Document:

Exhibit 4.2

 

 

 

 

 

    

     

    

 

 

TABLE OF CONTENTS

 

	 	 	Page
	PARTIES	 	1
	RECITALS	 	1
	Section 1.	Certain Definitions	 
	(a)	ADR Register	1
	(b)	ADRs; Direct Registration ADRs	1
	(c)	ADS	1
	(d)	Beneficial Owner	1
	(e)	Custodian	2
	(f) 	Deliver, execute, issue et al.	2
	(g)	Delivery Order	2
	(h)	Deposited Securities	2
	(i)	Direct Registration System	2
	(j)	Holder	2
	(k)	Securities Act of 1933	3
	(l)	Securities Exchange Act of 1934	3
	(m)	Shares	3
	(n)	Transfer Office	3
	(o)	Withdrawal Order      	3
	Section 2.	Form of
    ADRs	3
	Section 3.	Deposit of Shares	3
	Section 4.	Issue of ADRs	4
	Section 5.	Distributions on Deposited Securities	5
	Section 6.	Withdrawal of Deposited Securities	5
	Section 7.	Substitution of ADRs	5
	Section 8.	Cancellation and Destruction of ADRs; Maintenance of Records	5
	Section 9.	The Custodian	6
	Section 10.	Lists of Holders	6
	Section 11.	Depositary's Agents	6
	Section 12.	Resignation and Removal of the Depositary; Appointment of Successor Depositary	7
	Section 13.	Reports	7
	Section 14.	Additional Shares	8
	Section 15.	Indemnification	8
	Section 16.	Notices	9
	Section 17.	Counterparts	10
	Section 18.	No Third Party Beneficiaries; Holders and Beneficial Owners as Parties; Binding Effect    	10
	Section 19.	Severability	10
	Section 20.	Governing Law; Consent to Jurisdiction	11
	Section 21.	Agent for Service	12
	Section 22.	Waiver of Immunities	13
	Section 23.	Waiver of Jury Trial	14
	TESTIMONIUM            	14
	SIGNATURES     	14

 

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	 	 	 	Page
	 	EXHIBIT A
	FORM OF FACE OF ADR	A-1
	 	Introductory Paragraph 	A-1
	 	(1)	Issuance of ADSs	A-2
	 	(2)	Withdrawal of Deposited Securities	A-3
	 	(3)	Transfers, Split-Ups and Combinations of ADRs	A-3
	 	(4) 	Certain Limitations to Registration, Transfer etc.	A-4
	 	(5)	Liability for Taxes, Duties and Other Charges	A-5
	 	(6)	Disclosure of Interests	A-6
	 	(7)	Charges of Depositary	A-6
	 	(8) 	Available Information	A-9
	 	(9) 	Execution	A-9
	 	Signature of Depositary 	A-10
	 	Address of Depositary's Office 	A-10
	FORM OF REVERSE OF ADR	A-11
	 	(10)	Distributions on Deposited Securities	A-11
	 	(11) 	Record Dates	A-12
	 	(12)	Voting of Deposited Securities	A-12
	 	(13)	Changes Affecting Deposited Securities	A-13
	 	(14) 	Exoneration	A-14
	 	(15) 	Resignation and Removal of Depositary; the Custodian	A-18
	 	(16) 	Amendment	A-18
	 	(17) 	Termination	A-19
	 	(18)	Appointment; Acknowledgements and Agreements	A-20
	 	(19)	Waiver	A-21
	 	(20)	Elective Distributions in Cash or Shares	A-21

 

    

     

    

 

 

 

DEPOSIT AGREEMENT dated as of [DATE] , 2021
(the "Deposit Agreement") among 4D PHARMA PLC and its successors (the "Company"), JPMORGAN CHASE
BANK, N.A., as depositary hereunder (the "Depositary"), and all Holders (defined below) and Beneficial Owners
(defined below) from time to time of American Depositary Receipts issued hereunder ("ADRs") evidencing American
Depositary Shares ("ADSs") representing deposited Shares (defined below). The Company hereby appoints the Depositary
as depositary for the Deposited Securities (defined below) and hereby authorizes and directs the Depositary to act in accordance
with the terms set forth in this Deposit Agreement. All capitalized terms used herein have the meanings ascribed to them in Section 1
or elsewhere in this Deposit Agreement. The parties hereto agree as follows:

 

		1.	Certain Definitions.

 

(a)            "ADR
Register" is defined in paragraph (3) of the form of ADR (Transfers, Split-Ups and Combinations of ADRs).

 

(b)            "ADRs"
mean the American Depositary Receipts executed and delivered hereunder. ADRs may be either in physical certificated form or Direct
Registration ADRs (as hereinafter defined). ADRs in physical certificated form, and the terms and conditions governing the Direct
Registration ADRs, shall be substantially in the form of Exhibit A annexed hereto (the "form of ADR"). The
term "Direct Registration ADR" means an ADR, the ownership of which is recorded on the Direct Registration System.
References to "ADRs" shall include certificated ADRs and Direct Registration ADRs, unless the context otherwise requires.
The form of ADR is hereby incorporated herein and made a part hereof; the provisions of the form of ADR shall be binding upon the
parties hereto.

 

(c)            Subject
to paragraph (13) of the form of ADR, (Changes Affecting Deposited Securities) each "ADS" evidenced by
an ADR represents the right to receive, and to exercise the beneficial ownership interests in, the number of Shares specified in
the form of ADR attached hereto as Exhibit A (as amended from time to time) that are on deposit with the Depositary and/or
the Custodian and a pro rata share in any other Deposited Securities, subject, in each case, to the terms of this Deposit Agreement
and the ADSs. The ADS(s)-to-Share(s) ratio is subject to amendment as provided in the form of ADR (which may give rise to
fees contemplated in paragraph (7) thereof).

 

(d)            "Beneficial
Owner" means as to any ADS, any person or entity having a beneficial ownership interest in such ADS. A Beneficial Owner
need not be the Holder of the ADR evidencing such ADS. If a Beneficial Owner of ADSs is not a Holder, it must rely on the Holder
of the ADR(s) evidencing such ADSs in order to assert any rights or receive any benefits under this Deposit Agreement. The
arrangements between a Beneficial Owner of ADSs and the Holder of the corresponding ADRs may affect the Beneficial Owner’s
ability to exercise any rights it may have.

 

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(e)            "Custodian"
means the agent or agents of the Depositary (singly or collectively, as the context requires) and any additional or substitute
Custodian appointed pursuant to Section 9.

 

 (f)            The terms "deliver", "execute", "issue", "register", "surrender", "transfer" or "cancel", when used with respect to Direct Registration ADRs, shall refer to an entry or entries or an electronic transfer or transfers in the Direct Registration System, and, when used with respect to ADRs in physical certificated form, shall refer to the physical delivery, execution, issuance, registration, surrender, transfer or cancellation of certificates representing the ADRs.

 

(g)            "Delivery
Order" is defined in Section 3.

 

(h)            "Deposited
Securities" as of any time means all Shares at such time deposited under this Deposit Agreement and any and all other
Shares, securities, property and cash at such time held by the Depositary or the Custodian in respect or in lieu of such deposited
Shares and other Shares, securities, property and cash. Deposited Securities are not intended to, and shall not, constitute proprietary
assets of the Depositary, the Custodian or their nominees. Beneficial ownership in Deposited Securities is intended to be, and
shall at all times during the term of the Deposit Agreement continue to be, vested in the Beneficial Owners of the ADSs representing
such Deposited Securities.

 

 (i)            "Direct Registration System" means the system for the uncertificated registration of ownership of securities established by The Depository Trust Company ("DTC") and utilized by the Depositary pursuant to which the Depositary may record the ownership of ADRs without the issuance of a certificate, which ownership shall be evidenced by periodic statements issued by the Depositary to the Holders entitled thereto. For purposes hereof, the Direct Registration System shall include access to the Profile Modification System maintained by DTC which provides for automated transfer of ownership between DTC and the Depositary.

 

(j)            "Holder"
means the person or persons in whose name an ADR is registered on the ADR Register. For all purposes under the Deposit Agreement
and the ADRs, a Holder shall be deemed to have all requisite authority to act on behalf of any and all Beneficial Owners of the
ADSs evidenced by the ADR(s) registered in such Holder's name.

 

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(k)            "Securities
Act of 1933" means the United States Securities Act of 1933, as from time to time amended.

 

(l)            "Securities
Exchange Act of 1934" means the United States Securities Exchange Act of 1934, as from time to time amended.

 

(m)            "Shares"
mean the ordinary shares of the Company, and shall include the rights to receive Shares specified in paragraph (1) of the
form of ADR (Issuance
of ADSs).

 

(n)            "Transfer
Office" is defined in paragraph (3) of the form of ADR (Transfers, Split-Ups and Combinations of ADRs).

 

(o)            "Withdrawal
Order" is defined in Section 6.

 

		2.	Form of ADRs.

 

(a)            Direct
Registration ADRs. Notwithstanding anything in this Deposit Agreement or in the form of ADR to the contrary, ADSs shall be
evidenced by Direct Registration ADRs, unless certificated ADRs are specifically requested by the Holder.

 

(b)            Certificated
ADRs. ADRs in certificated form shall be printed or otherwise reproduced at the discretion of the Depositary in accordance
with its customary practices in its American depositary receipt business, or at the request of the Company typewritten and photocopied
on plain or safety paper, and shall be substantially in the form set forth in the form of ADR, with such changes as may be required
by the Depositary or the Company to comply with their obligations hereunder, any applicable law, regulation or usage or to indicate
any special limitations or restrictions to which any particular ADRs are subject. ADRs may be issued in denominations of any number
of ADSs. ADRs in certificated form shall be executed by the Depositary by the manual or facsimile signature of a duly authorized
officer of the Depositary. ADRs in certificated form bearing the facsimile signature of anyone who was at the time of execution
a duly authorized officer of the Depositary shall bind the Depositary, notwithstanding that such officer has ceased to hold such
office prior to the delivery of such ADRs.

 

(c)            Binding
Effect. Holders of ADRs, and the Beneficial Owners of the ADSs evidenced by such ADRs, shall each be bound by the terms and
conditions of this Deposit Agreement and of the form of ADR, regardless of whether such ADRs are Direct Registration ADRs or certificated
ADRs.

 

		3.	Deposit of Shares.

 

(a)            Requirements.
In connection with the deposit of Shares hereunder, the Depositary or the Custodian may require the following in a form satisfactory
to it:

 

(i)            a
written order directing the Depositary to issue to, or upon the written order of, the person or persons designated in such order
a Direct Registration ADR or ADRs evidencing the number of ADSs representing such deposited Shares (a "Delivery Order");

 

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(ii)             proper
endorsements or duly executed instruments of transfer in respect of such deposited Shares;

 

(iii)            instruments
assigning to the Depositary, the Custodian or a nominee of either any distribution on or in respect of such deposited Shares or
indemnity therefor; and

 

(iv)            proxies
entitling the Custodian to vote such deposited Shares.

 

(b)            Registration
of Deposited Securities. As soon as practicable after the Custodian receives Deposited
Securities pursuant to any such deposit or pursuant to paragraph (10) (Distributions on Deposited Securities) or (13)
(Changes Affecting Deposited Securities) of the form of ADR, the Custodian shall present such Deposited Securities for registration
of transfer into the name of the Depositary, the Custodian or a nominee of either, in each case for the benefit of Holders, to
the extent such registration is practicable, at the cost and expense of the person making such deposit (or for whose benefit such
deposit is made) and shall obtain evidence satisfactory to it of such registration. Deposited Securities shall be held by the Custodian
for the account and to the order of the Depositary for the benefit of Holders of ADRs (to the extent not prohibited by law) at
such place or places and in such manner as the Depositary shall determine. Notwithstanding anything else contained herein, in the
form of ADR and/or any outstanding ADSs, the Depositary, the Custodian and their respective nominees are intended to be, and shall
at all times during the term of the Deposit Agreement be, the record holder(s) only of the Deposited Securities represented
by the ADSs for the benefit of the Holders. The Depositary, on its own behalf and on behalf of the Custodian and their respective
nominees, disclaims any beneficial ownership interest in the Deposited Securities held on behalf of the Holders.

 

(c)            Delivery
of Deposited Securities. Deposited Securities may be delivered by the Custodian to any person only under the circumstances
expressly contemplated in this Deposit Agreement. To the extent that the provisions of or governing the Shares make delivery of
certificates therefor impracticable, Shares may be deposited hereunder by such delivery thereof as the Depositary or the Custodian
may reasonably accept, including, without limitation, by causing them to be credited to an account maintained by the Custodian
for such purpose with the Company or an accredited intermediary, such as a bank, acting as a registrar for the Shares, together
with delivery of the documents, payments and Delivery Order referred to herein to the Custodian or the Depositary.

 

4.   Issue of ADRs. After any such
deposit of Shares, the Custodian shall notify the Depositary of such deposit and of the information contained in any related Delivery
Order by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by
SWIFT, cable, telex or facsimile transmission. After receiving such notice from the Custodian, the Depositary, subject to this
Deposit Agreement, shall properly issue at the Transfer Office, to or upon the order of any person named in such notice, an ADR
or ADRs registered as requested and evidencing the aggregate ADSs to which such person is entitled.

 

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5.   Distributions on Deposited Securities.
To the extent that the Depositary determines in its discretion that any distribution pursuant to paragraph (10) of the form
of ADR (Distributions on Deposited Securities) is not practicable with respect to any Holder, the Depositary may (after
consultation with the Company, if practicable, in the case where the Depositary believes such distribution is not practicable with
respect to all Holders) make such distribution as it so deems practicable, including the distribution of foreign currency, securities
or property (or appropriate documents evidencing the right to receive foreign currency, securities or property) or the retention
thereof as Deposited Securities with respect to such Holder's ADRs (without liability for interest thereon or the investment thereof).

 

6.   Withdrawal of Deposited Securities.
In connection with any surrender of an ADR for withdrawal of the Deposited Securities represented by the ADSs evidenced thereby,
the Depositary may require proper endorsement in blank of such ADR (or duly executed instruments of transfer thereof in blank)
and the Holder's written order directing the Depositary to cause the Deposited Securities represented by the ADSs evidenced by
such ADR to be withdrawn and delivered to, or upon the written order of, any person designated in such order (a "Withdrawal
Order"). Directions from the Depositary to the Custodian to deliver Deposited Securities shall be given by letter, first
class airmail postage prepaid, or, at the request, risk and expense of the Holder, by SWIFT, cable, telex or facsimile transmission.
Delivery of Deposited Securities may be made by the delivery of certificates (which, if required by law shall be properly endorsed
or accompanied by properly executed instruments of transfer or, if such certificates may be registered, registered in the name
of such Holder or as ordered by such Holder in any Withdrawal Order) or by such other means as the Depositary may deem practicable,
including, without limitation, by transfer of record ownership thereof to an account designated in the Withdrawal Order maintained
either by the Company or an accredited intermediary, such as a bank, acting as a registrar for the Deposited Securities.

 

7.    Substitution of ADRs. The Depositary
shall execute and deliver a new Direct Registration ADR in exchange and substitution for any mutilated certificated ADR upon cancellation
thereof or in lieu of and in substitution for such destroyed, lost or stolen certificated ADR, unless the Depositary has notice
that such ADR has been acquired by a bona fide purchaser, upon the Holder thereof filing with the Depositary a request for such
execution and delivery and a sufficient indemnity bond and satisfying any other reasonable requirements imposed by the Depositary.

 

8.   Cancellation and Destruction of ADRs;
Maintenance of Records. All ADRs surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized
to destroy ADRs in certificated form so cancelled in accordance with its customary practices. The Depositary, however, shall maintain
or cause its agents to maintain records of all ADRs surrendered and Deposited Securities withdrawn under Section 6 hereof
and paragraph (2) of the form of ADR, substitute ADRs delivered under Section 7 hereof, and canceled or destroyed ADRs
under this Section 8, in keeping with the procedures ordinarily followed by stock transfer agents located in the United States
or as required by the laws or regulations governing the Depositary.

 

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9.   The Custodian.

 

(a)            Rights
of the Depositary. Any Custodian in acting hereunder shall be subject to the directions of the Depositary and shall be responsible
solely to it. The Depositary reserves the right to add, replace or remove a Custodian. The Depositary will give prompt notice of
any such action, which will be advance notice if practicable. The Depositary may discharge any Custodian at any time upon notice
to the Custodian being discharged.

 

(b)            Rights
of the Custodian. Any Custodian may resign from its duties hereunder by providing at least 30 days' prior written notice to
the Depositary. Any Custodian ceasing to act hereunder as Custodian shall deliver, upon the instruction of the Depositary, all
Deposited Securities held by it to a Custodian continuing to act. Notwithstanding anything to the contrary contained in this Deposit
Agreement (including the ADRs) and, subject to the further limitations set forth in subparagraph (p) of paragraph (14) of
the form of ADR (Exoneration), the Depositary shall not be responsible for, and shall incur no liability in connection with
or arising from, any act or omission to act on the part of the Custodian except to the extent that any Holder has incurred liability
directly as a result of the Custodian having (i) committed fraud or willful misconduct in the provision of custodial services
to the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined
in accordance with the standards prevailing in the jurisdiction in which the Custodian is located.

 

10.   Lists of Holders. The Company
shall have the right to inspect transfer records of the Depositary and its agents and the ADR Register, take copies thereof and
require the Depositary and its agents to supply copies of such portions of such records as the Company may request. The Depositary
or its agent shall furnish to the Company promptly upon the written request of the Company, a list of the names, addresses and
holdings of ADSs by all Holders as of a date within seven days of the Depositary's receipt of such request.

 

11.   Depositary's Agents. The Depositary
may perform its obligations under this Deposit Agreement through any agent appointed by it, provided that the Depositary shall
notify the Company of such appointment and shall remain responsible for the performance of such obligations as if no agent were
appointed, subject to paragraph (14) of the form of ADR (Exoneration).

 

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12.   Resignation and Removal of the Depositary;
Appointment of Successor Depositary.

 

(a)            Resignation
of the Depositary. The Depositary may at any time resign as Depositary hereunder by written notice of its election to do so
delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of
such appointment as hereinafter provided.

 

(b)            Removal
of the Depositary. The Depositary may at any time be removed by the Company by providing no less than 60 days' prior written
notice of such removal to the Depositary, such removal to take effect the later of (i) the 60th day after such
notice of removal is first provided and (ii) the appointment of a successor depositary and its acceptance of such appointment
as hereinafter provided. Notwithstanding the foregoing, if upon the resignation or removal of the Depositary a successor depositary
is not appointed within the applicable 60-day period as specified in paragraph (17) of the form of ADR (Termination), then
the Depositary may elect to terminate this Deposit Agreement and the ADR and the provisions of said paragraph (17) shall thereafter
govern the Depositary's obligations hereunder.

 

(c)            Appointment
of Successor Depositary. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall
use its reasonable best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the
Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and to the
Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further
act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor
depositary, only upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver
an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than its rights to indemnification
and fees owing, each of which shall survive any such removal and/or resignation), (ii) duly assign, transfer and deliver all
right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the
Holders of all outstanding ADRs. Any such successor depositary shall promptly mail notice of its appointment to such Holders. Any
bank or trust company into or with which the Depositary may be merged or consolidated, or to which the Depositary shall transfer
substantially all its American depositary receipt business, shall be the successor of the Depositary without the execution or filing
of any document or any further act.

 

13.   Reports. On or before the first
date on which the Company makes any communication that may require, or potentially result in, the Depositary taking action under
this Deposit Agreement (e.g., voting, dividends, etc.) available to holders of Deposited Securities or any securities regulatory
authority or stock exchange, by publication or otherwise, the Company shall transmit to the Depositary a copy thereof in English
or with an English translation or summary. The Company has delivered to the Depositary, the Custodian and any Transfer Office,
a copy of all provisions of or governing the Shares and any other Deposited Securities issued by the Company or any affiliate of
the Company and, promptly upon any change thereto, the Company shall deliver to the Depositary, the Custodian and any Transfer
Office, a copy (in English or with an English translation) of such provisions as so changed. The Depositary and its agents may
rely upon the Company's delivery of all such communications, information and provisions for all purposes of this Deposit Agreement
and the Depositary shall have no liability for the accuracy or completeness of any thereof.

 

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14.   Additional Shares. The Company
agrees with the Depositary that neither the Company nor any company controlling, controlled by or under common control with the
Company shall (a) issue (i) additional Shares, (ii) rights to subscribe for Shares, (iii) securities convertible
into or exchangeable for Shares or (iv) rights to subscribe for any such securities or (b) deposit any Shares under this
Deposit Agreement, except, in each case, under circumstances complying in all respects with the Securities Act of 1933. At the
reasonable request of the Depositary where it deems necessary, the Company will furnish the Depositary with legal opinions, in
forms and from counsels reasonably acceptable to the Depositary, dealing with such issues requested by the Depositary. The Depositary
will not knowingly accept for deposit hereunder any Shares required to be registered under the Securities Act of 1933 unless a
registration statement is in effect and will use reasonable efforts to comply with written instructions of the Company not to accept
for deposit hereunder any Shares identified in such instructions at such times and under such circumstances as may reasonably be
specified in such instructions in order to facilitate the Company's compliance with the requirements of the securities laws, rules and
regulations in the United States.

 

15.   Indemnification.

 

(a)            Indemnification
by the Company. The Company shall indemnify, defend and save harmless each of the Depositary,
the Custodian and their respective directors, officers, employees, agents and affiliates against any loss, liability or expense
(including reasonable fees and expenses of counsel) which may arise out of acts performed or omitted, in connection with the provisions
of this Deposit Agreement and of the ADRs, as the same may be amended, modified or supplemented from time to time in accordance
herewith (i) by either the Depositary or a Custodian or their respective directors, officers, employees, agents and affiliates,
except for any liability or expense directly arising out of the negligence, or willful misconduct of the Depositary or its directors,
officers or affiliates acting in their capacities as such hereunder, or (ii) by the Company or any of its directors, officers,
employees, agents and affiliates.

 

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The indemnities set forth in the preceding
paragraph shall also apply to any liability or expense which may arise out of any misstatement or alleged misstatement or omission
or alleged omission in any registration statement, proxy statement, prospectus (or placement memorandum), or preliminary prospectus
(or preliminary placement memorandum) relating to the offer, issuance, withdrawal or sale of ADSs or the deposit of Shares in connection
therewith, except to the extent any such liability or expense arises out of (i) information relating to the Depositary or
its agents (other than the Company), as applicable, furnished in writing by the Depositary expressly for use in any of the foregoing
documents and not changed or altered by the Company or (ii) if such information is provided, the failure to state a material
fact necessary to make the information provided not misleading.

 

(b)            Indemnification
by the Depositary. Subject to the limitations provided for in Section 15(c) below, the Depositary shall indemnify,
defend and save harmless the Company against any direct loss, liability or expense (including reasonable fees and expenses of counsel
resulting therefrom) incurred by the Company in respect of this Deposit Agreement to the extent such loss, liability or expense
is due to the negligence or willful misconduct of the Depositary.

 

(c)            Damages
or Lost Profits. Notwithstanding any other provision of this Deposit Agreement or the ADRs to the contrary, neither the Depositary
nor any of its agents shall be liable for any indirect, special, punitive or consequential damages (including, without limitation,
legal fees and expenses resulting therefrom) or lost profits, in each case of any form incurred by any person or entity, whether
or not foreseeable and regardless of the type of action in which such a claim may be brought.

 

(d)            Survival.
The obligations set forth in this Section 15 shall survive the termination of this Deposit Agreement and the succession or
substitution of any indemnified person.

 

16.   Notices.

 

(a)            Notice
to Holders. Notice to any Holder shall be deemed given when first mailed, first class
postage prepaid, to the address of such Holder on the ADR Register or received by such Holder. Failure to notify a Holder or any
defect in the notification to a Holder shall not affect the sufficiency of notification to other Holders or to the Beneficial Owners
of ADSs held by such other Holders. The Depositary's only notification obligations under this Deposit Agreement and the ADRs shall
be to Holders. Notice to a Holder shall be deemed, for all purposes of the Deposit Agreement and the ADRs, to constitute notice
to any and all Beneficial Owners of the ADSs evidenced by such Holder’s ADRs.

 

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(b)            Notice
to the Depositary or the Company. Notice to the Depositary or the Company shall be deemed
given when first received by it at the address or facsimile transmission number set forth in (i) or (ii), respectively, or
by electronic transmission to the e-mail address set forth below or otherwise provided by the Depositary or the Company to the
other in writing, or at such other address or facsimile transmission number as either may specify to the other by written notice:

 

		(i)	JPMorgan Chase Bank, N.A.

383 Madison Avenue, Floor 11

New York, New York, 10179

Attention: Depositary Receipts Group

Fax: (302) 220-4591

 

		(ii)	4D pharma plc

9 Bond Court

Leeds

LS1 2JZ

England

Attention: Duncan Peyton

Email: legal@4dpharmaplc.com

 

Delivery of a notice by means of electronic
messaging shall be deemed to be effective at the time of the initiation of the transmission by the sender (as shown on the sender’s
records) to the email address set forth above, notwithstanding that the intended recipient retrieves the message at a later date,
fails to retrieve such message, or fails to receive such notice on account of its failure to maintain the designated e-mail address,
its failure to designate a substitute e-mail address or for any other reason.

 

17.   Counterparts. This Deposit Agreement
may be executed in any number of counterparts, each of which shall be deemed an original and all of which shall constitute one
instrument. Delivery of an executed signature page of this Deposit Agreement by facsimile or other electronic transmission
(including “.pdf”, “.tif” or similar format) shall be effective as delivery of a manually executed counterpart
hereof.

 

18.   No Third-Party Beneficiaries; Holders
and Beneficial Owners as Parties; Binding Effect. This Deposit Agreement is for the exclusive benefit of the Company, the Depositary,
the Holders, and their respective successors hereunder, and, except to the extent specifically set forth in Section 15 of
this Deposit Agreement, shall not give any legal or equitable right, remedy or claim whatsoever to any other person. The Holders
and Beneficial Owners from time to time shall be parties to this Deposit Agreement and shall be bound by all of the provisions
hereof. A Beneficial Owner shall only be able to exercise any right or receive any benefit hereunder solely through the Holder
of the ADR(s) evidencing the ADSs owned by such Beneficial Owner.

 

19.   Severability. If any provision
of this Deposit Agreement or the ADRs is invalid, illegal or unenforceable in any respect, the remaining provisions contained herein
and therein shall in no way be affected thereby.

 

    10

     

    

 

 

 

20.   Governing Law; Consent to Jurisdiction.

 

(a)            The
Deposit Agreement, the ADSs and the ADRs shall be governed by and construed in accordance with the internal laws of the State of
New York without giving effect to the application of the conflict of law principles thereof. Without limiting the foregoing, and
for the avoidance of doubt, any claim brought by any Holder or Beneficial Owner or on behalf of the Company with regard to the
internal affairs of the Company, including the ability to bring such a claim, shall be governed by and construed in accordance
with the laws of England and Wales, and any such claims may only be instituted against the Company, its directors, officers or
employees as provided in the Company’s Articles of Association in the courts of England and Wales.

 

(b)            By
the Company or the Depositary. The Company irrevocably agrees that any legal suit, action or proceeding against the Company
brought by the Depositary, arising out of or based upon this Deposit Agreement, the ADSs or the ADRs or the transactions contemplated
hereby or thereby, may be instituted in any state or federal court in New York, New York, and irrevocably waives any objection
which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive
jurisdiction of such courts in any such suit, action or proceeding. The Company also irrevocably agrees that any legal suit, action
or proceeding against the Depositary brought by the Company, arising out of or based upon this Deposit Agreement or the transactions
contemplated hereby, may only be instituted in a state or federal court in New York, New York.

 

(c)            By
Holders and Beneficial Owners. By holding an ADS or an interest therein, Holders and Beneficial Owners each irrevocably agree
that any legal suit, action or proceeding brought by any Holder or Beneficial Owner against or involving the Company or the Depositary,
arising out of or based upon this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein or hereby,
may only be instituted in a federal court in New York, New York, or, except for claims arising under the Securities Act of 1933
or Securities Exchange Act of 1934, any state court in New York, New York, and by holding an ADS or an interest therein each irrevocably
waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits
to the exclusive jurisdiction of such courts in any such suit, action or proceeding, provided, however, pursuant to applicable
law and the Company’s Articles of Association, any claim brought by Holders or Beneficial Owners arising under the Securities
Act of 1933 may be instituted only in any federal court in the United States, and any claim brought by any Holder or Beneficial
Owner or on behalf of the Company with regard to the internal affairs of the Company, including the ability to bring such a claim,
shall be governed by and construed in accordance with the laws of England and Wales, and may only be instituted against the Company,
its directors, officers or employees as provided in the Company’s Articles of Association in the courts of England and Wales.

 

    11

     

    

 

 

 

(d)            Notwithstanding
the foregoing, any action against the Company based on this Deposit Agreement, the ADSs or the ADRs or the transactions contemplated
hereby or thereby, may be instituted by the Depositary in any competent court in England and Wales and/or the United States.

 

21.   Agent for Service.

 

(a)            Appointment.
The Company has appointed Cogency Global Inc., 10 East 40th Street, 10th Floor , New York, New York, as its authorized agent (the
 "Authorized Agent") upon which process may be served in any such action arising out of or based on this Deposit
Agreement or the transactions contemplated hereby which may be instituted in any state or federal court in New York, New York by
the Depositary or any Holder, and waives any other requirements of or objections to personal jurisdiction with respect thereto.
Subject to the Company’s rights to replace the Authorized Agent with another entity in the manner required were the Authorized
Agent to have resigned, such appointment shall be irrevocable.

 

(b)            Agent
for Service of Process. The Company represents and warrants that the Authorized Agent
has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing
of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid.
The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents
in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Authorized Agent (whether
or not the appointment of such Authorized Agent shall for any reason prove to be ineffective or such Authorized Agent shall fail
to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid,
to its address provided in Section 16(b) hereof. The Company agrees that the failure of the Authorized Agent to give
any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in
any suit, action or proceeding based thereon. If, for any reason, the Authorized Agent named above or its successor shall no longer
serve as agent of the Company to receive service of process in New York, the Company shall promptly appoint a successor that is
a legal entity with offices in New York, New York, so as to serve and will promptly advise the Depositary thereof.

 

(c)            Waiver
of Personal Service of Process. In the event the Company fails to continue such designation
and appointment in full force and effect, the Company hereby waives personal service of process upon it and consents that any such
service of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address
last specified for notices hereunder, and service so made shall be deemed completed five (5) days after the same shall have
been so mailed.

 

    12

     

    

 

 

 

22.   Waiver of Immunities. To the
extent that the Company or any of its properties, assets or revenues may have or may hereafter be entitled to, or have attributed
to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving
of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process,
from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other
legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings
may at any time be commenced, with respect to its obligations, liabilities or other matters under or arising out of or in connection
with the Shares or Deposited Securities, the ADSs, the ADRs or this Deposit Agreement, the Company, to the fullest extent permitted
by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such
relief and enforcement.

 

    13

     

    

 

 

 

23.   Waiver of Jury Trial. EACH PARTY
TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR HOLDER OF INTERESTS IN,
ADSs OR ADRs) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN
OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY). No provision of
this Deposit Agreement or any ADR is intended to constitute a waiver or limitation of any rights which Holders or Beneficial Owners
may have under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable.

 

IN WITNESS WHEREOF, 4D PHARMA PLC and JPMORGAN
CHASE BANK, N.A. have duly executed this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial
Owners shall become parties hereto upon acceptance by them of ADSs issued in accordance with the terms hereof, or upon acquisition
of any beneficial interest therein.

 

	 	4D PHARMA PLC
	 	 
	 	By:	
	 	Name:
	 	Title
	 	 
	 	JPMORGAN CHASE BANK, N.A.
	 	 
	 	By:	              
	 	Name:
	 	Title: Vice President

 

    14

     

    

 

 

 

EXHIBIT A

ANNEXED TO AND INCORPORATED IN

DEPOSIT AGREEMENT

 

[FORM OF FACE OF ADR]

 

	_______	No. of ADSs:
	Number	
	 
	 	Each ADS represents
	 	Eight Shares
	 
	 	CUSIP:

 

AMERICAN DEPOSITARY RECEIPT

 

evidencing

 

AMERICAN DEPOSITARY SHARES

 

representing

 

ORDINARY SHARES

 

of

 

4D PHARMA PLC

 

 

(Incorporated under the laws of England
and Wales)

 

JPMORGAN CHASE BANK, N.A., a national banking
association organized under the laws of the United States of America, as depositary hereunder (the "Depositary"),
hereby certifies that _________is the registered owner (a "Holder") of American Depositary Shares ("ADSs"),
each (subject to paragraph (13) (Changes Affecting Deposited Securities)) representing eight ordinary shares (including
the rights to receive Shares described in paragraph (1) (Issuance of ADSs), "Shares" and, together
with any other securities, cash or property from time to time held by the Depositary in respect or in lieu of deposited Shares,
the "Deposited Securities"), of 4D pharma plc, a corporation organized under the laws of England and Wales (the
 "Company"), deposited under the Deposit Agreement dated as of [DATE], 2021 (as amended from time to time, the
 "Deposit Agreement") among the Company, the Depositary and all Holders and Beneficial Owners from time to time
of American Depositary Receipts issued thereunder ("ADRs"), each of whom by accepting an ADR becomes a party
thereto. The Deposit Agreement and this ADR (which includes the provisions set forth on the reverse hereof) shall be governed
by and construed in accordance with the internal laws of the State of New York without giving effect to the application of the
conflict of law principles thereof. Without limiting the foregoing, and for the avoidance of doubt, any claim brought by any Holder
or Beneficial Owner or on behalf of the Company with regard to the internal affairs of the Company, including the ability to bring
such a claim, shall be governed by and construed in accordance with the laws of England and Wales, and any such claims may only
be instituted against the Company, its directors, officers or employees as provided in the Company’s Articles of Association
in the courts of England and Wales. All capitalized terms used herein, and not defined herein, shall have the meanings ascribed
to such terms in the Deposit Agreement.

 

    A-1

     

    

 

 

 

(1)  Issuance of ADSs.

 

(a)  Issuance. This ADR is one
of the ADRs issued under the Deposit Agreement. Subject to the other provisions hereof, the Depositary may so issue ADRs for delivery
at the Transfer Office (as hereinafter defined) only against deposit of: (i) Shares in a form satisfactory to the Custodian;
or (ii) rights to receive Shares from the Company or any registrar, transfer agent, clearing agent or other entity recording
Share ownership or transactions.

 

(b)  Lending. In its capacity
as Depositary, the Depositary shall not lend Shares or ADSs.

 

(c)  Representations and Warranties
of Depositors. Every person depositing Shares under the Deposit Agreement represents and warrants that:

 

		(i)	such Shares and the certificates therefor are duly authorized, validly issued and outstanding, fully paid, nonassessable and
legally obtained by such person,

 

		(ii)	all pre-emptive and comparable rights, if any, with respect to such Shares have been validly waived or exercised,

 

		(iii)	the person making such deposit is duly authorized so to do,

 

		(iv)	the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse
claim and

 

		(v)	such Shares (A) are not "restricted securities" as such term is defined in Rule 144 under the Securities
Act of 1933 ("Restricted Securities") unless at the time of deposit the requirements of paragraphs (c), (e), (f) and
(h) of Rule 144 shall not apply and such Shares may be freely transferred and may otherwise be offered and sold freely
in the United States or (B) have been registered under the Securities Act of 1933. To the extent the person depositing Shares
is an "affiliate" of the Company as such term is defined in Rule 144, the person also represents and warrants that
upon the sale of the ADSs, all of the provisions of Rule 144 which enable the Shares to be freely sold (in the form of ADSs)
will be fully complied with and, as a result thereof, all of the ADSs issued in respect of such Shares will not be on the sale
thereof, Restricted Securities.

 

    A-2

     

    

 

 

 

Such representations and warranties shall
survive the deposit and withdrawal of Shares and the issuance and cancellation of ADSs in respect thereof and the transfer of such
ADSs.

 

(d)  The Depositary may refuse to accept
for such deposit any Shares identified by the Company in order to facilitate compliance with the requirements of the Securities
Act of 1933 or the Rules made thereunder.

 

(2)  Withdrawal of Deposited Securities.
Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.) and (5) (Liability for Taxes,
Duties and Other Charges), upon surrender of (a) a certificated ADR in a form satisfactory to the Depositary at the Transfer
Office or (b) proper instructions and documentation in the case of a Direct Registration ADR, the Holder hereof is entitled
to delivery at, or to the extent in dematerialized form from, the Custodian's office of the Deposited Securities at the time represented
by the ADSs evidenced by this ADR. At the request, risk and expense of the Holder hereof, the Depositary may deliver such Deposited
Securities at such other place as may have been requested by the Holder. Notwithstanding any other provision of the Deposit Agreement
or this ADR, the withdrawal of Deposited Securities may be restricted only for the reasons set forth in General Instruction I.A.(1) of
Form F-6 (as such instructions may be amended from time to time) under the Securities Act of 1933.

 

    A-3

     

    

 

 

 

 

(3)  Transfers, Split-Ups and Combinations
of ADRs. The Depositary or its agent will keep, at a designated transfer office (the "Transfer Office"), (i) a
register (the "ADR Register") for the registration, registration of transfer, combination and split-up of ADRs,
and, in the case of Direct Registration ADRs, shall include the Direct Registration System, which at all reasonable times will
be open for inspection by Holders and the Company for the purpose of communicating with Holders in the interest of the business
of the Company or a matter relating to the Deposit Agreement and (ii) facilities for the delivery and receipt of ADRs. The
term ADR Register includes the Direct Registration System. Title to this ADR (and to the Deposited Securities represented by the
ADSs evidenced hereby), when properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of
proper instruments of transfer, is transferable by delivery with the same effect as in the case of negotiable instruments under
the laws of the State of New York; provided that the Depositary, notwithstanding any notice to the contrary, may treat the
person in whose name this ADR is registered on the ADR Register as the absolute owner hereof for all purposes and neither the Depositary
nor the Company will have any obligation or be subject to any liability under the Deposit Agreement or any ADR to any Beneficial
Owner, unless such Beneficial Owner is the Holder hereof. Subject to paragraphs (4) and (5), this ADR is transferable on the
ADR Register and may be split into other ADRs or combined with other ADRs into one ADR, evidencing the aggregate number of ADSs
surrendered for split-up or combination, by the Holder hereof or by duly authorized attorney upon surrender of this ADR at the
Transfer Office properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments
of transfer and duly stamped as may be required by applicable law; provided that the Depositary may close the ADR Register (and/or
any portion thereof) at any time or from time to time when deemed expedient by it. Additionally, at the reasonable request of the
Company, the Depositary may close the issuance book portion of the ADR Register in order to enable the Company to comply with applicable
law. At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated ADR with a Direct Registration
ADR, or vice versa, execute and deliver a certificated ADR or a Direct Registration ADR, as the case may be, for any authorized
number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the certificated ADR or Direct Registration
ADR, as the case may be, substituted.

 

(4)  Certain Limitations to Registration,
Transfer etc. Prior to the issue, registration, registration of transfer, split-up or combination of any ADR, the delivery
of any distribution in respect thereof, or, subject to the last sentence of paragraph (2) (Withdrawal of Deposited Securities),
the withdrawal of any Deposited Securities, and from time to time in the case of clause (b)(ii) of this paragraph (4), the
Company, the Depositary or the Custodian may require:

 

(a)  payment with respect thereto of
(i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect
for the registration of transfers of Shares or other Deposited Securities upon any applicable register and (iii) any applicable
charges as provided in paragraph (7) (Charges of Depositary) of this ADR;

 

(b)  the production of proof satisfactory
to it of (i) the identity of any signatory and genuineness of any signature and (ii) such other information, including
without limitation, information as to citizenship, residence, exchange control approval, beneficial ownership of any securities,
compliance with applicable law, regulations, provisions of or governing Deposited Securities and terms of the Deposit Agreement
and this ADR, as it may deem necessary or proper; and

 

(c)  compliance with such regulations
as the Depositary may establish consistent with the Deposit Agreement.

 

The issuance of ADRs, the acceptance of
deposits of Shares, the registration, registration of transfer, split-up or combination of ADRs or, subject to the last sentence
of paragraph (2) (Withdrawal of Deposited Securities), the withdrawal of Deposited Securities may be suspended, generally
or in particular instances, when the ADR Register or any register for Deposited Securities is closed or when any such action is
deemed advisable by the Depositary.

 

    A-4

     

    

 

 

 

(5)  Liability for Taxes, Duties
and Other Charges. If any tax or other governmental charges (including any penalties and/or interest) shall become payable
by or on behalf of the Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced
hereby or any distribution thereon, such tax or other governmental charge shall be paid by the Holder hereof to the Depositary
and by holding or having held this ADR or any ADSs evidenced hereby, the Holder and all Beneficial Owners hereof and thereof, and
all prior Holders and Beneficial Owners hereof and thereof, jointly and severally, agree to indemnify, defend and save harmless
each of the Depositary and its agents in respect of such tax or other governmental charge. Each Holder of this ADR and Beneficial
Owner of the ADSs evidenced hereby, and each prior Holder and Beneficial Owner hereof and thereof (collectively, the "Tax
Indemnitors"), by holding or having held an ADR or an interest in ADSs, acknowledges and agrees that the Depositary shall
have the right to seek payment of amounts owing with respect to this ADR under this paragraph (5) from any one or more Tax
Indemnitor(s) as determined by the Depositary in its sole discretion, without any obligation to seek payment from any other
Tax Indemnitor(s).The Depositary may refuse to effect any registration, registration of transfer, split-up or combination hereof
or, subject to the last sentence of paragraph (2) (Withdrawal of Deposited Securities), any withdrawal of such Deposited
Securities until such payment is made. The Depositary may also deduct from any distributions on or in respect of Deposited Securities,
or may sell by public or private sale for the account of the Holder hereof any part or all of such Deposited Securities, and may
apply such deduction or the proceeds of any such sale in payment of such tax or other governmental charge, the Holder hereof remaining
liable for any deficiency, and shall reduce the number of ADSs evidenced hereby to reflect any such sales of Shares. In connection
with any distribution to Holders, the Company will remit to the appropriate governmental authority or agency all amounts (if any)
required to be withheld and owing to such authority or agency by the Company; and the Depositary and the Custodian will remit to
the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency
by the Depositary or the Custodian. To the extent not prohibited by law, rule or regulation, the Depositary will forward to
the Company such information from its records maintained by it in its capacity as Depositary under the Deposit Agreement as the
Company may reasonably request to enable the Company to file any necessary reports with governmental authorities or agencies. If
the Depositary determines that any distribution in property other than cash (including Shares or rights) on Deposited Securities
is subject to any tax that the Depositary or the Custodian is obligated to withhold, the Depositary may dispose of all or a portion
of such property in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes, by public
or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after
deduction of such taxes to the Holders entitled thereto. Each Holder and Beneficial Owner agrees to indemnify the Depositary, the
Company, the Custodian and any of their respective officers, directors, employees, agents and affiliates against, and hold each
of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest
arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained which obligations shall
survive any transfer or surrender of ADSs or the termination of the Deposit Agreement.

 

    A-5

     

    

 

 

 

(6)  Disclosure of Interests.

 

(a)  General. To the extent that
the provisions of or governing any Deposited Securities may require disclosure of or impose limits on beneficial or other ownership
of, or interests in, Deposited Securities, other Shares and other securities and may provide for blocking transfer, voting or other
rights to enforce such disclosure or limits, Holders and Beneficial Owners agree to comply with all such disclosure requirements
and ownership limitations and to comply with any reasonable Company instructions in respect thereof. The Company reserves the right
to instruct Holders (and through any such Holder, the Beneficial Owners of ADSs evidenced by the ADRs registered in such Holder's
name) to deliver their ADSs for cancellation and withdrawal of the Deposited Securities so as to permit the Company to deal directly
with the Holder and/or Beneficial Owner thereof as a holder of Shares and Holders and Beneficial Owners agree to comply with such
instructions. The Depositary agrees to cooperate with the Company in its efforts to inform Holders of the Company's exercise of
its rights under this paragraph and agrees to consult with, and provide reasonable assistance without risk, liability or expense
on the part of the Depositary, to the Company on the manner or manners in which it may enforce such rights with respect to any
Holder.

 

(b)  Jurisdiction Specific.
Notwithstanding any provision of the Deposit Agreement or of the ADRs and without limiting the foregoing, by being a Holder or
Beneficial Owner, each such Holder and Beneficial Owner agrees to provide such information as the Company may request in a disclosure
notice (a "Disclosure Notice") given pursuant to the United Kingdom Companies Act 2006 (as amended from time
to time and including any statutory modification or re-enactment thereof, the "Companies Act") or the Articles
of Association of the Company. By accepting or holding an ADR, each Holder and Beneficial Owner acknowledges that it understands
that failure to comply with a Disclosure Notice may result in the imposition of sanctions against the holder of the Shares in
respect of which the non-complying person is or was, or appears to be or has been, interested as provided in the Companies Act
and the Articles of Association which currently may include, subject to the granting of an appropriate order by the court, the
withdrawal of the voting rights of such Shares and the imposition of restrictions on the rights to receive dividends on and to
transfer such Shares. In addition, by accepting or holding an ADR each Holder and Beneficial Owner agrees to comply with the provisions
of the Disclosure Guidance and Transparency Rules published by the United Kingdom Financial Conduct Authority (as amended
from time to time, the "DTRs") with regard to the notification to the Company of interests in Shares and certain
financial instruments, which currently provide, inter alia, that a Holder and Beneficial Owner must notify the Company
of the percentage of its voting rights he holds as shareholder or holds or is deemed to hold through his direct or indirect holding
of certain financial instruments (or a combination of such holdings) if the percentage of those voting rights (i) reaches,
exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% as a result of an acquisition
or disposal of Shares or certain financial instruments, or (ii) reaches, exceeds or falls below such applicable thresholds
as a result of events changing the breakdown of voting rights and on the basis of information disclosed by the Company in accordance
with the DTRs. The notification must be effected as soon as possible, but not later than two trading days after the Holder or
Beneficial Owner, as the case may be, (a) learns of the acquisition or disposal or of the possibility of exercising voting
rights, or on which, having regard to the circumstances, should have learned of it, regardless of the date on which the acquisition,
disposal or possibility of exercising voting rights takes effect, or (b) is informed of the event mentioned in (ii) above.

 

    A-6

     

    

 

 

 

Any summary of the laws and regulations of
the United Kingdom and of the terms of the Company's constitutional documents has been provided by the Company solely for the convenience
of Holders, Beneficial Owners and the Depositary. While such summaries are believed by the Company to be accurate as of the date
of the Deposit Agreement, (i) they are summaries and as such may not include all aspects of the materials summarized applicable
to a Holder or Beneficial Owner, and (ii) these laws and regulations and the Company's constitutional documents may change
after the date of the Deposit Agreement. Neither the Depositary nor the Company has any obligation to update any such summaries.

 

(7)  Charges of Depositary.

 

(a)  Rights of the Depositary.
The Depositary may charge, and collect from, (i) each person to whom ADSs are issued, including, without limitation,
issuances against deposits of Shares, issuances in respect of Share Distributions, Rights and Other Distributions (as
such terms are defined in paragraph (10) (Distributions on Deposited Securities)), issuances pursuant to a stock
dividend or stock split declared by the Company, or issuances pursuant to a merger, exchange of securities or any other transaction
or event affecting the ADSs or the Deposited Securities, and (ii) each person surrendering ADSs for withdrawal of Deposited
Securities or whose ADSs are cancelled or reduced for any other reason U.S.$5.00 for each 100 ADSs (or portion thereof) issued,
delivered, reduced, cancelled or surrendered, or upon which a Share Distribution or elective distribution is made or offered
(as the case may be). The Depositary may sell (by public or private sale) sufficient securities and property received in respect
of Share Distributions, Rights and Other Distributions prior to such deposit to pay such charge.

 

    A-7

     

    

 

 

 

(b)  Additional charges by the Depositary.
The following additional charges shall also be incurred by the Holders, the Beneficial Owners, by any party depositing or withdrawing
Shares or by any party surrendering ADSs and/or to whom ADSs are issued (including, without limitation, issuances pursuant to a
stock dividend or stock split declared by the Company or an exchange of stock regarding the ADSs or the Deposited Securities or
a distribution of ADSs pursuant to paragraph (10) (Distributions on Deposited Securities), whichever is applicable:

 

		(i)	a fee of U.S.$0.05 or less per ADS held for any Cash distribution made, or for any elective cash/stock dividend offered, pursuant
to the Deposit Agreement,

 

		(ii)	a fee for the distribution or sale of securities pursuant to paragraph (10) hereof, such fee being in an amount equal
to the fee for the execution and delivery of ADSs referred to above which would have been charged as a result of the deposit of
such securities (for purposes of this paragraph (7) treating all such securities as if they were Shares) but which securities
or the net cash proceeds from the sale thereof are instead distributed by the Depositary to Holders entitled thereto,

 

		(iii)	an aggregate fee of U.S.$0.05 or less per ADS per calendar year (or portion thereof) for services performed by the Depositary
in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against
Holders as of the record date or record dates set by the Depositary during each calendar year and shall be payable at the sole
discretion of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends or other cash
distributions), and

 

		(iv)	a fee for the reimbursement of such fees, charges and expenses as are incurred by the Depositary and/or any of its agents (including,
without limitation, the Custodian and expenses incurred on behalf of Holders in connection with compliance with foreign exchange
control regulations or any law or regulation relating to foreign investment) in connection with the servicing of the Shares or
other Deposited Securities, the sale of securities (including, without limitation, Deposited Securities), the delivery of Deposited
Securities or otherwise in connection with the Depositary's or its Custodian's compliance with applicable law, rule or regulation
(which fees and charges shall be assessed on a proportionate basis against Holders as of the record date or dates set by the Depositary
and shall be payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more
cash dividends or other cash distributions).

 

    A-8

     

    

 

 

 

(c)  Other Obligations and Charges.
The Company will pay all other charges and expenses of the Depositary and any agent of the Depositary (except the Custodian) pursuant
to agreements from time to time between the Company and the Depositary, except:

 

		(i)	stock transfer or other taxes and other governmental charges (which are payable by Holders or persons depositing Shares);

 

		(ii)	SWIFT, cable, telex and facsimile transmission and delivery charges incurred at the request of persons depositing, or Holders
delivering Shares, ADRs or Deposited Securities (which are payable by such persons or Holders); and

 

		(iii)	transfer or registration fees for the registration or transfer of Deposited Securities on any applicable register in connection
with the deposit or withdrawal of Deposited Securities (which are payable by persons depositing Shares or Holders withdrawing Deposited
Securities.

 

(d)  Foreign Exchange Related Matters.
To facilitate the administration of various depositary receipt transactions, including disbursement of dividends or other cash
distributions and other corporate actions, the Depositary may engage the foreign exchange desk within JPMorgan Chase Bank, N.A.
(the “Bank”) and/or its affiliates in order to enter into spot foreign exchange transactions to convert foreign
currency into U.S. dollars (“FX Transactions”). For certain currencies, FX Transactions are entered into with
the Bank or an affiliate, as the case may be, acting in a principal capacity. For other currencies, FX Transactions are routed
directly to and managed by an unaffiliated local custodian (or other third party local liquidity provider), and neither the Bank
nor any of its affiliates is a party to such FX Transactions.

 

The foreign exchange
rate applied to an FX Transaction will be either (a) a published benchmark rate, or (b) a rate determined by a third
party local liquidity provider, in each case plus or minus a spread, as applicable. The Depositary will disclose which foreign
exchange rate and spread, if any, apply to such currency on the “Disclosure” page (or successor page) of www.adr.com (as updated by the Depositary from time to time, “ADR.com”). Such applicable foreign exchange rate and
spread may (and neither the Depositary, the Bank nor any of their affiliates is under any obligation to ensure that such rate
does not) differ from rates and spreads at which comparable transactions are entered into with other customers or the range of
foreign exchange rates and spreads at which the Bank or any of its affiliates enters into foreign exchange transactions in the
relevant currency pair on the date of the FX Transaction. Additionally, the timing of execution of an FX Transaction varies according
to local market dynamics, which may include regulatory requirements, market hours and liquidity in the foreign exchange market
or other factors. Furthermore, the Bank and its affiliates may manage the associated risks of their position in the market in
a manner they deem appropriate without regard to the impact of such activities on the Company, the Depositary, Holders or Beneficial
Owners. The spread applied does not reflect any gains or losses that may be earned or incurred by the Bank and its affiliates
as a result of risk management or other hedging related activity.

 

    A-9

     

    

 

 

 

Notwithstanding the foregoing,
to the extent the Company provides U.S. dollars to the Depositary, neither the Bank nor any of its affiliates will execute an FX
Transaction as set forth herein. In such case, the Depositary will distribute the U.S. dollars received from the Company.

 

Further details relating
to the applicable foreign exchange rate, the applicable spread and the execution of FX Transactions will be provided by the Depositary
on ADR.com. The Company, Holders and Beneficial Owners each acknowledge and agree that the terms applicable to FX Transactions
disclosed from time to time on ADR.com will apply to any FX Transaction executed pursuant to the Deposit Agreement.

 

(e)  Disclosure of Potential Depositary
Payments. The Depositary anticipates reimbursing the Company for certain expenses incurred by the Company that are related
to the establishment and maintenance of the ADR program upon such terms and conditions as the Company and the Depositary may agree
from time to time.  The Depositary may make available to the Company a set amount or a portion of the Depositary fees charged
in respect of the ADR program or otherwise upon such terms and conditions as the Company and the Depositary may agree from time
to time.

 

(f)  The right of the Depositary to receive
payment of fees, charges and expenses as provided above shall survive the termination of the Deposit Agreement. As to any Depositary,
upon the resignation or removal of such Depositary, such right shall extend for those fees, charges and expenses incurred prior
to the effectiveness of such resignation or removal.

 

(8)  Available Information.
The Deposit Agreement, the provisions of or governing Deposited Securities and any written communications from the Company, which
are both received by the Custodian or its nominee as a holder of Deposited Securities and made generally available to the holders
of Deposited Securities, are available for inspection by Holders at the offices of the Depositary and the Custodian, at the Transfer
Office, on the U.S. Securities and Exchange Commission’s website, or upon request from the Depositary (which request may
be refused by the Depositary at its discretion). The Depositary will distribute copies of such communications (or English translations
or summaries thereof) to Holders when furnished by the Company. The Company is subject to the periodic reporting requirements of
the Securities Exchange Act of 1934 and accordingly files certain reports with the United States Securities and Exchange Commission
(the "Commission"). Such reports and other information may be inspected and copied through the Commission’s
EDGAR system or at public reference facilities maintained by the Commission located at the date hereof at 100 F Street, NE, Washington,
DC 20549.

 

    A-10

     

    

 

 

 

(9)  Execution. This ADR shall
not be valid for any purpose unless executed by the Depositary by the manual or facsimile signature of a duly authorized officer
of the Depositary.

 

Dated:

 

	 	JPMORGAN CHASE BANK, N.A., as Depositary
	 	 
	 	By	        
	 	Authorized Officer

 

The Depositary's office is located at 383
Madison Avenue, Floor 11, New York, New York 10179.

 

    A-11

     

    

 

 

 

[FORM OF REVERSE OF ADR]

 

(10)  Distributions on Deposited
Securities. Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.) and (5) (Liability
for Taxes, Duties and other Charges), to the extent practicable, the Depositary will distribute as soon as reasonably practical
to each Holder entitled thereto on the record date set by the Depositary therefor at such Holder's address shown on the ADR Register,
in proportion to the number of Deposited Securities (on which the following distributions on Deposited Securities are received
by the Custodian) represented by ADSs evidenced by such Holder's ADRs:

 

(a)  Cash. Any U.S. dollars available
to the Depositary resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution
or portion thereof authorized in this paragraph (10) ("Cash"), on an averaged or other practicable basis,
subject to (i) appropriate adjustments for taxes withheld, (ii) such distribution being impermissible or impracticable
with respect to certain Holders, and (iii) deduction of the Depositary's and/or its agents' fees and expenses in (1) converting
any foreign currency to U.S. dollars by sale or in such other manner as the Depositary may determine to the extent that it determines
that such conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States
by such means as the Depositary may determine to the extent that it determines that such transfer may be made on a reasonable basis,
(3) obtaining any approval or license of any governmental authority required for such conversion or transfer, which is obtainable
at a reasonable cost and within a reasonable time and (4) making any sale by public or private means in any commercially reasonable
manner.

 

(b)  Shares. (i) Additional
ADRs evidencing whole ADSs representing any Shares available to the Depositary resulting from a dividend or free distribution on
Deposited Securities consisting of Shares (a "Share Distribution") and (ii) U.S. dollars available to it
resulting from the net proceeds of sales of Shares received in a Share Distribution, which Shares would give rise to fractional
ADSs if additional ADRs were issued therefor, as in the case of Cash.

 

(c)  Rights. (i) Warrants
or other instruments in the discretion of the Depositary representing rights to acquire additional ADRs in respect of any rights
to subscribe for additional Shares or rights of any nature available to the Depositary as a result of a distribution on Deposited
Securities ("Rights"), to the extent that the Company timely furnishes to the Depositary evidence satisfactory
to the Depositary that the Depositary may lawfully distribute the same (the Company has no obligation to so furnish such evidence),
or (ii) to the extent the Company does not so furnish such evidence and sales of Rights are practicable, any U.S. dollars
available to the Depositary from the net proceeds of sales of Rights as in the case of Cash, or (iii) to the extent the Company
does not so furnish such evidence and such sales cannot practicably be accomplished by reason of the nontransferability of the
Rights, limited markets therefor, their short duration or otherwise, nothing (and any Rights may lapse).

 

    A-12

     

    

 

 

 

(d)  Other Distributions. (i) Securities
or property available to the Depositary resulting from any distribution on Deposited Securities other than Cash, Share Distributions
and Rights ("Other Distributions"), by any means that the Depositary may deem equitable and practicable, or (ii) to
the extent the Depositary deems distribution of such securities or property not to be equitable and practicable, any U.S. dollars
available to the Depositary from the net proceeds of sales of Other Distributions as in the case of Cash.

 

The Depositary reserves the right to utilize
a division, branch or affiliate of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any public and/or private sale of
securities hereunder. Such division, branch and/or affiliate may charge the Depositary a fee in connection with such sales, which
fee is considered an expense of the Depositary contemplated above and/or under paragraph (7) (Charges of Depositary).
Any U.S. dollars available will be distributed by checks drawn on a bank in the United States for whole dollars and cents. Fractional
cents will be withheld without liability and dealt with by the Depositary in accordance with its then current practices. All purchases
and sales of securities will be handled by the Depositary in accordance with its then current policies, which are currently set
forth in the "Depositary Receipt Sale and Purchase of Security" section of https://www.adr.com/Investors/FindOutAboutDRs,
the location and contents of which the Depositary shall be solely responsible for.

 

(11)    Record Dates. The Depositary
may, after consultation with the Company if practicable, fix a record date (which, to the extent applicable, shall be as near as
practicable to any corresponding record date set by the Company) for the determination of the Holders who shall be responsible
for the fee assessed by the Depositary for administration of the ADR program and for any expenses provided for in paragraph (7) hereof
as well as for the determination of the Holders who shall be entitled to receive any distribution on or in respect of Deposited
Securities, to give instructions for the exercise of any voting rights, to receive any notice or to act in respect of other matters
and only such Holders shall be so entitled or obligated.

 

(12)    Voting of Deposited Securities.

 

(a)  Notice of any Meeting or Solicitation.
As soon as practicable after receipt of notice of any meeting at which the holders of Shares are entitled to vote, or of solicitation
of consents or proxies from holders of Shares or other Deposited Securities, the Depositary shall fix the ADS record date in accordance
with paragraph (11) above provided that if the Depositary receives a written request from the Company in a timely manner and at
least 30 days prior to the date of such vote or meeting, the Depositary shall, at the Company's expense, distribute to Holders
a notice (the “Voting Notice”) stating (i) final information particular to such vote and meeting and any
solicitation materials, (ii) that each Holder on the record date set by the Depositary will, subject to any applicable provisions
of the laws of England and Wales, be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining
to the Deposited Securities represented by the ADSs evidenced by such Holder's ADRs and (iii) the manner in which such instructions
may be given, including instructions to give a discretionary proxy to a person designated by the Company. Each Holder shall be
solely responsible for the forwarding of Voting Notices to the Beneficial Owners of ADSs registered in such Holder's name. There
is no guarantee that Holders and Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice
described above with sufficient time to enable such Holder or Beneficial Owner to return any voting instructions to the Depositary
in a timely manner.

 

    A-13

     

    

 

 

 

(b)       Voting
of Deposited Securities. Following actual receipt by the ADR department responsible for proxies and voting of Holders’
instructions (including, without limitation, instructions of any entity or entities acting on behalf of the nominee for DTC), the
Depositary shall, in the manner and on or before the time established by the Depositary for such purpose, endeavor to vote or cause
to be voted the Deposited Securities represented by the ADSs evidenced by such Holders’ ADRs in accordance with such instructions
insofar as practicable and permitted under the provisions of or governing Deposited Securities. The Depositary will not itself
exercise any voting discretion in respect of any Deposited Securities.

 

(c)       Alternative
Methods of Distributing Materials. Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may,
to the extent not prohibited by any law, rule, or regulation or by the rules and/or requirements of the stock exchange on
which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of
or solicitation of consents or proxies from holders of Deposited Securities, distribute to the Holders a notice that provides Holders
with or otherwise publicizes to Holders instructions on how to retrieve such materials or receive such materials upon request (i.e.,
by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials). Holders
are strongly encouraged to forward their voting instructions as soon as possible. Voting instructions will not be deemed received
until such time as the ADR department responsible for proxies and voting has received such instructions, notwithstanding that such
instructions may have been physically received by JPMorgan Chase Bank, N.A., as Depositary, prior to such time.

 

(13)    Changes Affecting Deposited Securities.

 

(a)  Subject to paragraphs (4) (Certain
Limitations to Registration, Transfer etc.) and (5) (Liability for Taxes, Duties and Other Charges), the Depositary
may, in its discretion, and shall if reasonably requested by the Company, amend this ADR or distribute additional or amended ADRs
(with or without calling this ADR for exchange) or cash, securities or property on the record date set by the Depositary therefor
to reflect any change in par value, split-up, consolidation, cancellation or other reclassification of Deposited Securities, any
Share Distribution or Other Distribution not distributed to Holders or any cash, securities or property available to the Depositary
in respect of Deposited Securities from (and the Depositary is hereby authorized to surrender any Deposited Securities to any person
and, irrespective of whether such Deposited Securities are surrendered or otherwise cancelled by operation of law, rule, regulation
or otherwise, to sell by public or private sale any property received in connection with) any recapitalization, reorganization,
merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all the assets of the Company.

 

    A-14

     

    

 

 

 

(b)  To the extent the Depositary does
not so amend this ADR or make a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever
cash, securities or property results from any of the foregoing shall constitute Deposited Securities and each ADS evidenced by
this ADR shall automatically represent its pro rata interest in the Deposited Securities as then constituted.

 

(c)  Promptly upon the occurrence of
any of the aforementioned changes affecting Deposited Securities, the Company shall notify the Depositary in writing of such occurrence
and as soon as practicable after receipt of such notice from the Company, may instruct the Depositary to give notice thereof, at
the Company's expense, to Holders in accordance with the provisions hereof. Upon receipt of such instruction, the Depositary shall
give notice to the Holders in accordance with the terms thereof, as soon as reasonably practicable.

 

(14)    Exoneration.

 

(a)  The Depositary, the Company, and
each of their respective directors, officers, employees, agents and affiliates and each of them shall: (i) incur no liability
to Holders or Beneficial Owners (A) if any present or future law, rule, regulation, fiat, order or decree of the United States,
England, Wales or any other country or jurisdiction, or of any governmental or regulatory authority or any securities exchange
or market or automated quotation system, the provisions of or governing any Deposited Securities, any present or future provision
of the Company's charter, any act of God, war, terrorism, nationalization, epidemic, pandemic, expropriation, currency restrictions,
work stoppage, strike, civil unrest, revolutions, rebellions, explosions, computer failure or circumstance beyond its direct and
immediate control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection
with, any act which the Deposit Agreement or this ADR provides shall be done or performed by it or them (including, without limitation,
voting pursuant to paragraph (12) hereof), or (B) by reason of any non-performance or delay, caused as aforesaid, in the performance
of any act or things which by the terms of the Deposit Agreement it is provided shall or may be done or performed or any exercise
or failure to exercise any discretion given it in the Deposit Agreement or this ADR (including, without limitation, any failure
to determine that any distribution or action may be lawful or reasonably practicable); (ii) assume no liability to Holders
or Beneficial Owners except to perform its obligations to the extent they are specifically set forth in this ADR and the Deposit
Agreement without gross negligence or willful misconduct and the Depositary shall not be a fiduciary or have any fiduciary duty
to Holders or Beneficial Owners; (iii) in the case of the Depositary and its agents, be under no obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or this ADR; (iv) in the case
of the Company and its agents hereunder be under no obligation to appear in, prosecute or defend any action, suit or other proceeding
in respect of any Deposited Securities or this ADR, which in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may
be required; and (v) not be liable to Holders or Beneficial Owners for any action or inaction by it in reliance upon the advice
of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, or any other person believed
by it to be competent to give such advice or information. The Depositary shall not be liable for the acts or omissions made by,
or the insolvency of, any securities depository, clearing agency or settlement system.

 

    A-15

     

    

 

 

 

(b)  The Depositary. The Depositary
shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any Custodian
that is not a branch or affiliate of JPMorgan Chase Bank, N.A. The Depositary shall not have any liability for the price received
in connection with any sale of securities, the timing thereof or any delay in action or omission to act nor shall it be responsible
for any error or delay in action, omission to act, default or negligence on the part of the party so retained in connection with
any such sale or proposed sale. Notwithstanding anything to the contrary contained in the Deposit Agreement (including the ADRs),
subject to the further limitations set forth in subparagraph (p) of this paragraph (14), the Depositary shall not be responsible
for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the Custodian except
to the extent that any Holder has incurred liability directly as a result of the Custodian having (i) committed fraud or willful
misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable care in the provision
of custodial services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which
the Custodian is located.

 

(c)  The Depositary, its agents and the
Company may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed
by them to be genuine and to have been signed, presented or given by the proper party or parties.

 

(d)  The Depositary shall be under no
obligation to inform Holders or Beneficial Owners about the requirements of the laws, rules or regulations or any changes
therein or thereto of any country or jurisdiction or of any governmental or regulatory authority or any securities exchange or
market or automated quotation system.

 

    A-16

     

    

 

 

 

(e)  The Depositary and its agents will
not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, for the manner in which
any such vote is cast or for the effect of any such vote.

 

(f)  The Depositary may rely upon instructions
from the Company or its counsel in respect of any approval or license required for any currency conversion, transfer or distribution.

 

(g)  The Depositary and its agents may
own and deal in any class of securities of the Company and its affiliates and in ADRs.

 

(h)  Notwithstanding anything to the
contrary set forth in the Deposit Agreement or an ADR, the Depositary and its agents may fully respond to any and all demands or
requests for information maintained by or on its behalf in connection with the Deposit Agreement, any Holder or Holders, any ADR
or ADRs or otherwise related hereto or thereto to the extent such information is requested or required by or pursuant to any lawful
authority, including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other
regulators.

 

(i)  None of the Depositary, the Custodian
or the Company shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits or refunds of
non-U.S. tax paid against such Holder's or Beneficial Owner's income tax liability.

 

(j)  The Depositary is under no obligation
to provide the Holders and Beneficial Owners, or any of them, with any information about the tax status of the Company. The Depositary
and the Company shall not incur any liability for any tax or tax consequences that may be incurred by Holders and Beneficial Owners
on account of their ownership or disposition of the ADRs or ADSs.

 

(k)  The Depositary shall not incur any
liability for the content of any information submitted to it by or on behalf of the Company for distribution to the Holders or
for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities,
for the validity or worth of the Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to
lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company.

 

(l)  Notwithstanding anything herein
or in the Deposit Agreement to the contrary, the Depositary and the Custodian(s) may use third party delivery services and
providers of information regarding matters such as pricing, proxy voting, corporate actions, class action litigation and other
services in connection herewith and the Deposit Agreement, and use local agents to provide extraordinary services such as attendance
at annual meetings of issuers of securities. Although the Depositary and the Custodian will use reasonable care (and cause their
agents to use reasonable care) in the selection and retention of such third party providers and local agents, they will not be
responsible for any errors or omissions made by them in providing the relevant information or services.

 

    A-17

     

    

 

 

 

(m)  The Depositary shall not be liable
for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary
or in connection with any matter arising wholly after the removal or resignation of the Depositary.

 

(n)  By holding an ADS or an interest
therein, Holders and Beneficial Owners each irrevocably agree that any legal suit, action or proceeding brought by any Holder or
Beneficial Owner against or involving the Company or the Depositary, arising out of or based upon the Deposit Agreement, the ADSs,
the ADRs or the transactions contemplated herein, therein or hereby, may only be instituted in a federal court in New York, New
York, or, except for claims arising under the Securities Act of 1933 or Securities Exchange Act of 1934, any state court in New
York, New York, and by holding an ADS or an interest therein each irrevocably waives any objection which it may now or hereafter
have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any
such suit, action or proceeding, provided, however, pursuant to applicable law and the Company’s Articles of Association,
any claim brought by Holders or Beneficial Owners arising under the Securities Act of 1933 may be instituted only in any federal
court in the United States, and any claim brought by any Holder or Beneficial Owner or on behalf of the Company with regard to
the internal affairs of the Company, including the ability to bring such a claim, shall be governed by and construed in accordance
with the laws of England and Wales, and may only be instituted against the Company, its directors, officers or employees as provided
in the Company’s Articles of Association in the courts of England and Wales.

 

(o)  The Company has agreed to indemnify
the Depositary and its agents under certain circumstances and the Depositary has agreed to indemnify the Company under certain
circumstances.

 

(p)  Neither the Depositary, the Company,
nor any of their respective agents shall be liable to Holders or Beneficial Owners for any indirect, special, punitive or consequential
damages (including, without limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person
or entity (including, without limitation, Holders and Beneficial Owners), whether or not foreseeable and regardless of the type
of action in which such a claim may be brought.

 

    A-18

     

    

 

 

 

(q)  No provision of the Deposit Agreement
or this ADR is intended to constitute a waiver or limitation of any rights which Holders or Beneficial Owners may have under the
Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable.

 

(15)    Resignation and Removal of Depositary;
the Custodian.

 

(a)  Resignation. The Depositary
may resign as Depositary by written notice of its election so to do delivered to the Company, such resignation to take effect upon
the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement.

 

(b)  Removal. The Depositary may
at any time be removed by the Company by no less than 60 days' prior written notice of such removal, to become effective upon the
later of (i) the 60th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary
and its acceptance of such appointment as provided in the Deposit Agreement.

 

(c)  The Custodian. The Depositary
may appoint substitute or additional Custodians and the term "Custodian" refers to each Custodian or all Custodians
as the context requires.

 

(16)    Amendment. Subject to the last
sentence of paragraph (2) (Withdrawal of Deposited Securities), the ADRs and the Deposit Agreement may be amended by
the Company and the Depositary, provided that any amendment that imposes or increases any fees or charges on a per ADS basis
(other than stock transfer or other taxes and other governmental charges, transfer or registration fees, SWIFT, cable, telex or
facsimile transmission costs, delivery costs or other such expenses), or that shall otherwise prejudice any substantial existing
right of Holders or Beneficial Owners, shall become effective 30 days after notice of such amendment shall have been given to the
Holders. Every Holder and Beneficial Owner at the time any amendment to the Deposit Agreement so becomes effective shall be deemed,
by continuing to hold such ADR, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby.
In no event shall any amendment impair the right of the Holder of any ADR to surrender such ADR and receive the Deposited Securities
represented thereby, except in order to comply with mandatory provisions of applicable law. Any amendments or supplements which
(i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered
on Form F-6 under the Securities Act of 1933 or (b) the ADSs or Shares to be traded solely in electronic book-entry form
and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to
prejudice any substantial rights of Holders or Beneficial Owners. Notwithstanding the foregoing, if any governmental body or regulatory
body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement or the
form of ADR to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the
ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement
in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other
period of time as required for compliance. Notice of any amendment to the Deposit Agreement or form of ADRs shall not need to describe
in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall
not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means
for Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission's,
the Depositary's or the Company's website or upon request from the Depositary).

 

    A-19

     

    

 

 

 

(17)    Termination. The Depositary
may, and shall at the written direction of the Company, terminate the Deposit Agreement and this ADR by mailing notice of such
termination to the Holders at least 30 days prior to the date fixed in such notice for such termination; provided, however, if
the Depositary shall have (i) resigned as Depositary hereunder, notice of such termination by the Depositary shall not be
provided to Holders unless a successor depositary shall not be operating hereunder within 60 days of the date of such resignation,
or (ii) been removed as Depositary hereunder, notice of such termination by the Depositary shall not be provided to Holders
unless a successor depositary shall not be operating hereunder on the 60th day after the Company's notice of removal
was first provided to the Depositary. Notwithstanding anything to the contrary herein, the Depositary may terminate the Deposit
Agreement without notice to the Company, but subject to giving 30 days’ notice to the Holders, under the following circumstances:
(i) in the event of the Company’s bankruptcy or insolvency, (ii) if the Company effects (or will effect) a redemption
of all or substantially all of the Deposited Securities, or a cash or share distribution representing a return of all or substantially
all of the value of the Deposited Securities, or (iii) there occurs a merger, consolidation, sale of all or substantially
all assets or other transaction as a result of which securities or other property are delivered in exchange for or in lieu of Deposited
Securities.

 

After the date so fixed for termination,
the Depositary and its agents will perform no further acts under the Deposit Agreement and this ADR, except to receive and hold
(or sell) distributions on Deposited Securities and deliver Deposited Securities being withdrawn. As soon as practicable after
the date so fixed for termination, the Depositary shall use its reasonable efforts to sell the Deposited Securities and shall thereafter
(as long as it may lawfully do so) hold in an account (which may be a segregated or unsegregated account) the net proceeds of such
sales, together with any other cash then held by it under the Deposit Agreement, without liability for interest, in trust for the
pro rata benefit of the Holders of ADRs not theretofore surrendered. After making such sale, the Depositary shall be discharged
from all obligations in respect of the Deposit Agreement and this ADR, except to account for such net proceeds and other cash.
After the date so fixed for termination, the Company shall be discharged from all obligations under the Deposit Agreement except
for its obligations to the Depositary and its agents.

 

    A-20

     

    

 

 

 

(18)    Appointment; Acknowledgements and
Agreements. Each Holder and each Beneficial Owner, upon acceptance of any ADSs or ADRs (or any interest in any of them) issued
in accordance with the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to
and bound by the terms of the Deposit Agreement and the applicable ADR(s), (b) appoint the Depositary its attorney-in-fact,
with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the
applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary
in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable
ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof, and (c) acknowledge
and agree that (i) nothing in the Deposit Agreement or any ADR shall give rise to a partnership or joint venture among the
parties thereto nor establish a fiduciary or similar relationship among such parties, (ii) the Depositary, its divisions,
branches and affiliates, and their respective agents, may from time to time be in the possession of non-public information about
the Company, Holders, Beneficial Owners and/or their respective affiliates, (iii) the Depositary and its divisions, branches
and affiliates may at any time have multiple banking relationships with the Company, Holders, Beneficial Owners and/or the affiliates
of any of them, (iv) the Depositary and its divisions, branches and affiliates may, from time to time, be engaged in transactions
in which parties adverse to the Company or the Holders or Beneficial Owners may have interests, (v) nothing contained in the
Deposit Agreement or any ADR(s) shall (A) preclude the Depositary or any of its divisions, branches or affiliates from
engaging in such transactions or establishing or maintaining such relationships, or (B) obligate the Depositary or any of
its divisions, branches or affiliates to disclose such transactions or relationships or to account for any profit made or payment
received in such transactions or relationships, (vi) the Depositary shall not be deemed to have knowledge of any information
held by any branch, division or affiliate of the Depositary and (vii) notice to a Holder shall be deemed, for all purposes
of the Deposit Agreement and this ADR, to constitute notice to any and all Beneficial Owners of the ADSs evidenced by such Holder’s
ADRs. For all purposes under the Deposit Agreement and this ADR, the Holder hereof shall be deemed to have all requisite authority
to act on behalf of any and all Beneficial Owners of the ADSs evidenced by this ADR.

 

(19)    Waiver. EACH PARTY TO THE DEPOSIT
AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR HOLDER OF INTERESTS IN, ADSs OR ADRs)
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE
SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN,
OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

 

    A-21

     

    

 

 

 

(20)    Elective Distributions in Cash or
Shares. Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or in
additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution
stating whether or not it wishes such elective distribution to be made available to Holders. Upon receipt of notice indicating
that the Company wishes such elective distribution to be made available to Holders, the Depositary shall consult with the Company
to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable
to make such elective distribution available to the Holders. The Depositary shall make such elective distribution available to
Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders, (ii) the
Depositary shall have determined that such distribution is reasonably practicable and (iii) the Depositary shall have received
satisfactory documentation within the terms of Section 14 of the Deposit Agreement including, without limitation, any legal
opinions of counsel in any applicable jurisdiction that the Depositary in its reasonable discretion may request, at the expense
of the Company. If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to
the Holders, on the basis of the same determination as is made in the local market in respect of the Shares for which no election
is made, either (x) cash or (y) additional ADSs representing such additional Shares. If the above conditions are satisfied,
the Depositary shall establish a record date and establish procedures to enable Holders to elect the receipt of the proposed dividend
in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary.
Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective dividend in Shares (rather
than ADSs). There can be no assurance that Holders or Beneficial Owners generally, or any Holder and/or Beneficial Owner in particular,
will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.

 

    A-22Exhibit 10.3

 

		Exhibit 10.3 15/7068 Books of Council and Session Extract Registered 24 Feb 2015 AGREEMENT CONSTITUTING ALTERATION AND EXTENSION OF LEASE UNIVERSITY COURT OF THE UNIVERSITY OF ABERDEEN G T BIOLOGICS LIMITED 

 

     

     

    

		 15/7068 Books of Council and Session Extract Registered 24 Feb 2015 AGREEMENT CONSTITUTING ALTERATION AND EXTEN,..S• ION OF LEASE '.· UNIVERSITY COURT OF THE UNIVERSITY OF ABERDEEN G T BIOLOGICS LIMITED PINSENT MASONS LLP DX GW135 GLASGOW 

 

     

     

    

		l\tgt1'ttrl of Si>cotlanb 1517068 . AT EDINBURGH the Twenty Fourth day of February Two thousand and· fifteen the Deed hereinafter' reproduced was presented for registration in the Books of the Lords of Council and Session for preservation and execution and is registered in the said Books as follows:-DOCS-3-892 THIS MINUTE OF ALTERATION AND EXTENSION OF LEASE HAS BEEN PREPARED BY PINSENT MASONS LLP FOR THE UNIVERSITY COURT OF THE UNIVERSITY OF ABERDEEN. PINSENT MASONS LLP ACT FOR,THE UNIVERSITY COURT OF THE UNIVERSITY OF ABERDEEN AND NOT FOR YOU. THE SIGNtNG OF THIS MINUTE OF ALTERATION AND EXTENSION OF LEASE MAY HAVE LEGAL CONSEQOENCES FOR YOU AND ACCORDINGLY YOU SHOULD TAKE INDEPENDENT LEGAL ADVICE PRIOR TO SIGNING THIS MINUTE OF ALTERATION AND EXTENSION OF LEASE THIS AGREEMENT constituting an ALTERATION AND EXTENSION OF LEASE is entered into between THE UNIVERSITY COURT OF THE UNIVERSITY OF ABERDEEN constituted under the Universities (Scotland) Act 1889, and having a place of business at Regent Walk, Aberdeen, the University of Aberdeen is a charity registered in Scotland SC013683 (the "Landlord"); and GT BIOLOGICS LIMITED incorporated under the Companies Acts in Scotland with company number SC336222 and havi11g its registered office at Ufe Science Innovation .Building, Cornhill Road, Aberdeen, AB25 2ZS (the "Tenant"). WHEREAS:-·The Landlord is the landlord under the Lease; The Tenant is the tenant under the Lease; and The Parties have agreed to vary the Lease with effect from the Date of Variation . IT IS AGREED by the Parties as follows:-DEFINITIONS AND INTERPRETATION 1.1In this Agreement unless the context requires otherwise:-"Date of Variation"means 23 January 2015 "Landlord"means the party designed as the Landlord in this Agreement or its successors to the Landlord's interest in the Lease ''lease"means the lease between the Landlord and the Tenant dated 20 and 22 August 2013 and registered in the Books of Council and Session on 6 February 2015 "Parties"means the Landlord and the Tenant "Plan"means the plan annexed and signed as relative hereto "Premises"means ALL and WHOLE the offices and laboratories forming part of the Life Sciences Innovation Building, · Foresterhill, ·Aberdeen as more particularly described in the Lease "New Premises" means ALL and WHOLE the offices and laboratories forming part of the Life Sciences Innovation Building, Foresterhill, Aberdeen being the offices and laboratories shown coloured purple on the Plan. 'Tenant" I means the party designed as the Tenant in this Agreement or its permitted assignees 57780806.1\Cboolh63I 

 

     

     

    

		 DOCS-3-892 Interpretation Except to the extent that the context or the express provision of this Agreement requires otherwise, in this Agreement:-1..2.1 a reference to one gender includes all other genders; °1.2.2 words in the singular include the plural and vice versa; if at any time there are two or more persons included in the expression the Tenant obligations contained in this Agreement which are expressed to be made by the Tenant are binding jointly and severally on them and their . respective executors and representatives without the necessity of discussing them in their order; if the Tenant is a firm or partnership the obligations of the Tenant will be binding jointly and severally on all persons who are or become partners of the firm at any time and their respective executors and representatives as well as on the firm and its whole stock, funds; assets and estate without the necessity of discussing them in their order and such obligations subsist and remain in full force and effect notwithstanding the dissolution of the firm or partnership or any change or changes which may take place in the firm or partnership whether by the assumption of a new partner or partners or by the retiral, bankruptcy or death of any individual partner or by a change in the firm name; any reference to a person includes a natural person, corporate or unincorporated body (whether or not having separate legal personality) and words importing individuals include corporations and vice versa; references to this Agreement. or to any other document are construed as references to this Agreement or to that other document as modified, amended , varied, supplemented, assigned, novated or replaced from time to time; and references to the parties are to be construed as references to the parties to this Agreement. Headings The table of contents and the headings in this Agreement are included for convenience only and are to be ignored in construing this Agreement. VARIATION The Parties agree that the Lease will be varied with effect from the Date of Variation in accordance with the provisions of this Agreement. EXTENSION OF TERM OF LEASE The duration of the Lease shall be extended from 1 August 2015 until 30 November 2017. RENT The rent payable under the Lease will be increased with effect from the Date of Variation to EIGHTY THREE THOUSAND AND EIGHTY SEVEN POUNDS (£83,087.00) (exclusive of all Value Added Tax) by equal quarterty payments in advance on the Scottish Quarter Days of Candlemas (Twenty eighth February), Whitsunday (Twenty eighth May), Lammas (Twenty eighth August) and Martinmas Twenty eighth November) clear of all deductions whatsoever . The Tenant undertakes to pay interest on any late payment of rent as provided in the Lease. 58050,545 .1\Cbooth632 

 

     

     

    

		 DOCS-3-892 SERVICE CHARGE The service charge payable under the Lease will be increased with effect from the Date of Variation to ONE HUNDRED AND TWENTY SIX THOUSAND NINE HUNDRED AND THIRTEEN POUNDS (£126,913.00) (exclusive of all Value Added Tax) by equal quarterly payments in advance on the Scottish Quarter pays of Candlemas (Twenty eighth February), Whitsunday (Twenty eighth May), Lammas (Twenty eighth August) and Martinmas Twenty eighth November) clear of all deductions whatsoever EXTENT OF PREMISES With effect from the Date of Variation, the Lease is varied to the extent that the definition of "Premises" in Clause 1.1 thereof shall be extended to include the New Premises; LEASE RATIFIED . The whole provisions of the Lease remain in full force and effect, except as expressly altered or varied in this Agreement, and the Landlord and Tenant confirm the whole clauses, .tenor and content of the Lease. COSTS The Tenant must pay on demand the Landlord's whole proper and reasonable legal expenses and outlays in connection with this Agreement including the cost of registering this Agreement in the Books of Council and Session and obtaining three extracts (two of which will be for the Landlord's use). CONSENT TO REGISTRATION The parties consent to the registration of this Agreement for preservation and execution : IN WITNESS WHEREOF these presents on this and the two preceding pages are executed as follows:-· They are signed for and on behalf of the Landlord at .Vi. \.... on .2.3. ::························ 2015 - ························· - ··· by ...\................. ... . ...\1\..f.. before, as witness .../....'f!. .<{ict!...........: ...······............. ..D.£1. <:1 ..J).1.fY... <;.;-:'.12 ...M !':f./\d.R. :P. .f?c.CS .(.$!l!t:.. f.\.! !-PP.M .C,..r:J.:(j.1. ••• .•..•• • • •• Clo UN\\JEP-S.rN oc:: beO f;fV, eEU8'.r1\tJ AL-r<. , A RCGGN ..... · For and on behalf of the Landlord ...........MO£..................... OJ witness .··, -, -".. ·' .. ,.:, -· ... ·:----.-:-:· \ ... .· ;' . "··.· 58050545.1\Cbooth633 

 

     

     

    

		 l\egisteru ofcotlanb DOCS-3-892 They are signed for and on behalf of the Tenant at .....A..i.--1·-- ---on ..\q_fh....-Y-7.......... 2015 by ....v. .\J.G:r............ :1\-:\..o.N\So".\ .........}?.lrh---····················· ···············•·································· For and on behalf of the Tenant ......······················ Witness before, as witness . .\10¥.l......l8......... .. (o........:&19\03'-\'!::.s...l-f ..SCL...\NN .t:<TI ..S.U.1.wJNLr, (O \-\ILL. Q_oN) l f\lSt Gfi0 4 58050545.1\Cbooth63 

 

     

     

    

		 . ··"'i.;\ ...··· \·:· D•• I IRfl_•,,: 1 I\() !.. ,..' I.J:·'.vyoa, :'Jp wo·-'s •"·• " - ",., W2.1:' .aQ ..s-t Q y di . ,; ·--· '·i · '' ,•1 1 11 1 D" =. t t r.,q : 1 "l:..J " .., 0 W19 ·r81.' Il. W20 Q) § 0 Q) --; .Cl <t:1 +' §Ll Q·+: lf:l Q) Q) a w· ........ ...... ett. GT BIOL•OGICS t'fi.. /-;rlN I 'U>/ s .... (!> "§" § 6h a .8 Cl .9 -"' o·· 0 0 bD .s""' 0 ..cl Q) E - I ;>-.M '· BUILDING LSI BUILDING I t1 9 S K:jUNIVERSITY OF ABERDEEN DRAWING TITLE LEASE PLAN JOB NO. DRAWN REV DATE JAN 2015 CHECKED E1 DRAWING NO. LSI/LEASE 01 SCALE 1:200@A4 "d .0 Q) ' ...:i "' C1 I fj ESTATES "t<lu 't> Q) i3 - SHARED FACILITIES CJSIGHT SCIENCE • "dE-< fr · _(;l 

 

     

     

    

		 LEASE between UNIVERSITY COURT OF THE UNIVERSITY OF ABERDEEN and GT BIOLOGICS LIMITED Premises: Offices and Laboratories forming part of the Life Sciences Innovation Building, Foresterhill, Aberdeen D Pinsent Masons Pinsent Masons LLP 13 Queen's Road Aberdeen AB15 4YL Tel: +44 (0)1224 377900 Fax: +44 (0)1224 377901 Web Site: http://www.pinsentmasons.com c:\documents and seltings\aanderson\my documents\styles\short lease.doc 13 January 2012 17:19 FAS: 7435 

 

     

     

    

		 TABLE OF CONTENTS DEFINITIONS AND INTERPRETATION3 DURATION6 TENANTS MONETARY OBLIGATIONS6 RENT REVIEW7 VAT7 LABORATORY EQUIPMENT8 COMMON RIGHTS8 USE AND OCCUPATION8 FIT OUT, ALTERATIONS, DECORATION AND SIGNAGE9 ASSIGNATION, SUB-LETTING AND PARTING WITH POSSESSION9 REPAIR9 LANDLORD'S COSTS10 TENANT'S OTHER OBLIGATIONS10 LANDLORD'S OBLIGATIONS10 RESERVED RIGHTS11 TERMINATION AND REMOVAL12 IRRITANCY12 INDEMNITY13 NOTICES13 LANDLORD'S AND HEAD LANDLORD'S REMEDIES13 EXHIBITION OF ENERGY PERFORMANCE CERTIFICAT E13 STAMP DUTY LAND TAX CERTIFICATE13 TIME OF THE ESSENCE14 CONSENT TO REGISTRATION14 c:\nrportbl\gima nage\rogden\13653232_2.doc 

 

     

     

    

		 THIS LEASE HAS BEEN PREPARED BY PINSENT MASONS LLP FOR THE UNIVERSITY COURT OF THE UNIVERSITY OF ABERDEEN. PINSENT MASONS LLP ACT FOR THE UNIVERSITY COURT OF THE UNIVERSITY OF ABERDEEN AND NOT FOR YOU. BY SIGNING THIS LEASE THIS MAY HAVE LEGAL CONSQUENCES FOR YOU ACCORDINGLY YOU SHOULD TAKE INDEPENDENT LEGAL ADVICE PRIOR TO SIGNING THE LEASE. LEASE between THE UNIVERSITY COURT OF THE UNIVERSITY OF ABERDEEN constituted under the Universities (Scotland) Act 1889, and having a place of business at Regent Walk Aberdeen, the University of Aberdeen is a charily registered in Scotland SC013683 (in this Lease, along with the successors to its interest as landlord under this Lease, called the "Landlord") and GT BIOLOGICS LIMITED a company incorporated under the Companies Acts (Company Number SC336222) and having their registered office at Room W05 Life Science Innovation Building, Cornhill Road, Aberdeen, AB25 2ZS in this Lease, along with (in substitution) any permitted assignees of its interest in this Lease, called the "Tenant'') The Landlord and the Tenant agree that the Landlord, by this Lease, lets the Premises to the Tenant. on the terms set out in this Lease, namely:-DEFINITIONS AND INTERPRETATION In this Lease:-The following words and expressions shall have the following meanings where the context so permits:-"Common Parts" means all parts of the Building available for use in common with the other occupiers of the Building including the structure of the Building, the Service Media, all toilets, parking and landscaped areas, pedestrian and vehicular entrances, routes and accesses (including emergency escapes) but excluding (1) all parts of Building exclusively let to another party or capable of being let and (2) such other parts as may from time to time be excluded from the Common Parts by the Landlord acting properly and reasonably provided (i) the Tenant's use and enjoyment of Premises is not adversely affected by such exclusion(s) and (ii) the quantum of the Service Charge borne by the Tenant in terms of this Lease shall not be increased in circumstances where but for the exercise of such right by the Landlord, it would not have been increased. The Common Parts with effect from the Date of Entry shall extend to the rooms or areas within the Building shown coloured green on Plan A, the percentage area of such rooms or areas allocated to the Tenant in terms of this Lease being detailed in Part 2 of the Schedule; "Building" means the building known as the Life Sciences Innovation Building, Foresterhill, Aberdeen together with the Service Media exclusively serving it and comprised within it and including the external areas and car parking area comprising 22 spaces and 2 disabled spaces all of which are shown outlined in red on plan marked "Plan B" annexed and executed as relative hereto and which subjects are more particularly described in the Head Lease; "Duration" means the period from the Entry Date to the Expiry Date (inclusive), but shall also include any continuation of the period of this Lease, whether by agreement or by operation of law; c:\nrportbl\gimanage\rogden\ 13653232_2.doc Page 3 

 

     

     

    

		"Energy Performance Certificate" means an energy performance certificate in terms of the Energy Performance Certification Legislation; "Energy Performance Certification Legislation" means any legislation relative to energy performance certification and/or inspection and/or advice to users of air conditioning systems, in any of these cases relative to buildings in Scotland, including (without limitation) the Energy Performance of Buildings (Scotland) Regulations 2008 and the Building (Scotland) Act 2003 and regulations and orders made thereunder; "Entry Date" means 1 August 2013; "Expiry Date" means the date of expiry or termination of this Lease; "Head Landlord" means the party from time to time being the heritable proprietor of the Building and thus entitled to the interest of the landlord under the Head Lease; "Head Lease" means the lease of the Building between the Scottish Ministers and the Landlord dated 5 and 22 October 2007 and registered in the Land Register of Scotland under Title Number ABN95000; "Head Lease Rent" means the annual rent payable from time to time in terms of the Head Lease; "Laboratory Equipment" means the laboratory equipment detailed in Part 3 of the Schedule; "Landlord's Works" means the works being carried out by the Landlord, their agents and contractors in upgrading the systems within the Premises to be updated to bring them to the same standard as the systems throughout the rest of the Landlord's campus; "Lease" means this Lease, as it may be amended from time to time; "Lettable Part" means all parts of the Building including the Premises let or capable of letting; "Management Rules and Regulations" means such rules and regulations relative to the Building as the Landlord may acting properly and reasonably set down from time to time, in the interests of good estate management; · "Parties" means the Landlord and the Tenant; "Party" shall mean either of them; "Permitted Use" means use for the research and development of products and processes relating to the Life Sciences and for no other purpose without the prior written consent of the Landlord; "Premises" means those premises described in Part 1 of the Schedule; "Quarter Day" means the Scottish Quarter Days of Candlemas (Twenty Eighth August), Whitsunday (Twenty Eighth May), Lammas (Twenty Eighth August) and Martinmas (Twenty Eight November); "Rent" means FORTY SIX THOUSAND TWO HUNDRED AND TWENTY TWO POUNDS (£46,222) STERLING per annum exclusive of VAT, subject to review in terms of Clause 4; "Review Date" means the date from which the Duration of the Lease is extended in terms of Clause 2.2; c:\nrportb imanage\rogden\ 13653232_2.docPage 4 

 

     

     

    

		"RPI" means the general index of retail prices (all items) published by the Central Statistical Office of the Chancellor of the Exchequer and if that index is not published for any reason, any substituted index or index figures published by that Office for the month in question; "Schedule" means the schedule in 3 parts, annexed and executed as relative hereto; "Service Charge" means a fair and equitable proportion attributable to the Premises using the percentage allocation set out in Part 2 of the Schedule of the costs incurred by the Landlord annually in repairing, maintaining and where necessary lighting and cleaning of the Common Parts and all other parts of the Building including the Service Media, the costs of insuring the Building and effecting the other insurances and obligations the Landlord is obliged to comply with as provided for at Clause 14 hereof and all other payments incurred by the Landlord in the servicing and management of the Building as are consistent with an academic building and in particular gas, electricity and other utility costs, security services, fire protection, business rates and all other services used, consumed or provided in or upon the Premises and the Building (excepting damage caused by the insured risks as detailed at Clause 14 hereof) which sum shall be subject to annual review in line with the actual costs attributable to the Building as a whole; Declaring that the Service Charge payable by the Tenant in terms of Clause 3.1 of this Lease for the first Year of this Lease shall be FIFTY NINE THOUSAND AND NINETY EIGHT POUNDS (£59,098) STERLING exclusive of VAT; "Service Media" means all media for the supply or removal of heat, electricity, gas, water, sewage, air conditioning, energy, telecommunications and data to the Building and all other services and utilities and all structures, machinery and equipment ancillary to those media but excluding any media or services situated wholly within or exclusively serving any Lettable Part; "Tenant's Obligations" means all obligations of the Tenant under this Lease; "VAT" means Value Added Tax; "Working Day" means any day, excluding Saturdays, Sundays and Glasgow public holidays, during which the Scottish clearing banks in Glasgow are open for business; and "Year" means any consecutive period of 12 months commencing from the Entry Date. The masculine gender shall include the feminine and neuter genders, the singular number shall include the plural and vice versa and references to persons shall include bodies corporate, unincorporated associations and partnerships. If the Tenant comprises two or more persons, then the Tenant's Obligations shall be binding jointly and severally on such persons. References to Clauses are to Clauses of this Lease. Headings to the Clauses are inserted for convenience only and shall not affect the interpretation of this Lease. Any obligation upon either of the Parties not to do or omit to do anything shall include an obligation not to allow that thing to be done or omitted to be done by any person under their respective control. Any right reserved to the Landlord, may be exercised also by any superior landlord or other person authorised by the Landlord. Any entry on the Premises by the Landlord or by any person authorised under this Lease by the Landlord to enter, shall be at reasonable times convenient to the Tenant and upon notification of not less than 2 Working Days (or no notice in cases of emergency) and c:\nrportbl\gimanage\rogden\13653232_2 .docPage 5 

 

     

     

    

		subject to the proviso that the Landlord shall make good all physical damage caused to the Premises and the Laboratory Equipment in the exercise of such right. Any right of entry onto the Premises reserved to the Landlord under this Lease includes the right to bring contractors and appropriate equipment and machinery onto the Premises provided in exercise any right of entry as aforesaid, the provisions of Clause 1.8 shall be complied with. Any phrase prefaced by the words "including", "include", "in particular" or any similar expression or wording, shall not be construed as limiting the generality of any preceding phrase or word. Any plan attached to this Lease is demonstrative. Where consent or approval is not to be unreasonably withheld, a decision on whether or not to grant it must not be unreasonably delayed. This Lease is to be construed in accordance with the Laws of Scotland. DURATION The period of this Lease shall be from the Entry Date until 31 July 2015 subject always to the Tenant's option to extend the Duration in accordance with the terms of Clause 2.2 and (b) the provisions of Clause 2.3. The Tenant shall be entitled to extend the Duration of the Lease for a further period of one year by giving not less than six calendar months' written notice to the Landlord to that effect no later than 31 January 2015 in which event the Rent shall be reviewed in accordance with the terms of Clause 4 with effect from the Review Date. If there is damage to, or destruction of the Premises or any part of the Building upon which the Premises depend for access or other necessary purposes to the degree that the Premises cannot be used for the Permitted Use, then this Lease shall automatically terminate. TENANTS MONETARY OBLIGATIONS The Tenant binds itself and its successors and assignees as aftermentioned to pay to the Landlord throughout the Duration of this Lease the Rent and Service Charge by equal quarterly payments in advance on the Quarter Days. The first payment of Service Charge being due on the Entry Date for the period from the Entry Date to the next Quarter Day following the Entry Date and the first payment of Rent being due on the Entry Date for the period from the Entry Date to the next Quarter Day following the Entry Date. The Tenant shall be responsible for the provisions of a telephone and broadband service in the Premises during the Duration and for meeting any expenses incurred in relation to this service. If the Landlord so requires, any existing telephone number for the telephone in the Premises then this shall at expiry of the Lease remain with the Premises and accordingly the Tenant shall have no proprietary rights in the telephone number; The Tenant shall reimburse the Landlord within 14 days of written demand any shortfall in the insurance monies which would otherwise have been recovered by the Landlord where and to the extent that such shortfall arises as a consequence of any act, omission or default of the Tenant of those for whom the Tenant is legally responsible. The Tenant shall pay interest on any sums of money payable to the Landlord by the Tenant in terms of the Lease but not paid on the due date. Such interest shall be at the rate of 4% per annum above the base lending rate of The Royal Bank of Scotland pie, as varied from time to time and run from the date when the relevant sum of money became due until such sum was paid. c:\nrportbl\gimanage\rogden\13653232_2 .docPage 6 

 

     

     

    

		The rent and Service Charge payable in terms of Clause 3.1 hereof shall be made without the need for any demand from the Landlord, without deduction and by some automated method of direct bank transfer approved by the Landlord. RENT REVIEW The Rent shall be reviewed on the Review Dale and shall be increased from the sum payable immediately before the Review Date in the same proportion as other prices have increased over the relevant period in accordance with RPI plus 1% compounded annually from the Entry Date:-The revised rent equals:-A x .(fil x 1.0201 (C) Where: A = the rent payable immediately prior to the Review Date; B = RPI for the month preceding the month in which the Review Date falls; and C = RPI for the month preceding the month in which the Date of Entry fell; Declaring that time is not of the essence in respect to any of the provisions of this Clause and for the avoidance of doubt in the event of there being a decrease in RPI, the Rent shall remain unchanged. If the Rent shall not have been agreed by the Review Date in question, then pending such agreement the Tenant shall continue to pay rent at the rate payable immediately prior to the Review Date and within 14 days after such agreement, the Tenant shall pay to the Landlord an amount ("the Balancing Payment") representing the difference between the amount of rent actually paid in the period from and including the Review Date and the amount of rent which should have been paid in that period had the revised Rent been agreed or determined by the Review Date, together with interest thereon at the base rate for the time being and from time to time of the Royal Bank of Scotland calculated on a daily basis from the due date for payment until paid in full. Interest at the rate of 4% per annum above the said base rate shall be payable on the Balancing Payment from the date 14 days after such agreement or determination until the date of actual receipt of payment in full by the Landlord. If so required by the Landlords the Tenants shall enter into a Memorandum documenting the revised Rent following agreement or determination thereof. The Landlord and the Tenant shall each be responsible for their own legal expenses incurred relative to the negotiation, preparation, adjustment and completion of the said Memorandum with the Tenant liable for the cost of registering the Memorandum in the Books of Council and Session and obtaining three extracts of each (one for the Tenant and two for the Landlord). 4.2If at the Review Date the Landlord shall be obliged to comply with any statute dealing with the control of rent and which shall restrict or modify the Landlord's right to increase the rent, then the procedure for review of rent hereinbefore contained shall nevertheless be followed and the rent as so reviewed (or the permitted proportion thereof) shall immediately become payable with effect from the date of the relaxation or removal of such enactment. VAT All sums referred to in this Lease are expressed exclusive of any VAT chargeable . c:\nrportbl\gimanage\rogden\ 13653232_2.docPage 7 

 

     

     

    

		The Tenant shall pay to the Landlord any VAT and/or any other tax or charge of a similar nature as shall be properly chargeable in respect of all monies (including rent) undertaken to be paid by the Tenant under this Lease. LABORATORY EQUIPMENT The Tenant shall have a right to use the Laboratory Equipment on an exclusive right or on a non-exclusive first come, first served basis as detailed in the table at Part 3 of the Schedule provided always that (a) no guarantee nor warranty is given by the Landlord regarding any fitness for purpose of such Laboratory Equipment contained under the heading Non-Exclusive Equipment Lisi 2 and {b) the Landlord shall not be responsible unless the Landlord chooses to do so, which shall be at the Landlord's discretion, for the maintaining, repairing, replacing or renewing any such Laboratory Equipment contained under the heading Non-Exclusive Equipment List 2, nor for the cost of providing any consumables required for the operation and/or use of any of the Laboratory Equipment listed in the table at Part 3 of the Schedule. 6.2The Landlord shall be obliged to maintain, repair, replace or renew such Laboratory Equipment contained under the heading, Non-Exclusive Equipment List 1, as and when is necessary for the proper and reasonable working order of the said equipment. COMMON RIGHTS The following non-exclusive rights are granted to the Tenant (in common with other occupiers of the Building, the Landlord and any other persons authorised by the Landlord), but subject to the rights reserved as referred to in Clause 16:-Pedestrian access to and egress from the Premises by the designated entrances and exits and routes within the Building but provided the said areas shall be kept unobstructed at all times; To use eight car parking spaces for the parking of private motor vehicles within the car park but the Tenant must:-not park vehicles on any service road; and comply with any reasonable Landlord regulations for controlling traffic movements all as previously notified by the Landlord to the Tenant. Free passage of utility services through the Service Media forming part of the Common Parts to and from the Premises, but the Tenant must not block any of such Service Media. To use all fire escape routes within the Building, both in an emergency and for fire drills. To use the Common Parts. USE AND OCCUPATION The Tenant shall:-Use and occupy the Premises for the Permitted Use and for no other purpose; Not:-cause a nuisance, damage or disturbance to the Landlord or other occupiers of the Building or neighbouring proprietors; or overload the Building or cause harm to the drains; or bring on to the Premises or the Building any hazardous, explosive, dangerous or combustible goods or materials without the prior written consent of the Landlord. c:\nrportbl\gimanage\rogden\13653232_2.docPage 8 

 

     

     

    

		8.2The Landlord gives no representation or warranty that the Permitted Use is, or will be or remain, a permitted use in terms of planning legislation. FIT OUT, ALTERATIONS, DECORATION AND SIGNAGE To the extent not already fitted out as required by the Tenant,then the Tenant shall fit out the Premises in terms of drawings and specifications approved by the Landlord, such approval not to be unreasonably withheld. The Tenant shall not:-cut, divide, alter or damage the Premises or Building; make any additions to the Premises or Building; change the internal or external decoration of the Premises or Building; or erect any external signage or signage visible from the exterior through the windows of the Premises or Building; in any of these cases without the prior written consent of the Landlord. 9.3 10. 10.1 11. 11.1 11.2 11.3 11.3.1 11.3.2 Landlord's consent shall not be unreasonably withheld or delayed to internal non-structural alterations to, or internaldecorative treatment of, the Premises. ASSIGNATION, SUB-LETTING AND PARTING WITH POSSESSION The Tenant shall not be entitled to assign, sub-let, part with or share possession of; or otherwise in any way or for any purpose deal with its interest in the Premises or any part of the Premises except with the prior written consent of the Landlord. REPAIR The Tenant accepts the Premises and the Common Parts as in all respects in good and substantial condition and repair and fit for the purposes for which they are let or intended to be used. All implied warranties as to fitness for purpose are excluded. The Tenant shall:-keep and maintain the Premises (including Landlord's fixtures and fitting and the Laboratory Equipment as detailed in the table at Part 3 of the Schedule under the heading Exclusive Laboratory Equipment List 1) in such good and substantia l condition and repair and throughout the Duration well and substantially to repair, maintain, cleanse, replace, renew and rebuild the same irrespective of the cause of the damage or deterioration necessitating such repair, maintenance, cleansing, replacing, renewing or rebuilding, save as provided for in Clause 11.4; and keep the Premises and Building clean and tidy and clear of rubbish and in particular (a) to ensure that all refuse is disposed of promptly in accordance with the local or public authority; and (b) to place in separate and secure containers and arrange safe and proper removal and disposal of all clinical waste all in accordance with best practice; all to the Landlord's reasonable satisfaction. The Tenant shall not be required to make good any damage to the Premises to any extent to which the Landlord has received Insurance monies which apply to, and cover the cost of, making good such damage. c:\nrportbl\g imanage\rogden\ 13653232_2.docPage 9 

 

     

     

    

		 If at the end of this Lease {whenever and however that happens) the Premises are not in the condition referred to in this Clause 11 and for which the Tenant are properly liable for in terms of this Lease, then the Landlord may do all works required to put the Premises into the required condition. The costs incurred by the Landlord in carrying out such works are payable by the Tenant within 14 days of written demand. LANDLORD'S COSTS The Tenant shall pay to the Landlord within 14 days of demand:-The dues of registering this Lease in the Books of Council and Session and obtaining 3 extracts of it (one of which shall be supplied to the Tenant); and All legal and other costs properly and reasonably incurred by the Landlord in:-dealing with any application by the Tenant for consent or approval; and serving any notice on the Tenant in respect of, or otherwise taking action required to remedy, any breach of the Tenant's Obligations. TENANT'S OTHER OBLIGATIONS The Tenant shall:-13.1 13.1.1 13.1.2 13.2 13.3 13.4 13.5 13.6 13.7 13.8 14. Comply at all times with:-the terms of the Landlord's policies of insurance for the Building; and the requirements of the insurers under any such policies of insurance. Not do anything which may invalidate any such policies of insurance. Insure against public liability for the Tenant's business carried on at, and the Tenant's occupation of, the Premises relative to injury or death of any person; and damage to property, and exhibit to the Landlord, within 14 days of written, a copy of the policy of insurance and the receipt for the latest premium payment. Comply with the Management Rules and Regulations {if any). Ask its staff and those it is responsible at law to take all necessary measures {none of which will incur any cost to the Tenant) to kept the Premises and where appropriate the Building secure and lockfast at all times throughout the Duration. Notify the Landlord of any damage caused by the Tenant or those for whom the Tenant is responsible at law to the Premises or the Building as soon as reasonably practicable after the Tenant knows of its occurrence . Comply with all statutory, local authority, fire authority and other proper authority requirements relating to the Premises or the Tenant's occupation of the Premises. Not make any application for planning permission relative to the Premises. LANDLORD'S OBLIGATIONS The Landlord shall:-14.1unless prevented from doing so by any act, omission or default of the Tenant or otherwise to keep and maintain throughout the period of this Lease insurance cover in respect of the Building against loss or damage by normal commercial risks (but only for so long and to the extent that the Landlord is able to obtain cover at reasonable commercial rates) and subject to such excesses, exclusions and limitations as the Landlord's insurers may c:\nrportbl\gimanage\rogden\ 13653232_2.docPage 10 

 

     

     

    

		impose or demand for such sum as represents the full cost of reinstatement and such insurance policy shall include adequate cover for Property Owner's Liability and Third Party Liability in relation to the Building. pay the Head Lease Rent and other payments due to the Head Landlord in terms of the Head Lease manage the Building in accordance with the principles of good estate management; to repair, maintain, and as appropriate heat, light, ventilate and keep clean and tidy, in whole or in part, the Common Parts; and comply with all statutory, local authority, fire authority and other proper authority requirements relating to the Common Parts. to keep full and accurate accounts and records of the expenditure incurred by or for the Landlord in respect of the Service Costs and the Tenant shall be entitled at reasonable intervals to attend the Landlord's main place of business or offices as advised by the Landlord to inspect such accounts and records (the Landlord being oblige to keep the same for the 2 previous years) and to make any examination or audit which the Tenant may desire at the Tenant's own costs and expenses and not more than once in any one Year. use its reasonable endeavours to keep the Building open to the Tenant 24 hours a day, 7 days a week , except when the Building, or parts of the Building, may be closed:-due to an emergency; or due to circumstances beyond the Landlord's reasonable control; or where necessary to facilitate the carrying out of maintenance or repair. the Landlord grants warrandice, subject to the other provisions of this Lease. keep insured the plant and equipment within the Building (but excluding the Laboratory Equipment) against mechanical and electrical breakdown, explosion and third party risks. RESERVED RIGHTS The following rights are reserved to the Landlord:-To enter the Premises (with or without contractors, materials and equipment) on notification to the Tenant of not less than two Working Days (except that no notice shall be required in an emergency):-to inspect the Premises or otherwise check compliance with the Tenant's Obligations; to inspect the Premises as necessary to allow the obtaining of an Energy Performance Certificate for the Building; to carry out alterations, repairs or other works to any other part of the Building; {4) to allow prospective purchasers and/or new tenants to view the Building; to carry out any works to the Premises which are otherwise a Tenant's Obligation but which the Tenant has failed to carry out provided the Landlord has first given to the Tenant not less than 2 months prior notice of the want of repair and the Tenant has failed to carry out the said works within the said 2 month period; and for all other reasonable or necessary purposes. c:\nrportbl\gimanage\rogd en\13853232_2.docPage 11 

 

     

     

    

		15.1.2 15.1.3 15.1.4 15.1.5 15.2 15.2.1 15.2.2 15.2.3 16. 16.1 16.1.1 16.1.2 16.1.3 16.1.4 16.2 17. 17.1 17.1.1 17.1.2 17.1.3 Free passage of utility services through the Service Media within the Premises to and from any other part of the Building. Any rights reserved to the Head Landlord. To alter, stop up or divert any Common Parts, subject to, where reasonably necessary, providing reasonable alternatives where appropriate. To alter, extend, reduce or add extensions to the Building or add new buildings to the subjects. In exercising any of the rights reserved under Clause 15.1 the Landlord must:-cause as little interference as is reasonably practicable to the Tenant's business carried on at the Premises: make good any damage caused to the Premises as soon as reasonably practicable; and only take access to the Premises if there is no other reasonably practicable or economic way to exercise the relevant right, except that this restriction shall not apply to circumstances where entry is required in an emergency or due to a breach of the Tenant's Obligations. TERMINATION AND REMOVAL On the Expiry Date (whenever and however that happens) the Tenant shall:-Return all keys to the Premises and the Building to the Landlord; Remove itself from the Premises and the Building, and remove all of the Tenant's properly from the Premises, making good all damage caused by either such removal. Give vacant possession of the Premises to the Landlord; and Leave the Premises in a condition consistent with implementation of the Tenant's Obligations. If the Tenant does not leave the Premises in the condition required by this Clause 16, the Landlord may do all works required to put the Premises into the required condition. The costs incurred by the Landlord in carrying out such works are payable by the Tenant within 14 days of demand. IRRITANCY If:-the Rent or any other sums payable by the Tenant under the Lease is unpaid 21 days after the due date (whether demanded or not); or there is any other breach of the Tenant's Obligations; or the Tenant is a company and enters into winding up or liquidation or has a receiver or an administrator or an administrative receiver appointed; or then the Landlord shall subject to the terms of Clause 17.2 hereof, be entitled at any time thereafter to irritate this Lease. Provided that in the case of a breach, non-observance or non-performance by the Tenant of any of its obligations contained in this Lease which are capable of being remedied (albeit late) the Landlord shall not exercise any such option of irritancy unless and until it shall first have given written notice to the Tenant specifying such breach, non-observance c:lnrportbl\gimanagelrogden\13653232_2.docPage 12 

 

     

     

    

		or non-performance and requiring the same to be remedied and intimating its intention to exercise its option of irritancy in the event of said breach, non-observance or non performance not being remedied within such period as may be stated in the notice (being such reasonable period of time as the Landlord shall stipulate in the notice as being practicable in all the circumstances, which in the case of a breach being the non-payment of rent or any other monetary sum, however, shall be specified by the Landlord as being a period of 14 days only) and the Tenant shall have failed to remedy the same within the said period. If the Landlord irritates this Lease, then this Lease will terminate, without the need for declarator, process of removal or other procedure at law. The Landlord's right of irritancy does not affect the availability of any other rights to the Landlord in relation to any breach of the Tenant's Obligations. INDEMNITY Save to the extent that such liability, loss, damage or others arise as a result of some act of default on the part of the Landlord or those for whom the Landlord is responsible at law or the Landlord is indemnified by the insurances which it has effected or would have been indemnified had it complied with its obligations in terms of this Lease, the Tenant shall indemnify the Landlord against any liability, loss or claim incurred by the Landlord arising:-Out of any breach by the Tenant of the Tenant's Obligations; or From the Tenant's activities or those of its employees, agents, visitors or others for whom the Tenant is responsible at law at the Premises. NOTICES Any notice by the Landlord to the Tenant shall be sent to the Tenant's registered office by recognised international postal services. Any such notice must be in writing and shall be deemed to be received at the expiry of 7 Working Days after posting. Any notice by the Tenant to the Landlord shall be sent to the Landlord's Head or Principal Office. Any such notices must be in writing and shall be deemed to be received at the expiry of 2 Working Days after posting if sent by recorded delivery post or on the day of delivery if served by hand with a single witness. LANDLORD'S AND HEAD LANDLORD'S REMEDIES The same rights and remedies as are available to the Head Landlord against the Landlord in terms of the Head Lease shall be available to the Landlord against the Tenant under this Lease in addition to, and without prejudice to, any rights and remedies contained in this Lease. The Tenant accepts that the Head Landlord, if it chooses to do so, shall be entitled (but not bound) to enforce the provisions of this Lease, including without prejudice to that generality those provisions which require the consent or approval of the Head Landlord to be obtained in particular circumstances, against the Tenant as if the Head Landlord was the Landlord, and this provision is inserted for the benefit of, and shall be enforceable by, the Head Landlord. EXHIBITION OF ENERGY PERFORMANCE CERTIFICATE The Landlord shall provide to the Tenant a copy of a valid current Energy Performance Certificate for the whole Building (including the Premises) as soon as reasonably practical after the Entry Date. STAMP DUTY LAND TAX CERTIFICATE c:\nrportbl\gimanage\rogden\ 13653232_2.docPage 13 

 

     

     

    

		If the grant of this Lease is a notifiable transaction for the purposes of stamp duty land tax, the Tenant must deliver to the Landlord within 10 Working Days of the Entry Date, the Revenue Certific ate for that transaction. TIME OF THE ESSENCE Except where provision is made in this Lease for extensions of timescales, time shall be of the essence with respect to all timescales referred to in this Lease. CONSENT TO REGISTRATION The Parties consent to the registration of this Lease for preservation and execution: IN WITNESS WHEREOF these presents consisting of this and the 13 preceding pages and the schedule and plans are subscribed as follows:-For and on behalf of GT Biologics Limited . I Signatory Lft'dn11f · t:/\/c / ;;> Full name 2o - A"1J-201 Date of Signature .A IJ cR/t · .r-v Place of Signature edWitness n \ \.)\A,L-\'2.. ((-ZO I rl I ) Full Name _J ::.JA _t{L I v...\\11L.r'1-9 1'Z.I E Address L{e &:.,( "'""'v"'-. '-J _._::, L9)" For and on behalf of The University Court of the University of Aberdeen c:r . Dlreetoic.' Company Secretary/Authorised Signatory Date of Signature 22 . 'O . I> Place of Signature Witness Full Name "f"Att. t•..s. Ofk_ c:;;, ,UN\ v<O.(S(f ( <:> Hi e_ , Address b ·"' .A6 -€,..lA&'2o+ '3h<: 

 

     

     

    

		THIS IS THE SCHEDULE REFERRED TO IN THE FOREGOING LEASE BETWEEN UNIVERSITY COURT OF THE UNIVERSITY OF ABERDEEN AND GT BIOLOGICS LIMITED. SCHEDULE PART 1 The Premises ALL and WHOLE those offices and laboratories forming part of the Building and shown coloured in blue on the plan marked "Plan A" annexed and executed as relative hereto, and including as part of the Premises:-the interior faces of all structural walls and columns, the whole of any non structural part of any wall both faces of which are within the bounds of the Premises, one half in thickness of any non structural part of any wall which forms a boundary of the Premises, the interior screeding, all plasterwork and wall finishes, the false ceiling (if any) and the interior face of the structural ceiling above provided the upper limit of the Premises shall not extend to anything above the said structural ceiling, any glazing, windows, doors and other entrances, (but not the exterior finishes of any rear door) frames and fittings for any of the foregoing, such water and sanitary fittings, stopcocks, cisterns and radiators, air, water, electricity, gas and other service wires, ducts and apparatus as serve solely the Premises. 

 

     

     

    

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		 Laboratory Equipment Exclusive Equipment List 1 None Non-Exclusive Equipment List 1 Equipment DescriptionLocationMake/ModelSerial Number OvenW15/W0140Binder08-48554 FD53 DishwasherW15/W0141Miele Professional4267060 G7804 AutoclaveW15/W0142Priorclave 230L AutoclaveW15/W0143Priorclave 450 L CentrifugeW11/W0147Sigma123937 Non-Exclusive Equipment List 2 Equipment DescriptionLocationMake/ModelSerial Number Platform ShakerW12New Brunswick Scientific1101541565 lnnova 2000 AutoclaveW15/W0139Prestige9102751 210002 -80 FreezerW16/W0135New Brunswick Scientific 1004-9155-0608 U570-86 Refrigerated CentrifugeW19/W0007Sigma129084 4-16K IncubatorW19/W0003Binder852179 6K15 Shaking IncubatorW19/W0004New Brunswick Scientific800734737 lnnova 44R 

 

     

     

    

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		 ·ga LAND REGISTER Officer's ID I DateTITLE NUMBER 5067 OF SCOTLAND 201512008 ABN95000 ORDNANCE SURVEY NATIONAL GRID REFERENCE NJ9207SW 70m. Survey Scale .111250 'fht b(>ulldorlu shown b)I dolltd linea hovo !>Ctn plotted from the d11d1. Phy1laol boundorit1 wlll II• lndloolcd olttr their df llntollon on tho Ordnonco Mop, cb ---0 ...····•.. .......··\.

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