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Disclaimer: This document contains general information, which is not advice, and should not be
treated as such. The information is provided as is without any representations or warranties,
expressed or implied.

VERSION HISTORY
Version When Who What

1.0 2015-03-31 Erik Byrenius First version

1.01 2015-12-03 Erik Byrenius Minor language corrections

VILLKOR FR TECKNINGSOPTIONER SERIE

[SERIENUMMER] / TERMS AND CONDITIONS FOR
WARRANTS SERIES [SERIES NUMBER]

[FRETAGSNAMN / COMPANY NAME] AB, ORG. NR. / REG.

NO. [ORG. NR./REG. NO.]

1. DEFINITIONER / DEFINITIONS
I dessa villkor ska fljande benmningar ha den innebrd som anges nedan.
In these terms and conditions the following terms shall have the meaning stated below.

ABL Aktiebolagslagen (2005:551);

SCA The Swedish Companies Act (2005:551);

Bolaget [Bolagsnamn] AB, org. nr [org. nr];

Company [Company name] AB, reg. no. [reg. no.];

Optionsinnehavare innehavare av Teckningsoptioner;

Warrant Holder holder of Warrants;

Teckningsoption rtt att teckna nya aktier i Bolaget mot betalning enligt dessa
villkor;
Warrant a right to subscribe for new shares in the Company against
payment in accordance with these terms and conditions;

Teckning teckning av aktie i Bolaget med utnyttjande av Teckningsoption

enligt 11 och 14 kap. ABL; och
Subscription subscription for a share in the Company, through exercise of a
Warrant, according to Chapter 11 and 14 of the SCA; and

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 1 (13)
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Teckningskurs den kurs till vilken teckning av nya aktier med utnyttjande av
Teckningsoption kan ske.
Subscription Price the price per share at which subscription for new shares through
exercise of Warrants may be made.

2. TECKNINGSOPTIONER / WARRANTS
Antalet Teckningsoptioner i serie [Serienummer] uppgr till sammanlagt [Antal] st.
The number of Warrants in series [Series number] amounts to a total of [Number].

Aktiekapitalet kan komma att kas med hgst [Belopp] kr vid fullt utnyttjande av
Teckningsoptionerna.
Should the Warrants be fully exercised, the Companys share capital will increase by not
more than SEK [Amount].

Teckningsoptionerna ska tecknas p teckningslista under perioden [Datum] [Datum].

The Warrants shall be subscribed for on a subscription list during the period [Date]
[Date].

Fr varje Teckningsoption ska betalas ett belopp om [Belopp] kronor, vilket motsvarar ett
bedmt marknadsvrde enligt Black-Scholes-modellen. Betalning fr de tecknade
Teckningsoptionerna ska ske kontant till bolagets bankkonto inom fyra veckor efter
teckning.
For each Warrant an amount of SEK [Amount] shall be paid, which corresponds the
estimated market value according to the Black-Scholes model. Payment for the subscribed
Warrants shall be made in cash to the companys bank account within four weeks after
subscription.

Bolaget ska utfrda optionsbevis stllt till varje Optionsinnehavare. Bolaget verkstller p
begran av Optionsinnehavare utbyte och vxling av optionsbevis.
The Company shall issue warrant certificates in the name of each Warrant Holder. The
Company will execute exchange and change of warrant certificates on request from the
Warrant Holder.

De nya aktierna ska vara stamaktier.

The new shares shall be common shares.

De nya aktierna ska omfattas av bolagsordningens hembudsklausul och frkpsklausul.

The new shares shall be covered by the post sale purchase right clause and right of first
refusal clause in the Companys articles of association.

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 2 (13)
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3. RTT ATT TECKNA NYA AKTIER / THE RIGHT TO SUBSCRIBE

FOR NEW SHARES
Varje Teckningsoption berttigar innehavaren till teckning av en ny aktie i Bolaget, envar
med ett kvotvrde uppgende till [Belopp, med bokstver] ([Belopp]) kronor, till en
Teckningskurs om [Belopp, med bokstver] ([Belopp]) kronor per aktie.
Each warrant gives the holder a right to subscribe for one new share in the Company, each
with a quota value of SEK [Amount, in letters] ([Amount]), for a Subscription Price of SEK
[Amount, in letters] ([Amount]) per share.

Teckningskursen liksom antalet aktier som varje Teckningsoption ger rtt att teckna kan bli
freml fr justering i de fall som anges i 8 nedan.
The Subscription Price, as well as the number of shares that each Warrant gives the holder
a right to subscribe for, may be subject to adjustment in the cases mentioned in 8 below.

Teckning kan endast ske av helt antal aktier. Eventuellt verskjutande del av aktie, vartill
det sammanlagda antalet Teckningsoptioner som en och samma Optionsinnehavare
nskar utnyttja berttigar, ska bortses ifrn.
Subscription may only be made with respect to a whole number of shares. Any excess part
of a share, which the total number of Warrants that one Warrant Holder wishes to exercise
entitles to, shall be disregarded.

4. ANMLAN OM TECKNING / NOTIFICATION FOR

SUBSCRIPTION
Anmlan om Teckning av aktier kan ga rum under tiden frn och med [Datum (efter
lptiden)] till och med den [Datum + 21 dagar] eller det tidigare datum som kan flja enligt
8 nedan. Inges inte anmlan om Teckning inom ovan angiven tid upphr optionsrtten.
Notification for Subscription of shares can be made during the time period from and
including [Date (after expiry date)] until and including [Date + 21 days] or such earlier date
that may follow from 8 below. If the notification for Subscription is not submitted within the
above stated period of time, the right to Subscription shall expire.

Vid anmlan om Teckning ska optionsbevis inges till Bolaget. Anmlan om Teckning r
bindande och kan inte terkallas.
Upon notification for Subscription, the warrant certificate shall be submitted to the
Company. Notification for Subscription is binding and cannot be revoked.

5. BETALNING FR NY AKTIE / PAYMENT FOR NEW SHARE

Vid anmlan om Teckning ska betalning samtidigt erlggas fr det antal aktier som
anmlan om Teckning avser. Betalning ska ske kontant till ett av Bolaget anvisat
bankkonto.

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 3 (13)
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Upon notification for Subscription, payment shall be made for the total number of shares
which the Subscription encompasses. Payment shall be made in cash to a bank account
designated by the Company.

6. INFRING I AKTIEBOKEN / RECORDING IN SHARE

REGISTER
Sedan betalning fr tecknade aktier har erlagts, verkstlls tilldelning genom att de nya
aktierna upptas i Bolagets aktiebok genom Bolagets frsorg.
After payment for subscribed shares has been made, allotment is executed by the
Companys entering the new shares in the Companys share register.

7. UTDELNING P NY AKTIE / DIVIDENDS FOR NEW SHARES

Aktie som utgivits efter Teckning medfr rtt till eventuell vinstutdelning frsta gngen fr
utdelning som beslutas efter det att Teckning verkstllts.
Shares which are issued as a result of Subscription shall entitle to potential dividends only
for dividends decided on after the Subscription has been executed.

8. OMRKNING AV TECKNINGSKURS MM /
RECALCULATION OF SUBSCRIPTION PRICE ETC.
Betrffande de rttigheter och skyldigheter som ska tillkomma Bolaget respektive
Optionsinnehavare i de situationer som anges nedan, ska fljande glla:
The following shall apply with respect to the rights and obligation of the Company and the
Warrant Holder in the situations described below:

8A. SAMMANLGGNING/UPPDELNING / REVERSE SHARE

SPLIT/SHARE SPLIT
Genomfr Bolaget en sammanlggning eller uppdelning (split) av aktierna, ska en hremot
svarande omrkning av Teckningskursen liksom en omrkning av det antal aktier, som
varje Teckningsoption berttigar till, utfras av Bolaget.
In the event the Company carries out a reverse share split or a share split, a corresponding
recalculation of the Subscription Price as well as a recalculation of the number of shares
that each Warrant entitles to, shall be determined by the Company.

8B. FONDEMISSION / BONUS ISSUE OF SHARES

En frutsttning fr att f delta i fondemission r att anmlan om Teckning sker i sdan tid
att den kan verkstllas senast tio (10) dagar fre den bolagsstmma som ska prva frgan
om fondemission.

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 4 (13)
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To participate in a bonus issue of shares, notification of Subscription has to be made at

such time that it can be executed at least ten (10) days prior to the shareholders meeting
at which the bonus issue is resolved.

Vid Teckning som verkstlls p sdan tid att rtt till deltagande i emissionen eller
erbjudandet enligt ovan inte uppkommer, ska omrkning av Teckningskursen och av det
antal aktier som varje Teckningsoption ger rtt att teckna enligt nedanstende
omrkningsregler glla.
For Subscription executed at such time that it will not entitle to participation in the bonus
issue or offer in accordance with the above, the Subscription Price and the number of
Shares that each Warrant entitles to Subscribe for shall be recalculated in accordance with
the recalculation rules set out below.

Omrknad Teckningskurs = (fregende Teckningskurs) x (antalet aktier i Bolaget fre

fondemissionen) / (antalet aktier i Bolaget efter fondemissionen)
Recalculated Subscription Price = (Previous Subscription Price) x (the number of shares
prior to the bonus issue) /( the number of shares after the bonus issue)

Omrknat antal aktier som varje Teckningsoption ger rtt att teckna = (fregende antal
aktier som varje Teckningsoption berttigar till teckning av) x (antalet aktier i Bolaget efter
fondemissionen) / (antalet aktier i Bolaget fre fondemissionen)
Recalculated number of shares that each Warrant entitles to Subscribe for = (previous
number of shares which each Warrant entitles to Subscribe for) x (the number of shares
after the bonus issue) / (the number of shares prior to the bonus issue)

8C. NYEMISSION MM / NEW SHARE ISSUE ETC.

Genomfr Bolaget nyemission av aktier med fretrdesrtt fr aktiegarna ska fljande
glla betrffande rtten till deltagande i nyemissionen fr aktie som tillkommit p grund av
teckning med utnyttjande av Teckningsoption.
In the event the Company carries out a new share issue with preferential rights for current
shareholders, the following shall apply as regards the right to participate in the new share
issue for a share issued as a result of Subscription through the exercise of Warrants.

1. En frutsttning fr att f delta i nyemission r att anmlan om Teckning sker i

sdan tid att den kan verkstllas senast tio (10) dagar fre den bolagsstmma som
ska prva frgan om nyemission.
To participate in a new share issue, notification of Subscription has to be made at
such time that it can be executed at least ten (10) days prior to the shareholders
meeting at which the new share issue is resolved.

2. Beslutas nyemissionen av styrelsen under frutsttning av bolagsstmmans

godknnande eller med std av bolagsstmmans bemyndigande, ska i beslutet
och i kungrelsen om nyemissionen anges den senaste dag d Teckning ska vara

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 5 (13)
Download the latest version at Legal questions?
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verkstlld fr att aktie ska medfra rtt att deltaga i nyemissionen. Sdan dag fr
inte infalla tidigare n tio (10) dagar efter kungrelsen.
Where the board of directors resolves to carry out the new share issue subject to
approval by the shareholders meeting or by support of an authorisation granted by
the shareholders meeting, such resolution shall specify the last date on which
Subscription shall be executed in order for a share issued as a result of
Subscription to carry the right to participate in the new share issue. The date may
not be set earlier than the ten (10) days after the resolution.

Punkt 1 och 2 ovan ska glla mutatis mutandis fr emission av konvertibler eller
teckningsoptioner med fretrdesrtt fr aktiegarna, liksom fr andra erbjudanden till
aktiegarna att av Bolaget frvrva vrdepapper eller rttighet av ngot slag med
fretrdesrtt.
Section 1 and 2 above shall apply mutatis mutandis for an issue of convertibles or warrants
with preferential rights for current shareholders, as well as other offers to the shareholders
to acquire securities or rights of any kind with preferential right from the Company

Vid Teckning som verkstlls p sdan tid att rtt till deltagande i emissionen eller
erbjudandet inte uppkommer, ska nedanstende omrkningsregler glla, frutsatt att
Bolagets aktier r freml fr notering p svensk eller utlndsk brs eller annan
organiserad marknadsplats:
For Subscription executed at such time that it will not entitle to participation in the share
issue or offer, the recalculation rules set out below shall apply, provided that the
Companys shares are subject to listing on a Swedish or foreign stock exchange or other
organized marketplace:

Omrknad Teckningskurs = (fregende Teckningskurs) x (aktiens genomsnittskurs) /

(aktiens genomsnittskurs kad med vrdet p erbjudandet)
Recalculated Subscription Price = (previous Subscription Price) x (the average share price)
/ (the average share price increased by the value of the offer)

Omrknat antal aktier som varje Teckningsoption berttigar till teckning av = (fregende
antal aktier, som varje Teckningsoption berttigar till teckning av) x (aktiens
genomsnittskurs kad med vrdet p erbjudandet) / (aktiens genomsnittskurs)
Recalculated number of shares that each Warrant entitles to Subscribe for = (previous
number of shares which the Warrant entitles to Subscribe for) x (The average share price
increased by the value of the offer) / (the average share price)

Med aktiens genomsnittskurs avses genomsnittet av det fr varje brsdag under fr

emissionen/erbjudandet gllande teckningstid/anmlningstid (teckningstiden)
framrknade medeltalet av den under dagen noterade hgsta och lgsta betalkursen enligt
den kurslista p vilken aktien r noterad. I avsaknad av notering av betalkurs ska i stllet
den noterade kpkursen ing i berkningen. Noteras varken betalkurs eller sdan kpkurs
under viss dag, ska vid berkningen av genomsnittskursen bortses frn sdan dag.

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 6 (13)
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Average share price shall be deemed to correspond to the average of the highest and
lowest listed settled prices for the new share issue/offer of each trading day during the
subscription period/notice period (subscription period) according to the stock exchanges
official stock list on which the subscription right or purchase right is listed. In the absence of
recorded settled prices, the closing bid price shall instead be used for calculation purposes.
Days at which no paid price or bid price is recorded shall be excluded from the calculation.

Med vrdet p erbjudandet avses vid nyemission av aktier det teoretiska vrdet p en
teckningsrtt erhllen vid nyemissionen, framrknat enligt fljande form el:
In a new share issue, value of the offer refers to the theoretical value of the subscription
right achieved by the new share issue, calculated in accordance with the following formula:

Teoretiskt vrde p teckningsrtten = (det nya antal aktier som hgst kan kommat att utges
enligt emissionsbeslutet) x ((aktiens genomsnittskurs) - (emissionskursen fr den nya
aktien)) / (antalet aktier fre emissionsbeslutet)
Theoretical value of the subscription right = (the maximum number of shares that can be
issued according to the issue resolution) x ((the average share price) (the price to be paid
for the new share)) / (the number of Shares prior to the issue resolution)

Uppstr hrvid ett negativt vrde, ska det teoretiska vrdet p teckningsrtten bestmmas
till noll.
Should the above calculation result in a negative value, the theoretical value shall be
determined to nil (zero).

Vid emission av konvertibler eller teckningsoptioner, eller vid annat erbjudande till
aktiegarna enligt ovan, ska med vrdet p erbjudandet frsts vrdet av teckningsrtt
eller inkpsrtt knuten till emissionen eller erbjudandet. Teckningsrttens eller
inkpsrttens vrde ska hrvid anses motsvara genomsnittet av det fr varje brsdag
under anmlningstiden framrknade medeltalet av den under dagen noterade hgsta och
lgsta betalkursen enligt den kurslista p viken teckningsrtten eller inkpsrtten noteras. I
avsaknad av noterad betalkurs ska i stllet den som slutkurs noterade kpkursen ing i
berkningen. Dag utan vare sig noterad betalkurs eller kpkurs ska inte ing i berkningen.
In the event of an issue of convertibles or warrants, or for other offers to the shareholders
in accordance with above, value of the offer shall refer to the value of subscription right or
purchase right connected with the issue or offer. The value of the subscription right or
purchase right shall be deemed to correspond to the average of the highest and lowest
listed settled prices for each trading day during the period of time in question according to
the stock exchanges official stock list on which the subscription right or purchase right is
listed. In the absence of recorded settled prices, the closing bid price shall instead be used
for calculation purposes. Days at which no paid price or bid price is recorded shall be
excluded from the calculation.

Fr samtliga slag av i detta moment 8C nmnda emissioner och erbjudanden gller, att om
Bolagets aktier vid tidpunkten fr emissionen eller erbjudandet ej r freml fr notering p
svensk eller utlndsk brs eller annan organiserad marknadsplats ska en mot de hr givna
principerna svarande omrkning ske, dels av Teckningskursen, dels av det antal aktier

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 7 (13)
Download the latest version at Legal questions?
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som varje Teckningsoption ger rtt att teckna. Kan Optionsinnehavaren och Bolaget ej
enas om omrkningen ska den ske p det stt som Bolagets valda revisor eller annan av
Bolaget utsedd oberoende vrderingsman finner ndamlsenligt i syfte att omrkningen
leder till ett skligt resultat. Omrkningen ska ha som utgngspunkt att vrdet p
Teckningsoptionerna ska lmnas ofrndrat.
For all kind of issues and offers mentioned in this subsection 8C, the following shall apply.
If the Companys shares at the time for issue or offer are not subject to listing on a
Swedish or foreign stock exchange or other organized marketplace, a recalculation of the
Subscription Price and the number of shares that each Warrant entitles to subscribe for,
corresponding to one of the herein given principles, shall be carried out. If the Warrant
Holder and the Company do not agree on the recalculation, the recalculation shall be made
in the way the Companys independent auditor or other, by the Company appointed,
independent appraiser determines is appropriate with the purpose that the recalculation
gives a reasonable result. The recalculation shall be based upon that the value of the
Warrants shall remain unchanged.

8D. EXTRAORDINR UTDELNING MM / EXTRAORDINARY

DIVIDEND ETC.
Vid extraordinr utdelning, varmed avses kontant utdelning som verstiger normal
utdelning, ska Teckningskursen reduceras med skillnaden per aktie mellan normal och
extraordinr utdelning.
In the event of an extraordinary dividend, which relates to a cash dividend exceeding a
normal dividend, the Subscription Price shall be reduced by the difference between normal
and extraordinary dividend.

Med normal utdelning avses utdelning under ett rkenskapsr som totalt uppgr till hgst
femtio (50) procent av Bolagets resultat efter skatt enligt Bolagets faststllda
koncernresultatrkning fr nrmast fregende rkenskapsr.
Normal dividend relates to dividend during the financial year which amounts to a total of
maximum fifty (50) per cent of the Companys results after taxation according to the
Companys consolidated profit and loss account for the last financial year.

Vid annan typ av vrdeverfring frn Bolaget enligt 17 kap ABL ska Teckningskursen
reduceras p motsvarande stt, varvid den del av vrdeverfringen som verstiger
normal utdelning enligt ovan ska utgra underlag fr omrkningen.
In the event of other value transfers from the Company in accordance with Chapter 17
SCA, the Subscription Price shall be reduced correspondingly and the part of the value
transfer which exceeds normal dividend in accordance with above, shall constitute the
basis for the recalculation.

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 8 (13)
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8E. AVRUNDNING / ROUNDING OFF

Vid omrkning av Teckningskursen enligt ovan ska denna avrundas till helt tiotal re,
varvid fem re ska avrundas uppt, och antalet aktier avrundas till tv decimaler.
In recalculation of the Subscription Price in accordance with above, the Subscription Price
shall be rounded off to the nearest SEK 0.10, whereby a value of SEK 0.05 is to be
rounded upwards, and the number of shares shall be rounded off to two decimals.

8F. ALTERNATIV OMRKNING / ALTERNATIVE

RECALCULATION
Genomfr Bolaget tgrd som avses i moment 8A-8D ovan och skulle, enligt Bolagets
bedmning, tillmpning av hrfr avsedda omrkningsformler, med hnsyn till tgrdens
tekniska utformning eller av annat skl, ej kunna ske eller leda till att den ekonomiska
kompensation som Optionsinnehavarna erhller i frhllande till aktiegarna inte r sklig,
ska Bolaget genomfra omrkning av Teckningskursen och det antal aktier som varje
Teckningsoption ger rtt att teckna p det stt Bolaget finner ndamlsenligt fr att f ett
skligt resultat.
Should the Company carry out measures referred to in subsections 8A-8D above and
should, in the Companys estimation, for technical or other reasons, the application of the
intended recalculation formulas not be possible or result in an economic compensation for
the Warrant Holder which is not fair and reasonable in relation to that of the shareholders,
the Company shall execute the recalculation of the Subscription Price and the number of
shares for which each Warrant entitles to subscribe in a way which the Company deems
appropriate in order to obtain a fair and reasonable result.

8G. SRSKILT TAGANDE / SPECIAL COMMITMENT

Bolaget frbinder sig att inte vidta ngon i denna 8 angiven tgrd som skulle medfra en
omrkning av Teckningskursen till belopp understigande kvotvrdet fr Bolagets aktier.
The Company undertakes not to take any measure in accordance with 8 above that
would result in a recalculation of the Subscription Price to an amount which is below the
quota value of the Companys shares.

8H. FUSION / MERGER

Om bolagsstmman skulle godknna en fusionsplan enligt 23 kap 15 ABL, varigenom
Bolaget ska uppg i annat bolag, eller skulle styrelsen enligt 23 kap 28 ABL fatta beslut
om att Bolaget ska uppg i moderbolag, ska Optionsinnehavare erhlla minst motsvarande
rttigheter i det vertagande bolaget som i Bolaget (det verltande bolaget), om de inte
enligt fusionsplanen har rtt att f sina Teckningsoptioner inlsta av det vertagande
bolaget.
Should the shareholders meetings approve of a merger plan pursuant to Chapter 23
Section 15 SCA, whereby the Company shall be merged into another company, or should

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 9 (13)
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the board of directors pursuant to Chapter 23 Section 28 SCA resolve on that the Company
shall be merged into the parent company, the Warrant Holders shall receive corresponding
rights, at a minimum, in the takeover company as they would receive in the Company (the
transferring company), if they do not have the right to compel the takeover company to
acquire Warrants according to the merger plan.

8I. DELNING / DEMERGER

Om bolagsstmman skulle godknna en delningsplan enligt 24 kap 17 ABL, varigenom
Bolaget helt eller delvis ska vertas av ett eller flera andra bolag, ska Optionsinnehavare
erhlla minst motsvarande rttigheter i de vertagande bolagen sammanlagt som i Bolaget
(det verltande bolaget), om de inte enligt delningsplanen har rtt att f sina
Teckningsoptioner inlsta av ett vertagande bolag.
Should the shareholders meetings approve of a demerger plan pursuant to Chapter 24
Section 17 of the SCA, whereby the Company, wholly or partly, shall be ta be taken over
by one or more other companies, the Warrant Holders shall receive corresponding rights,
at a minimum, in the takeover companies in total as they would receive in the Company
(the transferring company), if they do not have the right to compel a takeover company to
acquire Warrants according to the demerger plan.

8J. NOTERING / LISTING

Oavsett vad som sgs i 4 om teckningsperiod ska Optionsinnehavare vara skyldig, vid
ventyr att optionsrtten annars frfaller, att om bolaget s pfordrar omedelbart utnyttja
sina Teckningsoptioner om beslut fattas att aktier i Bolaget ska noteras p svensk eller
utlndsk brs eller annan organiserad marknadsplats.
Regardless what is stated in 4 regarding the subscription period, the Warrant Holder shall
be obliged, at the risk that the Warrant otherwise should expire, if the Company so
requires, to immediately exercise Warrants, if it is resolved that the Companys shares
shall be listed on a Swedish or foreign stock exchange or other organized market.

Bolagets styrelse ska lmna underrttelse om sdan pfordran, inklusive ny

teckningsperiod, till varje Optionsinnehavare vars adress r knd fr Bolaget. Sdan ny
teckningsperiod ska omfatta minst trettio (30) dagar frn den dag meddelandet lmnats.
The Companys board of directors shall give notice of such a request, including new
subscription period, to all Warrant Holders whose addresses are known to the Company.
Such new subscription period shall encompass at least thirty (30) days from the day the
notice is submitted.

8K. TVNGSINLSEN / COMPULSORY SQUEEZE-OUT

PROCEDURE
Om Bolagets aktier blir freml fr tvngsinlsen gller vad som anges i 22 kap 26 ABL.
Bolaget ska snarast underrtta Optionsinnehavarna om majoritetsaktiegaren begr

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 10 (13)
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inlsen av minoritetens aktier eller ett tvngslsenfrfarande inleds.

Chapter 22 16 of the SCA shall apply if the Companys shares should be subjected to a
compulsory squeeze-out procedure. The Company shall notify the Warrant Holders as
soon as possible if the majority shareholder demands redemption of the minoritys shares
or if a compulsory squeeze-out procedure takes place.

8L. LIKVIDATION / LIQUIDATION

Om det beslutas att Bolaget ska trda i likvidation fr Teckning, oavsett grunden fr
likvidation, drefter inte ske. Rtten att begra Teckning upphr samtidigt med
likvidationsbeslutet oavsett om detta beslut har vunnit laga kraft.
Notification for Subscription may not take place after the adoption of a resolution,
regardless of the basis for the resolution, that the Company shall enter into liquidation. The
right to call for Subscription shall expire as a result of the liquidation resolution, regardless
whether such resolution has become legally binding or not.

Senast tv mnader innan bolagsstmma tar stllning till frga om Bolaget frivilligt ska
trda i likvidation enligt 25 kap 1 ABL ska Optionsinnehavarna underrttas om den
planerade likvidationen. Underrttelsen ska innehlla en erinran om att Teckning inte fr
ske efter beslut om likvidation. Oavsett vad som i 4 ovan sgs om tidigaste tidpunkt fr
anmlan om Teckning ska Optionsinnehavare ga rtt att pkalla teckning av aktier frn
den dag d meddelandet lmnats, frutsatt att teckningen kan verkstllas senast p tionde
kalenderdagen fre den bolagsstmma vid vilken frgan om bolagets likvidation ska
behandlas.
The Warrant Holders shall, by means of a notice, be informed of the planned liquidation no
later than two months prior to the date when the question whether the Company shall enter
into liquidation pursuant to Chapter 25 Section 1 of the SCA is to be dealt with at a
shareholders meeting. The notice shall include information that notification for Subscription
may not take place after the shareholders meeting has resolved on liquidation. Regardless
what is stated regarding the earliest time of notification for Subscription in 4 above, the
Warrant Holder shall have the right to make a notification for Subscription for shares as
from the date when the notice has been sent, provided that Subscription can be executed
not later than on the tenth calendar day prior to the shareholders meeting at which the
question whether the Company shall go into liquidation is to be dealt with.

Oavsett vad som ovan sagts om att Teckning inte fr ske efter beslut om likvidation,
terintrder rtten att begra Teckning om likvidationen inte genomfrs.
Regardless what is stated above regarding that Subscription may not take place after the
adoption of a resolution that the Company shall enter into liquidation, the right to call for
Subscription shall return into force if the liquidation does not take place.

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 11 (13)
Download the latest version at Legal questions?
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8M. KONKURS / BANKRUPTCY

Vid Bolagets konkurs fr Teckning med utnyttjande av Teckningsoption inte ske. Om
konkursbeslutet hvs av hgre rtt, terintrder rtten till Teckning.
If the Company enters into bankruptcy notification for Subscription may not be made.
However, the right to make a notification for Subscription shall return into force should
formal declaration of bankruptcy be reversed by a court of higher instance.

9. MEDDELANDEN / NOTICES
Meddelanden rrande Teckningsoptionerna ska tillstllas innehavare av Teckningsoptioner
som meddelat sin postadress till Bolaget. Meddelanden ska versndas genom
rekommenderat brev om inte annat skriftligen avtalats mellan Optionsinnehavare och
Bolaget.
Notices regarding the Warrants shall be sent to a Warrant Holder who has provided the
Company with information of his/her postal address. The notice shall be sent by registered
letter unless otherwise agreed in writing between the Warrant Holder and the Company.

10. NDRING AV OPTIONSVILLKOR / CHANGES IN TERMS

AND CONDITIONS
Bolaget ger rtt att besluta om ndring av dessa optionsvillkor i den mn lagstiftning,
domstolsavgrande eller myndighetsbeslut s krver, eller om det i vrigt enligt Bolagets
bedmning av praktiska skl r ndamlsenligt eller ndvndigt och Optionsinnehavarnas
rttigheter inte i ngot avseende frsmras.
The Company shall be entitled to decide on changes in these terms and conditions insofar
as such changes are required by legislation, court decisions or decisions by public
authorities, or if in the opinion of the Company, such actions otherwise are appropriate or
necessary for practical reasons and the rights of the Warrant Holders are not adversely
affected in any respect.

11. ANSVARSBEGRNSNING / LIMITATION OF LIABILITY

Nr det gller tgrder som Bolaget r skyldigt att vidta eller genomfra enligt dessa villkor,
r Bolaget inte ansvarigt fr skada eller frlust som beror p eller annars orsakats som en
fljd av svenskt eller utlndskt lagbud, svensk eller utlndsk myndighetstgrd, krig,
terroristattack eller sabotage eller med krig eller terroristattack jmfrbar situation, brist,
avbrott eller drjsml i energifrbindelse, telefrbindelse eller annan kommunikation, strejk,
lockout, bojkott, blockad eller liknande, eller ngon annan omstndighet eller annat
frhllande som ligger utanfr Bolagets kontroll.
In respect of actions incumbent upon the Company according to these terms and
conditions, liability cannot be claimed for loss which arises out of Swedish or foreign
enactment, the actions of a Swedish or foreign public authority, act of war, terrorist attack
or sabotage or any circumstance similar to act of war or terrorist attack, shortage,

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 12 (13)
Download the latest version at Legal questions?
StartupDocs.se by Erik Byrenius. Contact Mattias Larsson.

interruption or delay in energy connection, telecommunications or other communications,

strikes, lockouts, boycotts, blockades, or the like, or any other circumstances or other
relations beyond the Company's control.

Bolaget r inte heller i annat fall ansvarigt fr skada eller frlust om Bolaget varit normalt
aktsamt.
Nor is the Company in other cases liable to compensate for loss which arises, if the
Company has exercised a normal level of prudence.

Bolaget r i inget fall ansvarigt fr indirekt skada eller frlust.

The Company is in no event liable for indirect loss.

Om det freligger hinder fr Bolaget att vidta eller genomfra ngon tgrd enligt dessa
villkor p grund av sdan omstndighet som anges i frsta stycket i denna punkt 11, fr
tgrden uppskjutas till dess hindret har upphrt,
If the Company is prevented from taking or operating any action according to these terms
and conditions as a result of circumstances set forth in the first Paragraph of this Section
11, the action may be deferred until the obstacle no longer exists.

12. TILLMPLIG LAG / APPLICABLE LAW

Dessa villkor och alla rttsliga frgor med anknytning till Teckningsoptionerna ska avgras
och tolkas enligt svensk rtt.
These terms and conditions and all legal issues related to the Warrants shall be governed
and interpreted by the substantive law of Sweden.

Tvist i anledning av dessa villkor eller drmed sammanhngande frgor ska slutligt
avgras genom skiljedom enligt Stockholms Handelskammares Skiljedomsinstituts regler
fr Frenklat Skiljefrfarande. Bolaget ska st fr kostnaderna fr skiljemannen. Om
skiljefrfarandet inletts av Optionsinnehavaren och denne inte haft sklig anledning att f
saken prvad ska kostnaderna istllet frdelas i enlighet med Stockholms
Handelskammares Skiljedomsinstituts regler. Sekretess ska glla avseende
skiljedomsprocessen samt domslutet. Skiljefrfarandet ska ga rum i Stockholm. Sprket
fr skiljefrfarandet ska vara engelska, om ej annat verenskommits mellan parterna.
A dispute arising out of this Agreement shall be finally settled by arbitration in accordance
with the Rules for Expedited Arbitration of the Arbitration Institute of the Stockholm
Chambers of Commerce. The Company shall bear the cost for the arbitrator. If the
arbitration has been initiated by the Warrant Holder and the Warrant Holder did not have
justifiable cause to have the issue tried, the cost shall instead be allocated in accordance
with rules of the Arbitration Institute of the Stockholm Chambers of Commerce.
Confidentiality shall apply to the proceeding and the judgment. The seat of the arbitration
shall be Stockholm. The language to be used in the arbitral proceedings shall be English,
unless the parties have agreed otherwise.

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 13 (13)