Document:

EX-10.17

 Exhibit 10.17 

DATED: 15 April 2014 
 CONSULTANCY
AGREEMENT 
 Draft 
 Between :

 (1) MIDATECH LTD 
 and 

(2) CHESYL PHARMA LTD 

 THIS AGREEMENT is dated the 15th day of April 2014 

BETWEEN: 
  

	(1)	Midatech Ltd a company registered in England under number 04097593 whose address is at 4-5 Dunmore Court, Wotton Road, Abingdon. Oxford, OX13 6BH, UK (the “Client”); and 

 

	(2)	CHESYL PHARMA LIMITED a company registered under number 04872096 with its registered office at Neatham, Sleepers Hill, Winchester, Hants, SO22 4NB, UK (the “Company”). 

OPERATIVE PROVISIONS 
  

	1.	DEFINITIONS AND INTERPRETATIONS 

  

	1.1	In this Agreement: 

  

			
	 “Agreement”
	  	means this agreement.
		
	 “Associated Company”
	  	means any company which is for the time being the Client’s subsidiary or holding company or a subsidiary of such holding company, other than the Client itself, in any jurisdiction in any part of the world (where the
terms
		
	 “subsidiary” and “holding company”
	  	have the meanings set out in Section 736 of the Companies Act 1985);
		
	 “Board”
	  	means the board of directors for the time being of the Client or any director or committee of directors duly authorised by the board of directors of the Client to act on its behalf;
		
	 “Group”
	  	means the Client and each and every Associated Company; and
		
	 “Prospective Customer”
	  	means any person, firm, company or organisation with whom the Client (or any Associated Company) is in negotiations or is tendering for the supply of goods and/or services by the Client (or any Associated Company) to such person,
firm, company or organisation.

  

	1.2	Headings are for convenience only and do not affect the meaning of each clause. The plural shall denote the singular, and vice versa, where appropriate. The words ‘include’ and ‘including’ shall not
limit the generality of any category. 

	2.	THE ENGAGEMENT 

 The Client hereby engages the Company to provide management consultancy services
(including the provision of support and assistance to the Board in relation to operational issues and the provision of advice in relation to corporate strategy, corporate activities, fund raising and mergers and acquisition opportunities) (the
“Services”) and the Company agrees to provide the Services on the terms and conditions set out in this Agreement. 
  

	3.	COMMENCEMENT AND DURATION 

  

	3.1	The engagement commenced on 1 March 2014. Subject to the terms of this Agreement your engagement will be for an initial fixed term of twelve (12) months and will continue thereafter until terminated:

  

	 	3.1.1	by either party to this Agreement giving to the other party not less than three (3) months’ written notice expiring on or after the end of that initial fixed term; 

 

	 	3.1.2	at any time in accordance with clause 5.3 of this Agreement; or 

  

	 	3.1.3	at any time in accordance with clause 13 of this Agreement. 

  

	4.	THE COMPANY’S WARRANTIES 

 The Company warrants to the Client that: 

 

	4.1	it has full authority to enter into this Agreement and that doing so will not amount to a breach by the Company of any contract, agreement or obligation binding on the Company (whether written or oral in each case); and

  

	4.2	it is and shall for the duration of this Agreement remain lawfully and properly constituted and incorporated as a company. 

  

	5.	THE COMPANY’S OBLIGATIONS 

  

	5.1	For the duration of this Agreement the Company shall: 

  

	 	5.1.1	procure that the Services are provided on behalf of the Company by Rolf Stahel of Neatham, Sleepers Hill, Winchester, Hants, SO22 4NB, UK or, if Rolf Stahel is unavailable for any reason, subject to the prior written
consent of the Client, and at the Client’s complete discretion, an alternative person of equivalent skills and experience (such person, whether Mr Stahel or any replacement authorised by the Client, being referred to in this Agreement as
“the Consultant”); 

  

	 	5.1.2	procure that the Consultant shall provide the Services for such periods, at such times and at such locations as may be reasonably necessary for the effective and efficient provision of the Services (provided that they
do not conflict with the Consultant’s other commitments to third parties) for ten (10) full working days per calendar year. For the avoidance of doubt, eight hours shall constitute a full working day (and such hours need be worked
consecutively or on the same calendar day) and time spent travelling shall be counted as working time; 

  
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	 	5.1.3	not and shall procure that the Consultant shall not bind the Client or any Associated Company to any contract or agreement and may not pledge the credit of the Client or any Associated Company for any purpose without
the prior written authorisation of the Board; 

  

	 	5.1.4	procure that the Consultant provides the Services with reasonable care and skill; 

  

	 	5.1.5	subject to clause 5.1.1 of this Agreement, not assign or sub-contract any of its rights, duties or obligations under this Agreement without the express prior written consent of the Client; and written consent of the
Client; and 

  

	 	5.1.6	procure that the Consultant complies at all times while on any premises of the Client with the Client’s health and safety rules and regulations and other rules and regulations relating to the conduct of personnel
at the Client’s premises provided that, in each case, they have been notified to the Consultant. 

  

	5.2	The Client acknowledges that Rolf Stahel is the Chairman of Connexios Life Sciences Pvt Ltd (currently involved in discovery research of new small molecules in diabetes, NASH, and chronic liver diseases), the consultant
of Nadathur Fareast Pte Ltd, the Chairman and owner of Chesyl Pharma Ltd and that he may become the Chairman of and consultant to Ergomed Clinical Research Ltd. The Client agrees that Rolf Stahel may retain (or in the case of Ergomed Clinical
Research Ltd acquire and retain) these offices and functions. 

  

	5.3	The Company shall procure that the Consultant notifies the Board in writing of his intention to accept any other employment, engagement, appointment, interest or involvement in any (as the context permits) person, firm,
company, corporation, business or organisation which competes or conflicts with the provision of the Services (an “Other Interest”). In the event that: 

  

	 	5.3.1	 the Board reasonably determines that the Consultant’s acceptance of any such Other Interest would result in a serious conflict of interests, the
Board will notify the Company in writing of its determination within 28 calendar days of receipt of the Consultant’s notification to the Board regarding the applicable Other Interest. Within 7 calendar days of receipt by the Company of any such
notice from the Client, the Company will confirm to the Board in writing whether the Consultant intends to accept the applicable Other Interest or, if the applicable Other Interest has already been accepted by the Consultant, whether he intends to
continue to hold the applicable Other Interest given the Client’s determination. The Company agrees that, if the Consultant decides to accept or retain the applicable Other Interest, it will submit to the Client (at the same time as it submits
the written confirmation regarding the Consultant’s intentions) its written notice of termination of this Agreement and hence this engagement, such termination shall take immediate effect. Neither the Client nor the Company shall have any right
to damages or compensation in relation to the 

  
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Company’s termination of this Agreement in accordance with the terms of this clause 5.3.1. The parties acknowledge and agree that this shall be a fundamental term of this Agreement and that
the Client may terminate this Agreement with immediate effect in accordance with clause 13.1.1 of this Agreement if the Company fails to serve notice of termination on the Client in accordance with its obligation to do so under this clause; or

  

	 	5.3.2	the Consultant reasonably determines that his acceptance of any such Other Interest would result in a serious conflict of interests, the Company shall procure that the Consultant notifies the Board of the
Consultant’s view at the same time as the Consultant notifies the Board of his intention to accept the Other Interest. The Company agrees that it will, if the Consultant decides to accept the applicable Other Interest, submit to the Client
(prior to the Consultant commencing any such Other Interest) its written notice of termination of this Agreement and hence this engagement, such termination shall take immediate effect. Neither the Client nor the Company shall have any right to
damages or compensation in relation to the Company’s termination of this Agreement in accordance with the terms of this clause 

  

	6.	THE CLIENT’S OBLIGATION 

 The Client shall provide the Company with any information, data, design or
documentation which is reasonably required for the efficient and effective provision of the Services. 
  

	7.	CONSULTANCY FEES AND EXPENSES 

  

	7.1	In consideration of the provision of the first 10 full working days of Services in any calendar year, the Client will pay to the Company consultancy fees at a rate of £50,000 (Pounds fifty thousand) (plus VAT if
applicable) per annum. Such fees shall be payable in equal monthly instalments in arrears and shall be reviewed annually by the Client. Following such review, fees payable may, if the Client agrees, be increased, but may not be reduced.

  

	7.2	Subject to the prior approval of Midatech Ltd, the Client may engage the Consultant for additional working days of service. If it does so, the Client will pay to the Company additional consultancy fees at a rate of
£2,000 (two thousand pounds) (plus VAT if applicable) per full working day (based on eight hours and including travel time) of additional Services rendered by the Company to the Client after the Company has provided 10 full working days of
Services to the Client in any calendar year as per clause 7.1., subject to all such additional Services being agreed in advance by the Client. 

  

	7.3	The Client shall reimburse the Company for any travelling, hotel and other expenses reasonably incurred by the Consultant in relation to the provision of the Services subject to the Company providing to the Client such
original vouchers or other evidence of actual payment of such expenses as the Client may reasonably require (in particular, but without limitation, costs incurred on Business Class air travel will be fully reimbursed provided that they are
pre-approved by the CEO of the Client). Any air miles or other loyalty points or benefits which the Consultant may obtain as a result of business travel shall be for his own personal use. 

  
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	7.4	The Company shall invoice the Client in respect of any additional consultancy fees due under clauses 7.2 or 7.3 and any expenses due in relation to any given calendar month within thirty (30) calendar days of the
end of such calendar month. For any year where the agreement is effective for less than 12 months, the number of days of Service to be provided as per clause 5.1.2 of this agreement will be calculated pro rata to the effective period of the calendar
year concerned. 

  

	7.5	The Client shall pay any such fees or expenses within thirty (30) calendar days of receipt by the Client of the relevant invoice from the Company. 

 

	8.	CONFIDENTIAL INFORMATION AND THE CLIENT PROPERTY 

  

	8.1	The Company agrees that it will not and shall procure that the Consultant will not at any time, without the prior authorisation of the Board, disclose or permit to be disclosed to any person, firm, company or
organisation (other than a professional adviser) or otherwise make use of (whether for its own benefit or for the benefit of any other person, firm, company or organisation) or publish or permit any person, firm, company or organisation to use or
publish any of the trade secrets or confidential information of or relating to: (a) the Client; (b) any Associated Company; (c) any business interests or customers of the Client or any Associated Company; (d) any shareholders of
the Client or (e) any firm, company, organisation or business to whom the Client or any Associated Company owes an obligation or duty of confidentiality. 

  

	8.2	This restriction shall continue to apply after the termination of this Agreement for a period of five years, but shall cease to apply to information ordered to be disclosed by a Court or Tribunal of competent
jurisdiction and to information which is or becomes available to the public generally (other than by reason of a breach this Agreement). 

  

	8.3	For the purposes of this Agreement confidential information shall include, but shall not be limited to: 

  

	 	8.3.1	corporate and marketing strategy and plans and business development plans; 

  

	 	8.3.2	budgets, management accounts, bank account details and other confidential financial data; 

  

	 	8.3.3	business, sales and marketing methods, confidential techniques, know how and processes used for the production or development of products and services; 

 

	 	8.3.4	details and specifications of products and services being sold, provided, distributed or developed, including: research and development reports, genetic data, databases, chemical formulae, information relating to
pre-clinical or clinical trials, medical records, proprietary vaccines, pharmaceutical compounds and nucleic acid constructs, proprietary bioinformatics, confidential methods and processes, inventions or creations, product specifications, and
details of intellectual property solutions or rights relating to products or services; 

  
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	 	8.3.5	details of any computer technology, software applications and systems; information relating to proprietary hardware or software (including updates); object and source code to proprietary software; confidential
algorithms developed or used for such proprietary software; 

  

	 	8.3.6	details of the salaries, bonuses, commissions and other employment terms applicable to its employees and officers; 

  

	 	8.3.7	the names, addresses and contact details of any customers or Prospective Customers, customer lists in whatever medium this information is stored and the requirements of those customers or the potential requirements of
Prospective Customers for any products or services. Without prejudice to the foregoing, personal information provided by visitors to and users of any of its web sites, 

 

	 	8.3.8	the terms of business with advertisers, customers and suppliers, including any pricing policy adopted and the terms of any partnership, joint venture or other form of commercial co-operation or agreement with any third
party; 

  

	 	8.3.9	details of any software and technical information necessary for the development, maintenance or operation of any websites and the source and object code of each website; 

 

	 	8.3.10	details of any existing, pending or threatened litigation; and 

  

	 	8.3.11	any other information which is the subject of an obligation of confidence owed to a third party, in particular the content of discussions or communications with any Prospective Customers or prospective business
partners. 

  

	8.4	The Company shall not and shall procure that the Consultant shall not, save in the proper provision of the Services or with the Board’s prior written consent, remove any property belonging to the Client or any
Associated Company or relating to the affairs of the Client or any Associated Company from the premises of the Client or such Associated Company or make any copies of documents or records relating to the business interests of the Client or any
Associated Company. 

  

	8.5	Upon receipt of a request from the Board at any time and in any event on the termination of this Agreement, the Company shall and shall procure that the Consultant shall immediately deliver up to the Client or its
authorised representative any plans, keys, mobile telephone, security passes, credit cards, customer lists, price lists, equipment, documents, records, papers, computer disks, tapes or other computer hardware or software (together with all copies of
the same) and all property of whatever nature in the possession or under the control of the Company and/or the Consultant which belongs to the Client or any Associated Company or relates to its or their business interests. 

 

	8.6	 If, on the termination of this Agreement, the Company or the Consultant have any information relating to the Client, any Associated Company or the
Services which is stored on a “device” (which for the purpose of this Agreement includes any personal 

  
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computer, laptop computer, web-server, personal digital assistant, mobile telephone, memory, disk or any other storage medium) which device is not owned by the Client, this must be disclosed by
the Company to the Board immediately upon termination of this Agreement. The Company agrees not to and shall procure that the Consultant does not copy or disclose any such information to any third party. The Company agrees to provide the Client with
a copy of such information in a format acceptable to the Client and to then permanently delete all such information from the device concerned. The Company will, at the Client’s request, furnish the Client with a written statement confirming
that the Company and the Consultant have complied in full with its/his obligations under this clause. 
  

	9.	COPYRIGHT, DATABASE RIGHTS AND DESIGN RIGHTS 

  

	9.1	The Company agrees to promptly disclose to the Client all works in which copyright, database right, design right or any other related rights may exist which the Consultant makes or originates either on his own or
jointly with other persons while providing the Services during the term of this Agreement. 

  

	9.2	The Company agrees that any copyright work, database, design or related rights created by the Consultant in the provision of the Services, which relate to the business of the Client or any Associated Company, shall be
the property of the Client whether or not the work was made at the direction of the Client or was intended for the use of the Client and the copyright in it and that the rights in any database or design shall belong absolutely to the Client
throughout all jurisdictions and in all parts of the world, together with all rights of registration, extensions and renewal (where relevant). relevant). 

  

	9.3	The Company hereby assigns and shall procure that the Consultant assigns on demand, such copyright, database, design or related rights to the Client, together with all past and future rights to action relating thereto.

  

	9.4	The Company acknowledges and agrees and shall procure that the Consultant agrees that the Client may edit, copy, add to, take from, adapt, alter and translate the product of the Services in exercising the rights
assigned under clause 9.3. 

  

	9.5	To the full extent permitted by law, the Company shall procure that the Consultant irrevocably and unconditionally waives any provision of law known as “moral rights” in relation to the rights referred to at
clause 9.2. 

  

	9.6	The Company agrees and shall procure that Consultant agrees to execute, during the term of this Agreement and for a period of five (5) years thereafter and at the Client’s request and expense, such further
documents or deeds and do all things necessary or reasonably required to confirm and substantiate the rights of the Client under this clause 9 and despite the termination of this Agreement for any reason. 

 

	9.7	The Company agrees that it will not and shall procure that the Consultant does not at any time make use of or exploit the Client’s property, trade marks, service marks, documents or materials in which the Client
owns the copyright, database, design or related rights, for any purpose which has not been authorised in advance by the Client and, without limiting the generality of this clause, the Company agrees that it shall not and shall procure that the
Consultant does not use or apply to register, anywhere in the world, any trade marks or trade names resembling the trade marks or trade names of the Client. 

  
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	9.8	Notwithstanding anything in clauses 8, 9 or 10 of this Agreement, the Company or the Consultant shall own and retain ownership of and may freely use, disclose and exploit the Consultant’s written business
presentations provided that the Company and/or the Consultant (as the case may be) has first deleted any confidential information relating to the Client or any Associated Company from such presentations and that such use, disclosure or exploitation
does not infringe or use any of the Client’s trade secrets, trademarks, copyrights or other intellectual property rights. 

  

	10.	INVENTIONS 

  

	10.1	During provision of the Services the Company shall procure that the Consultant shall at all times consider in what manner and by what new methods or devices, products, services, processes, equipment or systems of the
Client and each Associated Company might be improved and the Company agrees to promptly give to the Board full details of any invention, discovery, design, improvement or other matter or work whatsoever in relation thereto which the Consultant may
from time to time make or discover during provision of the Services (the “Inventions”) and the Company shall use its best endeavours to further the interests of the Client in relation to the same. The Company hereby acknowledges and agrees
and shall procure that the Consultant agrees that the sole ownership of the Inventions and all proprietary rights therein discovered or made by the Consultant (whether alone or jointly with others) at any time during the provision of the Services
under this Agreement shall belong free of charge and exclusively to the Client. 

  

	10.2	The Company agrees and shall procure that the Consultant agrees that all worldwide copyright and design rights in all the Inventions shall be and remain the property of the Client and the provisions of clause 9 above
shall apply in relation to the same. 

  

	10.3	The Company shall and shall procure that the Consultant shall, at any time during the term of this Agreement and for a period of five (5) years thereafter, at the Client’s expense, undertake all such acts and
things and execute such documents (including without limitation making application for letters patent) as the Board may reasonably request in order to vest effectually any Inventions owned by the Client in accordance with this clause 10 and any
protection as to ownership or use (in any part of the world) of the same in the Client or any Associated Company or as the Client may direct (jointly, if necessary, with any joint inventor thereof). 

 

	11.	TAX LIABILITIES 

  

	11.1	The Company shall be solely responsible for paying any remuneration to the Consultant and (to the extent permitted law) for the deduction and payment of all income tax, national insurance contributions and other similar
contributions in respect of such remuneration. 

  
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	11.2	The Company hereby agrees to indemnify on demand and hold harmless the Client from and against: 

  

	 	11.2.1	each and every claim, liability or demand made by the Inland Revenue or such other relevant authority against the Client in respect of income tax or national insurance contributions in relation to the payment of any
fees to the Company under this Agreement or in relation to the provision of the Services to the Client; and/or 

  

	 	11.2.2	any interest, fines or penalties incurred by the Client in connection with any liability under clause 11.2.1 above provided always that the Client has notified the Company promptly of any claim or demand it has received
and has afforded the Company all reasonable assistance in responding to such claim or demand. 

  

	11.3	In the event that the HM Customs and Excise determines that the Company does not have to or should not have charged the Client any VAT in relation to some or all of the fees paid to it by the Client pursuant to clause
7.1 of this agreement and the Company is not forced to account to Customs and Excise for any such VAT or if such VAT is repaid to the Company by Customs and Excise, the Company agrees to reimburse the Client an amount equal to the amount of VAT that
the Client was charged by the Company (if any) under clause 7.1 above. 

  

	12.	LIABILITY 

  

	12.1	The Client agrees to indemnify on demand and hold harmless the Company and the Consultant from and against each and every liability or cost (including without limitation damages and costs reasonably incurred as a result
of defending or settling a claim or action, including, but not limited to, those awarded by a court of tribunal of competent jurisdiction or agreed to be paid in connection therewith) arising or incurred by the Company or the Consultant whether
direct or consequential (including, but without limitation, any economic loss or other loss of turnover profits, business or goodwill) as a result of any negligent act or omission of the Client relating to or arising from the receipt of the Services
pursuant to the terms of this Agreement. (including, but without limitation, any economic loss or other loss of turnover profits, business or goodwill) as a result of any negligent act or omission of the Client relating to or arising from the
receipt of the Services pursuant to the terms of this Agreement. 

  

	12.2	Notwithstanding clause 5.1.4 of this Agreement, neither the Company nor the Consultant shall be liable under this Agreement or otherwise for any liability, loss, damage, cost, claim or expense arising (directly or
indirectly) from the provision of the Services. The Client shall not and shall procure that no Associated Company shall pursue the Company and/or the Consultant in respect of any such liability. 

  
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	13.	TERMINATION 

  

	13.1	Notwithstanding any term of this Agreement and without limitation, either party to this Agreement may at any time by notice in writing terminate this Agreement immediately if the other party shall: 

 

	 	13.1.1	be in breach of a fundamental term of this Agreement; 

  

	 	13.1.2	be in breach of any other term of this Agreement unless, in the case of a breach capable of remedy, the breach is remedied by the party in breach within twenty-one days of receipt by the party in breach of a notice from
the other party specifying the breach and requiring its remedy; 

  

	 	13.1.3	commit any gross or persistent negligence or gross misconduct in respect of its obligations under this Agreement; 

  

	 	13.1.4	become insolvent, go into liquidation or be the subject of a receiving order or enter into any composition or deed of arrangement with its creditors. 

 

	13.2	Notwithstanding any term of this Agreement and without limitation, either party to this Agreement may at any time by notice in writing terminate this Agreement immediately if Mr Stahel becomes of unsound mind, becomes a
patient under any mental health legislation or is unable due to any accident, illness or injury to provide the Services on behalf of the Company in accordance with the terms of this Agreement for a period of more than 6 months save where a
replacement Consultant authorised by the Client in accordance with clause 5.1.1 of this Agreement commences provision of the Services. Neither party shall be liable to pay any damages or compensation to the other party in respect of the termination
of this Agreement in accordance with this clause 13.2. 

  

	13.3	Notwithstanding any term of this Agreement and without limitation, the Client may by notice in writing terminate this Agreement immediately if the Client terminates Mr Stahel’s office as a director of the Client in
accordance with the terms set out in clause 14.1 or 14.2 of the Deed between the Client and the Consultant headed Terms of Appointment which is dated on the same date as this Agreement unless otherwise agreed in writing. 

 

	13.4	Following termination of this Agreement, neither party to this Agreement shall hold itself out as being in any way connected with the other party or any business carried on by the other party. 

 

	14.	GENERAL 

  

	14.1	This Agreement is the entire agreement between the Client and the Company and replaces and supersedes any existing agreements or arrangements between the Client and the Company relating to the subject matter of this
Agreement. 

  

	14.2	If either party to this Agreement does not enforce or delays in enforcing any right under or provision of this Agreement or exercising any right under this Agreement, this shall not be taken to mean that that party has
waived such provision or right and that party shall remain entitled to enforce such provision or right and/or sue for damages. 

  

	14.3	This Agreement constitutes an agreement solely between the Client and the Company, and, save where otherwise provided, for the purposes of the Contracts (Rights of Third Parties) Act 1999, nothing in this contract
confers or purports to confer on the Consultant or any other third party any benefit or any right to enforce a term of this contract. 

  
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	14.4	Notices shall be in writing and sent by courier, first class post or delivered by hand to the address of the other party stated in this Agreement (or any other address, which a party by written notice elects for this
purpose). 

  

	14.5	Notices shall be considered to have been received: if sent by courier or if hand delivered, on delivery and if sent by post, on the 2nd day following the day of posting. 

 

	14.6	Nothing in this Agreement shall create, or be deemed to create, a partnership, joint venture or any employment relationship between the parties or between the Client and the Consultant. 

 

	14.7	This Agreement shall be governed by and construed in accordance with the laws of England. The parties submit to the exclusive jurisdiction of the English courts in relation to this Agreement. 

This Agreement is executed by the duly authorised representatives of the Client and the Company on the date stated on the first page of this Agreement. 

 

					
	For and on behalf of	 		 	/s/ James Phillips
	MIDATECH LIMITED 	 		 	Director

  

					
	For and on behalf of	 		 	/s/ Rolf Stahel
	CHESYL PHARMA LIMITED 	 		 	Director

  
 11EX-10.18

 Exhibit 10.18 

DATED: 3 December 2014 

MIDATECH PHARMA PLC 
 and

 JAMES PHILLIPS 
  

 
 SERVICE AGREEMENT 

 
  

 THIS AGREEMENT is made on 3rd December 2014 

BETWEEN: 
 MIDATECH PHARMA PLC company number
09216368) whose registered office is at 8 Clifford Street, London W1S 2LQ (the “Company”); and 
 JAMES PHILLIPS of Ferendone House,
Church Road, Upper Farringdon, Herts, GU34 3EG (the “Executive”). 
 RECITAL 

The Company shall employ the Executive and the Executive shall serve the Company as Chief Executive Officer of the Company on the following terms and subject
to the following conditions (the “Agreement”): 
 IT IS AGREED AS FOLLOWS: 

 

	1	DEFINITIONS AND INTERPRETATION 

  

	1.1	In this Agreement unless the context otherwise requires the following expressions shall have the following meanings: 

“Board” the board of directors for the time being of the Company; 

“Group” the Company and its Subsidiaries for the time being and “Group Company” means any one of them; 

“Regulations” the Working Time Regulations 1998; and 

“Subsidiary” in relation to a company a subsidiary within the meaning of s1159 of the Companies Act 2006 and any other company
which is a subsidiary (as so defined) of a company which is itself a subsidiary of such holding company. 
  

	1.2	Any reference to a statutory provision shall be deemed to include a reference to any statutory modification or re-enactment of it. 

  

	1.3	The headings in this Agreement are for convenience only and shall not affect its construction or interpretation. 

  

	1.4	References in this Agreement to a person include a body corporate and an incorporated association of persons and references to a company include any body corporate. 

 

	1.5	Where appropriate, references to the Executive include his personal representatives. 

  

	2	TERM OF EMPLOYMENT 

  

	2.1	The employment of the Executive shall be deemed to have commenced on 1 May 2013. The employment of the Executive (subject to earlier termination as provided below) shall continue until terminated by either party
giving to the other not less than one year’s notice in writing at any time. 

  

	2.2	The Executive represents and warrants that he is not bound by or subject to any contract, court order, agreement, arrangement or undertaking which in any way restricts or prohibits him from entering into this Agreement
or performing his duties under it. 

	3	DUTIES 

  

	3.1	The Executive shall during his employment under this Agreement: 

  

	 	3.1.1	perform the duties and exercise the powers which the Board may from time to time properly assign to him in his capacity as Chief Executive Officer or in connection with the conduct and management of the business of the
Company or the business of any Group Company (including serving on the board of such Group Company or on any other executive body or any committee of such a company); and 

 

	 	3.1.2	do all in his power to promote, develop and protect the business of the Company and at all times and in all respects conform to and comply with the proper and reasonable directions and regulations of the Board.

  

	3.2	The Executive shall give to the Board such information regarding the affairs of the Company as it shall require, and in any event, report regularly and keep the Board informed. 

 

	3.3	The Executive shall carry out his duties and exercise his powers jointly with any other executives appointed by the Board to act jointly with him and the Board may at any time require the Executive to cease performing
or exercising the said or any duties or powers. 

  

	3.4	The Executive shall be based at the Company’s head office near Abingdon, but the Executive shall travel to and/or work in any place which the Board may reasonably require and he may be required to travel abroad
when required by the Company for the proper performance of his duties. 

  

	4	HOURS OF WORK 

 The Executive shall have no set hours of work but is required to devote
such time to his work as is necessary for the proper performance of his duties and his basic salary referred to in clause 7.1 shall compensate him for this. Normal office hours are 9 am to 5 pm Monday to Friday. 

 

	5	GRATUITIES AND CODES OF CONDUCT 

  

	5.1	The Executive shall not, without prior written consent of Company, directly or indirectly accept any commission, rebate, discount or gratuity in cash or in kind from any person who has or is having a business
relationship with the Company or any Group Company. 

  

	5.2	The Executive shall comply (and procure that his spouse and minor children shall comply) with all applicable rules and regulations of the London Stock Exchange including all AIM rules and regulations, and as applicable
the Listing Rules of the United Kingdom Listing Authority, and any codes of conduct of the Company for the time being in force and any other relevant regulatory authority. 

 

	6	REMUNERATION 

  

	6.1	The Company shall pay to the Executive a salary at the rate of £219,085 gross per year, inclusive of any directors’ fees payable to him. 

 

	6.2	The basic salary stated in clause 6.1 above will increase automatically with effect from 1 April each year by the percentage increase, if any, in the ‘All Items Index of Retail Prices’ published by the
Office for National Statistics over the previous year. 

	6.3	The Executive’s salary shall accrue from day to day and be payable by equal monthly instalments in arrears on or about the last day of each month. 

 

	6.4	The Executive’s salary shall be reviewed annually following the finalisation of the relevant calendar year’s Annual Reports and Accounts. The undertaking of a salary review does not confer a contractual right
(whether express or implied) to any increase in salary and the Executive acknowledges that any salary increase is at the absolute discretion of the Remuneration Committee. 

 

	7	BONUS 

 The Executive will be eligible to participate in a discretionary bonus scheme
(the “Scheme”), which terms may be reviewed by the Remuneration Committee from time to time. Decisions as to the calculation and payment of any bonus under the Scheme shall be made at the absolute discretion of the Remuneration
Committee although it is acknowledged that the amount of such bonus will be up to approximately 50 per cent, of the Executive’s annual salary on the satisfaction of certain performance criteria. Payment of bonus on certain terms at any
particular time will not create any entitlement to or expectation of any future payment or the amount or terms of any future payment. The Executive will not have any contractual right to a bonus if he has left the Company’s employment for
whatever reason (whether lawful or unlawful) or has given or received notice of termination, at or prior to the time on which any such bonus would normally be payable. Any bonus awarded will be paid subject to tax and National Insurance in the usual
way. 
  

	8	OTHER BENEFITS 

 The Executive is entitled to such additional benefits (including, but
not limited to, a 10% pension contribution, life insurance and medical insurance) as may be determined by the Board from time to time. 
  

	9	EXPENSES 

 The Company shall reimburse or procure that the Executive is reimbursed all
reasonable travelling, hotel and other expenses wholly and necessarily incurred by him in the performance of his duties under this Agreement on production of appropriate receipts, if required, by the Company. 

 

	10	HOLIDAYS 

  

	10.1	The Executive is entitled to 28 days’ holiday with pay every calendar year in addition to bank and other public holidays. This will rise by one day for each year of completed continuous service (from the
commencement of the Executive’s employment as detailed in Clause 3.1 above) to a maximum of 30 days for continuous service of five years or more. The Company’s holiday year runs from January to December. 

 

	10.2	The Executive’s holiday entitlement is inclusive of his statutory entitlement. When calculating the Executive’s statutory entitlement, bank and public holidays are taken into account. A maximum of three days
of the statutory entitlement can be carried over from one holiday year to the first three months of the next year and pay in lieu of such holidays will be made to the Executive. 

 

	10.3	During the first year of the Executive’s employment the Executive’s statutory holiday entitlement will accrue pro rata monthly in advance, Where this calculation results in fractions of days the amount of
leave which can be taken is rounded up to the next half day. Any rounded up element is deducted from the leave remaining. 

	10.4	Save as provided for in clause 10.3 above, the Executive’s entitlement to holiday accrues pro rata throughout each holiday year (disregarding fractions of days). The Executive will be deemed to have taken statutory
holiday first. 

  

	10.5	Any entitlement to holiday over and above any statutory entitlement remaining at the end of any holiday year shall lapse and no payment in lieu of such holiday will be made for accrued but untaken holiday.

  

	10.6	

  

	 	10.6.1	If the Executive has taken holiday in excess of his entitlement on termination of employment he will be required to give account for it and the Company will make a deduction from his final salary payment accordingly. If
the Executive has accrued holiday owing to him, the Company may at its discretion, require him to take the outstanding holiday during any notice period or make a payment in lieu of it. 

 

	 	10.6.2	For the purposes of clause 10.6.1 above, a day’s pay will be calculated as 1/260th of basic salary. 

 

	10.7	If the Executive’s employment is terminated without notice, he will not be entitled to holiday pay for holiday which would have accrued during the notice period, had he continued to be employed throughout that
time. 

  

	10.8	If the Executive is put on garden leave in accordance with clause 19 any accrued but unused holiday entitlement shall be deemed to be taken during any period of garden leave. 

 

	10.9	Holidays should be taken at such times as the Board shall consider most convenient having regard to the requirements of the Company’s business. 

 

	11	ILLNESS AND KEY MAN INSURANCE 

  

	11.1	The Executive shall continue to be paid during sickness absence (such payment to be inclusive of any statutory sick pay or social security benefits to which he may be entitled) for a total of up to three months in any
six consecutive months and thereafter any additional payments of salary will be at the discretion of the Company. 

  

	11.2	The Executive will cease to accrue holiday, subject to any entitlement under the Regulations if he has been absent due to sickness, for six consecutive weeks or more. 

 

	11.3	If the Executive is incapable of performing his duties by reason of injury sustained wholly or partly as a result of negligence, nuisance or breach of any statutory duty on the part of a third party and the Executive
recovers an amount by way of compensation for loss of earnings from that third party, he shall pay to the Company an amount equivalent to the amount of sick pay he has received from the Company or such lesser amount as he received in compensation.

  

	11.4	The Company shall be entitled to require the Executive to undergo examinations by a medical adviser appointed or approved by the Company and the Executive authorises the medical adviser and/or will provide such consents
as are necessary to disclose to the Company the results of such examinations. 

	11.5	The Executive hereby covenants with the Company on behalf of himself and his personal representatives at all times fully and effectively to comply with the terms of any insurance policy taken out by the Company or any
Group Company on his life or in respect of his position as a director and/or office of the Company and further undertakes (notwithstanding that his Agreement has been terminated or has come to an end) to co-operate fully with and assist the Company
or any applicable Group Company in relation to any claim(s) made or to be made in connection with such insurance policy (including without limitation submitting to a medical examination). 

 

	11.6	In the event that the Executive is unable to perform his duties hereunder through illness or other incapacity for any continuous period of three months or an aggregated period exceeding 100 working days in any period of
12 months, notwithstanding any other provision of this Agreement, the Company may terminate the Executive’s employment upon six months’ written notice to him and during that period the Executive shall not have any entitlement to receive
his salary or any bonus payment but shall otherwise be entitled to his contractual benefits under this Agreement. 

  

	12	RESTRICTIONS DURING EMPLOYMENT 

  

	12.1	During the continuance of his employment under this Agreement the Executive shall unless prevented by incapacity devote his whole time and attention to the business of the Company and shall not without the prior written
consent of the Board: 

  

	 	12.1.1	engage in any other business; or 

  

	 	12.1.2	be concerned or interested in any other business which is or shall be of a similar nature to or competitive with that carried on by the Company or any Group Company or which is a supplier or customer of the Company or
Group Company in relation to its services; or 

  

	 	12.1.3	solicit the custom of, canvass, approach or deal with, in competition with the Company or any Group Company, any person (including any company, firm, organisation or other entity) to whom the Company or any Group
Company supplies services or with whom the Company or any Group Company is in negotiations or discussions regarding the possible supply of services; or 

  

	 	12.1.4	discourage any such person referred to in clause 12.1.3 above from conducting or continuing to conduct business with the Company or any Group Company on the best terms available to the Company or any Group Company; or

  

	 	12.1.5	induce or attempt to induce any director or senior employee of the Company or any Group Company and with whom the Executive has material dealings in the course of his employment, to leave the employment of the Company
or any Group Company; or 

  

	 	12.1.6	take any steps which impair or might reasonably be thought by the Company, to impair the Executive’s ability to act at all times in the best interests of the Company, 

provided that nothing in this clause shall preclude the Executive from holding or being otherwise interested in any shares or other securities
of any company which is quoted on any recognised investment exchange (as defined by section 285 Financial Services and Markets Act 2000) so long as the interest of the Executive in such shares or other securities does not extend to more than three
per cent, of the total amount of such shares or securities. 

	13	INTELLECTUAL PROPERTY 

  

	13.1	“Intellectual Property” shall mean all inventions, patents, utility models, designs (both registered or unregistered and including rights relating to semi-conductor topographies), database right,
copyright, and trade marks (both registered and unregistered) together with all rights to the grant of and applications for the same and including all similar or analogous rights and all other rights in the nature of intellectual and industrial
property throughout the world and all future rights of such nature. 

  

	13.2	For the purpose of interpreting this clause, reference(s) to any form of Intellectual Property shall include all similar and analogous rights in other jurisdictions and all other rights in the nature of intellectual and
industrial property that protect the same or similar subject matter. 

  

	13.3	If the Executive makes, or if the Executive participates in making, any invention, any design (whether registrable or not), or any work in which copyright and/or database rights subsist and which relates to or is useful
in connection with the business of the Company or the Group, the Executive shall disclose it to the Company immediately, whether or not it is the property of the Company or any Group Company and: 

 

	 	13.3.1	in the case of an invention give the Company full particulars of the invention together with everything embodying, recording (in any media) or relating to the invention, irrespective of the nature of the invention or
when it was made; and 

  

	 	13.3.2	in the case of designs or works in which copyright and/or database right subsists, give the Company a copy of all records of such designs and works; and 

 

	 	13.3.3	and, in addition, the Company may call for the same to be delivered forthwith to an authorised representative at any time. 

  

	13.4	If an invention made by the Executive is the property of the Company or any Group Company under Section 39 Patents Act 1977 the Executive assigns to the Company (or Group Company) with full title guarantee all
rights the Executive may have to the invention, to the grant of protection and all applications for protection in respect of that invention. 

  

	13.5	The Company shall not be under any obligation to apply for or maintain protection in respect of any invention made by the Executive. 

 

	13.6	If any invention is the Executive’s property under Section 39 Patents Act 1977 and relates to or is useful in connection with the business or any product or service of the Company or Group the Executive shall
not grant or agree to grant a licence or other rights or execute or agree to execute an assignment in respect of any rights in or relating to that invention to any other person without first offering to grant a licence (or such other rights) or
execute an assignment for the benefit of the Company (or Group Company) on terms no less favourable than those offered to the third party, and the Company (or Group Company) shall have fifteen working days in which to accept or reject the offer.

  

	13.7	 If during the course of the Executive’s employment by the Company (whether in the course of normal duties or not and whether or not during normal
working hours) the Executive makes, or participates in the making of any design (whether registrable or not) or any work in which copyright and/or database right subsists the Executive assigns to the Company with full title guarantee and, where
appropriate, by way of future assignment, all such rights for the full term 

	 	
thereof throughout the world. The assignment shall not extend to those designs or works which are created by him wholly outside his normal working hours and wholly unconcerned with his service
under this Agreement. Any agreement to the contrary is expressly excluded. If by operation of law it is not possible for the Executive to assign such rights in a territory outside the United Kingdom the Executive shall hold such rights on trust for
the Company and shall grant to the Company such rights as most closely resemble an assignment in the territory concerned. 

  

	13.8	The Executive shall execute all documents and do all things which are necessary or desirable for perfecting the assignment of all rights assigned to the Company or any Group Company pursuant to this clause 14 and for
obtaining the best possible protection in respect of such rights in the territories specified by the Company. The Executive shall assign to the Company all such rights as are not already held by the Company in all subsequent registrations and
applications for registration. 

  

	13.9	All embodiments of rights assigned under this clause 14 and all records relating to such rights irrespective of the form or media shall be the property of the Company, the Executive shall surrender them to the Company
on the termination of this Agreement or at the request of the Company at any time during the Executive’s employment, and shall not keep any copies. 

  

	13.10	The Executive irrevocably appoints the Company to be his attorney in his name and on his behalf to sign or execute any document or do anything generally to use his name for the purpose of giving to the Company the full
benefit of the provisions of this clause 14 and in favour of any third party a certificate in writing signed by any director or the secretary of the Company that any document or act falls within the authority conferred by this clause shall be
conclusive evidence that that is the case. 

  

	13.11	The Executive waives all moral rights and all similar and analogous rights in other territories (whether arising under Chapter IV of the Copyright Designs and Patents Act 1988 or otherwise) to the extent
permissible under the relevant legislation in each jurisdiction in works to which clause 14 applies. 

  

	13.12	The Executive warrants that he is not bound by any legally enforceable obligations owed to persons other than the Company which would prevent him from complying with the terms of this Agreement. The Executive shall not
without proper licence use any inventions or information in breach of rights owed to or held by persons other than the Company or copy or adapt copyright works or designs or unlawfully extract or re-utilise all or a substantial part of a database
owned (in each case) by persons other than the Company or otherwise infringe any rights in Intellectual Property owned by people other than the Company. 

  

	13.13	The Executive shall not exploit or attempt to exploit any Intellectual Property which is the property of the Company or any Group Company without the prior written consent of the Company nor shall the Executive do
anything that would imperil or prejudice any rights in any of the same, and the Executive shall immediately inform the Company if the Executive becomes aware of any infringement of any of the same. 

 

	13.14	If and when required to do so by the Company, the Executive shall provide reasonable assistance to defend any proceedings in respect of revocation, invalidity and/or infringement of any and all rights that are assigned
or licensed to the Company under this clause 14. 

  

	13.15	All the provisions of this clause 14 shall survive termination of the Executive’s employment insofar as they relate to rights that were created before the date of termination of this Agreement 

	14	CONFIDENTIALITY 

  

	14.1	The Executive shall not (except in the proper performance of his duties) during or after his employment has ended directly or indirectly divulge to any person or otherwise make use of (and shall use his best endeavours
to prevent the publication or disclosure of) any trade secret or any confidential information concerning the business or finances of the Company or any Group Company or any of its/their dealings transactions or affairs or any such confidential
information concerning any of their suppliers, agents, distributors or clients. 

  

	14.2	Confidential information includes, but is not limited to: 

  

	 	14.2.1	corporate and marketing strategy, business development and plans, sales reports and research results; 

  

	 	14.2.2	business methods and processes, manuals and operating procedures, technical information and know-how relating to the Group’s business and which is not in the public domain, including inventions, designs, programs,
techniques, database systems, formulae and ideas; 

  

	 	14.2.3	business contacts, lists of commercial customers, advertisers and suppliers and details of contracts with them and their current or future requirements; 

 

	 	14.2.4	information on employees and their terms of employment; 

  

	 	14.2.5	sales, expenditure levels, pricing and discounting policies; 

  

	 	14.2.6	budgets, management accounts, trading statements and other financial reports; 

  

	 	14.2.7	unpublished price sensitive information relating to shares or securities listed or dealt in on any recognised stock exchange; and 

  

	 	14.2.8	any document marked “confidential”, identified to the Executive as confidential or any information not in the public domain. 

 

	14.3	The restrictions in clauses 14.1 and 14.2 shall not apply to information which: 

  

	 	14.3.1	comes into the public domain otherwise than by a breach by the Executive of his obligations under this Agreement; or 

  

	 	14.3.2	is disclosed to the Executive by a third party who has not received it directly or indirectly from the Company or any Group Company; or 

 

	 	14.3.3	must be disclosed by any applicable law, to the extent of such required disclosure. 

  

	14.4	Notwithstanding the obligations and restrictions contained in this clause 15, noting in this Agreement shall operate to prevent the Executive making a “protected disclosure” pursuant to Part IVA of the
Employment Rights Act 1996. 

	15	DATA PROTECTION 

  

	15.1	The Executive acknowledges that the Company will hold personal data relating to the Executive such data will include the Executive’s employment application, address, references, bank details, performance
appraisals, work, holiday and sickness records, next of kin, salary reviews, remuneration details and other records (which may, where necessary, include sensitive personal data relating to the Executive’s health, and data held for equal
opportunities purposes). The Company will hold such personal data for personnel administration and management purposes and to comply with the obligations regarding the retention of Executive/worker records. The Executive’s right of access to
such data is as prescribed by law. 

  

	15.2	The Executive hereby undertakes and agrees that the Company may process personal data relating to personnel administration and management purposes, and may, when necessary for those purposes, make such data available to
its advisers, to third parties providing products and/or services to the Company (such as IT systems suppliers, pensions, benefits and payroll administrators) and as required by law. Further, the Executive hereby agrees that the Company may transfer
such data to and from any Group Company. By signing this Agreement, the Executive expressly consents to the collection, transfer and use of such data in accordance with this clause 15. 

 

	16	MONITORING 

 The Executive shall have access to e-mail and the internet for the better
performance of his duties and he shall comply with the Company’s stated e-mail and internet policy from time to time and in any event the Executive shall not send any e-mails of a defamatory or abusive
nature or which constitute sexual, racial or any other form of harassment and he shall be prohibited from downloading any pornographic or other offensive material and the Executive shall indemnify the Company during and after his employment against
all liability resulting from the Executive’s breach of this clause. The Company reserves the right to monitor all email/internet activity by the Executive. 
  

	17	TERMINATION OF EMPLOYMENT 

  

	17.1	The Company may at any time and in its absolute discretion (whether or not any notice of termination has been given by the Company or the Executive under clause 3 above) terminate the Agreement with immediate effect and
make a payment in lieu of notice. This payment shall comprise solely the Executive’s basic salary (at the rate payable when this option is exercised) but shall not include any bonus or other benefits and shall be subject to deductions for
income tax and national insurance contributions as appropriate (the “Payment in Lieu”). The Executive will not, under any circumstances, have any right to the Payment in Lieu unless the Company has exercised its option to pay in
lieu of notice. 

  

	17.2	The employment of the Executive may be terminated by the Company without notice or payment in lieu of notice if the Executive: 

  

	 	17.2.1	is guilty of any serious misconduct or any other conduct which affects or is likely to affect prejudicially the interests of the Company or any Group Company; or 

	 	17.2.2	fails or neglects efficiently and diligently to discharge his duties or commits any serious or repeated breach or non-observance of any of the provisions contained in this Agreement or any Share Dealing Code adopted by
the Company or Group; or 

  

	 	17.2.3	has an interim receiving order made against him, becomes bankrupt or makes any composition or enters into any deed of arrangement with his creditors; or 

 

	 	17.2.4	is charged with any arrestable criminal offence (other than an offence under road traffic legislation in the United Kingdom or elsewhere for which a fine or non-custodial penalty is imposed); or 

 

	 	17.2.5	is disqualified from holding office in any company by reason of an order of a court of competent jurisdiction; or 

  

	 	17.2.6	shall become of unsound mind or become a patient under any statute relating to mental health; or 

  

	 	17.2.7	is convicted of an offence under the Criminal Justice Act 1993 in relation to insider dealings or under any other present or future statutory enactment or regulations relating to insider dealings; or 

 

	 	17.2.8	is in breach of the Model Code on directors’ dealings in listed securities, including securities trading on AIM, published by the London Stock Exchange Limited; or 

 

	 	17.2.9	commits any other act warranting summary termination at common law including (but not limited to) any act justifying dismissal without notice in the terms of the Company’s generally-applicable disciplinary rules.

  

	17.3	Any delay by the Company in exercising the right to terminate without notice is not a waiver thereof. 

  

	18	SUSPENSION 

 The Company may suspend the Executive on full pay for such time as is
reasonable in all the circumstances, to allow the Company to investigate any complaint made against the Executive in relation to his employment with the Company and/or pending the outcome of any disciplinary proceedings. 

 

	19	GARDEN LEAVE 

  

	19.1	Provided the Executive continues to enjoy his full contractual benefits and receive his pay in accordance with this Agreement, the Company may in its absolute discretion do all or any of the following during any period
of notice or any part of the notice period, after the Executive or the Company has given notice of termination to the other, without breaching this Agreement or incurring any liability or giving rise to any claim against it: 

 

	 	19.1.1	exclude the Executive from the premises of the Company and/or the Group; 

  

	 	19.1.2	require the Executive to carry out only specified duties (consistent with his status, role and experience) whether or not different to his normal duties or to carry out no duties; 

	 	19.1.3	announce to any or all of its employees, suppliers, customers and business partners that the Executive has been given notice of termination or has resigned (as the case may be); 

 

	 	19.1.4	prohibit the Executive from communicating in any way with any or all of the suppliers, customers, business partners, employees, agents or representatives of the Company or the Group until his employment has terminated
except to the extent he is authorised to do so by the Board in writing; 

  

	 	19.1.5	require the Executive to resign his directorship of any Group Company; and/or 

  

	 	19.1.6	require the Executive to comply with any other reasonable conditions imposed by the Company. 

The Executive will continue to be bound by all obligations (whether express or implied) owed to the Company under the terms of the Agreement or
as an employee of the Company. Including but not limited to his duty of care, fidelity, obedience and good faith. 
  

	20	RESIGNATION AND RETURN OF COMPANY PROPERTY 

  

	20.1	Upon the termination by whatever means of this Agreement the Executive shall: 

  

	 	20.1.1	immediately resign from his office as a director of the Company and from such offices held by him in any Group Company without claim for compensation; and 

 

	 	20.1.2	immediately deliver to the Company all credit cards, motor-cars, keys, computer media and other Company property or Group Company property, in whatever form, of or relating to the business of the Company or of any Group
Company which may be in his possession or under his power or control. 

  

	20.2	If the Executive fails to comply with clause 19.1.5 and 20.1.1 the Company is hereby irrevocably authorised to appoint some person in his name and on his behalf to sign and complete any documents or do any thing
necessary to give effect to this clause. 

  

	20.3	The Executive shall not without the consent of the Company at any time after the termination of this Agreement represent himself still to be connected with the Company or any Group Company. 

 

	21	RECONSTRUCTION OR AMALGAMATION 

 If the employment of the Executive under this Agreement
is terminated by reason of the liquidation of the Company for the purpose of reconstruction or amalgamation and the Executive is offered employment with any concern or undertaking resulting from the reconstruction or amalgamation on terms and
conditions not less favourable than the terms of this Agreement then the Executive shall have no claim against the Company or any Group Company in respect of the termination of his employment under this Agreement. 

 

	22	RESTRICTIONS 

  

	22.1	Definitions 

 In this clause the following words shall have the following meanings: 

“Termination Date” the date on which the Executive’s employment terminates; 

 “Person” includes any company, firm, organisation or other entity; 

“Area” any country where on the Termination Date the Company was supplying services; 

“Client” any Person to whom the Company or a Group Company supplied services during the six months preceding the Termination
Date and with whom at any time during such period the Executive was actively involved in the course of his employment; 

“Prospective Client” any Person with whom the Company or a Group Company had negotiations or discussions regarding the
possible supply of services during the six months immediately preceding the Termination Date and with whom at any time during such period the Executive was actively involved in the course of his employment; 

“Employee” means any director of the Company or any Group Company and/or any person employed by or who renders services to the
Company or any Group Company and who has Client responsibility or influence over Clients or Prospective Clients and/or who is in possession of confidential information (as defined above) and who in any such case was so employed or so rendered
services during the period of six months prior to the Termination Date and had dealings with the Executive during that period; and 

“Supplier” means any person firm or company who is or was at any time during the six months preceding the Termination Date a
supplier or procurer of goods and/or services to the Company or any Group Company. 
  

	22.2	In order to protect the goodwill, confidential information, trade secrets and business connections of the Company or any Group Company the Executive covenants with the Company (and as trustee for each Group Company)
that: 

  

	 	22.2.1	Non-competition 

 the Executive shall not during his employment or for a period of six
months from the Termination Date directly or indirectly be interested or concerned in any business which is carried on in the Area and which: 
  

	 	(a)	concerns the business carried on by the Group in the six months preceding the Completion Date and as carried on or otherwise contemplated by the Group during the Relevant Period; or 

 

	 	(b)	is competitive or likely to be competitive with the business of the Company or a Group Company being carried on at the Termination Date and with which the Executive was actively involved at any time during the six
months ending on the Termination Date. 

 For this purpose, the Executive is concerned in a business if: 

 

	 	(a)	he carries it on as principal or agent; or 

  

	 	(b)	he is a partner, director, employee, secondee, consultant or agent in, of or to any Person who carries on the business; or 

  

	 	(c)	subject to clause 13 above, he has any direct or indirect financial interest (as shareholder or otherwise) in any Person who carries on the business. 

	 	22.2.2	Non-solicitation/Dealing 

 the Executive shall not during his employment or for a period
of twelve months from the Termination Date in the Area directly or indirectly: 
  

	 	(a)	canvass or solicit business or approach any Clients or Prospective Clients in respect of services similar to those being provided by the Company or a Group Company as at the Termination Date; 

 

	 	(b)	seek to do business or deal with any Clients or Prospective Clients in respect of services similar to those being provided by the Company or a Group Company as at the Termination Date; or 

 

	 	(c)	canvass or solicit business from or make an approach to any supplier of the Company or a Group Company with whom the Executive was actively involved at any time during the six months ending on the Termination Date to
cease to supply, or to restrict or vary the terms of supply to the Company or a Group Company or otherwise interfere with the relationship between such a supplier and the Company or a Group Company. 

 

	 	22.2.3	Non-poaching 

 the Executive shall not during his employment or for a period of twelve
months after the Termination Date directly or indirectly: 
  

	 	(a)	induce or attempt to induce any Employee of the Company or a Group Company to leave the employment of the Company or a Group Company (whether or not this would be a breach of contract by that employee) for the purposes
of being involved in or engaged in the types of business referred to in sub-clauses 22.2.1(a) and 22.2.1(b) above; or 

  

	 	(b)	engage, attempt to engage, employ, attempt to employ or offer employment or work (and in each case whether directly or indirectly, including through an employment agency or other intermediary) to any Employee for the
purposes of being involved in or engaged in the types of business referred to in sub-clauses 22.2.1(a) and 22.2.1(b) above. 

Non-interference 
 The
Executive shall not during his employment or for a period of twelve months after the Termination Date to the detriment of the Company or any Group Company, directly or indirectly persuade or endeavour to persuade any Relevant Supplier to cease doing
business or materially reduce its business with the Company or any Group Company. 
 Non-disparagement 

The Executive shall not at any time (whether during or after the termination of his employment) make whether directly or indirectly any
untrue, misleading or derogatory oral or written statement concerning the business, affairs, officers or employees of the Company or any Group Company. 

 Non-association 

The Executive shall not (except with the prior written consent of the Company) at any time after the termination of his employment represent
himself to be connected with or interested in the business of or employed by the Company or any Group Company or use for any purpose the name of the Company or any Group Company or any name capable of confusion therewith. 

 

	22.3	The restrictions in this clause are considered by the parties to be reasonable and the validity of each sub-clause shall not be affected if any of the others is judged to be invalid. If any of the restrictions are void
but would be valid if some part of the restriction were deleted, the restriction in question shall apply with such modification as may be necessary to make it valid. 

 

	22.4	The Executive acknowledges that the provisions of this clause are no more extensive than is reasonable to protect the legitimate business interests of the Company or the Group. 

 

	23	SEVERABILITY 

 If any of the provisions of this Agreement become invalid or unenforceable
for any reason by virtue of applicable law the remaining provisions shall continue in full force and effect and the Company and the Executive hereby undertake to use all reasonable endeavours to replace any legally invalid or unenforceable provision
with a provision which will promise to the parties (as far as practicable) the same commercial results as were intended or contemplated by the original provision. 
  

	24	THIRD PARTIES 

 Unless the right of enforcement is expressly granted, it is not intended
that a third party should have the right to enforce the provisions of this Agreement pursuant to the Contracts (Rights of Third Parties) Act 1999. 
  

	25	NOTICES 

  

	25.1	Any notice required or permitted to be given under this Agreement shall be given in writing delivered personally or sent by first class post pre-paid recorded delivery (air mail if overseas) or by facsimile to the party
due to receive such notice at, in the case of the Company, its registered office from time to time and, in the case of the Executive, his address as set out in this Agreement (or such address as he may have notified to the Company in accordance with
this clause). 

  

	25.2	Any notice delivered personally shall be deemed to be received when delivered to the address provided in this Agreement and any notice sent by pre-paid recorded delivery post shall be deemed (in the absence of evidence
of earlier receipt) to be received two days after posting and in proving the time of despatch it shall be sufficient to show that the envelope containing such notice was properly addressed, stamped and posted. A notice sent by facsimile shall be
deemed to have been received on receipt by the sender of confirmation in the transmission report that the facsimile had been sent. 

	26	GRIEVANCE AND DISCIPLINARY PROCEDURES 

  

	26.1	In the event of the Executive wishing to seek redress of any grievance relating to his employment he should lay his grievance before the Board in writing, who will afford the Executive the opportunity of a full hearing
before the Board or a committee of the Board whose decision on such grievance shall be final and binding. 

  

	26.2	The Company’s usual disciplinary procedures do not apply to the Executive. In the event that any disciplinary action is to be taken against the Executive, any hearing in respect thereof will be conducted by such
director of the Company or any Group Company as the Board may in its reasonable discretion nominate. If the Executive seeks to appeal against any disciplinary action taken against him he should do so to the Board submitting full written grounds for
his appeal to the Chairman within thirty days of the action appealed against. The decision of the Board or a delegated committee therefore shall be final and binding. For the avoidance of doubt, the Executive has no contractual right to either a
disciplinary hearing or appeal. 

  

	26.3	The Company may in its absolute discretion suspend the Executive from some or all of his duties and from the Board and/or require him to remain away from work during any investigation conducted into an allegation
relation to the Executive’s conduct or performance. During such period, the Executive’s salary and contractual benefits will continue to be paid and provided. 

 

	27	MISCELLANEOUS 

  

	27.1	This Agreement is governed by and shall be construed in accordance with the laws of England. 

  

	27.2	The parties to this Agreement submit to the exclusive jurisdiction of the English courts. 

  

	27.3	This Agreement contains the entire understanding between the parties and supersedes all previous agreements and arrangements (if any) relating to the employment of the Executive by the Company or any Group Company
(which shall be deemed hereby to have been terminated by mutual consent and without compensation). By executing this Agreement, the Executive confirms and warrants that there are no outstanding payments or benefits owed to him under any prior
agreement or understanding with the Company or any Group Company. 

  

	27.4	The Company is not a party to any collective agreements which affect the Executive’s employment. 

  

	27.5	The Executive authorises the Company to deduct from any remuneration payable to the Executive under this Agreement any sums due from him to the Company or any Group Company including the cost of repairing any damage to
Company or any Group Company property caused by the Executive. 

					
	Signed as a Deed by MIDATECH PHARMA PLC acting by:	 		 	
			
	Director	 		 	 /s/ N. Robbins-Cherry

			
	Director/Company Secretary	 		 	Director
			
	Signed as a Deed by JAMES PHILLIPS in the presence of:	 		 	 /s/ James Phillips

			
	Witness signature:	 		 	 /s/ Peter Wozny

			
	Name:	 		 	Peter Wozny

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