Company: IMCR
Filing Date: 2025-03-17
Form Type: 424B7
Source: 0001140361-25-008917
Chunk: 21

Company: Immunocore Holdings plc
Filing Date: 2025-03-17
Form: 424B7
Chunk 21
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 are required to satisfy all or part of our conversion obligation in cash, the amount of cash consideration that you will receive upon conversion of your notes will be determined by reference to the daily volume-weighted average price of the ADSs on each trading day in a 40 trading day observation period described in the section titled “Description of Notes—Conversion Rights—Conversion Share Limitations.” Accordingly, if the price of the ADSs decreases during this period, the amount of consideration you receive will be adversely affected.**

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#### TABLE OF CONTENTS
**The notes are not protected by restrictive covenants.**

**The indenture governing the notes does not contain any financial or operating covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by us or any of our subsidiaries. The indenture does not contain any covenants or other provisions to afford protection to holders of the notes in the event of a fundamental change or other corporate transaction involving us except to the extent described in the section titled “Description of Notes—Fundamental Change Permits Holders to Require Us to Repurchase Notes,” “Description of Notes—Conversion Rights—Increase in Conversion Rate upon Conversion upon a Make- Whole Fundamental Change, Notice of Optional Redemption or Notice of Tax Redemption” and “Description of Notes—Consolidation, Merger and Sale of Assets.”

The increase in the conversion rate for notes converted in connection with a make-whole fundamental change, a notice of optional redemption or a notice of tax redemption may not adequately compensate you for any lost value of your notes as a result of such transaction or redemption.

If a make-whole fundamental change occurs prior to the maturity date or if we deliver a notice of optional redemption or a notice of tax redemption, we will, under certain circumstances, increase the conversion rate by a number of additional ADSs for notes converted in connection with such make-whole fundamental change or notes called (or deemed called) for redemption that are converted in connection with such notice of optional redemption or in connection with such notice of tax redemption. The increase in the conversion rate will be determined based on the date on which the make-whole fundamental change occurs or becomes effective, or the date we deliver the notice of optional redemption or notice of tax redemption, as the case may be, and the price paid (or deemed to be paid) per ADS in the make-whole fundamental change or determined with respect to the notice of optional redemption or the notice