Company announcement – No. 74 / 2021 Zealand Pharma increases its share capital as a consequence of exercise of employee warrants Copenhagen, DK and Boston, MA, U.S. December 10, 2021 – Zealand Pharma A/S (Nasdaq: ZEAL) (CVR-no. 20045078), a biotechnology company focused on the discovery, development and commercialization of innovative peptide-based medicines, has increased its share capital by a nominal amount of DKK 5,400 divided into 5,400 new shares with a nominal value of DKK 1 each. The increase is a consequence of the exercise of warrants granted under several of Zealand Pharma’s employee warrant programs. Employee warrant programs are part of Zealand Pharma’s incentive scheme, and each warrant gives the owner the right to subscribe for one new Zealand Pharma-share at a pre specified price, the exercise price, in specific predefined time periods before expiration. For a more detailed description of Zealand Pharma’s warrant programs, see the company’s Articles of Association, which are available on the website: www.zealandpharma.com. The exercise price was DKK 100,8 per share for 5,400 new shares. The total proceeds to Zealand Pharma from the capital increase amount to DKK 544,320.00. The new shares give rights to dividend and other rights from the time of the warrant holder’s exercise notice. Each new share carries one vote at Zealand Pharma’s general meetings. Zealand Pharma has only one class of shares. The new shares will be listed on Nasdaq Copenhagen after registration of the capital increase with the Danish Business Authority. Following registration of the new shares, the share capital of Zealand Pharma will be nominal DKK 43,634,142 divided into 43,634,142 shares with a nominal value of DKK 1 each. The amendments to Zealand Pharma’s Articles of Association entailed by the share capital increase have been set out below. A full copy of the amended Articles of Association can be found at https://www.zealandpharma.com/ and registered today with the Danish Business Authority. # # # About Zealand Pharma A/S Zealand Pharma A/S (Nasdaq: ZEAL) (“Zealand”) is a biotechnology company focused on the discovery, development, and commercialization of peptide-based medicines. More than 10 drug candidates invented by Zealand have advanced into clinical development, of which two have reached the market. In addition, license collaborations with Boehringer Ingelheim and AstraZeneca create opportunity for more patients to potentially benefit from Zealand-invented peptide investigational agents currently in development. Zealand was founded in 1998 in Copenhagen, Denmark, and has presence throughout the U.S. that includes key locations in Boston, and Marlborough (MA). For more information about Zealand’s business and activities, please visit http://www.zealandpharma.com. Zegalogue® and V-Go® are registered trademarks of Zealand Pharma A/S. Forward-Looking Statement The above information contains forward-looking statements that provide Zealand Pharma’s expectations or forecasts of future events. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions, which may cause actual results to differ materially from expectations set forth herein and may cause any or all of such forward-looking statements to be incorrect. If any or all of such forward-looking statements prove to be incorrect, our actual results could differ materially and adversely from those anticipated or implied by such statements. All such forward-looking statements speak only as of the date of this release and are based on information available to Zealand Pharma as of the date of this release. For further information, please contact: Zealand Pharma Investor RelationsMaeve ConneightonArgot Partnersinvestors@zealandpharma.com Zealand Pharma Media RelationsDavid RosenArgot Partnersmedia@zealandpharma.com The amendments to Zealand’s Articles of Association to reflect the capital increase, and a general update due to cancellations of warrants, are as follows: 1. On page 2, section 4.1 – the Articles have been amended to reflect the new share capital Selskabets aktiekapital udgør DKK 43.634.142. The share capital of the Company is DKK 43.634.142. 2. On page 13 and 14, section 8.4 – the articles have been amended to reflect the changes (this change has also been amended to the belonging exhibit 8.4.e): På et bestyrelsesmøde i Selskabet afholdt den 6. april 2017 vedtog Selskabets bestyrelse at udstede warrants (2017-1 employee incentive program) svarende til nominelt DKK 424.000 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Det konkrete antal warrants tildelt udgør 424.000. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4.e. Bilag 8.4.e udgør en integreret del af nærværende vedtægter. 133.900 warrants udstedt under dette program er pr. 10. december 2021 bortfaldet. 17.263 warrants er udnyttet den 15. april 2020, 38.121 warrants er udnyttet den 26. maj 2020, 14.495 warrants er udnyttet den 12. juni 2020, 8.050 warrants er udnyttet den 21. august 2020, 2.976 warrants er udnyttet den 11. september 2020, 11.495 warrants er udnyttet den 20. november 2020, 3.250 warrants er udnyttet den 11. december 2020, 3.770 warrants er udnyttet den 19. marts 2021, 3.900 warrants er udnyttet den 9. april 2021, 2.000 warrants er udnyttet den 20. maj 2021, 4.395 warrants er udnyttet den 10. juni 2021, 1,854 warrants er udnyttet den 20. august 2021, 8.089 warrants er udnyttet den 10. september 2021, og 1.934 warrants er udnyttet den 19. november 2021. Som følge af dels udnyttelse, dels bortfald af warrants, er det udestående antal warrants, der kan udnyttes, reduceret til 168.508 warrants. At a meeting of the board of directors of the Company held on 6 April 2017, the board of directors of the Company resolved to issue warrants (2017-1 employee incentive program) corresponding to a nominal amount of DKK 424,000 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The final number of warrants granted is 424,000. The complete terms of the warrants are attached as Schedule 8.4.e. Schedule 8.4.e constitutes an integrated part of these Articles of Association. 133,900 warrants issued under this program has lapsed per 10 December 2021. 17,263 warrants were exercised on 15 April 2020, 38,121 warrants were exercised on 26 May 2020, 14,495 warrants were exercixed on 12 June 2020, 8,050 warrants were exercised on 21 August 2020, 2,976 warrants were exercised on 11 September 2020, 11,495 warrants were exercised on 20 November 2020, 3,250 warrants were exercised on 11 December 2020, 3,770 warrants were exercised on 19 March 2021, 3,900 warrants were exercised on 9 April 2021, 2,000 warrants were exercised on 20 May 2021, 4,395 warrants were exercised on 10 June 2021, 1,854 warrants were exercised on 20 August 2021, 8,089 were exercised on 10 September 2021 and 1.934 warrants were exercised on 19 November 2021. As a result of exercise/lapse of warrants, the number of warrants available for exercise has been reduced to 168,508 warrants. 3. On page 15 and 16, section 8.4 – the articles have been amended to reflect the changes (this change has also been amended to the belonging exhibit 8.4.i): På et bestyrelsesmøde i Selskabet afholdt den 22. maj 2018 vedtog Selskabets bestyrelse at udstede warrants (2018-1 employee incentive program) svarende til nominelt DKK 515.500 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Det konkrete antal warrants tildelt udgør 515.500. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4.i. Bilag 8.4.i udgør en integreret del af nærværende vedtægter. 106.500 warrants udstedt under dette program er pr. 10. september 2021 bortfaldet. 85.601 warrants er udnyttet den 10. juni 2021, 7,257 warrants er udnyttet den 20. august 2021, 14.000 warrants er udnyttet den 10. september 2021, 5.111 warrants er udnyttet den 19. November 2021 og 5.400 warrants er udnyttet den 10. december 2021. Som følge af dels udnyttelse, dels bortfald af warrants, er det udestående antal warrants, der kan udnyttes, reduceret til 291.631 warrants. At a meeting of the board of directors of the Company held on 22 May 2018, the board of directors of the Company resolved to issue warrants (2018-1 employee incentive program) corresponding to a nominal amount of DKK 515,500 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The final number of warrants granted is 515,500. The complete terms of the warrants are attached as Schedule 8.4.i. Schedule 8.4.i constitutes an integrated part of these Articles of Association. 106,500 warrants issued under this program has lapsed per 10 September 2021. 85,601 warrants were exercised on 10 June 2021, 7,257 warrants were exercised on 20 August 2021, 14.000 warrants were exercised on 10 September 2021, 5.111 warrants were exercised on 19 November 2021 and 5,400 warrants were exercised on 10 December 2021. As a result of exercise/lapse of warrants, the number of warrants available for exercise has been reduced to 291,631 warrants. 4. On page 17, section 8.4 – the articles have been amended to reflect the changes (this change has also been amended to the belonging exhibit 8.4.l): På et bestyrelsesmøde i Selskabet afholdt den 10. april 2019 vedtog Selskabets bestyrelse at udstede warrants (2019-1 employee incentive program) svarende til nominelt DKK 397.750 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Det konkrete antal warrants tildelt udgør 397.750. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4.l. Bilag 8.4.l udgør en integreret del af nærværende vedtægter. 63.500 warrants udstedt under dette program er pr. 10. december 2021 bortfaldet. Som følge af bortfald af warrants, er det udestående antal warrants, der kan udnyttes, reduceret til 334.250 warrants. At a meeting of the board of directors of the Company held on 10 April 2019, the board of directors of the Company resolved to issue warrants (2019-1 employee incentive pro-gram) corresponding to a nominal amount of DKK 397,750 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The final number of warrants granted is 397,750. The complete terms of the warrants are attached as Schedule 8.4.l. Schedule 8.4.l constitutes an integrated part of these Articles of Association. 63,500 warrants issued under this program has lapsed per 10 December 2021. As a result of lapse of warrants, the number of warrants available for exercise has been reduced to 334,250 warrants. 5. On page 18 and 19, section 8.4 – the articles have been amended to reflect the changes (this change has also been amended to the belonging exhibit 8.4.n): På et bestyrelsesmøde i Selskabet afholdt den 13. juni 2019 vedtog Selskabets bestyrelse at udstede warrants (2019-3 employee incentive program) svarende til nominelt DKK 25.976 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Det konkrete antal warrants tildelt udgør 25.976. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4.n. Bilag 8.4.n udgør en integreret del af nærværende vedtægter. 8.658 warrants udstedt under dette program er pr. 10. december 2021 bortfaldet. 8.659 warrants er udnyttet den 21. august 2020, og 8.659 warrants er udnyttet den 10. september 2021. Som følge af dels udnyttelse, dels bortfald af warrants, er der ikke flere udestående warrants der kan udnyttes. At a meeting of the board of directors of the Company held on 13 June 2019, the board of directors of the Company resolved to issue warrants (2019-3 employee incentive program) corresponding to a nominal amount of DKK 25,976 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The final number of warrants granted is 25,976. The complete terms of the warrants are attached as Schedule 8.4.n. Schedule 8.4.n constitutes an integrated part of these Articles of Association. 8,658 warrants issued under this program has lapsed per 10 December 2021. 8,659 warrants were exercised on 21 August 2020, and 8,659 warrants were exercised on 10 September 2021. As a result of exercise of warrants, no warrants are left available for exercise. 6. On page 19 and 20, section 8.4 – the articles have been amended to reflect the changes (this change has also been amended to the belonging exhibit 8.4.p): På et bestyrelsesmøde i Selskabet afholdt den 15. april 2020 vedtog Selskabets bestyrelse at udstede warrants (2020-1 employee incentive program) svarende til nominelt DKK 283.250 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Det konkrete antal warrants tildelt udgør 283.250. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4.p. Bilag 8.4.p udgør en integreret del af nærværende vedtægter. 36.100 warrants udstedt under dette program er pr. 10. december 2021 bortfaldet. Som følge af bortfald af warrants, er det udestående antal warrants, der kan udnyttes, reduceret til 247.150 warrants. At a meeting of the board of directors of the Company held on 15 April 2020, the board of directors of the Company resolved to issue warrants (2020-1 employee incentive program) corresponding to a nominal amount of DKK 283,250 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The final number of warrants granted is 283,250. The complete terms of the warrants are attached as Schedule 8.4.p. Schedule 8.4.p constitutes an integrated part of these Articles of Association. 36,100 warrants issued under this program has lapsed per 10 December 2021. As a result of lapse of warrants, the number of warrants available for exercise has been reduced to 247,150 warrants. 7. On page 20 and 21, section 8.4 – the articles have been amended to reflect the changes (this change has also been amended to the belonging exhibit 8.4.q): På et bestyrelsesmøde i Selskabet afholdt den 15. april 2020 vedtog Selskabets bestyrelse at udstede warrants (2020-3 employee incentive program) svarende til nominelt DKK 220.764 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Det konkrete antal warrants tildelt udgør 220.764. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4.q. Bilag 8.4.q udgør en integreret del af nærværende vedtægter. 122.547 warrants udstedt under dette program er pr. 10. december 2021 bortfaldet. Som følge af bortfald af warrants, er det udestående antal warrants, der kan udnyttes, reduceret til 98.217 warrants. At a meeting of the board of directors of the Company held on 15 April 2020, the board of directors of the Company resolved to issue warrants (2020-3 employee incentive program) corresponding to a nominal amount of DKK 220,764 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The final number of warrants granted is 220,764. The complete terms of the warrants are attached as Schedule 8.4.q. Schedule 8.4.q constitutes an integrated part of these Articles of Association. 122,547 warrants issued under this program has lapsed per 10 December 2021. As a result of lapse of warrants, the number of warrants available for exercise has been reduced to 98,217 warrants. 8. On page 21, section 8.4 – the articles have been amended to reflect the changes (this change has also been amended to the belonging exhibit 8.4.s): På et bestyrelsesmøde i Selskabet afholdt den 15. april 2020 vedtog Selskabets bestyrelse at udstede warrants (2020-4 employee incentive program) svarende til nominelt DKK 47.392 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Det konkrete antal warrants tildelt udgør 47.392. De fuldstændige vilkår for warrants er vedlagt som bilag 8.4.s. Bilag 8.4.s udgør en integreret del af nærværende vedtægter. 15.596 warrants udstedt under dette program er pr. 10. december 2021 bortfaldet. Som følge af bortfald af warrants, er det udestående antal warrants, der kan udnyttes, reduceret til 31.796 warrants At a meeting of the board of directors of the Company held on 15 April 2020, the board of directors of the Company resolved to issue warrants (2020-4 employee incentive program) corresponding to a nominal amount of DKK 47,392 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The final number of warrants granted is 47.392. The complete terms of the warrants are attached as Schedule 8.4.s. Schedule 8.4.s constitutes an integrated part of these Articles of Association. 15,596 warrants issued under this program has lapsed per 10 December 2021. As a result of lapse of warrants, the number of warrants available for exercise has been reduced to 31,796 warrants. 9. On page 42 the Articles of Association have been amended so that there is a revised paragraph that states: Vedtaget på bestyrelsesmøde afholdt den 10. december 2021. Approved at the board meeting held on 10 December 2021.