants til tegning af selskabets aktier med indtil nominelt 500.000 kr. til selskabets medarbejdere samt medarbejdere i selskabets direkte og indirekte ejede datterselskaber, med undtagelse af medlemmerne af selskabets direktion, og til at gennemf re de dertil relaterede kontante kapitalforh jelser p indtil nominelt 500.000 kr. Bestyrelsen har udstedt 398.301 warrants samt genudstedt 20.439 warrants under denne bemyndigelse Denne bemyndigelse skal v re g ldende i perioden frem til 28. marts 2024.
Yderligere er bestyrelsen ved generalforsamlingsbeslutning af 13. april 2021 bemyndiget til ad en eller flere gange at udstede yderligere warrants til tegning af selskabets aktier med indtil nominelt 750.000 kr. til selskabets medarbejdere samt medarbejdere i selskabets direkte og indirekte ejede datterselskaber, med undtagelse af medlemmerne af selskabets direktion, og til at gennemf re de dertil relaterede kontante kapitalforh jelser p indtil nominelt 750.000 kr., dog kan den nominelle forh jelse af selskabskapitalen blive h jere p grund af efterf lgende reguleringer af warranterne i henhold til de reguleringsbestemmelser, der er fastlagt af bestyrelsen ved udstedelsen af warranterne. Denne bemyndigelse skal v re g ldende i perioden frem til og med 12. april 2026.
Bemyndigelserne giver ret til at udstede warrants til selskabets medarbejdere samt medarbejdere i selskabets direkte og indirekte ejede datterselskaber dog med undtagelse af bemyndigelserne af 29. marts 2019 og 13. april 2021, som ikke omfatter medlemmerne af selskabets direktion. Bestyrelsen kan efter de til enhver tid g ldende regler genanvende eller genudstede eventuelle bortfaldne ikke udnyttede warrants, forudsat at genanvendelsen eller genudstedelsen finder sted inden for de vilk r og tidsm ssige begr nsninger, der fremg r af denne bemyndigelse. Ved genanvendelse forst s adgang for bestyrelsen til at lade en anden aftalepart indtr de i en allerede best ende aftale om warrants. Ved genudstedelse forst s bestyrelsens mulighed for inden for samme bemyndigelse at genudstede nye warrants, hvis allerede udstedte warrants er bortfaldet. Selskabets aktion rer skal ikke have fortegningsret ved tildeling af
warrants i henhold til disse bemyndigelser. En warrant skal give ret til at tegne nominelt 1 kr. aktie til en af bestyrelsen fastsat tegningskurs pr. aktie, der dog ikke kan v re lavere end markedskursen p selskabets aktier p tildelingstidspunktet.
Udnyttelsesperioden for warrants bestemmes af bestyrelsen.
Bestyrelsen er berettiget til at fasts tte n rmere vilk r for de warrants, der udstedes i henhold til bemyndigelserne.
Selskabets aktion rer skal ikke have fortegningsret til de p grundlag af warrants udstedte aktier. Aktier, der tegnes ved udnyttelse af warrants, skal have de samme rettigheder som selskabets eksisterende aktier, jfr. i det hele disse vedt gter.
Bestyrelsen har udnyttet bemyndigelserne indeholdt i 5 som anf rt i bilag A, som er vedlagt vedt gterne og udg r en integreret del heraf.".
Re item 7(g) on the agenda:
The COVID-19 pandemic has made it apparent that the Board of Directors needs to have the option to decide that a general meeting be held as a wholly virtual general meeting without physical attendance in special circumstances where this is deemed prudent. The Board of Directors believes that a wholly virtual general meeting without physical attendance would only be a viable format if special circumstances, such as travel or assembly restrictions, hinder a physical general meeting and provided that shareholder participation rights can be ensured. The Board of Directors therefore proposes that the General Meeting authorizes the Board of Directors to decide to convene general meetings as wholly virtual general meetings without physical attendance and thereby to adopt a new Article 8B with the following wording:
General meetings may in special circumstances be held as wholly virtual general meetings without physical attendance as determined by the Board of Directors. Shareholders may attend such general meetings via the internet, on the Company's website, by conference call, or on any other medium offering the same functionality.".
The proposed Article 8B will in Danish read:
Selskabets generalforsamlinger kan efter bestyrelsens beslutning afholdes som fulde elektroniske generalforsamlinger uden adgang til fysisk fremm de, n r der foreligger s rlige omst ndigheder. Deltagelse i s danne generalforsamlinger finder sted via internettet, p selskabets hjemmeside, videokonference eller andet medie med tilsvarende funktionalitet.".
Re item 8 on the agenda:
The Board of Directors proposes that the chair of the General Meeting is authorized to register the resolutions passed by the General Meeting with the Danish Business Authority and to make such amendments and additions thereto or therein, including the Articles of Association of the Company, as the Danish Business Authority may require for registration.