Governing laws and disputes

1. The Agreement is governed by and will be interpreted in accordance with Danish law. However, the conflict of laws rules must be disregarded to the extent that such rules are non-mandatory.

2. Any dispute arising out of this Agreement, including any dispute concerning the existence or validity of the Agreement, that cannot be settled amicably, will be decided by arbitration by the Danish Institute of Arbitration. The Danish Institute of Arbitration will apply the rules in force when the application for arbitration is submitted.

3. Each party will appoint 1 arbitrator. The Danish Institute of Arbitration will appoint 1 additional arbitrator who will be chairman of the arbitration tribunal. If either party fails to appoint an arbitrator no later than 30 days after submitting an application for arbitration or receiving notice of arbitration, the Danish Institute of Arbitration will also appoint that arbitrator.

4. The arbitration proceedings will take place in Copenhagen, and the language of the proceedings will be English.

5. Neither party is entitled to disclose confidential information about the arbitration proceedings to others, including information about any decision or award made by the Danish Institute of Arbitration, unless the other party has consented to any such disclosure of information in writing. Either party is entitled, however, to disclose information about the arbitration proceedings to others if such disclosure is made to protect the party's interests against the other party in the best possible manner, to comply with current legislation or public authority decisions or is required by stock exchange listing agreements.