Nomination committee

The company has a nomination committee consisting of four persons. Each of the company’s voting three largest shareholders as of September 30, 2018, whereby related parties such as this term are defined in the Danish Companies Act, Chapter 21, Section 1 is included, each person has the right to appoint a member of the Nomination Committee. None of these three persons appointed shall be a member or alternate member of the Board of Directors. In addition, the Nomination Committee shall consist of a Board member appointed by the Board, which shall also be convening. The Nomination Committee elects a non-executive member as chairman. The Nomination Committee’s term of office extends until new Nomination Committee is appointed. The Nomination Committee’s task shall be to submit to the Annual General Meeting proposals regarding the number of Board members to be elected by the AGM, Board fees, Chairman and other members of the Board, Chairman of the Annual General Meeting, and election of auditors and auditor fees.

In the event that any of the three members of the Nomination Committee appointed by the three largest shareholders in voting resigns from office, the shareholder who appointed the resigned member shall be entitled to appoint a new member. In case any of the voting three largest shareholders sell all, but not only part of, their shares in the company before the nomination committee fulfills its duties, instead of such shareholders, the voting fourth largest shareholder shall appoint a new member, etc.