20,000,000 Shares of TROPHY GAMES Development A/S are subject to a Lock-Up Agreement Ending on 22-APR-2022. These Shares will be under lockup for 365 days starting from 22-APR-2021 to 22-APR-2022.

Details:
In connection with the Offering, all Existing Shareholders of Existing Shares before the Offering have agreed to enter into lock-up agreements, obligating the Existing Shareholders to not sell, offer for sale, enter into any agreement regarding the sale of, pledge or in any other way directly or indirectly transfer the Existing Shares or votes in the Company without the prior written consent of Grant Thornton acting as Certified Adviser in the Offering, with three exceptions.

The Lock-Up Obligation shall apply from the first day of trading and for a period of 360 calendar days.

Exceptions:
1. Each of Daniel Luun Holding ApS and Gleie Holding ApS may sell up to 2% of their Shares in company in connection with the Offering, equivalent to 91,998 Shares for Gleie Holding ApS and equivalent to 50,000 Shares for Daniel Luun Holding ApS.
2. Starting 6 months from the first day of trading, up to 2% per month of the Shares acquired by Karsten Ree B Holding ApS, Lerhmann Family ApS and Benjamin Capital ApS, in the IPO process at the Share Price stipulated in this Company Description, may be sold. All three Shareholders have acquired 125,000 Shares in the Company during IPO Process gross DKK 1,000,000. Starting 6 months from the first day of trading, up to two (2) per cent, equivalent to 2,500 Shares, may be sold per month (accumulated reserve for holdings not sold in the prior months).
3. In the period from December 24, 2021 to January 7, 2022, Daniel Luun Holding ApS may sell Shares up to an amount equal to 22% of the taxable gains on its shares in the company.
After expiry of the Initial Lock-Up Obligation, the Existing Shares are released from the Lock-Up Obligation.

The warrants issued by the Company, if any, cannot be exercised before after the publication of the Company's half-year financial report regarding the second half-year of 2022. Further, the Board of Directors will require warrant holders to sign lock-up agreements in terms equal to the terms of the Lock-Up Obligations applying to the Existing Shareholders.