Employment Agreement for Dr. Steen Lisby, effective as of August 1, 2017

Period of employment

The Employee is employed as of August 1st  2017 by the Employer, a company engaged in drug development. However, if the Employee due to requirements to obtain "good leaver status" from his existing Employer is prevented from starting until June 1st, 2018, this will be accepted by the Employer.

The Employee is employed as Sr. Vice President and Chief Medical Officer (CMO) and is reporting to the Company's CEO (hereinafter referred to as the "reporting per­ son").

Tasks and place of work

The Employee's primary tasks will be overseeing and managing any medically related activities of the company including advising executive management on such topics and participating in clinical development program planning as well as compiling regulatory documents. However, the Employer is entitled to, at any time, to instruct the Employee to carry out additional tasks within the work area of the Employee.

The Employee's normal place of work is at the office at Rungsted Kyst. The Employee must expect, though, meeting activities, projects, etc. outside the normal place of work. If agreed with the reporting person, the Employee may work from home.

The Employee is aware of and accepts that the position may incur some travelling activity.

Working hours

The weekly working hours will be 37 hours, exclusive of lunch distributed on five working days.

The Employee may plan the working time to make it fit the normal average working hours, but unless otherwise agreed with the reporting person, the Employee is expected to be in the office between 9:00 am and 5:00 pm.

The Employee is entitled to a lunch break of 30 minutes per working day. The lunch break is to be held with due consideration to the performance of the work tasks.

The Employee is aware of and accepts, that the employment, within the mandatory frames of the Danish Act on Working Time, is not subject to maximum working hours, and that the Employee is obliged to assume working overtime to the extent necessary. Furthermore, the Employee is obliged to participate in meetings with other employees and the management of the Employer, and the Employee must - to the extent necessary

Salary and benefits

The base salary is DKK 1.741.000 per year, payable monthly in arrears on or around the last banking day of the month, the first payment to be made at the end of the first month of employment. The employee may choose to participate in the Employer's pension scheme. However, any pension contribution will be paid out of the employee's base salary.

Each year in December, the first time in December 2018, a potential adjustment of the salary according to item 4.1 discussed with the reporting person and an adjustment (if any) will become effective as of January 1 in the following year.

The Employer shall provide at the free disposal of the Employee, a mobile phone and a portable computer and shall pay all costs in connection herewith including internet connection at the Employee's home(s). In the event of termination of this Agreement, for whatever reason, and upon the Employer's request, the Employee is obliged to forthwith return the mobile phone and the portable computer to the Employer. The Employee will be entitled to receive a monthly compensation corresponding to the taxable value of benefits no longer available to the Employee. The Employee shall also be entitled to one newspaper subscription paid by the company.

The Employee may also receive an annual bonus based on overall company performance and ability to reach individually defined performance goals. Such annual bonus may be up to the equivalent of 3 months' salary.

The Employee shall as Sr. Vice-President and Chief Medical Officer (CMO) be offered to participate in the Company's Warrant program. Such warrants will be granted at the first Board meeting following the Employees first working day. In general, the warrants vest over 4 years and at the end of the first 4 years vesting period the Employee may be offered a continuation package.

In the event that the Company is being taken over by another Company that will not continue the collaboration with the Employee, or impose a change in "normal place of work" to outside Rungsted Kyst or greater Copenhagen area, the Employee has the option to consider this a termination of the contract (employment relation-ship) by the Employer and shall be entitled to an extra 12 months' notification of termination (Take over protection) in addition to the agreed 12 months notification of termination (see 7.3).

Travelling and entertainment

The Employer will reimburse the Employee reasonable travelling and entertainment costs, incurred in connection with the Employee's work for the Employer in accord­ dance with the policies and procedures of the Employer in force at the time. No later than the seventh day of each month the Employee shall settle his/her travelling costs and other expenses for the foregoing month, by submitting the relevant receipts and/or other evidence to the reporting person for approval.

Holiday and days off with pay

The Employee is subject to the provisions of the Danish Holiday Act and is thus entitled to holiday and holiday compensation in accordance with the stipulations of the Danish Holiday Act. The Employee receives salary during his/her vacation and shall decide the periods of the vacation after consultation and approval of the reporting per­ son

Upon termination, regardless of which Party is terminating the employment, it has been agreed that without prior notice the Employer, irrespective of the length of the termination notice, is entitled to require the Employee to take the maximum amount of holiday as possible during the termination notice period. Article 15 section 2 and Article 16 section 1 of the Danish Holiday Act is thus deviated from, cf. Article 21 of the Danish Holiday Act.

The Employee shall additionally be entitled to one full day off with pay (in Danish: "feriefridage") on the first Friday after Ascension Day (in Danish: "Kristi Himmel­ fartsdag"), Constitution Day (in Danish: "Grundlovsdag"), and 24 December and 31 December. The Danish Holiday Act does not comprise days off with pay. Days off with pay that are not used will not entitle the Employee to any payments, and days off with pay not used may not be carried forward. The employee will be entitled in the commencement year (in Danish: tiltrredelses aret) to take full holiday with full pay (i.e. 5 weeks), despite that the Employee has not accrued entitlement-paid holiday to the company according to the Danish Holiday act

Termination notices

During the employment the following termination notices apply:

The employment may be terminated by the Employee with 3 months' notice to the end of a calendar month. The Employee may not terminate the employment with a notice exceeding 3 month.

The Employer may terminate the employment relationship to the end of a calendar month with a notice of 12 months.

Both Parties must serve the notice in writing and the notice must reach the recipient no later than the last day of the calendar month.

Notwithstanding the above termination notices, the Parties agree that the Employer may terminate the employment with 1 months' notice to the end of a calendar month, when the following three conditions have been met:

Other stipulations

The Employee agrees to be bound by and accepts the terms and provisions contained in this contract, and agrees to adhere to the instructions given by the Employer during the employment, which the Employer considers to be of importance to the employment. Such instructions include, but are not limited to, the Employee's personal be­ haviour within the workplace and outside the workplace when dealing with customers and Employer's business partners.

The Employee is thus obliged to:

The Employee may not receive loans, gifts or other benefits from the Employer's customers or partners, except for normal gifts at Christmas or similar.

The Employee is obliged to inform the Employer of his change of home address to the effect that any notices (including termination notice) forwarded by the Employer to the address last stated by the Employee is considered as having reached the Employee as at the date on which the notice (including termination notice) reached this address.

During the employment, the Employee is obliged to devote his full working day to the Employer. The Employee may not, directly or indirectly, engage in any other non­ competing employment or business activities, whether paid or unpaid, unless such work/activities can be performed without any interference in the Employee's work obligations towards the Employer.

The Employee is subject to complete confidentiality regarding everything he/she learns regarding business relationships and confidential information regarding the Employer, its customers or other third parties to which the Employer is connected. This confidentiality obligation also applies after the expiry of the employment. Any breach of the confidentiality obligation is considered a gross violation of the employment contract, entitling the Employer to terminate the contract immediately. In that case the Employee is only entitled to salary up to and including the day of termination.

If the Employee's employment with the Employer is terminated for whatever reason, the Employee is obliged to return to the Employer all property that he has received or worked with during the employment including but not limited to manuals, reports, correspondence, case files, customer lists, price lists, catalogues, computer programs, etc. which are in the Employee's possession, and which relate to the business of the Employer. Lien cannot be exercised in any kind of property belonging to the Employer.

During the employment the Employee is prohibited from being directly, or indirectly engaged with or interested in any company or business activity, which is competing with the Employer. If the cohabiting spouse of the Employee or a person with whom the Employee is living in a relationship participates in such activities, the Employer shall be informed hereof immediately.

If the Employee is absent, due to illness or for other reasons, his absence must be reported to the Employer immediately at the start of the first working day of his/her illness. At the same time the Employee must report the expected duration of his/her absence.

For the substantiation of the illness, the Employer may require the Employee to pro­ vide a self-certification form or a fit for work certificate, and the Employer shall pay any costs related hereto. The Employee has an obligation to participate in a mandatory sickness absence interview, unless the Employee, via a medical statement, is able to substantiate his incapacity to participate, in person or on the telephone, in such mandatory sickness absence interview. Any failure by the Employee  to meet the request for substantiation of the illness, or the participation in the mandatory sickness absence interview or the preparation of a fit for work certificate, etc., is to be considered as a substantial breach of the Employee's obligation to cooperate loyally with the Employer and may, depending on the circumstances, entitle the Employer to terminate the . employment contract with or without notice (in Danish: opsigelse/ophrevelse).

In connection with his illness, the Employee is obligated to meet all information and substantiation requirements of the council in order to facilitate the Employer's possibility to receive sick pay reimbursement from the council. Any failure to complete and forward reimbursement request forms, and any failure to participate in the follow-up work of the council may, depending on the circumstances, entail a reduction in the Employee's salary by an amount equalling the amount, which the Employer is precluded from receiving reimbursement for, due to the conduct of the Employee. The Employer may furthermore terminate the employment contract due to the Employee's disloyal conduct.

Intellectual rights

All rights to any kind of texts, graphic material, concepts and computer programmes, which are developed/manufactured partly or wholly by the Employee during the employment and as a part of the Employee's work, belong to the Employer. The Employer thus has the right to any commercial use of the work results, subject, however, to mandatory legislation.

The Employee accepts that the Employee will not be able to claim any special fee or payment for inventions or other creations relating to industrial property rights since the possible discovery of such have been taken into consideration when agreeing on the remuneration and all other terms of the employment. The Parties agree that any discoveries, etc. will normally not require the Employer to compensate the Employee

IT policies

The Employer provides the Employee the use of internet and the use of e-mail, in order to facilitate information search and increase the possibilities of communication in the performance of his duties for the Employer. For the purposes of the performance of his duties, the Employee will be provided with a specific email account. The Employer considers the Employee's emails and attached files (except for emails specifically marked "personal" or "private", cf. item 10.6 below), as the property of the Employer, and the Employee accepts that the Employer has access to the said email account in connection with illness, holidays, training courses, termination, etc. The Employee is obligated to use the "out of office assistant" or to arrange that the email account be temporarily moved to a colleague during holidays or absence.

The internet access as conducted through by Employer provided computer and/or phone shall only be used for searches that do not violate ethical standards or any of the Employer's policies and procedures in force at the time. The internet must not be used for searching or downloading homepages containing contents of pornographic, extreme political or discriminatory nature regarding race, sex, ethnic or social origin or religion. The Employee is not entitled to send emails containing material of the above nature. Furthermore, the Employee may not send or receive "junk mail", jokes or similar material unrelated to work which may interfere with the Employee's duties.

Access to specific internet facilities such as subscription services, etc., may only be permitted upon agreement with the Employer's IT Administrator.

Files comprised by third parties' copyright may not be downloaded contrary to the copyright rules or be copied, installed or placed on the Employee's computer. Similarly, no material may be sent via email contrary to the copyright rules. Music, videos and pictures may not be downloaded.

Use of the internet access and use of emails shall take place in accordance with the Employer's rules for IT security. In order to ensure observance of the rules for IT

Use of the internet access and use of emails for private purposes may only take place to the extent it is consistent with the Employee's performance of his/her work for the Employer and in compliance with the above mentioned rules. Private use may only take place to a limited extent.

Emails sent to and/or from the Employee are considered the property of the Employer, unless the email is marked "personal" or "private" in the subject field (hereinafter referred to as "Private Emails"). The latter emails are considered the property of the Employee. The Employee should note, however, that any emails may be opened and read by the IT Administrator, cf. clause 10.9.

It is the responsibility of the Employee that Private Emails are deleted from the Employee's email account upon termination of the employment. Private Emails not deleted at the end of the employment, shall be deleted by the Employer. The Employer will decide the time for the closing of the Employee's email account. Emails received between termination of the employment and the closing of the email account, shall be opened by the Employer. However, this will not apply to Private Emails, unless circumstances so prescribe.

The Employee's movements on the internet will be registered in a central log file, while another central log file shall contain copies of all emails sent to and from the Employee's email account. The Employer has the right at all times, to control that the above rules are observed. The IT administrator may open all emails and at-attachments and obtain knowledge of any movements on the internet, if and to the extent this is necessary in connection with such control. The said control will be performed with random compliance checks.

Gross and repeated violation of the above rules may result in dismissal of the Employee.

The rules for internet access and use of email will be discussed with regular intervals in order to ensure the best possible use of the internet and emails. Amended rules will become effective when the Employee has been made aware of the changes.

Maternity/paternity leave

The Employee is entitled to leave in accordance with the Act on Maternity Leave in force at all times, upon due notice of the relevant date of birth/placement for adoption subject to the rules of said Act and the Salaried Employees Act.

Personal data

By his signature below the Employee agrees that personal data such as name, social security number, address, nationality, bank accounts and similar are available to the Employer for the use of salary and personnel administration.

By his signature below the Employee agrees that the Employer may pass on information regarding the employment, including personal information regarding the Employee, to a third party pursuant to any such a third party's potential investment in or takeover of the Employer. The third party will in such case be subject to duty of confidentiality with regard to such information.

Collective agreements and company handbook

This employment is not regulated by a collective agreement.

In connection with the employment, a company handbook will be provided once it becomes available. The rules in the said staff handbook, which also regulates the employment, are applicable to the Employee. If the company handbook will contain rules for regulation of conditions that are considered significant by the Employer or by the Employee, such as smoking policy, alcohol policy, rights in connection with children's illness, rules regarding full pay during maternity leave, etc., it is important that such items are mentioned specifically in the contract, referring to the company handbook - in order to comply with the Act on Employment Contracts.

Governing law and jurisdiction

This contract shall be governed by and construed in accordance with Danish Law.

Any dispute between the Parties concerning the employment established by this contract shall be attempted solved by negotiation. In case the Parties are not able to negotiate an amicable solution, the dispute shall be solved by the ordinary courts in Denmark.

Signatures

This employment contract shall be signed by both Parties, and the original shall be kept by the Employer. The Employee shall receive a duplicate copy of the signed contract.