Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 235

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 235
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 granted with an exercise price as determined by the Board of Directors but not in any
event at a price less than the nominal value of the Ordinary Shares subject to such Unapproved Option. The stock options may be stock
options to subscribe for new Ordinary Shares (in the form of Depositary Shares).

A Plan Participant will have
no stockholder rights until such time as he or she is able to exercise the stock option and acquire Ordinary Shares (in the form of Depositary
Shares).

Plan Limits. The Board
of Directors may from time to time specify the maximum number of Ordinary Shares in respect of which options may be granted pursuant to
the Plan.

EMI Options shall be granted
under, and comply with, Schedule 5. This confers tax benefits on EMI Options up to a certain threshold. That threshold is currently such
that when an employee has received and holds EMI Options with a value at grant of £250,000 or more, he or she may not have any further
granted EMI Options for three years. In the event that this threshold is exceeded or the Company ceases to satisfy the qualifying conditions,
unapproved options may instead be granted under the terms of the Plan. The total value of shares subject to unexercised EMI Options at
any time may not exceed £3.0 million. All EMI Options must be exercised within 10 years from the grant date as set out in the rules
of the 2014 Plan, or as set forth in the applicable option agreement.

Vesting of Options.
In the normal course, stock options will become eligible for vesting subject to the satisfaction of time and financial performance targets.

If a Plan Participant leaves
the employment of the Company or its subsidiaries for any reason, his or her stock option will generally lapse unless the Board of Directors
exercises its discretion to allow the exercise of the stock option.

Performance Targets.
Stock options granted under the Plan may be subject to appropriate performance targets determined by the Board of Directors, with stock
options vesting in part on the attainment of each performance target.

Rights Attaching to Ordinary Shares. Ordinary Shares issued in connection with the exercise of stock options will rank equally with all other Ordinary Shares then
in issue (save as regards any rights attaching to Ordinary Shares by reference to a record date prior to entry of the shares on the register
of stockholders).

Adjustments. If there
is any adjustment of our issued share capital, the Ordinary Shares (in the form of Depositary Shares) subject