EX-4.2



 Exhibit 4.2 

REGISTRATION RIGHTS AGREEMENT 

REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of November 25, 2014, by and among Quotient Limited, a
company organized under the laws of Jersey (the “Company”), and the undersigned subscribers (each, a “Subscriber”, and collectively, the “Subscribers”). 

WHEREAS: 
 A. In
connection with the Subscription Agreement by and among the parties hereto of even date herewith (the “Subscription Agreement”), the Company has agreed, upon the terms and subject to the conditions of the Subscription Agreement, to
issue on the date hereof to each Subscriber new ordinary shares, with no par value in the capital of the Company (the “Ordinary Shares” and, the shares issued to each Subscriber, the “New Ordinary Shares”). 

B. To induce the Subscribers to execute and deliver the Subscription Agreement, the Company has agreed to provide certain registration
rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “1933 Act”), and applicable state securities laws. 

C. On or about the date hereof, the Company has entered into a Subscription Agreement (the “Visium Subscription
Agreement”) with Visium Balanced Master Fund, Ltd., an exempted company organized under the laws of the Cayman Islands (“Visium”), whereby the Company has agreed, upon the terms and subject to the conditions of the Visium
Subscription Agreement, to issue on the date thereof to Visium new Ordinary Shares (the “Visium Shares”) and warrants (the “Warrants”), which will be exercisable to purchase Ordinary Shares (collectively, upon
exercise, the “Warrant Shares”).  
 D. To induce Visium to execute and deliver the Visium Subscription
Agreement, the Company has agreed to provide certain registration rights under the 1933 Act and applicable state securities laws (the “Visium RRA”). 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and each of the Subscribers hereby agree as follows: 
  

	 	1.	Definitions. 

 Capitalized terms used herein and not otherwise defined herein shall have
the respective meanings set forth in the Subscription Agreement. As used in this Agreement, the following terms shall have the following meanings: 

a. “Business Day” means any day other than Saturday, Sunday or any other day on which commercial banks in the City of New
York are authorized or required by law to remain closed. 







 b. “Closing Date” shall have the meaning set forth in the Subscription
Agreement. 
 c. “Effective Date” means the date the Registration Statement has been declared effective by the SEC. 

d. “Effectiveness Deadline” means the date that is 90 days after the Closing Date. 

e. “Filing Deadline” means the date that is 30 days after the Closing Date. 

f. “Investor” means a Subscriber or any transferee or assignee thereof to whom a Subscriber assigns its rights under this
Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9 and any transferee or assignee thereof to whom a transferee or assignee assigns its rights under this Agreement and who agrees to become
bound by the provisions of this Agreement in accordance with Section 9. 
 g. “Person” means an individual, a limited
liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof. 

h. “register”, “registered” and “registration” refer to a registration effected by
preparing and filing one or more Registration Statements (as defined below) in compliance with the 1933 Act and pursuant to Rule 415 and the declaration or ordering of effectiveness of such Registration Statement(s) by the SEC. 

i. “Registrable Securities” means (i) the New Ordinary Shares, and (ii) any shares in the capital of the Company
issued or issuable with respect to the New Ordinary Shares as a result of any share split, share dividend, recapitalization, exchange or similar event or otherwise. 

j. “Registration Statement” means a registration statement or registration statements of the Company filed under the 1933
Act covering the Registrable Securities. 
 k. “Required Holders” means the holders of at least a majority of the
Registrable Securities. 
 l. “Required Registration Amount” for the Registration Statement means the number of New
Ordinary Shares issued pursuant to the Subscription Agreement, subject to adjustment as provided in Section 2(f). 
 m. “Rule
415” means Rule 415 promulgated under the 1933 Act or any successor rule providing for offering securities on a continuous or delayed basis. 

n. “SEC” means the United States Securities and Exchange Commission. 

  
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	 	2.	Registration. 

 a. Mandatory Registration. The Company shall prepare, and, as
soon as reasonably practicable but in no event later than the Filing Deadline, file with the SEC the Registration Statement covering the resale of at least the number of Ordinary Shares equal to the Required Registration Amount determined as of date
the Registration Statement is initially filed with the SEC. In the event that Form S-3 is unavailable for such a registration, the Company shall use such other form as is available for such a registration and reasonably acceptable to the Required
Holders, subject to the provisions of Section 2(f). The Registration Statement shall contain (except if otherwise directed by the Required Holders) the “Selling Shareholders” and “Plan of Distribution” sections
in substantially the form attached hereto as Exhibit B. The Company shall use its commercially reasonable efforts to have the Registration Statement declared effective by the SEC as soon as reasonably practicable, but in no event later than
the Effectiveness Deadline. By 5:30 p.m. on the second Business Day following the Effective Date, the Company shall file with the SEC, in accordance with Rule 424 under the 1933 Act, the final prospectus to be used in connection with sales pursuant
to such Registration Statement. 
 b. Combined Registration. Notwithstanding Section 2(d), the Company shall include in
any Registration Statement filed hereunder the Visium Shares and the Warrant Shares required to be registered under the Visium RRA. For so long as such Visium Shares and/or Warrant Shares are included in any Registration Statement, the holders
of such Visium Shares and/or Warrant Shares (determined as if all of the Warrants then outstanding related to such Warrant Shares have been exercised without regard to any limitations on the exercise of such Warrants) shall be deemed to be holders
of Registrable Securities for purposes of the definition of Required Holders as such term is used in Sections 2 and 3. 
 c. Allocation
of Registrable Securities. The initial number of Registrable Securities included in any Registration Statement and any increase in the number of Registrable Securities included therein shall be allocated pro rata among the Investors based on the
number of Registrable Securities held by each Investor at the time the Registration Statement covering such initial number of Registrable Securities or increase thereof is declared effective by the SEC. In the event that an Investor sells or
otherwise transfers any of such Investor’s Registrable Securities, each transferee that is assigned rights under this Agreement pursuant to Section 9 shall be allocated a pro rata portion of the number of Registrable Securities then
included in such Registration Statement for such transferor. Any Ordinary Shares included in a Registration Statement that remain allocated to any Person who does not hold any Registrable Securities covered by such Registration Statement shall be
allocated to the remaining Investors, pro rata based on the number of Registrable Securities then held by such Investors that are covered by such Registration Statement. In no event shall the Company include any securities other than Registrable
Securities on any Registration Statement without the prior written consent of the Required Holders. 
 d. Legal Counsel. Subject to
Section 5 hereof, the Required Holders shall have the right to select one legal counsel to review and oversee any registration pursuant to this Section 2 (“Legal Counsel”), which shall be counsel designated by the Required
Holders. The Company and Legal Counsel shall reasonably cooperate with each other in performing the Company’s obligations under this Agreement. 

  
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 e. Ineligibility for Form S-3. In the event that Form S-3 is not available for the
registration of the resale of Registrable Securities hereunder, the Company shall (i) register the resale of the Registrable Securities on another appropriate form reasonably acceptable to the Required Holders and (ii) undertake to
register the Registrable Securities on Form S-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3
covering the Registrable Securities has been declared effective by the SEC. 
 f. Sufficient Number of Shares Registered. In the
event the number of shares available under a Registration Statement filed pursuant to Section 2(a) is insufficient to cover all of the Registrable Securities pursuant to Section 2(c), the Company shall amend the applicable Registration
Statement, or file a new Registration Statement (on the short form available therefor, if applicable), or both, to register at least the Required Registration Amount of Registrable Securities, determined as of the trading day immediately preceding
the date of the filing of such amendment or new Registration Statement. The filing of the amendment or new Registration Statement, as applicable, should occur as soon as reasonably practicable, but in any event not later than fifteen (15) days
after the necessity therefor arises. The Company shall use its commercially reasonable efforts to cause such amendment and/or new Registration Statement to become effective as soon as reasonably practicable following the filing thereof. For purposes
of the foregoing provision, the number of shares available under a Registration Statement shall be deemed “insufficient to cover all of the Registrable Securities” if at any time the number of Ordinary Shares available for resale under the
Registration Statement is less than the Required Registration Amount. 
 g. Effect of Failure to File and Obtain and Maintain
Effectiveness of Registration Statement. If (i) a Registration Statement covering all of the Registrable Securities required to be covered thereby and required to be filed by the Company pursuant to this Agreement is (A) not filed with
the SEC on or before the Filing Deadline (a “Filing Failure”) or (B) not declared effective by the SEC on or before the Effectiveness Deadline (an “Effectiveness Failure”); or (ii) on any day after the
Effective Date sales of all of the Registrable Securities required to be included on such Registration Statement cannot be made (other than during (I) the period (the “Post Effective Period”) beginning on the first day
on which a post-effective amendment is required to be filed by the Company pursuant to the undertakings referred to in Rule 415(a)(3) of the 1933 Act and ending on the earlier of (x) the thirtieth
(30th) day after such date and (y) the date on which such post-effective amendment is declared effective by the SEC or (II) a Grace Period (as defined in Section 3(r)) pursuant to
such Registration Statement (including, without limitation, because of a failure to keep such Registration Statement effective, failure to disclose such information as is necessary for sales to be made pursuant to such Registration Statement or
failure to register a sufficient number of Ordinary Shares) (a “Maintenance Failure”) then, as partial relief for the damages to any holder by reason of any such delay in or reduction of its ability to sell the underlying Ordinary
Shares, the Company shall pay to each holder of Registrable Securities relating to such Registration Statement an amount in cash equal to one percent (1.0%) of the aggregate Subscription Price) (as such term is defined in the Subscription
Agreement) of such Investor’s Registrable Securities included in such Registration Statement on each of the following dates: (i) within five (5) Business Days of a Filing Failure and on every thirtieth day (pro rated for periods
shorter than thirty (30) days) 

  
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thereafter until such Filing Failure is cured; (ii) within five (5) Business Days of an Effectiveness Failure and on every thirtieth day (pro rated for periods shorter than thirty
(30) days) thereafter until such Effectiveness Failure is cured; and (iii) and on every thirtieth day (pro rated for periods shorter than thirty (30) days) following a Maintenance Failure until such Maintenance Failure is cured (which
payments shall be exclusive remedies available under this Agreement or under applicable law). The payments to which a holder shall be entitled pursuant to this Section 2(g) are referred to herein as “Registration Delay
Payments.” Registration Delay Payments shall be paid on the earlier of (I) the last day of the calendar month during which such Registration Delay Payments are incurred and (II) the third Business Day after the event or failure giving
rise to the Registration Delay Payments is cured. In the event the Company fails to make Registration Delay Payments within five (5) Business Days after the date payable, such Registration Delay Payments shall bear interest at the rate of one
percent (1.0%) per month (pro rated for shorter periods) until paid in full. Notwithstanding anything to the contrary herein or in the Subscription Agreement, in no event shall the aggregate amount of Registration Delay Payments (other than
Registration Delay Payments payable pursuant to events that are within the Company’s control) exceed, in the aggregate, 10% of the aggregate Subscription Price of the New Ordinary Shares. 

 

	 	3.	Related Obligations. 

 At such time as the Company is obligated to file a Registration
Statement with the SEC pursuant to Section 2(a), 2(e) or 2(f), the Company will use its commercially reasonable efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof, and,
pursuant thereto, the Company shall have the following obligations: 
 a. The Company shall submit to the SEC, within two
(2) Business Days after the Company learns that no review of a particular Registration Statement will be made by the staff of the SEC or that the staff has no further comments on a particular Registration Statement, as the case may be, a
request for acceleration of effectiveness of such Registration Statement to a time and date not later than 48 hours after the submission of such request. Other than during any Post Effective Period, the Company shall keep each Registration Statement
effective pursuant to Rule 415 at all times until the earlier of (i) the date as of which the Investors may sell all of the Registrable Securities covered by such Registration Statement pursuant to Rule 144 (or any successor thereto)
promulgated under the 1933 Act without the requirement for the Company to be in compliance with the current public information required thereunder and without volume or manner-of sale restrictions, or (ii) the date on which the Investors shall
have sold all of the Registrable Securities covered by such Registration Statement (the “Registration Period”). The Company shall ensure that each Registration Statement (including any amendments or supplements thereto and
prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading.

 b. The Company shall (i) prepare and file with the SEC such amendments (including post-effective amendments) and supplements to
the Registration Statement and the Rule 424 prospectus used in connection with such Registration Statement as may be necessary to keep such Registration Statement effective at all times during the 

  
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Registration Period, and (ii) during such period, comply with the provisions of the 1933 Act with respect to the disposition of all Registrable Securities covered by such Registration
Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement. In the case of
amendments and supplements to a Registration Statement that are required to be filed pursuant to this Agreement, including, pursuant to this Section 3(b), by reason of the Company filing a report on Form 10-Q, Form 10-QSB, Form 10-K, Form
10-KSB or any analogous report under the Securities Exchange Act of 1934, as amended (the “1934 Act”), the Company shall either incorporate such report by reference into such Registration Statement, if applicable, or file such
amendments or supplements with the SEC on the same day on which the 1934 Act report is filed that created the requirement for the Company to amend or supplement such Registration Statement. 

c. The Company shall permit Legal Counsel to review and comment upon (i) a Registration Statement at least three (3) Business Days
prior to its filing with the SEC and (ii) all amendments and supplements to all Registration Statements (except for Annual Reports on Form 10-K and Form 10-KSB, Current Reports on Form 8-K, and Quarterly Reports on Form 10-Q and Form 10-QSB and
any similar or successor reports) within a reasonable number of days prior to their filing with the SEC. The Company shall furnish to Legal Counsel, without charge, (i) copies of any correspondence from the SEC or the staff of the SEC to the
Company or its representatives relating to any Registration Statement, (ii) if requested by Legal Counsel, promptly after the same is prepared and filed with the SEC, one copy of any Registration Statement and any amendment(s) thereto,
including financial statements and schedules, all documents incorporated therein by reference, and all exhibits (in each case except for Annual Reports on Form 10-K and Form 10-KSB, Current Reports on Form 8-K, and Quarterly Reports on Form 10-Q and
Form 10-QSB and any similar or successor reports), and (iii) upon the effectiveness of any Registration Statement, one copy of the prospectus included in such Registration Statement and all amendments and supplements thereto. The Company shall
reasonably cooperate with Legal Counsel in performing the Company’s obligations pursuant to this Section 3. 
 d. The Company
shall furnish to each Investor whose Registrable Securities are included in any Registration Statement, without charge, (i) if requested by an Investor, promptly after the same is prepared and filed with the SEC, an electronic copy of such
Registration Statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference (in each case except for Annual Reports on Form 10-K and Form 10-KSB, Current Reports on Form 8-K, and
Quarterly Reports on Form 10-Q and Form 10-QSB and any similar or successor reports), all exhibits and each preliminary prospectus, (ii) upon the effectiveness of any Registration Statement, such number of copies of the prospectus included in
such Registration Statement and all amendments and supplements thereto as such Investor may reasonably request, and (iii) such other documents, including copies of any preliminary or final prospectus, as such Investor may reasonably request
from time to time in order to facilitate the disposition of the Registrable Securities owned by such Investor. 
 e. The Company shall use
its commercially reasonable efforts to (i) register and qualify, unless an exemption from registration and qualification applies, the resale 

  
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by Investors of the Registrable Securities covered by a Registration Statement under such other securities or “Blue Sky” laws of all applicable jurisdictions in the United States,
(ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration
Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify
the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto (x) to qualify to do business in any jurisdiction where it
would not otherwise be required to qualify but for this Section 3(e), (y) subject itself to general taxation in any such jurisdiction, or (z) to file a general consent to service of process in any such jurisdiction. The Company shall
promptly notify Legal Counsel and each Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale
under the securities or “Blue Sky” laws of any jurisdiction in the United States or its receipt of notice of the initiation or threatening of any proceeding for such purpose. 

f. The Company shall notify Legal Counsel and each Investor in writing of the happening of any event, as promptly as reasonably practicable
after becoming aware of such event, as a result of which the prospectus included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain any material, nonpublic information), and, subject to Section 3(r), as promptly as reasonably practicable
prepare a supplement or amendment to such Registration Statement to correct such untrue statement or omission, and, if requested by Legal Counsel or an Investor, deliver such number of copies of such supplement or amendment to Legal Counsel and each
Investor as Legal Counsel or such Investor may reasonably request. The Company shall also as promptly as reasonably practicable notify Legal Counsel and each Investor by facsimile, electronic mail or other electronic transmission or in writing
(i) when a prospectus or any prospectus supplement or post-effective amendment to the Registration Statement has been filed, and when a Registration Statement or any post-effective amendment to the Registration Statement has become effective
(notification of such effectiveness shall be delivered to Legal Counsel and each Investor by facsimile, electronic mail or other electronic transmission within two (2) Business Days of such effectiveness) and (ii) of any request by the SEC
for amendments or supplements to a Registration Statement or related prospectus or related information. 
 g. The Company shall use its
commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction. If
such an order or suspension is issued, the Company shall use its commercially reasonable efforts to obtain the withdrawal of such order or suspension at the earliest possible moment, and to notify Legal Counsel and each Investor who holds
Registrable Securities being sold of the issuance of such order and the resolution thereof, or its receipt of notice of the initiation or threat of any proceeding for such purpose. 

  
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 h. If any Investor is required under applicable securities law to be described in the
Registration Statement as an underwriter, at the reasonable request of such Investor, the Company shall furnish to such Investor, on the date of the effectiveness of the Registration Statement and thereafter from time to time on such dates as an
Investor may reasonably request, (i) a letter, dated such date, from the Company’s independent certified public accountants in form and substance as is customarily given by independent certified public accountants to underwriters in an
underwritten public offering, addressed to such Investors, and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration Statement, in form, scope and substance as is customarily given in an
underwritten public offering, addressed to such Investors. 
 i. Upon the written request of any Investor in connection with any
Investor’s due diligence requirements, if any, the Company shall make available for inspection by (i) any Investor, (ii) Legal Counsel and (iii) one firm of accountants or other agents retained by the Investors (collectively, the
“Inspectors”), all pertinent financial and other records, and pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably deemed necessary by each Inspector, and
cause the Company’s officers, directors and employees to supply all information that any Inspector may reasonably request that would be customarily provided to underwriters in an underwritten public offering; provided, however,
that each Inspector shall agree to hold in strict confidence and shall not make any disclosure (except to an Investor) or use of any Record or other information which the Company determines in good faith to be confidential, and of which
determination the Inspectors are so notified, unless (a) in the opinion of Legal Counsel to the Investors, the disclosure of such Records is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise
required under the 1933 Act, (b) the release of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction, or (c) the information in such Records has been made
generally available to the public other than by disclosure in violation of this or any other Transaction Document (as defined in the Subscription Agreement). Each Investor agrees that it shall, upon learning that disclosure of such Records is sought
in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective
order for, the Records deemed confidential. Nothing herein (or in any other confidentiality agreement between the Company and any Investor) shall be deemed to limit the Investors’ ability to sell Registrable Securities in a manner which is
otherwise consistent with applicable laws and regulations. 
 j. The Company shall hold in confidence and not make any disclosure of
information concerning an Investor provided to the Company which the Investor determines in good faith to be confidential, and of which determination the Company is so notified (and such information shall not include information provided to the
Company by the Investor for use in connection with the filing of any Registration Statement) unless (i) the disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such
information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental
body of competent jurisdiction, or (iv) such information has been made generally available to the public other than 

  
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by disclosure in violation of this Agreement or any other agreement. The Company agrees that it shall, upon learning that disclosure of such information concerning an Investor is sought in or by
a court or governmental body of competent jurisdiction or through other means, give prompt written notice to such Investor and allow such Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure of, or to
obtain a protective order for, such information. 
 k. The Company shall use its commercially reasonable efforts to cause all of the
Registrable Securities covered by a Registration Statement to be listed on each securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then
permitted under the rules of such exchange. 
 l. The Company shall cooperate with the Investors who hold Registrable Securities being
offered and, to the extent applicable, facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Registration Statement and enable such
certificates to be in such denominations or amounts, as the case may be, as the Investors may reasonably request and registered in such names as the Investors may request. 

m. If requested by an Investor, the Company shall (i) as soon as reasonably practicable, incorporate in a prospectus supplement or
post-effective amendment such information as an Investor reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable
Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) as soon as reasonably practicable, make all required filings of such
prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) as soon as reasonably practicable, supplement or make amendments to
any Registration Statement if reasonably requested by an Investor holding any Registrable Securities. 
 n. The Company shall use its
commercially reasonable efforts to cause the Registrable Securities covered by a Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such
Registrable Securities. 
 o. Unless available on the the SEC’s Electronic Data Gathering Analysis and Retrieval system, the
Company shall make generally available to its security holders as soon as practical, but in any event not later than ninety (90) days after the close of the period covered thereby, an earnings statement (in form complying with, and in the
manner provided by, the provisions of Rule 158 under the 1933 Act) covering a twelve-month period beginning not later than the first day of the Company’s fiscal quarter next following the effective date of a Registration Statement. 

p. The Company shall otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC in
connection with any registration hereunder. 

  
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 q. Within two (2) Business Days after a Registration Statement which covers Registrable
Securities is ordered effective by the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with copies to the Investors whose Registrable Securities are
included in such Registration Statement) confirmation that such Registration Statement has been declared effective by the SEC in the form attached hereto as Exhibit A. 

r. Notwithstanding anything to the contrary herein, at any time after the Effective Date, the Company may delay the disclosure of material,
non-public information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the board of directors of the Company and its counsel, in the best interest of the Company and otherwise required (a
“Grace Period”); provided, that the Company shall promptly (i) notify the Investors in writing of the existence of material, non-public information giving rise to a Grace Period (provided that in each notice the Company
will not disclose the content of such material, non-public information to the Investors) and the date on which the Grace Period will begin, and (ii) notify the Investors in writing of the date on which the Grace Period ends; provided
further, that no Grace Period shall exceed ten (10) consecutive days and during any three hundred sixty five (365) day period, such Grace Periods shall not exceed an aggregate of thirty (30) days, and the first day of any Grace
Period must be at least five (5) trading days after the last day of any prior Grace Period. For purposes of determining the length of a Grace Period above, the Grace Period shall begin on and include the date the Investors receive the notice
referred to in clause (i) and shall end on and include the later of the date the Investors receive the notice referred to in clause (ii) or the date referred to in such notice. The last sentence of Section 3(a), first sentence of
Section 3(b), and provisions of Section 3(g) and 3(m) hereof shall not be applicable during any Grace Period. Upon expiration of the Grace Period, the Company shall again be bound by the provisions of Sections 3(a), 3(b), 3(g) and 3(m)
with respect to the information giving rise thereto unless such information is no longer material. Notwithstanding anything to the contrary in the Transaction Documents, the Company shall cause its transfer agent to deliver unlegended Ordinary
Shares to a transferee of an Investor, in accordance with the terms of the Subscription Agreement, in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale prior to the
Investor’s receipt of the notice of a Grace Period and for which the Investor has not yet settled, and deliver a copy of the prospectus included as part of the applicable Registration Statement (unless an exemption from such prospectus delivery
requirement exists). 
  

	 	4.	Obligations of the Investors. 

 a. At least five (5) Business Days prior to the
first anticipated filing date of a Registration Statement, the Company shall notify each Investor in writing of the information the Company requires from each such Investor if such Investor elects to have any of such Investor’s Registrable
Securities included in such Registration Statement. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the Registrable Securities of a particular Investor that
(i) such Investor shall promptly furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to
effect the effectiveness of the registration of such Registrable Securities, and (ii) the Investor execute such documents in connection with such registration as the Company may reasonably request. 

  
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 b. Each Investor, by such Investor’s acceptance of the Registrable Securities, agrees to
cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of any Registration Statement hereunder, unless such Investor has notified the Company in writing of such Investor’s election to
exclude all of such Investor’s Registrable Securities from such Registration Statement. 
 c. Each Investor agrees that, upon receipt
of any notice from the Company of the happening of any event of the kind described in Section 3(g) or the first sentence of 3(f), written notice from the Company of a Grace Period or written notice from the Company that a previously effective
Registration Statement is no longer effective, such Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities until such Investor’s receipt of the
copies of the supplemented or amended prospectus contemplated by Section 3(g) or the first sentence of 3(f) or receipt of notice that no supplement or amendment is required or that the Grace Period has ended or that the Registration Statement
is effective. Notwithstanding anything to the contrary in the Transaction Documents, the Company shall cause its transfer agent to deliver unlegended Ordinary Shares to a transferee of an Investor, in accordance with the terms of the Subscription
Agreement, in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event of the kind
described in Section 3(g) or the first sentence of 3(f), and for which the Investor has not yet settled. 
 d. Each Investor covenants
and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to the Registration Statement. 

 

	 	5.	Expenses of Registration. 

 All reasonable expenses, other than underwriting discounts
and commissions incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and
disbursements of counsel for the Company, shall be paid by the Company. The Company shall not be liable to the Investors for the fees and disbursements of Legal Counsel in connection with registration, filing or qualification pursuant to Sections 2
and 3 of this Agreement. 
  

	 	6.	Indemnification. 

 In the event any Registrable Securities are included in a Registration
Statement under this Agreement: 
 a. To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless
and defend each Investor, the directors, officers, members, partners, employees, agents, representatives thereof, and each Person, if any, who controls any Investor within the meaning of the 1933 Act or the 1934 Act (each, an


  
 11 








 
“Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties, reasonable charges, reasonable costs, reasonable attorneys’ fees,
amounts paid in settlement or reasonable expenses, joint or several, incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or
governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto (“Losses”), to which any of them may become subject insofar as
such Losses arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification
of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or alleged omission to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus if used prior to the effective date of such Registration
Statement, or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the
statements made therein, in the light of the circumstances under which the statements therein were made, not misleading, (iii) any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any state securities law, or any
rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement (the matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”).
Subject to Section 6(c), the Company shall promptly reimburse the Indemnified Persons for Losses as they are incurred. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a):
(i) shall not apply to Losses incurred by an Indemnified Person arising out of or based upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written
information furnished to the Company by such Indemnified Person expressly for use in connection with the preparation of the Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available by
the Company pursuant to Section 3(d) and (ii) shall not apply to amounts paid in settlement if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld, delayed or
conditioned. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 9.

 b. In connection with any Registration Statement in which an Investor is participating, each such Investor agrees to severally and not
jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers, employees and agents and each Person, if any, who controls the
Company within the meaning of the 1933 Act or the 1934 Act (each, an “Indemnified Party”), against any Losses to which any of them have become subject, insofar as such Losses arise out of or are based upon any Violation, in each
case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Investor expressly for use in connection with such Registration Statement;
provided, however, that such Investor’s obligation to reimburse any legal or other expenses reasonably incurred by an Indemnified Party in connection with 

  
 12 








 
investigating or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing (each, a “Claim”) is subject to
Section 6(c); provided further, however, that the indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement if such
settlement is effected without the prior written consent of such Investor, which consent shall not be unreasonably withheld, delayed or conditioned; provided further, however, that such Investor shall be liable under this Section 6(b)
for only Losses that do not exceed the net proceeds to such Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made
by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 9.  

c. Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any
Claim, such Indemnified Person or Indemnified Party shall, if a request for indemnification in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the
commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with
counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel
with the reasonable fees and expenses of not more than one counsel for such Indemnified Person or Indemnified Party to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation
by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by
such counsel in such proceeding. In the case of an Indemnified Person, legal counsel referred to in the immediately preceding sentence shall be selected by the Investors holding at least a majority in interest of the Registrable Securities included
in the Registration Statement to which the Claim relates. The Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such Claim by the indemnifying party and
shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such Claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person reasonably
apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any Claim effected without its prior written consent; provided, however,
that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter
into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from all liability in respect to such Claim, and
such settlement shall not include any admission as to fault on the part of the Indemnified Party. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified
Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the  

  
 13 








 
indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under
this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such action. 
 d. The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Losses are incurred, and in each case submitted to the
indemnifying party for payment subject to and in accordance with this Section 6. 
 The indemnity agreements contained herein shall be in addition to
(i) any cause of action or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law. 

 

	 	7.	Contribution. 

 To the extent any indemnification by an indemnifying party is
prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided,
however, that: (i) no Person involved in the sale of Registrable Securities who is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in connection with such sale shall be entitled to
contribution from any Person involved in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of
proceeds received by such seller from the sale of such Registrable Securities pursuant to such Registration Statement.  
  

	 	8.	Reports Under the 1934 Act. 

 With a view to making available to the Investors the
benefits of Rule 144 promulgated under the 1933 Act or any other similar rule or regulation of the SEC that may at any time permit the Investors to sell securities of the Company to the public without registration (“Rule 144”), the
Company agrees to: 
 a. make and keep public information available, as those terms are understood and defined in Rule 144; 

b. file with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so long
as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144; and 

c. furnish or otherwise make available, as applicable, to each Investor so long as such Investor owns Registrable Securities, promptly upon
request, (i) a written statement by the Company, if true, that it has complied with the reporting requirements of Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of the most recent annual or quarterly report of the Company and such
other reports and documents so filed by the Company and (iii) such other information as may be reasonably requested to permit the Investors to sell such securities without registration pursuant to Rule 144. 

  
 14 









	 	9.	Assignment of Registration Rights. 

 The rights under this Agreement shall be
automatically assignable by the Investors to any transferee of all or any portion of such Investor’s Registrable Securities if: (i) the Investor agrees in writing with the transferee or assignee to assign such rights and a copy of such
agreement is furnished to the Company within a reasonable time after such assignment; (ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of (a) the name and address of such
transferee or assignee and (b) the securities with respect to which such registration rights are being transferred or assigned; (iii) immediately following such transfer or assignment the further disposition of such securities by the
transferee or assignee is restricted under the 1933 Act or applicable state securities laws; (iv) at or before the time the Company receives the written notice contemplated by clause (ii) of this sentence the transferee or assignee agrees
in writing with the Company to be bound by all of the provisions contained herein; and (v) such transfer shall have been made in accordance with the applicable requirements of the Subscription Agreement. 

 

	 	10.	Amendment of Registration Rights. 

 Provisions of this Agreement may be amended and the
observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Required Holders. Any amendment or waiver effected in accordance with
this Section 10 shall be binding upon each Investor and the Company. No such amendment shall be effective if it applies to less than all of the holders of the Registrable Securities. No consideration shall be offered or paid to any Person to
amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration also is offered to all of the parties to this Agreement. 
  

	 	11.	Miscellaneous. 

 a. A Person is deemed to be a holder of Registrable Securities whenever
such Person owns or is deemed to own of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon
the basis of instructions, notice or election received from the record owner of such Registrable Securities. 

  
 15 








 b. Any notices, consents, waivers or other communications required or permitted to be given
under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile, electronic mail or other electronic transmission
(provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case
properly addressed to the party to receive the same. The addresses, facsimile numbers and electronic mail addresses for such communications shall be: 

If to the Company: 
 Elizabeth
House 
 9 Castle Street 
 St
Helier 
 JE2 3RT 
 Jersey,
Channel Islands 
 Telephone: +44 131 445 6159 

Facsimile: +44 153 4700 007 

Attention: Paul Cowan 
 If to
Legal Counsel, if any, at such address as may be provided to the Company from time to time. 
 With a copy (for informational purposes) to:

 Clifford Chance US LLP 
 31
West 52nd Street 
 New York, New York 10019 

Attention: Alejandro E. Camacho and Per B. Chilstrom 

Facsimile: 212-878-8375 
 If to a Subscriber, to
its address, facsimile number and electronic mail address set forth on the Schedule of Subscribers attached hereto, with copies to such Subscriber’s representatives as set forth on the Schedule of Subscribers, or to such other address and/or
facsimile number and/or electronic mail address and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written
confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine or other electronic device containing the time,
date, recipient facsimile number or electronic mail address, as applicable, and an image of the first page of such transmission or sent copy of any such electronic mail or (C) provided by a courier or overnight courier service shall be
rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively. 

c. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or
remedy, shall not operate as a waiver thereof. 
 d. All questions concerning the construction, validity, enforcement and interpretation of
this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the
application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the 

  
 16 








 
exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or
enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 

e. This Agreement, the other Transaction Documents (as defined in the Subscription Agreement) and the instruments referenced herein and
therein constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein.
This Agreement, the other Transaction Documents and the instruments referenced herein and therein supersede all prior agreements and understandings among the parties hereto with respect to the subject matter hereof and thereof. 

f. Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the permitted successors
and assigns of each of the parties hereto. 
 g. The headings in this Agreement are for convenience of reference only and shall not limit
or otherwise affect the meaning hereof. 
 h. This Agreement may be executed in identical counterparts, each of which shall be deemed an
original but all of which shall constitute one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission or electronic email of a copy of this Agreement bearing the
signature of the party so delivering this Agreement. 
 i. Each party shall do and perform, or cause to be done and performed, all such
further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and
the consummation of the transactions contemplated hereby. 

  
 17 








 j. All consents, approvals, waivers and other determinations required to be made by the
Investors pursuant to this Agreement shall be made, unless otherwise specified in this Agreement, by the Required Holders. 
 k. The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict construction will be applied against any party. 

l. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the
benefit of, nor may any provision hereof be enforced by, any other Person. 
 m. The obligations of each Investor hereunder are several and
not joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor hereunder. Nothing contained herein, and no action taken by any Investor pursuant
hereto, shall be deemed to constitute the Investor as, and the Company acknowledges that the Investors do not so constitute, a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are
in any way acting in concert or as a group, and the Company will not assert any such claim with respect to such obligations or the transactions contemplated herein. 

* * * * * * 

  
 18 








 IN WITNESS WHEREOF, each Subscriber and the Company have caused its respective
signature page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	COMPANY:
	
	QUOTIENT LIMITED
		
	By:	 	 /s/ D.J.P.E. Cowan

		 	Name:	 	D.J.P.E. Cowan
		 	Title:	 	Chairman & CEO



  
 [Registration Rights
Agreement 
 Signature Page] 








 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	CORMORANT GLOBAL HEALTHCARE MASTER FUND, LP
		
	By:	 	 /s/ Bihua Chen

		 	Name:	 	Bihua Chen
		 	Title:	 	CEO/CIO
		 		 	Managing Member of GP



  
 [Registration Rights
Agreement 
 Signature Page] 








 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	COX FLP, LTD.
		
	By:	 	 /s/ David S. Boylan

		 	Name:	 	David S. Boylan
		 	Title:	 	President of GP



  
 [Registration Rights
Agreement 
 Signature Page] 








 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	ARROWSMITH FUND, LTD.
	
	By: Arrowsmith, LLC
		
	By:	 	 /s/ James R. Hodge

		 	Name:	 	James R. Hodge
		 	Title:	 	Managing Member



  
 [Registration Rights
Agreement 
 Signature Page] 








 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	ANN ARBOR PARTNERS, L.P.
	
	By: Souede & Hodge Associates
	Its: General Partner
		
	By:	 	 /s/ James R. Hodge

		 	Name:	 	James R. Hodge
		 	Title:	 	General Partner



  
 [Registration Rights
Agreement 
 Signature Page] 








 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	SOUTHWELL CAPITAL, LP
		
	By:	 	 /s/ Nelson Jaeggli

		 	Name:	 	Nelson Jaeggli
		 	Title:	 	Partner



  
 [Registration Rights
Agreement 
 Signature Page] 








 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	LAWRENCE B. LEVEY TRUST
	
	By: Lawrence B. Levey
	Its: Trustee
		
	By:	 	 /s/ Lawrence B. Levey

		 	Name:	 	Lawrence B. Levey
		 	Title:	 	Trustee



  
 [Registration Rights
Agreement 
 Signature Page] 








 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	JOSEPH M. COHEN
		
	By:	 	 /s/ Joseph M. Cohen

		 	Name:	 	Joseph M. Cohen
		 	Title:	 	Chairman



  
 [Registration Rights
Agreement 
 Signature Page] 








 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	JON M. COHEN
		
	By:	 	 /s/ Jon M. Cohen

		 	Name:	 	Jon M. Cohen
		 	Title:	 	MD



  
 [Registration Rights
Agreement 
 Signature Page] 








 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	JOSEPH M. COHEN FAMILY LIMITED PARTNERSHIP
		
	By:	 	 /s/ Jon M. Cohen

		 	Name:	 	Jon M. Cohen
		 	Title:	 	Trustee



  
 [Registration Rights
Agreement 
 Signature Page] 








 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	BENJAMIN LING
		
	By:	 	 /s/ Benjamin Ling

		 	Name:	 	Benjamin Ling
		 	Title:	 	



  
 [Registration Rights
Agreement 
 Signature Page] 








 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	 GANTCHER FAMILY LIMITED

PARTNERSHIP

		
	By:	 	Gantcher Family Partners, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Nathan Gantcher

		 	Name:	 	Nathan Gantcher
		 	Title:	 	Managing Member



  
 [Registration Rights
Agreement 
 Signature Page] 








 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	FORESITE CAPITAL FUND II, L.P.
		
	By:	 	Foresite Capital Management II, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Dennis D. Ryan

		 	Name:	 	Dennis D. Ryan
		 	Title:	 	CFO



  
 [Registration Rights
Agreement 
 Signature Page] 








 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	GALEN PARTNERS V, L.P.
		
	By:	 	Galen V, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ David W. Jahns

		 	Name:	 	David W. Jahns
		 	Title:	 	Managing Member 



  
 [Registration Rights
Agreement 
 Signature Page] 








 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	GALEN PARTNERS INTERNATIONAL V, L.P.
		
	By:	 	Galen V, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ David W. Jahns 

		 	Name:	 	David W. Jahns
		 	Title:	 	Managing Member 



  
 [Registration Rights
Agreement 
 Signature Page] 








 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	PERCEPTIVE LIFE SCIENCES MASTER FUND LTD.
		
	By:	 	 /s/ James H. Mannix

		 	Name:	 	James H. Mannix
		 	Title:	 	COO



  
 [Registration Rights
Agreement 
 Signature Page] 








 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	TITAN PERC, LTD.
		
	By:	 	 /s/ Darren Ross

		 	Name:	 	Darren Ross
		 	Title:	 	Director



  
 [Registration Rights
Agreement 
 Signature Page] 








 SCHEDULE OF SUBSCRIBERS 

 

					
	 
Subscriber
	 	 Subscriber’s Address, Facsimile Number

and Electronic Mail Address
	 	 Subscriber’s Representative’s

Address, Facsimile Number and

Electronic Mail Address

	Cormorant Global Healthcare Master Fund, L.P.	 		 	
	Cox FLP, Ltd.	 		 	
	Arrowsmith Fund, Ltd.	 		 	
	Ann Arbor Partners, L.P.	 		 	
	Southwell Capital, L.P.	 		 	
	Lawrence B. Levey, Trustee of the Lawrence B. Levey Trust u/a/d 9/11/06	 		 	
	Joseph M. Cohen	 		 	
	Jon M. Cohen	 		 	
	Joseph M. Cohen Family Limited Partnership	 		 	
	Benjamin Ling	 		 	
	Gantcher Family Limited Partnership	 		 	
	Foresite Capital Fund II, L.P.	 		 	
	Galen Partners V, L.P.	 		 	
	Galen Partners International V, L.P.	 		 	









					
	Perceptive Life Sciences Master Fund Ltd.	  		  	
	Titan Perc, Ltd.	  		  	








 EXHIBIT A 

FORM OF NOTICE OF EFFECTIVENESS 

OF REGISTRATION STATEMENT 

[                    ] 

[                    ] 

[                    ] 

Attention: [                    ] 

Re: [                    ] 

Ladies and Gentlemen: 
 [We are][I am]
counsel to Quotient Limited, a company organized under the laws of Jersey (the “Company”), and have represented the Company in connection with that certain Subscription Agreement (the “Subscription Agreement”),
entered into by and among the Company and the subscribers named therein (collectively, the “Holders”) pursuant to which the Company issued to the Holders its ordinary shares of no par value per share in the capital of the Company
(the “Ordinary Shares”). Pursuant to the Subscription Agreement, the Company also has entered into a Registration Rights Agreement with the Holders (the “Registration Rights Agreement”) pursuant to which the Company
agreed, among other things, to register the resale of the Registrable Securities (as defined in the Registration Rights Agreement). In connection with the Company’s obligations under the Registration Rights Agreement, on
            , 2014, the Company filed a Registration Statement on Form [S-1][S-3] (File No. 333-            ) (the
“Registration Statement”) with the Securities and Exchange Commission (the “SEC”) relating to the Registrable Securities which names each of the Holders as a selling shareholder thereunder. 

In connection with the foregoing, [we][I] advise you that a member of the SEC’s staff has advised [us][me] by telephone that the
SEC has entered an order declaring the Registration Statement effective under the Securities Act of 1933, as amended (the “1933 Act”) at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS] and
[we][I] have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the
Registrable Securities are available for resale under the 1933 Act pursuant to the Registration Statement. 
 This letter shall serve
as our standing instruction to you that the Ordinary Shares are freely transferable by the Holders pursuant to the Registration Statement. You need not require further letters from us to effect any future legend-free issuance or reissuance of
Ordinary Shares to the Holders provided at the time of such reissuance, the Company has not otherwise notified you that the Registration Statement is unavailable for the resale of the Registrable Securities. 

. 

  
 Exhibit A-1 








 
			
	Very truly yours,
	
	[ISSUER’S COUNSEL]
		
	By:	 	  



  

			
	CC:	  	[LIST NAMES OF HOLDERS]


  
 Exhibit A-2 








 EXHIBIT B 

SELLING SHAREHOLDERS 
 The
ordinary shares being offered by the Selling Shareholders are those previously issued to the Selling Shareholders. For additional information regarding the issuances of ordinary shares, see [“Private Placement of Ordinary shares”] above.
We are registering the ordinary shares in order to permit the Selling Shareholders and their donees, pledgees, transferees or other successors-in-interest that receive their shares after the date of this prospectus to offer the shares, as well as
any shares that we may issue or may be issuable by reason of any share split, share dividend or similar transaction involving these shares, for resale from time to time in the manner contemplated under “Plan of Distribution.”. Except for
the ownership of the ordinary shares [or as otherwise set forth in the table and related footnotes below], the Selling Shareholders have not had any material relationship with us within the past three years. 

The table below, including the footnotes, lists the Selling Shareholders and other information regarding the beneficial ownership of the
ordinary shares by each of the Selling Shareholders based in part on information provided to us by the Selling Shareholders. The second column lists the number of ordinary shares beneficially owned by each selling shareholder, based on its ownership
of the ordinary shares, as of             , 20[    ]. 
 The
third column lists the ordinary shares being offered by this prospectus by the Selling Shareholders. 
 In accordance with the terms of
registration rights agreements with the holders of the ordinary shares, this prospectus generally covers the resale of that number of ordinary shares equal to the number of ordinary shares issued to such holders in the private placement described in
[“Private Placement of Ordinary shares”] above, held by such holders as of the trading day immediately preceding the date this registration statement was initially filed with the SEC. The fourth column assumes the sale of all of the shares
offered by the Selling Shareholders pursuant to this prospectus. However, because the Selling Shareholders may sell all or some of their shares under this prospectus from time to time, or in another permitted manner, we cannot assure you as to the
actual number of shares that will be sold by the Selling Shareholders or that will be held by the Selling Shareholders after completion of any sales. We do not know how long the Selling Shareholders will hold the shares before selling them.
Information concerning the Selling Shareholders may change from time to time and changed information will be presented in a supplement to this prospectus if and when necessary and required. 

The Selling Shareholders may sell all, some or none of their shares in this offering. See “Plan of Distribution.” 

 

							
	 Name of Selling Shareholder
	  	Number of Shares Owned
Prior to Offering	  	Maximum Number of Shares
to be Sold Pursuant to this
Prospectus	  	Number of Shares Owned
After Offering
		  		  		  	
		  		  		  	
		  		  		  	


  
 Exhibit B-1 








 PLAN OF DISTRIBUTION 

We are registering the Ordinary Shares previously issued to permit the resale of these Ordinary Shares by the holders of the Ordinary Shares
from time to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling shareholders of the Ordinary Shares. We will bear all fees and expenses incident to our obligation to register the Ordinary
Shares. 
 The selling shareholders may (subject to receipt by us and/or such selling shareholders of any applicable regulatory consents)
sell all or a portion of the Ordinary Shares beneficially owned by them and offered hereby from time to time directly or through one or more underwriters, broker-dealers or agents. If the Ordinary Shares are sold through underwriters or
broker-dealers, the selling shareholders will be responsible for underwriting discounts or commissions or agent’s commissions. The Ordinary Shares may be sold in one or more transactions at fixed prices, at prevailing market prices at the time
of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected in transactions, which may involve crosses or block transactions, 

 

	 	•	 	on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale; 

  

	 	•	 	in the over-the-counter market; 

  

	 	•	 	in transactions otherwise than on these exchanges or systems or in the over-the-counter market; 

  

	 	•	 	through the writing of options, whether such options are listed on an options exchange or otherwise; 

  

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction; 


 

	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	privately negotiated transactions; 

  

	 	•	 	short sales; 


  
 Exhibit B-2 









	 	•	 	sales pursuant to Rule 144; 

  

	 	•	 	broker-dealers may agree with the selling securityholders to sell a specified number of such shares at a stipulated price per share; 


 

	 	•	 	a combination of any such methods of sale; and 

  

	 	•	 	any other method permitted pursuant to applicable law. 

 If the selling shareholders effect
such transactions by selling Ordinary Shares to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions from the selling shareholders
or commissions from purchasers of the Ordinary Shares for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those
customary in the types of transactions involved). In connection with sales of the Ordinary Shares or otherwise, the selling shareholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the Ordinary
Shares in the course of hedging in positions they assume. The selling shareholders may also sell Ordinary Shares short and deliver Ordinary Shares covered by this prospectus to close out short positions and to return borrowed shares in connection
with such short sales. The selling shareholders may also loan or pledge Ordinary Shares to broker-dealers that in turn may sell such shares. 

The selling shareholders may pledge or grant a security interest in some or all of the Ordinary Shares owned by them and, if they default in
the performance of their secured obligations, the pledgees or secured parties may offer and sell the Ordinary Shares from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision
of the Securities Act of 1933, as amended, amending, if necessary, the list of selling shareholders to include the pledgee, transferee or other successors in interest as selling shareholders under this prospectus. The selling shareholders also may
transfer and donate the Ordinary Shares in other circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus. 

The selling shareholders and any broker-dealer participating in the distribution of the Ordinary Shares may be deemed to be
“underwriters” within the meaning of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act. At the
time a particular offering of the Ordinary Shares is made, a prospectus supplement, if required, will be distributed which will set forth the aggregate amount of Ordinary Shares being offered and the terms of the offering, including the name or
names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the selling shareholders and any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers. 

Under the securities laws of some states, the Ordinary Shares may be sold in such states only through registered or licensed brokers or
dealers. In addition, in some states the Ordinary Shares may not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with. 

  
 Exhibit B-3 








 There can be no assurance that any selling shareholder will sell any or all of the Ordinary
Shares registered pursuant to the registration statement, of which this prospectus forms a part. 
 The selling shareholders and any other
person participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which
may limit the timing of purchases and sales of any of the Ordinary Shares by the selling shareholders and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the Ordinary Shares to
engage in market-making activities with respect to the Ordinary Shares. Further, regulatory consents may be required in Jersey, Channel Islands in connection with certain types of offers of Ordinary Shares by selling shareholders, including offers
to more than 50 persons other than on any national securities exchange or quotation service on which the securities are listed or quoted at the time of sale. All of the foregoing may affect the marketability of the Ordinary Shares and the ability of
any person or entity to engage in market-making activities with respect to the Ordinary Shares. 
 We will pay all expenses of the
registration of the Ordinary Shares pursuant to the registration rights agreement, estimated to be $[        ] in total, including, without limitation, Securities and Exchange Commission filing fees and
expenses of compliance with state securities or “Blue Sky” laws; provided, however, that a selling shareholder will pay all underwriting discounts and selling commissions, if any. We will indemnify the selling shareholders
against liabilities, including some liabilities under the Securities Act, in accordance with the registration rights agreements, or the selling shareholders will be entitled to contribution. We may be indemnified by the selling shareholders against
civil liabilities, including liabilities under the Securities Act, that may arise from any written information furnished to us by the selling shareholder specifically for use in this prospectus, in accordance with the related registration rights
agreement, or we may be entitled to contribution. 
 Once sold under the registration statement, of which this prospectus forms a part, the
Ordinary Shares will be freely tradable in the hands of persons other than our affiliates. 

  
 Exhibit B-4