Document:

Exhibit 10.4

 

Execution Version

 

SECURITIES PURCHASE AGREEMENT

This SECURITIES PURCHASE AGREEMENT (this
 “Agreement”) is made and entered into as of October 2, 2020 by and among Summit Therapeutics Inc., a Delaware
corporation, with its principal place of business at One Broadway, 14th Floor, Cambridge, MA 02142 (the “Company”),
and the investor named on Exhibit A hereto (the “Investor”).

Recitals

A.       The
Company and the Investor are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by the provisions of Regulation D, as promulgated by the U.S. Securities and Exchange Commission (the “SEC”)
under the Securities Act of 1933, as amended;

B.       The
Investor wishes to purchase from the Company, and the Company wishes to sell and issue to the Investor, upon the terms and subject
to the conditions stated in this Agreement, common stock, with a par value of $0.01 per share, of the Company (the “Common
Stock”); and

C.       The
Investor acknowledges that upon execution of this Agreement and prior to the acquisition of the Purchased Shares pursuant to this
Agreement, the Company shall contact certain other prospective investors and offer them the opportunity to invest in the Company
on substantially similar terms and conditions as provided in this Agreement.

In consideration of the mutual promises
made herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

1.       Definitions.
For the purposes of this Agreement, the following terms shall have the meanings set forth below:

“Affiliate” means,
with respect to any Person, any other Person which directly or indirectly through one or more intermediaries controls, is controlled
by, or is under common control with, such Person. A Person shall be deemed to control another Person if such Person possesses,
directly or indirectly, the power to direct or cause the direction of the management and policies of such Person, whether through
the ownership of voting securities, by contract or otherwise. Without limiting the generality of the foregoing, a Person shall
be deemed to control another Person if any of the following conditions is met: (i) in the case of corporate entities, direct or
indirect ownership of more than fifty percent (50%) of the stock or shares having the right to vote for the election of directors,
and (ii) in the case of non-corporate entities, direct or indirect ownership of more than fifty percent (50%) of the equity interest
with the power to direct the management and policies of such non-corporate entities.

    	 

     

    

“Aggregate Purchase Price”
has the meaning set forth in Section 2.

“Agreement” has the
meaning set forth in the preamble to this Agreement.

“Board” means the
Company’s Board of Directors.

“Business Day” means
a day, other than a Saturday, Sunday or United States federal holiday, on which banks in New York City are open for the general
transaction of business.

“Closing” has the
meaning set forth in Section 3.1.

“Closing Date” has
the meaning set forth in Section 3.1.

“Common Stock” has
the meaning set forth in the recitals to this Agreement.

“Common Stock Equivalents”
shall mean any options, warrants or other securities or rights convertible into or exercisable or exchangeable for, whether directly
or following conversion into or exercise or exchange for other options, warrants or other securities or rights, Common Stock of
the Company, or any swap, hedge or similar agreement or arrangement that transfers in whole or in part, the economic risk of ownership
of, or voting or other rights of, Common Stock.

“Company” has the
meaning set forth in the preamble to this Agreement.

“Disposition” or “Dispose
of” shall mean any (i) pledge, sale, contract to sell, sale of any option or contract to purchase, purchase of any option
or contract to sell, grant of any option, right or warrant for the sale of, or other disposition of or transfer of any Common Stock
or any Common Stock Equivalents, including, without limitation, any “short sale” or similar arrangement, or (ii) swap
or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence
of ownership of the Common Stock or any Common Stock Equivalents, whether any such swap or transaction is to be settled by delivery
of securities, in cash or otherwise.

“Domestication” shall
mean the process by which the Company was formally confirmed as the successor issuer to Summit Therapeutics plc pursuant to a United
Kingdom court-approved scheme of arrangement effective as of September 18, 2020.

“Enforceability Exceptions”
has the meaning set forth in Section 4.4(b).

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“GAAP” means generally accepted accounting principles in
the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles
as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances
as of the date of determination, consistently applied.

“Governmental Authority”
shall mean any court, agency, authority, department, regulatory body or other instrumentality of any government or country or of
any national, federal, state, provincial, regional, county, city or other political subdivision of any such government or country
or any supranational organization of which any such country is a member.

“Group” means the
Company and its subsidiaries (and “Group Company” shall be construed accordingly).

“Investor” has the
meaning set forth in the preamble to this Agreement.

“Law” or “Laws”
shall mean all laws, statutes, rules, regulations, orders, judgments, injunctions and/or ordinances of any Governmental Authority.

“Material Adverse Effect”
means a material adverse effect on (i) the assets, liabilities, results of operations, financial condition or business of
the Company and its subsidiaries taken as a whole, (ii) the legality or enforceability of this Agreement or (iii) the
ability of the Company to perform its obligations under this Agreement.

“Nasdaq” means The
Nasdaq Stock Market LLC.

“Person” means an
individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company, joint
venture, sole proprietorship, unincorporated organization, Governmental Authority or any other form of entity not specifically
listed herein.

“Placing” means the
concurrent placing of Common Stock to certain investors pursuant to the exemption from securities registration afforded by the
provisions of Regulation D under Section 4(a)(2) of the 1933 Act.

“Press Release” has
the meaning set forth in Section 10.7.

“Purchase Notice”
shall mean that certain notice issued in writing by the Company to the Investor setting forth the number of Purchased Shares that
the Investor is obligated to purchase, and the Aggregate Purchase Price, in each case in accordance with the terms and conditions
of this Agreement.

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“Sarbanes-Oxley Act”
has the meaning set forth in Section 4.11(g).

“SEC” has the meaning
set forth in the recitals to this Agreement.

“SEC Documents” has
the meaning set forth in Section 4.11(a).

“Short Sales” means
all “short sales” as defined in Rule 200 of Regulation SHO under the 1934 Act (but shall not be deemed to include the
location and/or reservation of borrowable Common Stock).

“Termination Condition”
has the meaning set forth in the recitals to this Agreement.

“Third Party” shall
mean any Person, including a Governmental Authority, other than the Investor, the Company or any Affiliate of the Investor or the
Company or any of their respective representatives.

“Trading Day” shall
mean a day on which trading in the Common Stock generally occurs on Nasdaq.

“Transfer Agent” means
Computershare Trust Company, N.A., being the Company’s transfer agent, or such other transfer agent as the Company may appoint
from time to time.

“1933 Act” means the
Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated thereunder.

“1934 Act” means the
Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder.

“8-K Filing” has the
meaning set forth in Section 10.7.

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2.       Purchase
and Sale of the Common Stock.

2.1.       Subject
to the terms and conditions of this Agreement, the Investor hereby agrees to purchase, and the Company agrees to issue and sell
to the Investor a number of shares of Common Stock, such number of shares to be fixed by the Company in its sole discretion pursuant
to the Purchase Notice, that is no less than 9,730,539 shares of Common Stock and no more than 14,970,060 shares of Common Stock
(such number of shares as stipulated in the Purchase Notice in accordance with this Section 2.1, the “Purchased
Shares”).

2.2.       Subject
to the terms and conditions of this Agreement, at the Closing, the Company shall issue and sell to the Investor, and the Investor
shall purchase from the Company the Purchased Shares, at a price of $3.34 per Purchased Share (the “Share Price”).
The aggregate purchase price for the Purchased Shares shall be set forth in the Purchase Notice and shall equal the sum of the
product of the number of Purchased Shares multiplied by the Share Price (the “Aggregate Purchase Price”).

3.       Closing.

3.1.       The
completion of the purchase and sale of the Purchased Shares (the “Closing”) shall occur on October 19, 2020
(the “Closing Date”), or on such earlier date as may be determined by the Company in its sole discretion, provided
that all of the conditions set forth in Section 6 shall have been (or shall be, as the case may be) satisfied or (where capable
of waiver) waived at such time. The Closing shall occur remotely on the Closing Date via exchange of documents and signatures or
at such place as the Company and the Investor may agree in writing.

3.2.       On
the day that is two (2) Business Days immediately prior to the Closing Date, the Company shall deliver the Purchase Notice to the
Investor. On the Closing Date the Investor shall deliver or cause to be delivered to the Company the Aggregate Purchase Price via
wire transfer of immediately available funds pursuant to the wire instructions delivered to the Investor by the Company after the
date of this Agreement. At the Closing, the Company shall deliver or cause to be delivered the Purchased Shares to the Investor.

4.       Representations
and Warranties of the Company. The Company hereby represents and warrants to the Investor that, except as otherwise described
in this Agreement or the SEC Documents, which qualify these representations and warranties in their entirety:

4.1.       Organization,
Good Standing and Qualification. The Company has been duly organized and is validly existing and in good standing under the
laws of its jurisdiction of organization, is duly qualified to do business and is in good standing in each jurisdiction in which
its ownership or lease of property or the conduct of its businesses requires such qualification, and has all power and authority
necessary to own or hold its properties and to conduct the businesses in which it is engaged, except where the failure to be so
qualified or in good standing or have such power or authority would not, individually or in the aggregate, have a Material Adverse
Effect.

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4.2.       Capitalization
and Voting Rights.

(a)       As
of September 21, 2020, the Company has 67,231,903 shares of Common Stock issued and outstanding. The Company has also (i) granted
outstanding options under the Company’s equity incentive plans over, in aggregate, 6,228,240 shares of Common Stock, (ii)
granted restricted stock units under the Company’s directors’ remuneration policy over 84,615 shares of Common Stock
and (iii) issued warrants for the purchase of up to 5,821,137 shares of Common Stock, which are outstanding as of September 21,
2020. The issued share capital of the Company has been duly and validly issued and is fully paid and non-assessable.

(b)       Except
as described or referred to in Section 4.2(a) above, arising pursuant to or referred to in the Agreement or arising pursuant to
the Placing, as of the date of this Agreement, there are no outstanding rights (including, without limitation, pre-emptive rights),
warrants or options to acquire, or instruments convertible into or exchangeable for, any share capital or other equity interest
in the Company, or any contract, commitment, agreement, understanding or arrangement of any kind relating to the issuance of any
share capital of the Company, any such convertible or exchangeable securities or any such rights, warrants or options.

(c)       Except
as arising in connection with the Placing, no Person has any right to cause the Company to effect the registration under the 1933
Act of any securities of the Company.

(d)       The
Company is not a party to or subject to any agreement or understanding relating to the voting of share capital of the Company or
the giving of written consents by a stockholder or director of the Company.

(e)       The
execution and delivery of this Agreement, and the transactions contemplated hereby, will not result in the triggering of any anti-dilution
rights, or otherwise increase the number of shares of Common Stock issuable or decrease the exercise or conversion price, under
any warrant, option, convertible note or other instruments convertible or exchangeable for, any share capital or other equity interests
in the Company (except for the issuance of the Purchased Shares and the issuance of Common Stock in the Placing).

4.3.       Subsidiaries.
All the outstanding share capital or other equity interests of each subsidiary owned, directly or indirectly, by the Company have
been duly authorized and validly issued, are fully paid and are owned directly or indirectly by the Company, free and clear of
any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party.

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4.4.       Authorization.

(a)       The
Company has the requisite corporate power and authority to execute and deliver this Agreement and (subject to the satisfaction
of the conditions to Closing) to perform its obligations hereunder; and all action required to be taken (including the approval
of the Board and of the independent Special Committee of the Board formed in connection with the Company’s consideration
of the transactions undertaken pursuant to the Agreement) for the due and proper authorization, execution and delivery by it of
this Agreement and (subject to the satisfaction of the conditions to Closing) the consummation by it of the transactions contemplated
hereby has been duly and validly taken.

(b)       This
Agreement has been duly executed and delivered by the Company, and this Agreement constitutes a valid and legally binding obligation
of the Company, enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency or similar laws affecting creditors’ rights generally or by equitable principles relating to enforceability
(collectively, the “Enforceability Exceptions”).

(c)       No
stop order or suspension of trading of the Company’s equity securities has been imposed by the SEC, Nasdaq, or any other
Governmental Authority and remains in effect.

4.5.       No
Defaults. The Company is not (i) in violation of its certificate of incorporation or bylaws; (ii) in default, and no event
has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance
of any term, covenant or condition contained in any indenture, mortgage or loan agreement to which the Company is a party or by
which the Company is bound or to which any of the property or assets of the Company is subject; (iii) in default, and no event
has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance
of any term, covenant or condition contained in any deed of trust or other agreement or instrument to which the Company is a party
or by which the Company is bound or to which any of the property or assets of the Company is subject (except for any agreements
referred to in clause (ii) above); or (iv) in violation of any law or statute or any judgment, order, rule or regulation of any
court or arbitrator or governmental or regulatory authority having jurisdiction over the Company or any of its subsidiaries, except,
in the case of clauses (iii) and (iv) above, for any such default or violation that would not, individually or in the aggregate,
have a Material Adverse Effect.

4.6.       No
Conflicts. The execution, delivery and (subject to the satisfaction of the conditions to Closing) performance of this Agreement,
the issuance and sale of the Purchased Shares and the consummation of the transactions contemplated hereby will not (i) conflict
with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation
or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, any indenture, mortgage
or loan agreement to which the Company is a party or by which the Company is bound or to which any of the property or assets of
the Company is subject, (ii) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute
a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the
Company pursuant to, any deed of trust or other agreement or instrument to which the Company is a party or by which the Company
is bound or to which any of the property or assets of the Company is subject (except for any agreements referred to in clause (i)
above), (iii) result in any violation of the provisions of the Company’s certificate of incorporation or bylaws or (iv) result
in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or
regulatory authority having jurisdiction over the Company or any of its subsidiaries, except, in the case of clauses (ii) and (iv)
above, for any such conflict, breach, violation or default that would not, individually or in the aggregate, have a Material Adverse
Effect.

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4.7.       No
Governmental Authority or Consents. No consent, approval, authorization, order, license, registration or qualification of or
with any court or arbitrator, governmental or regulatory authority is required for the execution, delivery and (subject to the
satisfaction of the conditions to Closing) performance by the Company of this Agreement, or (subject to the satisfaction of the
conditions to Closing) the issuance and sale of the Purchased Shares, except such filings as may be required to be made with the
SEC or under any state securities laws, foreign securities laws, blue sky laws, or the rules and regulations of Nasdaq, which filings
shall be made in a timely manner in accordance with all applicable Laws.

4.8.       Valid
Issuance of Purchased Shares. When issued, sold and delivered at the Closing in accordance with the terms hereof for the Aggregate
Purchase Price and subject to the satisfaction of the conditions to Closing, the Purchased Shares shall be duly authorized, validly
issued and fully paid, free from any liens, encumbrances or restrictions on transfer, including preemptive rights, rights of first
refusal or other similar rights, and shall rank pari passu with all Common Stock outstanding as of the date of this Agreement,
other than as arising pursuant to this Agreement, as a result of any action by the Investor or under U.S. federal or state securities
Laws.

4.9.       Litigation.
There are no legal, governmental or regulatory investigations, actions, suits or proceedings pending to which the Company or any
of its subsidiaries is a party or to which any property of the Company or any of its subsidiaries is subject that, individually
or in the aggregate, would reasonably be expected to have a Material Adverse Effect; and no such investigations, actions, suits
or proceedings are threatened or, to the knowledge of the Company, contemplated by any governmental or regulatory authority or
threatened by others.

4.10.       Licenses
and Other Rights; Compliance with Laws. The Company and its subsidiaries possess or are in the process of obtaining all licenses,
certificates, permits and other authorizations issued by, and have made all declarations and filings with, the appropriate federal,
state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective
properties or the conduct of their respective businesses as described in the SEC Documents, except where the failure to possess
or make the same would not, individually or in the aggregate, have a Material Adverse Effect; and neither the Company nor any of
its subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or authorization
or has any reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary course.
For the avoidance of doubt and notwithstanding the foregoing, neither the Company nor any subsidiary has applied for or holds any
product licenses or marketing authorizations for any pharmaceutical products.

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4.11.       SEC
Documents; Financial Statements; Nasdaq Stock Market.

(a)       Since
January 1, 2020, the Company has timely filed all required reports, schedules, forms, statements and other documents (including
exhibits and all other information incorporated therein), and any required amendments to any of the foregoing, with the SEC (the
 “SEC Documents”). As of their respective filing dates, each of the Company SEC Documents complied in all material
respects with the requirements of the 1933 Act and the 1934 Act, and the rules and regulations of the SEC promulgated thereunder
applicable to such Company SEC Documents, and no Company SEC Documents when filed, declared effective or mailed, as applicable,
contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

(b)       Since
January 1, 2020, the Company has filed all notices and documents required to be filed by it under the Nasdaq listing rules. Excluding
the Listing of Additional Shares notification to be filed with Nasdaq pursuant to Section 7.5 of this Agreement, each such notice
or document was filed within the applicable timeframe prescribed by the Nasdaq listing rules. As of their respective dates, each
such notice or document complied in all material respects with the applicable requirements of the Nasdaq listing rules.

(c)       As
of the date of this Agreement, there are no outstanding or unresolved comments in comment letters received from the SEC or its
staff.

(d)       The
financial statements of the Company for the eleven month period from February 1, 2019 to December 31, 2019 (included in the Company’s
Current Report on Form 8-K filed with the SEC on September 29, 2020) present fairly the financial position of the Company and its
consolidated subsidiaries as of the dates indicated and the results of their operations and the changes in their cash flows for
the periods specified; such financial statements have been prepared in conformity with GAAP, applied on a consistent basis throughout
the periods covered thereby, except as otherwise disclosed therein and, in the case of unaudited, interim financial statements,
subject to normal year-end audit adjustments and the exclusion of certain footnotes, and any supporting schedules included in the
SEC Documents present fairly the information required to be stated therein.

(e)       The
issued Common Stock of the Company as of the date hereof are admitted to trading on Nasdaq. The Company has taken no action designed
to, or which is likely to have the effect of, terminating the registration of the Common Stock under the 1934 Act or delisting
the Common Stock from Nasdaq. The Company has not received any notification that the SEC or Nasdaq, as applicable, is contemplating
terminating such registration or listing.

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(f)       The
Company and its subsidiaries have established systems of “internal control over financial reporting” (as defined in
Rule 13a-15(f) of the 1934 Act) that have been designed by, or under the supervision of, their respective principal executive and
principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, including, but
not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance
with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of
financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in
accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared
with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

(g)       There
is and has been no material failure on the part of the Company or any of the Company’s directors or officers, in their capacities
as such, to comply with any applicable provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in
connection therewith (the “Sarbanes-Oxley Act”), including Section 402 related to loans and Sections 302 and
906 related to certifications.

4.12.       Interim
Financials. The published interim results of the Company and its consolidated subsidiaries for the three months and six months
ended June 30, 2020 have been prepared with all due care and attention (having regard to the fact that the results were made publicly
available) and on accounting bases and assumptions consistent with those adopted in the preparation of the audited financial statements
of the Company and its consolidated subsidiaries for the eleven month period ended December 31, 2019 and the corresponding interim
results of the Company and its consolidated subsidiaries for the immediately preceding financial year as published in the Company’s
Current Report on Form 8-K filed with the SEC on September 29, 2020, except as otherwise disclosed therein.

4.13.       Absence
of Certain Changes. Since the interim results of the Company and its consolidated subsidiaries for the three and six months
ended on June 30, 2020 were prepared, and excluding the organizational changes made in connection with the Domestication: the businesses
of the Company and its consolidated subsidiaries have been carried on in the ordinary and usual course; there has been no significant
adverse change in the financial or trading position of the Company taken as a whole or, to the best of the Company’s knowledge,
information and belief, prospects of the Company; the Company has not acquired or disposed of or agreed to acquire or dispose of
any of its assets or businesses other than in the ordinary course of trading; the Company has not entered into any contract or
commitment of an unusual, long-term and/or onerous nature or assumed any material liabilities (including contingent liabilities)
(other than as contemplated by this Agreement); the Company has not paid or made any payment or transfer to shareholders of any
dividend, bonus, loan or distribution other than to the directors of the Company in their capacity as such directors in a manner
consistent with the compensation of such directors as disclosed in the SEC Documents; and the Company has complied in all material
respects with all the listing requirements of Nasdaq applicable to the Company (including the disclosure and notification requirements)
and any requests for disclosure made by Nasdaq.

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4.14.       Tax.
All returns of each member of the Group for taxation purposes have been made for all periods up to and including December 31, 2019,
and all such returns are correct, and are not the subject of any dispute with or claim by HM Revenue & Customs or other relevant
taxation authority (other than routine audits) which would be material to the Company are not likely to result in any such dispute
or claim.

4.15.       Environmental.
So far as the Company is aware, none of the Company nor any member of the Group has any material obligation or liability with respect
to pollution, hazardous substances or environmental matters and there are no circumstances which the Company considers are likely
to give rise to the same.

4.16.       Insurance.
The Company and each member of the Group maintain such insurance coverage against fire and other risks upon all their assets and
such public and employers’ liability as the directors of each such company consider appropriate, taking into account the
nature and scale of their activities, the provisions of agreements binding upon it, such insurance is now in force. The Company
is not aware of any fact or matter which would lead to any such insurance being vitiated or repudiated, there is no material claim
pending or outstanding and all premiums in respect of such insurances are duly paid.

4.17.       Intellectual
Property.

(a)       Each
member of the Group has (i) acted reasonably in seeking professional advice with regard to filing patent applications in respect
of material new inventions; (ii) adopted commercially reasonable and prudent practices with regard to the protection, prosecution
and maintenance of its portfolio of patents, patent applications and trademarks and other material intellectual property and the
payment of renewal fees in respect thereof; (ii) adopted commercially reasonable and prudent practices to capture intellectual
property rights in respect of material new inventions; and (iv) used commercially reasonable practices to protect the confidentiality
of all material non-patented know how. None of the intellectual property relating to the business of any member of the Group is
the subject of any claim, opposition, assertion, infringement, attack, right, action or other restriction or arrangement of whatsoever
nature which does or may impinge upon the validity, enforceability or ownership of the same or the utilization thereof by any member
of the Group to an extent which is material in the context of the Group. So far as the Company is aware, and not having obtained
freedom to operate opinions in respect of all of its intellectual property rights, none of the activities of any member of the
Group infringes in any material respect any right of any other person relating to intellectual property or gives rise to a material
liability for any royalty or similar payment.

(b)       The
intellectual property used or enjoyed by each member of the Group in connection with its business at the date of this Agreement,
and which is material to such business, is either legally and beneficially owned by that member of the Group, or licensed to, or
used under the authority of the owner by, that member of the Group and are not subject to any mortgage, charge, lien or other security
interest in favor of any third party save as registered with the United States Patent and Trademark Office or the Registrar of
Companies in the United Kingdom.

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4.18.       Offering.
Subject to the accuracy of the Investor’s representations set forth in Section 5, the offer, sale and issuance of the Purchased
Shares to be issued in conformity with the terms of this Agreement constitute transactions which are exempt from the registration
requirements of the 1933 Act and from all applicable state registration or qualification requirements.

4.19.       No
Integration. The Company has not, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise
negotiated in respect of, any security (as defined in the 1933 Act), that is or will be integrated with the sale of the Purchased
Shares in a manner that would require registration of such securities under the 1933 Act.

4.20.       Brokers’
or Finders’ Fees. Except as arising pursuant to the Placing, neither the Company nor any of its subsidiaries is a party
to any contract, agreement or understanding with any person that would give rise to a valid claim against the Company or any of
its subsidiaries for a brokerage commission, finder’s fee or like payment in connection with the transactions contemplated
by this Agreement.

4.21.       No
General Solicitation. Neither the Company nor any person acting on behalf of the Company has offered or sold any of the Purchased
Shares by any form of general solicitation or general advertising. Except as arising pursuant to the Placing, the Company has offered
the Purchased Shares for sale only to the Investor.

4.22.       Foreign
Corrupt Practices. None of the Company, any of its subsidiaries, nor to the knowledge of the Company, any agent or other person
acting on behalf of the Company or any of its subsidiaries, has: (i) directly or indirectly, used any funds for unlawful contributions,
gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment
to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate
funds, (iii) failed to disclose fully any contribution made by the Company or any of its subsidiaries (or made by any person acting
on its or their behalf of which the Company is aware) which is in violation of law or (iv) violated in any material respect any
provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable non-U.S. anti-bribery Law.

4.23.       Regulation
M Compliance. The Company has not taken, directly or indirectly, any action designed to or that would reasonably be expected
to cause or result in stabilization or manipulation of any of its securities to facilitate the sale or resale of the Purchased
Shares.

4.24.       Investment
Company. The Company is not required to be registered as, and is not an Affiliate of, and immediately following the Closing
will not be required to register as, an “investment company” within the meaning of the Investment Company Act of 1940,
as amended.

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4.25.       Disclosures.
The SEC Documents, when considered together, do not contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements contained therein, in light of the circumstances under which they were made, not
misleading, other than with respect to the transactions contemplated by this Agreement and except as will be disclosed pursuant
to Section 10.7.  

5.       Representations
and Warranties of the Investor. The Investor hereby represents and warrants to the Company that:

5.1.       Authority.
The Investor is an individual with power and authority to enter into and consummate the transactions contemplated by this Agreement
and to carry out its obligations thereunder, and to invest in the Purchased Shares pursuant to this Agreement.

5.2.       Authorization.
This Agreement has been duly executed and delivered by the Investor, and this Agreement constitutes a valid and legally binding
obligation of the Investor, enforceable against the Investor in accordance with its terms, except as enforceability may be limited
by the Enforceability Exceptions.

5.3.       No
Conflicts. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
by this Agreement will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute
a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the
Investor pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Investor
is a party or by which the Investor is bound or to which any of the property or assets of the Investor is subject, or (ii) result
in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or
regulatory authority having jurisdiction over the Investor except, in the case of clauses (i) and (ii) above, for any such conflict,
breach, violation or default that would not, individually or in the aggregate, have a material adverse effect on the Investor’s
ability to perform its obligations or consummate the transactions contemplated by this Agreement.

5.4.       Purchase
Entirely for Own Account. The Purchased Shares to be received by the Investor hereunder will be acquired for the Investor’s
own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the
1933 Act, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same
in violation of the 1933 Act, without prejudice, however, to such Investor’s right at all times to sell or otherwise dispose
of all or any part of such Purchased Shares in compliance with applicable federal and state securities laws. The Investor
is not a broker-dealer registered with the SEC under the 1934 Act or an entity engaged in a business that would require it to be
so registered.

5.5.       Investment
Experience. The Investor acknowledges that it can bear the economic risk and complete loss of its investment in the Purchased
Shares and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks
of the investment contemplated hereby.

    	13

     

    

5.6.       Disclosure
of Information. The Investor has had an opportunity to receive, review and understand all information related to the Company
requested by it and to ask questions of and receive answers from the Company regarding the Company, its business and the terms
and conditions of the offering of the Purchased Shares, and has conducted and completed its own independent due diligence. The
Investor acknowledges that copies of the SEC Documents are available on the SEC’s EDGAR system. Based on such information
as the Investor has deemed appropriate and the representations and warranties of the Company contained in Section 4 of this Agreement,
and without reliance upon any other party, it has independently made its own analysis and decision to enter into this Agreement.
The Investor has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision
with respect to its acquisition of the Purchased Shares.

5.7.       Restricted
Securities. The Investor understands that the Purchased Shares will be characterized as “restricted securities”
under the U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public
offering and that under such laws and applicable regulations such securities may be resold without registration under the 1933
Act only in certain limited circumstances. The Investor acknowledges that the Company has no obligation to register or qualify
the Purchased Shares for resale. The Investor further acknowledges that if an exemption from registration or qualification is available,
it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for
the Purchased Shares, and on requirements relating to the Company which are outside of the Investor’s control, and which
the Company is under no obligation and may not be able to satisfy.

5.8.       Legends.
It is understood that, except as provided below, certificates evidencing the Purchased Shares may bear the following or any similar
legend:

(a)       “The
securities represented hereby have not been registered with the Securities and Exchange Commission or the securities commission
of any state in reliance upon an exemption from registration under the Securities Act of 1933, as amended, and, accordingly, may
not be transferred unless (i) such securities have been registered for sale pursuant to the Securities Act of 1933, as amended,
(ii) such securities may be sold pursuant to Rule 144 or similar rule, or (iii) the Company has received an opinion
of counsel reasonably satisfactory to it that such transfer may lawfully be made without registration under the Securities Act
of 1933, as amended.”

(b)       If
required by the authorities of any state in connection with the issuance or sale of the Purchased Shares, the legend required by
such state authority.

    	14

     

    

5.9.       Accredited
Investor. The Investor is (a) an “accredited investor” within the meaning of Rule 501 under the 1933 Act and has
executed and delivered to the Company a questionnaire in substantially the form attached hereto as Exhibit B (the “Investor
Questionnaire”), which such Investor represents and warrants is true, correct and complete. The Investor is (b) a sophisticated
investor with sufficient knowledge and experience in investing in private equity transactions to properly evaluate the risks and
merits of its purchase of the Purchased Shares. Such Investor has determined based on its own independent review and such professional
advice as it deems appropriate that its purchase of the Purchased Shares and participation in the transactions contemplated by
this Agreement (i) are fully consistent with its financial needs, objectives and condition, (ii) comply and are fully consistent
with all investment policies, guidelines and other restrictions applicable to such Investor, (iii) have been duly authorized and
approved by all necessary action, (iv) do not and will not violate or constitute a default under any law, rule, regulation, agreement
or other obligation by which such Investor is bound and (v) are a fit, proper and suitable investment for such Investor, notwithstanding
the substantial risks inherent in investing in or holding the Purchased Shares.

5.10.       No
General Solicitation. The Investor did not learn of the investment in the Purchased Shares as a result of any general solicitation
or general advertising.

5.11.       Brokers
and Finders. Except as arising pursuant to the Placing, no Person will have, as a result of the transactions contemplated by
this Agreement, any valid right, interest or claim against or upon the Company or the Investor for any commission, fee or other
compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of the Investor.

5.12.       Short
Sales and Confidentiality Prior to the Date Hereof.  Other than consummating the transactions contemplated hereunder,
the Investor has not, nor has any Person acting on behalf of or pursuant to any understanding with the Investor, directly or indirectly
executed any purchases or sales, including Short Sales, of the securities of the Company or directly or indirectly engaged
in any action designed to, or which might be reasonably expected to, cause or result in any manipulation of the price of the securities
of the Company during the period commencing as of the time that such Investor was first contacted by the Company or any other Person
regarding the transactions contemplated hereby and ending immediately prior to the date hereof.  The Investor has maintained
the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this
transaction). Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein shall constitute a representation
or warranty, or preclude any actions, with respect to the identification of the availability of, or securing of, available securities
to borrow in order to effect Short Sales or similar transactions in the future.

5.13.       No
Government Recommendation or Approval. The Investor understands that no United States federal or state agency, or similar agency
of any other country, has reviewed, approved, passed upon, or made any recommendation or endorsement of the Company or the purchase
of the Purchased Shares.

    	15

     

    

5.14.       No
Rule 506 Disqualifying Activities. The Investor has not taken any of the actions set forth in, and is not subject to, the disqualification
provisions of Rule 506(d)(1) of the 1933 Act.

5.15.       Financial
Assurances. As of the date of this Agreement and as of the Closing Date, the Investor has and will have access to cash in an
amount sufficient to pay to the Company the Aggregate Purchase Price.

6.       Conditions
to Closing.

6.1.       Conditions
to the Investor’s Obligations. The obligation of the Investor to purchase the Purchased Shares at the Closing is subject
to the fulfillment to the Investor’s satisfaction, on or prior to the Closing Date, of the following conditions, any of which
may be waived by the Investor with the agreement of the Company:

(a)       The
representations and warranties made by the Company in Section 4 hereof shall be true and correct in all material respects
as of the date hereof and on the Closing Date, except to the extent any such representation or warranty expressly speaks as of
an earlier date, in which case such representation or warranty shall be true and correct in all material respects as of such earlier
date. The Company shall have performed in all material respects all obligations and covenants herein required to be performed by
it on or prior to the Closing Date.

(b)       The
Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary for consummation of the
purchase and sale of the Purchased Shares and the consummation of the other transactions contemplated by this Agreement, all of
which shall be in full force and effect.

(c)       The
Company shall have made timely delivery of the Purchase Notice to the Investor in accordance with Section 3.2.

(d)       The
Company shall have filed with Nasdaq a Listing of Additional Shares notification applicable to the issuance and sale of the Purchased
Shares pursuant to this Agreement.

(e)       No
judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy
court or judge, or any order of or by any Governmental Authority, shall have been issued, and no action or proceeding shall have
been instituted by any Governmental Authority, enjoining or preventing the consummation of the transactions contemplated by this
Agreement.

    	16

     

    

(f)       The
Company shall have delivered a Certificate, executed on behalf of the Company by its Chief Financial Officer, dated as of the Closing
Date, certifying to the fulfillment of the conditions specified in subsections (a), (b) and (h) of this Section 6.1.

(g)       No
stop order or suspension of trading shall have been imposed by Nasdaq or any governmental or regulatory body with respect to public
trading in the Common Stock.

(h)       The
Purchased Shares shall be delivered to the Investor.

6.2.       Conditions
to Obligations of the Company. The Company’s obligation to sell and issue the Purchased Shares at the Closing is subject
to the fulfillment to the satisfaction of the Company on or prior to the Closing Date of the following conditions, any of which
may be waived by the Company with the agreement of the Investor:

(a)       The
representations and warranties made by the Investor in Section 5 hereof shall be true and correct in all material respects
as of the date hereof, and shall be true and correct in all material respects on the Closing Date with the same force and effect
as if they had been made on and as of said date. The Investor shall have performed in all material respects all obligations and
covenants herein required to be performed by it on or prior to the Closing Date.

(b)       The
Investor shall have executed and delivered the Investor Questionnaire.

(c)       The
Investor shall have paid in full the Aggregate Purchase Price to the Company.

6.3.       Termination
of Obligations to Effect Closing; Effects.

(a)       The
obligations of the Company, on the one hand, and the Investor, on the other hand, to effect the Closing shall terminate as follows:

(i)       Upon
the mutual written consent of the Company and the Investor;

(ii)       By
the Company if any of the conditions set forth in Section 6.2 shall have become incapable of fulfillment, and shall not have
been (where capable of waiver) waived;

(iii)       By
the Investor if any of the conditions set forth in Section 6.1 shall have become incapable of fulfillment, and shall not have
been (where capable of waiver) waived; or

    	17

     

    

(iv)       By
either the Company or the Investor if the Closing has not occurred on or prior to the day that is sixty (60) days following the
date of this Agreement;

provided, however, that, except in the case of clause (i) above,
the party seeking to terminate its obligation to effect the Closing shall not then be in breach of any of its representations,
warranties, covenants or agreements contained in this Agreement if such breach has resulted in the circumstances giving rise to
such party’s seeking to terminate its obligation to effect the Closing.

(b)       Nothing
in this Section 6.3 shall be deemed to release any party from any liability for any breach by such party of the terms and
provisions of this Agreement or to impair the right of any party to compel specific performance by any other party of its obligations
under such agreements.

7.       Covenants
and Agreements of the Company.

7.1.       No
Conflicting Agreements. The Company will not take any action, enter into any agreement or make any commitment that would conflict
or interfere in any material respect with the Company’s obligations to the Investor under this Agreement.

7.2.       Removal
of Legends.

(a)       In
connection with any sale, assignment, transfer or other disposition of the Purchased Shares by the Investor pursuant to Rule 144
or pursuant to any other exemption under the 1933 Act such that the purchaser acquires freely tradable shares and upon compliance
by the Investor with the requirements of this Agreement, if requested by the Investor, the Company shall use commercially reasonable
efforts to cause the Transfer Agent to remove any restrictive legends that appear on the certificate that relates to the Purchased
Shares and to issue a new, unlegended certificate for the Purchased Shares sold or disposed of without restrictive legends, provided
that the Company has received from the Investor customary representations and other documentation reasonably acceptable to the
Company in connection therewith and, if necessary, otherwise sufficient to support any required legal opinion with respect thereto.

    	18

     

    

(b)       Subject
to receipt from the Investor by the Company and the Transfer Agent of customary representations and other documentation reasonably
acceptable to the Company and the Transfer Agent in connection therewith and, if necessary, otherwise sufficient to support any
required legal opinion with respect thereto, upon the earliest of such time as the Purchased Shares (i) have been sold or transferred
pursuant to an effective registration statement, (ii) have been sold pursuant to Rule 144, or (iii) are eligible for
resale under Rule 144(b)(1) or any successor provision (such earliest date, the “Effective Date”), the Company
shall (A) deliver to the Transfer Agent irrevocable instructions that the Transfer Agent shall issue a new, unlegended certificate
for such Common Stock, and (B) cause its counsel to deliver to the Transfer Agent one or more opinions to the effect that
the removal of such legends in such circumstances may be effected under the 1933 Act if required by the Transfer Agent to effect
the removal of the legend in accordance with the provisions of this Agreement. The Company agrees that following the Effective
Date or at such time as such legend is no longer required under this Section 7.2, it will, following the delivery by the Investor
to the Company or the Transfer Agent of a certificate representing Common Stock issued with a restrictive legend, use commercially
reasonable efforts to deliver or cause to be delivered to such Investor a certificate representing such Common Stock that is free
from all restrictive and other legends. The Company may not make any notation on its records or give instructions to the Transfer
Agent that enlarge the restrictions on transfer set forth in this Section 7.2.

(c)       Subject
to the restrictions on dispositions pursuant to Section 8.1 of this agreement, the Investor agrees with the Company that the Investor
will sell Purchased Shares only in compliance with an exemption from the registration requirements of the 1933 Act.

7.3.       Subsequent
Equity Sales. The Company shall not, and shall use its commercially reasonable efforts to ensure that no Affiliate of the Company
shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2
of the 1933 Act) that will be integrated with the offer or sale of the Purchased Shares in a manner that would require the registration
under the 1933 Act of the sale of the Purchased Shares to the Investor, or that will be integrated with the offer or sale of the
Purchased Shares for purposes of the rules and regulations of any trading market such that it would require shareholder approval
prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

7.4.       Short
Sales and Confidentiality After the Date Hereof. The Investor covenants that neither it nor any Affiliates acting on its behalf
or pursuant to any understanding with it will execute any Short Sales during the period from the date hereof until the earlier
of such time as (i) the transactions contemplated by this Agreement are first publicly announced or (ii) this Agreement is terminated
in full. The Investor covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed
by the Company, the Investor will maintain the confidentiality of all disclosures made to it in connection with this transaction
(including the existence and terms of this transaction). The Investor understands and acknowledges that the SEC currently takes
the position that coverage of Short Sales of securities “against the box” prior to effectiveness of a resale registration
statement with securities included in such registration statement would be a violation of Section 5 of the 1933 Act, as set forth
in Item 239.10 of the Securities Act Rules Compliance and Disclosure Interpretations compiled by the Office of Chief Counsel, Division
of Corporation Finance.

    	19

     

    

7.5.       Nasdaq
Notification. Promptly following the execution of this Agreement, the Company shall file with Nasdaq a Listing of Additional
Shares notification applicable to the issuance and sale of the Purchased Shares pursuant to this Agreement.

8.       Acknowledgements.

8.1.       Insider
Trading. In addition to the restrictions in this Agreement on the Disposition of Common Stock and Common Stock Equivalents
of the Company, the Investor hereby acknowledges that it is aware that United States securities laws prohibit any person who has
material, non-public information about a company obtained directly or indirectly from that company from purchasing or selling securities
of such company or from communicating such information to any other person, including under circumstances in which it is reasonably
foreseeable that such person is likely to purchase or sell such securities.

8.2.       The
Placing. The Investor acknowledges that the Company intends to pursue the sale of securities of the Company in the Placing
concurrently with the sale of the Purchased Shares to the Investor in accordance with this Agreement. The Investor acknowledges
and agrees that the Special Committee of the Board may in the exercise of its independent judgment direct that the Company issue
and sell fewer Purchased Shares to Investor as a result of the Placing or any similar such transaction; provided that the
Company must comply with the terms of Section 2.1 of this Agreement, including by issuing and selling to the Investor at least
the applicable minimum number of Purchased Shares as set forth therein, subject to the Investor’s compliance with the terms
and conditions of this Agreement.

9.       Survival.
The representations, warranties, covenants and agreements contained in this Agreement shall survive the Closing of the transactions
contemplated by this Agreement for the applicable statute of limitations.

10.       Miscellaneous.

10.1.       Successors
and Assigns. This Agreement may not be assigned by a party hereto without the prior written consent of the Company or the Investor,
as applicable. The provisions of this Agreement shall inure to the benefit of and be binding upon the respective permitted successors
and assigns of the parties.

10.2.       Counterparts;
E-mail. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. This Agreement may also be executed via electronic mail, which shall be
deemed an original.

    	20

     

    

10.3.       Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

10.4.       Notices.
Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed
effectively given as hereinafter described (i) if given by personal delivery, then such notice shall be deemed given upon
such delivery, (ii) if given by electronic mail, then such notice shall be deemed given upon receipt of confirmation of complete
transmittal, and (iii) if given by an internationally recognized overnight air courier, then such notice shall be deemed given
one Business Day after delivery to such carrier. All notices shall be addressed to the party to be notified at the address as follows,
or at such other address as such party may designate by ten days’ advance written notice to the other party:

If to the Company:

Summit Therapeutics Inc.

One Broadway, 14th Floor

Cambridge, MA 02142

Attention: Chief Financial Officer

Email: Mike.Donaldson@summitplc.com

With a copy to:

Olshan Frome Wolosky LLP

1325 Avenue of the Americas

New York, New York 10019

Attention: Adam W. Finerman

Email: AFinerman@olshanlaw.com

If to the Investor:

to the address set forth on Exhibit
A hereto.

10.5.       Expenses.
The parties hereto shall pay their own costs and expenses in connection herewith regardless of whether the transactions contemplated
hereby are consummated; it being understood that each of the Company and the Investor has relied on the advice of its own respective
counsel and/or other professional advisers.

10.6.       Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company
and the Investor.

    	21

     

    

10.7.       Publicity.
Except as set forth below, no public release or announcement concerning the transactions contemplated hereby shall be issued by
the Investor without the prior consent of the Company (which consent shall not be unreasonably withheld), except as such release
or announcement may be required by law or the applicable rules or regulations of any securities exchange or securities market,
in which case the Investor shall allow the Company, to the extent reasonably practicable in the circumstances, reasonable time
to comment on such release or announcement in advance of such issuance. The Company shall not include the name of the Investor
in any press release or public announcement (which, for the avoidance of doubt, shall not include any filing with the SEC) without
the prior written consent of the Investor, except as otherwise required by law or the applicable rules or regulations of any securities
exchange or securities market, in which case the Company shall allow the Investor, to the extent reasonably practicable in the
circumstances, reasonable time to comment on such release or announcement in advance of such issuance. Promptly following the date
this Agreement is executed, the Company shall issue a press release disclosing all material terms of transactions contemplated
by this Agreement (the “Press Release”) and make an announcement thereof (including the name of the Investor)
to a Regulatory Investment Service. No later than 5:30 p.m. (New York City time) on the fourth Business Day following the date
this Agreement is executed, the Company will file a Report on Form 8-K (the “8-K Filing”) attaching the press
release described in the foregoing sentence as well as a copy of this Agreement. In addition, the Company will make such other
filings and notices in the manner and time required by the SEC or Nasdaq. The parties acknowledge that from and after the issuance
of the Press Release, the Investor shall not be in possession of any material, nonpublic information received from the Company
or any of its respective officers, directors, employees or agents, with respect to the transactions contemplated hereby that is
not disclosed in the Press Release.

10.8.       Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted
as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable
in any respect.

10.9.       Entire
Agreement. This Agreement, including the signature pages and Exhibits hereto, constitutes the entire agreement among the parties
hereof with respect to the subject matter hereof and thereof and supersedes all prior agreements and understandings, both oral
and written, between the parties with respect to the subject matter hereof and thereof.

10.10.       Further
Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other actions
as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements
herein contained.

    	22

     

    

10.11.       Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with,
the internal laws of the State of New York without regard to the choice of law principles thereof. Each of the parties hereto irrevocably
submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District
Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising
out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or
proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices
under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action
or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of venue
of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST
A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS
TO THIS WAIVER.

[remainder of page intentionally left
blank]

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IN WITNESS WHEREOF, the parties have
executed this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.

 

	COMPANY:	
        Summit Therapeutics INC.

         

	 	By:	/s/ Michael Donaldson
	 	 	Name: Michael Donaldson
	 	 	
        Title: Chief Financial Officer

         

 

     

     

    
	INVESTOR:	 
	 	
         

        By:
	/s/ Robert W. Duggan
	 	 	
        Name: Robert W. DugganDocument

Exhibit 10.12

BANK OF MARIN
SALARY CONTINUATION AGREEMENT

    This SALARY CONTINUATION AGREEMENT (this “Agreement”) is adopted this 1st day of January, 2016, by and between Bank of Marin, a state-chartered commercial bank located in Novato, California (the “Bank”), and Timothy Myers (the “Executive”).    

The purpose of this Agreement is to provide specified benefits to the Executive, a member of a select group of management or highly compensated employees who contribute materially to the continued growth, development and future business success of the Bank.  This Agreement shall be unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended from time to time.  

Article 1
Definitions

    Whenever used in this Agreement, the following words and phrases shall have the meanings specified:

a.“Account Value” means the amount shown on Schedule A under the heading Account Value.  The parties expressly acknowledge that the Account Value may be different than the liability that should be accrued by the Bank, under Generally Accepted Accounting Principles (“GAAP”), for the Bank’s obligation to the Executive under this Agreement.  The Account Value on any date other than the end of a Plan Year shall be determined by adding the prorated increase attributable for the current Plan Year to the Account Value for the previous Plan Year.  
 
b.“Beneficiary” means each designated person or entity, or the estate of the deceased Executive, entitled to any benefits upon the death of the Executive pursuant to Article 4.

c.“Beneficiary Designation Form” means the form established from time to time by the Plan Administrator that the Executive completes, signs and returns to the Plan Administrator to designate one or more Beneficiaries.

d.“Board” means the Board of Directors of the Bank as from time to time constituted.

e.“Change in Control” means a change in the ownership or effective control of the Bank, or in the ownership of a substantial portion of the assets of the Bank, as such change is defined in Code Section 409A and regulations thereunder.  

f.“Code” means the Internal Revenue Code of 1986, as amended, and all regulations and guidance thereunder, including such regulations and guidance as may be promulgated after the Effective Date.

g.“Domestic Relations Order” means any judgment, decree, or order (including approval of a property settlement agreement) which (i) relates to the provision of child support, alimony payments, or marital property rights to a spouse, former spouse, child, or other dependent of the Participant, (ii) is made pursuant to a state domestic relations law 

(including a community property law) and (iii) meets the requirements of Code Section 414(p)(1)(B).

h.“Disability” means the Executive: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees or directors of the Bank.  Medical determination of Disability may be made by either the Social Security Administration or by the provider of disability insurance covering employees or directors of the Bank provided that the definition of “disability” applied under such insurance program complies with the requirements of the preceding sentence.  Upon the request of the Plan Administrator, the Executive must submit proof to the Plan Administrator of the Social Security Administration’s or the provider’s determination.

i.“Early Termination” means the Executive’s Separation from Service before attainment of Normal Retirement Age except when such Separation from Service occurs within twenty-four (24) months following a Change in Control or due to death or Termination for Cause. 

j. “Effective Date” means January 1, 2016. 

k.“Normal Retirement Age” means the Executive’s age sixty-five (65).

l.“Plan Administrator” means the Board or such committee or person as the Board shall appoint.

m.“Plan Year” means each twelve (12) month period commencing on January 1 and ending on December 31 of each year.  The initial Plan Year shall commence on the Effective Date of this Agreement and end on the following December 31.

n.“Schedule A” means the schedule attached to this Agreement and made a part hereof.  Schedule A shall be updated upon a change in any of the benefits under Articles 2 or 3.

o.“Separation from Service” means termination of the Executive’s employment with the Bank for reasons other than death or Disability.  Whether a Separation from Service has occurred is determined in accordance with the requirements of Code Section 409A based on whether the facts and circumstances indicate that the Bank and Executive reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Executive would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services to the Bank if the Executive has been providing services to the Bank less than thirty-six (36) months).

p.“Specified Employee” means an employee who at the time of Separation from Service is a key employee of the Bank, if any stock of the Bank, or any includable parent company or subsidiary under Code Section 409A, is publicly traded on an established securities market or otherwise.  For purposes of this Agreement, an employee is a key employee if the employee meets the requirements of Code Section 416(i)(1)(A)(i), (ii), or (iii) (applied in accordance with the regulations thereunder and disregarding section 416(i)(5)) at any time during the twelve (12) month period ending on December 31 (the “identification period”).  If the employee is a key employee during an identification period, the employee is treated as a key employee for purposes of this Agreement during the twelve (12) month period that begins on the first day of April following the close of the identification period.

q.“Termination for Cause” means Separation from Service for:

(a)Gross negligence or gross neglect of duties to the Bank;
(b)Conviction of a felony or of a gross misdemeanor involving moral turpitude in connection with the Executive’s employment with the Bank; or 
(c)Fraud, disloyalty, dishonesty or willful violation of any law or significant Bank policy committed in connection with the Executive’s employment and resulting in a material adverse effect on the Bank.

Article 2
Distributions During Lifetime

2.1    Normal Retirement Benefit.  Upon Separation from Service after attaining Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Article. 
    
2.1.1    Amount of Benefit.  The annual benefit under this Section 2.1 is Ninety-Nine Thousand and Five Hundred Dollars ($99,500).  

2.1.2    Distribution of Benefit.  The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service.  The annual benefit shall be distributed to the Executive for fifteen (15) years. 

2.2    Early Termination Benefit.  If Early Termination occurs, the Bank shall distribute to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Article.

2.2.1      Amount of Benefit.  The annual benefit under this Section 2.2 is the amount set forth on Schedule A as of the end of the Plan Year preceding Separation from Service. 

2.2.2    Distribution of Benefit.  The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Normal Retirement Age.  The annual benefit shall be distributed to the Executive for fifteen (15) years. 

2.3    Disability Benefit.  If the Executive experiences a Disability prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Article.

2.3.1    Amount of Benefit.  The annual benefit under this Section 2.3 is the amount set forth on Schedule A as of the end of the Plan Year preceding Disability.  
 
2.3.2    Distribution of Benefit.  The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Normal Retirement Age.  The annual benefit shall be distributed to the Executive for fifteen (15) years.

2.4    Change in Control Benefit.  If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article. 
  
2.4.1    Amount of Benefit.  The benefit under this Section 2.4 is the amount set forth on Schedule A as of the end of the Plan Year preceding Separation from Service. 

2.4.2    Distribution of Benefit.  The Bank shall distribute the benefit to the Executive in a lump sum within sixty (60) days following Separation from Service.

2.4.3     Parachute Payments.  Notwithstanding any provision of this Agreement to the contrary, and to the extent allowed by Code Section 409A, if any benefit payment under this Section 2.4 would be treated as an “excess parachute payment” under Code Section 280G, the Bank shall reduce such benefit payment to the extent necessary to avoid treating such benefit payment as an excess parachute payment.

2.5    Restriction on Commencement of Distributions.  Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee, the provisions of this Section 2.5 shall govern all distributions hereunder.  If benefit distributions which would otherwise be made to the Executive due to Separation from Service are limited because the Executive is a Specified Employee, then such distributions shall not be made during the first six (6) months following Separation from Service.  Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following Separation from Service.  All subsequent distributions shall be paid in the manner specified. 

2.6    Distributions Upon Taxation of Amounts Deferred. If, pursuant to Code Section 409A, the Federal Insurance Contributions Act or other state, local or foreign tax, the Executive becomes subject to tax on the amounts deferred hereunder, then the Bank may make a limited distribution to the Executive in a manner that conforms to the requirements of Code section 409A.  Any such distribution will decrease the Executive’s benefits distributable under this Agreement.

2.7    Change in Form or Timing of Distributions.  For distribution of benefits under this Article 2, the Executive and the Bank may, subject to the terms of Section 8.1, amend this 

Agreement to delay the timing or change the form of distributions.  Any such amendment:
 
(a)may not accelerate the time or schedule of any distribution, except as provided in Code Section 409A;
(b)must, for benefits distributable under Sections 2.2 and 2.3, be made at least twelve (12) months prior to the first scheduled distribution;
(c)must, for benefits distributable under Sections 2.1, 2.2 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and
(d)must take effect not less than twelve (12) months after the amendment is made.

2.8    Domestic Relations Orders.  The Bank shall fulfill any Domestic Relations Order which the Executive presents to the Plan Administrator.  The maximum amount which may be paid out pursuant to this Section 2.8 is the Account Value balance as of the day a Domestic Relations Order is presented.  At the time the Bank fulfills a Domestic Relations Order, the Account Value balance shall be reduced by the amount paid to fulfill the Domestic Relations Order, and the benefits to be paid under Sections 2.1, 2.2, 2.3 or 2.4 or Article 3 hereof shall reflect such reduced amount.

Article 3
Distribution at Death

3.1    Death During Active Service.  If the Executive dies prior to Separation from Service, the Bank shall distribute to the Beneficiary the benefit described in this Section 3.1.  This benefit shall be distributed in lieu of any benefit under Article 2.

3.1.1    Amount of Benefit.  The benefit under this Section 3.1 is the amount set forth on Schedule A as of the end of the Plan Year preceding the Executive’s death.

3.1.2    Distribution of Benefit.  The Bank shall distribute the benefit to the Beneficiary in a lump sum on the first day of the fourth month following the Executive’s death.  The Beneficiary shall be required to provide the Executive’s death certificate to the Bank.
3.2    Death During Distribution of a Benefit.  If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining Account Value in a lump sum on the first day of the fourth month following the Executive’s death.  The Beneficiary shall be required to provide the Executive’s death certificate to the Bank.
3.3    Death Before Benefit Distributions Commence.  If the Executive is entitled to benefit distributions under this Agreement but dies prior to the date that commencement of said benefit distributions are scheduled to be made under this Agreement, the Bank shall distribute to the Beneficiary the Account Value in a lump sum on the first day of the fourth month following the Executive’s death.  The Beneficiary shall be required to provide the Executive’s death certificate to the Bank.

Article 4
Beneficiaries

4.1    In General.  The Executive shall have the right, at any time, to designate a Beneficiary to receive any benefit distributions under this Agreement upon the death of the Executive.  The Beneficiary designated under this Agreement may be the same as or different from the beneficiary designated under any other plan of the Bank in which the Executive participates.  

4.2    Designation.  The Executive shall designate a Beneficiary by completing and signing the Beneficiary Designation Form and delivering it to the Plan Administrator or its designated agent.  If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Plan Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Plan Administrator, executed by the Executive’s spouse and returned to the Plan Administrator.  The Executive's beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved.  The Executive shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures.  Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled.  The Plan Administrator shall be entitled to rely on the last Beneficiary Designation Form filed by the Executive and accepted by the Plan Administrator prior to the Executive’s death.

4.3    Acknowledgment.  No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Plan Administrator or its designated agent.

4.4    No Beneficiary Designation.  If the Executive dies without a valid beneficiary designation, or if all designated Beneficiaries predecease the Executive, then the Executive’s spouse shall be the designated Beneficiary.  If the Executive has no surviving spouse, any benefit shall be paid to the Executive's estate.
 
4.5    Facility of Distribution.  If the Plan Administrator determines in its discretion that a benefit is to be distributed to a minor, to a person declared incompetent or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct distribution of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person.  The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit.  Any distribution of a benefit shall be a distribution for the account of the Executive and the Beneficiary, as the case may be, and shall completely discharge any liability under this Agreement for such distribution amount.

Article 5
General Limitations

5.1    Termination for Cause.  Notwithstanding any provision of this Agreement to the contrary, the Bank shall not distribute any benefit under this Agreement if the Executive’s employment with the Bank is terminated by the Bank or an applicable regulator due to a Termination for Cause.
 
5.2    Suicide or Misstatement.  No benefit shall be distributed if the Executive commits suicide within two (2) years after the Effective Date, or if an insurance company which issued a life insurance policy covering the Executive and owned by the Bank ultimately denies coverage (i) for material misstatements of fact made by the Executive on an application for such life insurance, or (ii) for any other reason.

5.3    Removal/Golden Parachute.  Notwithstanding any provision of this Agreement to the contrary, the Bank shall not distribute any benefit under this Agreement if the Executive is subject to a final removal or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act.  Notwithstanding anything herein to the contrary, any payments made to the Executive pursuant to this Agreement, or otherwise, shall be subject to compliance with 12 U.S.C. 1828 and FDIC Regulation 12 CFR Part 359, Golden Parachute Indemnification Payments and any other regulations or guidance promulgated thereunder.

Article 6
Administration of Agreement

6.1    Plan Administrator Duties.  The Plan Administrator shall administer this Agreement according to its express terms and shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Agreement and (ii) decide or resolve any and all questions, including interpretations of this Agreement, as may arise in connection with this Agreement to the extent the exercise of such discretion and authority does not conflict with Code Section 409A.

6.2    Agents.  In the administration of this Agreement, the Plan Administrator may employ agents and delegate to them such administrative duties as the Plan Administrator sees fit, including acting through a duly appointed representative, and may from time to time consult with counsel who may be counsel to the Bank.

6.3    Binding Effect of Decisions.  Any decision or action of the Plan Administrator with respect to any question arising out of or in connection with the administration, interpretation or application of this Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this Agreement.  

6.4    Indemnity of Plan Administrator.  The Bank shall indemnify and hold harmless the Plan Administrator against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator.

6.5    Bank Information.  To enable the Plan Administrator to perform its functions, the Bank shall supply full and timely information to the Plan Administrator on all matters relating to the date and circumstances of the Executive’s death, Disability or Separation from Service, and such other pertinent information as the Plan Administrator may reasonably require.

6.6    Annual Statement. The Plan Administrator shall provide to the Executive, within one hundred twenty (120) days after the end of each Plan Year, a statement setting forth the benefits to be distributed under this Agreement.

Article 7
Claims And Review Procedures

7.1    Claims Procedure.  An Executive or Beneficiary (“claimant”) who has not received benefits under this Agreement that he or she believes should be distributed shall make a claim for such benefits as follows:

7.1.1    Initiation – Written Claim.  The claimant initiates a claim by submitting to the Plan Administrator a written claim for the benefits.  If such a claim relates to the contents of a notice received by the claimant, the claim must be made within sixty (60) days after such notice was received by the claimant.  All other claims must be made within one hundred eighty (180) days of the date on which the event that caused the claim to arise occurred.  The claim must state with particularity the determination desired by the claimant.

7.1.2    Timing of Plan Administrator Response.  The Plan Administrator shall respond to such claimant within ninety (90) days after receiving the claim.  If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional ninety (90) days by notifying the claimant in writing, prior to the end of the initial ninety (90) day period, that an additional period is required.  The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

7.1.3    Notice of Decision.  If the Plan Administrator denies part or all of the claim, the Plan Administrator shall notify the claimant in writing of such denial.  The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant.  The notification shall set forth:

(a)    The specific reasons for the denial;
(b)    A reference to the specific provisions of this Agreement on which the denial is based;
(c)    A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed;
(d)    An explanation of this Agreement’s review procedures and the time limits applicable to such procedures; and
(e)    A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review.

7.2    Review Procedure.  If the Plan Administrator denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Plan Administrator of the denial as follows:

7.2.1    Initiation – Written Request.  To initiate the review, the claimant, within sixty (60) days after receiving the Plan Administrator’s notice of denial, must file with the Plan Administrator a written request for review.

7.2.2    Additional Submissions – Information Access.  The claimant shall then have the opportunity to submit written comments, documents, records and other information relating to the claim.  The Plan Administrator shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits.

7.2.3    Considerations on Review.  In considering the review, the Plan Administrator shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

7.2.4    Timing of Plan Administrator Response.  The Plan Administrator shall respond in writing to such claimant within sixty (60) days after receiving the request for review.  If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional sixty (60) days by notifying the claimant in writing, prior to the end of the initial sixty (60) day period, that an additional period is required.  The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

7.2.5    Notice of Decision.  The Plan Administrator shall notify the claimant in writing of its decision on review.  The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant.  The notification shall set forth:

(a)    The specific reasons for the denial;
(b)    A reference to the specific provisions of this Agreement on which the denial is based;
(c)    A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits; and
(d)    A statement of the claimant’s right to bring a civil action under ERISA Section 502(a).  

Article 8
Amendments and Termination

a.Amendments.  This Agreement may be amended only by a written agreement signed by the Bank and the Executive.  However, the Bank may unilaterally amend this Agreement to conform with written directives to the Bank from its auditors or banking regulators or to comply with legislative changes or tax law, including without limitation Code Section 409A.

b.Plan Termination Generally.  This Agreement may be terminated only by a written agreement signed by the Bank and the Executive.  The benefit shall be the Account Value as of the date this Agreement is terminated.  Except as provided in Section 8.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement.  Rather, upon such termination benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.

c.Plan Terminations Under Code Section 409A.  Notwithstanding anything to the contrary in Section 8.2, if the Bank terminates this Agreement in the following circumstances:

    (a)    Within thirty (30) days before or twelve (12) months after a Change in Control, provided that all distributions are made no later than twelve (12) months following such termination of this Agreement and further provided that all the Bank's arrangements which are substantially similar to this Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of such termination; 
(b)    Upon the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under this Agreement are included in the Executive's gross income in the latest of (i) the calendar year in which this Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or
(c)    Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the Executive participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreement; 

the Bank may distribute the Account Value, determined as of the date of the termination of this Agreement, to the Executive in a lump sum subject to the above terms.

Article 9
Miscellaneous

9.1    Binding Effect.  This Agreement shall bind the Executive and the Bank and their beneficiaries, survivors, executors, administrators and transferees.

9.2    No Guarantee of Employment.  Although this Agreement is intended to provide Executive with an additional incentive to remain in the employ of the Bank, this Agreement shall not be deemed to constitute a contract of employment between Executive and the Bank nor shall any provision of this Agreement restrict or expand the right of the Bank to terminate Executive’s employment.  This Agreement shall have no impact or effect upon any separate written employment agreement which Executive may have with the Bank, it being the parties’ intention and agreement that unless this Agreement is specifically referenced in said employment agreement (or any modification thereto), this Agreement (and the Bank’s obligations hereunder) shall stand separate and apart and shall have no effect on or be affected by, the terms and provisions of said employment agreement.

9.3    Non-Transferability.  Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

9.4    Tax Withholding and Reporting.  The Bank shall withhold any taxes that are required to be withheld, including but not limited to taxes owed under Code Section 409A from the benefits provided under this Agreement.  The Executive acknowledges that the Bank’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authorities.  The Bank shall satisfy all applicable reporting requirements, including those under Code Section 409A.

9.5    Applicable Law.  This Agreement and all rights hereunder shall be governed by the laws of the State of California, except to the extent preempted by the laws of the United States of America.

9.6    Unfunded Arrangement.  The Executive and the Beneficiary are general unsecured creditors of the Bank for the distribution of benefits under this Agreement.  The benefits represent the mere promise by the Bank to distribute such benefits.  The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors.  Any insurance on the Executive's life or other informal funding asset is a general asset of the Bank to which the Executive and Beneficiary have no preferred or secured claim.

9.7    Reorganization.  The Bank shall not merge or consolidate into or with another bank, or reorganize, or sell substantially all of its assets to another bank, firm or person unless and until such succeeding or continuing bank, firm or person agrees to assume and discharge the obligations of the Bank under this Agreement.  Upon the occurrence of such an event, the term “Bank” as used in this Agreement shall be deemed to refer to the successor or survivor bank, firm, person or other entity.

9.8    Entire Agreement.  This Agreement constitutes the entire agreement between the Bank and the Executive as to the subject matter hereof.  No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein.

9.9    Interpretation.  Wherever the fulfillment of the intent and purpose of this Agreement requires and the context will permit, the use of the masculine gender includes the feminine and use of the singular includes the plural.

9.10    Alternative Action.  In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does not violate Code Section 409A.

9.11    Headings.  Article and section headings are for convenient reference only and shall not control or affect the meaning or construction of any provision herein.

9.12    Validity.  If any provision of this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Agreement shall be construed and enforced as if such illegal or invalid provision had never been included herein.

9.13    Notice.  Any notice or filing required or permitted to be given to the Bank or Plan Administrator under this Agreement shall be sufficient if in writing and hand-delivered or sent by registered or certified mail to the address below: 
			
	Bank of Marin
	504 Redwood Boulevard, 
Suite 100

	Novato, CA 94947

Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.

Any notice or filing required or permitted to be given to the Executive under this Agreement shall be sufficient if in writing and hand-delivered or sent by mail to the last known address of the Executive.

9.14    Deduction Limitation on Benefit Payments.  If the Bank reasonably anticipates that the Bank’s deduction with respect to any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m), then to the extent deemed necessary by the Bank to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank may delay payment of any amount that would otherwise be distributed under this Agreement.  The delayed amounts shall be distributed to the Executive (or the Beneficiary in the event of the Executive's death) at the earliest date the Bank reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).

9.15    Compliance with Code Section 409A.  It is the intent of the parties to comply with the all applicable Code sections, including, but not limited to, Code Section 409A.  Furthermore, for the purpose of this Agreement, Code Section 409A shall be read to specifically include any related or relevant IRS Notices or clarifications.  While it is understood that a general Code Section 409A savings clause will not be effective, the parties intend that any ambiguities regarding any terms or payouts contained herein shall be interpreted in a manner consistent with Code Section 409A.  Further, this Agreement shall be administered in a manner consistent with Code Section 409A.

IN WITNESS WHEREOF, the Executive and a duly authorized representative of the Bank have signed this Agreement.

EXECUTIVE                        BANK

By: /s/ Timothy Myers                By: /s/ Robert Gotelli                    
Timothy Myers                    Title: EVP, Director of HR

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