Document:

EX-4.28

 Exhibit 4.28 

EXECUTION VERSION 

Dated                10 February 2020 

 
  

CONVERTIBLE LOAN NOTE INSTRUMENT 

RELATING TO 
 MEREO BIOPHARMA
GROUP PLC 
  
  

							
	 1.
	    	INTERPRETATION	  	 	1	 
			
	 2.
	    	NOMINAL AMOUNT	  	 	4	 
			
	 3.
	    	RANKING	  	 	4	 
			
	 4.
	    	USE OF PROCEEDS	  	 	4	 
			
	 5.
	    	LOAN NOTE CERTIFICATES	  	 	4	 
			
	 6.
	    	CONDITIONS OF ISSUE	  	 	5	 
			
	 7.
	    	INFORMATION RIGHTS	  	 	5	 
			
	 8.
	    	NOTES NOT TO BE QUOTED	  	 	5	 
			
	 9.
	    	ENFORCEMENT	  	 	5	 
			
	 10.
	    	SET-OFF	  	 	5	 
			
	 11.
	    	THIRD PARTY RIGHTS	  	 	5	 
			
	 12.
	    	GOVERNING LAW AND JURISDICTION	  	 	5	 
		
	 SCHEDULE 1 Form of certificate
	  	 	7	 
		
	 SCHEDULE 2 Interest and Redemption
	  	 	8	 
		
	 SCHEDULE 3 Conversion
	  	 	10	 

  

			
	THIS DEED is dated	  	            February 2020

 PARTY 
 MEREO BIOPHARMA
GROUP PLC incorporated and registered in England and Wales with company number 09481161 whose registered office is at 4th Floor, One, Cavendish Place, London, England, W1G 0QF
(“Company”). 
 BACKGROUND 
 By
exercising of the powers conferred on them by the Articles, the Directors of the Company have, by a resolution passed on 8th February 2020, created 3,841,479 £1 unsecured convertible loan notes and have agreed to constitute them in the
following manner. 
 The Notes created hereunder shall be subordinated to the interests of the Lenders in respect of the Loan Agreement by the entry into a
separate subordination deed between the original Noteholder and the Lenders. 
 AGREED TERMS 

 

	1.	 INTERPRETATION 

 

	1.1	 The definitions and rules of interpretation in this clause 1 apply in this instrument.

  

			
	Adjustment Event	  	 any or all of the following, at any time, or by reference to any record date, while the Notes remain in issue:

 
 (a)   any allotment or issue of
Equity Securities by the Company by way of capitalisation of profits or reserves;
  

(b)   any cancellation, purchase or redemption of Equity Securities, or any reduction or repayment
of Equity Securities, by the Company; and
  

(c)   any sub-division or consolidation of Equity Securities
by the Company;
  
 but excluding any issue of Equity Securities of the Company pursuant
to the exercise of any options granted to employees or directors of the Company;

		
	Articles	  	the articles of association of the Company, as amended or superseded

  
 1 

			
	Business Day	  	a day (other than a Saturday, Sunday or public holiday) on which banks in the City of London are open for normal banking business
		
	Certificate	  	a certificate for Notes in the form (or substantially in the form) set out in Schedule 1
		
	Change of Control	  	the acquisition of control of the Company (as defined in section 1124 of the Corporation Tax Act 2010) by any person or persons acting in concert (as defined in the City Code on Takeovers and Mergers) with them
		
	Conditions	  	the conditions attaching to the Notes, as set out in Schedule 2 to Schedule 3
		
	Conversion Date	  	the date specified in the Conversion Notice, being not less than 10 Business Days after service of the Conversion Notice
		
	Conversion Notice	  	a notice in writing by the Noteholder to the Company to convert any outstanding Note or Notes
		
	Conversion Price	  	26.5 pence per share, such price being equal to the Company’s closing share price on the AIM Market of the London Stock Exchange on 5th February 2020
		
	Conversion Shares	  	the Ordinary Shares to be issued fully paid to the Noteholder on conversion of the Notes
		
	Directors	  	the board of directors for the time being of the Company
		
	Equity Securities	  	has the meaning given in section 560(1) of the Companies Act 2006
		
	Event of Default	  	any of the events set out in paragraph 5 of Schedule 2
		
	Indebtedness	  	any indebtedness, monies, obligations, liabilities of the Company in any form whatsoever denominated in whatever currency, whether actual or contingent, present or future, which may be now or hereafter due, owing or incurred
howsoever and whether alone or jointly and whether as principal or surety
		
	Interest Rate	  	a rate of 6% per annum

  
 2 

			
	Lenders	  	Silicon Valley Bank and Kreos Capital V (UK) Limited, collectively
		
	Loan Agreement	  	the loan agreement between inter alia the Company and the Lenders, dated 28 September 2018
		
	Loan Repayment Amount	  	the principal amount of up to £20,455,000 and all interest accrued thereon, payable by the Company to the Lenders in accordance with the terms of the Loan Agreement
		
	Maturity Date	  	the date 36 months after the date of this instrument, or if agreed in writing between the Parties, any earlier date falling one (1) Business Day following the Company’s full repayment to the Lenders of the Loan
Repayment Amount
		
	Notes	  	the £3,841,479 of unsecured convertible loan notes of £1 each, constituted by this instrument or, as the case may be, the principal amount from time to time issued and paid up and outstanding, and principal amount
shall be construed accordingly
		
	Noteholder	  	the several persons for the time being as holders of the Notes being the Holder of the Notes (which on the date of issuance of the Notes shall be Novartis)
		
	Novartis	  	means Novartis Pharma AG
		
	Ordinary Shares	  	the ordinary shares of £0.003 each in the capital of the Company, which have the rights set out in the Articles
		
	Redemption Date	  	has the meaning given in paragraph 4.1 of Schedule 2
		
	Redemption Notice	  	has the meaning given in paragraph 4.2 of Schedule 2
		
	Warrant	  	the warrant issued by the Company to Novartis on or around the date of this instrument

  

	1.2	 Any phrase introduced by the terms including, include or any similar expression shall be
construed as illustrative and shall not limit the sense of the words preceding those terms. 

  

	1.3	 The schedules to this instrument form part of (and are incorporated into) this instrument.

  
 3 

	1.4	 A person includes a corporate or unincorporated body. 

 

	1.5	 Words in the singular include the plural and vice versa. 

 

	1.6	 A reference to a clause or a schedule is (unless expressly stated otherwise) a reference to a clause of,
or schedule to, this instrument. 

  

	1.7	 Clause and schedule headings do not affect the interpretation of this instrument. 

 

	1.8	 A reference to one gender includes a reference to the other gender. 

 

	1.9	 Any reference in this instrument to this instrument or to any other instrument, agreement or
document shall, unless the context otherwise requires, be construed as reference to this instrument or such other instrument, agreement or document as the same may from time to time be amended, varied, supplemented or novated, in each case in
accordance with its terms. 

  

	1.10	 References to any statute or statutory provision shall include references to such statute or statutory
provision as in force at the date of this instrument and as subsequently re-enacted or consolidated and shall include references to any statute or statutory provision of which it is a re-enactment or consolidation. 

  

	2.	 NOMINAL AMOUNT 

The nominal amount of each Note is £1 and the aggregate principal amount of all the Notes is limited to £3,841,479. 

 

	3.	 RANKING 

The Notes constitute direct, unsecured obligations of the Company ranking ahead of any other unsecured Indebtedness of the Company, and without
any preference among themselves. 
  

	4.	 USE OF PROCEEDS 

The proceeds of all subscriptions for the Notes shall be used to fund the Company’s working capital and capital expenditure requirements
for the time being. 
  

	5.	 LOAN NOTE CERTIFICATES 

 

	5.1	 The Noteholder shall be entitled to receive (without charge) a Certificate executed as a deed by the
Company for the amount of Notes held by them. 

  

	5.2	 Every Certificate shall have copies of Schedule 2 and Schedule 3 endorsed on or attached to it.

  
 4 

	6.	 CONDITIONS OF ISSUE 

Noteholder shall provide funding to Company up to the aggregate principal amount of £3,841,479, and Company shall issue the Notes on the
date of receipt of such funds by the Company. The Notes shall be issued subject to, and with the benefit of, the Conditions set out in Schedule 2 to Schedule 3 inclusive. Those conditions shall be binding on the Company, the Noteholder and all
persons claiming through or under them. 
  

	7.	 INFORMATION RIGHTS 

The Noteholder shall be entitled to receive information relating to, or in connection with the Notes discussed in or arising from any
directors’ or shareholders’ meeting of the Company prior to or as soon as reasonably practicable following such meeting. 
  

	8.	 NOTES NOT TO BE QUOTED 

No application has been, or is intended to be, made to any listing authority, stock exchange or other market for the Notes to be listed or
otherwise traded. 
  

	9.	 ENFORCEMENT 

The Company covenants with the Noteholder to perform and observe the obligations in this instrument to the intent that this instrument shall
enure for the benefit of the Noteholder, each of whom may sue for the performance and observance of the provisions of this instrument so far as his holding is concerned. 
  

	10.	 SET-OFF 

The Noteholder shall be recognised by the Company as entitled to the Notes registered in his name free from any equity, defence, set-off or cross-claim on the part of the Company against the original, or any intermediate, Noteholder. 
  

	11.	 THIRD PARTY RIGHTS 

This instrument is enforceable under the Contracts (Rights of Third Parties) Act 1999 by the Company and the Noteholder, but not by any other
person. 
  

	12.	 GOVERNING LAW AND JURISDICTION 

 

	12.1	 This instrument and the Notes (including non-contractual
disputes or claims) shall be governed by, and construed in accordance with, the laws of England. 

  

	12.2	 The courts of England shall have exclusive jurisdiction to settle any dispute or claim that arises out
of, or in connection with, this instrument (including non-contractual disputes or claims). Accordingly, any proceedings relating to, or in connection with, this instrument or the Notes (including non-contractual disputes or claims) may be brought in such courts. 

  
 5 

 This document has been executed as a deed and is delivered and takes effect on the date stated at the
beginning of it. 
  

					
	 Signed as a Deed by MEREO BIOPHARMA GROUP PLC 
	 	 }

}
 }

}
 }
	 	
			
	acting by:	 		 	 
		 		 	 Director

			
	in the presence of:	 	 }

}
	 	 
		 	Name of Witness

  
 6 

 SCHEDULE 1 

FORM OF CERTIFICATE 
 MEREO BIOPHARMA
GROUP PLC incorporated in England and Wales with registered number 09481161 (Company). 
 CERTIFICATE NO.
[NUMBER]                         AMOUNT OF NOTES £[AMOUNT] 

unsecured convertible loan notes (Notes). 
 Issued
pursuant to the articles of association of the Company and created by a resolution of the directors passed on 8th February 2020. 
 This is to certify that
[NAME[S]] of [ADDRESS[ES]] is/are the registered holder(s) of the nominal amount stated above of the Notes constituted by a loan note instrument dated [DATE] (Instrument) and made by the Company. The Notes are issued subject to, and with the
benefit of, the provisions contained in the Instrument and the conditions and other provisions endorsed on this certificate and/or attached to it (Conditions). Interest is payable only in certain circumstances in accordance with Schedule 2 of
the Instrument. 
 Executed as a deed by the Company this [DATE]. 

Notes: 
  

	1.	 No transfer of any part of the Notes represented by this Certificate can be registered without production of
this Certificate. 

  

	2.	 The Notes are governed by, and construed in accordance with, the laws of England. 

 

					
	 Signed as a Deed by MEREO BIOPHARMA GROUP PLC 
	 	 }

}
 }

}
 }
	 	
			
	acting by:	 		 	 
		 		 	 Director

			
	in the presence of:	 	 }

}
	 	 
		 	Name of Witness

  
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 SCHEDULE 2 

INTEREST AND REDEMPTION 
  

	1.	 INTEREST 

  

	1.1	 Interest shall be payable on any outstanding Notes (so far as not converted under Schedule 3) at the Interest
Rate. 

  

	1.2	 Any interest due under paragraph 1.1 of this Schedule 2 shall be payable in immediately available funds on the
Maturity Date, unless the Noteholder elects to convert the accrued interest to Ordinary Shares in accordance with Part 2 of Schedule 3. 

  

	1.3	 Interest, if payable, shall accrue daily at the Interest Rate and shall be calculated on the basis of a 365-day year and the actual number of days elapsed from the date of issue of the Notes to the Redemption Date. 

  

	1.4	 If the Company fails to pay redemption monies when due, interest shall continue to accrue on the unpaid amount
at the Interest Rate. 

  

	2.	 REPAYMENT OF PRINCIPAL 

As and when the Notes are to be redeemed in accordance with paragraph 4 of this Schedule 2, the Company shall pay the Noteholder in immediately
available funds the principal amount of the Notes which are to be redeemed plus any outstanding accrued interest. 
  

	3.	 TIME OF PAYMENT 

Whenever any payment of principal (or otherwise) becomes due on a day which is not a Business Day, payment shall be made on the next following
Business Day. 
  

	4.	 REDEMPTION 

  

	4.1	 The Notes then in issue (so far as not converted under Schedule 3) shall, to the extent not previously
converted, be redeemed at the principal amount together with interest on the Notes outstanding at the Interest Rate on the Maturity Date. 

  

	4.2	 Within five Business Days of the Redemption Date, the Company shall repay to the Noteholder the principal
amount of the Notes so redeemed, together with interest on such Notes outstanding at the Interest Rate. 

  

	5.	 EVENTS RESULTING IN IMMEDIATE REDEMPTION 

The Notes shall be immediately redeemed at the principal amount, together with interest on the Notes outstanding at the Interest Rate, if: 

 

	 	(a)	 an administration order is made in relation to the Company or any of its subsidiaries; or

  
 8 

	 	(b)	 an order is made, or an effective resolution is passed, for the
winding-up, liquidation, administration or dissolution of the Company (except for the purpose of reorganisation or amalgamation of the Company or any of its subsidiaries); or 

 

	 	(c)	 an encumbrancor takes possession or a receiver is appointed of the whole or the major part of the assets or
undertaking of the Company or any of its subsidiaries or if distress, execution or other legal process is levied or enforced or sued out on or against the whole or the major part of the assets of the Company or any of its subsidiaries and is not
discharged, paid out, withdrawn or removed within 30 Business Days; or 

  

	 	(d)	 the Company or any of its subsidiaries stops (or threatens to stop) payment of its debts generally or ceases
(or threatens to cease) to carry on its business or a substantial part of its business; 

  

	 	(e)	 the Company breaches the provisions of paragraph 7(c) of part 2 of Schedule 3; and 

 

	 	(f)	 the Company or any of its subsidiaries is deemed for the purposes of section 123 Insolvency Act 1986 to be
unable to pay its debts or compounds or proposes or enters into any reorganisation or special arrangement with its creditors generally. 

  

	6.	 ACTION FOLLOWING REDEMPTION 

 

	6.1	 The Company shall give written notice to the Noteholder immediately on the Company becoming aware of the
occurrence of an event specified in paragraph 5 of this Schedule 2, giving reasonable details of that event. 

  

	6.2	 If, on redemption of a Note, the Noteholder fails to deliver the Certificate for it, or an indemnity in
accordance with these Conditions or to accept payment of moneys due to him, the Company shall pay the moneys due to the Noteholder into a bank account, which payment shall discharge the Company from all further obligations in respect of the Note.

  

	6.3	 The Company shall cancel any and all Notes repaid, redeemed or purchased and shall not reissue them.

  
 9 

 SCHEDULE 3 

CONVERSION 
 Part 1

 Conversion 
  

	1.	 The Noteholder shall be entitled, at any time when it holds 19.5% or less of the aggregate voting rights in the
Company and prior to the Maturity Date, and on one or more occasions, to serve a Conversion Notice on the Company to convert all or some only of the Notes outstanding into fully paid Ordinary Shares at the Conversion Price per
Share.    It shall be a condition of any Conversion Notice that such conversion shall not cause the Noteholder to hold, following conversion of the Notes which are subject of the Conversion Notice, more than 19.5% of the
aggregate voting rights in the Company. 

  

	2.	 To the extent not previously converted or redeemed, the principal amount of all outstanding Notes shall
automatically convert into Conversion Shares at the Conversion Price immediately prior to and conditional upon the occurrence of any Change of Control. If and when a Change of Control is proposed, the Company shall, to the extent it is lawful and
practicable to do so, give Noteholder not less than 3 Business Days’ prior written notice of the proposed Change of Control specifying (to the best of its knowledge) the terms and prospective date of the Change of Control.

  

	3.	 The Conversion Notice shall set out, at a minimum: 

 

	 	(a)	 the principal amount of the Notes to be converted; 

 

	 	(b)	 whether any accrued but unpaid interest on such principal amount is to be converted; and 

 

	 	(c)	 the Conversion Date 

  

	4.	 The service of a Conversion Notice shall be irrevocable and binding on the Noteholder. 

Part 2 
 Procedures on
conversion 
  

	1.	 On the Conversion Date, the Directors shall convert the principal amount of the Notes that are to be converted
as specified in the Conversion Notice, and, if so elected by the Noteholder, any accrued but unpaid interest on such principal amount, into such number of new fully paid Ordinary Shares at the Conversion Price per Share, subject to any adjustment as
set out in paragraph 8 of Part 2 of this Schedule 3 and in accordance with the following provisions of paragraph 2 to paragraph 6 of Part 2 of this Schedule 3. 

  
 10 

	2.	 Conversion of the Notes and any accrued interest (if applicable) shall be effected by the Company redeeming the
relevant Notes and any accrued interest on the Conversion Date. Each Noteholder whose Notes and any accrued interest are being converted shall be deemed to irrevocably authorise and instruct the Company to apply the redemption moneys payable to that
Noteholder in subscribing for Ordinary Shares on conversion of the Notes and any accrued interest. 

  

	3.	 the Conversion Shares shall be issued and allotted by the Company on the Conversion Date and the certificates
for such Ordinary Shares shall be dispatched to the persons entitled to them at their own risk. 

  

	4.	 The Conversion Shares arising on conversion of the Notes and any accrued interest (if applicable) shall be
credited as fully paid and rank pari passu with the other Ordinary Shares in issue on the Conversion Date and shall carry the right to receive all dividends and other distributions declared after the Conversion Date. 

 

	5.	 The entitlement of the Noteholder to a fraction of an Ordinary Share shall be rounded to the nearest whole
number of Ordinary Shares which result from the conversion of the Notes and any accrued interest (if applicable). 

  

	6.	 The Company warrants to the Noteholder that the board of directors of the Company has been authorised pursuant
to the Articles to execute this instrument, and to allot and issue the Conversion Shares in accordance with its terms and, pursuant to that authorisation, the board of directors may allot and issue the Conversion Shares free from pre emptive rights
upon conversion. 

  

	7.	 The Company undertakes that, while the Notes remain in issue, it shall (pending either the payment of any
redemption moneys in respect of the Notes and any accrued interest or the issue of the Ordinary Shares on conversion, each in accordance with the provisions of this instrument): 

 

	 	(a)	 notify the Noteholder in writing as soon as reasonably practicable after the relevant board or general meeting
of shareholders (whichever is the earliest) has resolved to implement an Adjustment Event specifying the prospective date of the Adjustment Event and the proposed terms of it; 

 

	 	(b)	 maintain sufficient shareholder authority to satisfy in full, without the need for the passing of any further
resolutions of its shareholders, the most onerous of the outstanding rights of conversion for the time being attaching to the Notes and any accrued interest pursuant to paragraph 1 and paragraph 2 of SCHEDULE 3, without first having to offer the
same to any existing shareholders of the Company or any other person; 

  
 11 

	 	(c)	 not, without the prior written consent of the Noteholder, such consent not to be unreasonably withheld or
delayed, issue any further Notes or Indebtedness which ranks senior to the Notes. 

  

	8.	 Following an Adjustment Event, the professional advisors or auditors of the Company for the time being shall
certify to the Company in writing the adjustments to the number and nominal value of the Conversion Shares which they consider to be necessary so that, after such adjustment and on conversion, the Noteholder shall be entitled to receive the same
percentage of the issued share capital of the Company carrying the same proportion of votes exercisable at a general meeting of shareholders and the same entitlement to participate in distributions of the Company, in each case as nearly as
practicable, as would have been the case had no Adjustment Event occurred (and making such reduction or increase as is necessary to the premium arising on the issue and allotment of the Ordinary Shares on conversion of the Notes and any accrued
interest (if applicable)). The Company shall then notify the Noteholder in writing of the necessary adjustment as determined by the professional advisors or auditors. 

  
 12EX-4.29

 Exhibit 4.29 

EXECUTION VERSION 

DATED                       
                     10 February 2020 

MEREO BIOPHARMA GROUP PLC 
  

 
 WARRANT INSTRUMENT 

relating to the issue of warrants entitling the holders to 

subscribe for Warrant Shares in the capital of 

MEREO BIOPHMARMA GROUP PLC 
  

 
  

 CONTENTS 
  

							
	 1
	    	 DEFINITIONS AND INTERPRETATION
	  	 	2	 
			
	 2
	    	 CONSTITUTION AND FORM OF WARRANTS
	  	 	5	 
			
	 3
	    	 NUMBER OF WARRANT SHARES
	  	 	6	 
			
	 4
	    	 CERTIFICATES
	  	 	6	 
			
	 5
	    	 TIMING FOR EXERCISE OF SUBSCRIPTION RIGHTS
	  	 	6	 
			
	 6
	    	 EXERCISE OF SUBSCRIPTION RIGHTS
	  	 	6	 
			
	 7
	    	 COMPLETION
	  	 	7	 
			
	 8
	    	 TRANSFER OF WARRANTS
	  	 	8	 
			
	 9
	    	 MODIFICATION AND CESSATION OF RIGHTS
	  	 	8	 
			
	 10
	    	 INFORMATION AND RIGHTS OF WARRANTHOLDER(S)
	  	 	8	 
			
	 11
	    	 RESTRICTIONS ON AND UNDERTAKINGS OF THE COMPANY
	  	 	9	 
			
	 12
	    	 WARRANTIES
	  	 	9	 
			
	 13
	    	 NOTICES
	  	 	10	 
			
	 14
	    	 COSTS AND EXPENSES
	  	 	10	 
			
	 15
	    	 CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
	  	 	10	 
			
	 16
	    	 FURTHER ASSURANCE
	  	 	10	 
			
	 17
	    	 SEVERABILITY
	  	 	11	 
			
	 18
	    	 GOVERNING LAW
	  	 	11	 
		
	 SCHEDULE 1 FORM OF WARRANT CERTIFICATE
	  	 	12	 
		
	 SCHEDULE 2 CONDITIONS
	  	 	15	 

			
	THIS WARRANT INSTRUMENT is made on                     2020

 BY: 
  

	(1)	 MEREO BIOPHARMA GROUP PLC, a public limited company incorporated in England and Wales with
company number 04206001 whose registered office is at 4th Floor, One, Cavendish Place, London, England, W1G 0QF (“Company”). 

BACKGROUND: 
  

	(A)	 The Company, by resolution of its directors, has agreed to issue Warrants to subscribe for Warrant Shares in
the capital of the Company on the terms set out in this instrument. 

  

	(B)	 Either all of the registered holders of shares in the Company have irrevocably waived all pre-emption rights conferred on them (whether by the Companies Act, the Articles or otherwise) or such pre-emption rights have been validly disapplied in relation to the
number of Warrants and shares in the Company issued pursuant to this instrument. 

  

	(C)	 This instrument has been executed by the Company as a deed in favour of the Warrantholder.

 IT IS AGREED: 
  

	1	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 In this instrument the following words and expressions shall (unless the context requires otherwise) have the
following meanings: 

  

			
		
	AIM	  	the AIM market operated by the London Stock Exchange;
		
	Articles	  	the articles of association of the Company for the time being;
		
	Auditors	  	the Company’s auditors;
		
	Business Day	  	a day (which for these purposes ends at 5.30 pm) on which banks are open for commercial business in the City of London other than a Saturday or Sunday;
		
	Companies Act	  	the Companies Act 2006;
		
	Competitor	  	means any entity (other than a reputable financial institution) whose business directly competes with the business carried out by a Group Company;
		
	Conditions	  	the terms and conditions set out in Schedule 2 (subject to any alterations made in accordance with the provisions of this instrument);

  
 2 

			
	Consent	  	the consent in writing of the Warrantholder(s) for the time being holding outstanding Warrants subject to outstanding Subscription Rights;
		
	CREST	  	the system of paperless settlement of trades and the holding of uncertificated shares administered by Euroclear or any other relevant paperless settlement system used in relation to the holding of uncertificated shares in the
Company;
		
	Directors	  	the board of directors of the Company (and/or, where relevant, a Group Company) for the time being;
		
	Exercise Date	  	the date of delivery to the registered office of the Company of the items specified in clause 6.2 (and the date of such delivery shall be the date on which such items are received at the Company’s registered
office);
		
	Final Date	  	5 years from the date of this instrument;
		
	London Stock Exchange	  	London Stock Exchange plc;
		
	Group	  	(i) the Company and its subsidiaries (if any), (ii) any holding company of the Company, and (iii) any subsidiaries of such holding companies from time to time and Group Company means any member of the Group;
		
	Issue Date	  	the date of this instrument;
		
	Market Abuse Regulation	  	Market Abuse Regulation (Regulation 596/2014/EU);
		
	Notice of Subscription	  	the notice addressed to the Company by a Warrantholder exercising its Subscription Rights in the form, or substantially in the form, set out in the schedule to the Warrant Certificate;
		
	Ordinary Shares	  	ordinary shares in the capital of the Company and having the rights and privileges set out in the Articles;
		
	Permitted Transferee	  	 are:
  

(a)   a nominee of the Warrantholder;

 
 (b)   a subsidiary of the
Warrantholder;
  
 (c)   a
holding company of the Warrantholder; and
  

(d)   any subsidiaries of such holding companies from time to
time.

  
 3 

			
		
	Recognised Investment Exchange	  	a recognised investment exchange or overseas investment exchange (within the meaning thereof given for the purposes of section 285 of the Financial Services and Markets Act 2000, and shall include, without limitation, AIM or
NASDAQ);
		
	Register	  	the register of persons for the time being entitled to the benefit of the Warrants to be maintained pursuant to the Conditions;
		
	Registrars	  	the registrars of the Company for the time being;
		
	Subscription Price	  	the subscription price per Warrant Share shall be 26.50 pence:
		
	Subscription Rights	  	the rights of the Warrantholder(s) to subscribe for Warrant Shares under clause 6;
		
	Warrant Certificate	  	a certificate evidencing a Warrantholder’s entitlement to Warrants in the form set out in Schedule 1;
		
	Warrant Shares	  	Ordinary Shares to be issued pursuant to the terms of the Warrants;
		
	Warrantholder 	  	in relation to a Warrant, the person whose name appears in the Register as the holder of the Warrant; and
		
	Warrants	  	the warrants of the Company constituted by this instrument and all rights conferred by it (including the Subscription Rights).

  

	1.2	 In this instrument, unless the context otherwise requires: 

 

	 	1.2.1	 words and expressions defined in the Companies Act or the Articles shall have the same meanings in this
instrument (unless otherwise expressly defined in this instrument); 

  

	 	1.2.2	 headings are used for convenience only and shall be ignored in interpreting this instrument;

  

	 	1.2.3	 reference to a clause or schedule is a reference to a clause of, or schedule to, this instrument;

  

	 	1.2.4	 reference to (or to any specific provision of) this instrument or any other document or instrument shall be
construed as a reference to this instrument, that provision or that document or instrument as in force for the time being and as amended from time to time in accordance with its terms and the prior sanction of a Consent (where consent is required by
the terms of this instrument as a condition to such amendment being made); 

  
 4 

	 	1.2.5	 reference to any gender includes all genders, references to the singular includes the plural (and vice versa)
and reference to persons includes bodies corporate, unincorporated associations and partnerships (whether or not any of the same have a separate legal personality); 

 

	 	1.2.6	 reference to a statutory provision includes reference to: 

 

	 	(a)	 the statute or statutory provision as modified or re-enacted from time
to time; and 

  

	 	(b)	 any subordinate legislation made under the statutory provision (as modified or
re-enacted as set out in clause 1.2.6(a) above); 

  

	 	1.2.7	 any words following the terms ‘including’, ‘include’, ‘in particular’, ‘for
example’ or any other similar expression shall be construed as illustrative and shall not limit the sense of the words, description, phrase or term preceding those words; and 

 

	 	1.2.8	 references to statutory obligations include obligations arising under articles of the Treaty establishing the
European Community, and regulations, directives and decisions of the European Union as well as United Kingdom Acts of Parliament and subordinate legislation. 

  

	1.3	 Unless otherwise specifically provided, where any notice, resolution or document is required by this instrument
to be signed by any person, the reproduction of the signature of such person by fax or email shall suffice, provided that confirmation by first class letter is despatched by close of business on the next following Business Day, in which case the
effective notice, resolution or document shall be that sent by fax or email (served in accordance with paragraphs 11 and 12 of Schedule 2), not the confirmatory letter. 

 

	1.4	 This instrument incorporates the schedules to it. 

 

	2	 CONSTITUTION AND FORM OF WARRANTS 

 

	2.1	 This instrument constitutes the Warrants, which in aggregate give the Warrantholder(s) the right, upon the
terms and subject to the conditions set out in this instrument, to subscribe in cash at a price per share equal to the Subscription Price for such number of Warrant Shares as is set out in clause 3. 

 

	2.2	 Each Warrantholder shall be entitled to subscribe in cash at the Subscription Price for that number of Warrant
Shares in respect of which it is entitled to be recorded as the holder in the Register on the terms set out in this instrument. 

  

	2.3	 The Warrants shall be in registered form. 

 

	2.4	 The Warrants are issued subject to the Articles and otherwise on the terms of this instrument (including the
Conditions). 

  
 5 

	2.5	 The Company agrees with the Warrantholder(s) and, in consideration of being issued a Warrant Certificate, each
Warrantholder agrees with the Company that the Articles (insofar as they relate to the Warrants) and the terms of this instrument shall be binding upon the Company and each Warrantholder and all persons claiming through or under either of them.

  

	2.6	 No application will be made for the Warrants to be listed or dealt on any Recognised Investment Exchange (as
that term is defined in the Financial Services and Markets Act 2000 (as amended)). 

  

	3	 NUMBER OF WARRANT SHARES 

The number of Warrant Shares over which Warrants will be issued is 1,449,614. 

 

	4	 CERTIFICATES 

  

	4.1	 The Company shall issue to each Warrantholder a Warrant Certificate in respect of that number of Warrants to
which it is entitled as soon as reasonably practicable following a Warrantholder becoming entitled to such Warrants in accordance with clause 3. 

  

	4.2	 If a Warrant Certificate is mutilated, defaced, lost, stolen or destroyed, the Company will replace it on such
terms as to evidence and indemnity as the Company may reasonably require and subject to the Warrantholder who is seeking the replacement paying the Company’s reasonable costs (if any) in connection with the issue of the replacement.

  

	4.3	 Mutilated or defaced Warrant Certificates must be surrendered before replacements will be issued.

  

	5	 TIMING FOR EXERCISE OF SUBSCRIPTION RIGHTS  

 

	5.1	 The Subscription Rights may be exercised at any time from the date of this instrument until 17:00 GMT on the
Final Date and shall be exercised in accordance with clause 6. 

  

	5.2	 A failure by any Warrantholder to exercise its Subscription Rights ahead of such time on the Final Date shall
mean that such Warrantholder’s outstanding Warrants shall immediately lapse and be cancelled and such Warrantholder shall have no further rights under this instrument. 

 

	6	 EXERCISE OF SUBSCRIPTION RIGHTS 

 

	6.1	 Subject to the Warrantholder’s compliance with its obligations under the Market Abuse Regulation, the
Subscription Rights may be exercised in whole or in part at any time. 

  

	6.2	 In order to exercise its Subscription Rights validly, a Warrantholder must deliver the following items to the
registered office of the Company: 

  

	 	6.2.1	 the Warrant Certificate for the Warrants in respect of which Subscription Rights are being exercised, together
with the Notice of Subscription duly completed; 

  
 6 

	 	6.2.2	 if required pursuant to clause 6.3, a remittance by banker’s draft, drawn on a UK clearing bank, (or such
other mode of payment as the Company and the Warrantholder shall agree); and 

  

	 	6.2.3	 the name and address of the Warrantholder to which the Warrant Shares arising on exercise of Subscription
Rights are to be issued. 

  

	6.3	 The Subscription Price for each of the Warrant Shares shall be satisfied by the payment by electronic transfer
to the Company’s bank account no later than two (2) Business Days after the relevant Warrant Shares have been credited to the Warrantholder’s CREST account (or the CREST account of any nominee or trustee nominated by the Warrantholder
in accordance with clause 7.1.3). 

  

	7	 COMPLETION 

  

	7.1	 Following a valid exercise of Subscription Rights by a Warrantholder, the Company shall in accordance with
clause 7.3: 

  

	 	7.1.1	 allot and issue credited as fully paid to the Warrantholder (or to its nominee or trustee as notified to the
Company in the Notice of Subscription) the Warrant Shares to which the Warrantholder is entitled by exercising the Subscription Rights (“Allotted Shares”); 

 

	 	7.1.2	 immediately following allotment and issue in accordance with clause 7.1.1, enter, or procure that the
Company’s Registrars enter the Warrantholder’s name (or its nominee’s or trustee’s name, as appropriate) in the register of members of the Company as the holder of the Allotted Shares; 

 

	 	7.1.3	 immediately following registration in accordance with clause 7.1.2, either send to the person identified by the
Warrantholder pursuant to clause 7.1.1, free of charge, share certificate(s) in respect of the Allotted Shares or credit such aggregate number of Allotted Shares to the Warrantholder’s (or its nominee’s or trustee’s) CREST stock
account; and 

  

	 	7.1.4	 apply for the admission of the Warrant Shares to trading on any Recognised Investment Exchange on which the
Ordinary Shares are listed, and shall use its reasonable endeavours to secure such admission to trading no later than ten (10) Business Days after such application. 

 

	7.2	 The obligations of the Company under clause 7.1 shall be fulfilled within ten (10) days of a valid
exercise of the Subscription Rights. 

  

	7.3	 The Allotted Shares shall: 

 

	 	7.3.1	 be allotted and issued fully paid; 

 

	 	7.3.2	 rank pari passu with the Ordinary Shares of the Company then in issue; 

 

	 	7.3.3	 rank for any dividend or other distribution which has previously been announced or declared if the date by
which the holder of Warrant Shares must be registered to participate in such dividend or other distribution is after the Exercise Date pursuant to which the Subscription Rights have been exercised; and 

  
 7 

	 	7.3.4	 be free from all claims, liens, charges, encumbrances, equities and third party rights. 

 

	7.4	 If following allotment of shares pursuant to the exercise of some of the Subscription Rights, some Subscription
Rights remain, the Company shall issue a Warrant Certificate to the Warrantholder within 15 Business Days for the balance of the Warrantholder’s Subscription Rights. 

 

	8	 TRANSFER OF WARRANTS 

 

	8.1	 Subject to clause 8.2, the Warrants may be transferred in whole by any Warrantholder to any person, provided
that the Company has given its prior written consent to such transfer. 

  

	8.2	 A Warrantholder has the right, with prior written notice, but without the consent of the Company, to transfer
the Warrants in whole to a Permitted Transferee, subject to compliance with the provisions of Schedule 2 hereto. 

  

	8.3	 Notwithstanding any other provisions of this instrument, no transfer shall be made to any person which is a
Competitor of the Company or any other Group Company. 

  

	8.4	 The provisions of Schedule 2 to this instrument shall regulate any transfer of a Warrant.

  

	9	 MODIFICATION AND CESSATION OF RIGHTS 

 

	9.1	 This instrument may be modified only with the prior sanction of Consent. 

 

	9.2	 This instrument ceases to have effect on the earlier of: 

 

	 	9.2.1	 the date upon which all Subscription Rights have been exercised in full; and 

 

	 	9.2.2	 the Final Date. 

  

	10	 INFORMATION AND RIGHTS OF WARRANTHOLDER(S)  

 

	10.1	 The Company shall:  

 

	 	10.1.1	 send to each Warrantholder a copy of its annual reports and audited accounts together with all documents
required by law to be annexed to that report at the same time they are provided to the holders of the Ordinary Shares; 

  

	 	10.1.2	 send to each Warrantholder copies of any statements, notices or circulars sent to the holders of the Ordinary
Shares; and 

  

	 	10.1.3	 give to each Warrantholder written notice of its intention to declare or pay a dividend or other distribution
on the Ordinary Shares no later than the date on which notice of the general meeting approving such dividend or distribution is sent to the holders of the Ordinary Shares. 

  
 8 

	10.2	 The Warrantholder(s) may attend all general meetings of members of the Company and meetings of the holders of
Ordinary Shares but may not vote at those meetings by virtue of or in respect of their holdings of Warrants. 

  

	10.3	 Each Warrantholder shall keep confidential any information received by it in its capacity as a Warrantholder
which is of a confidential nature except: 

  

	 	10.3.1	 as required by law or any applicable regulations; 

 

	 	10.3.2	 to the extent the information is in the public domain through no default of the Warrantholder; and

  

	 	10.3.3	 each Warrantholder will be entitled to divulge such information to any other Warrantholder and any proposed
transferee of Warrants on the same terms as to confidentiality. 

  

	11	 RESTRICTIONS ON AND UNDERTAKINGS OF THE COMPANY 

 

	11.1	 For so long as the Warrants are outstanding, the Company will: 

 

	 	11.1.1	 to the extent that the Company has a limit on its authorised share capital, keep available for issue and free
from pre-emptive rights, out of its authorised but unissued share capital, such number of Warrant Shares as will enable the Subscription Rights of the Warrantholder(s) to be satisfied in full;

  

	 	11.1.2	 ensure that the Directors have all necessary authorisations and disapplications of pre-emption (including under the Companies Act) to allot such number of Warrant Shares as will enable the Subscription Rights of the Warrantholder(s) to be satisfied in full at any time; 

 

	 	11.1.3	 notify the Warrantholder before cancelling the admission to trading of the Ordinary Shares on any Recognised
Investment Exchange on which the Ordinary Shares are traded from time to time; 

  

	 	11.1.4	 not make any issue, grant or distribution or take any other action the effect of which would be that on
exercise of any of the Subscription Rights it would be required to issue Warrant Shares at a discount to their nominal value; and 

  

	 	11.1.5	 not buy any Warrants unless it offers to buy Warrants from all Warrantholders in proportion to their respective
holdings of Warrants. 

  

	12	 WARRANTIES 

  

	12.1	 The Company warrants to the Warrantholder(s) that: 

 

	 	12.1.1	 it has the power to execute and to perform its obligations under this instrument; 

  
 9 

	 	12.1.2	 it has taken all action necessary to authorise the execution of, and the performance of its obligations under
this instrument; 

  

	 	12.1.3	 all Warrant Shares which may be issued upon the exercise of the rights represented by this Warrant will be,
upon issuance, be duly authorised, validly issued and fully paid and free of any liens and encumbrances; and 

  

	 	12.1.4	 the Ordinary Shares listed on AIM are duly admitted to trading thereon and no circumstances exist which may
cause the suspension or cancellation of such admission. 

  

	13	 NOTICES 

Any notice to the Warrantholder(s) required for the purposes of any provision of this instrument shall be given in accordance with the
provisions of paragraphs 10 to 13 (inclusive) of Schedule 2. 
  

	14	 COSTS AND EXPENSES 

 

	14.1	 The Company shall promptly pay to the Warrantholder(s) on the Warrantholder’s demand, the reasonable legal
expenses plus applicable VAT and disbursements incurred by the Warrantholder in connection with: 

  

	 	14.1.1	 any amendment or supplement to this instrument, or any proposal for such an amendment to be made, provided such
amendment or supplement has been requested or necessitated by the Company; and 

  

	 	14.1.2	 any consent or waiver by the Warrantholder(s) concerned under or in connection with this instrument or any
request for such a consent or waiver, provided that such consent or waiver has been requested or necessitated by the Company; and 

  

	 	14.1.3	 any step taken reasonably and properly by the Warrantholder with a view to the protection, exercise or
enforcement of any right or interest created by this instrument. 

  

	15	 CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999 

A person who is not a party to this instrument shall have no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term
of this instrument. This clause does not affect any right or remedy of any person which exists or is available otherwise than pursuant to that Act. 
  

	16	 FURTHER ASSURANCE 

The Company shall, at its own cost and expense, execute all such deeds and documents and do all such acts and things as may reasonably be
required in order to give effect to this instrument, including vesting on issue the full legal and beneficial title to the Warrant Shares in the Warrantholder. 

  
 10 

	17	 SEVERABILITY 

Each of the provisions of this instrument is distinct and severable from the others and if at any time one or more of such provisions is or
becomes valid, unlawful or unenforceable (whether wholly or to any extent), the validity, lawfulness and enforceability of the remaining provisions (or the same provision to any other extent) of this instrument shall not in any way be affected or
impaired. 
  

	18	 GOVERNING LAW 

The provisions of this instrument and the Conditions and any dispute or claim arising out of or in connection with them (including any dispute
or claim relating to non-contractual obligations) shall be subject to and governed by English law and the Company and the Warrantholder(s) submit to the exclusive jurisdiction of the English Courts in relation
to any such dispute or claim. 
 The Company intends this instrument to be a deed poll and accordingly it or its duly authorised representatives execute and
deliver it as such. 

  
 11 

 SCHEDULE 1 

Form Of Warrant Certificate 

MEREO BIOPHMARMA GROUP PLC(“COMPANY”) 

A company registered in England and Wales 

under Company number 04206001 

WARRANT CERTIFICATE 
 This certificate is
issued pursuant to the warrant instrument issued by the Company on _______________ 2020 (“Warrant Instrument”). Words and expressions used in this certificate which are defined in the Warrant Instrument have the meanings given to
them in the Warrant Instrument. 
  

			
	 Certificate number:
	  	[•]
		
	 Date of issue:
	  	________________ 2020
		
	 Name and address of

Warrantholder:
	  	[•]

 Number of Warrant Shares for which the Warrantholder may subscribe: [•]. 

This is to certify that the Warrantholder named above is the registered holder of the right to subscribe in cash for Warrant Shares at the subscription price
set out above subject to the Articles and otherwise on the terms and conditions set out in the Warrant Instrument (a copy of which is available for inspection at the registered office of the Company). 

 

							
	 EXECUTED as a deed, but not delivered until

the date specified on this certificate, by

MEREO BIOPHARMA GROUP PLC
	  	 
 
 
	)
 )

)
	 
  
  
	  	
			
	by                                      a
director in the
presence of a witness:	  	)	 	  	  
	 	  	 	 	  	Director
			
	 Witness Signature:
	  				  	 
			
	 Witness Name (block capitals):
	  				  	 
			
	 Witness Address:
	  				  	 
			
		  				  	 
			
	 Witness Occupation:
	  				  	 

 Schedule to the Warrant Certificate 

  
 12 

 Notice of Subscription 

To:    The Directors 

MEREO BIOPHARMA GROUP PLC (“Company”) 

This notice is issued pursuant to the warrant instrument issued by the Company on
                         2020 (“Warrant Instrument”). Words and expressions used in this notice which are
defined in the Warrant Instrument have the meanings given to them in the Warrant Instrument. 
 By this notice we exercise the Subscription Rights
appertaining to [number] of the Warrants evidenced by this certificate and confirm that we will procure payment in the sum of £[amount], being the aggregate Subscription Price payable for those Warrant Shares 

[We direct the Company to allot conditional only on the above the [number] of Ordinary Shares to be issued pursuant to this exercise in the following
numbers to the following proposed allottees, each of which is either a Warrantholder, a nominee or trustee of a Warrantholder, or a transferee of one of those persons approved in accordance with clause 8.1 of the Warrant Instrument.] 

 

							
	 Number/percentage of shares
	  	 Name of proposed

allottee
	  	 Address of

proposed allottee
	  	 CREST Details

	 1
	  		  		  	 Participant ID: [•]
  

Member account ID: [•]
  

INSP Custodian Client Ref: [•]
  

Custodian Name: [•]

				
	 2
	  		  		  	 Participant ID: [•]
  

Member account ID: [•]
  

INSP Custodian Client Ref: [•]
  

Custodian Name: [•]

 We request that certificate(s) for such Ordinary Shares be sent by post at our risk to us at the first address shown above or
to the agent lodging this certificate as mentioned below. 
 OR 

We hereby request that you register our Warrant Shares in uncertificated form to the CREST account detailed [below][above]: 

  
 13 

					
		 	CREST Details	  	Participant ID
			
	 	 	 	  	Member Account ID
			
		 		  	 INSP Custodian Client
 Ref:

			
	 	 	 	  	Custodian Name

 We agree that such shares are issued and accepted subject to the memorandum and articles of association of the Company. 

 

			
	Signature of Warrantholder:	 	 
	Full name:	 	 
	Address:	 	 

 Lodged by: (agent to whom certificate(s) should be sent) 

 

			
	Name of agent:	 	 
	Address:	 	 

  
 14 

 SCHEDULE 2 

Conditions 
  

	1	 An accurate Register will be kept and maintained at all times by the Company at its registered office and there
shall be entered in the Register: 

  

	1.1	 the names and addresses of the persons for the time being entitled to be registered as the holders of the
Warrants; 

  

	1.2	 the number of Warrants held for the time being by every registered holder; and 

 

	1.3	 the date on which the name of every registered holder is entered in the Register in respect of the Warrants in
its name. 

  

	2	 Any change in the name or address of any Warrantholder shall promptly be notified to the Company which shall
cause the Register to be altered accordingly. The Warrantholders or any of them and any person authorised by any Warrantholder shall be at liberty at all reasonable times during office hours to inspect the Register and to take copies of or extracts
from it or any part of it. 

  

	3	 The Company shall be entitled to treat each Warrantholder as the absolute owner of a Warrant and accordingly
shall not, except as ordered by a court of competent jurisdiction or as required by law, be bound to recognise any equitable or other claim to or interest in a Warrant on the part of any other person, whether or not it shall have express or other
notice of such a claim. 

  

	4	 Each Warrantholder will be recognised by the Company as entitled to the Warrants free from any equity, set-off or cross-claim on the part of the Company against the original or any intermediate holder of the Warrants. 

  

	5	 Each transfer of a Warrant shall be made by an instrument of transfer in the usual or common form or in any
other form which may be approved for the time being by the Directors. 

  

	6	 The instrument of transfer of a Warrant shall be executed by or on behalf of the transferor but need not be
executed by or on behalf of the transferee. The transferor shall be deemed to remain the holder of the Warrant until the name of the transferee is entered in the Register in respect of the Warrant being transferred. 

 

	7	 The Directors may decline to recognise any instrument of transfer of a Warrant unless the instrument is
deposited at the registered office of the Company accompanied by the Warrant Certificate for the Warrant to which it relates, and such other evidence as the Directors may reasonably require to show the right of the transferor to make the transfer.
The Directors may waive production of any Warrant Certificate upon production to them of satisfactory evidence of the loss or destruction of the Warrant Certificate together with such indemnity as they may require. 

 

	8	 No fee shall be charged for any registration of a transfer of a Warrant or for the registration of any other
documents which in the opinion of the Directors require registration. 

  
 15 

	9	 The registration of a transfer shall be conclusive evidence of the approval by the Directors of such a
transfer. 

  

	10	 Each Warrantholder shall register with the Company an address to which notices can be sent. If any
Warrantholder fails to register an address with the Company, notice may be given to that Warrantholder by sending it by any of the methods referred to in paragraph 11 of this Schedule 2 to that Warrantholder’s last known place of business or
residence or, if none, by exhibiting it for three days at the registered office for the time being of the Company. 

  

	11	 Notices and other communications to Warrantholders may be given by personal delivery, prepaid letter by first
class post or, subject to clause 1.3 of this instrument, fax or email. In proving service of any notice or other communication sent by post, it shall be sufficient to prove that the envelope containing the notice or other communication was properly
addressed and stamped and was deposited in a post box or at the post office. 

  

	12	 A notice or other communication given pursuant to the provisions of paragraph 11 of this Schedule 2 shall be
deemed to have been served: 

  

	12.1	 at the time of delivery, if delivered personally to the registered address; 

 

	12.2	 on the second Business Day following its posting, if sent by prepaid letter by first class post to an address
in the United Kingdom; and 

  

	12.3	 at 09:00 hours on the Business Day following the despatch of the fax, if sent by fax. 

 

	13	 All notices and other communications with respect to Warrants standing in the names of joint registered holders
shall be given to whichever of such persons is named first in the Register and such notice so given shall be sufficient notice to all the registered holders of such Warrants. 

 

	14	 Any person who, whether by operation of law, transfer or other means whatsoever, shall become entitled to any
Warrant, shall be bound by every notice in respect of such Warrant which, prior to its name and address being entered on the Register, shall have been duly given to the person from which it derives its title to such Warrant. 

 

	15	 When a given number of days’ notice or notice extending over any other period is required to be given, the
day of service shall be included but the day upon which such notice will expire shall not be included in such number of days or other period. The signature to any notice to be given by the Company may be written or printed. 

  
 16 

 SIGNATURE PAGE 

 

							
	 EXECUTED as a deed, but not delivered until

the date specified on this instrument, by
  

MEREO BIOPHARMA GROUP PLC
	  	 
 
 

	)
 )

)
 )
	 
  
  

 
	  	
			
	by                                      a
director in the
presence of a witness:	  	 	 	  	  
	 	  	 	 	  	Director
			
	 Witness Signature:
	  				  	 
			
	 Witness Name (block capitals):
	  				  	 
			
	 Witness Address:
	  				  	 
			
		  				  	 
			
	 Witness Occupation:
	  				  	 

  
 17

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