EX-10.6





 Exhibit 10.6 

RENALYTIX AI PLC 

2020 EQUITY INCENTIVE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS: 22
JUNE 2020 
 APPROVED BY THE SHAREHOLDERS:
[●] JULY 2020 
  












 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 1.
	 	PURPOSE	  	 	1	 
			
	 2.
	 	ELIGIBILITY	  	 	1	 
			
	 3.
	 	ADMINISTRATION AND DELEGATION.	  	 	1	 
			
	 4.
	 	SHARES AVAILABLE FOR AWARDS.	  	 	1	 
			
	 5.
	 	OPTIONS AND SHARE APPRECIATION RIGHTS.	  	 	2	 
			
	 6.
	 	RESTRICTED SHARES; RESTRICTED SHARE UNITS; PERFORMANCE SHARE UNITS	  	 	4	 
			
	 7.
	 	OTHER SHARE BASED AWARDS	  	 	6	 
			
	 8.
	 	GENERAL PROVISIONS APPLICABLE TO AWARDS	  	 	6	 
			
	 9.
	 	MISCELLANEOUS	  	 	8	 
			
	 10.
	 	DEFINITIONS.	  	 	10	 


  
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	1.	 PURPOSE 



The Plan’s purpose is to enhance the Company’s ability to attract, retain and motivate persons who make (or are expected to make)
important contributions to the Company by providing these individuals with equity ownership opportunities. Capitalized terms used in the Plan are defined in Section 11. 
  

	2.	 ELIGIBILITY 



Service Providers are eligible to be granted Awards under the Plan, subject to the limitations described herein. 

 

	3.	 ADMINISTRATION AND DELEGATION. 



(a) Administration. The Plan is administered by the Administrator. The Administrator has authority to determine which Service Providers
receive Awards, grant Awards, set Award terms and conditions, and designate whether such Awards will cover Ordinary Shares or ADSs, subject to the conditions and limitations in the Plan. The Administrator also has the authority to take all actions
and make all determinations under the Plan, to interpret the Plan and Award Agreements and to adopt, amend and repeal Plan administrative rules, guidelines and practices as it deems advisable. The Administrator may correct defects and ambiguities,
supply omissions and reconcile inconsistencies in the Plan or any Award as it deems necessary or appropriate to administer the Plan and any Awards. The Administrator’s determinations under the Plan are in its sole discretion and will be final
and binding on all persons having or claiming any interest in the Plan or any Award. 
 (b) Appointment of Committees. To the extent
Applicable Laws permit, the Board may delegate any or all of its powers under the Plan to one or more Committees or officers of the Company or any of its Subsidiaries. The Board may abolish any Committee or
re-vest in itself any previously delegated authority at any time. 
  

	4.	 SHARES AVAILABLE FOR AWARDS. 



(a) Number of Shares. Subject to adjustment under Section 8 and the terms of this Section 4, Awards may be made under
the Plan (taking account of Awards granted under the Non-Employee Sub-Plan) in an aggregate amount up to 8,500,000 Ordinary Shares (including as part of the process for
the issue of new ADSs) (the “Share Reserve”). In addition, the Share Reserve will automatically increase on January 1st of the year following the year in which the Company’s shareholders approve the Plan and ending on
(and including) January 1, 2030, in an amount equal to 5% of the total number of Ordinary Shares outstanding on December 31st of the preceding calendar year. Notwithstanding the foregoing, the Board may act prior to January 1st of a given year
to provide that there will be no January 1st increase in the Share Reserve for such year or that the increase in the Share Reserve for such year will be a lesser number of Shares than would otherwise occur pursuant to the preceding sentence. 

(b) Share Recycling. If all or any part of an Award or Awards granted under the Plan or the
Non-Employee Sub-Plan expires, lapses or is terminated, exchanged for cash, surrendered, repurchased or cancelled without having been fully exercised, the unused Shares
covered by the Award or Awards granted under the Plan or the Non-Employee Sub-Plan will, as applicable, become or again be available for Awards granted under the Plan or
the Non-Employee Sub-Plan. 

  
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 If all or any part of an option or options to acquire unissued Shares that was granted under
the Prior Plan and which is subsisting as of the Effective Date expires, lapses or is terminated, exchanged for cash, surrendered, repurchased or cancelled without having been fully exercised, in each case on or after the Effective Date, the unused
Shares covered by such option or options under the Prior Plan shall increase the Share Reserve and shall become available for Awards granted under the Plan or the Non-Employee
Sub-Plan subject to a maximum of 3,000,000 Ordinary Shares (including as part of the process for the issue of new ADSs). 

(c) Incentive Option Limitations. Subject to adjustment under Section 8, no more than 25,500,000 Ordinary Shares (including
as part of the process for the issue of new ADSs) may be issued pursuant to the exercise of Incentive Options. 
 (d) Substitute
Awards. In connection with an entity’s merger or consolidation with the Company or the Company’s acquisition of an entity’s property or stock, the Administrator may grant Awards in substitution for any options or other equity or
equity-based awards granted before such merger or consolidation by such entity or its affiliate. Substitute Awards may be granted on such terms as the Administrator deems appropriate, notwithstanding limitations on Awards in the Plan. Substitute
Awards will not count against the Share Reserve (nor shall Shares subject to a Substitute Award be added to the Shares available for Awards under the Plan as provided above), except that Shares acquired by exercise of substitute Incentive Options
will count against the maximum number of Shares that may be issued pursuant to the exercise of Incentive Options under the Plan. Additionally, in the event that a company acquired by the Company or any Subsidiary or with which the Company or any
Subsidiary combines has shares available under a pre-existing plan approved by shareholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the
terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the
consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such
Awards shall not be added to the Shares available for Awards under the Plan as provided above); provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Employees or Directors prior to such acquisition or combination. 

(e) Deed Poll. The Administrator may grant Awards by entering into a deed poll and, as soon as practicable after the Company has
executed the deed poll, the Administrator shall enter into an Award Agreement 
 (f) Prior Plan. Upon the Effective Date, no further
new awards may be granted over Shares under the Prior Plan. 
  

	5.	 OPTIONS AND SHARE APPRECIATION RIGHTS. 



(a) General. The Administrator may grant Options or Share Appreciation Rights to Service Providers subject to the limitations in the
Plan, including any limitations in the Plan that apply to Incentive Options. The Administrator will determine the number of Shares covered by each Option and Share Appreciation Right, the exercise price of each Option and Share Appreciation Right
and the conditions and limitations applicable to the exercise of each 

  
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Option and Share Appreciation Right. A Share Appreciation Right will entitle the Participant (or other person entitled to exercise the Share Appreciation Right) to receive from the Company upon
exercise of the exercisable portion of the Share Appreciation Right an amount determined by multiplying the excess, if any, of the Fair Market Value of one Share on the date of exercise over the exercise price per Share of the Share Appreciation
Right by the number of Shares with respect to which the Share Appreciation Right is exercised, subject to any limitations of the Plan or that the Administrator may impose and payable in cash, Shares valued at Fair Market Value or a combination of
the two as the Administrator may determine or provide in the Award Agreement. 
 (b) Exercise Price. The Administrator will establish
each Option’s and Share Appreciation Right’s exercise price and specify the exercise price in the Award Agreement. The exercise price will not be less than 100% of the Fair Market Value on the grant date of the Option or Share Appreciation
Right. 
 (c) Duration. Each Option or Share Appreciation Right will be exercisable at such times and as specified in the Award
Agreement, provided that the term of an Option or Share Appreciation Right will not exceed ten years. Notwithstanding the foregoing and unless determined otherwise by the Company, in the event that on the last business day of the term of an Option
or Share Appreciation Right (other than an Incentive Option) (i) the exercise of the Option or Share Appreciation Right is prohibited by Applicable Laws, as determined by the Company, or (ii) Shares may not be purchased or sold by the
applicable Participant due to any Company insider trading or dealing policy (including blackout periods), the term of the Option or Share Appreciation Right shall be extended until the date that is thirty (30) days after the end of the legal
prohibition, black-out period, as determined by the Company; provided, however, in no event shall the extension last beyond the ten year term of the applicable Option or Share Appreciation Right.
Notwithstanding the foregoing, if the Participant, prior to the end of the term of an Option or Share Appreciation Right, violates the non-competition, non-solicitation,
confidentiality or other similar restrictive covenant provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company or any of its Subsidiaries, the right of the
Participant and the Participant’s transferees to exercise any Option or Share Appreciation Right issued to the Participant shall terminate immediately upon such violation, unless the Company otherwise determines. In addition, if, prior to the
end of the term of an Option or Share Appreciation Right, the Participant is given notice by the Company or any of its Subsidiaries of the Participant’s Termination of Service by the Company or any of its Subsidiaries for Cause, and the
effective date of such Termination of Service is subsequent to the date of the delivery of such notice, the right of the Participant and the Participant’s transferees to exercise any Option or Share Appreciation Right issued to the Participant
shall be suspended from the time of the delivery of such notice until the earlier of (i) such time as it is determined or otherwise agreed that the Participant’s service as a Service Provider will not be terminated for Cause as provided in
such notice or (ii) the effective date of the Participant’s Termination of Service by the Company or any of its Subsidiaries for Cause (in which case the right of the Participant and the Participant’s transferees to exercise any
Option or Share Appreciation Right issued to the Participant will terminate immediately upon the effective date of such Termination of Service). 

(d) Exercise. Options and Share Appreciation Rights may be exercised by delivering to the Company a written notice of exercise, in a
form the Administrator approves (which may be electronic), signed by the person authorized to exercise the Option or Share Appreciation Right, together with, as applicable, payment in full (i) as specified in Section 5(e) for the number of
Shares for which the Award is exercised and (ii) as specified in Section 9(e) for any applicable taxes. Unless the Administrator otherwise determines, an Option or Share Appreciation Right may not be exercised for a fraction of a Share.


  
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 (e) Payment Upon Exercise. Subject to any Company insider trading or dealing
policy (including blackout periods) and Applicable Laws, the exercise price of an Option must be paid by: 
 (i) cash, wire transfer
of immediately available funds or by check payable to the order of the Company, provided that the Company may limit the use of one of the foregoing payment forms if one or more of the payment forms below is permitted; 

(ii) if there is a public market for Shares at the time of exercise, unless the Company otherwise determines, (A) delivery
(including telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to pay the exercise price, or (B) the
Participant’s delivery to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to pay the exercise price; provided that such
amount is paid to the Company at such time as may be required by the Administrator; 
 (iii) to the extent permitted by the
Administrator, delivery (either by actual delivery or attestation) of Shares owned by the Participant which, when valued at their Fair Market Value on the exercise date, have a value sufficient to pay the exercise price; 

(iv) to the extent permitted by the Administrator, except with respect to Incentive Options, surrendering Shares then issuable upon the
Option’s exercise which, when valued at their Fair Market Value on the exercise date; have a value sufficient to pay the exercise price 

(v) to the extent permitted by the Administrator, delivery of a promissory note or any other property that the Administrator determines
is good and valuable consideration; or 
 (vi) to the extent permitted by the Company, any combination of the above payment forms
approved by the Administrator. 
  

	6.	 RESTRICTED SHARES; RESTRICTED SHARE UNITS; PERFORMANCE SHARE UNITS 



(a) General. The Administrator may grant Restricted Shares, or the right to purchase Restricted Shares, to any Service Provider, subject
to the Company’s right to repurchase all or part of such shares at their issue price or other stated or formula price from the Participant (or to require forfeiture of such shares) if conditions the Administrator specifies in the Award
Agreement are not satisfied before the end of the applicable restriction period or periods that the Administrator establishes for such Award. In addition, the Administrator may grant to Service Providers Restricted Share Units, which may be subject
to vesting and forfeiture conditions during the applicable restriction period or periods, as set forth in an Award Agreement. The Administrator will determine and set forth in the Award Agreement the terms and conditions for each Restricted Share
and Restricted Share Unit Award, subject to the conditions and limitations contained in the Plan. 

  
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 (b) Duration. Each Restricted Share, Restricted Share Unit or Performance Share Unit
will vest at such times and as specified in the Award Agreement, provided that the vesting schedule of a Restricted Share, Restricted Share Unit or Performance Share Unit will not exceed ten years. Notwithstanding the foregoing and unless determined
otherwise by the Company, in the event that on the normal vesting date of a Restricted Share, Restricted Share Unit or Performance Share Unit (i) the vesting of the Restricted Share, Restricted Share Unit or Performance Share Unit is prohibited
by Applicable Laws, as determined by the Company, or (ii) Shares may not be purchased or sold by the applicable Participant due to any Company insider trading or dealing policy (including blackout periods), the vesting date of the Restricted
Share, Restricted Share Unit or Performance Share Unit shall be deferred until the end of the legal prohibition, black-out period, as determined by the Company. Notwithstanding the foregoing, if the
Participant, prior to the vesting date of a Restricted Share, Restricted Share Unit or Performance Share Unit, violates the non-competition, non-solicitation,
confidentiality or other similar restrictive covenant provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company or any of its Subsidiaries, the right of the
Participant and the Participant’s transferees to receive Shares on the vesting of the Restricted Share, Restricted Share Unit or Performance Share Unit issued to the Participant shall terminate immediately upon such violation, unless the
Company otherwise determines. In addition, if, prior to the vesting date of a Restricted Share, Restricted Share Unit or Performance Share Unit, the Participant is given notice by the Company or any of its Subsidiaries of the Participant’s
Termination of Service by the Company or any of its Subsidiaries for Cause, and the effective date of such Termination of Service is subsequent to the date of the delivery of such notice, the right of the Participant and the Participant’s
transferees to receive Shares on the vesting of the Restricted Share, Restricted Share Unit or Performance Share Unit issued to the Participant shall be suspended from the time of the delivery of such notice until the earlier of (i) such time
as it is determined or otherwise agreed that the Participant’s service as a Service Provider will not be terminated for Cause as provided in such notice or (ii) the effective date of the Participant’s Termination of Service by the
Company or any of its Subsidiaries for Cause (in which case the right of the Participant and the Participant’s transferees to receive Shares on the vesting of the Restricted Share, Restricted Share Unit or Performance Share Unit issued to the
Participant will terminate immediately upon the effective date of such Termination of Service). 
  

	 	(c)	 Restricted Shares. 



 

	 	(i)	 Dividends. 



Participants holding Restricted Shares will be entitled to all ordinary cash dividends paid with respect to such Shares, unless the
Administrator provides otherwise in the Award Agreement. In addition, unless the Administrator provides otherwise, if any dividends or distributions are paid in Shares, or consist of a dividend or distribution to holders of Restricted Shares of
property other than an ordinary cash dividend, the Shares or other property will be subject to the same restrictions on transferability and forfeitability as the Restricted Shares with respect to which they were paid. 

(ii) Certificates. The Company may require that the Participant deposit in escrow with the Company (or its designee) any
certificates issued in respect of Restricted Shares, together with a stock transfer form endorsed in blank. 

  
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	 	(d)	 Restricted Share Units. 



(i) Settlement. The Administrator may provide that settlement of Restricted Share Units will occur upon or as soon as
reasonably practicable after the Restricted Share Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election. 

(ii) Shareholder Rights. A Participant will have no rights of a shareholder with respect to Shares subject to any
Restricted Share Unit unless and until the Shares are delivered in settlement of the Restricted Share Unit. 
  

	 	(e)	 Performance Share Units. 



(i) Settlement. The Administrator may provide that settlement of Performance Share Units will occur upon or as soon as
reasonably practicable after the Performance Share Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election. 

(ii) Shareholder Rights. A Participant will have no rights of a shareholder with respect to Shares subject to any
Performance Share Unit unless and until the Shares are delivered in settlement of the Performance Share Unit. 
  

	7.	 OTHER SHARE BASED AWARDS 



Other Share Based Awards may be granted to Participants, including Awards entitling Participants to receive Shares to be delivered in the
future (whether based on specified Performance Criteria or otherwise), in each case subject to any conditions and limitations in the Plan. Such Other Share Based Awards will also be available as a payment form in the settlement of other Awards, as
standalone payments and as payment in lieu of compensation to which a Participant is otherwise entitled. Other Share Based Awards may be paid in Shares or other property, as the Administrator determines. Subject to the provisions of the Plan, the
Administrator will determine the terms and conditions of each Other Share Based Award, including any purchase price, performance goal (which may be based on the Performance Criteria), transfer restrictions, and vesting conditions, which will be set
forth in the applicable Award Agreement. 
  

	8.	 ADJUSTMENTS FOR CHANGES IN SHARES AND CERTAIN OTHER EVENTS 



(a) Equity Restructuring. In connection with any Equity Restructuring, notwithstanding anything to the contrary in this
Section 8, the Administrator will equitably adjust the Share Reserve, the number of Shares available for the grant of Incentive Options under Section 4(c) above and each outstanding Award as it deems appropriate to reflect the Equity
Restructuring, which may include adjusting the number and type of securities subject to each outstanding Award and/or the Award’s exercise price or grant price (if applicable), granting new Awards to Participants, and making a cash payment to
Participants. The adjustments provided under this Section 8(a) will be nondiscretionary and final and binding on the affected Participant and the Company; provided that the Administrator will determine whether an adjustment is equitable. 

  
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 (b) Corporate Events. In the event of any Equity Restructuring, dividend or other
distribution (whether in the form of cash, Shares, other securities, or other property), capitalization, share issue, offer, subdivision, reorganization, merger, consolidation, combination, amalgamation, repurchase, recapitalization, liquidation,
dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange of Shares or other securities of the Company, Change in Control, issuance of warrants or other rights to
purchase Shares or other securities of the Company, other similar corporate transaction or event, other unusual or nonrecurring transaction or event affecting the Company or its financial statements or any change in any Applicable Laws or accounting
principles (any “Corporate Event”), the Administrator, on such terms and conditions as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction or event (except
that action to give effect to a change in Applicable Laws or accounting principles may be made within a reasonable period of time after such change) and either automatically or upon the Participant’s request, is hereby authorized to take any
one or more of the following actions whenever the Administrator determines that such action is appropriate in order to (x) prevent dilution or enlargement of the benefits or potential benefits intended by the Company to be made available under
the Plan or with respect to any Award granted or issued under the Plan, (y) to facilitate such transaction or event or (z) give effect to such changes in, or prevent a breach of, Applicable Laws or accounting principles: 

(i) To provide for the cancellation of any such Award in exchange for either an amount of cash or other property with a
value equal to the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s rights under the vested portion of such Award, as applicable; provided that, if the
amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s rights, in any case, is equal to or less than zero (as determined by the Administrator in its
discretion), then the Award may be terminated without payment. In addition, such payments under this provision may, in the Administrator’s discretion, be delayed to the same extent that payment of consideration to the holders of Ordinary Shares
in connection with the Corporate Event is delayed as a result of escrows, earn outs, holdbacks or any other contingencies; 

(ii) To provide that such Award shall vest and, to the extent applicable, be exercisable as to all shares covered
thereby, notwithstanding anything to the contrary in the Plan or the provisions of such Award; 
 (iii) To provide
that such Award be assumed by the successor or survivor corporation, or a parent or Subsidiary thereof, or shall be substituted for by awards covering the equity securities of the successor or survivor corporation, or a parent or Subsidiary thereof,
with appropriate adjustments as to the number and kind of shares and/or applicable exercise or purchase price, in all cases, as determined by the Administrator; 

(iv) To make adjustments in the number and type of shares (or other securities or property) subject to outstanding
Awards and/or with respect to which Awards may be granted under the Plan (including, but not limited to, adjustments of the limitations in Section 4 hereof on the maximum number and kind of shares which may be issued) and/or in the terms and
conditions of (including the grant or exercise price), and the criteria included in, outstanding Awards; 
 (v) To
replace such Award with other rights or property selected by the Administrator; and/or 
 (vi) To provide that the
Award will terminate and cannot vest, be exercised or become payable after the applicable transaction or event. 

  
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 The Administrator need not take the same action or actions with respect to all Awards or
portions thereof or with respect to all Participants. The Administrator may take different actions with respect to the vested and unvested portions of an Award. 

(c) Administrative Stand Still. In the event of any pending Corporate Event or other similar transaction, for administrative
convenience, the Administrator may refuse to permit the exercise of any Award for up to sixty days before or after such Corporate Event or other similar transaction. 

(d) General. Except as expressly provided in the Plan or the Administrator’s action under the Plan, no Participant will have any
rights due to any subdivision or consolidation of Shares of any class, dividend payment, increase or decrease in the number of Shares of any class, issue, rights issue, offer or dissolution, liquidation, merger, or consolidation of the Company or
other corporation. Except as expressly provided with respect to an Equity Restructuring under Section 8.1 above or the Administrator’s action under the Plan, no issuance by the Company of Shares of any class, or securities convertible into
Shares of any class, will affect, and no adjustment will be made regarding, the number of Shares subject to an Award or the Award’s grant or exercise price. The existence of the Plan, any Award Agreements and the Awards granted hereunder will
not affect or restrict in any way the Company’s right or power to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, (ii) any Corporate Event
or (iii) sale or issuance of securities, including securities with rights superior to those of the Shares or securities convertible into or exchangeable for Shares. The Administrator may treat Participants and Awards (or portions thereof)
differently under this Section 8. 
  

	9.	 GENERAL PROVISIONS APPLICABLE TO AWARDS 



(a) Transferability. Except as the Administrator may determine or provide in an Award Agreement or otherwise for Awards other than
Incentive Options, Awards may not be sold, assigned, transferred, pledged or otherwise encumbered, either voluntarily or by operation of law, except by will or the laws of descent and distribution, or, subject to the Administrator’s consent,
pursuant to a domestic relations order, and, during the life of the Participant, will be exercisable only by the Participant. References to a Participant, to the extent relevant in the context, will include references to a Participant’s
authorized transferee that the Administrator specifically approves. 
 (b) Documentation. Each Award will be evidenced in an Award
Agreement, which may be written or electronic, as the Administrator determines. Each Award may contain terms and conditions in addition to those set forth in the Plan. 

(c) Discretion. Except as the Plan otherwise provides, each Award may be made alone or in addition or in relation to any other Award.
The terms of each Award to a Participant need not be identical, and the Administrator need not treat Participants or Awards (or portions thereof) uniformly. 

(d) Termination of Status. The Administrator will determine how the disability, death, retirement, authorized leave of absence or any
other change or purported change in a Participant’s Service Provider status affects an Award and the extent to which, and the period during which, the Participant, the Participant’s legal representative, conservator, guardian or Designated
Beneficiary may exercise rights under the Award, if applicable. 

  
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 (e) Withholding1.
Each Participant must pay the Company, or make provision satisfactory to the Administrator for payment of, any taxes (which includes any social security contributions or the like) required by law to be withheld or paid by the Company or by any
Subsidiary that is the employing entity of the Participant in connection with such Participant’s Awards by the date of the event creating the tax liability. The Company may deduct an amount sufficient to satisfy such tax obligations based on
the minimum statutory withholding rates (or such other rate as may be determined by the Company after considering any accounting consequences or costs) from any payment of any kind otherwise due to a Participant. Subject to any Company insider
trading or dealing policy (including blackout periods), Participants may satisfy such tax obligations (i) in cash, by wire transfer of immediately available funds, by check made payable to the order of the Company, provided that the Company may
limit the use of the foregoing payment forms if one or more of the payment forms below is permitted, (ii) to the extent permitted by the Administrator, in whole or in part by delivery of Shares, including Shares retained from the Award creating
the tax obligation, valued at their Fair Market Value, (iii) if there is a public market for Shares at the time the tax obligations are satisfied, unless the Company otherwise determines, (A) delivery (including telephonically to the
extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to satisfy the tax obligations, or (B) delivery by the Participant to the
Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to satisfy the tax and/or social security withholding, provided that such amount is
paid to the Company at such time as may be required by the Administrator, or (iv) to the extent permitted by the Company, any combination of the foregoing payment forms approved by the Administrator. If any tax and/or social security
withholding obligation will be satisfied under clause (ii) of the immediately preceding sentence by the Company’s retention of Shares from the Award creating the tax obligation and there is a public market for Shares at the time the tax
obligation is satisfied, the Company may elect to instruct any brokerage firm determined acceptable to the Company for such purpose to sell on the applicable Participant’s behalf some or all of the Shares retained and to remit the proceeds of
the sale to the Company or its designee, and each Participant’s acceptance of an Award under the Plan will constitute the Participant’s authorization to the Company and instruction and authorization to such brokerage firm to complete the
transactions described in this sentence. 
 (f) Amendment of Award; Repricing. The Administrator may amend, modify or terminate any
outstanding Award, including by substituting another Award of the same or a different type, changing the exercise or settlement date, converting an Incentive Option to a Non-Qualified Option, or by amending,
waiving or relaxing any Performance Condition. The Participant’s consent to such action will be required unless (i) the action, taking into account any related action, does not materially and adversely affect the Participant’s rights
under the Award, or (ii) the change is permitted under Section 8 or pursuant to Section 10(f). Notwithstanding the foregoing or anything in the Plan to the contrary, the Administrator may not, except pursuant to Section 8,
without the approval of the shareholders of the Company, reduce the exercise price per share of outstanding Options or Share Appreciation Rights or cancel outstanding Options or Share Appreciation Rights in exchange for cash, other Awards or Options
or Share Appreciation Rights with an exercise price per share that is less than the exercise price per share of the original Options or Share Appreciation Rights. 

 

	1 	 Approach to employer’s National Insurance in the UK TBD. 



  
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 (g) Conditions on Delivery of Shares. The Company will not be obligated to deliver
any Shares under the Plan or remove restrictions from Shares previously delivered under the Plan until (i) all Award conditions have been met or removed to the Company’s satisfaction, (ii) as determined by the Company, all other legal
matters regarding the issuance and delivery of such Shares (including payment of nominal value) have been satisfied, including any applicable securities laws and stock exchange or stock market rules and regulations, and (iii) the Participant
has executed and delivered to the Company such representations or agreements as the Administrator deems necessary or appropriate to satisfy any Applicable Laws. The Company’s inability to obtain authority from any regulatory body having
jurisdiction, which the Administrator determines is necessary to the lawful issuance and sale of any securities, will relieve the Company of any liability for failing to issue or sell such Shares as to which such requisite authority has not been
obtained. 
 (h) Acceleration. The Administrator may at any time provide that any Award will become immediately vested and fully or
partially exercisable, free of some or all restrictions or conditions, or otherwise fully or partially realizable. 
 (i) Additional Terms
of Incentive Options. The Administrator may grant Incentive Options only to employees of the Company, any of its present or future parent or subsidiary corporations, as defined in Sections 424(e) or (f) of the Code, respectively, and any
other entities the employees of which are eligible to receive Incentive Options under the Code. If an Incentive Option is granted to a Greater Than 10% Shareholder, the exercise price will not be less than 110% of the Fair Market Value on the
Option’s grant date, and the term of the Option will not exceed five years. All Incentive Options will be subject to and construed consistently with Section 422 of the Code. By accepting an Incentive Option, the Participant agrees to give
prompt notice to the Company of dispositions or other transfers (other than in connection with a Change in Control) of Shares acquired under the Option made within (i) two years from the grant date of the Option or (ii) one year after the
transfer of such Shares to the Participant, specifying the date of the disposition or other transfer and the amount the Participant realized, in cash, other property, assumption of indebtedness or other consideration, in such disposition or other
transfer. Neither the Company nor the Administrator will be liable to a Participant, or any other party, if an Incentive Option fails or ceases to qualify as an “incentive stock option” under Section 422 of the Code. Any Incentive
Option or portion thereof that fails to qualify as an “incentive stock option” under Section 422 of the Code for any reason, including becoming exercisable with respect to Shares having a fair market value exceeding the $100,000
limitation under Treasury Regulation Section 1.422-4, will be a Non-Qualified Option. 
  

	10.	 MISCELLANEOUS 



(a) No Right to Employment or Other Status. No person will have any claim or right to be granted an Award, and the grant of an Award
will not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant
free from any liability or claim under the Plan or any Award, except as expressly provided in an Award Agreement. 

  
 -10- 













 (b) No Rights as Shareholder; Certificates. Subject to the Award Agreement, no
Participant or Designated Beneficiary will have any rights as a shareholder with respect to any Shares to be distributed under an Award until becoming the record holder of such Shares. Notwithstanding any other provision of the Plan, unless the
Administrator otherwise determines or Applicable Laws require, the Company will not be required to deliver to any Participant certificates evidencing Shares issued in connection with any Award and instead such Shares may be recorded in the books of
the Company (or, as applicable, its transfer agent or stock plan administrator). The Company may place legends on certificates issued under the Plan that the Administrator deems necessary or appropriate to comply with Applicable Laws. 

(c) Effective Date and Term of Plan. The Plan will become effective on the day it is approved by the Company’s shareholders
(the “Effective Date”) and, unless earlier terminated by the Board, will remain in effect until the tenth anniversary of the Effective Date, but Awards previously granted may extend beyond that date in accordance with the
Plan. If the Plan is not approved by the Company’s shareholders, the Plan will not become effective, no Awards will be granted under the Plan and the Prior Plan will continue in full force and effect in accordance with its terms. No Incentive
Option may be granted after the tenth anniversary of the earlier of (i) the date the Plan is adopted by the Board or (ii) the Effective Date. 

(d) Amendment of Plan. The Administrator may amend, suspend or terminate the Plan at any time; provided that no amendment, other than an
increase to the Share Reserve, may materially and adversely affect any Award outstanding at the time of such amendment without the affected Participant’s consent. No Awards may be granted under the Plan during any suspension period or after
Plan termination. Awards outstanding at the time of any Plan suspension or termination will continue to be governed by the Plan and the Award Agreement, as in effect before such suspension or termination. The Board will obtain shareholder approval
of any Plan amendment to the extent necessary to comply with Applicable Laws. 
 (e) Provisions for Foreign Participants. The
Administrator may modify Awards granted to Participants who are nationals of, or employed in, a jurisdiction outside the United Kingdom and the United States or establish subplans or procedures under the Plan to address differences in laws, rules,
regulations or customs of such international jurisdictions with respect to tax, securities, currency, employee benefit or other matters, including as may be necessary in the Administrator’s discretion to grant Awards under any tax-favourable regime that may be available in any jurisdiction. 
 (f)
Section 409A. The following provisions only apply to Participants subject to tax in the United States. 

(i) General. The Company intends that all Awards be structured to comply with, or be exempt from, Section 409A, such that no
adverse tax consequences, interest, or penalties under Section 409A apply. Notwithstanding anything in the Plan or any Award Agreement to the contrary, the Administrator may, without a Participant’s consent, amend this Plan or Awards,
adopt policies and procedures, or take any other actions (including amendments, policies, procedures and retroactive actions) as are necessary or appropriate to preserve the intended tax treatment of Awards, including any such actions intended to
(A) exempt this Plan or any Award from Section 409A, or (B) comply with Section 409A, including regulations, guidance, compliance programs and other interpretative authority that may be issued after an Award’s grant date.
The Company makes no representations or warranties as to an Award’s tax treatment under Section 409A or otherwise. The Company will have no obligation under this Section 10.6 or otherwise to avoid the taxes, penalties or interest
under Section 409A with respect to any Award and will have no liability to any Participant or any other person if any Award, compensation or other benefits under the Plan are determined to constitute noncompliant “nonqualified deferred
compensation” subject to taxes, penalties or interest under Section 409A. 

  
 -11- 













 (ii) Separation from Service. If an Award constitutes “nonqualified deferred
compensation” under Section 409A, any payment or settlement of such Award upon a termination of a Participant’s Service Provider relationship will, to the extent necessary to avoid taxes under Section 409A, be made only upon the
Participant’s “separation from service” (within the meaning of Section 409A), whether such “separation from service” occurs upon or after the termination of the Participant’s Service Provider relationship. For
purposes of this Plan or any Award Agreement relating to any such payments or benefits, references to a “termination,” “termination of employment” or like terms means a “separation from service.” 

(iii) Payments to Specified Employees. Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment(s) of
“nonqualified deferred compensation” required to be made under an Award to a “specified employee” (as defined under Section 409A and as the Administrator determines) due to his or her “separation from service”
will, to the extent necessary to avoid taxes under Section 409A(a)(2)(B)(i) of the Code, be delayed for the six-month period immediately following such “separation from service” (or, if earlier,
until the specified employee’s death) and will instead be paid (as set forth in the Award Agreement) on the day immediately following such six-month period or as soon as administratively practicable
thereafter (without interest). Any payments of “nonqualified deferred compensation” under such Award payable more than six months following the Participant’s “separation from service” will be paid at the time or times the
payments are otherwise scheduled to be made. 
 (g) Limitations on Liability. Notwithstanding any other provisions of the Plan, no
individual acting as a director, officer, other employee or agent of the Company or any Subsidiary will be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any claim, loss, liability, or expense incurred in
connection with the Plan or any Award, and such individual will not be personally liable with respect to the Plan because of any contract or other instrument executed in his or her capacity as an Administrator, director, officer, other employee or
agent of the Company or any Subsidiary. The Company will indemnify and hold harmless each director, officer, other employee and agent of the Company or any Subsidiary that has been or will be granted or delegated any duty or power relating to the
Plan’s administration or interpretation, against any cost or expense (including attorneys’ fees) or liability (including any sum paid in settlement of a claim with the Administrator’s approval) arising from any act or omission
concerning this Plan unless arising from such person’s own fraud or bad faith. 
  

	 	(h)	 Data Privacy. 



 

	 	(i)	 As a condition for receiving any Award, each Participant acknowledges that the Company and any
Subsidiary may collect, use and transfer, in electronic or other form, personal data as described in this section by and among the Company and its Subsidiaries and affiliates exclusively for implementing, administering and managing the
Participant’s participation in the Plan. The Company (as above) may hold certain personal information about a Participant, including the Participant’s name, address and telephone number; birthdate; social security, insurance number or
other identification number; salary; nationality; job title(s); any Shares held in the Company (as above); and Award details, to implement, manage and administer the Plan and Awards (the “Data”). The Company (as above) may
transfer the Data amongst themselves as necessary to implement, administer and manage a Participant’s participation in 



  
 -12- 














	 	
the Plan, and the Company (as above) may transfer the Data to third parties assisting the Company with Plan implementation, administration and management. These recipients may be located in the
Participant’s country, or elsewhere, and the Participant’s country may have different data privacy laws and protections than the recipients’ country. By accepting an Award, each Participant acknowledges that such recipients may
receive, possess, use, retain and transfer the Data, in electronic or other form, to implement, administer and manage the Participant’s participation in the Plan, including any required Data transfer to a broker or other third party with whom
the Company or the Participant may elect to deposit any Shares. The Data related to a Participant will be held only as long as necessary to implement, administer, and manage the Participant’s participation in the Plan. A Participant may, at any
time, view the Data that the Company holds regarding such Participant, request additional information about the storage and processing of the Data regarding such Participant and recommend any necessary corrections to the Data regarding the
Participant in writing, without cost, by contacting the local human resources representative. 

 For the purpose of operating
the Plan in the European Union and the United Kingdom, the Company will collect and process information relating to Participants in accordance with the privacy notice which is provided to each Participant. 

(i) Severability. If any portion of the Plan or any action taken under it is held illegal or invalid for any reason, the illegality or
invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provisions had been excluded, and the illegal or invalid action will be null and void. 

(j) Governing Documents. If any contradiction occurs between the Plan and any Award Agreement or other written agreement between a
Participant and the Company (or any Subsidiary) that the Administrator has approved, the Plan will govern, unless it is expressly specified in such Award Agreement or other written document that a specific provision of the Plan will not apply. 

All Awards will be subject to Applicable Laws on insider trading and dealing and any specific insider trading or dealing policy adopted by the
Company. 
 (k) Governing Law and Jurisdiction. The Plan and all Awards, including any
non-contractual obligations arising in connection therewith, will be governed by and interpreted in accordance with the laws of England and Wales, disregarding any jurisdiction’s choice-of-law principles requiring the application of a jurisdiction’s laws other than that of England and Wales and the courts of England and Wales shall have exclusive
jurisdiction to hear any dispute. 
 (l) Claw-back Provisions. All Awards (including any proceeds, gains or other economic benefit the
Participant actually or constructively receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to any Company claw-back policy that may be adopted from time to time to the extent
such policy applies to the relevant Participant, including any claw-back policy adopted to comply with Applicable Laws (including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder) as
set forth in such claw-back policy or the Award Agreement. 

  
 -13- 













 (m) Other Group Company policies. All Awards (including any proceeds, gains or other
economic benefit the Participant actually or constructively receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to any relevant Company or Group Company policy to the extent
such policy applies to the relevant Participant, including but not limited to any remuneration policy and/or share retention, ownership, or holding policy that may be adopted from time to time. 

(n) Titles and Headings. The titles and headings in the Plan are for convenience of reference only and, if any conflict, the Plan’s
text, rather than such titles or headings, will control. 
 (o) Conformity to Applicable Laws. Participant acknowledges that the Plan
is intended to conform to the extent necessary with Applicable Laws. Notwithstanding anything herein to the contrary, the Plan and all Awards will be administered only in conformance with Applicable Laws. To the extent Applicable Laws permit, the
Plan and all Award Agreements will be deemed amended as necessary to conform to Applicable Laws and may be unilaterally cancelled by the Company (with the effect that all Participant’s rights thereunder lapse with immediate effect) if the
Administrator determines in its reasonable discretion that such conformity is not possible or practicable. 
 (p) Relationship to Other
Benefits. No payment under the Plan will be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except as
expressly provided in writing in such other plan or an agreement thereunder. 
 (q) Broker-Assisted Sales. In the event of a
broker-assisted sale of Shares in connection with the payment of amounts owed by a Participant under or with respect to the Plan or Awards, including amounts to be paid under the final sentence of Section 9(e): (a) any Shares to be sold through
the broker-assisted sale will be sold (subject in all cases to the Administrator having regard to the orderly marketing and disposal of such Shares, and having the discretion to delay broker-assisted sales for such reasons) on the day the payment
first becomes due, or as soon thereafter as practicable; (b) such Shares may be sold as part of a block trade with other Participants in the Plan in which all Participants receive an average price; (c) the applicable Participant will be
responsible for all broker’s fees and other costs of sale, and by accepting an Award, each Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale; (d) to the
extent the Company or its designee receives proceeds of such sale that exceed the amount owed, the Company will pay such excess in cash to the applicable Participant as soon as reasonably practicable; (e) the Company and its designees are under
no obligation to arrange for such sale at any particular price; and (f) in the event the proceeds of such sale are insufficient to satisfy the Participant’s applicable obligation, the Participant may be required to pay immediately upon
demand to the Company or its designee, or the Company or any Subsidiary may withhold from any payment to be made to the Participant (including but not limited to that Participant’s salary), an amount in cash sufficient to satisfy any remaining
portion of the Participant’s obligation. 

  
 -14- 














	11.	 DEFINITIONS. 



As used in the Plan, the following words and phrases will have the following meanings: 

(a) “ADSs” means American Depositary Shares, representing Ordinary Shares on deposit with a U.S. banking
institution selected by the Company and which are registered pursuant to a Form F-6. 
 (b)
“Administrator” means the Board or a Committee to the extent that the Board’s powers or authority under the Plan have been delegated to such Committee. 

(c) “Applicable Laws” means any applicable laws, including without limitation: (a) the requirements
relating to the administration of equity incentive plans under English, U.S. federal and state securities, tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation system on which the Shares are
listed or quoted and the applicable laws and rules of any other country or jurisdiction where Awards are granted; and (b) corporate, securities, tax or other laws, statutes, rules, requirements or regulations, whether U.S. federal, state, local
or foreign, applicable in the United Kingdom, United States or any other relevant jurisdiction. 
 (d) “Award”
means, individually or collectively, a grant under the Plan of Options, Share Appreciation Rights, Restricted Shares, Restricted Share Units or Other Share Based Awards. 

(e) “Award Agreement” means a written agreement evidencing an Award, which may be electronic, that contains such
terms and conditions as the Administrator determines, consistent with and subject to the terms and conditions of the Plan. 
 (f)
“Board” means the Board of Directors of the Company. 
 (g) “Cause” means
(i) if a Participant is a party to a written employment or consulting agreement with the Company or any of its Subsidiaries or an Award Agreement in which the term “cause” is defined (a “Relevant Agreement”),
“Cause” as defined in the Relevant Agreement, and (ii) if no Relevant Agreement exists, (A) the Administrator’s determination that the Participant failed to substantially perform the Participant’s duties (other than a
failure resulting from the Participant’s Disability); (B) the Administrator’s determination that the Participant failed to carry out, or comply with any lawful and reasonable directive of the Board or the Participant’s immediate
supervisor; (C) the occurrence of any act or omission by the Participant that could reasonably be expected to result in (or has resulted in) the Participant’s conviction, plea of no contest, plea of nolo contendere, or imposition of
unadjudicated probation for any felony or indictable offense or crime involving moral turpitude (or equivalent in any jurisdiction); (D) the Participant’s unlawful use (including being under the influence) or possession of illegal drugs on the
premises of the Company or any of its Subsidiaries or while performing the Participant’s duties and responsibilities for the Company or any of its Subsidiaries; or (E) the Participant’s commission of an act of fraud, embezzlement,
misappropriation, misconduct, or breach of fiduciary duty against the Company or any of its Subsidiaries. 
 (h) “Change in
Control” means and includes each of the following: 
 (i) a Sale; or 

(ii) a Takeover. 

  
 -15- 













 The Administrator shall have full and final authority, which shall be exercised in its sole
discretion, to determine conclusively whether a Change in Control has occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto; provided that any exercise of
authority in conjunction with a determination of whether a Change in Control is a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent with such
regulation. 
 (i) “Code” means the US Internal Revenue Code of 1986, as amended, and the regulations issued
thereunder. 
 (j) “Committee” means one or more committees or subcommittees of the Board, which may include
one or more Company directors or executive officers, to the extent Applicable Laws permit. To the extent required to comply with the provisions of Rule 16b-3, it is intended that each member of the Committee
will be, at the time the Committee takes any action with respect to an Award that is subject to Rule 16b-3, a “non-employee director” within the meaning of
Rule 16b-3; however, a Committee member’s failure to qualify as a “non-employee director” within the meaning of Rule
16b-3 will not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan. 

(k) “Company” means Renalytix AI plc, registered in England and Wales with company number 11257655, or any
successor. 
 (l) “Control” has the meaning given in section 995(2) of the UK Income Tax Act 2007, unless
otherwise specified. 
 (m) “Corporate Event” has the meaning given to it in Section 8.2(a). 

(n) “Designated Beneficiary” means the beneficiary or beneficiaries the Participant designates, in a manner the
Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the
Participant’s estate. 
 (o) “Director” means a Board member. 

(p) “Disability” means a permanent and total disability under Section 22(e)(3) of the Code, as amended.

 (q) “Effective Date” has the meaning given to it in Section 10(c). 

(r) “Employee” means any employee of the Company or its Subsidiaries. 

(s) “Equity Restructuring” means a nonreciprocal transaction between the Company and its shareholders, such as a
share dividend, share split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the number or kind of Shares (or other Company securities) or the price of
Shares (or other Company securities) and causes a change in the per share value of the Shares underlying outstanding Awards. 
 (t)
“Exchange Act” means the US Securities Exchange Act of 1934, as amended. 

  
 -16- 













 (u) “Fair Market Value” means, as of any date, the value of
Shares determined as follows: (i) if the Shares are listed on any established stock exchange, its Fair Market Value will be the closing sales price for Shares as quoted on such exchange for the last day preceding such date during which a sale
occurred, as reported in The Wall Street Journal or another source the Administrator deems reliable; (ii) if the Shares are not traded on a stock exchange but is quoted on a national market or other quotation system, the closing sales price on
the last date preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the Administrator deems reliable; or (iii) without an established market for the Shares, the Administrator will determine
the Fair Market Value in its discretion. 
 (v) “Greater Than 10% Shareholder” means an individual then owning
(within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of equity securities of the Company or its parent or subsidiary corporation, as defined in Section 424(e) and (f) of
the Code, respectively. 
 (w) “Incentive Option” means an Option intended to qualify as an “incentive
stock option” as defined in Section 422 of the Code. 
 (x) “Non-Employee
Sub-Plan” means the Non-Employee Sub-Plan to the Plan adopted by the Board. 

(y) “Non-Qualified Option” means an Option not intended or not
qualifying as an Incentive Option. 
 (z) “Option” means an option to purchase Shares. 

(aa) “Ordinary Share” means an ordinary share of £0.0025 each in the capital of the Company. 

(bb) “Other Share Based Awards” means awards of Shares, and other awards valued wholly or partially by referring
to, or are otherwise based on, Shares or other property. 
 (cc) “Participant” means a Service Provider who
has been granted an Award. 
 (dd) “Performance Criteria” mean the criteria (and adjustments) that the
Administrator may select for an Award to establish performance goals for a performance period. 
 (ee) “Plan”
means this 2020 Equity Incentive Plan. 
 (ff) “Prior Plan” means the Renalytix AI plc Share Option Plan for
Employees with Non-Employee Sub-Plan and US Sub-Plan adopted by the Board on 11 September 2018. 

(gg) “Restricted Shares” means Shares awarded to a Participant under Section 6 subject to certain vesting
conditions and other restrictions. 
 (hh) “Restricted Share Unit” means an unfunded, unsecured right to
receive, on the applicable settlement date, one Share or an amount in cash or other consideration determined by the Administrator to be of equal value as of such settlement date, subject to certain vesting conditions and other restrictions. 

(ii) “Rule 16b-3” means Rule
16b-3 promulgated under the Exchange Act. 

  
 -17- 













 (jj) “Sale” means the sale of all or substantially all of the
assets of the Company. 
 (kk) “Section 409A” means Section 409A of the
Code and all regulations, guidance, compliance programs and other interpretative authority thereunder. 
 (ll) “Securities
Act” means the Securities Act of 1933, as amended. 
 (mm) “Service Provider” means an Employee
or a Director who is an Employee. 
 (nn) “Share” means an Ordinary Share or the number of ADSs equal to an
Ordinary Share. 
 (oo) “Share Appreciation Right” means a Share Appreciation right granted under
Section 5. 
 (pp) “Share Reserve” has the meaning given to it in Section 4(a). 

(qq) “Subsidiary” means any entity (other than the Company), whether domestic or foreign, in an unbroken chain
of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing at least 50% of the total combined voting power
of all classes of securities or interests in one of the other entities in such chain. 
 (rr) “Substitute
Awards” means Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, awards previously granted, or the right or obligation to make future awards, in each case by a company acquired by the
Company or any Subsidiary or with which the Company or any Subsidiary combines. 
 (ss) “Takeover” means if
any person (or a group of persons acting in concert) (the “Acquiring Person”): 
 (i) obtains Control of the
Company as the result of making a general offer to: 
 (1) acquire all of the issued ordinary share capital of the Company, which is
made on a condition that, if it is satisfied, the Acquiring Person will have Control of the Company; or 
 (2) acquire all of the
shares in the Company which are of the same class as the Shares; or 
 (ii) obtains Control of the Company as a result of a compromise
or arrangement sanctioned by a court under Section 899 of the UK Companies Act 2006, or sanctioned under any other similar law of another jurisdiction; or 

(iii) becomes bound or entitled under Sections 979 to 985 of the UK Companies Act 2006 (or similar law of another jurisdiction) to
acquire shares of the same class as the Shares; or 
 (iv) obtains Control of the Company in any other way. 

  
 -18- 













 (tt) “Termination of Service” means the date the Participant
ceases to be a Service Provider. 

  
 -19- 













 NON-EMPLOYEE
SUB-PLAN 
 TO THE RENALYTIX AI PLC 2020 EQUITY INCENTIVE PLAN 

This sub-plan (the “Non-Employee
Sub-Plan”) to the Renalytix AI plc 2020 Equity Incentive Plan (the “Plan”) governs the grant of Awards to Consultants (defined below) and Directors who are not Employees.
The Non-Employee Sub-Plan incorporates all the provisions of the Plan except as modified in accordance with the provisions of this
Non-Employee Sub-Plan. 
 Awards granted pursuant to the Non-Employee Sub-Plan are not granted pursuant to an “employees’ share scheme” for the purposes of UK legislation. 

For the purposes of the Non-Employee Sub-Plan, the provisions of the Plan
shall operate subject to the following modifications: 
  

	1.	 Interpretation 



In the Non-Employee Sub-Plan, unless the context otherwise requires, the
following words and expressions have the following meanings: 
 “Consultant” means any person, including any adviser, engaged by the
Company or its parent or Subsidiary to render services to such entity if the consultant or adviser: (i) renders bona fide services to the Company; (ii) renders services not in connection with the offer or sale of securities in a
capital-raising transaction and does not directly or indirectly promote or maintain a market for the Company’s securities; and (iii) is a natural person. 

“Service Provider” means a Consultant or Director who is not an Employee. 

 

	2.	 Eligibility 



Service Providers are eligible to be granted Awards under the Non-Employee
Sub-Plan. 

  
 -1- 













 APPENDIX 1 

OPTION GRANT NOTICE 

RENALYTIX AI PLC 
 2020
EQUITY INCENTIVE PLAN [:NON-EMPLOYEE SUB-PLAN]2 

Capitalized terms not specifically defined in this Option Grant Notice (the “Grant Notice”) have the meanings given to them in the
2020 Equity Incentive Plan [:Non-Employee Sub-Plan]3 (as amended from time to time, the
“Plan”) of Renalytix AI plc (the “Company”). 
 The Company has granted to the participant listed below
(“Participant”) the option described in this Grant Notice (the “Option”), subject to the terms and conditions of the Plan and the Option Agreement attached as Exhibit A (the
“Agreement”), both of which are incorporated into this Grant Notice by reference. 
  

			
	Participant:	  	
		
	Grant Date:	  	
		
	Exercise Price per Share:	  	
		
	Shares Subject to the Option:	  	
		
	Final Expiration Date:	  	
		
	Vesting Commencement Date:	  	
		
	Vesting Schedule4:	  	[1/4 of the total number of Shares under Option shall vest on the first anniversary of the Vesting Commencement Date, and 1/36th of the remaining number of Shares under Option
shall vest monthly thereafter, subject to Participant remaining continuously a Service Provider as of each such date, save that the Option shall vest and be exercisable in full in connection with a Change in Control].
		
	Type of Option5	  	[Incentive Option6/Non-Qualified Option7]

 By Participant’s signature below, Participant agrees to be bound by the terms of this Grant Notice, the Plan, the
Agreement and any Group Company policy that may be applicable to the Participant and the Option from time to time (the “Policies”) [including but not limited to the 

 
  

	2 	 For Consultants and Directors who are not Employees 



	3 	 For Consultants and Directors who are not Employees 



	4 	 Selection of applicable vesting schedule, or determination that a different vesting schedule shall apply,
subject to discretion of Administrator. 



	5 	 If this is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options) cannot be first
exercisable for more than $100,000 in value (measured by exercise price) in any calendar year. Any excess over $100,000 is a Nonstatutory Stock Option. 



	6 	 For US taxpayer employees. 



	7 	 For all other Service Providers. 



  
 -2- 













 
[Company’s claw-back policy / share retention policy / remuneration policy]]8. Participant has reviewed the Plan, this Grant Notice, the
Agreement and the Policies in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice, the Agreement and the Policies.
Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement. 

 

							
	 RENALYTIX AI PLC
	 		  	 PARTICIPANT

				
	 By:
	  		 		  	
		  	  
	 		  	  

		  	 Name
	 		  	 [Participant Name]

				
		  	  
	 		  	
		  	 Title:
	 		  	

  
  

	8 	 Delete as applicable 



  
 -3- 













 Exhibit A 

OPTION AGREEMENT 
 Capitalized terms not
specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan. 
  

	1.	 GENERAL 


  

	1.1.	 Grant of Option 



The Company has granted to Participant the Option effective as of the grant date set forth in the Grant Notice (the “Grant
Date”). 
  

	1.2.	 Incorporation of Terms of Plan 



The Option is subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference. In the
event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control. 
  

	2.	 PERIOD OF EXERCISABILITY 



 

	2.1.	 Commencement of Exercisability 



The Option will vest and become exercisable according to the vesting schedule in the Grant Notice (the “Vesting
Schedule”) except that any fraction of a Share as to which the Option would be vested or exercisable will be accumulated and will vest and become exercisable only when a whole Share has accumulated. Notwithstanding anything in the Grant
Notice, the Plan or this Agreement to the contrary, except as otherwise determined by the Administrator or provided in a binding written agreement between Participant and the Company, the Option will immediately expire and be forfeited as to any
portion that is not vested and exercisable as of Participant’s Termination of Service for any reason. 
  

	2.2.	 Duration of Exercisability 



The Vesting Schedule is cumulative. Any portion of the Option which vests and becomes exercisable will remain vested and exercisable until the
Option expires. The Option will be forfeited immediately upon its expiration. 
  

	2.3.	 Expiration of Option 



The Option may not be exercised to any extent by anyone after, and will expire on, the first of the following to occur: 

 

	 	(a)	 The final expiration date in the Grant Notice; 



 

	 	(b)	 Eighteen (18) months after your death if you die either during your Continuous Service; and



  

	 	(c)	 Except as the Administrator may otherwise approve, Participant’s Termination of Service for Cause.




  
 -4- 














	3.	 EXERCISE OF OPTION 



 

	3.1.	 Person Eligible to Exercise 



During Participant’s lifetime, only Participant may exercise the Option. After Participant’s death, any exercisable portion of the
Option may, prior to the time the Option expires, be exercised by Participant’s Designated Beneficiary as provided in the Plan. 
  

	3.2.	 Partial Exercise 



Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised, in whole or in part, according to the
procedures in the Plan at any time prior to the time the Option or portion thereof expires, except that the Option may only be exercised for whole Shares. 
  

	3.3.	 Tax Withholding. 


  

	 	(a)	 The Company has the right and option, but not the obligation, to treat Participant’s failure to provide
timely payment in accordance with the Plan of any withholding tax arising in connection with the Option as Participant’s election to satisfy all or any portion of the withholding tax by requesting the Company retain Shares otherwise issuable
under the Option. 


  

	 	(b)	 Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection
with the Option, regardless of any action the Company or any Subsidiary takes with respect to any tax and/or social security withholding obligations that arise in connection with the Option. Neither the Company nor any Subsidiary makes any
representation or undertaking regarding the treatment of any tax and/or social security withholding in connection with the awarding, vesting or exercise of the Option or the subsequent sale of Shares. The Company and the Subsidiaries do not commit
and are under no obligation to structure the Option to reduce or eliminate Participant’s tax and/or social security liability. 


  

	4.	 OTHER PROVISIONS 



 

	4.1.	 Adjustments 



Participant acknowledges that the Option is subject to adjustment, modification and termination in certain events as provided in this Agreement
and the Plan. 
  

	4.2.	 Notices 



Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the
Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant (or, if
Participant is then deceased, to the person entitled to exercise the Option) at Participant’s last known mailing address or email address in the Company’s personnel files. By a notice given pursuant to this Section, either party may
designate a different address for notices to be given to that party. Any notice will be deemed duly given: (i) if sent by email, when actually received; and (ii) if sent by certified mail (return receipt requested) and deposited with
postage prepaid in the applicable national mail, when delivered by a nationally recognized express shipping company. 

  
 -5- 














	4.3.	 Titles 



Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 

 

	4.4.	 Conformity to Applicable Laws 



Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable
Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws, and this Option may be unilaterally cancelled by the Company (with the effect that all Participant’s rights hereunder lapse with
immediate effect) if the Administrator determines in its reasonable discretion that such conformity is not possible or practicable. 
  

	4.5.	 Successors and Assigns 



The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will inure to the benefit of
the successors and assigns of the Company. Subject to the restrictions on transfer set forth in the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the
parties hereto. 
  

	4.6.	 Limitations Applicable to Section 16 Persons 



Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan,
the Grant Notice, this Agreement and the Option will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to
Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable
exemptive rule. 
  

	4.7.	 Entire Agreement 



The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede
in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. 
  

	4.8.	 Agreement Severable 



In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be severable from, and the
illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement. 

  
 -6- 














	4.9.	 Limitation on Participant’s Rights 



Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on
the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured creditor of the
Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant
to the terms hereof. 
  

	4.10.	 Not a Contract of Employment 



Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to continue in the employ or service of the Company
or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever,
with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant. 
  

	4.11.	 Counterparts 



The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Laws, each of
which will be deemed an original and all of which together will constitute one instrument. 
  

	4.12.	 Incentive Options 



If the Option is designated as an Incentive Option: 
  

	 	(a)	 Participant acknowledges that to the extent the aggregate fair market value of shares (determined as of the
time the option with respect to the shares is granted) with respect to which options intended to qualify as “incentive stock options” under Section 422 of the Code, including the Option, are exercisable for the first time by
Participant during any calendar year exceeds $100,000 or if for any other reason such options do not qualify or cease to qualify for treatment as “incentive stock options” under Section 422 of the Code, such options (including the
Option) will be treated as non-qualified options. Participant further acknowledges that the rule set forth in the preceding sentence will be applied by taking the Option and other options into account in the
order in which they were granted, as determined under Section 422(d) of the Code. 


  

	 	(b)	 Participant also acknowledges that if the Option is exercised more than three (3) months after
Participant’s Termination of Service, other than by reason of death or Disability, the Option will be taxed as a Non-Qualified Option. 



 

	 	(c)	 Participant will give prompt written notice to the Company of any disposition or other transfer of any Shares
acquired under this Agreement if such disposition or other transfer is made (a) within two (2) years from the Grant Date or (b) within one (1) year after the transfer of such Shares to Participant. Such notice will specify the
date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by Participant in such disposition or other transfer. 



  
 -7- 













 APPENDIX 2 

RESTRICTED SHARE UNIT GRANT NOTICE 

RENALYTIX AI PLC 
 2020
EQUITY INCENTIVE PLAN [:NON-EMPLOYEE SUB-PLAN]9 

Capitalized terms not specifically defined in this Restricted Share Unit Grant Notice (the “Grant Notice”) have the meanings given to
them in the 2020 Equity Incentive Plan [:Non-Employee Sub-Plan]10 (as amended from time to time, the
“Plan”) of Renalytix AI plc (the “Company”). 
 The Company has granted to the participant listed below
(“Participant”) the Restricted Share Units (the “RSUs”) described in this Grant Notice (the “Award”), subject to the terms and conditions of the Plan and the Restricted Share
Unit Agreement attached as Exhibit A (the “Agreement”), both of which are incorporated into this Grant Notice by reference. 
  

			
	 Participant:
	  	
		
	 Grant Date:
	  	
		
	 Number of RSUs:
	  	
		
	 Vesting Commencement Date:
	  	
		
	 Vesting Schedule11:
	  	[1/4 of the total number of Shares under Award shall vest on the first anniversary of the Vesting Commencement Date, and 1/36th of the remaining number of Shares under Award shall
vest monthly thereafter, subject to Participant remaining continuously a Service Provider as of each such date, save that the Award shall vest in full in connection with a Change in
Control].

  

	9 	 For Consultants and Directors who are not Employees 



	10	 For Consultants and Directors who are not Employees 



	11	 Selection of applicable vesting schedule, or determination that a different vesting schedule shall apply,
subject to discretion of Administrator. 



  
 -8- 














			
		
	Mandatory Sale to Cover Withholding Taxes:	  	[As a condition to acceptance of this award, to the fullest extent permitted under the Plan and Applicable Laws, withholding taxes and other tax related items will be satisfied through the sale of a number of the shares subject to
the Award as determined in accordance with Section 3.2 of the Agreement and the remittance of the cash proceeds to the Company. Under the Agreement, the Company is authorized and directed by the Participant to make payment from the cash
proceeds of this sale directly to the appropriate taxing authorities in an amount equal to the taxes required to be withheld. The mandatory sale of shares to cover withholding taxes and tax related items is imposed by the Company on the
Participant in connection with the receipt of this Award, and it is intended to comply with the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act and be interpreted to meet the requirements of
Rule 10b5-1(c).]12

 By Participant’s signature below, Participant agrees to be bound by the terms of this Grant Notice, the Plan, the
Agreement and any Group Company policy that may be applicable to the Participant and the Award from time to time (the “Policies”) [including but not limited to the [Company’s claw-back policy / share retention policy /
remuneration policy]]13. Participant has reviewed the Plan, this Grant Notice, the Agreement and the Policies in their entirety, has had an opportunity to obtain the advice of counsel prior to
executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice, the Agreement and the Policies. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the
Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement. 
  

							
	 RENALYTIX AI PLC
	 		 	 PARTICIPANT

	By:	  		 		 	
		  	  
	 		 	  

		  	 Name
	 		 	[Participant Name]
				
		  	  
	 		 	
		  	 Title:
	 		 	

  

	12 	 Cooley are considering approach to this. 



	13 	 Delete as applicable 



  
 -9- 













 Exhibit A 

RESTRICTED SHARE UNIT AGREEMENT 

Capitalized terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the
Plan. 
  

	5.	 GENERAL 


  

	5.1.	 Award of RSUs 



The Company has granted the RSUs to Participant effective as of the grant date set forth in the Grant Notice (the “Grant
Date”). Each RSU represents the right to receive one Share or, at the option of the Company, an amount of cash, in either case, as set forth in this Agreement. Participant will have no right to the distribution of any Shares or payment
of any cash until the time (if ever) the RSUs have vested. 
  

	5.2.	 Incorporation of Terms of Plan 



The RSUs are subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference. In the
event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control. 
  

	5.3.	 Unsecured Promise 



The RSUs will at all times prior to settlement represent an unsecured Company obligation payable only from the Company’s general assets.

  

	6.	 VESTING; FORFEITURE AND SETTLEMENT 



 

	6.1.	 Vesting; Forfeiture 



The RSUs will vest according to the vesting schedule in the Grant Notice except that any fraction of an RSU that would otherwise be vested will
be accumulated and will vest only when a whole RSU has accumulated. In the event of Participant’s Termination of Service for any reason, all unvested RSUs will immediately and automatically be cancelled and forfeited, except as otherwise
determined by the Administrator or provided in a binding written agreement between Participant and the Company. 
  

	6.2.	 Settlement 



(a) RSUs will be paid in Shares or cash at the Company’s option as soon as administratively practicable after the vesting of the
applicable RSU, but in no event more than sixty (60) days after the RSU’s vesting date. Notwithstanding the foregoing, to the extent permitted under Applicable Laws, the Company may delay any payment under this Agreement that the Company
reasonably determines would violate Applicable Laws until the earliest date the Company reasonably determines the making of the payment will not cause such a violation. 

  
 -10- 














	 	(b)	 If an RSU is paid in cash, the amount of cash paid with respect to the RSU will equal the Fair Market Value of
a Share on the day immediately preceding the payment date. 


  

	 	(c)	 If an RSU is paid in Shares, Participant may be required to pay the nominal value thereof in the same manner as
provided for Withholding Taxes below. 


  

	7.	 TAXATION AND TAX WITHHOLDING 



 

	7.1.	 Representation 



Participant represents to the Company that Participant has reviewed with Participant’s own tax advisors the tax and/or social security
consequences of this Award and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. 

 

	7.2.	 Tax Withholding 


  

	 	(a)	 On each vesting date, and on or before the time Participant receives a distribution of the shares underlying
the RSUs, and at any other time as reasonably requested by the Company in accordance with applicable tax laws, Participant hereby authorizes any required withholding from the shares issuable to Participant and/or otherwise agree to make adequate
provision in cash for any sums required to satisfy the federal, state, local and foreign tax and/or social security withholding obligations of the Company or any parent or Subsidiary that arise in connection with Participant’s RSU (the
“Withholding Taxes”). Specifically, pursuant to Section 3.2(b), Participant has agreed to a “same day sale” commitment with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a
“FINRA Dealer”) whereby Participant has irrevocably agreed to sell a portion of the shares to be delivered in connection with Participant’s RSUs to satisfy the Withholding Taxes and whereby the FINRA Dealer committed to
forward the proceeds necessary to satisfy the Withholding Taxes directly to the Company and/or its parents or subsidiaries. If, for any reason, such “same day sale” commitment pursuant to Section 3.2(b) does not result in sufficient
proceeds to satisfy the Withholding Taxes or would be prohibited by Applicable Laws at the applicable time, Participant hereby authorizes the Company and/or the relevant parent or Subsidiary, or their respective agents, at their discretion, to
satisfy the obligations with regard to all Withholding Taxes by one or a combination of the following: (i) withholding from any compensation otherwise payable to Participant by the Company or any parent or Subsidiary; (ii) causing
Participant to tender a cash payment (which may be in the form of a check, electronic wire transfer or other method permitted by the Company); or (iii) withholding shares from the shares issued or otherwise issuable to Participant in connection
with Participant’s RSUs with a fair market value (measured as of the date shares are issued to Participant) equal to the amount of such Withholding Taxes; provided, however, that the number of such shares so withheld will not exceed the amount
necessary to satisfy the required tax and/or social security withholding obligations using the minimum statutory withholding rates for federal, state, local and, if applicable, foreign tax purposes, including payroll taxes, that are applicable to
supplemental taxable income; and, provided, further, that to the extent necessary to qualify for an exemption from application of Section 16(b) of the Exchange Act, if applicable, such share withholding procedure will be subject to the prior
approval of the Company’s Remuneration Committee. 



  
 -11- 














	 	(b)	 Participant hereby acknowledges and agrees to the following: 



 

	 	(i)	 Participant hereby appoints such FINRA Dealer appointed by the Company for purposes of this Section 3.2(b)
as Participant’s agent (the “Agent”), and authorize the Agent: 


  

	 	(A)	 To sell on the open market at the then prevailing market price(s), on Participant’s behalf, as soon as
practicable on or after each date on which the shares underlying Participant’s RSUs vest, the number (rounded up to the next whole number) of the shares to be delivered to Participant in connection with the vesting of those shares sufficient to
generate proceeds to cover (A) the Withholding Taxes that Participant is required to pay pursuant to the Plan and this Agreement as a result of the shares vesting (or being issued, as applicable) and (B) all applicable fees and commissions
due to, or required to be collected by, the Agent with respect thereto; and 


  

	 	(B)	 To remit any remaining funds to Participant. 



 

	 	(ii)	 Participant hereby authorizes the Company and the Agent to cooperate and communicate with one another to
determine the number of shares that must be sold pursuant to this Section 3.2(b). 


  

	 	(iii)	 Participant understands that the Agent may effect sales as provided in this Section 3.2(b) in one or more
sales and that the average price for executions resulting from bunched orders will be assigned to Participant’s account. In addition, Participant acknowledges that it may not be possible to sell shares underlying Participant’s RSUs as
provided by in this Section 3.2(b) due to (A) a legal or contractual restriction applicable to Participant or the Agent, (B) a market disruption, or (C) rules governing order execution priority on the national exchange where the
shares may be traded. In the event of the Agent’s inability to sell shares underlying Participant’s RSUs, Participant will continue to be responsible for the timely payment to the Company of all Withholding Taxes and any other federal,
state, local and foreign taxes that are required by Applicable Laws and regulations to be withheld, including but not limited to those amounts specified in this Section 3.2(b). 



 

	 	(iv)	 Participant acknowledges that regardless of any other term or condition of this Section 3.2(b), the Agent
will not be liable to Participant for (A) special, indirect, punitive, exemplary, or consequential damages, or incidental losses or damages of any kind, or (B) any failure to perform or for any delay in performance that results from a
cause or circumstance that is beyond its reasonable control. 



  
 -12- 














	 	(v)	 Participant hereby agrees to execute and deliver to the Agent any other agreements or documents as the Agent
reasonably deems necessary or appropriate to carry out the purposes and intent of this Section 3.2(b). The Agent is a third-party beneficiary of this Section 3.2(b). 



 

	 	(vi)	 Participant hereby agrees that if Participant has signed the Grant Notice at a time that Participant is in
possession of material non-public information, unless Participant informs the Company in writing within five business days following the date Participant ceases to be in possession of material non-public information that Participant is not in agreement with the provisions of this Section 3.2(b), Participant not providing such written determination shall be a determination and agreement that
Participant has agreed to the provisions set forth in this Section 3.2(b) on such date as Participant has ceased to be in possession of material non-public information. 



 

	 	(vii)	 This Section 3.2(b) shall terminate not later than the date on which all withholding taxes arising in
connection with the vesting of Participant’s RSUs have been satisfied. 


  

	 	(c)	 Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection
with the RSUs, regardless of any action the Company or any Subsidiary takes with respect to any tax and/or social security withholding obligations that arise in connection with the RSUs. Neither the Company nor any Subsidiary makes any
representation or undertaking regarding the treatment of any tax and/or social security withholding in connection with the awarding, vesting or payment of the RSUs or the subsequent sale of Shares. The Company and the Subsidiaries do not commit and
are under no obligation to structure the RSUs to reduce or eliminate Participant’s tax and/or social security liability. 


  

	8.	 OTHER PROVISIONS 



 

	8.1.	 Adjustments 



Participant acknowledges that the RSUs and the Shares subject to the RSUs are subject to adjustment, modification and termination in certain
events as provided in this Agreement and the Plan. 
  

	8.2.	 Notices 



Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the
Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant at
Participant’s last known mailing address or email address. By a notice given pursuant to this Section, either party may designate a different address for notices to be given to that party. Any notice will be deemed duly given: (i) if sent
by email, when actually received; and (ii) if sent by certified mail (return receipt requested) and deposited with postage prepaid in the applicable national mail, when delivered by a nationally recognized express shipping company. 

  
 -13- 














	8.3.	 Titles 



Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 

 

	8.4.	 Conformity to Securities Laws 



Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable
Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws, and the RSUs may be unilaterally cancelled by the Company (with the effect that all Participant’s rights hereunder lapse with
immediate effect) if the Administrator determines in its reasonable discretion that such conformity is not possible or practicable. 
  

	8.5.	 Successors and Assigns 



The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will inure to the benefit of
the successors and assigns of the Company. Subject to the restrictions on transfer set forth in the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the
parties hereto. 
  

	8.6.	 Limitations Applicable to Section 16 Persons 



Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan,
the Grant Notice, this Agreement, and the RSUs will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to
Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable
exemptive rule. 
  

	8.7.	 Entire Agreement 



The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in
their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. 
  

	8.8.	 Agreement Severable 



In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be severable from, and the
illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement. 

  
 -14- 














	8.9.	 Limitation on Participant’s Rights 



Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on
the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured creditor of the
Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs, and rights no greater than the right to receive cash or the Shares as a general unsecured creditor with respect to the RSUs, as and when settled
pursuant to the terms of this Agreement. 
  

	8.10.	 Not a Contract of Employment 



Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to continue in the employ or service of the Company
or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever,
with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant. 
  

	8.11.	 Counterparts 



The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Laws, each of
which will be deemed an original and all of which together will constitute one instrument. 

  
 -15- 













 APPENDIX 3 

PERFORMANCE SHARE UNIT GRANT NOTICE14 

RENALYTIX AI PLC 
 2020
EQUITY INCENTIVE PLAN [:NON-EMPLOYEE SUB-PLAN]15 

Capitalized terms not specifically defined in this Performance Share Unit Grant Notice (the “Grant Notice”) have the meanings given to
them in the 2020 Equity Incentive Plan [:Non-Employee Sub-Plan]16 (as amended from time to time, the
“Plan”) of Renalytix AI plc (the “Company”). 
 The Company has granted to the participant listed below
(“Participant”) the Performance Share Units (the “PSUs”) described in this Grant Notice (the “Award”), subject to the terms and conditions of the Plan and the Performance Share
Unit Agreement attached as Exhibit A (the “Agreement”), both of which are incorporated into this Grant Notice by reference. 
  

			
	Participant:	  	
		
	Grant Date:	  	
		
	Target Number of PSUs:	  	
		
	Vesting Commencement Date:	  	
		
	Vesting Schedule17:	  	 Subject to the Administrator’s determination as to whether, and the extent to which, the vesting conditions specified on Attachment I to
this Grant Notice (the “PSU Vesting Criteria”) have been met:
 [1/4 of the total number of Shares under Award shall vest on the
first anniversary of the Vesting Commencement Date, and 1/36th of the remaining number of Shares under Award shall vest monthly thereafter, subject to Participant remaining continuously a Service
Provider as of each such date, save that the Award shall vest in full in connection with a Change in Control.]


  

	14	 Form of PSU grant notice and agreement provided in case the company decides to grant PSUs in the future.




	15	 For Consultants and Directors who are not Employees 



	16 	 For Consultants and Directors who are not Employees 



	17 	 Selection of applicable vesting schedule, or determination that a different vesting schedule shall apply,
subject to discretion of Administrator. 



  
 -16- 














			
	Mandatory Sale to Cover Withholding Taxes:	  	[As a condition to acceptance of this award, to the fullest extent permitted under the Plan and Applicable Laws, withholding taxes and other tax related items will be satisfied through the sale of a number of the shares subject to
the Award as determined in accordance with Section 3.2 of the Agreement and the remittance of the cash proceeds to the Company. Under the Agreement, the Company is authorized and directed by the Participant to make payment from the cash
proceeds of this sale directly to the appropriate taxing authorities in an amount equal to the taxes required to be withheld. The mandatory sale of shares to cover withholding taxes and tax related items is imposed by the Company on the
Participant in connection with the receipt of this Award, and it is intended to comply with the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act and be interpreted to meet the requirements of
Rule 10b5-1(c).]18

 The Target Number of PSUs specified herein represents the number of shares that would become issuable pursuant to the Award if
the Company were to achieve exactly 100% of the performance metric described in Attachment I to this Grant Notice. The number of shares subject to the Award that may become issuable to you, if any, are subject to increase or decrease based on the
Company’s actual performance against such performance metric and will be determined in accordance with conditions specified in the PSU Vesting Criteria. 

By Participant’s signature below, Participant agrees to be bound by the terms of this Grant Notice, the Plan, the Agreement and any Group Company policy
that may be applicable to the Participant and the Award from time to time (the “Policies”) [including but not limited to the [Company’s claw-back policy / share retention policy / remuneration policy]]19. Participant has reviewed the Plan, this Grant Notice, the Agreement and the Policies in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice
and fully understands all provisions of the Plan, this Grant Notice, the Agreement and the Policies. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions
arising under the Plan, this Grant Notice or the Agreement. 
  

							
	 RENALYTIX AI PLC
	 		 	 PARTICIPANT

	 By:
	  		 		 	
		  	  
	 		 	  

		  	 Name
	 		 	 [Participant Name]

		  	  
	 		 	
		  	 Title:
	 		 	

  
  

 

	18 	 Approach TBD. 



	19 	 Delete as applicable 



  
 -17- 













 Attachment I 

PSU Vesting Criteria 
 Performance Metric:

 [To be confirmed] 
 Performance Target: 

[To be confirmed] 
 Calculation of final number of shares that
may vest: 
 [To be confirmed] 

  
 -18- 













 Exhibit A 

PERFORMANCE SHARE UNIT AGREEMENT 

Capitalized terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the
Plan. 
  

	9.	 GENERAL 


  

	9.1.	 Award of PSUs 



The Company has granted the PSUs to Participant effective as of the grant date set forth in the Grant Notice (the “Grant
Date”). Each PSU represents the right to receive one Share or, at the option of the Company, an amount of cash, in either case, as set forth in this Agreement. Participant will have no right to the distribution of any Shares or payment
of any cash until the time (if ever) the PSUs have vested. 
  

	9.2.	 Incorporation of Terms of Plan 



The PSUs are subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference. In the
event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control. 
  

	9.3.	 Unsecured Promise 



The PSUs will at all times prior to settlement represent an unsecured Company obligation payable only from the Company’s general assets.

  

	10.	 VESTING; FORFEITURE AND SETTLEMENT 



 

	10.1.	 Vesting; Forfeiture 



The PSUs will vest according to the vesting schedule in the Grant Notice except that any fraction of a PSU that would otherwise be vested will
be accumulated and will vest only when a whole PSU has accumulated. In the event of Participant’s Termination of Service for any reason, all unvested PSUs will immediately and automatically be cancelled and forfeited, except as otherwise
determined by the Administrator or provided in a binding written agreement between Participant and the Company. 
  

	10.2.	 Settlement. 


  

	 	(a)	 PSUs will be paid in Shares or cash at the Company’s option as soon as administratively practicable after
the vesting of the applicable PSU, but in no event more than sixty (60) days after the PSU’s vesting date. Notwithstanding the foregoing, the Company may delay any payment under this Agreement that the Company reasonably determines would
violate Applicable Laws until the earliest date the Company reasonably determines the making of the payment will not cause such a violation. 


  

	 	(b)	 If a PSU is paid in cash, the amount of cash paid with respect to the PSU will equal the Fair Market Value of a
Share on the day immediately preceding the payment date. 



  
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	 	(c)	 If a PSU is paid in Shares, Participant may be required to pay the nominal value thereof in the same manner as
provided for Withholding Taxes below. 


  

	11.	 TAXATION AND TAX WITHHOLDING 



 

	11.1.	 Representation 



Participant represents to the Company that Participant has reviewed with Participant’s own tax advisors the tax and/or social security
consequences of this Award and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. 

 

	11.2.	 Tax Withholding. 


  

	 	(a)	 On each vesting date, and on or before the time Participant receives a distribution of the shares underlying
the PSUs, and at any other time as reasonably requested by the Company in accordance with applicable tax laws, Participant hereby authorizes any required withholding from the shares issuable to Participant and/or otherwise agree to make adequate
provision in cash for any sums required to satisfy the federal, state, local and foreign tax and/or social security withholding obligations of the Company or any parent or Subsidiary that arise in connection with Participant’s PSU (the
“Withholding Taxes”). Specifically, pursuant to Section 3.2(b), Participant has agreed to a “same day sale” commitment with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a
“FINRA Dealer”) whereby Participant has irrevocably agreed to sell a portion of the shares to be delivered in connection with Participant’s PSUs to satisfy the Withholding Taxes and whereby the FINRA Dealer committed to
forward the proceeds necessary to satisfy the Withholding Taxes directly to the Company and/or its parents or subsidiaries. If, for any reason, such “same day sale” commitment pursuant to Section 3.2(b) does not result in sufficient
proceeds to satisfy the Withholding Taxes or would be prohibited by Applicable Laws at the applicable time, Participant hereby authorizes the Company and/or the relevant parent or Subsidiary, or their respective agents, at their discretion, to
satisfy the obligations with regard to all Withholding Taxes by one or a combination of the following: (i) withholding from any compensation otherwise payable to Participant by the Company or any parent or Subsidiary; (ii) causing
Participant to tender a cash payment (which may be in the form of a check, electronic wire transfer or other method permitted by the Company); or (iii) withholding shares from the shares issued or otherwise issuable to Participant in connection
with Participant’s PSUs with a fair market value (measured as of the date shares are issued to Participant) equal to the amount of such Withholding Taxes; provided, however, that the number of such shares so withheld will not exceed the amount
necessary to satisfy the required tax and/or social security withholding obligations using the minimum statutory withholding rates for federal, state, local and, if applicable, foreign tax purposes, including payroll taxes, that are applicable to
supplemental taxable income; and, provided, further, that to the extent necessary to qualify for an exemption from application of Section 16(b) of the Exchange Act, if applicable, such share withholding procedure will be subject to the prior
approval of the Company’s Remuneration Committee. 



  
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	 	(b)	 Participant hereby acknowledges and agrees to the following: 



 

	 	(i)	 Participant hereby appoints such FINRA Dealer appointed by the Company for purposes of this Section 3.2(b)
as Participant’s agent (the “Agent”), and authorize the Agent: 


  

	 	(A)	 To sell on the open market at the then prevailing market price(s), on Participant’s behalf, as soon as
practicable on or after each date on which the shares underlying Participant’s PSUs vest, the number (rounded up to the next whole number) of the shares to be delivered to Participant in connection with the vesting of those shares sufficient to
generate proceeds to cover (A) the Withholding Taxes that Participant is required to pay pursuant to the Plan and this Agreement as a result of the shares vesting (or being issued, as applicable) and (B) all applicable fees and commissions
due to, or required to be collected by, the Agent with respect thereto; and 


  

	 	(B)	 To remit any remaining funds to Participant. 



 

	 	(ii)	 Participant hereby authorizes the Company and the Agent to cooperate and communicate with one another to
determine the number of shares that must be sold pursuant to this Section 3.2(b). 


  

	 	(iii)	 Participant understands that the Agent may effect sales as provided in this Section 3.2(b) in one or more
sales and that the average price for executions resulting from bunched orders will be assigned to Participant’s account. In addition, Participant acknowledges that it may not be possible to sell shares underlying Participant’s PSUs as
provided by in this Section 3.2(b) due to (A) a legal or contractual restriction applicable to Participant or the Agent, (B) a market disruption, or (C) rules governing order execution priority on the national exchange where the
shares may be traded. In the event of the Agent’s inability to sell shares underlying Participant’s PSUs, Participant will continue to be responsible for the timely payment to the Company of all Withholding Taxes and any other federal,
state, local and foreign taxes that are required by Applicable Laws and regulations to be withheld, including but not limited to those amounts specified in this Section 3.2(b). 



 

	 	(iv)	 Participant acknowledges that regardless of any other term or condition of this Section 3.2(b), the Agent
will not be liable to Participant for (A) special, indirect, punitive, exemplary, or consequential damages, or incidental losses or damages of any kind, or (B) any failure to perform or for any delay in performance that results from a
cause or circumstance that is beyond its reasonable control. 


  

	 	(v)	 Participant hereby agrees to execute and deliver to the Agent any other agreements or documents as the Agent
reasonably deems necessary or appropriate to carry out the purposes and intent of this Section 3.2(b). The Agent is a third-party beneficiary of this Section 3.2(b). 



  
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	 	(vi)	 Participant hereby agrees that if Participant has signed the Grant Notice at a time that Participant is in
possession of material non-public information, unless Participant informs the Company in writing within five business days following the date Participant ceases to be in possession of material non-public information that Participant is not in agreement with the provisions of this Section 3.2(b), Participant not providing such written determination shall be a determination and agreement that
Participant has agreed to the provisions set forth in this Section 3.2(b) on such date as Participant has ceased to be in possession of material non-public information. 



 

	 	(vii)	 This Section 3.2(b) shall terminate not later than the date on which all withholding taxes arising in
connection with the vesting of Participant’s PSUs have been satisfied. 


  

	 	(c)	 Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection
with the PSUs, regardless of any action the Company or any Subsidiary takes with respect to any tax and/or social security withholding obligations that arise in connection with the PSUs. Neither the Company nor any Subsidiary makes any
representation or undertaking regarding the treatment of any tax and/or social security withholding in connection with the awarding, vesting or payment of the PSUs or the subsequent sale of Shares. The Company and the Subsidiaries do not commit and
are under no obligation to structure the PSUs to reduce or eliminate Participant’s tax and/or social security liability. 


  

	12.	 OTHER PROVISIONS 



 

	12.1.	 Adjustments 



Participant acknowledges that the PSUs and the Shares subject to the PSUs are subject to adjustment, modification and termination in certain
events as provided in this Agreement and the Plan. 
  

	12.2.	 Notices 



Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the
Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant at
Participant’s last known mailing address or email address in the Company’s personnel files. By a notice given pursuant to this Section, either party may designate a different address for notices to be given to that party. Any notice will
be deemed duly given: (i) if sent by email, when actually received; and (ii) if sent by certified mail (return receipt requested) and deposited with postage prepaid in the applicable national mail, when delivered by a nationally recognized
express shipping company. 

  
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	12.3.	 Titles 



Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 

 

	12.4.	 Conformity to Applicable Laws 



Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable
Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws, and the PSUs may be unilaterally cancelled by the Company (with the effect that all Participant’s rights hereunder lapse with
immediate effect) if the Administrator determines in its reasonable discretion that such conformity is not possible or practicable. 
  

	12.5.	 Successors and Assigns 



The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will inure to the benefit of
the successors and assigns of the Company. Subject to the restrictions on transfer set forth in the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the
parties hereto. 
  

	12.6.	 Limitations Applicable to Section 16 Persons 



Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan,
the Grant Notice, this Agreement and the PSUs will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to
Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable
exemptive rule. 
  

	12.7.	 Entire Agreement 



The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in
their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. 
  

	12.8.	 Agreement Severable 



In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be severable from, and the
illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement. 
  

	12.9.	 Limitation on Participant’s Rights 



Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on
the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any 

  
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underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable,
if any, with respect to the PSUs, and rights no greater than the right to receive cash or the Shares as a general unsecured creditor with respect to the PSUs, as and when settled pursuant to the terms of this Agreement. 

 

	12.10.	 Not a Contract of Employment 



Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to continue in the employ or service of the Company
or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever,
with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant. 
  

	12.11.	 Counterparts 



The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Laws, each of
which will be deemed an original and all of which together will constitute one instrument. 

  
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