Document:

Exhibit 10.13

   

  THE ADC THERAPEUTICS INCENTIVE PLAN DATED MAY 1, 2014

   

  AMENDED AND RESTATED AS OF 1st DAY OF OCTOBER, 2015

   

  RULES

   

  Adopted as of the 1st day of October, 2015 by:

   

  ADC Therapeutics Sàrl (upon conversion on October 13, 2015: ADC Therapeutics SA)

  ADC Therapeutics (UK) Limited

  ADC Therapeutics America, Inc.

  
    
      
 

  

   

  CONTENTS

   

  	WHEREAS	1
	 	 
	1.	DEFINITIONS AND INTERPRETATION	2
	 	 	 
	2.	GRANT OF AWARDS	5
	 	 	 
	3.	DOCUMENTATION OF AWARDS	6
	 	 	 
	4.	NO DEALING IN AWARDS	6
	 	 	 
	5.	PAYMENT AND LAPSE OF AWARDS	7
	 	 	 
	6.	LIQUIDITY EVENT	7
	 	 	 
	7.	VARIATION OF CAPITAL	8
	 	 	 
	8.	PARTICIPATION SEPARATE FROM EMPLOYMENT OR SERVICE	9
	 	 	 
	9.	TAX AND SOCIAL SECURITY	9
	 	 	 
	10.	ADMINISTRATION, AMENDMENT AND TERMINATION	10

   

  
    
      
 

  

  THE ADC THERAPEUTICS INCENTIVE PLAN

   

  RULES

   

  WHEREAS

   

  	 	A)	On May 1, 2014, A.T. Development Switzerland Sàrl, ADC Therapeutics Services (UK) Limited and the Company’s Bermuda branch
          entered into this Plan.

   

  	 	B)	Further to an internal reorganization of the Company’s activities, the Participants to the Plan formerly employed by A.T. Development Switzerland Sàrl and ADC Therapeutics
          Services (UK) Limited were transferred to the Company and ADC Therapeutics (UK) Limited, respectively, and the Participants having been granted an Award by the Company’s Bermuda branch were transferred from C.T. Development America, Inc. to ADC
          Therapeutics America, Inc.

   

  	 	C)	The Company, ADC Therapeutics (UK) Limited and ADC Therapeutics America, Inc. wish to ensure continuity of the Awards to the benefit of the Participants as of the Date of
          Grant and amend the Plan as further stated herein.

   

  	 	D)	The purpose of this Plan is to incentivize selected employees or service providers of the Company, ADC Therapeutics (UK) Limited and ADC Therapeutics America, Inc. to accept
          employment or service, foster retention of such employees or service providers and encourage them to contribute maximum efforts to the success of the Company’s and its affiliates’ business.

   

  	 	E)	Pursuant to an amended and restated shareholders’ agreement dated as of August 10, 2015, the shareholders of the Company approved the implementation of an incentive plan
          comprised of up to 12% of the Company’s issued share capital at any time.

   

  	 	F)	Within the share capital limitation set forth above, this Plan will be implemented individually by each of the Company, ADC Therapeutics (UK) Limited and ADC Therapeutics
          America, Inc. to fulfil their respective obligations to employees and/or service providers designated by them from time to time to receive Awards under this Plan.

   

  	 	G)	Each Administrator may from time to time consult with the board of directors of the Company and, where necessary for consistency or compliance with the governance obligations
          of the Company pursuant to its amended and restated shareholders agreement or other organizational documents, seek the prior consent of the board of directors of the Company.

   

   

  
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  	 	H)	This Plan shall apply to (i) any Awards granted under this Plan prior to October 1, 2015, and (ii) any Awards to be granted as of October 1, 2015. For the avoidance of doubt,
          it is further understood that:

   

  		-	the Awards granted by A.T. Development Switzerland Sàrl under this Plan before October 1, 2015 shall be assigned to and assumed by the Company;

   

  		-	the Awards granted by ADC Therapeutics Services (UK) Limited under this Plan before October 1, 2015 shall be assigned to and assumed by ADC Therapeutics (UK) Limited; and

   

  		-	Awards granted by the Company’s Bermuda branch to its Service Providers under this Plan before October 1, 2015 shall continue with the Company under the terms of such Awards.

   

  	 	1.	DEFINITIONS AND INTERPRETATION

   

  		1.1	In this Plan (unless the context otherwise requires):

   

  “Administrator” means, unless otherwise specified in the applicable Country Annex, the Service Recipient of the Participant;

   

  “Asset Sale” means the sale by the Company of all or substantially all (but, for the avoidance of doubt, no less than 90% of the fair market value)
    of its business and assets to a person who is not a Member of the Group;

   

  “Award” means, unless otherwise specified in the applicable Country Annex, a right (for the time being subsisting) which following a Liquidity Event
    will entitle the holder to receive such number of Shares as indicated in the Award Letter or the Cashout Amount;

   

  “Award Letter” means the letter issued by the Administrator with the contents set forth in Rule 3.

   

  “Cashout Amount” shall mean an amount payable to a Participant in relation to an Award in accordance with Rule 6;

   

   

  
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  “Cause” means a Participant’s (i) material breach of any agreement (including any agreement containing restrictive covenants) entered into with the
    Company or the Service Recipient (or any affiliate thereof, as applicable), (ii) misappropriation of the Company’s property or of the Service Recipient’s property, fraud, embezzlement, breach of a fiduciary
    duty, offering or acceptance of any bribe or other unlawful inducement, other acts of dishonesty against the Company or the Service Recipient (or any affiliate thereof), (iii) commission of, or plea of guilty or no contest to, any felony or any crime
    involving moral turpitude, (iv) material violation of the Company’s or the Service Recipient’s code of conduct or ethics, or applicable law that results or could reasonably be expected to result in harm to the Company or the Service Recipient (or any
    affiliate thereof); (v) failure to follow the lawful directives reasonably set forth by the Company or the Service Recipient; (vi) gross negligence, wilful misconduct or disloyalty in the performance (or non-performance) of his duties and
    responsibilities to the Company or the Service Recipient (and any affiliate thereof, as applicable), and (vii) any act amounting to gross misconduct in relation to the Participant’s employment or service relationship;

   

  “Closing Value” means the value of a Share as determined by the Administrator by reference to the Liquidity Event which has given rise to
    exercisability of an Award (for the avoidance of doubt, the value of a Share for this purpose will be adjusted for any transaction costs incurred in connection with a Liquidity Event);

   

  “Company” means ADC Therapeutics Sàrl or, as of October 13, 2015, ADC Therapeutics SA (or its successor);

   

  “Country Annex” means each Annex appended to this Plan, as amended from time to time, the terms of which form a part of the Plan and supersede any
    contrary provision in the Plan with respect to the applicable Participant;

   

  “Date of Grant” means the date on which an Award is granted under Rule 2 as further stated in the Award Letter;

   

  “Fund” means Auven Therapeutics Holdings L.P.;

   

  “Group” means the Company and any other company in which the Fund holds a direct or indirect controlling interest now and in the future, and “Member

      of the Group” shall be construed accordingly;

   

   

  
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  “IPO” means an initial public offering raising at least US$60 million by means of listing and admission to trading on an internationally recognized
    stock exchange;

   

  “Liquidity Event” means the first to occur of a Sale, a Merger, an Asset Sale and an IPO;

   

  “Merger” means the merger of the Company with another entity, following the completion of which less than 50 percent of the share capital (by votes
    and value) in the merged, continuing or successor entity is owned directly or indirectly by the Fund;

   

  “Notional Share” means a Share that is notionally (rather than actually) the subject of an Award;

   

  “Participant” means an individual selected by the Administrator pursuant to Rule 3 and who holds an Award, or (where the context admits) his
    personal representatives;

   

  “Personal Data” means any personal data that could identify the Participant, including details of the Award itself;

   

  “Plan” means this Plan constituted by the Rules and the Country Annexes;

   

  “Relevant Liability” means, in relation to any Cashout Amount or other settlement of an Award, an amount equal to any sums which the Service
    Recipient or any other Member of the Group are be obliged to deduct by law including (without limitation) the amount of income tax and social security (including national insurance) contributions for which such company has or is required to account to
    the taxation authorities in any jurisdiction as a consequence of a payment to the Participant of the Cashout Amount or other settlement of an Award;

   

  “Rules” means these rules as from time to time amended;

   

  “Sale” means a person or group of persons acting in concert (including AstraZeneca UK Limited, any affiliate thereof or any company it controls, but
    excluding the Fund or any Member of the Group) obtains more than 50% of the Shares;

   

  “Service Recipient” means, as applicable, the Company, ADC Therapeutics (UK) Limited or ADC Therapeutics
    America, Inc., each in its capacity as the entity by which the Participant is employed or, in case of a service or consulting agreement, to which a Participant provides direct services;

   

   

  
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  “Share” means a common Class A share with a par value CHF 100 of the Company (or its successor);

   

  “Strike Price” means the value per Share as reasonably determined by the Administrator on the Date of Grant and as indicated in the Award Letter;

   

  “Vested” shall mean, in relation to an Award, that one or more tranches thereof has become vested according to the vesting schedule specified in
    Rule 3.3, and “Vesting” shall be construed accordingly.

   

  “Vested Award” means an Award that has Vested.

   

  		1.2	Words denoting the singular shall include the plural and vice versa.

   

  		1.3	Words denoting the masculine gender shall include the feminine gender.

   

  		1.4	References in these Rules to a rule, clause, sub-clause, paragraph or subparagraph are, unless otherwise stated, references to a rule, clause, sub-clause, paragraph or
          subparagraph of these Rules.

   

  		1.5	Rule headings are inserted for convenience only and are to be ignored in construing these Rules.

   

  		1.6	References in this Plan to any statute, regulation or enactment shall be deemed to include references to such statute, regulation or enactment as extended, re-enacted or
          amended.

   

  		1.7	Unless me Administrator otherwise determines, all sums shall be calculated and paid in US dollars.

   

  	 	2.	GRANT OF AWARDS

   

  The Administrator may by resolution grant Awards to one or more employees or service providers selected by the Administrator in its discretion, provided
    that:

   

  		2.1	no employee or service provider shall be entitled as of right to the grant of an Award;

   

  		2.2	no Award may be granted under this Plan after the tenth anniversary of the date of the adoption of the Plan by the Administrator; and

   

   

  
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  		2.3	the total number of Notional Shares or Shares, as applicable, to which all Awards refer shall not, at any time, exceed 12% of the Company’s issued share capital at any time.

   

  For the avoidance of doubt, Rule 2.3 above may only be amended by the board of directors of the Company.

   

  	 	3.	DOCUMENTATION OF AWARDS

   

  As soon as reasonably practicable after each Award is granted, the Administrator shall issue to each Participant an Award Letter, which shall specify:

   

  		3.1	the number of Notional Shares or Shares, as applicable, to which the Award relates;

   

  		3.2	the Date of Grant;

   

  		3.3	the vesting schedule for the Award, which shall unless otherwise determined by the Administrator in the Award Letter be as follows: 25% of the Notional Shares or Shares, as
          applicable, subject to an Award, shall Vest on each of the first, second, third and fourth anniversaries of the Date of Grant, in each case subject to Rule 5.2;

   

  		3.4	the Strike Price; and

   

  		3.5	such other terms and conditions as the Administrator shall determine (including terms and conditions to address any local legal and tax considerations).

   

  	 	4.	NO DEALING IN AWARDS

   

  Except as otherwise specifically provided in an Award Letter or as agreed subsequently, an Award shall be personal to the Participant and may not be
    transferred, assigned, charged, pledged or otherwise disposed of or dealt with, other than Awards which may be transferred by will or the laws of descent and distribution or under matrimonial laws. Any purported transfer, assignment, charge, pledge or
    other disposal or dealing with the Award shall cause the Award to lapse forthwith.

   

   

  
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  	 	5.	PAYMENT AND LAPSE OF AWARDS

   

  		5.1	Except as provided in the Country Annexes, an Award shall be settled and paid out only in accordance with Rule 6.

   

  		5.2	Where a Participant ceases to be an employee or service provider at any time:

   

  		5.2.1	by reason of termination for Cause, all Awards held by him (whether or not Vested) shall lapse forthwith without consideration therefor,

   

  		5.2.2	for any other reason, any Awards shall to the extent not already Vested lapse forthwith, without consideration therefor, while the Vested proportion shall
          continue in effect subject to these Rules, and shall be settled and paid on a Liquidity Event in accordance with Rule 6.

   

  		5.3	Where an Award continues to be in effect under Rule 5.2.2, an Award shall lapse and cease to be exercisable forthwith, without consideration therefor, if
          the Administrator reasonably determines that the Participant is in material breach of the terms of any settlement agreement relating to the termination of his employment or any other agreement with any Service Recipient (or any affiliate
          thereof), or has otherwise breached express or implied duties of confidentiality owed to the Company (or any of its affiliates) or the Service Recipient.

   

  		5.4	An Award shall automatically lapse, without consideration therefor, upon the earliest occurrence of any of the following events:

   

  		5.4.1	the tenth anniversary of the Date of Grant;

   

  		5.4.2	the Cashout Amount determined under Rule 6.2 being negative.

   

  	 	6.	LIQUIDITY EVENT

   

  		6.1	In the event of a Liquidity Event, any non-Vested Awards (other than those held by Participants who have ceased to be employees or service providers prior
          to the date of the Liquidity Event) shall automatically Vest in full.

  

   

  
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            6.2

          	
            Subject to Rules 6.3 and 6.4 and the Country Annexes, within 30 days following the Liquidity Event, each Participant shall be entitled to
              be paid by the Service Recipient a Cashout Amount calculated as follows:

          

  

  

  

  Cashout Amount = Z x (Closing Value less Strike Price)

   

   

  where Z is the number of Notional Shares or Shares in relation to which the Award has Vested. Any Relevant Liabilities arising thereon shall be
    deducted prior to payment.

   

  		6.3	Where the Liquidity Event takes the form of an IPO, the Administrator may in its discretion determine that Awards or parts thereof shall following Vesting
          be satisfied by transferring or procuring the issue to the Participant of Shares (or, if applicable, common shares of the public company that is the successor to the Company) with a fair market value equivalent to the Cashout Amount, less any Relevant Liabilities, provided that such Shares (or, if applicable, such common shares of the public company that is the successor to the Company) may be subject to limitations and transfer
          restrictions as the Administrator may in its discretion determine. In connection with an IPO, the Administrator may also determine to continue the Awards on such terms and conditions as it reasonably determines and in a manner consistent with
          applicable law.

   

  		6.4	Where the consideration on a Liquidity Event is deferred or contingent (which shall include an IPO where only
          part of the Fund’s holding is disposed of), the Administrator may in its discretion apply either or both of the following methods of payment:

   

  		6.4.1	determine a value of the Company based on the implied value of such deferred and/or contingent consideration, and make payments immediately on the basis that such value is
          included in the Closing Value for the purposes of Rule 6.2; or

   

  		6.4.2	make an initial payment under Rule 6.2 based on sums initially paid, followed by additional payments in the event that the deferred and/or contingent consideration is
          subsequently paid.

   

  	 	7.	VARIATION OF CAPITAL

   

  		7.1	In the event of any variation of the share capital of the Company (whenever effected) by way of capital increases or reductions, or share splits, payment of a special or
          extraordinary dividend, or otherwise, by the Company, the Strike Price and the number of Notional Shares or Shares, as applicable, in respect of which any Award granted under the Plan shall Vest may be adjusted by the Administrator in such manner
          as it sees fit.

   

   

  
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  		7.2	In the event of a group reorganization (including, without limitation, the formation of a new parent company), the Administrator may determine that the Notional Shares or
          Shares, as applicable, in which any Award granted under the Plan shall Vest, shall relate to the same or an adjusted number of shares of another company, provided that such shares have substantially an equivalent fair market value.

   

  		7.3	As soon as reasonably practicable after making any adjustment under Rules 7.1 or 7.2 above, the Administrator shall give notice in writing thereof to each Participant.

   

  	 	8.	PARTICIPATION SEPARATE FROM EMPLOYMENT OR SERVICE

   

  It shall be a condition of participation in the Plan that in the event of a Participant ceasing to be an employee or service provider (for whatever reason), he shall not, subject to any provision of applicable law to the contrary, be entitled to any compensation whatsoever by reason of any termination or alteration of rights or expectations under the Plan
    whether such compensation is claimed by way of damages for wrongful dismissal or breach of contract or for loss of office or otherwise howsoever. Participation in this Plan by a Participant is a matter entirely separate from any pension right or
    entitlement he may have and from his terms or conditions of employment or service and participation in this Plan shall in no respect whatever affect in any way a Participant’s pension rights or entitlement or terms or conditions of employment or
    service. As a condition to participation, each Participant acknowledges and agrees that the grant of an Award hereunder is in full satisfaction of the Service Recipient’s (or any affiliate of the Service Recipient) commitment to grant an equity-based
    award under an offer letter or other terms of employment or service. Any amounts paid or payable hereunder shall not constitute salary, wages or other remuneration or compensation, for purposes of any other
    benefit plan of any Service Recipient (or its affiliates).

   

  	 	9.	TAX AND SOCIAL SECURITY

   

  		9.1	The Participant is responsible for reporting the receipt of any income under the Plan, however made, to the appropriate tax authority in accordance with applicable law.

   

   

  
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  Payments made under this plan to Participants other than employees shall be deemed to be inclusive of VAT, if any.

   

  The grant, vesting or other relevant event of an Award will be subject to any withholding that may be necessary of or on account of a Participant’s tax
    liability and employee social security contribution liability in respect of that Award. The Company and the Service Recipient will be entitled to deduct or withhold a sufficient portion of the value otherwise due to be released to the Participant to
    satisfy any withholding liability. Without limitation, where withholding is required, withholding arrangements may include the sale of any Shares subject to an Award on behalf of a Participant and/or deductions from salary and/or bonus payments and/or
    fees, or require a payment from the Participant before settlement of the Award. If required in order to comply with any applicable laws, the Participant may be required to personally pay such sums as may be required for purposes of meeting the
    withholding obligations of the Company or the Service Recipient.

   

  The Company and the Service Recipient shall have the right to notify the tax authorities of the grant and payment of an Award and submit the tax
    authorities all documents in connection with the grant and payment of an Award, if so required by law.

   

  		9.2	The Company and the Service Recipient will be entitled to block or prohibit the release of a sufficient number of Shares otherwise due to be released or to offset any claims
          towards the Participant if the Participant has any outstanding obligations (whether in connection with the Plan or otherwise arising in the course of the Participant’s employment or service contract), until the Participant has satisfied such
          outstanding obligations.

   

  	 	10.	ADMINISTRATION, AMENDMENT AND TERMINATION

   

  		10.1	The Plan shall be interpreted and administered by the Administrator whose decision on all matters of interpretation and administration shall be final and
          binding on all parties.

   

  		10.2	There is no obligation for uniformity of treatment of Participants by the Administrators (either individually or collectively).

   

   

  
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  		10.3	Except with respect to Rules 2.3 and 2.4, the Administrator may from time to time make amendments to these Rules and the accompanying Country Annexes, provided that:

   

  		10.3.1	no amendment may detrimentally and materially affect a Participant as regards any Award held by him on the date of the amendment unless being made with the Participant’s
          consent, provided, however, that the foregoing restriction in this clause 10.3.1 shall not apply to any amendment required to comply with any applicable statute, regulation or enactment; and

   

  		10.3.2	written notice of any material alteration made in accordance with this Rule 10 shall be given to all affected Participants.

   

  		10.4	The Administrator may at any time resolve to terminate this Plan, in which event no further Awards shall be granted but the provisions of this Plan shall continue in force in
          relation to Awards subsisting prior to that date.

   

  		10.5	The Plan is intended to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant by the Service Recipient, nothing
          contained herein shall give any such Participant any rights that are greater than those of a general unsecured creditor of the Service Recipient. No trust fund shall be established for the payment or provision of benefits hereunder. The
          obligation to make payments under the Plan shall be contractual only and all such payments shall be made from the general assets of the Service Recipient.

   

  		10.6	Any notice to be given pursuant to the terms of these Rules must be given in writing to the party due to receive such notice at (in the case of the Company) its registered
          office address from time to time or (in the case of an individual) his address (including email address) as notified to the Company from time to time. Notice must be delivered personally or sent by post or electronic transmission and shall be
          deemed to be given in the case of personal delivery on delivery and in the case of posting (in the absence of evidence of earlier receipt) within 48 hours after posting (six days if sent by air mail) and in the case of electronic transmission two
          hours after sending.

   

   

  
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  		10.7	By accepting an Award, a Participant consents to the collection, holding, processing and transfer of the Participant’s Personal Data by any company in the Group for all
          purposes connected with the Awards, including

   

  		10.7.1	the transfer of the Participant’s Personal Data to the Company’s registrars or brokers or any administrators of the Company’s share incentive arrangements;
          and

   

  		10.7.2	the transfer of the Participant’s Personal Data to a prospective buyer of the Company or of any company in the Group or business unit which employs the
          Participant, and the prospective buyer’s professional advisers, provided that those persons irrevocably agree to use the Participant’s Personal Data only in connection with the proposed transaction and in accordance with the data protection
          principles set out in the relevant data protection legislation

        

   

   

  and, for the avoidance of doubt, any such permitted transfers shall include transfers of Personal Data to recipients located outside the EEA.

  

  

  		10.8	The Plan and its terms may be disclosed to (potential) investors in the Company or acquirers of the Company or all or parts of its assets, to underwriting
          banks, and in any prospectuses or other disclosure materials.

   

  		10.9	Except as otherwise provided in the Country Annex, the Rules and the Plan shall in all respects be governed by the laws of Switzerland.

   

  [Country Annexes Follow]

   

   

  
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  COUNTRY ANNEX FOR ADC THERAPEUTICS (UK) LIMITED  

  (“UK COMPANY”)

   

  The Rules governing awards to employees and service providers of the UK Company shall be as per the Plan, with the following differences:

   

  1.       Unless the Administrator determines otherwise in its discretion, Awards granted by the UK Company shall be granted over Notional Shares only,
    albeit that they may be satisfied in Shares on an IPO in accordance with Rule 6.3. The Plan, including in particular the definition of “Award” and Rule 3 shall be read accordingly.

   

  2.       The Administrator of the Plan shall be the UK Company. Under no circumstances shall payments be made under the Plan to UK-resident employees of
    the UK Company by any person other than the UK Company.

   

  COUNTRY ANNEX FOR ADC THERAPEUTICS AMERICA, INC.

  AND ANY U.S. TAXPAYER PARTICIPANTS

   

  The Rules governing awards to employees and service providers who are U.S. taxpayers subject to Section 409A of the U.S. Internal Revenue Code of 1986, as
    amended (together with regulations and published guidance thereunder, the “Code”) shall be as per the Plan, with the following differences:

   

  		1.	Awards hereunder are intended to constitute non-qualified stock options having a Strike Price no less than fair market value of a Share on the date of grant
          as determined under Code Section 409A, and those Awards shall be, subject to the terms of the Plan and this Annex, exercisable for Shares of the Company. All interpretations and determinations hereunder shall be made on a basis consistent with
          such intent. Any adjustment to an Award under Rule 7 shall be made in a manner intending to comply with Code Section 409A.

   

  		2.	The definition of “Award” means a right (for the time being subsisting) which following exercise (as applicable)

          and satisfaction of any strike price or, if earlier, a Liquidity Event will entitle the holder to receive Shares or a cash amount equal to the difference (if positive) between the Closing Value and the Strike Price, multiplied by the
          number of Vested Notional Shares or Shares subject to an Award.

   

   

  
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  	 	3.	The Plan is amended to add the following clause 6.4.3:

   

  		6.4.3	In each case above, no such payment shall be made to a Participant if such payment would result in adverse tax treatment under applicable law (including, without limitation,
          U.S. Internal Revenue Code Section 409A) or a material modification of such Award. Any such payment shall be made in a manner consistent with the intent that such Awards are intended to avoid such adverse tax treatment.

   

  		4.	This Plan is not a retirement or welfare benefit plan, and is not intended and shall not be construed to be a retirement or welfare benefit plan. Further,
          this Plan is not intended to defer the receipt of payments to the termination of a Participant’s employment or beyond, and shall not be governed by or subject to the federal Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

          All interpretations and determinations hereunder shall be made on a basis consistent with the Plan’s status as not an employee benefit plan subject to ERISA.

   

  		5.	Notwithstanding any other provision of this Plan, this Plan is intended to be exempt from Section 409A and Section 457A of the Code, and shall at all times
          be interpreted in accordance with such intent. In no event will the Company or its affiliates, or their members or affiliates, or their respective employees, directors, officers, agents, representatives, attorneys, equityholders, principals,
          members, managers or affiliates have any liability for any failure of the Plan to satisfy the requirements of, or be exempt from, Code Section 409A and/or Code Section 457A, and such parties do not guarantee that the Plan complies with, or is
          exempt from, Code Section 409A and/or Code Section 457A. No Participant shall have a binding right to distributions made to it in error. Each payment payable hereunder is and shall be deemed a payment in a series of separate payments for all
          purposes of Code Section 409A. All references to termination of service (and similar terms) shall mean a “separation from service” within the meaning of Treasury Regulation 1.409A-l(h).

   

  		6.	The terms of participation of any U.S. taxpayer in respect of his Award under the Plan will be set forth in an Award Letter, the terms of which shall
          control in the event of any inconsistency with the terms of the Plan.

   

  		7.	The right of a U.S. taxpayer Participant to exercise his Award and receive Shares shall be subject to the satisfaction of all requirements of applicable
          law concerning the Company, including, without limitation, obtaining board and shareholder approval to issue such Shares. In the event the Participant cannot, under applicable law, receive Shares upon exercise, then the Company can either (i)
          defer the Participant’s exercise to a time when delivery of Shares would not violate applicable law, or (ii) settle such Award in cash.

   

   

  
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  		8.	Any Shares delivered to a U.S. taxpayer Participant prior to a Liquidity Event shall be subject to a right of repurchase by the Company (or its
          affiliates), which may be assigned, as more fully set forth in an Award Letter.

   

  		9.	As a condition to the receipt of Shares following exercise of any option awarded under the Plan, a U.S. taxpayer Participant agrees to execute such
          documents as the Administrator shall, in its reasonable discretion, determine, including without limitation any lock-up agreement or shareholders’ agreement.

   

  		10.	In the event that any payment or benefit provided under the Plan would, based on the determination of counsel or the accountants for the Company, not be
          deemed to be deductible in whole or in part in the calculation of federal income tax of the Company, or any other person making such payment, by reason of Section 280G of the Code or result in the imposition of taxes under Code Section 4999 to
          the Participant, the aggregate payments, coverages or benefits provided under the Plan and any other arrangement on account of a “change in control” shall be reduced to one dollar less than the “safe harbor” level under Section 280G so that the
          entire amount that is paid or provided to the Participant shall be deductible notwithstanding the provisions of Section 280G of the Code; provided, however, that the Company agrees to use commercially reasonable efforts to obtain
          shareholder approval of any payments or benefits in excess of the safe harbor level in accordance with Q&A #7 of Section 280G of the Code so that there will be no such loss of deductibility under Section 280G or imposition of tax under
          Section 4999, and in connection with such efforts to obtain shareholder approval, Plan Participants agree to waive any amounts in excess of such safe harbor level. All determinations regarding the manner of cutback shall be reasonably determined
          by the Plan Administrator in a manner that does not violate Section 409A of the Code, as applicable.

   

  
    
 

  15Exhibit 10.14

   

  ADC Therapeutics Ltd

   

  2016 Share Purchase Plan

  
    
      
 

  

  
    		ADC Therapeutics Ltd – 2016 Share Purchase Plan	2 | 7

  
 

   

  	 	Table of Contents	 
	 	 	 
	1.	Purpose	 3
	 	 	 
	2.	Eligibility and Participation	 3
	 	 	 
	3.	Offer to Purchase Shares	 3
	 	 	 
	4.	Purchase Price and Promissory Note	 3
	 	 	 
	5.	Completion 	 4
	 	 	 
	6.	Leaver Provisions	 5
	 	 	 
	7.	Dealing in Shares	 5
	 	 	 
	8.	
          Adherence to Shareholders’ Agreement

        	
          6

           

        
	 	 	 
	9.	Additional Provisions	6
	 	9.1	No Right of Continued Contractual Relationship	 6
	 	9.2	Taxes and Social Security Contributions	 6
	 	9.3	Amendment, Administration and Termination	 6
	 	9.4	Data Protection	 7
	 	9.5	Severability	 7
	 	9.6	Applicable Law and Jurisdiction	 7
	 	 	 	 
	10.	Approval and Date of Effect of the Plan	 7

  
    
      
 

  

  
    		ADC Therapeutics Ltd – 2016 Share Purchase Plan	3 | 7

     
    	1.	Purpose

  
 

  The purpose of this 2016 Stock Purchase Plan (such plan, as amended from time to time, the Plan) is to provide select
    employees, members of the board of directors or independent contractors of ADC Therapeutics Ltd (the Company) or its subsidiaries (each an Eligible Person) with an opportunity to participate in the future long term success and growth
    of the Company and its subisidiaries and to align their interest with those of the shareholders of the Company. It is intended that the Plan will motivate and retain such individuals as well as foster entrepreneurial behavior and thus enhance the value
    of the Company for the benefit of its shareholders.

   

  	2.	Eligibility and Participation

   

  		(a)	In general, Eligible Persons are select employees, members of the board of directors and independent contractors of the Company or of a subsidiary of the Company. Being an Eligible Person as such does not provide any
          right or claim to actually participate in the Plan (and thus become a Participant) at any time. The board of directors of the Company (the BoD) in its sole discretion and from time to time determines the Eligible Persons to whom
          participation in the Plan shall actually be offered.

   

  		(b)	The BoD may invite Eligible Persons from time to time to participate in the plan by entering into an individual Share Purchase Agreement substantially in the form as set out in Annex A (each a Share
            Purchase Agreement). By executing the Share Purchase Agreement, a Participant accepts and acknowledges the terms and conditions of the Plan as well as the details contained in the Share Purchase Agreement and, thus, becomes a Participant
          to the extent set out in the Share Purchase Agreement.

   

  		(c)	The right to participate in the Plan is personal and not transferable, except that, subject to the BOD’s prior approval and the transferee’s assumption of all obligations of the Participant under the Plan, such right
          may be transferred to family members and family trusts before the Shares are listed on an internationally recognized securities exchange.

   

  		(d)	Neither the establishment of or participation in the Plan, nor the payment of any benefits and transfer of Shares, nor any action of the Company or its subsidiaries or of the BoD shall be held or construed to confer
          upon any Participant or Eligible Person any right to participate in the Plan in the future.

   

  	3.	Offer to Purchase Shares

   

  The BoD in its sole discretion may offer a defined number (including fractions) of class A common shares in the Company (including
    fractions of a share, the Shares) to select Eligible Persons for direct or indirect purchase in accordance with the provisions of this Plan and subject to the execution of a Share Purchase Agreement.

   

  	4.	Purchase Price and Promissory Note

   

  		(a)	The purchase price for the Shares (the Purchase Price) shall be determined by the BoD in accordance with rulings obtained from the competent tax authorities (if any) from time to time.

  
    
      
 

  

   

  
    		ADC Therapeutics Ltd – 2016 Share Purchase Plan	4 | 7

  

   

  		(b)	The Participant shall pay the Purchase Price, directly or indirectly, as follows:

   

  		(i)	the nominal value of the Shares shall be paid in cash; and

   

  		(ii)	the balance between the Purchase Price and the nominal value of the Shares shall be paid at the election of the Participant in cash or in the form a promissory note from the Participant to the Company substantially in the form as attached to
          the form of the Share Purchase Agreement (the Promissory Note) or partly in cash and partly in the form of a Promissory Note.

   

  		(c)	The Promissory Note shall provide for full recourse, be repayable within five years (subject to early repayment in certain events) and shall bear interest at the minimum interest rate pursuant to the guidelines for related party transactions as
          periodically published by the Swiss Federal Tax Authority (AFC).

   

  	5.	Completion

   

  		(a)	Given that, as a matter of corporate law, the Company may not issue fractional shares, the Shares shall be issued to A.T. Holdings II Sari, Epalinges, or any other affiliate of the Company (ATH II). The legal
          interest in the Shares shall be held by ATH II as a nominee on behalf and for the account of each Participant.

   

  		(b)	On a date mutually agreed by ATH II and the Participant (the Completion Date), but no later than 10 business days from the date of execution of the respective Share Purchase Agreement, the Participant shall
          deliver, or procure the delivery, to ATH II:

   

  		(i)	a cash amount representing the nominal value of the Shares; and

   

  		(ii)	as elected by the Participant, a cash amount and/or an executed counterpart of the Promissory Note for the balance between the Purchase Price and the nominal value of the Shares.

   

  		(c)	On the Completion Date, ATH II and the Company shall enter into a subscription agreement (the Subscription Agreement), pursuant to which ATH II will subscribe for a sufficient number of Shares to ensure the
          delivery to the Participant of the Shares purchased by the Participant, pay the nominal value of the Shares in cash and deliver to the Company the Promissory Note in lieu of paying the share premium.

   

  		(d)	On or before the Completion Date, the Participant and ATH II shall enter into a Nominee Agreement substantially in the form as attached to the form of the Share Purchase Agreement (the Nominee Agreement).

   

  		(e)	As soon as practicable after the Completion Date, but no earlier than the date of receipt of the provisional commercial register excerpt (Tagebuchauszug) evidencing the issuance of the Shares to ATH II, the
          Company shall register ATH II as a shareholder with voting rights and nominee for the Participant with regard to the Shares.

  
    
      
 

  

   

  
    		ADC Therapeutics Ltd – 2016 Share Purchase Plan	5 | 7

  

   

  	6.	Leaver Provisions

   

  		(a)	If the Participant’s employment relationship with the Company or any subsidiary of the Company (the Employment) is terminated for whatever reason, the Company (and|or its designee) shall have the right, but not the obligation, to
          repurchase within thirty (30) calendar days of such termination such portion of the Participant’s Shares as is determined in accordance with the table below at a price per Share equal to the purchase price of such Share (calculated by dividing
          the applicable Purchase Price for all Shares by the number of Shares being acquired under the relevant Share Purchase Agreement) as of the date the Participant is provided with a written notice requiring the repurchase of his Shares.

   

   

  	Date

            of termination of the Employment:	% of
            Participant’s Shares that Company (and|or its designee) may repurchase
	prior to or on the first anniversary of the Reference Date (as defined below)	100%
	after the first anniversary but on or before the second anniversary of
          the Reference Date	75%
	after the second anniversary but on or before the third anniversary of
          the Reference Date	50%
	after the third anniversary but on or before the fourth anniversary of
          the Reference Date	25%
	after the fourth anniversary of the Reference Date	0%

   

  		(b)	The Reference Date with respect to each Share Purchase Agreement shall be the date of such Share Purchase Agreement or any other date as determined by the BoD and stated in
          such Share Purchase Agreement.

   

  		(c)	The consideration for such repurchase may at the election of the Company be satisfied by a waiver of all or part of the Participant’s outstanding obligations under the relevant Promissory Note (if any).

   

  		(d)	The Company shall not terminate the Employment solely for the purposes of causing the Participant not to enjoy the economic benefits of this Agreement.

   

  	7.	Dealing in Shares

   

  The Participant shall not, before the Shares or any shares substituted for the Shares are listed on an internationally recognized
    securities exchange (but subject, however, to any lock-up arrangement in connection with such listing), transfer, dispose, assign, grant security over, pledge or otherwise deal in or grant any interest over any interest in the Shares (or the
    Participant’s rights and entitlements thereto or under the Nominee Agreement) to any person without prior written consent of the Company.

  
    
      
 

  

   

  
    		ADC Therapeutics Ltd – 2016 Share Purchase Plan	6 | 7

  

   

  	8.	Adherence to Shareholders’ Agreement

   

  The Participant shall undertake to the Company (for itself and on behalf of each other party to the Amended and Restated
    Shareholders Agreement relating to the shares in the Company dated November 19, 2015, as amended or replaced from time to time (the Shareholders’ Agreement)), with respect to the Shares or any rights and entitlements thereto and to the Nominee
    Agreement and with effect from the date of the relevant Share Purchase Agreement, to assume, perform and comply with each of the obligations as a Shareholder under the and as defined in the Shareholders’ Agreement, as if the Participant had been a
    party thereto at the date of its execution. To the extent the Shareholders’ Agreement refers to the Shares, it shall also refer to any rights and entitlements of the Participant thereto or under the Nominee Agreement.

   

  	9.	Additional Provisions

   

  	9.1	Participants’ Contractual Relationships

   

  		(a)	Neither the establishment of the Plan, nor the participation in the Plan, nor the payment of any benefits and transfer of Shares, nor any action by the Company or its subsidiaries or the BoD relating to the Plan
          shall be held or construed to confer upon any Participant any legal right for continuance of the contractual relationship with the Company or its relevant subsidiary (as applicable).

   

  		(b)	The Company and its subsidiaries expressly reserve the right to terminate the contractual relationship of any Participant whenever the interest of the Company or its subsidiaries may require so, without any liability
          of the Company and its subsidiaries, except as to any rights which may be expressly conferred upon such Participant under the Plan or the Participant’s contractual agreement.

   

  		(c)	Nothing in the Plan shall be construed as being considered as part of the salary or compensation for the purposes of calculating any resignation, redundancy or other termination payments, vacation, bonuses, long-term
          service awards, indemnification, pension or retirement benefits, or any other payments, benefits or rights of any similar kind.

   

  	9.2	Taxes and Social Security Contributions

   

  		(a)	Every Participant is responsible for the correct tax and social security declarations and payments according to the applicable law.

   

  		(b)	Any arising wage tax, income tax, capital gains tax, social security contributions or any other taxes or contributions payable by the Participant, must be borne by the Participant in accordance with applicable law.

   

  		(c)	The Participant’s employer has the right to make withholdings from a Participant’s salary or retain Shares to meet payroll withholding obligations or request payment from the Participant unless the funds are provided
          otherwise to the employer.

   

  	9.3	Amendment, Administration and Termination

   

  		(a)	The Plan is administered by the BoD. The BoD in its sole discretion may at any time and from time to time appoint a person or entity to administer the Plan (the Plan Administrator).

   

  
    
      
 

  

   

  
    		ADC Therapeutics Ltd – 2016 Share Purchase Plan	7 | 7

  

    

  		(b)	The BoD may terminate, suspend or amend this Plan at any time, at its sole discretion with regard to all or some future or past purchases of Shares under this Plan. Any adverse economic effects of such termination,
          suspension or amendment on purchases already made pursuant to a Share Purchase Agreement shall be fairly compensated in cash, by replacement by other benefits, or otherwise.

   

  		(c)	Unless otherwise provided in the Plan, the BoD has full power to construe and interpret the Plan, establish and amend regulations and perform all other acts relating to the Plan, including the delegation of
          administrative tasks to third parties, to the extent that it deems reasonable and adequate.

   

  		(d)	All decisions made by the BoD pursuant to the provisions of the Plan and related resolutions of the BoD shall be final, conclusive and binding for the Company, ATH II and the Participants.

   

  	9.4	Data Protection

   

  The Participant consents to the collection and processing of personal data relating to the Participant by the BoD, the Plan
    Administrator, the Company’s subsidiaries and any other person the Company may find appropriate for the administration of the Plan. The data will be used by the aforementioned parties to fulfill their obligations and exercise their rights under the
    Plan, enter into agreements (if any), issue statements and communication relating to the Plan, and generally administer and manage the Plan, including keeping records of participation levels. The data processing may be performed within or outside of
    Switzerland.

   

  	9.5	Severability

   

  Should any of the provisions of the Plan become, or be held to be, in whole or in part, obsolete, invalid or unenforceable, all
    other regulations shall remain in force and shall continue to apply. Any obsolete, invalid or unenforceable provision shall be deemed to be automatically amended and replaced by valid, effective and enforceable provisions, which accomplish as far as
    possible the purpose and intent of this Plan with respect to the obsolete, invalid or unenforceable provision.

   

  	9.6	Applicable Law and Jurisdiction

   

  		(a)	This Plan shall be exclusively governed by and construed in accordance with the substantive laws of Switzerland, excluding its conflict of laws principles.

   

  		(b)	The exclusive place of jurisdiction for any dispute, claim or controversy arising under, out ofor in connection with or related to this Plan (or subsequent amendments thereof), including, without limitation,
          disputes, claims or controversies regarding its existence, validity, interpretation, performance, breach or termination, shall be Epalinges, Switzerland.

   

  	10.	Approval and Date of Effect of the Plan

   

  		(a)	This Plan has been approved by the BoD and shall become effective on 18 November, 2016.

   

  		(b)	The Participants accept the terms and regulations of this Plan by signing the respective Share Purchase Agreement.

  
    
      
 

  

  Annex A: Form of Share Purchase Agreement

  
    
      
 

  

  	Final_17 March 2016	 
	 	 
	Confidential	 
	 	 
	Share Purchase Agreement	 
	 	 
	dated [Month] [Day], 2016	 
	 	 
	by and between	 
	 	 
	
          [Name of employee]

           

          [Address of employee]

           

        	(hereinafter the Participant)
	and	 
	 	 
	A.T. Holdings II Sàrl	(hereinafter ATH II)
	Biopôle	 
	route de la Corniche 3 B	 
	1066 Epalinges	 
	Switzerland	 
	 	 
	and	 
	 	 
	ADC Therapeutics Ltd	(hereinafter the Company,
	route de la Corniche 3 B	together with the Participant and
	1066 Epalinges	ATH II the Parties)
	Switzerland	 

   

  regarding the purchase of shares under the 2016 Share Purchase Plan of the Company

  
    
      
 

  

  
    	Share Purchase Agreement between ■ and A.T. Holdings II Sàrl and ADC Therapeutics Ltd.	2 | 4

  
 

   

   

  Whereas

   

  		A.	The Participant wishes to purchase from ATH II, and ATH II wishes to sell to the Participant, ■ [number of shares allocated to the employee] Class A common shares in the Company subject to and in accordance with the terms of
          this Agreement and the 2016 Share Purchase Plan of the Company attached hereto as Annex A (the Plan).

   

  Now, therefore, the Parties agree as follows:

   

  	1.	Definitions

   

  Unless otherwise defined herein, capitalized terms shall have the meaning ascribed to them in the Plan.

   

  	2.	Purchase

   

  		(a)	ATH II hereby agrees to sell and the Participant hereby agrees to purchase ■ ([number in words]) Shares subject to the terms of this agreement and the Plan.

   

  		(b)	The Purchase Price shall be the aggregate sum of CHF ■ and shall be satisfied as follows:

   

  		(i)	CHF ■ shall be paid in cash (the Cash Amount); and

   

  		(ii)	the balance between the Purchase Price and the Cash Amount shall be paid in the form of a Promissory Note.

   

  		(c)	The Shares shall be sold with full title guarantee free from all encumbrances and shall have the rights, preferences and priorities as set forth in the articles of association of the Company.

   

  	3.	Completion

   

  		(a)	The Completion Date shall be ■ 2016.

   

  		(b)	The form of the Promissory Note to be executed by the Completion Date (if any) is attached hereto as Annex 3(b).

   

  		(c)	The form of the Nominee Agreement to be entered into by the Completion Date is attached hereto as Annex 3(c).

  

  
    
      
 

  

  
    	Share Purchase Agreement between ■ and A.T. Holdings II Sàrl and ADC Therapeutics Ltd.	3 | 4

  
 

  	4.	Adherence to Shareholders’ Agreement

   

  The Participant hereby adheres to the Shareholders’ Agreement with effect as from the date hereof and in accordance with Article 8 of the Plan.

   

  	5.	Leaver Provisions – Reference Date

   

  The Reference Date for purposes of Article 6 of the Plan shall be [the date of this Agreement | ■].

   

  	6.	Governing Law and Jurisdiction

   

  		(a)	This Agreement shall be exclusively governed by and construed in accordance with the substantive laws of Switzerland, excluding its conflict of laws principles.

   

  		(b)	The exclusive place of jurisdiction for any dispute, claim or controversy arising under, out ofor in connection with or related to this Agreement (or subsequent amendments thereof), including, without limitation,
          disputes, claims or controversies regarding its existence, validity, interpretation, performance, breach or termination, shall be Epalinges, Switzerland.

   

  [Next page is signature page]

  

  
    
      
 

  

  
    	Share Purchase Agreement between ■ and A.T. Holdings II Sàrl and ADC Therapeutics Ltd.	4 | 4

  
 

   

  
    	 	 	 
	The Participant	 	 
	 	 	 
	[Name]	 	 
	 	 	 
	A.T. Holdings II Sàrl	 	 
	 	 	 
	[Name] 	 	[Name]
	[Function]	 	[Function]
	 	 	 
	ADC Therapeutics Ltd	 	 
	 	 	 
	[Name] 	 	[Name]
	[Function]	 	[Function]

  
 

  
    
      
 

  

  
    	Annex A of the Share Purchase Agreement between ■ and A.T. Holdings II Sàrl and ADC Therapeutics Ltd.	1 | 1

  
 

  Annex A: 2016 Share Purchase Plan

  
    
      
 

  

  
    	Annex 3(a) of the Share Purchase Agreement between ■ and A.T. Holdings II Sàrl and ADC Therapeutics Ltd.	1 | 1

  
 

  Annex 3(a): Form of Promissory Note

  
    
      
 

  

  Final_17 March 2016

   

  

  Confidential

   

  Promissory Note

   

  dated as of________________ 2016

   

  The undersigned, [name and address] (the Borrower), hereby unconditionally promises to pay to ADC Therapeutics Ltd,
    Epalinges, Switzerland (CHE-461.408.645) (the Lender), the amount of USD [include amount] ([amount in words] U.S. Dollars) (the Principal Amount), in immediately available funds, pursuant to the following terms and
    provisions:

   

  		1.	The Borrower hereby promises to pay to the Lender any outstanding balance of the Principal Amount, and any accrued interest, in full, by no later than [the tenth anniversary of the date hereof].

   

  		2.	In the event of an Early Repayment Event (as defined below), the Borrower hereby promises to pay to the Lender any outstanding balance of the Principal Amount, and any accrued interest, in full within 30 calendar
          days following such Early Repayment Event.

   

  An Early Repayment Event is defined as a (i) change of control wherein a person, or group of persons acting in concert
    (including AstraZeneca UK Limited, any affiliate thereof or any company it controls, but excluding Auven Therapeutics Holdings L.P. and any other company in which Auven Therapeutics Holdings L.P. holds a direct or indirect controlling interest) obtains
    more than 50% of the voting rights in the Lender; or (ii) a sale of all or substantially (i.e., no less than 90% of the fair market value) all of the assets of the Lender; provided that, without prejudice to Clause 1, in the event
    that the Early Repayment Event does not deliver to the Borrower sufficient net upfront proceeds to satisfy the outstanding Principal Amount at that time, then the Borrower and the Lender shall enter into good faith negotiations regarding the
    appropriate and reasonable repayment terms.

   

  		3.	In the event of an IPO (as defined in the Amended and Restated Shareholders Agreement relating to the shares in the Lender dated November 19, 2015) of the Lender, the Borrower and the Lender shall, without prejudice
          to Clause 1, enter into good faith negotiations regarding the appropriate repayment schedule in the event the Borrower disposes of shares in the Lender such that the Borrower is repaying the Principal Amount proportionately to sales of shares.

   

  		4.	The Borrower hereby promises to pay to the Lender interest on the unpaid Principal Amount for the period from and including the date hereof to but excluding the date the Principal Amount be paid in full, at the
          minimum interest rate pursuant to the guidelines for related party transactions as periodically published by the Swiss Federal Tax Authority (AFC). Interest on this Promissory Note shall be computed on the basis of a year of 360 days and
          actual days elapsed (including the first day but excluding the last day) occurring in the period for which payable. The current interest rate prescribed by the AFC is 0.25% per annum.

  
    
      
 

  

  2 | 4

   

  		5.	The Borrower may prepay the Principal Amount, or any part thereof, at any time, along with accrued interest, but may not re-borrow any amount so prepaid.

   

  		6.	The Borrower may repay the Principal Amount, or any part thereof, at any time by delivering all or part of the shares in the Lender purchased by the Borrower under the Share Purchase Agreement dated ■, 2016, between
          the Borrower, the Lender and A.T. Holdings II Sàrl back to the Lender in full or partial satisfaction of the Principal Amount. For the purposes of this Clause 6, the value of the shares so delivered back to the Lender shall be determined in
          accordance with internationally recognized valuation principles.

   

  		7.	Upon the occurrence of any of the following events, each of which shall constitute a default under this Promissory Note, the Principal Amount and accrued interest shall thereupon or thereafter, at the option of
          Lender, without notice or demand, become immediately due and payable: (a) failure of the Borrower to pay in full any amounts due under this Promissory Note; (b) the death of the Borrower; (c) the entry of a judgment against the Borrower, or the
          issuing of any attachments or garnishment or the filing of any lien against any property of the Borrower, which is not satisfied within thirty (30) days of the date thereof; and (d) the taking of possession of any substantial part of the property
          of the Borrower at the instance of any governmental authority.

   

  		8.	The Borrower shall make all payments under or in respect of this Promissory Note without set-off or counterclaim and free and clear of any withholding or deduction for or on account of tax, save as may be required by
          law.

   

  		9.	The Borrower shall pay, on demand and on a full indemnity basis, all costs and expenses (including VAT) which from time to time may be incurred by the Lender in connection with any breach by the Borrower of its
          obligations under or in relation to the Promissory Note.

   

  		10.	Any demand or notice in respect of this Promissory Note shall be in writing and (without prejudice to any other effective means of serving it) may be served on the Borrower personally or by mail to the address
          indicated on page 1 hereof or any other address notified to the Lender in writing from time to time.

   

  		11.	No failure by the Lender to exercise or delay by the Lender in exercising any right or remedy under or in respect of this Promissory Note shall operate as a waiver of it, nor shall any single partial or defective
          exercise by the Lender of any such right or remedy preclude any other or further exercise of that or any other right or remedy.

   

  		12.	The Borrower may not assign or transfer any of its rights or obligations under this Promissory Note without the Lender’s prior written consent.

   

  		13.	This Promissory Note shall be exclusively governed by and construed in accordance with the substantive laws of Switzerland, excluding its conflict of laws principles.

   

  		14.	The exclusive place of jurisdiction for any dispute, claim or controversy arising under, out ofor in connection with or related to this Promissory Note (or subsequent amendments thereof), including, without
          limitation, disputes, claims or controversies regarding its existence, validity, interpretation, performance, breach or termination, shall be Epalinges, Switzerland.

  
    
      
 

  

  3 | 4

   

  [Next page is signature page]

  
    
      
 

  

  4 | 4

   

  	The Borrower	 	 
	 	 	 
	 	 	 
	[Name]	 	 
	 	 	 
	 	 	 
	Agreed and accepted by the Lender:	 	 
	 	 	 
	ADC Therapeutics Ltd	 	 
	 	 	 
	 	 	 
	[Name]	 	[Name]
	[Function]	 	[Function]

  
    
      
 

  

  
    	Annex 2(c) of the Share Purchase Agreement between ■ and A.T. Holdings II Sàrl and ADC Therapeutics Ltd.	1 | 1

  
 

   

  Annex 2(c): Form of Nominee Agreement

  
    
      
 

  

  Final_17 March 2016

   

  

  Confidential

   

  
    	Nominee Agreement	 
	 	 
	dated [Month] [Day], 2016	 
	 	 
	by and between	 
	 	 
	[Name of employee]	 
	[Address of employee]	(hereinafter the Participant)
	 	 
	and	 
	 	 
	A.T. Holdings II Sàrl	 
	Biopôle	 
	route de la Corniche 3 B	(hereinafter ATH II or the Nominee)
	1066 Epalinges 	 
	Switzerland 	 
	 	 
	regarding shares in ADC Therapeutics Ltd	 

  
 

   

  Whereas

   

  		A.	On ■, 2016, the Participant, ATH II and ADC Therapeutics SA (the Company) entered into a Share Purchase Agreement regarding the purchase by the Participant of Class A common shares in the Company.

   

  		B.	On or around the date hereof, the Participant will purchase ■ Class A shares in the Company (the Shares) from ATH II, such Shares to be held by ATH II as nominee.

   

  		C.	The Participant wishes to appoint ATH II as nominee in relation to the Shares and ATH II wishes to act as nominee for the Participant subject to and in accordance with the terms of this Agreement.

   

  Now, therefore, the Parties agree as follows:

   

  	1.	Appointment of Nominee

   

  		(a)	The Participant hereby appoints and designates ATH II as nominee of the Shares for the Participant upon the terms and conditions of this Agreement.

  
    
      
 

  

  
    	Nominee Agreement between ■ and ■	2 | 4

  
 

   

   

  		(b)	The Nominee shall hold the Shares not in its own name but on behalf and for the account of the Participant until either Party terminates this Agreement, it being understood and agreed that the Participant may only
          terminate the Agreement after the Company has completed a share split which results in the Participant no longer being the holder of fractional shares in the Company but only of a whole number of shares.

   

  		(c)	This Agreement shall automatically terminate upon the Participant’s due registration as a shareholder of the Company. The Nominee hereby assigns such shares in the Company as it will hold as nominee for the
          Participant under this Agreement, and transfer all voting and shareholder rights associated therewith, upon such automatic termination.

   

  	2.	Voting and Shareholder Rights

   

  		(a)	Any shareholder rights under and in connection with the Shares shall be exercised by the Nominee.

   

  		(b)	The Nominee may exercise the voting rights relating to the Shares at the general shareholders’ meetings of the Company, taking into account the wishes of the Participant, both acting reasonably, and in compliance
          with the Amended and Restated Shareholders Agreement relating to the shares in the Company dated November 19, 2015, or any subsequent shareholders’ agreement (such agreement as in force at any time the Shareholders’ Agreement).

   

  		(c)	The Parties agree that the Participant shall be entitled to any dividends or other distributions made with respect to the Shares. The Nominee shall be entitled to set off any claims for indemnity pursuant to Article
          3 of this Agreement against such dividends or other distributions.

   

  		(d)	The Nominee undertakes to deliver to the Participant copies of any and all shareholder communications of the Company within a reasonable period following receipt by the Nominee of the same.

   

  	3.	Indemnity

   

  Any and all risks and consequences that may result for the Nominee out of this Agreement shall be borne by the Participant. The
    Participant agrees to indemnify, defend and hold harmless the Nominee from and against any and all losses, liabilities, damages, taxes, costs and expenses actually and reasonably incurred by the Nominee in connection with this Agreement, unless caused
    by gross negligence, willful default or fraud on the part of the Nominee.

   

  		4.	Governing Law and Jurisdiction

   

  		(a)	This Agreement shall be exclusively governed by and construed in accordance with the substantive laws of Switzerland, excluding its conflict of laws principles.

  
    
      
 

  

   

  
    	Nominee Agreement between ■ and ■	3 | 4

    

    

  
 

  		(b)	The exclusive place of jurisdiction for any dispute, claim or controversy arising under, out ofor in connection with or related to this Agreement (or subsequent amendments thereof), including, without limitation, disputes, claims or
          controversies regarding its existence, validity, interpretation, performance, breach or termination, shall be Epalinges, Switzerland.

   

  [Next page is signature page]

  
    
      
 

  

   

  
    	Nominee Agreement between ■ and ■	4 | 4

    

    

  
 

  
    	The Participant	 	 
	 	 	 
	 	 	 
	[Name]	 	 
	 	 	 
	A.T. Holdings II Sàrl	 	 
	 	 	 
	 	 	 
	[Name]	 	[Name]
	[Function]	 	[Function]

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