Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 110

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 110
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, or to the order
of, the Approved Entity. Such delivery shall irrevocably discharge and satisfy all of LBG’s obligations under the Additional Tier
1 Securities (but shall be without prejudice to the rights of the Trustee and the holders and beneficial owners of the Additional Tier
1 Securities against the Approved Entity in connection with its undertaking to deliver Relevant Shares as provided in the definition of
“New Conversion Condition” below). Such delivery shall be in consideration of the Approved Entity irrevocably undertaking,
for the benefit of the holders and beneficial owners of the Additional Tier 1 Securities, to deliver the Relevant Shares to the Settlement
Share Depository as aforesaid. For the avoidance of doubt, LBG may elect that a Settlement Shares Offer be made by the Settlement Share
Depository in respect of the Relevant Shares.

The New Conversion Price shall be subject to adjustments
as described under “—Anti-dilution Adjustment of the Conversion Price” below and in accordance with the Indenture,
with such modifications as an Independent Adviser shall determine to be appropriate, and LBG shall give notice to holders of the New Conversion
Price and of any such modifications and amendments in accordance with “—Notice” below.

In the case of a Qualifying Relevant Event:

| (1) | LBG shall, on or prior to the New Conversion Condition Effective Date, enter into such agreements and arrangements (which may include      
 supplemental indentures to the Indenture and amendments and modifications to the terms and conditions of the Additional Tier 1 Securities  
 and the Indenture) as may be required to ensure that, with effect from the New Conversion Condition Effective Date, the Additional Tier    
 1 Securities shall (following the occurrence of a Trigger Event) be convertible into, or exchangeable for, Relevant Shares of the Approved 
 Entity mutatis mutandis in accordance with, and subject to, the provisions under “—Automatic Conversion”                                   
 above and in accordance with the Indenture (as each may be so supplemented or amended) at the New Conversion Price;                        |

| (2) | LBG shall, where the Conversion Date falls on or after the New Conversion Condition Effective Date, procure the issue and/or delivery 
 of the relevant number of Relevant Shares mutatis mutandis in the manner provided under “—Automatic Conversion”                       
 above and in accordance with the Indenture (as each may be so supplemented or amended).                                               |

Within 10 days following the occurrence of a Relevant
Event, L