Share Price, page-2398

With respect to the loan funded shares for Jon Pilcher, James Shaw and Clive Blower, 40% vested on the FDA’s acceptance of NDA filing for trofinetide. Another 40% vest if NNZ-2591 is progressed to a Phase 2b or Phase 3 clinical trial following a positive Phase 2 clinical trial outcome, or a partnering transaction for NNZ-2591 is executed. The other 20% vest on execution of a partnering transaction for trofinetide outside North America, or a Marketing Authorisation Application being submitted by Neuren for trofinetide in the European Union, the United Kingdom, or Japan.

However, as stated in the “Change of Control” section of the Loan Funded Shares Agreement, in the event of a takeover (defined as when a person and their associates becomes the holder or controller of more than 50% of the ordinary shares of the Company) any unvested Loan Funded Shares vest and can be transferred to the participant.