Document:

EX-10.3

 Exhibit 10.3 
  

 
 RULES OF THE 

NuCana BioMed Limited 

2016 SHARE OPTION SCHEME (INCLUDING ENTERPRISE 

MANAGEMENT INCENTIVES & INCENTIVE STOCK OPTIONS) 
  

 
 Approved and Adopted by the
Board of NuCana BioMed Ltd 
 on 14 January 2016, as amended on 14 September 2017 and 

on [●] 2017 

 CONTENTS 
  

							
	 1.
	 	 INTERPRETATION
	  	 	1	 
			
	 2.
	 	 PROVISIONS RELATING TO THE GRANT OF OPTIONS
	  	 	7	 
			
	 3.
	 	 LIMITS AND OTHER RESTRICTIONS OF THE SCHEME RULES
	  	 	9	 
			
	 4.
	 	 NON-ASSIGNABILITY OF OPTIONS
	  	 	10	 
			
	 5.
	 	 EXERCISE CONDITIONS
	  	 	10	 
			
	 6.
	 	 EXERCISE OF OPTION
	  	 	10	 
			
	 7.
	 	 CESSATION OF EMPLOYMENT
	  	 	12	 
			
	 8.
	 	 CHANGE OF CONTROL, AND SALE OF THE COMPANY
	  	 	13	 
			
	 9.
	 	 WINDING-UP OF THE COMPANY
	  	 	15	 
			
	 10.
	 	 VARIATION OF CAPITAL
	  	 	16	 
			
	 11.
	 	 ALTERATIONS TO THE RULES
	  	 	17	 
			
	 12.
	 	 MISCELLANEOUS
	  	 	17	 
			
	 13.
	 	 GOVERNING LAW
	  	 	18	 

 SCHEDULE 1     LETTER OF INVITATION 

SCHEDULE 2    OPTION AGREEMENT 
 SCHEDULE
3    INCENTIVE STOCK OPTIONS: US SUB-PLAN 

 NuCana Biomed Limited 

2016 SHARE OPTION SCHEME 

RULES 
 (INCLUDING
ENTERPRISE MANAGEMENT INCENTIVES & INCENTIVE STOCK OPTIONS) 
  

	1.	INTERPRETATION 

  

	1.1	In these Rules (unless the context otherwise requires) the following words and expressions shall have the following meanings: 

  

			
	“Admission”	  	the admission of part of or the entire issued share capital of the Company (or any holding company of the Company) to listing on the Official List of the UK Listing Authority and to trading on the market for listed securities of
London Stock Exchange plc, or to trading on AIM or to trading on any recognised investment exchange (as that term is defined in section 841 ICTA)
		
	“Adoption Date”	  	the date on which the Scheme is adopted by the Board/Company;
		
	“AIM”	  	the market of that name operated by the London Stock Exchange Plc;
		
	“Any Other EMI Scheme”	  	any scheme (other than the Scheme) adopted by the Company or any Group Member or by the Board which provides for the grant of options to acquire Shares which are Qualifying Options;
		
	 “Any Other Scheme”
	  	any scheme (other than the Scheme) approved by the Company in general meeting or adopted by the Board which provides for the acquisition of Shares by or on behalf of employees or directors of the Group;
		
	 “Appropriate Period”
	  	as defined in Rule 8.3;

  
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	 “Associated Company”
	  	has the meaning given to that expression by section 416 ICTA;
		
	 “Auditors”
	  	the auditors for the time being of the Company (acting as experts and not as arbitrators);
		
	 “Board”
	  	the board of directors for the time being of the Company or a committee thereof duly authorised for the purposes of the Scheme;
		
	 “Capital”
	  	issued equity share capital of the Company as that term is defined in section 548 of the Companies Act 2006;
		
	 “Change of Control”
	  	means any of the events set out in Rule 8.1 (a) to (c);
		
	 “Close Period”
	  	any period where there are restrictions on dealing in the shares as stipulated by a relevant authority including under the rules of AIM;
		
	 “Company”
	  	NuCana BioMed Limited registered in the UK with registration number 03308778 and whose registered address is 77-78 Cannon Street, London, England, EC4N 6AF;
		
	 “Control”
	  	has the meaning given to it by section 840 ICTA and “Controlled” shall have a similar meaning;
		
	 “Date of Grant”
	  	the date on which an Option was or is to be granted under Rule 2;
		
	 “Eligible Employee”
	  	An employee or director of the Company or of a Qualifying Subsidiary and additionally, in the case of an Option which is to be granted as an EMI Option, a person who at the appropriate time (as defined in Schedule 5) also
satisfies the requirements of paragraphs 25 and 26 of Schedule 5, and whose average amount per week of reckonable time in relevant employment (as defined in section 535(3) ITEPA and paragraph 26 Schedule 5) during a tax year is not less than 25
hours a week or such other relevant statutory threshold at the appropriate time;

  
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	“EMI Code”	  	the provisions set out in sections 527 to 541 ITEPA (inclusive), Schedule 5 and Part 4 Schedule 7D TCGA;
		
	“EMI Option”	  	a right (for the time being subsisting) to acquire Shares under the Scheme in accordance with these Rules and which is a Qualifying Option;
		
	“Exercise Conditions”	  	conditions, if any, determined by the Board at the Date of Grant and as set out in the Appendix of the Option Agreement required to be satisfied before the Option can be exercised, such conditions being subject to the provisions set
out in Rule 5;
		
	“FSMA”	  	the Financial Services and Markets Act 2000;
		
	“Group”	  	the Company and its Subsidiaries and “Group Member” shall be construed accordingly;
		
	“HMRC”	  	HM Revenue and Customs;
		
	“Incentive Stock Option”	  	means an option or portion thereof intended to meet the requirements of an incentive stock option as defined in US Code Section 422, subject to the provisions of Schedule 3 to these Rules and designated as an Incentive Stock
Option in the applicable Option Agreement, and if the Board does not designate an Option as an Incentive Stock Option in the Option Agreement, the terms of the Option Agreement for such Option hereby provide that the Option will not be treated as an
Incentive Stock Option under US Code Section 422:
		
	“ICTA”	  	the Income and Corporation Taxes Act 1988;
		
	“ITEPA”	  	the Income Tax (Earnings and Pensions) Act 2003;
		
	“Joint Election”	  	means a joint election pursuant to sections 425, 430 or 431 ITEPA;

  
 3 

			
	“Letter of Invitation”	  	a letter substantially in the form set out in Schedule 1 to these Rules provided by the Company to an employee or director inviting him to accept the grant of an Option;
		
	“Market Value”	  	 has the same meaning as it has for the purposes of Part VIII TCGA and which shall be deemed to be:

 
 (a)    the middle market
quotation of a Share as decided from the Official List for the dealing day immediately preceding the Date of Grant; or
  

(b)    (if the Shares are not for the time being so quoted) the price determined by the Board, as
being the market value of a Share on the day prior to the day on which the Option in question is granted
  

and, for an EMI Option agreed by Shares Valuation at HMRC

 
 and, for an Incentive Stock Option the Fair
Market Value as defined in Schedule 3 to these Rules;

		
	“Material Interest”	  	means an interest in the Company as set out in paragraph 29 of Schedule 5;
		
	“NIC”	  	national insurance contributions;
		
	“Notice of Exercise”	  	a notice of exercise substantially in the form set out in the Appendix to the Option Agreement;
		
	“Notice of Grant”	  	 in the case of Options which are to be EMI Options, a notification to HMRC to be jointly signed by

 
 (a)    the employer company
of the Option Holder and
  

(b)    the Option Holder
  

in such form required by HMRC from time to time;

  
 4 

			
	“Official List”	  	the official listing as referred to in Part VI FSMA;
		
	“Option”	  	an option to acquire Shares granted under these Rules, whether an EMI Option or an Unapproved Option or an Incentive Stock Option;
		
	“Option Agreement”	  	a written agreement between the Company and the Option Holder in the form of a deed substantially in the form set out in Schedule 2 to these Rules and (i) if it is an EMI Option containing the information required by
Schedule 5; and (ii) if it is an Incentive Stock Option being subject to the provisions of Schedule 3 to these Rules;
		
	“Option Holder”	  	a person who holds an Option or (where the context admits) his personal representatives;
		
	“Option Price”	  	the price at which each Share may be acquired on the exercise of an Option determined by the Board at the Date of Grant being not substantially less than the Market Value and, subject to Rule 10, not less than the nominal value
of the Share where the Shares are to be acquired by direct issue from the Company;
		
	“Qualifying Option”	  	an option which at the time of grant meets the requirements of Schedule 5 and in respect of which a Notice of Grant is executed;
		
	“Qualifying Subsidiary”	  	has the meaning given in paragraph 11 of Schedule 5;
		
	“Redundancy”	  	termination of employment by reason of redundancy in accordance with section 139 Employment Rights Act 1996;

  
 5 

			
	“Relevant CSOP Option”	  	an option to acquire shares under a scheme approved pursuant to the provisions of Schedule 4 ITEPA;
		
	“Rules”	  	these rules of the Scheme as from time to time altered pursuant to the provisions of Rule 11;
		
	“Sale”	  	the making of one or more agreements (whether conditional or not) for an acquisition of the Capital of the Company giving rise to a change of Control of the Company;
		
	“Schedule 5”	  	Schedule 5 ITEPA;
		
	“Scheme”	  	means the 2016 NuCana Biomed Limited Share Option Scheme;
		
	“Secondary NIC Liability”	  	any employer’s secondary NIC charge arising on the exercise or release of an Option;
		
	“Share”	  	a fully paid ordinary share of the Company;
		
	“Subsidiaries”	  	a subsidiary as defined under section 1159 Companies Act 2006;
		
	“Tax Liabilities”	  	any income tax and NIC charge arising as a consequence of the exercise or release of the Option or in respect of the Shares acquired pursuant to the exercise of such options and including arising under a Joint Election or receipt
of money or money’s worth in connection with such Options or the acquired Shares, for which the Company or a Group Member has accounted or is required to account for to HMRC and including, unless otherwise stated, where permitted by law the
employer’s national insurance contributions (or their equivalent);
		
	“TCGA”	  	the Taxation of Chargeable Gains Act 1992;
		
	“UK Listing Authority”	  	the Financial Services Authority acting in its capacity as the competent authority for the purposes of Part VI Financial Services and Markets Act 2000;

  
 6 

			
	“Unapproved Option”	  	 an option to acquire Shares granted under this Scheme and subject to these Rules which:

 
 (a)    is designated an
Unapproved Option; and/or
  

(b)    does not fall within the provisions of Schedules 3, 4 or 5 ITEPA and does not satisfy the
EMI Code but in respect of which these Rules apply; and/or
  

(c)    a Non-Qualified Option as defined in paragraph 3.3
of Schedule 3 to these Rules.

  

	1.2	Words denoting the singular shall include the plural and vice versa and words denoting the masculine gender shall include the feminine gender. 

 

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

  

	1.4	References in these Rules to any statute shall be deemed to include every modification, amendment and/or re-enactment by statute or
sub-ordinate legislation for the time being in force. 

  

	1.5	References in these Rules to “month” shall be deemed to be references to a calendar month. 

  

	2.	PROVISIONS RELATING TO THE GRANT OF OPTIONS 

  

	2.1	In its absolute discretion, the Board has the power to grant Options (whether EMI Options or Unapproved Options or Incentive Stock Options) under the Scheme to Eligible Employees: 

 

	 	(a)	subject to the limitations and conditions contained in these Rules; 

  

	 	(b)	provided they are not prohibited by law; and 

  

	 	(c)	for commercial reasons in order to recruit or retain an Eligible Employee in the Group. 

  

	2.2	The procedure for granting Options shall be as follows: 

  

	 	(a)	the Board shall by resolution: 

  

	 	(i)	select a number of Eligible Employees to whom Options shall be granted and the intended Date of Grant; 

  
 7 

	 	(ii)	determine the maximum number of Shares which each such Eligible Employee shall be entitled to acquire on the exercise of the Options; 

 

	 	(iii)	determine the Option Price, the periods during which Options may be exercised, and any Exercise Conditions to apply to the option to be granted; 

 

	 	(iv)	specify which Options shall be EMI Options or Unapproved Options or Incentive Stock Options; 

  

	 	(v)	determine if the Option Holder is to indemnify against secondary NIC Liability under Rule 2.6; 

  

	 	(b)	the Board shall send to each selected Eligible Employee the following documents to invite him or her to enter into an Option Agreement: 

 

	 	(i)	a Letter of Invitation; 

  

	 	(ii)	a copy Letter of Invitation (to sign and return); 

  

	 	(iii)	an Option Agreement; 

  

	 	(iv)	a Notice of Grant; 

  

	 	(v)	a copy of the Rules; 

  

	 	(vi)	any Explanatory Notes (if prepared); and 

  

	 	(vii)	the Articles of Association of the Company; 

  

	 	(c)	the Option Agreement must be duly executed by the Company and the Eligible Employee within 14 days of the date of the Letter of Invitation (or such other date determined by the Board) and the date when the Option
Agreement is duly executed shall be the date of the Date of Grant. 

  

	2.3	The Option Agreement shall serve as evidence of the grant of the Option and accordingly no further certificate shall be issued to the Option Holder. 

 

	2.4	The Option shall state if the Option is being granted as an EMI Option, or to what extent it is being granted as an EMI Option; or alternatively if it is being granted as an Incentive Stock Option, or to what extent it
is being granted as an Incentive Stock Option; otherwise in each case it shall be granted as an Unapproved Option. 

  

	2.5	If an Option Agreement is not duly executed as required under Rule 2.2 within the time limit specified the terms of the Letter of Invitation shall immediately lapse at the end of the period referred to therein and the
Option shall not be granted nor be deemed to have been granted to the Eligible Employee. 

  
 8 

	2.6	It shall be a condition of the grant of an Option that the Option Holder: 

  

	 	(a)	indemnifies the Company and any other Group Member to the extent permitted by law against any Tax Liabilities and where the Board so requires Secondary NIC Liability (together referred to as
“Liabilities”); and 

  

	 	(b)	enters into a Joint Election should the Board so require at any time prior to and as a condition of the exercise of the Option. 

  

	3.	LIMITS AND OTHER RESTRICTIONS OF THE SCHEME RULES 

  

	3.1	An EMI Option granted to an Eligible Employee under these Rules shall be limited and take effect so that the aggregate Market Value at the Date of Grant of Shares which may be acquired on the exercise of that EMI Option
when added to: 

  

	 	(a)	the aggregate Market Value at the Date of Grant of Shares which may be acquired on the exercise of Qualifying Options granted to him pursuant to the Scheme and Any Other EMI Scheme; and 

 

	 	(b)	the aggregate Market Value at Date of Grant of Shares which may be acquired on the exercise of any Relevant CSOP Option held by such Eligible Employee at the Date of Grant 

shall not exceed £250,000 or such other sum as determined under paragraph 5 of Schedule 5. 

 

	3.2	To the extent that the aggregate Market Value of Shares under any EMI Option exceeds such sum as referred to in Rule 3.1, any Option granted over Shares representing the excess shall be granted under an Unapproved
Option. 

  

	3.3	Pursuant to Rule 3.1 the Market Value of Shares shall be calculated at the time the options in relation to those Shares is granted or such other time as agreed in writing by HMRC. 

 

	3.4	If an Eligible Employee has previously been granted Qualifying Options under the Scheme or Any Other EMI Scheme over Shares with an aggregate Market Value of £250,000 as referred to in Rule 3.1 above (including
EMI Options which have since been exercised or released) then any Option which shall be granted to such Eligible Employee within three years of the Date of Grant of the last such Qualifying Option shall be an Unapproved Option. 

 

	3.5	No Option shall be granted at a date more than ten years after the Adoption Date without further authorisation by the Company in general meeting. 

 

	3.6	Notwithstanding any other provisions of these Rules the Company may not issue Qualifying Options under the Scheme or any Other EMI Scheme such that the Market Value at the date of grant of Shares subject to such
Qualifying Options exceeds £3 million or such other sum as determined under paragraph 7 of Schedule 5. 

  
 9 

	4.	NON-ASSIGNABILITY OF OPTIONS 

 Except as
otherwise specifically provided in these Rules, each Option shall be exercisable only by the Option Holder to whom it is granted and may not be transferred, assigned or charged, and on any purported transfer, assignment or charge the Option shall
automatically lapse. 
  

	5.	EXERCISE CONDITIONS 

  

	5.1	Exercise Conditions (if any) shall be: 

  

	 	(a)	in respect of dates or events or profits or individual or collective performance criteria for a period which begins no earlier than the start of the accounting period in which the Date of Grant falls; and

  

	 	(b)	capable of independent objective assessment with a view to determining whether they have been satisfied; and 

  

	 	(c)	set out in detail at the Date of Grant in the Option Agreement. 

  

	5.2	Different Exercise Conditions may be specified in respect of different numbers of the Shares comprised in the same Option. 

  

	5.3	Subject to the provisions of these Rules where an Option has been granted subject to Exercise Conditions, the Board shall as soon as reasonably practicable following the satisfaction of any Exercise Conditions give
written notice to inform the Option Holder concerned that his Option has become exercisable subject always to the provisions of Rule 6. 

  

	5.4	Where events happen which cause the Board to consider that the Exercise Conditions are no longer appropriate, or the Board at its entire discretion so decides, it may: 

 

	 	(a)	vary the Exercise Conditions provided that the new Exercise Conditions are not more difficult to satisfy than the original Performance Conditions; or 

 

	 	(b)	remove the Exercise Conditions as a requirement of the exercise of the Option; 

 PROVIDED that
the Option Holder is given notice in writing of the variation or removal as soon as practicable. 
  

	6.	EXERCISE OF OPTION 

  

	6.1	An Option shall be exercised:- 

  

	 	(a)	pursuant to the terms of exercise set out in the Option Agreement; and 

  

	 	(b)	by lodging with the Company Secretary or such other person as the Board may specify, the relevant Option Agreement, a duly completed Notice of Exercise and (subject to Rule 8.6) the payment required in respect of the
Option Price and any Tax Liabilities and secondary NIC liability. 

  
 10 

	6.2	Lapse of Options 

 An Option shall cease to be exercisable and shall lapse forthwith on
the occurrence of the following events:- 
  

	 	(a)	5pm on the day before the tenth anniversary of the grant of the Option; 

  

	 	(b)	the Option Holder ceases to be an employee of the Company or of a Qualifying Subsidiary save as provided for in Rule 7; 

  

	 	(c)	the Option Holder does or suffers any act or thing (including bankruptcy) whereby he would or might be deprived of the legal or beneficial ownership of the Option; 

 

	 	(d)	the lapsing events referred to in Rules 4, 7, 8 and 9. 

  

	6.3	Result of Exercise of Options 

  

	 	(a)	Subject to: 

  

	 	(i)	the obtaining of any necessary consent from H.M. Treasury, the Bank of England, the UK Listing Authority, the London Stock Exchange Plc or other relevant authority; 

 

	 	(ii)	the terms of any such consent; 

  

	 	(iii)	receipt by the Company of the appropriate payment for Shares to be acquired on exercise in full 

the Company shall (subject to Rule 8.7) within 30 days of receipt by the Company Secretary of a valid Notice of Exercise issue to or arrange
the transfer to the Option Holder the number of Shares in respect of which the Option has been exercised (but if during a Close Period such issue or transfer shall be effected as soon as reasonably practicable after the end of the Close Period).

  

	 	(b)	The Board shall at all times keep available sufficient unissued Shares or shall procure that there are available sufficient Shares to satisfy the exercise of all Options granted under the Scheme. For this purpose the
Board may enter into an agreement with any individual, company or the trustees of any employee benefit trust for the provision by such persons of Shares to satisfy Options. In such case, and if appropriate, the Option Price payable by the Option
Holder shall be received by a member of the Board as trustee for such persons (to whom it shall account) and the Board shall procure the transfer of Shares by such persons upon exercise of the Option. 

 

	 	(c)	All Shares issued on exercise of Options shall on issue rank equally in all respects with the Company’s existing Shares of the same class, save that the Shares issued under the Scheme will not rank for any
dividends or other distributions declared or recommended the record date for which falls on or prior to the date when the Option is exercised. 

  
 11 

	6.4	Tax Liability 

  

	 	(a)	It being a condition of the grant of an Option that each Option Holder indemnifies the Company and any other Group Member against Tax Liabilities and/or secondary NIC Liabilities (“Liabilities”) pursuant to
Rule 2.6(a), to the extent that the Liabilities cannot be (or are not) deducted from payments made by the Company or Group Member to the Option Holder, the Company shall be authorised by the Option Holder:- 

 

	 	(i)	to retain and sell on the Option Holder’s behalf sufficient Shares issued or acquired on exercise of the Option to raise the necessary funds to meet and to apply such funds in discharging the Liabilities or
reimbursing the Company or the relevant Group Member; and/or 

  

	 	(ii)	to make such other arrangements with the Option Holder in question as the Board deems appropriate for the reimbursement to the Company or relevant Group Member of the Liabilities. 

 

	7.	CESSATION OF EMPLOYMENT 

 Subject to Rule 6.2 and subject to Rule 5: 

 

	7.1	If an Option Holder dies before exercising an Option or part thereof, the Option may (and must, if at all) be exercised by his personal representatives to the extent that any Exercise Conditions have been met within the
period ending on the earlier of: 

  

	 	(a)	the expiry of 12 months after the date of death; and 

  

	 	(b)	the time referred to in Rule 6.2(a), 

 and failing such exercise the Option shall lapse. 

 

	7.2	If an Option Holder ceases to be an Eligible Employee of the Company or of a Qualifying Subsidiary otherwise than on death: 

  

	 	(a)	by reason of cessation of employment with any Group Member due to ill health, injury or disability, redundancy or retirement on reaching the age at which he is bound to retire in accordance with the terms of his
contract of employment; or 

  

	 	(b)	by reason only that his office or employment is in a company of which the Company ceases to have Control; or 

  

	 	(c)	his office or employment relates to a business or part of a business which is transferred to a person who is neither an Associated Company of the Company nor a company of which the Company has Control; or

  
 12 

	 	(d)	by reason of cessation of employment for any other reason, apart from summary dismissal for fraud or gross misconduct; 

then any Option may be exercised, always only to the extent that any Exercise Conditions have been met when the Option Holder ceases to be an
Eligible Employee of the Company or of a Qualifying Subsidiary, at any time prior to the expiry of the period of twelve months after his so ceasing and any Option not so exercised shall automatically lapse. For the avoidance of doubt where an Option
Holder ceases to be an Eligible Employee of the Company or of a Qualifying Subsidiary, any part of an Option in respect of which Exercise Conditions have not been met shall lapse forthwith. 

 

	7.3	If an Option Holder, other than for a reason specified in Rules 7.1 or 7.2, ceases to be an Eligible Employee of the Company or of a Qualifying Subsidiary including by reason of termination or repudiation of contract by
the Company whether lawful or otherwise then any Option not exercised by the time of such cessation shall immediately cease to be exercisable and shall lapse 90 days after such cessation unless within 90 days after cessation the Board in its
absolute discretion shall permit the Option to be exercised in whole or in part within a specified period in which event the Option may be exercised by the Option Holder to the extent so permitted by the Board so long as it is prior to the time
referred to in Rule 6.1(a), and failing such exercise the Option shall lapse. 

  

	7.4	An Option Holder shall not be treated for the purposes of these Rules as ceasing employment until such time as he is no longer a director or employee of the Company or of any Qualifying Subsidiary and an Option Holder
(being a woman) who is absent from work by reason of pregnancy or confinement and who exercises her right to return to work under the Employment Rights Act 1996 before exercising an Option under the Scheme shall be treated for the purposes of these
Rules as not having ceased to be such an employee. 

  

	7.5	For the purposes of these Rules, where an Option Holder’s contract of employment with the Group is terminated by a Group Member without notice the Option Holder’s employment shall be deemed to cease on the
date on which the termination takes effect and where the said contract is terminated by notice given or received by a Group Member, the Option Holder’s employment shall be deemed to cease on the date on which that notice is served.

  

	8.	CHANGE OF CONTROL AND SALE OF THE COMPANY 

  

	8.1	Change of Control - If: 

  

	 	(a)	any person or group of persons acting in concert obtains Control of the Company as a result of making: 

  

	 	(i)	an offer to acquire more than 50% of the Capital of the Company which is made on a condition such that if it is satisfied the person or group of persons will have Control of the Company; or 

  
 13 

	 	(ii)	a general offer to acquire all the Capital (or all the shares which are of the same class of those to which the Option relates); or 

  

	 	(b)	any person becomes entitled or bound to acquire shares in the capital of the Company under sections 974 to 991 of the Companies Act 2006; or 

 

	 	(c)	under sections 895 to 901 of the Companies Act 2006 the court sanctions a compromise or arrangement proposed for the purposes of or in connection with a scheme for the reconstruction of the Company or its amalgamation
with any other company or companies; 

 and if the Option Agreement allows for exercise of the Option on a Change of Control,
an Option Holder (or his personal representative) may at any time during the three days prior to or within the Appropriate Period, exercise any Option or part thereof which has not lapsed. Any Option which is not so exercised shall lapse at the
expiry of the Appropriate Period. 
  

	8.2	Replacement Options: 

  

	 	(a)	If a company (in this Rule called the “Acquiring Company”) has acquired Control of the Company as a result of any of the events described in Rule 8.1(a) or 8.1(c), or becomes entitled or bound as
mentioned in Rule 8.1(b) or obtains all the shares of the Company whose shares are subject to any outstanding Qualifying Options as a result of a qualifying exchange of shares (as defined in paragraph 40(1) Schedule 5) (such acquiring of Control or
becoming entitled or bound or obtains, being referred to below as a “Specific Event”), any Option Holder may by agreement with the Acquiring Company at any time within the Appropriate Period as defined in Rule 8.3 below release his
rights in respect of any EMI Option held by him (in this Rule referred to as the “Old Option”) in consideration of the grant to him of rights (in this Rule referred to as the “Replacement Option”) which are
equivalent and relate to shares in the Acquiring Company, and which comply with Rule 8.2(b). 

  

	 	(b)	A Replacement Option is one in relation to which the requirements of paragraph 43 of Schedule 5 are satisfied at the time of release of the Old Option including grant by reason of the Option Holder’s employment
with the Acquiring Company. 

  

	8.3	“Appropriate Period” means: 

  

	 	(a)	in a case falling within Rule 8.1(a) and where Rule 8.1(b) does not apply, the period of six months beginning with the time when the person making the offer has obtained Control of the Company and any condition subject
to which the offer is made is satisfied; 

  

	 	(b)	in a case falling within Rule 8.1(b) the period during which the person remains bound or entitled as mentioned in that paragraph; and 

 

	 	(c)	in a case falling within Rule 8.1(c) the period of six months beginning with the time when the court sanctions the compromise or arrangement. 

  
 14 

	8.4	If a Replacement Option shall be granted to an Option Holder by reference to any Specific Event, Rules 8.1(a), 8.1(b) and 8.1(c) above shall cease to apply by reference to that Specific Event (but without prejudice to
their application by reference to any other Specific Event). Any EMI Option which is not exercised or released pursuant to this Rule within the Appropriate Period following a Specific Event (but not any Replacement Option granted by reference to
that Specific Event) shall lapse. 

  

	8.5	Sale: If the Option Agreement allows for exercise of the Option on a Sale, in the event that the Board becomes aware that there may be a Sale of the Company they shall give notice (a “Sale
Notice”) in writing to the Option Holder specifying that a Sale may be forthcoming and that the Option will lapse immediately following the sale if not exercised prior to completion of the Sale unless a Replacement Option is offered to the
Option Holder in accordance with Rule 8.2 (or unless some other form of replacement option is offered by the prospective purchaser). 

  

	8.6	At any time after receipt of a Sale Notice under Rule 8.5 and prior to completion of the Sale, the Option Holder may exercise the Option in accordance with Rule 6 but only on the basis that the Option Holder agrees to
sell to the purchaser on completion of the Sale all the Shares acquired as a result of the exercise of the Option. Any such Exercise Notice from the Option Holder shall be accompanied by a cheque for the aggregate Option Price but shall specify the
number of Shares over which the Option Holder wishes to exercise his Option, and any such notice may not be withdrawn without the consent of the Board. 

  

	8.7	Completion of the subscription for, or transfer of, the Shares shall take place prior to completion of the Sale and the Company shall issue and allot the relevant Shares in favour of the Option Holder and shall register
such issue and allotment or transfer prior to completion of the Sale. 

  

	8.8	In the event that the Sale proceeds are received directly by the Option Holder, the Option Holder undertakes to reimburse the Company (or any other Group Company) for a sum equal to the aggregate Option Price, along
with any Tax liabilities and/or secondary NIC Liability that may be due in relation to the exercise of the Option, whether by deduction under Rule 6.4 or otherwise. 

 

	8.9	Rule 8.5 to 8.8 above dealing with a Sale shall take priority over Rule 8.1 dealing with other forms of Change of Control and for the avoidance of doubt in the event of a Sale, Rule 8.1 will not apply but Rules 8.2 to
8.4 may apply. 

  

	9.	WINDING-UP OF THE COMPANY 

  

	9.1	If at any time while any Option remains unexercised notice is duly given of a general meeting of the Company at which a resolution will be proposed for the voluntary liquidation of the Company, every Option which has
not lapsed prior to such resolution shall be exercisable in whole or in part until the commencement of such winding-up within the meaning of Section 86 of the Insolvency Act 1986. 

  
 15 

	9.2	Pursuant to the above Rule 9.1 the Company shall give to each Option Holder holding any unexercised Option notice of any meeting called for the purpose of considering a resolution for the voluntary liquidation of the
Company and shall at the same time give him notice of his rights under this Rule 9 and subject to the foregoing, all Options shall lapse on the commencement of any liquidation of the Company. 

 

	10.	VARIATION OF CAPITAL 

  

	10.1	Subject to Rules 10.3 and 10.4 below, in the event of any increase or variation of the Capital (whenever effected) by way of capitalisation or rights issue, or sub-division,
consolidation or reduction, the Board may make such adjustments as they consider appropriate under Rule 10.2 below. 

  

	10.2	An adjustment made under this Rule 10 shall be to one or more of the following: 

  

	 	(a)	the number of Shares in respect of which any Option granted under the Scheme may be exercised; 

  

	 	(b)	the price at which shares may be acquired by the exercise of any such Option; 

  

	 	(c)	where any such Option has been exercised but no Shares have been transferred pursuant to such exercise, the number of Shares which may be so transferred and the price at which they may be acquired. 

 

	10.3	Except in the case of a capitalisation issue or variations to the Capital as a consequence of any sub-division or consolidation, no adjustment under Rule 10.2 above shall be made
without the prior confirmation in writing by the Auditors or other share valuers to the Board that it is in their opinion fair and reasonable. 

  

	10.4	No adjustment under Rule 10.2 above shall be made 

  

	 	(a)	which would affect EMI Options which are Qualifying Options without the prior approval of HM Revenue and Customs if so required; 

  

	 	(b)	as a result of which the aggregate amount payable on the exercise of an Option in full would be materially increased or materially reduced. 

 

	10.5	 An adjustment under Rule 10.2 above may have the effect of reducing the price at which Shares may be acquired by
the exercise of the Option to less than their nominal value, but only if and to the extent that the Board shall be authorised to capitalise from the reserves of the Company a sum equal to the amount by which the nominal value of the Shares in
respect of which the Option is exercised and which are to be allotted pursuant to such exercise exceeds 

  
 16 

	 	
the price at which the same may be subscribed for, and to apply such sum in paying up such amount on such Shares, and so that on exercise of any Option in respect of which such a reduction shall
have been made, the Board shall capitalise such sum (if any) and apply the same in paying up such amount as aforesaid. 

  

	10.6	As soon as reasonably practicable after making any adjustment under Rule 10.2 above, the Board shall give notice in writing thereof to each Option Holder. 

 

	11.	ALTERATIONS TO THE RULES 

  

	11.1	The Board may by resolution at any time make any alteration to the Rules which it thinks fit subject to the provisions of this Rule 11. 

 

	11.2	No such alteration which would affect an EMI Option which is a Qualifying Option shall take effect if the result would be: 

  

	 	(a)	to increase the aggregate Market Value of the Shares that are the subject of such Qualifying Option; or 

  

	 	(b)	that the requirements of Schedule 5 would cease to be met in relation to such EMI Option. 

  

	11.3	No alteration shall be made which would materially increase the liability of any Option Holder or which would materially decrease the value of his subsisting rights attached to any Option without in each case that
Option Holder’s prior written consent. 

  

	11.4	Any alteration shall take effect without the requirement for the prior approval of the shareholders of the Company, except as otherwise required by applicable law and/or the rules of any securities exchange on which the
Shares (or securities representing Shares) may be listed. 

  

	11.5	As soon as reasonably practicable after making any alteration under Rule 11.1 above the Board shall give notice in writing thereof to each Option Holder. 

 

	12.	MISCELLANEOUS 

  

	12.1	 Any Option granted pursuant to the Rules shall not form part of the contract of employment of any person who
participates in the Scheme. The rights and obligations of any individual under the terms of his office or employment with any Group Member shall not be affected by his participation in the Scheme or any right which he may have to participate
therein, and an individual who participates therein shall waive any and all rights to compensation or damages in consequence of the termination of his office or employment for any reason whatsoever

  
 17 

	 	
(including unfair or wrongful dismissal) insofar as those rights arise or may arise from his ceasing to have rights under or be entitled to exercise any Option under the Scheme as a result of
such termination. No such participation, rights or benefits shall be taken into account for the purposes of calculating the amount payable to any pension fund. Options granted pursuant to the Scheme shall not constitute any representation or
warranty that any benefit will accrue to any individual who is granted an Option. 

  

	12.2	The Scheme shall in all respects be administered by the Board who may from time to time make and vary such rules and regulations for its conduct not inconsistent with these Rules and may from time to time establish such
procedures for administration and implementation of the Scheme and Rules as it thinks fit, and in the event of any dispute or disagreement as to the interpretation of the Rules, or of any rule, regulation or procedure, or as to any question or right
arising from or related to the Scheme, the decision of the Board shall be final and binding upon all persons (subject to the written concurrence of the Auditors having been obtained when so required by the Rules). 

 

	12.3	Any Group Member may provide money to the trustees of any trust or any other person to enable them or him to acquire shares to be held for the purposes of the Scheme, or enter into any guarantee or indemnity for these
purposes, to the extent permitted by the Companies Act 2006. 

  

	12.4	In any matter in which they are required to act under the Rules, the Auditors shall be deemed to be acting as experts and not as arbitrators and the Arbitration Acts 1950 to 1996 shall not apply to these Rules.

  

	12.5	Any notice or other communication under or in connection with the Rules may be given by personal delivery or by sending the same by post, in the case of a company to its registered office and in the case of an
individual to his last known address, or, where he is a director or employee of a Company participating in the Scheme, either to his last known address or to the address of the place of business at which he performs the whole or substantially the
whole of the duties of his office or employment, and where a notice or other communication is given by first-class post, it shall be deemed to have been received 48 hours after it was put into the post properly addressed and stamped.

  

	12.6	The costs of introducing and administering the Scheme shall be borne by the Company or any Group Member. 

  

	12.7	The Board shall maintain all necessary books of account and records relating to the Scheme. 

  

	12.8	Subject to the Articles of Association of the Company, an Option Holder who is a director of the Company may, notwithstanding his interest, vote on any resolution concerning the Scheme (other than in respect of his own
participation therein) and may retain any benefits under the Scheme. 

  

	13.	GOVERNING LAW 

 The Rules and the Scheme shall in all respects be governed by the
laws of England. 

  
 18 

 THIS IS THE SCHEDULE TO THE RULES OF THE NUCANA BIOMED LIMITED 2016 SHARE OPTION SCHEME (INCLUDING ENTERPRISE
MANAGEMENT INCENTIVES & US INCENTIVE STOCK OPTIONS) 
 SCHEDULE 1    LETTER OF INVITATION 

  
 19 

 SCHEDULE 2    OPTION AGREEMENT 

  
 20 

 SCHEDULE 3    INCENTIVE STOCK OPTIONS: US SUB-PLAN

 UNITED STATES SUB-PLAN TO THE NUCANA BIOMED LIMITED SHARE OPTION SCHEME 

 

	1.	The terms and conditions of this sub-plan (this “Sub-Plan”) shall apply to Options granted to Option Holders subject to
taxation in the United States (“US Participants”).    The terms and conditions provided herein shall apply in addition to, or instead of where inconsistent with, the terms and conditions of the 2016 NuCana BioMed
Limited Share Option Scheme (as amended and/or restated from time to time, the “Scheme”). 

  

	2.	Capitalized terms used but not defined in this Sub-Plan shall have the meanings set forth in the Scheme. 

 

	3.	For purpose of this Sub-Plan, the following terms shall have the meanings set forth below: 

  

	 	3.1.	“Fair Market Value” means, on any given date (i) if the Shares are listed on any established stock exchange or a national market system, including without limitation the NASDAQ Global Market, the
NASDAQ Global Select Market or the NASDAQ Capital Market, the closing sales price for such Shares as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such other source as the Board deems
reliable (or, if no closing sales price was reported on that date, on the last trading date such closing sales price was reported); (ii) if (i) does not apply, then if the Shares are regularly quoted by a recognized securities dealer but
selling prices are not reported, the mean between the high bid and low asked prices for the Shares on the day of determination (or, if no bids and asks were reported on that date, on the last trading date such bids and asks were reported); or
(iii) if (i) and (ii) do not apply, such value as the Board in its discretion may in good faith determine in accordance with Section 409A of the US Code and the regulations thereunder (and, with respect to Incentive Stock Options, in
accordance with Section 422 of the US Code and the regulations thereunder). 

  

	 	3.2.	“Incentive Stock Option” means an Option or portion thereof intended to meet the requirements of an incentive stock option as defined in US Code Section 422 and designated as an Incentive Stock
Option in the applicable Option Agreement, and if the Board does not designate an Option as an Incentive Stock Option in the Option Agreement, the terms of the Option Agreement for such Option hereby provide that the Option will not be treated as an
Incentive Stock Option under US Code Section 422. 

  
 21 

	 	3.3.	“Non-Qualified Option” means an Option or portion thereof that does not qualify as or is not intended to be an Incentive Stock Option or that is not designated as
an Incentive Stock Option in the applicable Option Agreement. 

  

	 	3.4.	“Ten Percent Shareholder” means an individual who on any given date owns, either directly or indirectly (taking into account the attribution rules contained in US Code Section 424(d)), stock
possessing more than 10% of the total combined voting power of all classes of stock of the Company or a “parent” or “subsidiary” company (within the meaning of US Code Section 424). 

 

	 	3.5.	“US Code” means the US Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder. 

 

	 	3.6.	“US Exchange Act” means the US Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

 

	4.	Eligibility. An individual who is subject to US Code Section 409A will not be an Eligible Employee unless he or she is an employee of, or a director to, the Company or a Qualifying Subsidiary in which the
Company has a “controlling interest” (for purposes of US Code Section 409A). 

  

	5.	Options. The Option Price per Share of an Option granted to a US Participant shall not be less than the Fair Market Value of a Share underlying the Option on the grant date and the maximum number of Shares
issuable to any US Participant upon the exercise of an Option shall not exceed 1,252,071 Shares in any fiscal year, subject to adjustment as provided in Rule 10 of the Scheme. The “Date of Grant” of an Option granted to a US Participant
shall be the date on which such Option was approved by the Board. 

  

	6.	Incentive Stock Options. The following conditions apply to awards of Incentive Stock Options in addition to or, where inconsistent, in lieu of those described in the Scheme: 

 

	 	6.1.	Eligibility. Incentive Stock Options may be granted only to US Participants who are employees of the Company or any of its “parent” or “subsidiary” companies (within the meaning of US Code
Section 424). 

  

	 	6.2.	Option Price. In the case of a Ten Percent Shareholder, the price at which a Share may be purchased upon exercise of an Incentive Stock Option shall not be less than 110% of the Fair Market Value of such Share on
the grant date. 

  

	 	6.3.	Certain Maximum Limits. The maximum number of Shares issuable upon the exercise of Incentive Stock Options at any time shall not exceed 5,008,434 Shares, subject to adjustment as provided in Rule 10 of the
Scheme. 

  
 22 

	 	6.4.	Term of Options. In the case of a Ten Percent Shareholder, the term of an Incentive Stock Option shall be no greater than five years. 

 

	 	6.5.	Notice. Each US Participant awarded an Incentive Stock Option under the Scheme shall notify the Company in writing immediately after the date he or she makes a “disqualifying disposition” (as defined in
US Code Section 421(b)) of any Shares acquired pursuant to the exercise of such Incentive Stock Option. The Company may, if determined by the Board and in accordance with procedures established by it, retain possession of any Shares acquired
pursuant to the exercise of an Incentive Stock Option as agent for the applicable US Participant until the end of any period during which a disqualifying disposition could occur, subject to complying with any instructions from such US Participant as
to the sale of such Shares. 

  

	 	6.6.	Certain Dollar Limitations. The aggregate Fair Market Value, determined as of the grant date, for Options granted under the Scheme (or any other stock option scheme required to be taken into account under US Code
Section 422(d)) that are intended to be Incentive Stock Options which are first exercisable by the US Participant during any calendar year shall not exceed $100,000. To the extent an Option purporting to be an Incentive Stock Option exceeds the
limitation in the previous sentence, the portion of the Option in excess of such limit shall be a Non-Qualified Option. 

  

	 	6.7.	Limits on Transferability. Notwithstanding anything in the Scheme to the contrary, no Incentive Stock Option shall be pledged, encumbered, or hypothecated to, or in favor of, or subject to any lien, obligation,
or liability of a US Participant to, any party, other than the Company or any Subsidiary, or assigned or transferred by a US Participant otherwise than by will or the laws of descent and distribution, and such Incentive Stock Options and rights
shall be exercisable during the lifetime of the US Participant only by the US Participant or his or her guardian or legal representative. 

  

	7.	Replacement Options. The provisions of Rule 8 of the Scheme regarding the granting of a Replacement Option shall apply to Options held by US Participants, provided that any such Replacement Option shall satisfy
the requirements of US Code Section 409A (and to the extent applicable, US Code Section 422). 

  

	8.	Variation of Capital. Any adjustment under Rule 10 of the Scheme to an Option held by a US Participant shall be done in accordance with US Code Section 409A (and to the extent applicable, US Code
Section 422). 

  
 23 

	9.	Tax Withholding. The Company and its subsidiaries shall be entitled to withhold from any payments or vesting or exercise of Options under the Scheme any amount of federal, state and local tax withholding
determined by the Board to be required by law (including, without limitation, in their sole discretion, withholding Shares that otherwise would be acquired upon the exercise of an Option and/or withholding from any payroll or other amounts otherwise
due to a US Participant). 

  

	10.	US Code Section 409A. With respect to US Participants, the Scheme, this Sub-Plan and all Options are intended to comply with, or be exempt from, US Code
Section 409A and all regulations, guidance, compliance programs and other interpretative authority thereunder, and all provisions of the Scheme, this Sub-Plan and related agreements shall be applied and
interpreted in a manner consistent therewith. Notwithstanding anything contained herein to the contrary, in the event any Option is subject to US Code Section 409A, the Board or the Company’s general counsel may, in their sole discretion
and without a US Participant’s prior consent, amend the Scheme, this Sub-Plan and/or any Option, adopt policies and procedures, or take any other actions as deemed appropriate by the Board or the
Company’s general counsel to (i) exempt the Scheme, this Sub-Plan and/or any Option from the application of US Code Section 409A, (ii) preserve the intended tax treatment of any such Option
or (iii) comply with the requirements of US Code Section 409A. Neither the Company nor any of its Subsidiaries shall be held liable for any taxes, interest, penalties or other amounts owed by a US Participant under US Code
Section 409A. In the event that a US Participant is a “specified employee” within the meaning of US Code Section 409A, and a payment or benefit provided for under the Scheme or this
Sub-Plan would be subject to additional tax under US Code Section 409A if such payment or benefit is paid within six (6) months after such US Participant’s separation from service (within the
meaning of US Code Section 409A), then such payment or benefit shall not be paid (or commence) during the six (6) month period immediately following such US Participant’s separation from service except as provided in the immediately
following sentence. In such an event, any payments or benefits that would otherwise have been made or provided during such six (6) month period and which would have incurred such additional tax under US Code Section 409A instead shall be
paid to the US Participant in a lump-sum, without interest, on the earlier of (i) the first business day of the seventh month following such US Participant’s separation from service or (ii) the
tenth business day following such US Participant’s death. Any provision of the Scheme or this Sub-Plan that violates US Code Section 409A shall be deemed null and void with respect to any US
Participant. 

  
 24 

 SCHEDULE 1 

Form of Letter of Invitation 

[On Company Notepaper] 
 Dear [name of employee]

 NUCANA BIOMED LIMITED SHARE OPTION SCHEME (“SCHEME”) 

I am pleased to advise you that the Board of directors of NuCana Biomed Limited (“Company”) has resolved to invite you to apply for the grant
of an EMI Option pursuant to the terms of the Rules of the Scheme and the attached Option Agreement to acquire ● ordinary shares of ● pence each of the Company (“Shares”) at an exercise price of ● pence per Share
(“Option Price”) as agreed with HM Revenue and Customs for the purposes of the grant of an EMI Option under the Scheme as the Market Value of a Share at the Date of Grant. 

Enclosed with this letter you will find:- 
  

	1.	Copy Letter 

  

	2.	Option Agreement 

  

	3.	Exercise Notice 

  

	4.	Rules of the Scheme 

  

	5.	Articles of Association of the Company 

 You should read the enclosed Option Agreement and Rules carefully and,
if you wish to accept the EMI Option, sign the Option Agreement in the presence of an independent witness (who should add his or her name, address and occupation where indicated). Please do not date the Option Agreement. Return the Option Agreement
to the Company Secretary at ● no later than 14 days from the date of receipt this letter. 
 If you do not return the duly signed Option
Agreement to the Company Secretary within 14 days then this invitation will lapse and you will no longer be entitled to the EMI Option. 
 If you do
return a duly signed Option Agreement to the Company Secretary within 14 days the EMI Option will be granted to you on [ ] days from date of invitation. NOTE the date of the Option Agreement should correspond with this date.

 Note that the Option Agreement includes a requirement that you indemnify the Company in respect of any income tax
collectible under PAYE and employee’s national insurance contributions charges which may arise on exercise of your EMI Option (“Tax Liability”). This is referred to in Rule 2.6(a) which you should read. The Option Agreement
also requires you to enter into a Joint Election relating to restricted shares, if required by the Company. 
 Following receipt of the duly executed Option
Agreement by the Company Secretary, it will be executed for and on behalf of the Company and dated. Then it will be returned to you for your safekeeping and should be kept as evidence of your entitlement to the EMI Option. 

Please address any queries which you may have about the operation of the Scheme or the Option Agreement to the Company Secretary. 

Yours sincerely 
 for and on behalf of  

NUCANA BIOMED LIMITED 

  
 Page 2 

 [On Company Notepaper] 

Copy to sign and return 
 Dear [name of
employee] 
 NUCANA BIOMED LIMITED SHARE OPTION SCHEME (“SCHEME”) 

I am pleased to advise you that the Board of directors of NuCana Biomed Limited (“Company”) has resolved to invite you to apply for the grant
of an EMI Option pursuant to the terms of the Rules of the Scheme and the attached Option Agreement to acquire ● ordinary shares of ● pence each of the Company (“Shares”) at an exercise price of ● pence per Share
(“Option Price”) as agreed with HM Revenue and Customs for the purposes of the grant of an EMI Option under the Scheme as the Market Value of a Share at the Date of Grant. 

Enclosed with this letter you will find:- 
  

	1.	Copy Letter 

  

	2.	Option Agreement 

  

	3.	Exercise Notice 

  

	4.	Rules of the Scheme 

  

	5.	Articles of Association of the Company 

 You should read the enclosed Option Agreement and Rules carefully and,
if you wish to accept the EMI Option, sign the Option Agreement in the presence of an independent witness (who should add his or her name, address and occupation where indicated). Please do not date the Option Agreement. Return the Option Agreement
to the Company Secretary at ● no later than 14 days from the date of receipt this letter. 
 If you do not return the duly signed Option
Agreement to the Company Secretary within 14 days then this invitation will lapse and you will no longer be entitled to the EMI Option. 
 If you do
return a duly signed Option Agreement to the Company Secretary within 14 days the EMI Option will be granted to you on [    ] days from date of invitation. NOTE the date of the Option Agreement should correspond
with this date. 

  
 Page 3 

 Note that the Option Agreement includes a requirement that you indemnify the Company in respect of any income tax
collectible under PAYE and employee’s national insurance contributions charges which may arise on exercise of your EMI Option (“Tax Liability”). This is referred to in Rule 2.6(a) which you should read. The Option Agreement
also requires you to enter into a Joint Election relating to restricted shares, if required by the Company. 
 Following receipt of the duly executed Option
Agreement by the Company Secretary, it will be executed for and on behalf of the Company and dated. Then it will be returned to you for your safekeeping and should be kept as evidence of your entitlement to the EMI Option. 

Please address any queries which you may have about the operation of the Scheme or the Option Agreement to the Company Secretary. 

Yours sincerely 
 for and on behalf of  

NUCANA BIOMED LIMITED 
  

					
	Signed:	 	  
	 	(employee)
			
	Dated:	 	  
	 	

  
 Page 4 

 Form of Unapproved Option Agreement 

This Agreement which is in the form of a deed is made the [●] day of [●] 2016 

BETWEEN 
  

	(1)	NuCana Biomed Limited (03308778 ) whose registered office is at 77-78 Cannon Street, London, England, EC4N 6AF (“the Company”); and 

 

	(2)	[option holder’s name] of [option holder’s address] who will become “the Option Holder” 

RECITALS 
  

	A.	This Unapproved Option is granted subject to the rules of the 2016 NuCana Biomed Limited Share Option Scheme (“the Scheme”). 

 

	B.	A copy of the rules which is appended to this Agreement provides for the grant of options for commercial reasons in order to recruit and retain key Eligible Employees (“the Rules”). 

 

	C.	The Option Holder [commenced employment] or [became a director] with the Company on [●] (“the Commencement Date”). 

NOW THIS AGREEMENT WITNESSES 
  

	1.	In this Agreement the definitions in the Rules shall apply. 

  

	2.	The Company hereby grants to the Option Holder the Unapproved Option to acquire a maximum of [●] Shares, at an Option Price of [●] per Share. 

 

	3	Exercise 

  

	 	3.1	The options shall be exercisable as follows: 

  

	 	a)	options over [●] Shares may be exercised at any time after the date falling 12 months from the Commencement Date (“the First Anniversary”) provided the Option Holder is an Eligible Employee on the
First Anniversary; 

  

	 	b)	options over a further [●] Shares may be exercised at any time after the date falling 24 months from the Commencement Date (“the Second Anniversary”) provided the Option Holder is an Eligible
Employee on the Second Anniversary; 

	 	c)	options over a further [●] Shares may be exercised at any time after the date falling 36 months from the Commencement Date (“the Third Anniversary”) provided the Option Holder
is an Eligible Employee on the Third Anniversary; 

  

	 	d)	options the final [●] Shares may be exercised at any time after the date falling 48 months from the Commencement Date (“the Fourth Anniversary”) provided the Option Holder is
an Eligible Employee on the Fourth Anniversary; 

 and where options become exerciseable in accordance with the foregoing they
shall be referred to as having “vested” or “vest” and those which are not exerciseable shall be referred to as “unvested”. 
  

	3.2	Upon the Option Holder ceasing to be an Eligible Employee for any reason all options which are unvested shall lapse forthwith. 

  

	3.3	All unvested options which have not lapsed in accordance with clause 3.2 shall immediately vest if following a Change of Control of the Company (as defined in the Rules):- 

 

	 	(a)	The Option Holder remains an Eligible Employee; and 

  

	 	(b)	One of the following conditions is also satisfied:- 

  

	 	(i)	The Option Holder has experienced a material reduction in his base compensation payable on or around the Date of Grant or as the same may be increased from time to time; or 

 

	 	(ii)	The Option Holder has experienced a material change or reduction in his authority, duties, reporting or responsibilities, provided, however, that a change in job title shall not be deemed a “material
reduction” unless the Option Holder’s new authority, duties, reporting or responsibilities are substantially changed or reduced from the prior authority, duties, reporting or responsibilities. 

  
 Page 2 

	4.	The Unapproved Option may not be exercised: 

  

	 	4.1	after the time in Rule 6.2(a); 

  

	 	4.2	from the date the Option Holder ceases to be an Eligible Employee of the Company or of any Qualifying Subsidiary in accordance with Rule 6.2 (b) (except to the extent provided in Rule 6.2 (b) and Rule 7) and Rule 6.2
(b) shall be deemed to refer to the Option Holder ceasing to be an “Eligible Employee”; 

  

	 	4.3	following a Change of Control or a Sale of the Company except to the extent provided in Rule 8; 

  

	 	4.4	following the commencement of the winding up of the Company as set out in Rule 9. 

 provided
that in the case of sub-clause 4.3 above where options have not vested in accordance with any of clauses 3.1 (a) to (d) prior to the occurrence of a Change of Control or Sale and where the vesting
conditions to any such options are thereafter satisfied on the relevant vesting anniversaries occurring after the Change of Control or Sale (a “Post Event Vested Option”) the Option Holder shall remain entitled to exercise the Post
Event Vested Option within the period of 30 days following the date of it becoming vested and Rule 8 shall be interpreted accordingly. Where the Post Event Vested Option is not so exercised within the period of 30 days following the date of it
becoming so vested it shall lapse. 
  

	5.	The Unapproved Option will lapse on the occurrence of any of the events as set out in Rule 6.2. 

  

	6.	To exercise the Unapproved Option the Option Holder must lodge with the Company Secretary of the Company (or such other person as the Company may from time to time notify to the employee in writing): 

 

	 	6.1	this Option Agreement; 

  

	 	6.2	a duly completed Notice of Exercise in the form appended to this Option Agreement; 

  
 Page 3 

	 	6.3	where required by the Company, a duly completed Joint Election; and 

  

	 	6.4	a cheque made payable to the Company in respect of the Option Price. 

  

	7.	The Option Holder hereby: 

  

	7.1	covenants with the Company to allow the Company to recover from the Option Holder Tax Liabilities arising in connection with or as a result of the exercise of the Unapproved Option and to indemnify and keep
indemnified on a continuing basis the Company and any Group Member in respect of such Tax Liabilities and for the purposes of such indemnity: 

  

	7.2	hereby authorises the Company to deduct sufficient funds which, in the reasonable opinion of the Board, would be equal to any Tax Liabilities from any payment made to or in respect of the Option Holder by it or any
Group Member during the same calendar month or other relevant period in which such Tax Liabilities arise. If there is no such payment made or the Tax Liabilities exceed the amount of such payment the Option Holder hereby agrees to pay the full
amount of the Tax Liabilities or any such excess (as the case may be) in cleared funds within seven days of a valid demand by the Company or any Group Member; and 

 

	7.3	appoints a member of the Board as his trustee for the purposes of providing the Company or any Group Member (as appropriate) with sufficient funds to recover any Tax Liabilities by receiving on trust or retaining on
trust (as the case may be) (out of the total number of Shares to which the Option Holder is entitled following the relevant exercise of the Unapproved Option) the legal title to and selling such number of Shares as, in the reasonable opinion of the
Board, is required to realise a cash amount equivalent to the Tax Liabilities and the Option Holder hereby covenants to pay to the Company, should such sale realise a cash amount less than the Tax Liabilities, an amount equal to the difference
within seven working days of demand by the Company. 

  

	8.	The Unapproved Option is exercisable only by the Option Holder (or his personal representatives) and may not be transferred, assigned or charged and the Unapproved Option will lapse on the occasion of any assignment,
charge, disposal or other dealing with the rights conveyed by it. 

  
 Page 4 

	9.	The Company has agreed or will agree the Market Value of a Share for the purposes of this Scheme as at the Date of Grant with HM Revenue and Customs. 

 

	10.	A person who is not a party to this deed shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this deed. This clause does not affect any right or remedy of any person which
exists or is available otherwise than pursuant to that Act. 

  

	11.	The Shares which will be acquired when the Option is exercised are subject to the terms and restrictions set out in the Company’s articles of association, and a copy of the current articles of association is
attached. 

  
 Page 5 

 APPENDIX 

Form of Notice of Exercise 

Please read the notes at the foot of his form carefully before completing it 

 

	To:	The Secretary 

 NuCana Biomed Limited 

I, the undersigned1, having become entitled so to do, hereby exercise the Unapproved Option referred to
in the attached Agreement in respect of Shares comprised in the Unapproved Option upon the terms of the 2016 NuCana Biomed Limited Share Option Scheme (“Scheme”) and agree to accept the Shares to be allotted and issued pursuant to
this Notice of Exercise subject to and in accordance with the memorandum and articles of association of the Company and hereby request you to place my name on the register of members in respect thereof. 

I enclose a remittance for £2 being the aggregate Option Price payable for the Shares in respect of
which the Unapproved Option is now exercised, the Option Price (per Share) being [                ]. 

I understand that income tax and NIC (referred to as a Tax Liabilities in the Rules of the Scheme) may need to be accounted for by the Company to HM Revenue
and Customs on this exercise and in respect of which I have indemnified the Company. I further understand that the Company has an obligation to deduct, insofar as possible, the amount of any Tax Liabilities from payments that it makes to me and I
authorise the Company to make such deductions from my salary or other payments due to me. 
 (please tick as appropriate3) 
  

	☐	I wish to make a cash payment to the Company in respect of the outstanding Tax Liabilities (after deduction by the Company) arising from this exercise and enclose a second cheque made payable to the Company for
£●. 

  

	☐	I authorise the Company to retain and to sell on my behalf sufficient Shares so as to realise an amount sufficient to discharge the Tax Liabilities arising from this exercise. 

 

	1 	Although the Option referred to overleaf is personal to the holder named overleaf it may be exercised by his personal representative(s) if he dies while the Option is still capable of exercise provided the
personal representative(s) does/do so before the expiration of 12 months from the date of the Option Holder’s death or 10 years from the date of its grant (if sooner). If there are more than one, each of the personal representatives must sign
this form. A copy of the Grant of Probate must be provided with the completed Notice of Exercise. 

	2 	The remittance should be for an amount equal to the Option Price per Share shown overleaf, multiplied by the number of Shares applied for. 

	3 	Please tick the appropriate box. If you fail to tick a box or if you tick the first box but your cash payment or next month’s salary are insufficient to cover the full liability, the Company will retain and sell
sufficient shares to cover the liability or shortfall or will withhold the transferring of the shares to you until the full tax liabilities have been met by you. 

  
 Page 6 

 If applicable, I hereby request you to despatch a balance certificate for the Unapproved Option to subscribe for
any Shares included in the Unapproved Option referred to overleaf and not exercised on this occasion, by post at my risk to the address mentioned below. 
  

									
	Signature:	  	  
	  		  	Date:	 	  

	Surname:	  	  
	  		  		 	
	Forename(s):	  	  
	  		  		 	
	Address:	  	  
	  		  		 	
		  	  
	  		  		 	
		  	  
	  		  		 	
		  	  
	  		  		 	

  
 Page 7 

 In Witness whereof the parties have signed this Agreement on the date specified above: 

 

							
	 EXECUTED as a DEED
	  	)	  			
	 but not delivered until the date hereof
	  	)	  			
	 for and on behalf of THE COMPANY
	  	)	  			
		
	
                   
                                         
Director
	  			
		
	
                   
                                         
Director/Secretary
	  			
			
	 SIGNED as a DEED
	  	)	  			
	 but not delivered until the date hereof
	  	                                      
                  )	  			
	 by ●
	  	)	  			
	 in the presence of:
	  	)	  			

					
			
	 Name of Witness
	  	  
	  	
	 Address
	  	  
	  	
		  	  
	  	
		  	  
	  	
		  	  
	  	

  
 Page 8 

 Form of Option Agreement 

This Agreement which is in the form of a deed is made the [●] day of [●] 2016 

BETWEEN 
  

	(1)	NuCana Biomed Limited (03308778 ) whose registered office is at 77-78 Cannon Street, London, England, EC4N 6AF (“the Company”); and 

 

	(2)	[employee name] of [employee address] who will become “the Option Holder” 

 RECITALS

  

	A.	This EMI Option is granted subject to the rules of the 2016 NuCana Biomed Limited Share Option Scheme, and is granted pursuant to Schedule 5 ITEPA 2003 (“the Scheme”). 

 

	B.	A copy of the rules which is appended to this Agreement provides for the grant of options for commercial reasons in order to recruit and retain key employees (“the Rules”). 

 

	C.	The Option Holder commenced employment with the Company on [●] (“the Commencement Date”). 

NOW THIS AGREEMENT WITNESSES 
  

	1.	In this Agreement the definitions in the Rules shall apply. 

  

	2.	The Company hereby grants to the Option Holder the EMI Option to acquire a maximum of [●] Shares, at an Option Price of [●] per Share. 

 

	3	Exercise  

  

	 	3.1	The options shall be exercisable as follows: 

  

	 	a)	options over [●] Shares may be exercised at any time after the date falling 12 months from the Commencement Date (“the First Anniversary”) provided the Option Holder is an
Eligible Employee on the First Anniversary; 

  

	 	b)	options over a further [●] Shares may be exercised at any time after the date falling 24 months from the Commencement Date (“the Second Anniversary”) provided the Option
Holder is an Eligible Employee on the Second Anniversary; 

	 	c)	options over a further [●] Shares may be exercised at any time after the date falling 36 months from the Commencement Date (“the Third Anniversary”) provided the Option Holder
is an Eligible Employee on the Third Anniversary; 

  

	 	d)	options the final [●] Shares may be exercised at any time after the date falling 48 months from the Commencement Date (“the Fourth Anniversary”) provided the Option Holder is
an Eligible Employee on the Fourth Anniversary; 

 and where options become exerciseable in accordance with the foregoing they
shall be referred to as having “vested” or “vest” and those which are not exerciseable shall be referred to as “unvested”. 
  

	3.2	Upon the Option Holder ceasing to be an Eligible Employee for any reason all options which are unvested shall lapse forthwith. 

  

	3.3	All unvested options which have not lapsed in accordance with clause 3.2 shall immediately vest if following a Change of Control of the Company (as defined in the Rules):- 

 

	 	(a)	The Option Holder remains an Eligible Employee; and 

  

	 	(b)	One of the following conditions is also satisfied:- 

  

	 	(i)	The Option Holder has experienced a material reduction in his base compensation payable on or around the Date of Grant or as the same may be increased from time to time; or 

 

	 	(ii)	The Option Holder has experienced a material change or reduction in his authority, duties, reporting or responsibilities, provided, however, that a change in job title shall not be deemed a “material
reduction” unless the Option Holder’s new authority, duties, reporting or responsibilities are substantially changed or reduced] from the prior authority, duties, reporting or responsibilities. 

  
 Page 2 

	4.	The EMI Option may not be exercised: 

  

	 	4.1	after the time in Rule 6.2(a); 

  

	 	4.2	from the date the Option Holder ceases to be an employee of the Company or of any Qualifying Subsidiary in accordance with Rule 6.2 (b) (except to the extent provided in Rule 6.2 (b) and Rule 7); 

 

	 	4.3	following a Change of Control or a Sale of the Company except to the extent provided in Rule 8; 

  

	 	4.4	following the commencement of the winding up of the Company as set out in Rule 9. 

 provided
that in the case of sub-clause 4.3 above where options have not vested in accordance with any of clauses 3.1 (a) to (d) prior to the occurrence of a Change of Control or Sale and where the vesting
conditions to any such options are thereafter satisfied on the relevant vesting anniversaries occurring after the Change of Control or Sale (a “Post Event Vested Option”) the Option Holder shall remain entitled to exercise the Post
Event Vested Option within the period of 30 days following the date of it becoming vested and Rule 8 shall be interpreted accordingly. Where the Post Event Vested Option is not so exercised within the period of 30 days following the date of it
becoming so vested it shall lapse. 
  

	5.	The EMI Option will lapse on the occurrence of any of the events as set out in Rule 6.2. 

  

	6.	To exercise the EMI Option the Option Holder must lodge with the Company Secretary of the Company (or such other person as the Company may from time to time notify to the employee in writing): 

 

	 	6.1	this Option Agreement; 

  

	 	6.2	a duly completed Notice of Exercise in the form appended to this Option Agreement; 

  

	 	6.3	where required by the Company, a duly completed Joint Election; and 

  
 Page 3 

	 	6.4	a cheque made payable to the Company in respect of the Option Price. 

  

	7.	The Option Holder hereby: 

  

	7.1	covenants with the Company to allow the Company to recover from the Option Holder Tax Liabilities arising in connection with or as a result of the exercise of the EMI Option and to indemnify and keep indemnified
on a continuing basis the Company and any Group Member in respect of such Tax Liabilities and for the purposes of such indemnity: 

  

	7.2	hereby authorises the Company to deduct sufficient funds which, in the reasonable opinion of the Board, would be equal to any Tax Liabilities from any payment made to or in respect of the Option Holder by it or any
Group Member during the same calendar month or other relevant period in which such Tax Liabilities arise. If there is no such payment made or the Tax Liabilities exceed the amount of such payment the Option Holder hereby agrees to pay the full
amount of the Tax Liabilities or any such excess (as the case may be) in cleared funds within seven days of a valid demand by the Company or any Group Member; and 

 

	7.3	appoints a member of the Board as his trustee for the purposes of providing the Company or any Group Member (as appropriate) with sufficient funds to recover any Tax Liabilities by receiving on trust or retaining on
trust (as the case may be) (out of the total number of Shares to which the Option Holder is entitled following the relevant exercise of the EMI Option) the legal title to and selling such number of Shares as, in the reasonable opinion of the Board,
is required to realise a cash amount equivalent to the Tax Liabilities and the Option Holder hereby covenants to pay to the Company, should such sale realise a cash amount less than the Tax Liabilities, an amount equal to the difference within seven
working days of demand by the Company. 

  

	8.	The EMI Option is exercisable only by the Option Holder (or his personal representatives) and may not be transferred, assigned or charged and the EMI Option will lapse on the occasion of any assignment, charge, disposal
or other dealing with the rights conveyed by it. 

  

	9.	The Company has agreed or will agree the Market Value of a Share for the purposes of this Scheme as at the Date of Grant with HM Revenue and Customs. 

  
 Page 4 

	10.	A person who is not a party to this deed shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this deed. This clause does not affect any right or remedy of any person which
exists or is available otherwise than pursuant to that Act. 

  

	11.	The Shares which will be acquired when the Option is exercised are subject to the terms and restrictions set out in the Company’s articles of association, and a copy of the current articles of association is
attached. 

  
 Page 5 

 APPENDIX 

Form of Notice of Exercise 

Please read the notes at the foot of his form carefully before completing it 

 

	To:	The Secretary 

 NuCana Biomed Limited 

I, the undersigned1, having become entitled so to do, hereby exercise the EMI Option referred to in the
attached Agreement in respect of Shares comprised in the EMI Option upon the terms of the 2016 NuCana Biomed Limited Share Option Scheme (“Scheme”) and agree to accept the Shares to be allotted and issued pursuant to this Notice of
Exercise subject to and in accordance with the memorandum and articles of association of the Company and hereby request you to place my name on the register of members in respect thereof. 

I enclose a remittance for £2 being the aggregate Option Price payable for the Shares in respect of
which the EMI Option is now exercised, the Option Price (per Share) being [                ]. 

I understand that income tax and NIC (referred to as a Tax Liabilities in the Rules of the Scheme) may need to be accounted for by the Company to HM Revenue
and Customs on this exercise and in respect of which I have indemnified the Company. I further understand that the Company has an obligation to deduct, insofar as possible, the amount of any Tax Liabilities from payments that it makes to me and I
authorise the Company to make such deductions from my salary. 
 (please tick as
appropriate3) 
  

	☐	I wish to make a cash payment to the Company in respect of the outstanding Tax Liabilities (after deduction by the Company) arising from this exercise and enclose a second cheque made payable to the Company for
£●. 

 I authorise the Company to retain and to sell on my behalf sufficient Shares so as to realise an amount
sufficient to discharge the Tax Liabilities arising from this exercise. 
  

	1 	Although the Option referred to overleaf is personal to the holder named overleaf it may be exercised by his personal representative(s) if he dies while the Option is still capable of exercise provided the
personal representative(s) does/do so before the expiration of 12 months from the date of the Option Holder’s death or 10 years from the date of its grant (if sooner). If there are more than one, each of the personal representatives must sign
this form. A copy of the Grant of Probate must be provided with the completed Notice of Exercise. 

	2 	The remittance should be for an amount equal to the Option Price per Share shown overleaf, multiplied by the number of Shares applied for. 

	3 	Please tick the appropriate box. If you fail to tick a box or if you tick the first box but your cash payment or next month’s salary are insufficient to cover the full liability, the Company will retain and sell
sufficient shares to cover the liability or shortfall or will withhold the transferring of the shares to you until the full tax liabilities have been met by you. 

  
 Page 6 

 If applicable, I hereby request you to despatch a balance certificate for the EMI Option to subscribe for any
Shares included in the EMI Option referred to overleaf and not exercised on this occasion, by post at my risk to the address mentioned below. 
  

									
	Signature:	  	  
	  		  	Date:	  	  

	Surname:	  	  
	  		  		  	
	Forename(s):	  	  
	  		  		  	
	Address:	  	  
	  		  		  	
		  	  
	  		  		  	
		  	  
	  		  		  	
		  	  
	  		  		  	

 [If the shares are restricted under ITEPA the Option Holder should be required to enter into a Joint Election with the
Company to which this Exercise Notice should refer.] 

  
 Page 7 

 In Witness whereof the parties have signed this Agreement on the date specified above: 

 

							
	 EXECUTED as a DEED
	  	)	  			
	 but not delivered until the date hereof
	  	)	  			
	 for and on behalf of THE COMPANY
	  	)	  			
		
	
                   
                                         
Director
	  			
		
	
                   
                                         
Director/Secretary
	  			
			
	 SIGNED as a DEED
	  	)	  			
	 but not delivered until the date hereof
	  	                                      
                  )	  			
	 by ●
	  	)	  			
	 in the presence of:
	  	)	  			

  

					
	 Name of Witness
	  	  
	  	
	 Address
	  	  
	  	
		  	  
	  	
		  	  
	  	
		  	  
	  	

  
 Page 8EX-10.4

 Exhibit 10.4 

Research, Collaboration and Licence Agreement 
 THIS
AGREEMENT is made this 21st day of August 2009 
 BETWEEN: 
  

	 	(1)	CARDIFF UNIVERSITY, whose administrative offices are at 30-36 Newport Road, Cardiff, CF24 0DE, U.K. (the “University”); 

 

	 	(2)	UNIVERSITY COLLEGE CARDIFF CONSULTANTS LTD a company incorporated under the laws of England and Wales (company number 1477909) whose registered office is at 30-36 Newport
Road, Cardiff, United Kingdom, CF24 0DE (“UC3”); and 

  

	 	(3)	NUCANA BIOMED LIMITED a company incorporated under the laws of England and Wales (company number 3308778) whose registered office is at Bassett House, 5 Southwell Park Road, Camberley, Surrey, GU15 3PU
(hereinafter referred to as “Nucana”), 

  

	 	together	the “Parties” and each a “Party”. 

 RECITALS 

 

	i	The University has expertise in the purification and characterisation of phosphoramidate prodrugs. 

  

	ii	The University has agreed to carry out the Project for Nucana upon the terms and conditions set out in this Agreement. 

  

	iii	Nucana has agreed to arrange for external biological evaluation of phosphoramidate protides prepared by the University in support of the Project. 

 

	iv	UC3 is a wholly owned company of the University which is used to hold and exploit intellectual property rights on behalf of the University. 

 

	v	The University and UC3 have agreed that the ownership of the results of the Project shall vest solely in Nucana and the University has agreed to grant Nucana an exclusive licence to use the Protides IP in respect of
each Nucleoside Family worked on during the Project upon the terms and conditions set out in this Agreement. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 WHEREAS the Parties hereby agree: 
  

	1	The Project 

  

	 	1.1	The University shall carry out the Project and provide the deliverables set out in Schedule 1 during the Project Period. 

  

	 	1.2	Nucana will arrange at its own cost for external biological evaluation of phosphoramidate protides prepared by the University and will share the results generated with the University as soon as is reasonably
practicable. The University will be entitled to use such results for the sole purpose of carrying out the Project. The University will treat such results as Information provided to it by Nucana and keep such results confidential in accordance with
Clause 6. 

  

	 	1.3	The Project shall be undertaken by 

  

	 	1.3.1	[***] engaged [***] from [***]; and 

  

	 	1.3.2	[***] engaged [***] 

 under the direction and supervision of the Principal Investigator. If at
any time during the Project Period the Principal Investigator is unable or unwilling to continue supervising the Project the University in consultation with Nucana shall endeavour to appoint a successor as soon as reasonably practicable thereafter.
If an appropriate successor acceptable to both the University and Nucana cannot be found within [***], Nucana may terminate this Agreement upon giving the other Parties [***] written notice. 

 

	 	1.4	The Project may be extended beyond the Initial Project Period for a further period or periods by the written agreement of the Parties as to the scope of any additional work and/or research funding and exclusivity
payments, it being acknowledged that such payments will not differ significantly from the Exclusivity Payments set out in this Agreement. 

  

	2	Funding by Nucana 

  

	 	2.1	The University shall carry out the Project in consideration of payment by Nucana of the Project Fees being: 

  

	 	2.1.1	£[***] in respect of the [***] on the Effective Date; 

  

	 	2.1.2	£[***] in respect of the [***] on the Effective Date, such payment to cover the period of [***] from [***]; and 

  

	 	2.1.3	[***] after the Effective Date - £[***] in respect of the [***]. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 The University will charge VAT in addition where appropriate. 

 

	 	2.2	Nucana will reimburse the University from time to time [***] on receipt of an appropriate invoice for the consumables actually used by the [***] and/or the [***] in the course of performing the Project up to a maximum
of [***] pounds (£[***]) per annum in aggregate for both [***] and up to a maximum of [***] (£[***]) per annum (pro rated as applicable) for the [***]. 

 

	 	2.3	The [***] may be engaged for a further period of [***] following the initial period referred to in Clause 2.1.2 subject to agreement between the Parties. 

 

	 	2.4	If Nucana fails to make any payment due pursuant to Clauses 2, 5.2, 8.5, or 9, by the date for payment of the same, without prejudice to any other right or remedy available to the University or UC3, the University or
UC3 may charge interest (both before and after any judgment) on the amount outstanding, at the interest rate in force pursuant to the Late Payment of Commercial Debts (Interest) Act 1998. That interest will be calculated from the date or last date
for payment to the actual date of payment, both dates inclusive, and will be compounded quarterly. Nucana will pay that interest to the University or UC3 on demand. 

 

	3	University and Student Responsibilities 

  

	 	3.1	The University will carry out the Project in accordance with Nucana’s reasonable instructions and shall use all reasonable skill and care in the performance of the Project. 

 

	 	3.2	The University will provide Nucana with regular written reports summarising the progress of work under the Project and the Results, and shall provide Nucana with a final report containing all of the Results reasonably
promptly following completion of the Project. The University shall use all reasonable endeavours to answer reasonably promptly all reasonable queries received from Nucana regarding the performance of the Project and the Results. 

 

	4	Warranties and Limitations and Exclusions of Liability 

  

	 	4.1	The University does not undertake that work carried out under or pursuant to this Agreement will lead to any particular result and Nucana acknowledges and understands that the success of the Project is not guaranteed.

  

	 	4.2	The University does not accept any responsibility for any use which may be made of any work carried out under or pursuant to this Agreement, or of the Results, nor for any reliance which may be placed on such work or
the Results, nor for advice or information given in connection with them. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	 	4.3	Nucana acknowledges that, in entering into this Agreement, it does not do so in reliance on any representation or warranty given by the University, UC3, their employees or officers and any conditions, warranties or
other terms implied by statue or common law are excluded from this Agreement to the fullest extent permitted by law. Accordingly, Nucana acknowledges and accepts that, other than as set out in Clause 4.4, neither the University or UC3 make any
warranties or representations whether express or implied regarding the Results and/or the Intellectual Property in the Results and no warranty nor representation is given that: 

 

	 	4.3.1	the Results and/or the Intellectual Property in the Results and/or use of the same will not infringe the rights of any person; 

  

	 	4.3.2	the Project will be successful or that any particular result or objective shall be achieved, be achievable or be attained at all or by expiry of the Project Period or by any other date. 

 

	 	4.4	The University and UC3 each hereby warrants to Nucana that: 

  

	 	4.4.1	no third parties have been granted any rights to use the Protides IP in connection with any compounds comprised within the Nucleoside Families (with the exception of [***] under the Research Agreement);

  

	 	4.4.2	all necessary steps have been taken to ensure that UC3 will own all rights in the Results and the Foreground Intellectual Property, including but not limited to any Results and Foreground Intellectual Property generated
by the [***] and any other persons engaged by the University to perform the Project, so as to enable UC3 to assign ownership of the Results and the Foreground Intellectual Property to Nucana pursuant to Clause 8.3; 

 

	 	4.4.3	UC3 has the right to grant the exclusive licence to Nucana to use the Protides IP as set out in Clauses 8.4 to 8.7 (inclusive); and 

  

	 	4.4.4	prior to the date of execution of this Agreement, the University has entered into a written agreement with [***] under which [***] has agreed to assign (on the University’s request and without any additional
consideration) to the University all of their property, rights, title and interest (if any) in and to the Results and the Foreground Intellectual Property. 

  

	 	4.5	Nucana undertakes to make no claim against the Principal Investigator or any other employee, student, agent or appointee of the University, being a claim which seeks to enforce against any of them any liability
whatsoever in connection with this Agreement or its subject matter. 

  

	 	4.6	In no event shall any Party be liable to the other Parties under or in connection with this Agreement for: 

  

	 	4.6.1	loss of contracts, loss of goodwill, loss of opportunity, loss of profits, loss of turnover or loss of anticipated savings but only to the extent such losses are not direct losses; or 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	 	4.6.2	any indirect or consequential loss or special loss or damage of any nature whatsoever. 

  

	 	4.7	Save in respect of [***], the maximum liability of the University or UC3 to Nucana under or otherwise in connection with this Agreement or its subject matter shall be [***]. 

 

	 	4.8	If any provision of this Clause 4 is held to be invalid or unenforceable under any applicable statute or rule of law then it shall be deemed to be omitted, and if as a result any Party becomes liable for loss or damage
which would otherwise have been excluded then such liability shall be subject to the remaining provisions of this Clause 4. 

  

	5	Exclusivity 

  

	 	5.1	In consideration of payment of the Exclusivity Payments and subject to Clause 5.3 the University and UC3 each agrees that it will not: 

 

	 	5.1.1	during the Project Period: 

  

	 	(a)	undertake any [***] research on compounds comprised within the Nucleoside Families with or for [***] where such research would require utilisation of the Protides IP; and/or 

 

	 	(b)	grant to any third party any licence or right to use, or any option to obtain a licence or right to use, the Protides IP in connection with any of the Nucleoside Families or compounds comprised within the Nucleoside
Families for any purpose whatsoever; 

  

	 	5.1.2	during the Extended Licence Period or Further Licence Period: 

  

	 	(a)	undertake with or for any third party any industrially sponsored research on those Compounds in respect of which a licence is granted during such Extended Licence Period or (as the case may be) Further Extended Licence
Period ( the “Exclusive Compounds”) or on any compounds within such Exclusive Compounds’ Nucleoside Families (“Related Compounds”) where such research would require utilisation of the Protides IP; and/or 

 

	 	(b)	grant to any third party any licence or right to use, or any option to obtain a licence or right to use, the Protides IP in connection with any of the Exclusive Compounds or Related Compounds for any purpose whatsoever.

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 For the avoidance of doubt, Nucana agrees that the [***] project entitled [***] carried out at
the University does not and will not constitute a breach of this Clause 5.1. 
  

	 	5.2	Nucana will pay the following sums to UC3: 

 £[***] on the Effective Date; and 

£[***] after the Effective Date. 

UC3 will charge VAT in addition where appropriate. 
  

	 	5.3	Nucana acknowledges and accepts that where the University is obliged to carry out research or development in respect of any of the Nucleoside Families under the Research Agreement, such research or development shall not
constitute a breach of the obligations set out in Clause 5.1. Nucana further acknowledges and accepts that the University cannot guarantee that the Nucleoside Families will not be covered by the claims contained in any patents granted pursuant to
the patent applications assigned to [***] under the Assignment Deed. 

  

	6	Confidentiality 

  

	 	6.1	The University undertakes not to use or disclose to any third party any Information which is disclosed by Nucana to the University for use in the Project or any Results generated during the Project (“Confidential
Information”) save that the University may disclose all and any Confidential Information to employees, students, officers and consultants of the University who need to know the same in connection with the performance of this Agreement or to
advisers of the University who are providing advice in connection with this Agreement provided that all such personnel are bound by appropriate written terms of confidentiality equivalent to those contained in this Clause 6. 

 

	 	6.2	The obligation of non-disclosure set out in Clause 6.1 shall not apply with respect to information which the Receiving Party can show: 

 

	 	(a)	is known to the Receiving Party before the Effective Date, and not impressed already with any obligation by the Disclosing Party; or 

 

	 	(b)	is or becomes publicly known without fault on the part of the Receiving Party; or 

  

	 	(c)	is obtained by the Receiving Party from a third party in circumstances where they have no reason to believe that there has been a breach of an obligation of confidentiality owed to the Disclosing Party; or

  

	 	(d)	the Receiving Party develops independently; or 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	 	(e)	is approved for release in writing by an authorised representative of the Disclosing Party; or 

  

	 	(f)	the Receiving Party is specifically required to disclose pursuant to an order of any Court of competent jurisdiction in order to fulfil the Court Order or in order to comply with any other legislation. Before making
such a disclosure the Receiving Party shall inform the Disclosing Party of the requirement to make such disclosure. 

  

	7	Publications 

  

	 	7.1	Nucana recognises that under University policy, the Results must be publishable and agrees that, subject to Clause 7.2, the University shall be permitted to present at symposia, national or regional professional
meetings, and to publish in journals or otherwise of their own choosing, methods and results of the Project and accordingly Nucana hereby grants or agrees to grant to the University a licence to use the Intellectual Property in the Results for such
purposes. 

  

	 	7.2	Subject to the provisions of Clause 7.3, the University agrees to provide Nucana with a copy of any proposed publication at least [***] prior to submission for publication. Nucana may object to publication by providing
notice to the University on the basis that: 

  

	 	7.2.1	the publication contains Confidential Information; or 

  

	 	7.2.2	the publication contains Intellectual Property belonging to Nucana 

 PROVIDED THAT if the
University has not received notice from Nucana objecting to the publication within [***] of Nucana receiving a copy of the proposed publication Nucana shall be deemed to have agreed to the publication and the University may proceed with the
publication. 
 If Nucana objects to the proposed publication: 
  

	 	(a)	on the basis the publication contains Confidential Information and/ or Intellectual Property belonging to Nucana other than the Foreground Intellectual Property, Nucana shall identify such Confidential Information and/
or Intellectual Property and the University shall remove such Confidential Information and/ or Intellectual Property from the publication; 

  

	 	(b)	on the basis that the publication contains Foreground Intellectual Property, the University shall delay publication for a period of [***] from the date of receipt of the proposed publication by Nucana in order that
Nucana may file patent applications to protect such Foreground Intellectual Property. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	 	(c)	If Nucana considers that there are exceptional circumstances requiring a longer delay in respect of any proposed publication to permit Nucana to file patent applications to protect the Foreground Intellectual Property
and that view is supported by Nucana’s patent agents, Nucana may request that the University delays such publication for up to [***] from the date of receipt of the proposed publication by Nucana and the University shall be bound to agree to
such request provided that Nucana provides the University with details of the exceptional circumstances necessitating such a delay and the supporting advice from the patent agents. 

It is further agreed by the University that, at Nucana’s request, an acknowledgement to Nucana be included in any written publication
produced by the University in recognition of Nucana’s involvement in the Project. 
  

	 	7.3	Notwithstanding the provisions of Clauses 7.1 and 7.2, nothing contained in this Agreement shall prevent or hinder any student employed by the University in connection with the Project from submitting a thesis
incorporating or using the Foreground Intellectual Property or the Results, the examination of such a thesis by examiners appointed by the University or the deposit of such a thesis in a University library in accordance with the University’s
procedures provided always that: 

  

	 	7.3.1	the University shall obtain the prior written consent of Nucana, such consent not to be unreasonably withheld or delayed; 

  

	 	7.3.2	the University shall ensure that the examiners appointed by the University shall be bound by written obligations of confidentiality no less onerous than those at Clause 6; 

 

	 	7.3.3	the University shall ensure that the student theses are stored in a University library with restricted access for [***] from submission or such longer period (but subject to a maximum of [***]) as Nucana may reasonably
request provided that the University is able to allow such extended period of restricted access taking into account University policy and the relevant student thesis on a case by case basis. 

 

	8	Intellectual Property and use of the Results 

  

	 	8.1	Each Party shall retain ownership in and to its Background IP. Except as otherwise stated, this Agreement shall not grant or be construed as granting any rights by license or otherwise to the other Parties in or to
another Party’s Background IP. 

  

	 	8.2	Each Party hereby grants the other Parties a non-exclusive, royalty-free licence to use its Background IP that it introduces into the Project for the purposes of completion of the
Project only and, except as set out elsewhere in this Agreement, no other rights or licences are granted in respect of such Background IP. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	 	8.3	The University and/or UC3 each hereby undertakes that all Intellectual Property in and to the Results shall belong to and vest in Nucana, and the University and UC3 each hereby: 

 

	 	8.3.1	assigns to Nucana all of their right, title and interest in and to any copyrights, database rights and UK unregistered design rights in and to the Results to the intent and with the effect that all such rights shall
vest in Nucana on the date such rights are developed by the University; 

  

	 	8.3.2	assigns to Nucana all their right, title and interest in and to all other Intellectual Property in and to the Results; and 

  

	 	8.3.3	undertakes to execute or procure the execution of any additional documents or do or procure any other acts or things which may be necessary from to time to vest in Nucana legal and beneficial ownership of the Results
and the Foreground Intellectual Property. 

  

	 	8.4	The University and UC3 hereby grant to Nucana, and Nucana hereby accepts, an exclusive royalty-free worldwide licence (with the right to grant sub-licences to third parties)
during the Project Period to use the Protides IP in respect of the Compounds and all compounds comprised within their respective Nucleoside Families (e.g. if the University has carried out work on [***] as part of the Project then the foregoing
licence will cover all [***]) for all purposes, including but not limited to researching and developing pharmaceutical products for all and any therapeutic, diagnostic, prognostic and prophylactic indications and thereafter the manufacture,
marketing, distribution and sale of such pharmaceutical products. 

  

	 	8.5	Upon request by Nucana to the University and UC3 prior to expiry of the Project Period, the licence granted pursuant to Clause 8.4 shall be deemed to have been extended for a further period of [***] from expiry of the
Project Period (the “Extended Licence Period”) in respect of those Compounds upon which Evaluation Testing either has been undertaken during the Project Period, is continuing at expiry of the Project Period or is to be undertaken following
expiry of the Project Period and all compounds within their respective Nucleoside Families, subject to Nucana notifying the University and UC3 at the time of such request of the Compounds in respect of which Evaluation Testing is continuing or is to
be undertaken. 

  

	 	8.6	Upon request by Nucana to the University and UC3 prior to expiry of the Extended Licence Period, the licence referred to in Clause 8.5 above shall be deemed to have been extended for such further [***] periods (each a
“Further Extended Licence Period” and together the “Further Extended Licence Periods”) as Nucana may request in respect of those Compounds upon which Evaluation Testing is ongoing at such date for the purposes of finalising
Evaluation Testing on such Compounds, subject to; 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	 	8.6.1	the sum of £[***] ([***] pounds) becoming due and payable by Nucana to the UC3 on the first day of each and every Further Extended Licence Period; and 

 

	 	8.6.2	Nucana notifying the University and UC3 at the time of such request of the Compounds upon which Evaluation Testing is ongoing at such date. 

UC3 will charge VAT in addition where appropriate. 
  

	 	8.7	Once Nucana has completed its Evaluation Testing on the Compounds, it shall notify the University and UC3 of such completion and of those Compounds which, following such Evaluation Testing, are reasonably deemed by
Nucana to be suitable for commercialisation (the “Selected Compounds”). The University and UC3 hereby grants to Nucana, and Nucana hereby accepts, an exclusive royalty-free worldwide licence (with the right to grant sub-licences to third parties) (terminable only in the circumstances set out in Clause 8.9) to use the Protides IP in respect of the Selected Compounds and all compounds comprised within their respective Nucleoside
Families (i.e. if a [***] is one of the Selected Compounds, then the foregoing licence will cover all [***]) for all purposes, including but not limited to researching and developing pharmaceutical products for all and any therapeutic, diagnostic,
prognostic and prophylactic indications and thereafter the manufacture, marketing, distribution and sale of such pharmaceutical products. 

  

	 	8.8	The University and UC3 each hereby agrees not (except as expressly permitted under other provisions of this Agreement) at any time whilst the licences granted pursuant to: 

 

	 	8.8.1	Clauses 8.4 or 8.5 remain in force, to use, or to grant to any person or entity a licence or other right to use the Protides IP with any of the Compounds/ or and any of the compounds comprised within their respective
Nucleoside Families covered by such licences or to conduct research on such Compounds and/ or any compounds comprised within their respective Nucleoside Families on behalf of or in collaboration with any third party, for any purpose whatsoever;

  

	 	8.8.2	Clauses 8.6 or 8.7 remain in force, to use, or to grant to any person or entity a licence or other right to use the Protides IP with any of the Compounds covered by such licences and/ or any compounds comprised within
their respective Nucleoside Families or to conduct research on such Compounds and/or any compounds comprised within their respective Nucleoside Families on behalf of or in collaboration with any third party, for any purpose. 

 

	 	8.9	All the licences granted to Nucana pursuant to Clauses 8.4, 8.5 and 8.6 and 8.7: 

  

	 	8.9.1	may be terminated by UC3: 

  

	 	(a)	[***] by serving written notice upon Nucana in the event of Nucana’s Insolvency; 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	 	(b)	by giving [***] written notice to Nucana in the event of a material breach of any such licence including, but not limited to, failure to make the payments due under Clause 8.6, which if capable of remedy by Nucana is
not remedied within the [***] notice period; 

  

	 	(c)	if Nucana fails to pay any of the payments payable pursuant to Clause 9 within [***] of the due date for payment thereof; 

  

	 	8.9.2	shall [***] terminate upon termination of this Agreement pursuant to the provisions of Clause 11.2. 

  

	 	8.10	Nucana shall promptly notify the University at the end of the Extended Licence Period or Further Extended Licence Periods as applicable of the Compounds (if any) which it no longer requires a licence for and the
restrictions upon the University and UC3 at Clause 8.8 shall cease to apply in respect of those Compounds (if any). For the avoidance of doubt the restrictions at Clause 8.8 shall cease to apply if the licences granted pursuant to Clauses 8.4, 8.5,
8.6 and/or 8.7 are terminated pursuant to Clause 8.9. 

  

	 	8.11	Nucana hereby grants or agrees to grant to the University a royalty-free licence to use any Intellectual Property in and to the Results for the University’s own internal
non-commercially funded research and academic and teaching purposes, provided that such purposes do not cause the University to be in breach of any other term of this Agreement including its obligation of
confidentiality set out in Clause 6. 

  

	 	8.12	Nucana shall indemnify and hold harmless the University, UC3, their employees and agents, from and against any claim, loss, damage or expense relating to Nucana’s use and/or uses of any and all Results, the
Intellectual Property in the Results and/or any other advice or information supplied to Nucana pursuant to this Agreement but excluding any such claim, loss, damage or expense to the extent that it arises as a result of any breach by the University
or UC3 or their employees and agents of the terms of this Agreement or any negligence on the part of the University or UC3 or their employees and agents. The University and/ or UC3 (as the case shall be) shall provide Nucana with written notice of
any such claim or liability as soon as possible and in any event within [***] of receiving notice of any such claim or liability. Nucana shall be solely responsible for the investigation, defence, settlement and discharge of such claim or liability
and the University and/or UC3 shall provide Nucana with all assistance reasonably requested by Nucana in connection with the investigation, defence, settlement and discharge of such claim or liability. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	9	Milestone and Royalty Payments 

  

	 	9.1	Nucana agrees to make milestone payments to UC3 as set forth in Schedule 2. Each milestone payment is owed whether the milestone is achieved by Nucana, an Affiliate, Licensee or Assignee. Nucana shall inform UC3 within
[***] of the event and the payment shall be made within [***] of the notice of each event being served to UC3. If the milestone is achieved by a Licensee or Assignee, Nucana shall inform UC3 within [***] of Nucana’s knowledge of the event and
payment shall be made within [***] of notice of each event being served to UC3. 

  

	 	9.2	Nucana will pay to UC3 a royalty of [***] percent ([***]%) of Net Sales of Nucana or any of its Affiliates. 

  

	 	9.3	Nucana will pay to UC3 a royalty of [***] percent ([***]%) of all Other Income received by Nucana or any of its Affiliates from the exploitation of the Results and/or Foreground Intellectual Property. 

 

	 	9.4	[***] 

  

	 	9.5	Within [***] of the end of the period commencing on the Effective Date and ending on [***] and each subsequent period of [***] commencing on [***] (each a “Royalty Period”), Nucana shall submit to UC3 a
written statement detailing: 

  

	 	(a)	the total Net Sales (if any) of Nucana and all its Affiliates during such    Royalty Period; 

  

	 	(b)	the total royalties payable pursuant to the provisions of clause 9.2 above in respect of such Net Sales; 

  

	 	(c)	the total Other Income (if any) received by Nucana and all its Affiliates during such Royalty Period from the exploitation of the Results and/or Foreground Intellectual Property; and 

 

	 	(d)	the total royalties payable pursuant to the provisions of Clause 9.3 above in respect of such Other Income 

together with payment of the total amount of royalties (if any) shown on such statement. 

 

	 	9.6	All sums payable under this Agreement are exclusive of value added tax which shall, if applicable, be payable in addition at the rate in force from time to time. 

 

	 	9.7	Nucana shall and shall procure that each of its Affiliates shall keep true and accurate records and books of account of: 

  

	 	(a)	all sales by Nucana or (as the case may be) the relevant Affiliate of Products; and 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	 	(b)	all proceeds received by Nucana or (as the case may be) the relevant Affiliate from; 

 (i)
Licensees in connection with a licence or sub-licence of the Results or Foreground Intellectual Property, including but not limited to signing or upfront fees, annual licence maintenance fees, royalties on
sales and annual minimum royalty payments; and/or 
 (ii) Assignees in connection with assignation of the Results and/or Foreground
Intellectual Property 
 (the “Records”), and Nucana shall and shall procure that each of its Affiliates shall, upon request by
UC3 and during normal business hours, permit a chartered accountant appointed by UC3 to inspect such Records for the purpose of enabling UC3 to verify the accuracy of the statements provided pursuant to Clause 9.5. UC3 shall procure that such
accountant enters into a confidentiality agreement with Nucana in terms of which he/ she agrees to keep confidential all information obtained from such inspection and to disclose such information solely to UC3. All fees, expenses and other payments
payable to such chartered accountant in connection with any such inspection shall be borne by UC3 unless such inspection reveals an underpayment of royalties in respect of any Royalty Period of at least [***] percent ([***]%) in which case such
costs shall be borne by Nucana and, if such costs have already been incurred by UC3, Nucana shall (subject to UC3 providing receipts or other proof that such costs have been incurred) reimburse such costs to UC3 immediately upon demand. 

 

	10	Force majeure 

 If the performance by any Party of any of its obligations under this
Agreement (other than an obligation to make payment) shall be prevented by circumstances beyond its reasonable control, then the that Party shall (provided it has notified the other Parties of the relevant circumstances) be excused from performance
of that obligation for the duration of the relevant event. 
  

	11	Term and Termination 

  

	 	11.1	This Agreement shall be deemed to have commenced on the Effective Date and shall continue in full force and effect until expiry of the Project Period unless terminated earlier pursuant to the provisions of Clause 11.2.

  

	 	11.2	This Agreement may be terminated by any Party for any material breach of the obligations set out in this Agreement by any of the other Parties, by giving [***] written notice to the other Parties of its intention to
terminate. The notice shall include a detailed statement describing the nature of the breach. If the breach is capable of being remedied and is remedied within the [***] notice period, then the termination shall not take effect. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 If the breach is not remedied within the [***] notice period, then the termination shall take
effect at the end of the [***] notice period. Failure to make the payments set out in Clauses 2.1, 5.2, 8.6 or 9 within [***] following the due date for such payment shall constitute a material breach for the purposes of this Clause 11.2.

  

	 	11.3	Upon expiry or termination of this Agreement all rights and obligations of the Parties shall, subject to the provisions of Clause 11.4, immediately cease without prejudice to any rights of action then accrued hereunder
or at law. 

  

	 	11.4	Unless stated otherwise in this Agreement: 

  

	 	11.4.1	the following provisions shall survive expiry (but not termination of this Agreement pursuant to Clause 11.2): Clauses 2.1, 2.2, 2.4, 3.2, 4, 5, 6, 7, 8, 9, 10, 11.3, 12, 13, 14, 15, 16, 17 and this Clause 11.4;

  

	 	11.4.2	the following provisions shall survive termination of this Agreement pursuant to Clause 11.2: Clauses 2.1 and 2.2 (but only in relation to any outstanding payments due as at the date of termination),2.4, 3.2, 4, 5.2
(but only in relation to any outstanding payments due as at the date of termination), 6, 7, 8.3, 9, 10, 12, 13, 14, 15, 16, 17 and this Clause 11.4. 

  

	12	Publicity 

 No Party shall use the name of either of the others in any press release or product
advertising, or for any other commercial purpose, without that other Party’s prior written consent; provided, however, that publication of the sums received from Nucana in the University’s annual report and similar publications shall not
be regarded as a breach of this Clause 12. 
  

	13	Assignment 

 No Party shall assign any of its rights and obligations under this Agreement without the
prior written consent of each of the other Parties. 
  

	14	Notices 

  

	 	14.3	The University’s representative for the purpose of receiving payments shall until further notice be: 

[***] 
  

	 	14.4	The University’s representative for the purpose of receiving reports shall until further notice be: 

[***] 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	 	14.5	The University’s representative for the purpose of receiving all other notices shall until further notice be: 

[***] 
  

	 	14.6	UC3’s representative for the purpose of receiving all notices shall until further notice be: 

[***] 
  

	 	14.7	Nucana’s representative for the purpose of receiving invoices, reports and other notices shall until further notice be: 

Hugh S Griffith, Chief Executive Officer, Nucana Biomed Limited, 10 Lochside Place, Edinburgh Park, Edinburgh, EH12 9RG. 

 

	15	General 

  

	 	15.1	Nothing in this Agreement shall create, imply or evidence any partnership or joint venture between the Parties or the relationship between any of them of either principal and agent or employer and employee.

  

	 	15.2	This Agreement, and its Schedules (which are incorporated into and made a part of this Agreement), together constitute the entire agreement between the Parties for the Project. Any variation shall be in writing and
signed by all Parties or by their authorised signatories. 

  

	 	15.3	This Agreement shall be governed by English and Welsh law. The English and Welsh courts shall have exclusive jurisdiction to deal with any dispute which has arisen or may arise out of or in connection with this
Agreement. 

  

	 	15.4	Headings are for convenience only and shall not affect the construction or interpretation of this Agreement; and references to Clauses are to clauses of this Agreement. 

 

	16	Third parties 

 The Parties do not intend that the terms of this Agreement create any right enforceable
by any person who is not a party to it (‘Third Party’) under the Contracts (Rights of Third Parties) Act 1999 (the “Act”). 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	17	Definitions 

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

			
	“Affiliate”	  	means any corporation or non-corporate entity that controls, is controlled by, or is under common control with a party to this agreement. A corporation or
non-corporate entity is to be regarded as in control of a corporation if it owns, or directly or indirectly controls, at least fifty percent (50%) of the voting stock of the other corporation, or (i) in
the absence of the ownership of at least fifty percent (50%) of the voting stock of a corporation or (ii) in the case of a non-corporate business entity, or
non-profit corporation, if it possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such corporation or
non-corporate entity, as applicable;
		
	“Assignee”	  	means any person or entity obtaining an assignment of the Foreground Intellectual Property or part thereof from NuCana or from any Affiliate of Nucana other than an Affiliate of Nucana;
		
	“Assignment Deed”	  	means the Deed between UC3 and [***] (thereafter acquired by [***]) dated [***];
		
	“Background IP”	  	means any Intellectual Property owned or controlled by any Party at the date of this Agreement together with any and all rights therein or which shall at any time thereafter become so owned or controlled and in the case of the
University includes the Protides IP;

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

			
	“Confidential Information”	  	shall have the meaning set out in Clause 6.1;
		
	“Compounds”	  	means the compounds comprised within each Nucleoside Family which the University has been requested to conduct work on by Nucana as part of the Project;
		
	“Disclosing Party”	  	means a Party to this Agreement that discloses Confidential Information to one or both of the other Parties;
		
	“Effective Date”	  	means 21 August 2009;
		
	“Evaluation Testing”	  	means testing such as [***];
		
	“Exclusivity Payments”	  	means the payments detailed in Clause 5.2 and Clause 8.6 above;
		
	“Extended Licence Period”	  	means the period referred to in Clause 8.5 above;
		
	“Foreground Intellectual Property”	  	means any Intellectual Property arising from the Project;
		
	“Further Extended Licence Period”	  	means the period referred to in Clause 8.6 above;
		
	“Information”	  	means specifications, drawings, circuit diagrams, tapes, discs and other computer-readable media, documents, information, techniques and know-how;
		
	“Initial Project Period”	  	means the period of [***] commencing on the Effective Date;
		
	“Intellectual Property”	  	means all and any rights in or to [***]; and all similar or equivalent rights arising or subsisting in any part of the world;

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

			
	“Insolvency”	  	 (i)          a petition is presented, a
resolution is passed or an order is made for the winding up or dissolution of a party;
  

(ii)        an application, petition or order is made for any of the following
to be appointed over a party or any of its assets, or such an appointment is made: receiver, administrative receiver, receiver and manager, administrator or sequestrator;
  

(iii)       a party enters into, or there is proposed, a compromise or arrangement
or voluntary arrangement, or a scheme or composition in satisfaction or composition of its debts with all or any of the creditors or members of a party or steps are taken to obtain a moratorium;

 
 (iv)       any
creditor takes possession of, or levies distress, enforcement or some other process upon, all or any of a party’s assets or undertaking;
  

(v)         a party is deemed unable to pay its debts, or is unable, or
admits its inability, to pay its debts as they fall due; or
  

(vi)       a party ceases to carry on the whole or a substantial part of its
business;
  
 and the term “Insolvent” shall be construed
accordingly;

		
	“Licensee”	  	means any person or entity (other than an Affiliate of Nucana) entering into a license with Nucana or a sublicense with an Affiliate of Nucana of the Results or Foreground Intellectual Property or part thereof;

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

			
	“Net Sales”	  	means the gross proceeds received by Nucana or its Affiliates from the sale of Products by NuCana or its Affiliates after deduction of costs relating to [***];
		
	“Nucleoside Families”	  	means those nucleoside families as set out in Schedule 1 and Nucleoside Family shall be construed accordingly;
		
	“Other Income”	  	 means the gross proceeds received by Nucana or its Affiliates:(i) from Licensees in connection with a licence or sub-licence of the Results or Foreground Intellectual Property, including but not limited to [***]; and/or
  

(ii) from Assignees in connection with assignation of the Results or Foreground Intellectual Property;

		
	“[***]”	  	means a [***] engaged by the University on the Project pursuant to Clause 1.3.2 above;

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

			
	“Product”	  	means any pharmaceutical products developed, manufactured, marketed, distributed and/or sold by Nucana or its Affiliates which incorporate a compound which is comprised within the Results;
		
	“Project”	  	shall have the meaning set out in Schedule 1;
		
	“Project Period”	  	the Initial Project Period and any extension or extensions thereto agreed by the Parties pursuant to Clause 1.4;
		
	“Project Fee”	  	means the fees set out at Clause 2.1 above;
		
	“ProTides Agreement”	  	means the licence and collaboration agreement to be entered into between Nucana and [***];
		
	“Protides IP”	  	means the Intellectual Property owned or controlled by the University at the date of this Agreement relating to [***] nucleoside phosphoramidate prodrugs and any and all rights therein or which shall any time thereafter become so
owned or controlled;
		
	“Principal Investigator”	  	means [***] or such successor as may be appointed;
		
	“Receiving Party”	  	means a Party to this Agreement that receives Confidential Information from one or both of the other Parties;
		
	“Results”	  	means the results generated by the Principal Investigator, [***],[***] and/or any other persons engaged on the Project arising from the research conducted by the Principal Investigator, the [***] and/or any other persons in
performing the Project;

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

			
	“Research Agreement”	  	means the terms of agreement between the University and [***] for the conduct of research by the University relating to the discovery and development of new anti cancer nucleosides and nucleotides; and
		
	“[***]”	  	means the [***] employed by the University on the Project pursuant to Clause 1.3.1.

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 AGREED by the Parties through their authorised signatories: 

 

			
	 For and on behalf of
 CARDIFF
UNIVERSITY
	  	 For and on behalf of
 NUCANA BIOMED
LIMITED

		
	 /s/ [***]
	  	 /s/ Hugh S Griffith

	signed	  	Signed
		
	[***]	  	Hugh S Griffith
	print name	  	
	Deputy Director and Head of Research Policy and Management	  	Chief Executive Officer
		
	Research and Commercial Division Cardiff University	  	
	title	  	
	 	  	21 August 2009
	date	  	
	  
 For and on behalf of

UNIVERSITY COLLEGE
 CARDIFF CONSULTANTS LTD

	  	
		
	signed /s/ [***]	  	
	print name [***]	  	
	title Director	  	
	date	  	

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 SCHEDULE ONE 

[***] 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 SCHEDULE TWO 

[***] 
 The University or UC3 as applicable will
charge VAT in addition where appropriate. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 Amendment No. 1 

Amendment to Main Agreement (“Amendment”), effective as of the last signature date below, is made: 

BETWEEN: 
  

	 	(1)	CARDIFF UNIVERSITY, whose administrative offices are at 30-36 Newport Road, Cardiff, CF24 ODE, U.K. established under royal charter, registered charity number 1136855 (the
“University”); 

  

	 	(2)	UNIVERSITY COLLEGE CARDIFF CONSULTANTS LTD a company incorporated under the laws of England and Wales (company number 1477909) whose registered office is at 30-36 Newport
Road, Cardiff, United Kingdom, CF24 ODE (“UC3”); and 

  

	 	(3)	NUCANA BIOMED LIMITED a company incorporated under the laws of England and Wales (company number 3308778) whose registered office is at Bassett House, 5 Southwell Park Road, Camberley, Surrey, GU15 3PU
(hereinafter referred to as “Nucana”), 

 together the “Parties” and each a “Party”. 

RECITAL: 
 The parties entered into a contract dated
21 August 2009 for a research project (the “Main Agreement”). The parties wish to amend the Main Agreement as set forth in this amendment. 

IT IS AGREED AS FOLLOWS: 
  

	1.	Status and Purpose of this Amendment 

 This Amendment is supplemental to the Main
Agreement. Except as expressly set fourth in this Amendment, the Main Agreement shall remain in full force and effect. Certain terms defined in the Main Agreement shall have the same meaning in this Amendment unless otherwise provided in this
Amendment. 
  

	2.	Amendments to the Main Agreement 

  

	2.1	In consideration of the payment of [***] (£[***]) by Nucana to each other parties (receipt of which is hereby acknowledged by the University and UC3) the Parties agree that with effect from the date of this
Amendment, the terms of the Main Agreement shall be amended as follows: 

  

	2.2	The definition of Net Sales shall be deleted in its entirety and the following substituted in place thereof: 

  

			
	“Net Sales”	  	means the gross proceeds received by Nucana or its Affiliates from the sale of Products by Nucana or its Affiliates after deduction of costs relating to [***];”

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	2.	Limitation Period 

 The parties acknowledge and agree that the provisions of this
Amendment are not intended to and shall not affect the relevant limitation periods (as set out in the Limitation Act 1980) applicable to the Main Agreement. 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their authorized officers or representatives on the date indicated
below. 
  

			
	Signed on behalf of	  	
	Cardiff University /s/ [***]	  	Date 30th September, 2010
		
	Signed on behalf of	  	
	University College Cardiff University	  	
	Consultants Ltd /s/ [***]	  	Date 29th September 2010
		
	Signed on behalf of	  	Date: 28th September 2010
	Nucana Biomed Ltd /s/ H. Griffith	  	

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 Amendment No. 2 

Amendment No. 2 effective as of the last signature date below, is made: 

BETWEEN: 
  

	 	(1)	CARDIFF UNIVERSITY, whose administrative offices are at 30-36 Newport Road, Cardiff, CF24 ODE, U.K established under royal charter, registered charity number 1136855 (the
“University”); 

  

	 	(2)	UNIVERSITY COLLEGE CARDIFF CONSULTANTS LTD a company incorporated under the laws of England and Wales (company number 1477909) whose registered office is at 30-36 Newport
Road, Cardiff, United Kingdom, CF24 ODE (“UC3”); and 

  

	 	(3)	NUCANA BIOMED LIMITED a company incorporated under the laws of England and Wales (company number 3308778) whose registered office is at Bassett House, 5 Southwell Park Road, Camberley, Surrey, GU15 3PU
(hereinafter referred to as “Nucana”), 

 together the “Parties” and each a “Party”. 

RECITAL: 
 The parties entered into a contract dated
21 August 2009 for a research project as amended on 30 September 2010 (the “Main Agreement”). The parties wish to amend the Main Agreement as set forth in this amendment. 

The parties may agree to further extend or amend the Main Agreement and any such extensions or amendments shall be in writing. 

IT IS AGREED AS FOLLOWS: 
  

	1.	Status and Purpose of this Amendment 

 This Amendment is supplemental to the Main
Agreement. Except as expressly set forth in this amendment, the Main Agreement shall remain in full force and effect. Certain terms defined in the Main Agreement shall have the same meaning in this amendment unless otherwise provided in this
Amendment. 
  

	2.	Amendments to the Main Agreement 

  

	2.1	Pursuant to clause 1.4 of the main agreement the Parties agree that with effect from the date of this Amendment, the terms of the Main Agreement shall be amended as follows: 

 

	2.2	Clause 1.3 shall be amended by the addition of a new clause 1.3.3 

 “1.3.3 [***] engaged
[***] for an additional term of [***] from [***].” 
  

	2.3	Clause 2.1 shall be amended by the addition of a new clause 2.1.4: 

 “2.1.4 £[***] on
each of the following dates: [***]” 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	2.4	Clause 5.2 shall be deleted and replaced by the following: 

 “5.2 Nucana will pay the
following sums to UC3: 
 £[***], 

£[***], 
 £[***],
and 
 £[***]. 
 UC3
will charge VAT in addition where appropriate.” 
  

	2.5	Clause 8.6 shall be deleted in its entirety and replaced with the following: 

  

	 	8.6	Upon request by Nucana to the University and UC3 prior to expiry of the Extended Licence Period, the licence referred to in Clause 8.5 above shall be deemed to have been extended for one further [***] period (the
“Further Extended Licence Period”) if Nucana so requests in respect of those Compounds upon which Evaluation Testing is ongoing at such date for the purposes of finalising Evaluation Testing on such Compounds, subject to;

  

	 	8.6.1	the sum of £[***] ([***]) becoming due and payable by Nucana to the UC3 on the first day of the Further Extended Licence Period; and 

 

	 	8.6.2	Nucana notifying the University and UC3 at the time of such request of the Compounds upon which Evaluation Testing is ongoing at such date. 

UC3 will charge VAT in addition where appropriate. 
  

	3.	Limitation Period 

 The parties acknowledge and agree that the provisions of this
Amendment are not intended to and shall not affect the relevant limitation periods (as set out in the Limitation Act 1980) applicable to the Main Agreement. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their authorized
officers or representatives on the date indicated below. 
  

			
	Signed on behalf of	  	
	Cardiff University /s/ [***]	  	Date 25th July, 2011
		
	Signed on behalf of	  	
	University College Cardiff University	  	
	Consultants Ltd /s/ [***]	  	Date 22nd July 2011
		
	Signed on behalf of	  	Date: 19th July 2011
	Nucana Biomed Ltd /s/ Christopher Wood	  	

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 Amendment No. 3 

Amendment No. 3, effective as of the last signature date below, is made: BETWEEN: 

 

	 	(1)	CARDIFF UNIVERSITY, whose administrative offices are at 30-36 Newport Road, Cardiff, CF24 ODE, U.K. established under royal charter, registered charity number 1136855 (the
“University”); 

  

	 	(2)	UNIVERSITY COLLEGE CARDIFF CONSULTANTS LTD a company incorporated under the laws of England and Wales (company number 1477909) whose registered office is at 30-36 Newport
Road, Cardiff, United Kingdom, CF24 ODE (“UC3”); and 

  

	 	(3)	NUCANA BIOMED LIMITED a company incorporated under the laws of England and Wales (company number 3308778) whose registered office is at Bassett House, 5 Southwell Park Road, Camberley, Surrey, GU15 3PU
(“Nucana”), 

 together the “Parties” and each a “Party”. 

RECITAL: 
 The Parties entered into a Research,
Collaboration and Licence Agreement dated 21 August 2009 for a research project, as amended and supplemented by Amendment No. 1 between the Parties with an effective date of 30 September 2010 and Amendment No. 2 between the
Parties with an effective date of 25 July 2011 (the “Main Agreement”). The Parties wish to amend the Main Agreement as set forth in this Amendment. 

The Parties may agree to further extend or amend the Main Agreement and any such extensions or amendments shall be in writing. 

IT IS AGREED AS FOLLOWS: 
  

	1.	Status and Purpose of this Amendment 

 This Amendment is supplemental to the Main
Agreement. Except as expressly set forth in this Amendment, the Main Agreement shall remain in full force and effect. Certain terms defined in the Main Agreement shall have the same meaning in this Amendment unless otherwise provided in this
Amendment. 
  

	2.	Amendments to the Main Agreement 

 In consideration of the payment of [***]
(£[***]) by Nucana to each of the other Parties (receipt of which is hereby acknowledged by the University and UC3), the Parties agree that with effect from the date of this Amendment, the terms of the Main Agreement shall be amended as
follows: 
 The definition of “Other Income” in Clause 17 shall be deleted in its entirety and the following substituted in place
thereof: 
  

			
	 “Other Income”
	  	means the gross proceeds received by Nucana or its Affiliates:(i) from Licensees in connection

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

			
		 	 with a licence or sub-licence of the Results or Foreground Intellectual Property, including but not limited to, (a) [***], (b) [***], and (c)
[***];
  
 and/or

		
		 	(ii) from Assignees in connection with assignation of the Results or Foreground Intellectual Property, other than any assignation of the Results or Foreground Intellectual Property as part of the sale of all or substantially all
of the business and assets of Nucana to a third party and as part of which sale Nucana’s rights and obligations under this Agreement are also being transferred to the relevant third party;”.

  

	3.	Confirmation 

 Each Party hereby affirms to the other Parties for confirmatory purposes
that the Main Agreement, and the Project Period (as defined therein), commenced on 21 August 2009, and has at all times continued in full force and effect since that date. 

 

	4.	Limitation Period 

 The Parties acknowledge and agree that the provisions of this
Amendment are not intended to and shall not affect the relevant limitation periods (as set out in the Limitation Act 1980) applicable to the Main Agreement. 

IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their authorized officers or representatives on the date indicated
below. 
  

			
	 Signed on behalf of
	  	
	 Cardiff University /s/ [***]
	  	 Date 26th October, 2011

		
	 Signed on behalf of
	  	
	 University College Cardiff University
	  	
	 Consultants Ltd /s/ [***]
	  	 Date 26th October, 2011

		
	 Signed on behalf of
	  	 Date: 26th October, 2011

	Nucana Biomed Ltd /s/ H. Griffith	  	

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 Amendment No. 4 

Amendment No. 4, effective as of the last signature date below, is made: 

BETWEEN: 
  

	 	(1)	CARDIFF UNIVERSITY, whose administrative offices are at 30-36 Newport Road, Cardiff, CF24 ODE, U.K. established under royal charter, registered charity number 1136855 (the
“University”); 

  

	 	(2)	UNIVERSITY COLLEGE CARDIFF CONSULTANTS LTD a company incorporated under the laws of England and Wales (company number 1477909) whose registered office is at 30-36 Newport
Road, Cardiff, United Kingdom, CF24 ODE (“UC3”); and 

  

	 	(3)	NUCANA BIOMED LIMITED a company incorporated under the laws of England and Wales (company number 3308778) whose registered office is at Bassett House, 5 Southwell Park Road, Camberley, Surrey, GU15 3PU
(“Nucana”), 

 together the “Parties” and each a “Party”. 

RECITAL: 
 The Parties entered into a Research,
Collaboration and Licence Agreement dated 21 August 2009 for a research project, as amended and supplemented by Amendment No. 1 between the Parties with an effective date of 30 September 2010, Amendment No. 2 between the Parties
with an effective date of 25 July 2011, and Amendment No.3 between the Parties with an effective date of 26 October 2011 (the “Main Agreement”). The Parties wish to amend the Main Agreement as set forth in this Amendment. 

The Parties may agree to further extend or amend the Main Agreement and any such extensions or amendments shall be in writing. 

IT IS AGREED AS FOLLOWS: 
  

	1.	Status and Purpose of this Amendment 

 This Amendment is supplemental to the Main
Agreement. Except as expressly set forth in this Amendment, the Main Agreement shall remain in full force and effect. Certain terms defined in the Main Agreement shall have the same meaning in this Amendment unless otherwise provided in this
Amendment. 
  

	2.	Amendments to the Main Agreement 

 In consideration of the payment of [***]
(£[***]) by Nucana to each of the other Parties (receipt of which is hereby acknowledged by the University and UC3), the Parties agree that with effect from the date of this Amendment, the terms of the Main Agreement shall be amended as
follows: 
  

	2.1	Clause 1.3 shall be amended by the addition of new clauses 1.3.4 and 1.3.5 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	 	“1.3.4	[***] engaged [***] for an additional term of [***] from [***]; and 

  

	 	1.3.5	[***] engaged [***] for an additional term of [***] from [***].” 

  

	2.3	Clause 2.1 shall be amended by the addition of a new clause 2.1.5: 

  

	 	“2.1.5	£[***] on each of the following dates: [***].” 

  

	2.4	Clause 5.2 shall be deleted and replaced by the following: 

  

	 	“5.2	Nucana will pay the following sums to UC3: 

 £[***], 

£[***], 
 £[***], 

£[***], 
 £[***] 

£[***]. 
 UC3 will charge
VAT in addition where appropriate.” 
  

	3.	Confirmation 

 Each Party hereby affirms to the other Parties for confirmatory purposes
that the Main Agreement, and the Project Period (as defined therein), commenced on 21 August 2009, and has at all times continued in full force and effect since that date. 

 

	4.	Limitation Period 

 The Parties acknowledge and agree that the provisions of this
Amendment are not intended to and shall not affect the relevant limitation periods (as set out in the Limitation Act 1980) applicable to the Main Agreement. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their authorized
officers representatives on the date indicated below. 
  

			
	Signed on behalf of	  	
	Cardiff University /s/ [***]	  	Date 3rd July, 2012
		
	Signed on behalf of	  	
	University College Cardiff University	  	
	Consultants Ltd /s/ [***]	  	Date 3rd July, 2012
		
	Signed on behalf of	  	Date: 13th June, 2012
	Nucana Biomed Ltd /s/ H. Griffith	  	

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 Amendment No. 5 

Amendment No. 5, effective as of the last signature date below, is made: 

BETWEEN: 
  

	(1)	CARDIFF UNIVERSITY, whose administrative offices are at 30-36 Newport Road, Cardiff, CF24 ODE, U.K. established under royal charter, registered charity number 1136855 (the
“University”); 

  

	(2)	UNIVERSITY COLLEGE CARDIFF CONSULTANTS LIMITED a company incorporated under the laws of England and Wales (company number 1477909) whose registered office is at 30-36
Newport Road, Cardiff, United Kingdom, CF24 ODE (“UC3”); and 

  

	(3)	NUCANA BIOMED LIMITED a company incorporated under the laws of England and Wales (company number 3308778) whose registered office is at Bassett House, 5 Southwell Park Road, Camberley, Surrey, GU15 3PU (
“Nucana”), 

 together the “Parties” and each a “Party”. 

RECITALS 
  

	(A)	The Parties entered into a Research, Collaboration and Licence Agreement dated 21 August 2009 for a research project, as amended and supplemented by: 

 

	 	(i)	Amendment No. 1 between the Parties with an effective date of 30 September 2010; 

  

	 	(ii)	Amendment No. 2 between the Parties with an effective date of 25 July 2011; 

  

	 	(iii)	Amendment No. 3 between the Parties with an effective date of 26 October 2011; and 

  

	 	(iv)	Amendment No. 4 between the Parties with an effective date of 3 July 2012, 

 (the
“Main Agreement”). The Parties wish to amend the Main Agreement as set forth in this Amendment. 
  

	(B)	Pursuant to this Amendment, the “Project Period” as defined in clause 17 shall be deemed to have been extended to 31 December 2014. 

 

	(C)	The Parties may agree to further extend or amend the Main Agreement and any such extensions or amendments shall be in writing. 

IT IS AGREED AS FOLLOWS: 
  

	1	Status and Purpose of this Amendment 

 This Amendment is supplemental to the Main
Agreement. Except as expressly set forth in this Amendment, the Main Agreement shall remain in full force and effect. Certain terms defined in the Main Agreement shall have the same meaning in this Amendment unless otherwise provided in this
Amendment. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	2	Amendments to the Main Agreement 

 In consideration of the payment of [***] (£[***]) by Nucana to
each of the other Parties (receipt of which is hereby acknowledged by the University and UC3), the Parties agree that with effect from the date of this Amendment, the terms of the Main Agreement shall be amended as follows: 

 

	2.1	Clause 1.3 shall be amended by the addition of new clauses 1.3.6 and 1.3.7:- 

 “1.3.6 [***]
engaged [***] for an additional term of [***] from [***]; and 
 1.3.7 [***] engaged [***] for an additional term of [***] from [***].”

  

	2.2	Clause 2.1 shall be amended by the addition of a new clause 2.1.6: 

 “2.1.6 an additional
£[***] on each of the following dates: 
 [***].” 
  

	2.3	Clause 5.2 shall be deleted and replaced by the following: 

 “5.2 Nucana will pay the
following sums to UC3: 
 £[***]; 

£[***]; 
 £[***];

 £[***]; 

£[***]; 
 £[***];

 £[***]; 

£[***]; and 

£[***]. 
 UC3 will charge
VAT in addition where appropriate.” 
  

	3	Confirmation 

 Each Party hereby affirms to the other Parties for confirmatory purposes
that the Main Agreement, and the Project Period (as defined therein), commenced on 21 August 2009, and has at all times continued in full force and effect since that date. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	4	Limitation Period 

 The Parties acknowledge and agree that the provisions of this
Amendment are not intended to and shall not affect the relevant limitation periods (as set out in the Limitation Act 1980) applicable to the Main Agreement. 

IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their authorized officers or representatives on the date indicated
below. 
  

			
	 Signed for and on behalf of
 CARIDIFF
UNIVERSITY
	  	 Signed for and on behalf of
 UNIVERSITY
COLLEGE
 CARDIFF CONSULTANTS LIMITED

		
	Signature: /s/ [***]	  	Signature: /s/ [***]
	Name: [***]	  	Name: [***]
	Title: Director	  	Title: Director
	Date: 3 December, 2013	  	Date: 9 December, 2013
		
	Signed for and on behalf of	  	
	NUCANA BIOMED LIMITED	  	
		
	Signature: /s/ H. Griffith	  	
	Name: Hugh S. Griffith	  	
	Title: C.E.O.	  	
	Date: 28 November, 2013	  	

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 Amendment No. 6 

Amendment No. 6, effective as of the last signature date below, is made: 

BETWEEN: 
  

	(1)	CARDIFF UNIVERSITY, whose administrative offices are at 30-36 Newport Road, Cardiff, CF24 ODE, U.K. established under royal charter, registered charity number 1136855 (the
“University”); 

  

	(2)	UNIVERSITY COLLEGE CARDIFF CONSULTANTS LIMITED a company incorporated under the laws of England and Wales (company number 1477909) whose registered office is at 30-36
Newport Road, Cardiff, United Kingdom, CF24 ODE (“UC3”); and 

  

	(3)	NUCANA BIOMED LIMITED a company incorporated under the laws of England and Wales (company number 3308778) whose registered office is at Bassett House, 5 Southwell Park Road, Camberley, Surrey, GU15 3PU
(“Nucana”), 

 together the “Parties” and each a “Part” 

RECITALS 
  

	(A)	The Parties entered into a Research, Collaboration and Licence Agreement dated 21 August 2009 for a research project, as amended and supplemented by: 

(i) Amendment No. 1 between the Parties with an effective date of 30 September 2010; 

(ii) Amendment No. 2 between the Parties with an effective date of 25 July 2011; 

(iii) Amendment No. 3 between the Parties with an effective date of 26 October 2011; 

(iv) Amendment No. 4 between the Parties with an effective date of 3 July 2012; and 

(v)    Amendment No. 5 between the Parties with an effective date of 9 December 2013, 

(the “Main Agreement”). The Parties wish to amend the Main Agreement as set forth in this Amendment. 

 

	(B)	Pursuant to this Amendment, the “Project Period” as defined in clause 17 shall be deemed to have been extended to 31 December 2015. 

 

	(C)	The Parties may agree to further extend or amend the Main Agreement and any such extensions or amendments shall be in writing. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 IT IS AGREED AS FOLLOWS: 
  

	1	Status and Purpose of this Amendment 

 This Amendment is supplemental to the Main
Agreement. Except as expressly set forth in this Amendment, the Main Agreement shall remain in full force and effect. Certain terms defined in the Main Agreement shall have the same meaning in this Amendment unless otherwise provided in this
Amendment. 
  

	2	Amendments to the Main Agreement 

 In consideration of the payment of [***]
(£[***]) by Nucana to each of the other Parties (receipt of which is hereby acknowledged by the University and UC3), the Parties agree that with effect from the date of this Amendment, the terms of the Main Agreement shall be amended as
follows: 
  

	 	2.1	Clause 1.3 shall be amended by the addition of new clauses 1.3.8 and 1.3.9 :- 

  

	 	“1.3.8	[***] engaged [***] for an additional term of [***] from [***] to [***]; and 

  

	 	1.3.9	[***] engaged [***] for an additional term of [***] from [***] to [***].” 

  

	 	2.2	Clause 2.1 shall be amended by the addition of a new clause 2.1.7: 

  

	 	“2.1.7	an additional £[***] payable in instalments as follows: 

  

	 	(a)	£[***]; 

  

	 	(b)	£[***]; 

  

	 	(c)	£[***]; and 

  

	 	(d)	£[***].” 

  

	 	2.3	Clause 5.2 shall be deleted and replaced by the following: 

  

	 	“5.2	Nucana will pay the following sums to UC3: 

 £[***]; 

£[***]; 
 £[***];

 £[***]; 

£[***]; 
 £[***];

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 £[***]; 

£[***]; 
 £[***]

 £[***]; and 

£[***]. 
 UC3 will charge
VAT in addition where appropriate.” 
  

	3	Amendments to Schedule 1 to the Main Agreement 

 The Parties hereby agree that with
effect from 1 April 2012 Schedule One to the Main Agreement shall be replaced by the Schedule One attached to this Amendment. 
  

	4	Confirmation 

 Each Party hereby affirms to the other Parties for confirmatory purposes
that the Main Agreement, and the Project Period (as defined therein), commenced on 21 August 2009, and has at all times continued in full force and effect since that date. 

 

	5	Limitation Period 

 The Parties acknowledge and agree that the provisions of this
Amendment are not intended to and shall not affect the relevant limitation periods (as set out in the Limitation Act 1980) applicable to the Main Agreement. 

IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their authorized officers or representatives on the date indicated
below. 
  

			
	Signed for and on behalf of	  	Signed for and on behalf of
	CARDIFF UNIVERSITY	  	 UNIVERSITY COLLEGE
 CARDIFF
CONSULTANTS LIMITED

		
	Signature: /s/ [***]	  	Signature: /s/ [***]
	Name: [***]	  	Name: [***]
	Title: Director	  	Title: Director
	Date: 6 October, 2014	  	Date: 6 October, 2014

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

			
		
	Signed for and on behalf of	  	
	 NUCANA BIOMED LIMITED
	  	
		
	Signature: /s/ H. Griffith	  	
	Name: Hugh S. Griffith	  	
	Title: C.E.O.	  	
	Date: 8 October, 2014	  	

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 SCHEDULE ONE 
 [***]

 [***] 
 [***] 

[***] 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 Amendment No. 7 

Amendment No. 7, effective as of the last signature date below, is made: 

BETWEEN: 
  

	(1)	CARDIFF UNIVERSITY, whose administrative offices are at 30-36 Newport Road, Cardiff, CF24 ODE, U.K. established under royal charter, registered charity number 1136855 (the
“University”); 

  

	(2)	UNIVERSITY COLLEGE CARDIFF CONSULTANTS LIMITED a company Incorporated under the laws of England and Wales (company number 1477909) whose registered office is at 30-36
Newport Road, Cardiff, United Kingdom, CF24 ODE (“UC3”); and 

  

	(3)	NUCANA BIOMED LIMITED a company incorporated under the laws of England and Wales (company number 3308778) whose registered office is at Northwest Wing, Bush House, Aldwych, London WG2B
4EZ(“Nucana”), 

 together the “Parties” and each a “Party”. 

RECITALS 
  

	(A)	The Parties entered into a Research, Collaboration and Licence Agreement dated 21 August 2009 for a research project, as amended and supplemented by: 

 

	 	(i)	Amendment No. 1 between the Parties with an effective date of 30 September 2010; 

  

	 	(ii)	Amendment No. 2 between the Parties with an effective date of 25 July 2011; 

  

	 	(iii)	Amendment No.3 between the Parties with an effective date of 26 October 2011; 

  

	 	(iv)	Amendment No.4 between the Parties with an effective date of 3 July 2012; 

  

	 	(v)	Amendment No.5 between the Parties with an effective date of 9 December 2013; and 

  

	 	(vi)	Amendment No 6 between the Parties with an effective date of 8 October 2014, 

 (the
“Main Agreement”). The Parties wish to amend the Main Agreement as set forth in this Amendment. 
  

	(B)	Pursuant to this Amendment, the ‘Project Period” as defined in clause 17 shall be deemed to have been extended to 31 December 2015. 

 

	(C)	The Parties may agree to further extend or amend the Main Agreement and any such extensions or amendments shall be in writing. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 IT IS AGREED AS FOLLOWS: 
  

	1	Status and Purpose of this Amendment 

 This Amendment is supplemental to the Main
Agreement. Except as expressly set forth in this Amendment, the Main Agreement shall remain in full force and effect. Certain terms defined in the Main Agreement shall have the same meaning In this Amendment unless otherwise provided In this
Amendment. 
  

	2	Amendments to the Main Agreement 

 In consideration of the payment of [***]
(£[***]) by NuCana to each of the other Parties (receipt of which is hereby acknowledged by the University and UC3), the Parties agree that with effect from the date of this Amendment, the terms of the Main Agreement shall be amended as
follows: 
  

	 	2.1	Clause 1.3 shall be amended by the addition of a new clause 1.3.10:- 

 “1.3.10 [***]
engaged [***] for an additional term of [***] from [***] to [***]; 
  

	 	2.2	Clause 2.1 shall be amended by the addition of a new clause 2.1.8: 

 “2.1.8 an additional
£[***] payable in instalments as follows: 
  

	 	(a)	£[***]; and 

  

	 	(b)	£[***]” 

  

	3	Amendments to Schedule t to the Main Agreement 

 The Parties hereby agree that with
effect from 1 April 2012 Schedule One to the Main Agreement shelf be replaced by the Schedule One attached to this Amendment. 
  

	4	Confirmation 

 Each Party hereby affirms to the other Parties for confirmatory purposes
that the Main Agreement, and the Project Period (as defined therein), commenced on 21 August 2009, and lies at all times continued in full force and effect since that date. 

 

	5	Limitation Period 

 The Parties acknowledge and agree that the provisions of this
Amendment are not intended to and shall not affect the relevant limitation periods (as set out in the Limitation Act 1980) applicable to the Main Agreement. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their authorized
officers or representatives on the date indicated below. 
  

			
	Signed for and on behalf of	  	Signed for and on behalf of
	CARDIFF UNIVERSITY	  	 UNIVERSITY COLLEGE
 CARDIFF
CONSULTANTS LIMITED

		
	Signature: /s/ [***]	  	Signature: /s/ [***]
	Name: [***]	  	Name: [***]
	Title: Director	  	Title: Director
	Date: 17 March, 2015	  	Date: 16 March, 2015
		
	Signed for and on behalf of	  	
	NUCANA BIOMED LIMITED	  	
		
	Signature: /s/ H. Griffith	  	
	Name: Hugh Griffith	  	
	Title: C.E.O.	  	
	Date: 13 March, 2015	  	

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 SCHEDULE ONE 
 [***]

 [***] 
 [***] 

[***] 
 [***] 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 Amendment No. 8 

Amendment No. 8, effective as of the last signature date below, is made: 

BETWEEN: 
  

	(1)	CARDIFF UNIVERSITY whose administrative offices are at 30-36 Newport Road, Cardiff, CF24 ODE, U.K. established under royal charter, registered charity number 1136855 (the
“University”); 

  

	(2)	UNIVERSITY COLLEGE CARDIFF CONSULTANTS LIMITED a company incorporated under the laws of England and Wales (company number 1477909) whose registered office Is at 30-36
Newport Road, Cardiff, United Kingdom, CF24 ODE (“UC3”); and 

  

	(3)	NUCANA BIOMED LIMITED a company incorporated under the laws of England and Wales (company number 3308778) whose registered office is at 78 Cannon Street, London EC4N 6AF (“Nucana”),

 together the “Parties” and each a “Party”. 

RECITALS 
  

	(A)	The Parties entered into a Research, Collaboration and Licence Agreement dated 21 August 2009 for a research project, as amended and supplemented by: 

(i) Amendment No. 1 between the Parties with an effective date of 30 September 2010; 

(ii) Amendment No. 2 between the Parties with an effective date of 25 July 2011; 

(iii) Amendment No. 3 between the Parties with an effective date of 26 October 2011; 

(iv) Amendment No. 4 between the Parties with an effective date of 3 July 2012; 

(v) Amendment No. 5 between the Parties with an effective date of 9 December 2013; 

(vi) Amendment No. 6 between the Parties with an effective date of 8 October 2014; and 

(vii) Amendment No. 7 between the Parties with an effective date of 17 March 2015. 

(the “Main Agreement”), The Parties wish to amend the Main Agreement as set forth In this Amendment. 

 

	(B)	Pursuant to this Amendment, the ‘Project Period” as defined in clause 17 shall be deemed to have been extended to 31 December 2016. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	(C)	The Parties may agree to further extend or amend the Main Agreement and any such extensions or amendments shall be in ‘,mating, 

IT IS AGREED AS FOLLOWS: 
  

	1	Status and Purpose of this Amendment 

 This Amendment Is supplemental to the Main
Agreement. Except as expressly set forth in this Amendment, the Main Agreement shall remain in full force and effect. Certain terms defined in the Main Agreement shall have the same meaning in this Amendment unless otherwise provided in this
Amendment. 
  

	2	Amendments to the Main Agreement 

 In consideration of the payment of [***]
(£[***]) by NuCana to each of the other Parties (receipt of which is hereby acknowledged by the University and UC3), the Parties agree that with effect from the date of this Amendment, the terms of the Main Agreement shall be amended as
follows: 
  

	 	2.1	Clause 1.3 shalt be amended by the addition of a new clause 1.3,11:- 

 “1.3.11 [***] and
[***] engaged [***] for an additional term of [***] from [***] to [***]” 
  

	 	2.2	Clause 2.1 shall be amended by the addition of a new clause 2.1.9: 

 “2.1.9 an additional
£[***] payable in instalments as follows: 
  

	 	(a)	£[***]; and 

  

	 	(b)	£[***]” 

  

	 	2.3	Clause 5.2 shall be amended by the addition of the following: 

 “£[***]” 

 

	3	Amendments to Schedule 1 to the Main Agreement 

 The Parties hereby agree that with
effect from 1 April 2015 Schedule One to the Main Agreement shall be replaced by the Schedule One attached to this Amendment. 
  

	4	Confirmation 

 Each Party hereby affirms to the other Parties for confirmatory purposes
that the Main Agreement, and the Project Period (as defined therein), commenced on 21 August 2009, and has at all times continued in full force and effect since that date. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	5	Limitation Period 

 The Parties acknowledge and agree that the provisions of this
Amendment are not intended to and shall not affect the relevant limitation periods (as set out in the Limitation Act 1980) applicable to the Main Agreement. 

IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their authorized officers or representatives on the date indicated
below. 
  

			
	Signed for and on behalf of	  	Signed for and on behalf of
	CARDIFF UNIVERSITY	  	 UNIVERSITY COLLEGE
 CARDIFF
CONSULTANTS LIMITED

		
	Signature: /s/
[***]                                        
            	  	Signature: /s/
[***]                                        
            
	Name: [***]	  	Name: [***]
	Title: Director	  	Title: Director
	Date: 5 October, 2015	  	Date: 5 October, 2015
		
	Signed for and on behalf of	  	
	NUCANA BIOMED LIMITED	  	
		
	Signature: /s/ H.
Griffith                                        
                	  	
	Name: Hugh S. Griffith	  	
	Title: C.E.O.	  	
	Date: 2 October, 2015	  	

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 SCHEDULE ONE 
 [***]

 [***] 
 [***] 

[***] 
 [***] 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

 Amendment No. 9 

Amendment No. 9, effective as of the last signature date below, is made: 

BETWEEN: 
  

	(1)	CARDIFF UNIVERSITY, whose administrative offices are at 30-36 Newport Road, Cardiff, CF24 ODE, U.K. established under royal charter, registered charity number 1136855 (the
“University”); 

  

	(2)	UNIVERSITY COLLEGE CARDIFF CONSULTANTS LIMITED a company incorporated under the laws of England and Wales (company number 1477909) whose registered office is at 30-36
Newport Road, Cardiff, United Kingdom, CF24 ODE (“UC3”); and 

  

	(3)	NUCANA BIOMED LIMITED a company incorporated under the laws of England and Wales (company number 3308778) whose registered office is at Northwest Wing, Bush House, Aldwych, London WC2B 4EZ(
“Nucana”), 

 together the ‘Parties” and each a “Party”. 

RECITALS 
  

	(A)	The Parties entered into a Research, Collaboration and Licence Agreement dated 21 August 2009 for a research project, as amended and supplemented by: 

 

	 	(i)	Amendment No.1 between the Parties with an effective date of 30 September 2010; 

  

	 	(ii)	Amendment No.2 between the Parties with an effective date of 25 July 2011; 

  

	 	(iii)	Amendment No.3 between the Parties with an effective date of 26 October 2011; 

  

	 	(iv)	Amendment No.4 between the Parties with an effective date of 3 July 2012; 

  

	 	(v)	Amendment No.5 between the Parties with an effective date of 9 December 2013; 

  

	 	(vi)	Amendment No.6 between the Parties with an effective date of 8 October 2014; 

  

	 	(vii)	Amendment No.7 between the Parties with an effective date of 17 March 2015; and 

  

	 	(vii)	Amendment No.8 between the Parties with an effective date of 5 October 2015. 

 (the
“Main Agreement”). The Parties wish to amend the Main Agreement as set forth In this Amendment. 

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	(B)	Pursuant to this Amendment, the “Project Period” as defined in clause 17 shall be deemed to have been extended to 31 December 2017. 

 

	(C)	The Parties may agree to further extend or amend the Main Agreement and any such extensions or amendments shall be in writing. 

IT IS AGREED AS FOLLOWS: 
  

	1	Status and Purpose of this Amendment 

 This Amendment is supplemental to the Main
Agreement. Except as expressly set forth In this Amendment, the Main Agreement shall remain in full force and effect. Certain terms defined in the Main Agreement shall have the same meaning in this Amendment unless otherwise provided in this
Amendment 
  

	2	Amendments to the Main Agreement 

 In consideration of the payment of [***]
(£[***]) by NuCana to each of the other Parties (receipt of which is hereby acknowledged by the University and UC3), the Parties agree that with effect from the date of this Amendment, the terms of the Main Agreement shall be amended as
follows: 
  

	 	2.1	Clause 1.3 shall be amended by the replacement of clause 1.3.11 with the following:- 

  

	 	“1.3.11	[***] and [***] engaged [***] for an additional term of [***] from [***] to [***] and [***] engaged [***] for [***] from [***]” 

 

	 	2.2	1.3 shall be further amended by the addition of a new clause 1.3.12:- 

  

	 	“1.3.12	[***] engaged [***] for an additional term of [***] from [***] to [***]” 

  

	 	2.3	Clause 2.1 shall be amended by the addition of a new clause 2.1.10: 

  

	 	“2.1.10	an additional £[***] payable in instalments as follows: 

  

	 	(a)	£[***]; and 

  

	 	(b)	£[***]” 

  

	 	2.4	Clause 5.2 shall be amended by the addition of the following: 

  

	 	“£[***]”	

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended. 

	3	Confirmation 

 Each Party hereby affirms to the other Parties for confirmatory purposes
that the Main Agreement, and the Project Period (as defined therein), commenced on 21 August 2009, and has at all times continued in full force and effect since that date. 

 

	4	Limitation Period 

 The Parties acknowledge and agree that the provisions of this
Amendment are not intended to and shall not affect the relevant limitation periods (as set out in the Limitation Act 1980) applicable to the Main Agreement. 

IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their authorized officers or representatives on the date indicated
below. 
  

			
	Signed for and on behalf of	  	Signed for and on behalf of
	CARDIFF UNIVERSITY	  	 UNVIERSITY COLLEGE
 CARDIFF
CONSULTANTS LIMITED

		
	Signature: /s/ [***]	  	Signature: /s/ [***]
	Name: [***]	  	Name: [***]
	Title: Acting Director	  	Title: Director
	Date: 22 November, 2016	  	Date: 18 November, 2016
		
	 Signed for and on behalf of
	  	
	 NUCANA BIOMED LIMITED
	  	
		
	 Signature: /s/ H. Griffith
	  	
	 Name: Hugh S. Griffith
	  	
	 Title: C.E.O.
	  	
	Date: 9 November, 2016	  	

  
 Portions of this
Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the
Securities Act of 1933, as amended.

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