Company: NCNA
Filing Date: 2025-04-04
Form Type: DRS
Source: 0000950123-25-003335
Chunk: 62

Company: NuCana plc
Filing Date: 2025-04-04
Form: DRS
Chunk 62
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 the holders would have received had they exercised the Series A Warrants immediately prior to such fundamental transaction. Any successor to us or surviving entity
shall assume the obligations under the Series A Warrants. Additionally, as more fully described in the Series A

47

Confidential Treatment Requested by Nucana plc

Pursuant to 17 C.F.R. Section 200.83

Warrants, in the event of certain fundamental transactions, the holders of the Series A Warrants will be entitled to receive consideration in an amount equal to the Black Scholes value of such
Series A Warrants on the date of consummation of such transaction.

Exercise Price Adjustments

If at any time on or after the date of issuance there occurs any share split, share dividend, share combination recapitalization or other
similar transaction involving our ordinary shares and the lowest daily volume weighted average price during the period commencing five consecutive trading days immediately preceding and the five consecutive trading days commencing on the date of
such event is less than the exercise price of the Series A Warrants then in effect, then the exercise price of the Series A Warrants will be reduced to the lowest daily volume weighted average price during such period and the number of ADSs issuable
upon exercise will be proportionately adjusted such that the aggregate price will remain unchanged, subject to a floor price of twenty percent (20%) of the Nasdaq Minimum Price, as defined in Nasdaq Listing Rule 5635(d)(1)(A) (i.e., the lower of (i)
the closing price (as reflected on Nasdaq.com) of the ADSs immediately preceding the execution of the securities purchase agreement for the Series A Warrants, and (ii) the average closing price of the ADSs (as reflected on Nasdaq.com) for the five
trading days immediately preceding the execution of the securities purchase agreement for the Series A Warrants, or each the Series A Floor Price.

On the 11th trading day after the date of issuance, or the Series A Reset Date, the Series A Warrants’ exercise price will be adjusted to
equal the lowest of (i) the exercise price then in effect and (ii) the greater of (a) the lowest daily volume weighted average price of the ADSs during the period commencing on the first trading day after the date of issuance and
ending following the close of trading on the tenth trading day thereafter, and (b) the Series A Floor Price in effect as of the Series A Reset Date,