Document:

WELLS FARGO &
COMPANY 8-K 

  

Exhibit 4.6

 

[Face of Note]

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

	CUSIP NO. 95001D3J7	PRINCIPAL
    AMOUNT:  $__________
	REGISTERED NO. ___	 

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES T

 

Due Nine Months or More From Date of Issue

 

Notes Linked to the 10-Year Constant Maturity
Swap Rate due December 6, 2028

 

WELLS FARGO & COMPANY,
a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,”
which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises
to pay to CEDE & Co., or registered assigns, the principal sum of SEVEN MILLION FIVE HUNDRED THOUSAND DOLLARS ($7,500,000)
on December 6, 2028 (the “Stated Maturity Date”) and to pay interest thereon from December 6, 2018 or from
the most recent Interest Payment Date to which interest has been paid or duly provided for quarterly on each March 6, June 6,
September 6 and December 6, commencing March 6, 2019, and at Maturity (each, an “Interest Payment Date”), at
the rate per annum specified below until the principal hereof is paid or made available for payment. The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest next preceding such Interest Payment Date. The Regular Record Date for an Interest Payment Date shall be
one Business Day prior to such Interest Payment Date. If an Interest Payment Date is not a Business Day, interest on this Security
shall be payable on the next day that is a Business Day, with the same force and effect as if made on such Interest Payment Date,
and without any interest or other payment with respect to the delay. “Business Day” shall mean a day, other
than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required
by law or regulation to close in New York, New York.

 

Except as described below
for the first Interest Period, on each Interest Payment Date, interest will be paid for the period commencing on and including
the immediately preceding Interest Payment Date and ending on and including the day immediately preceding that Interest Payment
Date. This period is referred to as an “Interest Period.” The first Interest Period will

 

    	 	 	 

    	 

    

commence on and include December 6, 2018 and
end on and include March 5, 2019. Interest on this Security will be computed on the basis of a 360-day year of twelve 30-day
months.

 

The interest rate on this
Security that will apply (A) during the first eight Interest Periods (up to and including the Interest Period ending December
5, 2020) will be equal to 5.00% per annum and (B) for all Interest Periods commencing on or after December 6, 2020 will be
determined by the calculation agent for this Security (the “Calculation Agent”) and will be equal to the 10-Year
Constant Maturity Swap Rate on the Interest Determination Date for such Interest Period plus 0.40%.

 

The “Interest
Determination Date” for an Interest Period commencing on or after December 6, 2020 will be two U.S. Government Securities
Business Days prior to the first day of such Interest Period. A “U.S. Government Securities Business Day” means
any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association recommends that
the fixed income department of its members be closed for the entire day for purposes of trading in U.S. government securities.

 

“10-Year Constant
Maturity Swap Rate” or “10-Year CMS Rate,” means, for any Interest Determination Date, the “U.S.
Dollar ICE Swap Rate,” which will be the rate for U.S. Dollar swaps with a designated maturity of 10 years, expressed
as a percentage, that appears on the Reuters page ˂ICESWAP1˃ (or any successor page thereto) as of 11:00 a.m.,
New York City time, on such Interest Determination Date.

 

If such rate does not
appear on the Reuters page ˂ICESWAP1˃ (or any successor page thereto) at such time, the Calculation Agent shall
determine the 10-Year CMS Rate for the relevant Interest Determination Date on the basis of the Mid-market Semi-annual Swap Rate
quotations provided by the CMS Reference Banks at approximately 11:00 a.m., New York City time, on such Interest Determination
Date. The Calculation Agent will request the principal New York City office of each of the CMS Reference Banks to provide a quotation
of its rate, and

 

		(i)	if
                                         at least three quotations are provided, the rate for that Interest Determination Date
                                         will be the arithmetic mean of the quotations, eliminating the highest quotation (or,
                                         in the event of equality, one of the highest) and the lowest quotation (or, in the event
                                         of equality, one of the lowest); or

 

		(ii)	if
                                         fewer than three quotations are provided, the Calculation Agent will determine the rate
                                         in its sole discretion.

 

“CMS Reference
Banks” means five leading swap dealers selected by the Calculation Agent in its sole discretion in the New York City
interbank market.

 

“Mid-market Semi-annual
Swap Rate” means, on any Interest Determination Date, the mean of the bid and offered rates for the semi-annual fixed
leg, calculated on a 30/360 day count basis, of a fixed-for-floating U.S. Dollar interest rate swap transaction with a term equal
to a designated maturity of 10 years commencing on such Interest Determination Date and in a CMS Representative Amount with
an acknowledged dealer of good credit in the swap market, where

 

    	 	2	 

    	 

    

the floating leg, calculated on an actual/360
day count basis, is equivalent to U.S. Dollar LIBOR with a designated maturity of three months.

 

“CMS Representative
Amount” means an amount that is representative for a single transaction in the relevant market at the relevant time
as determined by the Calculation Agent in its sole discretion.

 

The Calculation Agent
shall, upon the request of a Holder of this Security, provide the interest rate then in effect and, if determined, the interest
rate that will become effective for the next Interest Period. All calculations of the Calculation Agent, in the absence of manifest
error, shall be conclusive for all purposes and binding on the Company and the Holder hereof. The Calculation Agent shall notify
the Paying Agent of each determination of the interest applicable to this Security promptly after the determination is made. Wells
Fargo Securities, LLC will initially act as Calculation Agent. The Company may appoint a successor Calculation Agent with the
written consent of the Trustee.

 

Any interest not
punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either
be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given
to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series
may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

Payment of interest
on this Security will be made in immediately available funds at the office or agency of the Company maintained for that purpose
in the City of Minneapolis, Minnesota in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that, at the option of the Company, payment of interest may
be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register
or by wire transfer to such account as may have been designated by such Person. Payment of principal of and interest on this Security
at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose
in the City of Minneapolis, Minnesota. Notwithstanding the foregoing, for so long as this Security is a Global Security registered
in the name of the Depositary, payments of principal and interest on this Security will be made to the Depositary by wire transfer
of immediately available funds.

This
Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to December
6, 2028. This Security is not entitled to any sinking fund.

__________________

Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

    	 	3	 

    	 

    

Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized
agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

 

[The remainder of this page has been left
intentionally blank]

 

    	 	4	 

    	 

    

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

DATED:

 

	 	WELLS FARGO & COMPANY
	 	 	 
	 	By:	 
	 	 	 
	 	 	Its:
	 	 	 
	 	 	 
	 	Attest:	 
	 	 	 
	 	 	Its:

 

TRUSTEE’S
CERTIFICATE OF

AUTHENTICATION

This
is one of the Securities of the 

series
designated therein described

in
the within-mentioned Indenture.

 

	CITIBANK, N.A.,	 
	 	as Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 
	 	 	 
	OR	 
	 	 	 
	WELLS FARGO BANK, N.A.,	 
	 	as Authenticating Agent for the Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 

 

 

    	 	5	 

    	 

    

[Reverse of Note]

 

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES T

 

Due Nine Months or More From Date of Issue

 

Notes Linked to the 10-Year Constant Maturity
Swap Rate due December 6, 2028

 

This Security is
one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an indenture dated as of February 21, 2017, as amended or supplemented from time to
time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and
are to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes,
Series T of the Company. The Securities of this series will bear interest at a fixed rate or a floating rate. The Securities
of this series may mature at different times, be redeemable at different times or not at all, be repayable at the option of the
Holder at different times or not at all and be denominated in different currencies.

The Securities
are issuable only in registered form without coupons and will be either (a) book-entry securities represented by one
or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued
to and registered in the names of, the beneficial owners or their nominees.

The Company agrees,
to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against
a Holder of this Security.

Modification and Waivers 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all
series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority
in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting
together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those
provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture
by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders
of all Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding 

    	 	6	 

    	 

    

upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Security.

Defeasance

Section 403
and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating
to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon
compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions
of Section 401 of the Indenture shall apply to this Security.

Authorized Denominations

This Security is
issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is an integral
multiple of $1,000.

Registration of Transfer

Upon due presentment
for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a
new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate
principal amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations
provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed
in connection therewith.

This Security is
exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered
under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the
Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that
this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event
of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable
pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, bearing interest at
the same rate, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating
a like amount. 

This Security may
not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a
nominee of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled
to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under
the Indenture.

Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this 

    	 	7	 

    	 

    

Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall
be affected by notice to the contrary.

Obligation of the Company Absolute

No reference herein
to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the
coin or currency, herein prescribed, except as otherwise provided in this Security.

No Personal Recourse

No recourse shall
be had for the payment of the principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder,
officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issuance hereof, expressly waived and released.

Defined Terms

All terms used
in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise
defined in this Security.

Governing Law

This Security shall
be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of
laws.

    	 	8	 

    	 

    

ABBREVIATIONS 

 

The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations:

 

	TEN COM	--	as tenants in common
	 	 	 
	TEN ENT	--	as tenants by the entireties
	 	 	 
	JT TEN	--	as joint tenants with right
	 	 	of survivorship and not
	 	 	as tenants in common

 

	UNIF GIFT MIN ACT --	 	 Custodian 	 
	 	(Cust)	 	(Minor)

 

	Under Uniform Gifts to Minors Act	 
	 	 
	 	 
	(State)	 

 

Additional abbreviations
may also be used though not in the above list.

 

FOR VALUE RECEIVED,
the undersigned hereby sell(s) and transfer(s) unto

 

	Please Insert Social Security or	 
	Other Identifying Number of Assignee
	 	 
	 	 

 

 

	 
	 
	 

(Please
print or type name and address including postal zip code of Assignee)

 

    	 	9	 

    	 

    

the within Security of WELLS FARGO & COMPANY
and does hereby irrevocably constitute and appoint __________________ attorney to transfer the said Security on the books of the
Company, with full power of substitution in the premises.

 

 

Dated: _________________________

 

	 	 
	 	 
	 	 
	 	 

 

 

NOTICE: The signature to this assignment must
correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement
or any change whatever.

 

 

 

    	 	10EX-10.1

 Exhibit 10.1 

FORM OF STOCKHOLDER SUPPORT AGREEMENT 

This SUPPORT AGREEMENT (this “Agreement”), dated as of December 5, 2018, is made by and between Mereo BioPharma Group
plc, a public limited company incorporated under the laws of England and Wales (“Milan”), and [insert name of stockholder] (“Stockholder”). 

WHEREAS, in order to induce Milan and Mereo MergerCo One Inc., a Delaware corporation and indirect, wholly-owned subsidiary of Milan
(“Merger Sub”), to enter into an Agreement and Plan of Merger and Reorganization, dated as of the date hereof (the “Merger Agreement”), by and among Milan, Mereo US Holdings Inc., a Delaware corporation and
wholly-owned subsidiary of Milan, Merger Sub, and OncoMed Pharmaceuticals, Inc., a Delaware corporation (“the Company”), Milan has requested Stockholder, and Stockholder has agreed, to enter into this Agreement with respect to all
shares of common stock, par value $0.001 per share, of the Company that Stockholder beneficially owns (together with any shares of capital stock or voting securities of the Company hereafter issued to or otherwise acquired or owned by the
Stockholder prior to the termination of this Agreement being referred to herein as the “Shares”). 
 NOW, THEREFORE, the
parties hereto agree as follows: 
 ARTICLE 1 

VOTING; GRANT OF PROXY 

Section 1.01. Voting. Stockholder hereby agrees to vote or exercise its right to consent with respect to all Shares that
Stockholder is entitled to vote at the time of any vote or action by written consent to (a) approve and adopt the Merger Agreement, the Merger and the other Contemplated Transactions, and any steps requested or required of the Stockholder to
give effect to the terms of the Merger Agreement and (b) approve any other proposal included in the Proxy Statement related to the Contemplated Transactions for which the Company Board has recommended that the stockholders of the Company vote
in favor, in each case, at any meeting of the stockholders of the Company (including any proposal to adjourn or postpone such meeting of the stockholders of the Company to a later date), and at any adjournment or postponement thereof, at which such
Merger Agreement or such other related actions, are submitted for the consideration and vote of the stockholders of the Company. Stockholder hereby agrees that it will not vote any Shares in favor of, or consent to, and will vote against and not
consent to, the approval of any (i) Acquisition Proposal with respect to the Company, (ii) reorganization, recapitalization, liquidation or winding-up of the Company or any other extraordinary
transaction involving the Company, (iii) proposal, agreement, arrangement or other corporate action that would reasonably be expected to result in a breach in any respect of any covenant, representation or warranty or any other obligation or
agreement of (A) the Company, as set forth in the Merger Agreement, or (B) Stockholder, as set forth in this Agreement or (iv) proposal, agreement, arrangement or other corporate action, the consummation of which would frustrate the
purposes, or prevent, delay or otherwise adversely affect the consummation, of the transactions contemplated by the Merger Agreement. 

 Section 1.02. Irrevocable Proxy. Stockholder hereby irrevocably revokes any and
all previous proxies granted with respect to the Shares. By entering into this Agreement, Stockholder hereby grants a proxy appointing Milan as the Stockholder’s
attorney-in-fact and proxy, with full power of substitution, for and in the Stockholder’s name, to vote, express consent or dissent, or otherwise to utilize such
voting power in the manner contemplated by Section 1.01 above as Milan or its proxy or substitute shall, in Milan’s sole discretion, deem proper with respect to the Shares. The proxy granted by Stockholder pursuant to this Article 1 is
irrevocable during the term of this Agreement, shall be deemed to be coupled with an interest sufficient in law to support an irrevocable proxy, and is granted in consideration of Milan entering into this Agreement and the Merger Agreement and
incurring certain related fees and expenses. Any proxy that may be granted by Stockholder hereunder pursuant to this Section 1.02 shall automatically terminate upon termination of this Agreement in accordance with Section 5.03 hereof. 

ARTICLE 2 

REPRESENTATIONS AND WARRANTIES OF STOCKHOLDER 

Stockholder represents and warrants to Milan that: 

Section 2.01. Authorization. The Stockholder has taken all necessary action and has all requisite power and authority to enter
into and perform this Agreement in accordance with its terms. This Agreement has been duly and validly executed and delivered by Stockholder and constitutes a valid and binding Agreement of Stockholder, enforceable against Stockholder in accordance
with its terms. 
 Section 2.02. Non-Contravention. The execution, delivery and
performance by Stockholder of this Agreement and the consummation of the transactions contemplated hereby do not and will not (i) violate any applicable law, rule, regulation, judgment, injunction, order or decree, (ii) require any consent
or other action by any Person under, constitute a default under, or give rise to any right of termination, cancellation or acceleration or to a loss of any benefit to which Stockholder is entitled under any provision of any agreement or other
instrument binding on Stockholder or (iii) result in the imposition of any Encumbrance on any asset of Stockholder. 

  
 2 

 Section 2.03. Ownership of Shares. Stockholder is the beneficial owner of the
Shares, free and clear of any Encumbrance and any other limitation or restriction (including any restriction on the right to vote or otherwise dispose of the Shares). None of the Shares is subject to any voting trust or other agreement or
arrangement with respect to the voting of such Shares. Except pursuant to this Agreement, Stockholder has not entered into any contract granting another Person any contractual right or obligation to purchase or otherwise acquire any of the Shares.
As of the date hereof, no proxies have been given by Stockholder in respect of any or all of the Shares other than proxies which have been validly revoked prior to the date hereof. 

Section 2.04. Total Shares. As of the date hereof, Stockholder beneficially owns the Shares set forth on the signature page
hereto. Except for the Shares set forth on the signature page hereto, as of the date hereof, Stockholder does not beneficially own any (i) shares of capital stock or voting securities of the Company, (ii) securities of the Company
convertible into or exchangeable or exercisable for shares of capital stock or voting securities or other equity interests of the Company or (iii) options or other rights to acquire from the Company any shares of capital stock, voting
securities or other equity interests of the Company or securities convertible into or exchangeable or exercisable for shares of capital stock or voting securities or other equity interests of the Company. 

Section 2.05. Finder’s Fees. No investment banker, broker, finder or other intermediary is entitled to a fee or commission
from Milan or the Company in respect of this Agreement based upon any arrangement or agreement made by or on behalf of Stockholder. 

Section 2.06. Acting in Concert. So far as Stockholder is aware having made due and careful enquiries, it is not acting in concert
(as such term is understood under the U.K. City Code on Takeovers and Mergers (the “Code”)) with any other shareholder of Milan or any stockholder of the Company (which, for the avoidance of doubt, excludes any discussions between
stockholders of the Company concerning the entry into this Agreement and the transactions contemplated hereby). 
 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF MILAN 

Milan represents and warrants to Stockholder that: 

Section 3.01. Corporate Authorization. The execution, delivery and performance by Milan of this Agreement and the consummation by
Milan of the transactions contemplated hereby are within the corporate powers of Milan and have been duly authorized by all necessary corporate action. This Agreement has been duly and validly executed and delivered by Milan and constitutes a valid
and binding agreement of Milan, enforceable against Milan in accordance with its terms. 

  
 3 

 ARTICLE 4 

COVENANTS OF STOCKHOLDER 

Stockholder hereby covenants and agrees that: 

Section 4.01. No Proxies for or Encumbrances on Shares. Stockholder shall not, without the prior written consent of Milan,
directly or indirectly, (i) grant any proxies or enter into any voting trust or other agreement or arrangement with respect to the voting of any Shares or (ii) sell, assign, transfer, encumber or otherwise dispose of
(“Transfer”), directly or indirectly, or enter into any contract, option or other arrangement or understanding with respect to the direct or indirect Transfer of, any Shares during the term of this Agreement. Stockholder shall not
seek or solicit any such Transfer or any such contract, option or other arrangement or understanding and agrees to notify Milan promptly (and in any event, within one (1) Business Day), and to provide all details reasonably requested by Milan,
if Stockholder shall be approached or solicited, directly or indirectly, by any Person with respect to any of the foregoing. Notwithstanding the foregoing, Stockholder may make Transfers of Shares to stockholders, corporations, partnerships or other
investment or business entities that are direct or indirect affiliates (within the meaning set forth in Rule 405 under the Securities Act), or partners (general or limited) of such Stockholder, as applicable, or to another corporation, partnership
or other investment or business entity that controls, is controlled by or is under common control with Stockholder; provided that in each such case, the Shares shall continue to be bound by this Agreement and provided that each transferee
agrees in writing to be bound by the terms and conditions of this Agreement and either Stockholder or the transferee provides Milan with a copy of such agreement as soon as reasonably practicable following consummation of any such Transfer. 

Section 4.02. Non-Solicitation. Stockholder and its subsidiaries shall not, and shall use
their best efforts to cause their officers, directors, employees or other agents not to, directly or indirectly, (i) take any action to solicit, initiate or knowingly encourage, induce or facilitate any Acquisition Proposal or any inquiry,
proposal or offer that may reasonably be expected to lead to an Acquisition Proposal, (ii) furnish or disclose any nonpublic information relating to the Company or any of its Subsidiaries or afford access to the properties, books or records of
the Company or any of its Subsidiaries to, or otherwise knowingly cooperate in any way with, any Person that may be considering making, is otherwise seeking to make, or has made, an Acquisition Proposal or has agreed to endorse an Acquisition
Proposal, or (iii) participate in any discussions or negotiations with any third party that is reasonably expected to make, or has made, an Acquisition Proposal, regarding an Acquisition Proposal. Stockholder will promptly (but in any event
within one (1) Business Day) notify Milan upon receipt of an Acquisition Proposal or any indication that any Person is considering making an Acquisition Proposal or any request for nonpublic information relating to the Company or any of its
Subsidiaries or for access to the properties, books or records of the Company or any of its Subsidiaries by any Person that may be considering making, or has made, an Acquisition Proposal and will keep Milan fully informed of the status and details
of any such Acquisition Proposal, indication or request, including the identity of the Person making such Acquisition Proposal, indication or request. 

  
 4 

 Section 4.03. Appraisal Rights. Stockholder agrees not to exercise any rights
(including under Section 262 of the General Corporation Law of the State of Delaware) to demand appraisal of any Shares which may arise with respect to the Merger. 

Section 4.04. Waiver of Certain Actions. Stockholder hereby agrees not to commence or participate in, and to take all reasonable
actions to opt out of any class in any class action with respect to, any action, derivative or otherwise, against Milan, the Company or any of their respective Affiliates, Subsidiaries, successors or assigns (a) challenging the validity of, or
seeking to enjoin or delay the operation of, any provision of this Agreement or the Merger Agreement (including any claim seeking to enjoin or delay the Closing) or (b) to the fullest extent permitted under Law, alleging a breach of any duty of
the board of directors of Milan or the Company in connection with the Merger Agreement, this Agreement or the transactions contemplated thereby or hereby. Notwithstanding the foregoing, this Section 4.04 shall not apply to limit in any respect
the right or ability of a party hereto to enforce the provisions of this Agreement; provided, that Stockholder may defend against, contest or settle any such action brought against Stockholder or its Affiliates that relates to
Stockholder’s capacity as a director, officer, stockholder or securityholder of the Company.  
 Section 4.05.
Prohibited Conduct. Stockholder acknowledges and agrees that the information provided to it in relation to the Merger is given in confidence and must be kept confidential until the public announcement of the entry into a definitive merger
agreement by Milan and the Company. Before that time, Stockholder will not base any behavior in relation to the securities of Milan, which would, so far as it is aware having made due and careful enquiries, amount to market abuse for the purposes of
Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, on such information. Stockholder further acknowledges that some or all of the information and any other terms or statements made in the
course of, or for the purposes of the Merger (including for the purposes of this Agreement) may constitute inside information for the purposes of the U.K. Criminal Justice Act 1993 (the “CJA”) and Stockholder agrees to abide by the
prohibitions against insider dealing, encouraging dealing or disclosing such information contained in the CJA and undertakes not to engage in behavior prohibited by the CJA. 

  
 5 

 ARTICLE 5 

MISCELLANEOUS 

Section 5.01. Other Definitional and Interpretative Provisions. Unless specified otherwise, in this Agreement the obligations of
any party consisting of more than one Person are joint and several. The words “hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles or Sections are to Articles or Sections of this
Agreement unless otherwise specified. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable terms refer to
printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with
the terms hereof and thereof. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. 

Section 5.02. Further Assurances. Milan and Stockholder will each execute and deliver, or cause to be executed and delivered, all
further documents and instruments and use its best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things reasonably necessary, proper or advisable under applicable laws and regulations, to consummate and make
effective the transactions contemplated by this Agreement. 
 Section 5.03. Amendments; Termination. Any provision of this
Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement or, in the case of a waiver, by the party against whom the waiver is to be
effective; provided that any waiver or amendment of Sections 2.06, 4.04 or this Section 5.03 (together, the “Specified Sections”) shall require the prior written consent of the Company. This Agreement shall terminate
automatically and become void and of no further force or effect, without any notice or other action by any Person, upon the earlier to occur of (a) the Effective Time and (b) the termination of the Merger Agreement in accordance with its
terms. Upon termination of this Agreement, neither party shall have any further obligations or liabilities under this Agreement; provided, that nothing set forth in this Section 5.03 shall relieve any party from liability for any breach
of this Agreement prior to termination hereof. 

  
 6 

 Section 5.04. Expenses. All costs and expenses incurred in connection with this
Agreement shall be paid by the party incurring such cost or expense. 
 Section 5.05. Successors and Assigns; No Third-Party
Rights. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that no party may assign, delegate or otherwise transfer any of its rights
or obligations under this Agreement without the consent of the other parties hereto. Except as provided in this Section 5.05, nothing in this Agreement is intended to confer on any Person (other than the parties hereto and their respective
successors and assigns) any rights or remedies of any nature. The parties hereto agree that the Company shall be an express third party beneficiary of, and shall have the right to enforce the Specified Sections directly against the parties hereto.

 Section 5.06. Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of
New York, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws. In any action or proceeding between any of the parties arising out of or relating to this Agreement, each of the parties:
(a) irrevocably and unconditionally consents and submits to the exclusive jurisdiction and venue of the Supreme Court of the State of New York, County of New York, or, if under applicable Law exclusive jurisdiction is vested in the Federal
courts, the United States District Court for the Southern District of New York (and appellate courts thereof); (b) agrees that all claims in respect of such action or proceeding shall be heard and determined exclusively in accordance with clause
(a) of this Section 5.06; (c) waives any objection to laying venue in any such action or proceeding in such courts; (d) waives any objection that such courts are an inconvenient forum or do not have jurisdiction over any party; and
(f) irrevocably waives the right to trial by jury. 
 Section 5.07. Counterparts; Effectiveness. This Agreement may be
signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each party hereto shall have received
counterparts hereof signed by all of the other parties hereto. Until and unless each party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or obligation
hereunder (whether by virtue of any other oral or written agreement or other communication). 
 Section 5.08. Severability. If
any term, provision or covenant of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions and covenants of this Agreement shall remain in full force
and effect and shall in no way be affected, impaired or invalidated. 

  
 7 

 Section 5.09. Specific Performance. The parties hereto agree that irreparable
damage would occur in the event that any provision of this Agreement is not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof in addition to any other remedy to which
they are entitled at law or in equity. 
 Section 5.10. Capitalized Terms. Capitalized terms used but not defined herein shall
have the respective meanings set forth in the Merger Agreement. 
 Section 5.11. Capacity as Stockholder. Stockholder executes
and delivers this Agreement solely in Stockholder’s capacity as a stockholder of the Company, and not in Stockholder’s capacity as a director, officer or employee of the Company or in Stockholder’s capacity as a trustee or fiduciary
of any employee benefit plan or trust. Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement shall in any way restrict a director or officer of the Company in the exercise of his or her fiduciary duties as a director
or officer of the Company or in his or her capacity as a trustee or fiduciary of any employee benefit plan or trust, or prevent any director or officer of the Company or any trustee or fiduciary of any employee benefit plan or trust from taking any
action in his or her capacity as such director, officer, trustee or fiduciary and none of such actions in such capacity shall be deemed to constitute a breach of this Agreement. 

Section 5.12. Representations and Warranties. The representations and warranties contained in this Agreement and in any
certificate or other writing delivered pursuant hereto shall not survive the Closing or the termination of this Agreement. 
 [Signature
page follows] 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the day and year first above written. 
  

			
	MEREO BIOPHARMA GROUP PLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	[STOCKHOLDER]
		
	By:	 	
                     
                                    

		 	Name:
		 	Title:

  

			
	 Class of

Stock
	  	 Shares Owned

  
 9

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