Document:

ck1711929-ex104_905.htm

Exhibit 10.4

 

AMENDMENT NO. 1 TO ADVISORY AGREEMENT

 

This AMENDMENT NO. 1 TO ADVISORY AGREEMENT (this “Amendment”) effective as of March 23, 2022, is by and between Starwood Real Estate Income Trust, Inc. (the “Company”), Starwood REIT Operating Partnership, L.P. (the “Operating Partnership”) and Starwood REIT Advisors, LLC (the “Advisor”).

 

W I T N E S S E T H

 

WHEREAS, the Company, the Operating Partnership and the Advisor entered into that certain Advisory Agreement, dated December 15, 2017 (the “Agreement”), whereby the Advisor agreed to provide certain advisory services to the Company and the Operating Partnership as more specifically provided therein; and

 

WHEREAS, as set forth in Section 22(b) of the Agreement, the parties wish to amend the Agreement as set forth in this Amendment.

 

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, the parties agree as follows:

 

1.DEFINITIONS; References.  

 

Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Agreement.  Each reference to “hereof,” “hereunder,” “herein” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Agreement shall, after the date hereof, refer to the Agreement as amended hereby.

 

2.AmendmentS to the agreement.  

 

	
 
	
a.
	
Section 1 of the Agreement is hereby amended to include the following definitions:

 

“Company Management Fee” shall have the meaning set forth in Section 10(a). 

 

“OP Management Fee” shall have the meaning set forth in Section 10(a). 

 

	
 
	
b.
	
Section 10 of the Agreement is hereby deleted in its entirety and replaced with the following:

“10. MANAGEMENT FEE.

(a) The Company will pay the Advisor a management fee (the “Company Management Fee”) equal to 1.25% of NAV per annum payable monthly, before giving effect to any accruals for the Management Fee, the Stockholder Servicing Fee, the Performance Participation Interest (as defined in the Operating Partnership Agreement) or any Distributions.  The Operating Partnership will pay the Advisor a management fee (the “OP Management Fee” and, together with the Company Management Fee, the “Management Fee”) equal to 1.25% of the net asset value of the Operating Partnership attributable to Operating Partnership units held by unitholders other than the Company. The Advisor shall receive the Management Fees as compensation for services rendered hereunder.

 

(b) The Company Management Fee may be paid, at the Advisor’s election, in cash or cash equivalent aggregate NAV amounts of Class I Common Shares or Class I units of the Operating 

 

Exhibit 10.4

 

Partnership.  The OP Management Fee may be paid, at the Advisor’s election, in cash or cash equivalent aggregate net asset value amounts of Class I units of the Operating Partnership.  If the Advisor elects to receive any portion of its Management Fee in Class I Common Shares or Class I units of the Operating Partnership, the Advisor may elect to have the Company or the Operating Partnership repurchase such Class I Common Shares or Class I units of the Operating Partnership from the Advisor at a later date at a repurchase price per Class I Common Share or Class I unit, as applicable, equal to the NAV per Class I Common Share. Class I Common Shares and Class I units of the Operating Partnership obtained by the Advisor will not be subject to the repurchase limits of the Company’s share repurchase plan or any reduction or penalty for an early repurchase. The Operating Partnership will repurchase any such Operating Partnership units for cash unless the Board determines that any such repurchase for cash would be prohibited by applicable law or the Charter, in which case such Operating Partnership units will be repurchased for Class I Common Shares with an equivalent aggregate NAV. The Advisor will have the option of exchanging Class I Common Shares for an equivalent aggregate NAV amount of Class T Common Shares, Class S Common Shares or Class D Common Shares and will have registration rights with respect to shares of the Company’s common stock.

(c) In the event this Agreement is terminated or its term expires without renewal, the Advisor will be entitled to receive its prorated Management Fee through the date of termination. Such pro ration shall take into account the number of days of any partial calendar month or calendar year for which this Agreement was in effect.

(d) In the event the Company or the Operating Partnership commences a liquidation of its Investments during any calendar year, the Company and the Operating Partnership will pay the Advisor the Management Fee from the proceeds of the liquidation.”

 

3.  ENTIRE AGREEMENT.  

 

Except as amended by this Amendment, the Agreement remains unaltered and in full force and effect.  The Agreement, as amended by this Amendment, embodies the entire understanding of the parties, supersedes any prior agreements or understandings with respect to the subject matter hereof, and cannot be altered, amended, supplemented, or abridged, or any provisions waived except by the written consent of the parties.

 

4.  Counterparts.  

 

This Amendment may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

 

 

[Signatures on next page]

 

 

 

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

 

	
Starwood Real Estate Income Trust, Inc.
	
	
 
	
 
	
	
By:
	
 
	
/s/ John McCarthy 
	
	
 
	
 
	
Name:
	
 John McCarthy
	
 

	
 
	
 
	
Title:
	
 Chief Executive Officer
	
 

	
 
	
	
Starwood REIT Operating Partnership, L.P.
	
	
 
	
 
	
	
By:
	
 
	
Starwood Real Estate Income Trust, Inc., as its general partner
	
	
 
	
 
	
	
By:
	
 
	
/s/ John McCarthy 
	
	
 
	
 
	
Name:
	
 John McCarthy
	
	
 
	
 
	
Title:
	
 Chief Executive Officer
	
	
 
	
	
Starwood REIT Advisors, LLC
	
	
 
	
 
	
	
By:
	
 
	
/s/ John McCarthy 
	
	
 
	
 
	
Name:
	
 John McCarthy
	
	
 
	
 
	
Title:
	
 Chief Executive Officer
	

 

 

 

 

 

 

Signature Page to Amendment No.1 to Advisory AgreementExhibit 10.1

 

DEED OF IRREVOCABLE UNDERTAKING – SHAREHOLDER

 

		To:	Eagle Pharmaceuticals, Inc. (“Eagle”)

50 Tice Blvd, Suite 315

Woodcliff Lake

NJ 07677

USA

 

		From:	[Name of shareholder]

[Address]

 

____ March 2022

 

Dear Sirs and Madams,

 

Proposed acquisition of the entire issued and
to be issued share capital of Acacia Pharma Group plc (the “Company”) by Eagle

 

		1.	We understand that Eagle intends to make an offer to acquire the entire issued and to be issued share
capital of the Company (the “Acquisition”) which is proposed to be implemented by way of a scheme of arrangement under
Part 26 of the UK Companies Act 2006 (the “CA 2006”) (including any new, increased, renewed or revised scheme
of arrangement, the “Scheme”) substantially on the terms and conditions set out in the draft co-operation agreement
appended to this deed at Appendix II, to be entered into between Eagle and the Company on or around the date of this deed, with such amendments
as may be agreed in writing between Eagle and the Company (the “Co-operation Agreement”).

 

		2.	Terms not defined in this deed shall bear the same meaning as in the Co-operation Agreement.

 

		3.	This deed sets out the terms and conditions on which we will exercise, or procure the exercise of, the
votes attaching to the securities in the capital of the Company in which we have an interest (as set out in Appendix I) in favour of the
Scheme at any relevant meetings of the members of the Company.

 

		4.	In consideration of Eagle signing the Co-operation Agreement and agreeing to be bound by the Scheme in
the event the Scheme becomes effective, we, by reason of being a shareholder and/or option holder of the Company, irrevocably and unconditionally
warrant, undertake to and confirm and agree with Eagle on the following terms.

 

		A.	Shareholdings

 

		5.	We irrevocably and unconditionally undertake and warrant to Eagle that:

 

		5.1.	we are the sole beneficial owner of and, unless otherwise specified in Appendix I hereto, we are also
the sole registered holder of (or are otherwise able to control the exercise of all rights, including voting rights and the ability to
procure the transfer of, attaching to) the number of ordinary shares of £0.02 each in the capital of the Company (the “Company
Securities”, which expression shall include any other shares or securities in the Company acquired by us or issued or transferred
to us after the date hereof, including those attributable to or derived from any such shares or as a result of the exercise of any options
or Awards (as defined below) which we may hold, and which we have become the registered holder, beneficial owner or otherwise interested
in) set forth in Appendix I hereto in accordance with and as further detailed in paragraph 6.2;

 

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		5.2.	if we have been granted options and awards over shares in the capital of the Company under the Company’s
share scheme(s) or equity incentive schemes, their details are as set forth in Appendix I hereto (the “Awards”)
and the Awards are still subsisting and we are beneficially entitled to the Awards;

 

		5.3.	we are not (and none of our affiliates are) interested in any shares, options, warrants, short positions
or other rights or securities of the Company other than those of which details are set forth in Appendix I hereto;

 

		5.4.	we have all relevant power and authority and the right (free from any legal or other restrictions) to
enter into this deed, to perform the obligations contained in this deed in accordance with its terms and we have full power and authority
to (where relevant) exercise any aforementioned options or Awards and vote and sell, or procure the sale of, the Company Securities with
full title guarantee, free from any lien, charge, option, equity encumbrance, rights of pre-emption, legal or other restrictions, together
with all rights attaching to or enjoyed by them, including, but not limited to, any voting rights, the right to receive and retain in
full all dividends and other distributions (if any) announced, declared, made or paid on or after the date of this deed as envisaged by
the terms of the Acquisition;

 

		5.5.	the information set out in Appendix I regarding the Company Securities is complete and accurate and, other
than as set out in Appendix I, we do not have any interest in any securities or shares of the Company or any rights to subscribe for,
purchase or otherwise acquire any securities or shares of the Company;

 

		5.6.	we have full power and authority to enter into this deed and to perform the obligations under it in respect
of the Company Securities; and

 

		5.7.	we will not take any action which would cause us to cease to have all relevant power and authority and
right to enter into and perform the obligations in this deed in accordance with their terms.

 

		B.	Dealings in the Company Securities

 

		6.	We irrevocably and unconditionally undertake and warrant to Eagle that:

 

		6.1.	we shall not:

 

		6.1.1.	exercise any voting rights attaching to the Company Securities in such manner as to frustrate or otherwise
hinder the Scheme and take any action which might result in any condition of the Scheme not being satisfied;

 

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		6.1.2.	sell, transfer, loan, charge, pledge, encumber, grant any option or other right over or otherwise deal
or dispose of, or permit the sale, transfer, loan, charging, pledging, encumbering, granting of any option or other right over or other
dealing or disposal of any of the Company Securities or interest in the Company Securities other than pursuant to the Scheme, provided
that nothing in this paragraph shall prevent us from charging, pledging or encumbering any or our Company Securities (having provided
at least five days’ written notice to Eagle in advance of such charging, pledging or encumbering) if the terms on which the Company
Securities are charged, pledged or encumbered allow us to exercise the voting rights attaching to the Company Securities;

 

		6.1.3.	accept or give any undertaking (whether conditional or unconditional) or letter of intent to accept any
other offer (whether such offer is to be implemented by way of a takeover offer, scheme of arrangement, merger or other business combination
of any nature whatsoever) made or proposed to be made in respect of the issued and to be issued share capital of the Company by any other
person other than Eagle or its affiliates;

 

		6.1.4.	(other than pursuant to the Scheme) enter into any agreement or arrangement or incur any obligation with
any person (other than Eagle or its affiliates):

 

		6.1.4.1.	in relation to, or operating by reference to, shares or other securities of the Company or any options
over such shares or securities;

 

		6.1.4.2.	to do all or any of the acts referred to in sub-paragraphs 6.1.2 and/or 6.1.3 above in relation to, or
operating by reference to, the Company Securities; or

 

		6.1.4.3.	which, in relation to the Company Securities, would or might restrict or impede our voting in favour of
the Scheme or our ability to comply with the terms of this deed,

 

and, for
the avoidance of doubt, references in paragraphs 6.1.3 and/or 6.1.4 to any acceptance of an offer or any agreement, arrangement or obligation
includes any acceptance of an offer or agreement, arrangement or obligation whether or not legally binding or subject to any condition
or which is to take effect upon or following the closing (or, if applicable, becoming effective) or lapsing of the Scheme or upon or following
this deed ceasing to be binding or upon or following any other event.

 

		6.2.	Without limitation to the restrictions in paragraph 6.1, in the event that after the date of this deed,
we acquire or purchase any shares, securities or interests in securities of the Company or rights therein (including, without limitation,
through the exercise of options, Awards or acceleration of any conditional awards under any share scheme or equity incentive scheme implemented
by the Company) or otherwise become the registered holder or beneficial owner of further shares, securities or interests in securities
of the Company or in respect of which we become entitled to exercise all rights or interests, such shares, securities, interests or rights
shall be deemed to be included in the definition of “Company Securities” and the undertakings and agreements as set
out in this deed in relation to such Company Securities shall be performed as soon as reasonably practicable but by no later than one
Business Day following the earlier of: (i) the date of allotment of such Company Securities; (ii) the registration of the relevant
securities in our name; or (iii) when we become the beneficial owner or are otherwise entitled to exercise all rights in respect
of such securities (as applicable).

 

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		C.	Scheme

 

		7.	We irrevocably agree and undertake:

 

		7.1.	to attend (either in person or by proxy) any meeting of the Company’s shareholders convened by order
of the High Court of Justice in England and Wales (the “Court”) (including any adjournments or postponements thereof)
pursuant to section 896 of the CA 2006 to consider and approve the Scheme (the "Court Meeting") and any general or class
meeting of the Company’s shareholders (including any adjournments or postponements thereof) convened by the Company in order to
consider and approve measures required to implement the Scheme (the "General Meeting");

 

		7.2.	to use our reasonable endeavours to procure the convening of the Court Meeting and/or the General Meeting
as may be necessary to pass the resolutions required to implement or effect the Scheme; and

 

		7.3.	that a confirmation of this undertaking may be included in the Scheme Document (as defined below).

 

		8.	Without limitation and in addition to the general voting undertakings granted in paragraph 10 below, we
shall exercise (or, where applicable, procure the exercise of) all voting rights (whether on a show of hands or a poll and whether in
person or by proxy) attaching to the Company Securities:

 

		8.1.	at the Court Meeting, in favour of the resolutions proposed at the Court Meeting to vote to approve, implement
or effect the Scheme; and

 

		8.2.	at the General Meeting, in favour of the resolutions proposed at the General Meeting to approve, implement
or effect the Scheme and all related matters (including any proposed amendment to the articles of association of the Company).

 

		9.	In particular and without limiting paragraph 7 above, as soon as possible and in any event not later than
1:00 p.m. on the date falling five Business Days after the deemed date of receipt of: (a) the formal document containing the
notice of the Court Meeting and the General Meeting (the “Scheme Document”); and (b) the accompanying forms of
proxy, we shall in respect of the Company Securities:

 

		9.1.	execute and deliver to the Company (in accordance with the delivery instructions contained therein), or
procure the execution and delivery to the Company, of such forms of proxy in accordance with the instructions printed on such forms of
proxy; and

 

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		9.2.	in respect of any of the Company Securities in uncertificated form, take (or procure the taking of) any
action to make a valid proxy appointment and give valid proxy instructions,

 

to vote in favour of each of the resolutions
to be proposed at the Court Meeting and/or the General Meeting and, unless instructed to do so by Eagle, shall not thereafter revoke such
forms of proxy or proxy appointments and proxy instructions, either in writing or by attendance at any meeting or otherwise.

 

		D.	Voting – general

 

		10.	In each case save as specifically set out in paragraph ‎8:

 

		10.1.	we shall exercise (or procure the exercise of) the voting rights attached to the Company Securities on
any resolution which would assist the implementation of the Scheme; and

 

		10.2.	save as agreed in writing between Eagle and the Company, we shall exercise (or procure the exercise of)
the voting rights attached to the Company Securities against any resolution:

 

		10.2.1.	to the effect that the text or terms of the resolutions to be proposed at the General Meeting to approve
the Scheme and all related matters be amended;

 

		10.2.2.	to adjourn the General Meeting; and

 

		10.2.3.	that purports to approve or give effect to (and we will not be bound or agree to be bound by) a proposal
by a person other than Eagle or its affiliates to acquire any shares or securities of the Company in issue or to be issued.

 

		E.	Power of attorney

 

		11.	In order to secure the performance of our obligations contained in this deed (and only to the extent we
have failed to comply with such obligations), we hereby appoint, and we shall procure that the registered holder of the Company Securities
(if different) shall appoint, Eagle and each director of Eagle severally as our attorney in our name or otherwise and on our behalf to:
(a) sign, execute and deliver: (i) a form or forms of proxy; (ii) all other documents related to or in connection with
the Scheme; and (iii) all other documents required to be delivered by us under this deed, which are (in each case) to be signed by
us; and (b) comply with the terms of the Scheme Document and fulfil our obligations in relation to any above document or under this
deed if by the fifth Business Day after the date of deemed receipt of the Scheme Document we have not complied with any provision of this
deed within the specified period.

 

		12.	We agree that the power of attorney given in paragraph 11 is given by way of security and is irrevocable
in accordance with section 4 of the Powers of Attorney Act 1971 until this deed lapses or is terminated, or (if earlier) the Scheme becomes
effective.

 

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		F.	Announcements, information and documentation

 

		13.	We agree to comply and to use our best efforts to procure that the Company complies, with the terms of
the announcements and confidentiality provisions set out in clause 20 (Announcements) of the Co-operation Agreement which are incorporated
into this deed by reference and shall apply mutatis mutandis on and from the date of this deed.

 

		14.	We consent to the inclusion of references to us and the particulars and provisions of this deed in the
Co-operation Agreement, the Scheme Document and any document issued or published in connection with the Acquisition (in any manner of
medium) and/or that is required by any other legal or regulatory requirements.

 

		15.	We irrevocably and unconditionally shall:

 

		15.1.	promptly give Eagle all information and any assistance as Eagle may reasonably require for the preparation
of any such announcement or document in order to comply with the requirements of the Court, the CA 2006 and any other legal or regulatory
requirement or body (but will not be required to take responsibility for any information or other matters other than factual information
relating solely to ourselves); and

 

		15.2.	immediately notify Eagle in writing of any material change in the accuracy or impact of any information
previously given to Eagle or in the event of any breach of the undertakings, representations or warranties set out herein.

 

		G.	Termination

 

		16.	The undertakings, warranties, consents, waivers, agreements and obligations in this deed will only lapse
and cease to have effect:

 

		16.1.	if the Scheme does not become effective, lapses or is withdrawn without becoming or being declared unconditional
in accordance with its terms; or

 

		16.2.	the Scheme lapses or is withdrawn or otherwise becomes incapable of becoming effective or has not become
effective on or before the date falling six months after the date of this deed (or such later date as Eagle and the Company agree in writing
and that the Court, if required, approves).

 

		H.	General

 

		17.	For the avoidance of doubt, nothing in this deed shall oblige Eagle to effect the Acquisition.

 

		18.	Any date, time or period referred to in this deed shall be of the essence except to the extent to which
Eagle and we agree in writing to vary any date, time or period, in which event the varied date, time or period shall be of the essence.

 

		19.	This deed shall be binding on our successors and assignees. We acknowledge and agree that we may not assign
or otherwise dispose of any rights under this deed, at law or in equity, including by way of declaration of trust. Any purported assignment
in breach of this paragraph 19 shall be void and confer no rights on the purported assignee.

 

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		20.	Eagle may assign all or any part of the benefit of, or its rights or benefits under, this deed to:

 

		20.1.	any member of Eagle’s group of companies (the “Eagle Group”) (or by any such
member of the Eagle Group to or in favour of any other member of the Eagle Group) provided that if such assignee subsequently ceases to
be a member of the Eagle Group, Eagle shall procure that, prior to its ceasing to be so, such assignee reassigns to Eagle or (upon giving
prior written notice to us) to another member of the Eagle Group so much of the rights and benefits under this deed as have been assigned
to it; and

 

		20.2.	by way of security and/or charge all or any of its rights under this deed for the benefit of:

 

		20.2.1.	any financial institution or other person lending money or making other credit facilities available to
any member of the Eagle Group (including the holders of any debt securities);

 

		20.2.2.	any counterparty to a derivative transaction entered into by a member of the Eagle Group; or

 

		20.2.3.	any facility or security agent, security trustee, arranger of finance, receiver or person fulfilling a
similar or related role, as security for the obligations owed by any member of the Eagle Group to such person, and any such beneficiary
of security may assign all or any of those rights.

 

		21.	If an assignment is made in accordance with paragraph ‎20:

 

		21.1.	our liability to any such assignee shall not be greater than my liability to Eagle if that assignment
had not occurred; and

 

		21.2.	references to Eagle (other than in this paragraph 21.2) shall be construed as references to the holder,
at any relevant time, of Eagle's rights under this deed.

 

		22.	Except to the extent otherwise specified, our obligations set out in this deed are unconditional and irrevocable.

 

		23.	With regard to any Company Securities not registered in our name, the confirmations, warranties and undertakings
contained in this deed are given by us on behalf of the registered holder(s) of such Company Securities and we undertake to ensure
the compliance by such person(s) with those confirmations, warranties and undertakings.

 

		24.	In this deed:

 

		24.1.	all references to time are to London time; and

 

		24.2.	a person will be treated as having an interest in securities if:

 

		24.2.1.	such person owns such securities;

 

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		24.2.2.	such person has the right (whether conditional or absolute) to exercise or direct the exercise of the
voting rights attaching to such securities or has general control of such securities;

 

		24.2.3.	by virtue of any agreement to purchase, option or derivative, such person:

 

		24.2.3.1.	has the right or option to call for the delivery of such securities; or

 

		24.2.3.2.	is under an obligation to take delivery of such securities, whether the right, option or obligation is
conditional or absolute and whether it is in the money or otherwise; or

 

		24.2.4.	such person is a party to any derivative whose value is determined by reference to their price and which
results, or may result, in them having a long position in such securities.

 

		25.	Each of Eagle, any member of the Eagle Group and the Company may, under the Contracts (Rights of Third
Parties) Act 1999 or otherwise, enforce the terms of this deed.

 

		26.	Save as provided in paragraph 25, a person who is not party to this deed has no right under the Contracts
(Rights of Third Parties) Act 1999 to enforce any term of this deed.

 

		27.	The invalidity, illegality or unenforceability of any provision of this deed shall not affect the continuation
in force of the remainder of this deed.

 

		28.	This deed and the agreements referred to herein contain the whole agreement between Eagle and us relating
to the subject matter of this deed at the date hereof to the exclusion of any terms implied by law which may be excluded by contract.
We acknowledge that we have not been induced to sign this deed by any representation, warranty or undertaking not expressly incorporated
into it.

 

		29.	This deed has been entered into in our capacity as a shareholder and not as a director of the Company
or in any other capacity.

 

		30.	We agree that damages would not be an adequate remedy for breach by us of any of our obligations under
or pursuant to this deed and accordingly, without prejudice to any other rights or remedies that Eagle may have, Eagle shall be entitled
to the remedies of specific performance, injunction or other equitable relief for any threatened or actual breach of any such obligations
and no proof of special damages shall be necessary for the enforcement by Eagle of its rights.

 

		31.	We agree that this deed (and any dispute, controversy, proceedings or claim of any nature arising out
of or in connection with it, including non-contractual disputes and claims) shall be governed and construed in accordance with English
law.

 

		32.	We irrevocably agree to submit to the exclusive jurisdiction of the courts of England to settle any claim,
legal action, proceeding, dispute or matter of difference (including non-contractual claims, disputes or differences) which may arise
out of or in connection with this deed or its subject matter (including a dispute regarding the existence, validity, formation, effect,
interpretation, performance or termination of this deed) and that accordingly any proceedings be brought in such courts.

 

[Remainder
of page intentionally left blank]

 

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IN WITNESS
whereof this document has been duly executed and delivered as a deed on the date above mentioned.

 

	SIGNED as a DEED	)
	 	 
	By [●]	)

 

	in the presence of:          	)		 

 

	Witness’s signature:	        	 

 

	Witness’s name:	        	 
	 	 	 
	Witness’s address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Witness’s occupation:	 	 

 

[Signature
page to shareholder irrevocable undertaking]

 

     

     

    

 

APPENDIX I

 

INTERESTS IN THE COMPANY

 

		1.	Interests in the Company

 

Our “interests” (as defined in Part 22
of the CA 2006) in the securities (including securities convertible thereto, rights to subscribe therefor, options (including traded options)
in respect thereof and derivatives referenced thereto) of the Company on the date hereof are as stated below:

 

	Registered holder* and 

address	Beneficial owner* and address	Number of ordinary shares of 

 £0.02 each in the capital of the 

Company

                                                                                 

	 	 	 

 

		2.	Options

 

The details of our options to subscribe for securities
in the capital of the Company on or after the date hereof are as stated below:

 

	Registered holder*

 and address	Beneficial owner* 

and address	Number of options	Exercise price

 and period	
    Date of grant

    (DD/MM/YY)

     

	 	 	 	 	 

 

Explanatory notes:

 

		i.	* Where more than one, indicate number of shares attributable to each.

 

		ii.	Where no interests are held, please complete table with “Nil” entries.

 

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APPENDIX II

 

CO-OPERATION AGREEMENT

 

    11

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