Exhibit 4.6

   

  IMMUNOCORE
        HOLDINGS PLC

        

        and

        

        _____________, As Warrant Agent

   

  Form
        of Ordinary Shares

        Warrant Agreement

        

        Dated As OF __________

   

  
  
    			


  

  
     

  

  
   

  Immunocore Holdings plc
    Form of Ordinary Shares Warrant Agreement

   

  This
        Ordinary Shares Warrant Agreement (this “Agreement”), dated as of [●], between Immunocore
        Holdings plc, a public limited company incorporated under the laws of England and Wales under company number 13119746
    and having its registered office at 92 Park Drive, Milton Park, Abingdon, Oxfordshire, United Kingdom, OX14 4RY (the “Company”),
    and [●], a [corporation] [national banking association] organized and existing under the laws of [●] and having a corporate
    trust office in [●], as warrant agent (the “Warrant Agent”).

   

  Whereas,
    the Company proposes to sell [If Warrants are sold with other securities —[title of such other
      securities being offered] (the “Other Securities”) with] warrant certificates evidencing one or
    more warrants (the “Warrants” or, individually, a “Warrant”) representing the
    right to purchase Ordinary Shares of the Company, nominal value $0.002 per ordinary share (the “Warrant Securities”),
    such warrant certificates and other warrant certificates issued pursuant to this Agreement being herein called the “Warrant
        Certificates”; and

   

  Whereas,
      the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in
    connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this
    Agreement wishes to set forth, among other things, the form and provisions of the Warrant Certificates and the terms and conditions
    on which they may be issued, registered, transferred, exchanged, exercised and replaced.

   

  Now
        Therefore, in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree
    as follows:

   

  Article
    1

    

    ISSUANCE OF WARRANTS AND EXECUTION AND

    DELIVERY OF WARRANT CERTIFICATES

   

  1.1       Issuance
      of Warrants. [If Warrants alone —Upon issuance, each Warrant Certificate shall evidence one or more Warrants.]
    [If Other Securities and Warrants —Warrant Certificates will be issued in connection with the issuance of the
    Other Securities but shall be separately transferable and each Warrant Certificate shall evidence one or more Warrants.] Each Warrant
    evidenced thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one Warrant Security.
    [If Other Securities and Warrants —Warrant Certificates will be issued with the Other Securities and each Warrant
    Certificate will evidence [●] Warrants for each [$[●] principal amount] [[●] shares] of Other Securities issued.]

   

  1.2       Execution
      and Delivery of Warrant Certificates. Each Warrant Certificate, whenever issued, shall be in registered form
    substantially in the form set forth in Exhibit A hereto, shall be dated the date of its countersignature by the
    Warrant Agent and may have such letters, numbers, or other marks of identification or designation and such legends or
    endorsements printed, lithographed or engraved thereon as the officers of the Company executing the same may approve
    (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this
    Agreement, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule
    or regulation of any securities exchange on which the Warrants may be listed, or to conform to usage. The Warrant
    Certificates shall be signed on behalf of the Company by any of its present or future chief executive officers, presidents,
    senior vice presidents, vice presidents, chief financial officers, chief legal officers, treasurers, assistant treasurers,
    controllers, assistant controllers, secretaries or assistant secretaries under its corporate seal reproduced thereon. Such
    signatures may be manual or facsimile signatures of such authorized officers and may be imprinted or otherwise reproduced on
    the Warrant Certificates. The seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed,
    imprinted or otherwise reproduced on the Warrant Certificates.

   

  
  
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  No Warrant Certificate
    shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable, until such Warrant Certificate has been
    countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed
    by the Company shall be conclusive evidence that the Warrant Certificate so countersigned has been duly issued hereunder.

   

  In case any officer
    of the Company who shall have signed any of the Warrant Certificates either manually or by facsimile signature shall cease to be
    such officer before the Warrant Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant
    Certificates may be countersigned and delivered notwithstanding that the person who signed such Warrant Certificates ceased to
    be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual
    date of the execution of such Warrant Certificate, shall be the proper officers of the Company, although at the date of the execution
    of this Agreement any such person was not such officer.

   

  The term “holder”
    or “holder of a Warrant Certificate” as used herein shall mean any person in whose name at the time any
    Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose.

   

  1.3       Issuance
      of Warrant Certificates. Warrant Certificates evidencing the right to purchase Warrant Securities may be executed by the Company
    and delivered to the Warrant Agent upon the execution of this Agreement or from time to time thereafter. The Warrant Agent shall,
    upon receipt of Warrant Certificates duly executed on behalf of the Company, countersign such Warrant Certificates and shall deliver
    such Warrant Certificates to or upon the order of the Company.

   

  Article
    2

    

    WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS

   

  2.1       Warrant
      Price. During the period specified in Section 2.2, each Warrant shall, subject to the terms of this Agreement and the applicable
    Warrant Certificate, entitle the holder thereof to purchase the number of Warrant Securities specified in the applicable Warrant
    Certificate at an exercise price of $[●] per Warrant Security, subject to adjustment upon the occurrence of certain events,
    as hereinafter provided. Such purchase price per Warrant Security is referred to in this Agreement as the “Warrant
        Price.”

   

  2.2       Duration
      of Warrants. Each Warrant may be exercised in whole or in part at any time, as specified herein, on or after [the date thereof]
    [●] and at or before [●] p.m., [City] time, on [●] or such later date as the Company may designate by notice
    to the Warrant Agent and the holders of Warrant Certificates mailed to their addresses as set forth in the record books of the
    Warrant Agent (the “Expiration Date”). Each Warrant not exercised at or before [●] p.m., [City]
    time, on the Expiration Date shall become void, and all rights of the holder of the Warrant Certificate evidencing such Warrant
    under this Agreement shall cease.

   

  
  
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  2.3         Exercise
      of Warrants.

   

  (a)       During
    the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of Warrant Securities in registered
    form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful
    money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds]
    [by bank wire transfer in immediately available funds] the Warrant Price for each Warrant Security with respect to which a Warrant
    is being exercised to the Warrant Agent at its corporate trust office, provided that such exercise is subject to receipt within
    five business days of such payment by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant
    Securities set forth on the reverse side of the Warrant Certificate properly completed and duly executed. The date on which payment
    in full of the Warrant Price is received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid,
    be deemed to be the date on which the Warrant is exercised; provided, however, that if, at the date of receipt of such Warrant
    Certificates and payment in full of the Warrant Price, the transfer books for the Warrant Securities purchasable upon the exercise
    of such Warrants shall be closed, no such receipt of such Warrant Certificates and no such payment of such Warrant Price shall
    be effective to constitute the person so designated to be named as the holder of record of such Warrant Securities on such date,
    but shall be effective to constitute such person as the holder of record of such Warrant Securities for all purposes at the opening
    of business on the next succeeding day on which the transfer books for the Warrant Securities purchasable upon the exercise of
    such Warrants shall be opened, and the certificates for the Warrant Securities in respect of which such Warrants are then exercised
    shall be issuable as of the date on such next succeeding day on which the transfer books shall next be opened, and until such date
    the Company shall be under no duty to deliver any certificate for such Warrant Securities. The Warrant Agent shall deposit all
    funds received by it in payment of the Warrant Price in an account of the Company maintained with it and shall advise the Company
    by telephone at the end of each day on which a payment for the exercise of Warrants is received of the amount so deposited to its
    account. The Warrant Agent shall promptly confirm such telephone advice to the Company in writing.

   

  (b)       The
    Warrant Agent shall, from time to time, as promptly as practicable, advise the Company of (i) the number of Warrant Securities
    with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such
    Warrants with respect to delivery of the Warrant Securities to which such holder is entitled upon such exercise, (iii) delivery
    of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Securities after such exercise,
    and (iv) such other information as the Company shall reasonably require.

   

  (c)       As
    soon as practicable after the exercise of any Warrant, the Company shall issue to or upon the order of the holder of the Warrant
    Certificate evidencing such Warrant the Warrant Securities to which such holder is entitled, in fully registered form, registered
    in such name or names as may be directed by such holder. If fewer than all of the Warrants evidenced by such Warrant Certificate
    are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver,
    a new Warrant Certificate evidencing Warrants for the number of Warrant Securities remaining unexercised.

   

  (d)       The
    Company shall not be required to pay any stamp or other tax or other governmental charge required to be paid in connection with
    any transfer involved in the issue of the Warrant Securities, and in the event that any such transfer is involved, the Company
    shall not be required to issue or deliver any Warrant Security until such tax or other charge shall have been paid or it has been
    established to the Company’s satisfaction that no such tax or other charge is due.

   

  (e)       Prior
    to the issuance of any Warrants there shall have been reserved, and the Company shall at all times through the Expiration Date
    keep reserved, out of its authorized but unissued Warrant Securities, a number of shares sufficient to provide for the exercise
    of the Warrants.

   

  
  
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  Article
    3

    

    OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF

    WARRANT CERTIFICATES

   

  3.1       No
      Rights as Warrant Securityholder Conferred by Warrants or Warrant Certificates. No Warrant Certificate or Warrant evidenced
    thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Securities, including, without limitation,
    the right to receive the payment of dividends or distributions, if any, on the Warrant Securities or to exercise any voting rights,
    except to the extent expressly set forth in this Agreement or the applicable Warrant Certificate.

   

  3.2       Lost,
      Stolen, Mutilated or Destroyed Warrant Certificates. Upon receipt by the Warrant Agent of evidence reasonably satisfactory
    to it and the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity
    reasonably satisfactory to the Warrant Agent and the Company and, in the case of mutilation, upon surrender of the mutilated Warrant
    Certificate to the Warrant Agent for cancellation, then, in the absence of notice to the Company or the Warrant Agent that such
    Warrant Certificate has been acquired by a bona fide purchaser, the Company shall execute, and an authorized officer of the Warrant
    Agent shall manually countersign and deliver, in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate,
    a new Warrant Certificate of the same tenor and evidencing Warrants for a like number of Warrant Securities. Upon the issuance
    of any new Warrant Certificate under this Section 3.2, the Company may require the payment of a sum sufficient to cover any tax
    or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of
    the Warrant Agent) in connection therewith. Every substitute Warrant Certificate executed and delivered pursuant to this Section
    3.2 in lieu of any lost, stolen or destroyed Warrant Certificate shall represent an additional contractual obligation of the Company,
    whether or not the lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled
    to the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates duly executed and delivered
    hereunder. The provisions of this Section 3.2 are exclusive and shall preclude (to the extent lawful) all other rights and remedies
    with respect to the replacement of mutilated, lost, stolen or destroyed Warrant Certificates.

   

  3.3       Holder
      of Warrant Certificate May Enforce Rights. Notwithstanding any of the provisions of this Agreement, any holder of a Warrant
    Certificate, without the consent of the Warrant Agent, the holder of any Warrant Securities or the holder of any other Warrant
    Certificate, may, in such holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain
    any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such holder’s right to
    exercise the Warrants evidenced by such holder’s Warrant Certificate in the manner provided in such holder’s Warrant
    Certificate and in this Agreement.

   

  3.4       Adjustments.

   

  (a)       In
    case the Company shall at any time subdivide its outstanding shares of Ordinary Shares into a greater number of shares, the Warrant
    Price in effect immediately prior to such subdivision shall be proportionately reduced and the number of Warrant Securities purchasable
    under the Warrants shall be proportionately increased. Conversely, in case the outstanding shares of Ordinary Shares of the Company
    shall be combined into a smaller number of shares, the Warrant Price in effect immediately prior to such combination shall be proportionately
    increased and the number of Warrant Securities purchasable under the Warrants shall be proportionately decreased.

   

  (b)       If
    at any time or from time to time the holders of Ordinary Shares (or any shares of stock or other securities at the time receivable
    upon the exercise of the Warrants) shall have received or become entitled to receive, without payment therefor,

   

  
  
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  (i)       Ordinary
    Shares or any shares of stock or other securities which are at any time directly or indirectly convertible into or exchangeable
    for Ordinary Shares, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend
    or other distribution;

   

  (ii)       any
    cash paid or payable otherwise than as a cash dividend paid or payable out of the Company’s current or retained earnings;

   

  (iii)       any
    evidence of the Company’s indebtedness or rights to subscribe for or purchase the Company’s indebtedness; or

   

  (iv)       Ordinary
    Shares or additional stock or other securities or property (including cash) by way of spinoff, split-up, reclassification, combination
    of shares or similar corporate rearrangement (other than shares of Ordinary Shares issued as a stock split or adjustments in respect
    of which shall be covered by the terms of Section 3.4(a) above), then and in each such case, the holder of each Warrant shall,
    upon the exercise of the Warrant, be entitled to receive, in addition to the number of Warrant Securities receivable thereupon,
    and without payment of any additional consideration therefore, the amount of stock and other securities and property (including
    cash and indebtedness or rights to subscribe for or purchase indebtedness) which such holder would hold on the date of such exercise
    had such holder been the holder of record of such Warrant Securities as of the date on which holders of Ordinary Shares received
    or became entitled to receive such shares or all other additional stock and other securities and property.

   

  (c)       In
    case of (i) any reclassification, capital reorganization, or change in the Ordinary Shares of the Company (other than as a
    result of a subdivision, combination, or stock dividend provided for in Section 3.4(a) or Section 3.4(b) above), (ii)
    share exchange, merger or similar transaction of the Company with or into another person or entity (other than a share
    exchange, merger or similar transaction in which the Company is the acquiring or surviving corporation and which does not
    result in any change in the Ordinary Shares other than the issuance of additional shares of Ordinary Shares) or (iii) the
    sale, exchange, lease, transfer or other disposition of all or substantially all of the properties and assets of the Company
    as an entirety (in any such case, a “Reorganization Event”), then, as a condition of such
    Reorganization Event, lawful provisions shall be made, and duly executed documents evidencing the same from the Company or
    its successor shall be delivered to the holders of the Warrants, so that the holders of the Warrants shall have the right at
    any time prior to the expiration of the Warrants to purchase, at a total price equal to that payable upon the exercise of the
    Warrants, the kind and amount of shares of stock and other securities and property receivable in connection with such
    Reorganization Event by a holder of the same number of Warrant Securities as were purchasable by the holders of the Warrants
    immediately prior to such Reorganization Event. In any such case appropriate provisions shall be made with respect to the
    rights and interests of the holders of the Warrants so that the provisions hereof shall thereafter be applicable with
    respect to any shares of stock or other securities and property deliverable upon exercise the Warrants, and appropriate
    adjustments shall be made to the Warrant Price payable hereunder provided the aggregate purchase price shall remain the same.
    In the case of any transaction described in clauses (ii) and (iii) above, the Company shall thereupon be relieved of any
    further obligation hereunder or under the Warrants, and the Company as the predecessor corporation may thereupon or at any
    time thereafter be dissolved, wound up or liquidated. Such successor or assuming entity thereupon may cause to be signed, and
    may issue either in its own name or in the name of the Company, any or all of the Warrants issuable hereunder which
    heretofore shall not have been signed by the Company, and may execute and deliver securities in its own name, in fulfillment
    of its obligations to deliver Warrant Securities upon exercise of the Warrants. All the Warrants so issued shall in all
    respects have the same legal rank and benefit under this Agreement as the Warrants theretofore or thereafter issued in
    accordance with the terms of this Agreement as though all of such Warrants had been issued at the date of the execution
    hereof. In any case of any such Reorganization Event, such changes in phraseology and form (but not in substance) may be made
    in the Warrants thereafter to be issued as may be appropriate. The Warrant Agent may receive a written opinion of legal
    counsel as conclusive evidence that any such Reorganization Event complies with the provisions of this Section 3.4.

   

  
  
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  (d)       The
    Company may, at its option, at any time until the Expiration Date, reduce the then current Warrant Price to any amount deemed appropriate
    by the Board of Directors of the Company for any period not exceeding twenty consecutive days (as evidenced in a resolution adopted
    by such Board of Directors), but only upon giving the notices required by Section 3.5 at least ten days prior to taking such action.

   

  (e)       Except
    as herein otherwise expressly provided, no adjustment in the Warrant Price shall be made by reason of the issuance of shares of
    Ordinary Shares, or securities convertible into or exchangeable for shares of Ordinary Shares, or securities carrying the right
    to purchase any of the foregoing or for any other reason whatsoever.

   

  (f)       No
    fractional Warrant Securities shall be issued upon the exercise of Warrants. If more than one Warrant shall be exercised at one
    time by the same holder, the number of full Warrant Securities which shall be issuable upon such exercise shall be computed on
    the basis of the aggregate number of Warrant Securities purchased pursuant to the Warrants so exercised. Instead of any fractional
    Warrant Security which would otherwise be issuable upon exercise of any Warrant, the Company shall pay a cash adjustment in respect
    of such fraction in an amount equal to the same fraction of the last reported sale price (or bid price if there were no sales)
    per Warrant Security, in either case as reported on the principal registered national securities exchange on which the Warrant
    Securities are listed or admitted to trading on the business day that next precedes the day of exercise or, if the Warrant Securities
    are not then listed or admitted to trading on any registered national securities exchange, the average of the closing high bid
    and low asked prices as reported on the OTC Bulletin Board Service (the “OTC Bulletin Board”) operated
    by the Financial Industry Regulatory Authority, Inc. (“FINRA” ) or, if not available on the OTC Bulletin
    Board, then the average of the closing high bid and low asked prices as reported on any other U.S. quotation medium or inter-dealer
    quotation system on such date, or if on any such date the Warrant Securities are not listed or admitted to trading on a registered
    national securities exchange, are not included in the OTC Bulletin Board, and are not quoted on any other U.S. quotation medium
    or inter-dealer quotation system, an amount equal to the same fraction of the average of the closing bid and asked prices as furnished
    by any FINRA member firm selected from time to time by the Company for that purpose at the close of business on the business day
    that next precedes the day of exercise.

   

  (g)       Whenever
    the Warrant Price then in effect is adjusted as herein provided, the Company shall mail to each holder of the Warrants at such
    holder’s address as it shall appear on the books of the Company a statement setting forth the adjusted Warrant Price then
    and thereafter effective under the provisions hereof, together with the facts, in reasonable detail, upon which such adjustment
    is based.

   

  (h)       Notwithstanding
    anything to the contrary herein, in no event shall the Warrant Price, as adjusted in accordance with the terms hereof, be less
    than the nominal value per share of Ordinary Shares.

   

  3.5         Notice
      to Warrantholders. In case the Company shall (a) effect any dividend or distribution described in Section 3.4(b), (b)
    effect any Reorganization Event, (c) make any distribution on or in respect of the Ordinary Shares in connection with the
    dissolution, liquidation or winding up of the Company, or (d) reduce the then current Warrant Price pursuant to Section
    3.4(d), then the Company shall mail to each holder of Warrants at such holder’s address as it shall appear on the books
    of the Warrant Agent, at least ten days prior to the applicable date hereinafter specified, a notice stating (x) the record
    date for such dividend or distribution, or, if a record is not to be taken, the date as of which the holders of record of
    Ordinary Shares that will be entitled to such dividend or distribution are to be determined, (y) the date on which such
    Reorganization Event, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is
    expected that holders of Ordinary Shares of record shall be entitled to exchange their shares of Ordinary Shares for
    securities or other property deliverable upon such Reorganization Event, dissolution, liquidation or winding up, or (z) the
    first date on which the then current Warrant Price shall be reduced pursuant to Section 3.4(d). No failure to mail such
    notice nor any defect therein or in the mailing thereof shall affect any such transaction or any adjustment in the Warrant
    Price required by Section 3.4.

   

  
  
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  3.6         [If
    the Warrants are Subject to Acceleration by the Company, Insert — Acceleration of Warrants by the Company.

   

  (a)       At
    any time on or after [●], the Company shall have the right to accelerate any or all Warrants at any time by causing them
    to expire at the close of business on the day next preceding a specified date (the “Acceleration Date”),
    if the Market Price (as hereinafter defined) of the Ordinary Shares equals or exceeds [●] percent ([●]%) of the then
    effective Warrant Price on any twenty Trading Days (as hereinafter defined) within a period of thirty consecutive Trading Days
    ending no more than five Trading Days prior to the date on which the Company gives notice to the Warrant Agent of its election
    to accelerate the Warrants.

   

  (b)       (b)
    “Market Price” for each Trading Day shall be, if the Ordinary Shares is listed or admitted to trading
    on any registered national securities exchange, the last reported sale price, regular way (or, if no such price is reported, the
    average of the reported closing bid and asked prices, regular way) of Ordinary Shares, in either case as reported on the principal
    registered national securities exchange on which the Ordinary Shares is listed or admitted to trading or, if not listed or admitted
    to trading on any registered national securities exchange, the average of the closing high bid and low asked prices as reported
    on the OTC Bulletin Board operated by FINRA, or if not available on the OTC Bulletin Board, then the average of the closing high
    bid and low asked prices as reported on any other U.S. quotation medium or inter-dealer quotation system, or if on any such date
    the shares of Ordinary Shares are not listed or admitted to trading on a registered national securities exchange, are not included
    in the OTC Bulletin Board, and are not quoted on any other U.S. quotation medium or inter-dealer quotation system, the average
    of the closing bid and asked prices as furnished by any FINRA member firm selected from time to time by the Company for that purpose.
    “Trading Day” shall be each Monday through Friday, other than any day on which securities are not traded in the system
    or on the exchange that is the principal market for the Ordinary Shares, as determined by the Board of Directors of the Company.
    In the event of an acceleration of less than all of the Warrants, the Warrant Agent shall select the Warrants to be accelerated
    by lot, pro rata or in such other manner as it deems, in its discretion, to be fair and appropriate.

   

  (c)       Notice
    of an acceleration specifying the Acceleration Date shall be sent by mail first class, postage prepaid, to each registered holder
    of a Warrant Certificate representing a Warrant accelerated at such holder’s address appearing on the books of the Warrant
    Agent not more than sixty days nor less than thirty days before the Acceleration Date. Such notice of an acceleration also shall
    be given no more than twenty days, and no less than ten days, prior to the mailing of notice to registered holders of Warrants
    pursuant to this Section 3.6, by publication at least once in a newspaper of general circulation in the City of New York.

   

  (d)       Any
    Warrant accelerated may be exercised until [●] p.m., [City] time, on the business day next preceding the Acceleration Date.
    The Warrant Price shall be payable as provided in Section 2.]

   

  
  
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  Article
    4

    

    EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES

   

  4.1       Exchange
    and Transfer of Warrant Certificates. Upon surrender at the corporate trust office of the Warrant Agent, Warrant Certificates evidencing
    Warrants may be exchanged for Warrant Certificates in other denominations evidencing such Warrants or the transfer thereof may
    be registered in whole or in part; provided that such other Warrant Certificates evidence Warrants for the same aggregate number
    of Warrant Securities as the Warrant Certificates so surrendered. The Warrant Agent shall keep, at its corporate trust office,
    books in which, subject to such reasonable regulations as it may prescribe, it shall register Warrant Certificates and exchanges
    and transfers of outstanding Warrant Certificates, upon surrender of the Warrant Certificates to the Warrant Agent at its corporate
    trust office for exchange or registration of transfer, properly endorsed or accompanied by appropriate instruments of registration
    of transfer and written instructions for transfer, all in form satisfactory to the Company and the Warrant Agent. No service charge
    shall be made for any exchange or registration of transfer of Warrant Certificates, but the Company may require payment of a sum
    sufficient to cover any stamp or other tax or other governmental charge that may be imposed in connection with any such exchange
    or registration of transfer. Whenever any Warrant Certificates are so surrendered for exchange or registration of transfer, an
    authorized officer of the Warrant Agent shall manually countersign and deliver to the person or persons entitled thereto a Warrant
    Certificate or Warrant Certificates duly authorized and executed by the Company, as so requested. The Warrant Agent shall not be
    required to effect any exchange or registration of transfer which will result in the issuance of a Warrant Certificate evidencing
    a Warrant for a fraction of a Warrant Security or a number of Warrants for a whole number of Warrant Securities and a fraction
    of a Warrant Security. All Warrant Certificates issued upon any exchange or registration of transfer of Warrant Certificates shall
    be the valid obligations of the Company, evidencing the same obligations and entitled to the same benefits under this Agreement
    as the Warrant Certificate surrendered for such exchange or registration of transfer.

   

  4.2       Treatment
      of Holders of Warrant Certificates. The Company, the Warrant Agent and all other persons may treat the registered holder of
    a Warrant Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented
    by the Warrants evidenced thereby, any notice to the contrary notwithstanding.

   

  4.3       Cancellation
      of Warrant Certificates. Any Warrant Certificate surrendered for exchange, registration of transfer or exercise of the Warrants
    evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered
    or so delivered to the Warrant Agent shall be promptly canceled by the Warrant Agent and shall not be reissued and, except as expressly
    permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu thereof. The Warrant
    Agent shall deliver to the Company from time to time or otherwise dispose of canceled Warrant Certificates in a manner satisfactory
    to the Company.

   

  Article
    5

    

    CONCERNING THE WARRANT AGENT

   

  5.1       Warrant
      Agent. The Company hereby appoints [●] as Warrant Agent of the Company in respect of the Warrants and the Warrant
    Certificates upon the terms and subject to the conditions herein set forth, and [●] hereby accepts such appointment.
    The Warrant Agent shall have the powers and authority granted to and conferred upon it in the Warrant Certificates and hereby
    and such further powers and authority to act on behalf of the Company as the Company may hereafter grant to or confer upon
    it. All of the terms and provisions with respect to such powers and authority contained in the Warrant Certificates are
    subject to and governed by the terms and provisions hereof.

   

  
  
    	 	8	 


  

  
     

  

  
   

  

  5.2         Conditions
      of Warrant Agent’s Obligations. The Warrant Agent accepts its obligations herein set forth upon the terms and conditions
    hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the holders from
    time to time of the Warrant Certificates shall be subject:

   

  (a)       Compensation
      and Indemnification. The Company agrees promptly to pay the Warrant Agent the compensation to be agreed upon with the Company
    for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including
    reasonable counsel fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent in connection with the
    services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless
    against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of the Warrant
    Agent, arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses
    of defending against any claim of such liability.

   

  (b)       Agent
      for the Company. In acting under this Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting
    solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the holders
    of Warrant Certificates or beneficial owners of Warrants.

   

  (c)       Counsel.
    The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written advice
    of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by
    it hereunder in good faith and in accordance with the advice of such counsel.

   

  (d)       Documents.
    The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it in
    reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document
    reasonably believed by it to be genuine and to have been presented or signed by the proper parties.

   

  (e)       Certain
      Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest
    in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted
    by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on,
    or as depositary, trustee or agent for, any committee or body of holders of Warrant Securities or other obligations of the Company
    as freely as if it were not the Warrant Agent hereunder. Nothing in this Agreement shall be deemed to prevent the Warrant Agent
    from acting as trustee under any indenture to which the Company is a party.

   

  (f)       No
      Liability for Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest on
    any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.

   

  (g)       No
      Liability for Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or any
    of the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon).

   

  (h)       No
      Responsibility for Representations. The Warrant Agent shall not be responsible for any of the recitals or representations herein
    or in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are made solely
    by the Company.

   

  
  
    	 	9	 


  

  
     

  

  
  

   

  

  (i)       No
      Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrant Certificates
    specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against
    the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it
    in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The
    Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates
    authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the
    Company of the proceeds of the Warrant Certificates. The Warrant Agent shall have no duty or responsibility in case of any default
    by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case
    of the receipt of any written demand from a holder of a Warrant Certificate with respect to such default, including, without limiting
    the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise
    or, except as provided in Section 6.2 hereof, to make any demand upon the Company.

   

  5.3         Resignation,
      Removal and Appointment of Successors.

   

  (a)       The
    Company agrees, for the benefit of the holders from time to time of the Warrant Certificates, that there shall at all times be
    a Warrant Agent hereunder until all the Warrants have been exercised or are no longer exercisable.

   

  (b)       The
    Warrant Agent may at any time resign as agent by giving written notice to the Company of such intention on its part, specifying
    the date on which its desired resignation shall become effective; provided that such date shall not be less than three months after
    the date on which such notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time
    by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and the intended
    date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Company, as hereinafter
    provided, of a successor Warrant Agent (which shall be a bank or trust company authorized under the laws of the jurisdiction of
    its organization to exercise corporate trust powers) and the acceptance of such appointment by such successor Warrant Agent. The
    obligation of the Company under Section 5.2(a) shall continue to the extent set forth therein notwithstanding the resignation or
    removal of the Warrant Agent.

   

  (c)       In
    case at any time the Warrant Agent shall resign, or shall be removed, or shall become incapable of acting, or shall be
    adjudged a bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter
    constituted, or under any other applicable Federal or state bankruptcy, insolvency or similar law or shall consent to the
    appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar
    official) of the Warrant Agent or its property or affairs, or shall make an assignment for the benefit of creditors, or shall
    admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance
    of any such action, or a decree or order for relief by a court having jurisdiction in the premises shall have been entered in
    respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or
    any other applicable Federal or state bankruptcy, insolvency or similar law, or a decree or order by a court having
    jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee,
    trustee, sequestrator (or similar official) of the Warrant Agent or of its property or affairs, or any public officer shall
    take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation,
    winding up or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be appointed by the Company by an
    instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent
    and acceptance by the successor Warrant Agent of such appointment, the Warrant Agent shall cease to be Warrant Agent
    hereunder.

   

  
  
    	 	10	 


  

  
     

  

  
   

  

  (d)       Any
    successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Company an instrument
    accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance,
    shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with
    like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements
    then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled
    to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent hereunder.

   

  (e)       Any
    corporation into which the Warrant Agent hereunder may be merged or converted or any corporation with which the Warrant Agent may
    be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be
    a party, or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all the assets and
    business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this
    Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto.

   

  Article
    6

    

    MISCELLANEOUS

   

  6.1       Amendment.
    This Agreement may be amended by the parties hereto, without the consent of the holder of any Warrant Certificate, for the
    purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein, or making
    any other provisions with respect to matters or questions arising under this Agreement as the Company and the Warrant Agent may
    deem necessary or desirable; provided that such action shall not materially adversely affect the interests of the holders of the
    Warrant Certificates.

   

  6.2       Notices
      and Demands to the Company and Warrant Agent. If the Warrant Agent shall receive any notice or demand addressed to the Company
    by the holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall promptly
    forward such notice or demand to the Company.

   

  6.3       Addresses.
    Any communication from the Company to the Warrant Agent with respect to this Agreement shall be addressed to [●], Attention:
    [●] and any communication from the Warrant Agent to the Company with respect to this Agreement shall be addressed to Immunocore,
    LLC, Six Tower Bridge, Suite 200, 181 Washington Street Conshohocken, Pennsylvania 19428, Attn: Chief Financial Officer (or such
    other address as shall be specified in writing by the Warrant Agent or by the Company).

   

  6.4       Governing
      Law. This Agreement and each Warrant Certificate issued hereunder shall be governed by and construed in accordance with the
    laws of the State of New York.

   

  6.5       Delivery
      of Prospectus. The Company shall furnish to the Warrant Agent sufficient copies of a prospectus meeting the requirements of
    the Securities Act of 1933, as amended, relating to the Warrant Securities deliverable upon exercise of the Warrants (the “Prospectus”),
    and the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant
    Certificate evidencing such Warrant, prior to or concurrently with the delivery of the Warrant Securities issued upon such exercise,
    a Prospectus. The Warrant Agent shall not, by reason of any such delivery, assume any responsibility for the accuracy or adequacy
    of such Prospectus.

   

  
  
    	 	11	 


  

  
     

  

  
   

  

  6.6       Obtaining
      of Governmental Approvals. The Company will from time to time take all action which may be necessary to obtain and keep effective
    any and all permits, consents and approvals of governmental agencies and authorities and securities act filings under United States
    Federal and state laws (including without limitation a registration statement in respect of the Warrants and Warrant Securities
    under the Securities Act of 1933, as amended), which may be or become requisite in connection with the issuance, sale, transfer,
    and delivery of the Warrant Securities issued upon exercise of the Warrants, the issuance, sale, transfer and delivery of the Warrants
    or upon the expiration of the period during which the Warrants are exercisable.

   

  6.7       Persons
      Having Rights Under the Agreement. Nothing in this Agreement shall give to any person other than the Company, the Warrant Agent
    and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement.

   

  6.8       Headings.
    The descriptive headings of the several Articles and Sections of this Agreement are inserted for convenience only and shall
    not control or affect the meaning or construction of any of the provisions hereof.

   

  6.9       Counterparts.
    This Agreement may be executed in any number of counterparts, each of which as so executed shall be deemed to be an original,
    but such counterparts shall together constitute but one and the same instrument.

   

  6.10       Inspection
      of Agreement. A copy of this Agreement shall be available at all reasonable times at the principal corporate trust office of
    the Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit
    such holder’s Warrant Certificate for inspection by it.

   

  
  
    	 	12	 


  

  
     

  

  
   

  In
        Witness Whereof, the parties hereto have caused this Agreement to be duly executed as of the day and year first above
    written.

   

  	 	Immunocore Holdings plc, as Company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Attest:	 
	 	 	 
	 	 	 
	 	Countersigned
	 	 	 
	 	[●], as Warrant Agent
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Attest:	 
	 	 	 


   

  [Signature
      Page to Immunocore Holdings plc Ordinary Shares Warrant Agreement]

   

  
  
    			


  

  
     

  

  
   

  Exhibit
        A

   

  FORM OF WARRANT CERTIFICATE

  [FACE OF WARRANT CERTIFICATE]

   

  	[Form of Legend if Warrants are not immediately exercisable.]	[Prior to [●], Warrants evidenced by this Warrant Certificate cannot be exercised.]


   

  EXERCISABLE ONLY IF COUNTERSIGNED BY THE
    WARRANT AGENT AS PROVIDED HEREIN

   

  VOID AFTER [●] P.M., [City] time,
    ON [●].

   

  
  
    			


  

  
     

  

  
   

  IMMUNOCORE HOLDINGS PLC

    WARRANT CERTIFICATE REPRESENTING

      WARRANTS TO PURCHASE

      ORDINARY SHARES, NOMINAL VALUE $0.002 PER ORDINARY SHARE

   

  	No. [●]	[●] Warrants 


   

  This certifies that [●]
    or registered assigns is the registered owner of the above indicated number of Warrants, each Warrant entitling such owner to purchase,
    at any time [after [●] p.m., [City] time, [on [●] and] on or before [●] p.m., [City] time, on [●], [●] shares
    of Ordinary Shares, nominal value $0.002 per ordinary share (the “Warrant Securities”), of Immunocore
    Holdings plc (the “Company”) on the following basis: during the period from [●], through and including
    [●], the exercise price per Warrant Security will be $[●], subject to adjustment as provided in the Warrant Agreement
    (as hereinafter defined) (the “Warrant Price”). The Holder may exercise the Warrants evidenced hereby
    by providing certain information set forth on the back hereof and by paying in full, in lawful money of the United States of America,
    [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available
    funds], the Warrant Price for each Warrant Security with respect to which this Warrant is exercised to the Warrant Agent (as hereinafter
    defined) and by surrendering this Warrant Certificate, with the purchase form on the back hereof duly executed, at the corporate
    trust office of [name of Warrant Agent], or its successor as warrant agent (the “Warrant Agent”), which
    is, on the date hereof, at the address specified on the reverse hereof, and upon compliance with and subject to the conditions
    set forth herein and in the Warrant Agreement (as hereinafter defined).

   

  The term “Holder”
    as used herein shall mean the person in whose name at the time this Warrant Certificate shall be registered upon the books to be
    maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement.

   

  The Warrants evidenced
    by this Warrant Certificate may be exercised to purchase a whole number of Warrant Securities in registered form. Upon any exercise
    of fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be issued to the Holder hereof a new Warrant
    Certificate evidencing Warrants for the number of Warrant Securities remaining unexercised.

   

  This Warrant Certificate
    is issued under and in accordance with the Warrant Agreement dated as of [●] (the “Warrant Agreement”),
    between the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all
    of which terms and provisions the Holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant Agreement
    are on file at the above-mentioned office of the Warrant Agent.

   

  Transfer of this Warrant
    Certificate may be registered when this Warrant Certificate is surrendered at the corporate trust office of the Warrant Agent by
    the registered owner or such owner’s assigns, in the manner and subject to the limitations provided in the Warrant Agreement.

   

  After countersignature
    by the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the
    corporate trust office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate number of Warrant
    Securities.

   

  This Warrant Certificate
    shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Securities, including, without limitation,
    the right to receive payments of dividends or distributions, if any, on the Warrant Securities (except to the extent set forth
    in the Warrant Agreement) or to exercise any voting rights.

   

  
  
    			


  

  
     

  

  
  

    

   

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

   

  This Warrant Certificate
    shall not be valid or obligatory for any purpose until countersigned by the Warrant Agent.

   

  In
        Witness Whereof, the Company has caused this Warrant to be executed in its name and on its behalf by the facsimile signatures
    of its duly authorized officers.

   

  	Dated:	 	 


   

  	IMMUNOCORE HOLDINGS PLC, as Company	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	ATTEST:	 	 
	 	 	 
	 	 	 
	
          COUNTERSIGNED

           

          [●], as Warrant Agent

        	 	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	ATTEST:	 	 
	 	 	 


   

  
  
    			


  

  
     

  

  
  

   

  [REVERSE OF WARRANT CERTIFICATE]

   

  (Instructions for Exercise of Warrant)

   

  To exercise any Warrants
    evidenced hereby for Warrant Securities (as hereinafter defined), the Holder must pay, in lawful money of the United States of
    America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately
    available funds], the Warrant Price in full for Warrants exercised, to [●] [address of Warrant Agent], Attention: [●],
    which payment must specify the name of the Holder and the number of Warrants exercised by such Holder. In addition, the Holder
    must complete the information required below and present this Warrant Certificate in person or by mail (certified or registered
    mail is recommended) to the Warrant Agent at the appropriate address set forth above. This Warrant Certificate, completed and duly
    executed, must be received by the Warrant Agent within five business days of the payment.

   

  (To be executed upon exercise of Warrants)

   

  The undersigned hereby
    irrevocably elects to exercise ______ Warrants, evidenced by this Warrant Certificate, to purchase _______ shares of the Ordinary
    Shares, nominal value $0.002 per ordinary share (the “Warrant Securities”), of Immunocore Holdings plc.
    and represents that the undersigned has tendered payment for such Warrant Securities, in lawful money of the United States of America,
    [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available
    funds], to the order of Immunocore Holdings plc, c/o [insert name and address of Warrant Agent], in the amount of $_________ in
    accordance with the terms hereof. The undersigned requests that said Warrant Securities be in fully registered form in the authorized
    denominations, registered in such names and delivered all as specified in accordance with the instructions set forth below.

   

  If the number of Warrants
    exercised is less than all of the Warrants evidenced hereby, the undersigned requests that a new Warrant Certificate evidencing
    the Warrants for the number of Warrant Securities remaining unexercised be issued and delivered to the undersigned unless otherwise
    specified in the instructions below.

   

  	Dated:	 	 	Name:	 
	 	 	 	 	Please Print


   

  Address:

   

  	 	 
	(Insert Social Security or Other Identifying Number of Holder)	 


   

  	Signature Guaranteed:	 	 
	 	Signature	 


   

  (Signature must conform in all respects
    to name of holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by a FINRA member firm).

   

  This Warrant may be exercised at the following
    addresses: By hand at:

   

  [●]

  

  
       

  By mail at:

   

  [Instructions as to form and delivery of
    Warrant Securities and, if applicable, Warrant Certificates evidencing Warrants for the number of Warrant Securities remaining
    unexercised—complete as appropriate.]

   

  
  
    			


  

  
     

  

  
   

  

  ASSIGNMENT

   

  [Form of assignment to be executed if Warrant
    Holder desires to transfer Warrant]

   

  For
        Value Received, ______________ hereby sells, assigns and transfers unto:

   

  	 	 	 
	(Please print name and address including zip code)	 	Please print Social Security or other identifying number


   

  the right represented by the within Warrant
    to purchase _______________ ordinary shares of [Title of Warrant Securities] of Immunocore Holdings plc to which the within Warrant
    relates and appoints ____________________ attorney to transfer such right on the books of the Warrant Agent with full power of
    substitution in the premises.

   

  	Dated:	 	 	Name:	 
	 	 	 	 	Signature


   

  (Signature must conform
    in all respects to name of holder as specified on the face of the Warrant)

   

  	Signature Guaranteed