Document:

Exhibit 10.11

    

     

    

    
      FORM OF INDEMNITY AGREEMENT

       

      

      made as of [Date]

       

      

      between

       

      

      ADC Therapeutics SA

       

      

      Biopôle

        Route de la Corniche 3B

        1066 Epalinges

        Switzerland

      (the “Company”)

      

      

      and

      

      

      [Covered Person]

       

      

      [Address]

      (the “Covered Person”)

       

      

      (collectively the “Parties”)

      
        
          

      

      
      PREAMBLE

       

      

      WHEREAS

       

      

      
        	
                A.

              	
                The Covered Person has been elected as a member of the Board of Directors (a “Director”) or appointed as member of the management (an “Officer”) of ADC Therapeutics SA, a company constituted under the laws of Switzerland, having its corporate seat in Epalinges. For the avoidance of doubt, for purposes of this agreement, the functions
                  and activities or omissions of the Covered Person as a member of a committee of the Board of Directors shall also be deemed functions, activities or omissions of such Covered Person as a Director.

              

      

      
         

        

        	
                B.

              	
                ADC Therapeutics SA is a biotechnology company, and its shares are listed on the New York Stock Exchange in the United States.

              

      

      
         

        

        	
                C.

              	
                The Covered Person is exposed to litigation risks arising from claims that may be brought against him or her in connection with his or her function as a Director or Officer.

              

      

      
         

        

        	
                D.

              	
                The articles of association of the Company (“Articles of Association”) provide that the Company shall indemnify and advance expenses to all
                  Directors and Officers in the manner set forth therein and to the fullest extent permitted by applicable law.

              

      

      
         

        

        	
                E.

              	
                It is reasonable, prudent and necessary for the Company, in due consideration of the risks related to its activity and its position as a US stock-exchange listed company, to enter
                  into this indemnity agreement (the “Agreement”) to contractually indemnify persons serving as Directors or Officers to the fullest extent permitted by the Articles of Association of the Company and
                  the applicable law so that they will serve, or continue to  serve, in such capacity free from undue concern that they will not be so indemnified.

              

      

       

      

      NOW, THEREFORE, the Company and the Covered Person hereby agree as follows:

      
         

        

        	
                1.

              	
                THIRD PARTY PROCEEDINGS

              

      

      
         

        

        	
                1.1

              	
                In connection with any threatened, pending or completed action, suit or proceeding, whether civil, criminal or administrative, to which he or she was, is or is threatened to be made
                  a party, or is otherwise involved, whether conducted by the Company or any other party, whether civil, criminal, administrative, investigative or other and whether formal or informal except for one initiated by the Covered Person to
                  enforce the Covered Person’s rights under the Agreement (a “Proceeding”) involving the Covered Person, the Company shall indemnify the Covered Person if:

              

      

      
         

        

        	
                a)

              	
                he or she was or is a party or is threatened to be made a party to any Proceeding by reason of the fact that he or she is or was a Director or an Officer or a member of the Board of
                  Directors or management of a direct or indirect subsidiary of the Company (an “Affiliate”); and

              

      

      
         

        

        	
                b)

              	
                he or she is a party or is threatened to be made a party to any Proceeding by reason of the fact that he or she is or was an employee, agent or consultant of the Company or an
                  Affiliate, or is or was serving at the request of the Company as a Director or Officer,

              

      

       

      

      against any expenses, including reasonable attorneys’ fees, court and administrative fees, related taxes and obligations of any nature whatsoever actually and reasonably
        incurred by him or her in any Proceeding, including judgments, damages, fines, other liability or claims, and amounts paid in connection with a settlement incurred by the Covered Person in connection with such Proceeding (the “Expenses”).

       

      

      
        	
                1.2

              	
                Any indemnification under this Agreement, other than advance payments (unless ordered by a court), shall be made by the Company only as authorized in the specific case upon a
                  determination that indemnification of the Covered Person is not excluded pursuant to Section 3.

              

      

      
         

        

        	
                2.

              	
                PROCEEDING IN THE RIGHT OF THE COMPANY

              

      

      
         

        

        	
                2.1

              	
                The Company shall indemnify the Covered Person against any Expenses if the Covered Person was or is a party or is threatened to be made a party to any Proceeding by or in the right
                  of the Company to procure a judgment in favor of the Company by reason of the fact that the Covered Person is or was a Director, Officer, employee, consultant or agent of the Company or its Affiliates or is or was serving at the request
                  of the Company as a Director, Officer, employee, consultant or agent of, or participant in, another corporation, partnership, joint venture, trust, or other enterprise.

              

      

      
        
          2

          
            

        

        	
                2.2

              	
                As far as is permissible under applicable law, Expenses incurred in defending any Proceeding for which indemnification is permitted pursuant to this Agreement shall be paid by the
                  Company in advance of the final disposition of such proceeding upon receipt by the Board of Directors of an undertaking by or on behalf of the Covered Person to repay such amount if it shall ultimately be determined that he or she is not
                  entitled to be indemnified by the Company under this Agreement.

              

      

      
         

        

        	
                3.

              	
                NO INDEMNIFICATION

              

      

      
         

        

        	
                3.1

              	
                Section 1 and 2 above shall not apply, and any advanced Expenses shall be reimbursed by the Covered Person to the Company if:

              

      

      
         

        

        	
                a)

              	
                a competent court holds the Covered Person to be liable and concludes that the relevant actions or omissions giving rise to the Proceeding constitute fraud, dishonesty or an
                  intentional or grossly negligent breach of the duties of the Covered Person under applicable law or under his terms of office or agreements with the Company including the obligation to act honestly and in good faith with a view to the
                  best interests of the Company; or

              

      

      
         

        

        	
                b)

              	
                absent a judgment by a competent court as set forth under Section 3.1(a) above, it is prima facie apparent that the relevant actions or omissions giving rise to the Proceeding
                  constitute fraud, dishonesty or an intentional or grossly negligent breach of the duties of the Covered Person under applicable law or under his terms of office or agreements with the Company.

              

      

      
         

        

        	
                3.2

              	
                Any determination shall be made, with respect to a Covered Person:

              

      

      
         

        

        	
                a)

              	
                by a majority vote of the members of the Board of Directors who are not parties to such proceeding, even though less than a quorum; or

              

      

      
         

        

        	
                b)

              	
                by a committee of members of the Board of Directors designated by a majority vote of the members of the Board of Directors who are not parties to such proceeding, even though less
                  than a quorum; or

              

      

      
         

        

        	
                c)

              	
                if there are no such member of the Board of Directors, or if such member of the Board of Directors so direct, by independent legal counsel in a written opinion; or

              

      

      
         

        

        	
                d)

              	
                by the General Meeting of Shareholders.

              

      

       

      

      To the extent that any Covered Person has been successful on the merits or otherwise in defense of any proceeding, or in defense of any claim, issue or matter therein, such
        Covered Person shall be indemnified against Expenses irrespective of any such prior determination.

      
         

        

        	
                3.3

              	
                Notwithstanding the preceding sentence, this section shall not extend to any person holding the office of auditor or special auditor of the Company.

              

      

      
         

        

        	
                4.

              	
                NON-EXCLUSIVITY

              

      

      
         

        

        	
                4.1

              	
                The Agreement shall supplement the Covered Person’s terms of office and/or employment agreement with the Company as separately agreed with the Company.

              

      

      
         

        

        	
                4.2

              	
                The Agreement shall not limit the Covered Person’s reimbursement rights provided under statutory law and the Articles of Association.

              

      

      
         

        

        	
                5.

              	
                INDEMNIFICATION PROCEDURE

              

      

      
         

        

        	
                5.1

              	
                Should the Covered Person become aware of any Proceeding which could give rise to any entitlements under the Agreement, the Covered Person shall:

              

      

      
         

        

        	
                a)

              	
                as promptly as practicable (but in no event later than 20 business days of becoming so aware), notify the Company in writing of the existence of such a Proceeding, giving, as
                  reasonably available at the time of such notice, reasonable details relating to the Proceeding, including the person(s) making (or threatening to make) the respective Proceeding, the circumstances leading to such a Proceeding, the cause
                  of action for the Proceeding and the possible costs associated with the Proceeding;

              

      

      
        
          3

          
            

        

        	
                b)

              	
                give to the Company and its professional advisers information and access to documents and records as the Company may reasonably request, except where such access would result in a
                  loss of privilege, or would be adverse to the Covered Person’s interests or where the Covered Person is prevented by law from providing such access. In this connection, the Company shall be entitled to require the Covered Person to take
                  such actions and give such information and assistance in order to avoid, mitigate, settle or defend the Proceeding as the Company may reasonably request;

              

      

      
         

        

        	
                c)

              	
                allow the Company upon its request, and following regular consultation with the Covered Person, to conduct such actions as the Company may deem appropriate in connection with any
                  such Proceeding (including assuming the defense of such Proceeding). In this connection, the Covered Person shall give to the Company all assistance as the Company may reasonably require in the conduct of such actions (except in cases
                  where taking such action is adverse to his legitimate and personal interests);

              

      

      
         

        

        	
                d)

              	
                make no admission of liability or enter into settlement discussions with any person in relation to any Proceeding without the prior written consent of the Company (which shall not
                  be unreasonably withheld); and

              

      

      
         

        

        	
                e)

              	
                take all reasonable actions to mitigate any potential loss which may incur as a result of a Proceeding.

              

      

      
         

        

        	
                5.2

              	
                The Company shall be entitled to settle any Proceeding at its sole discretion and without the Covered Person’s prior written consent, except where the terms of the settlement would
                  (i) impose any costs, expense, loss liability, damage, penalty or limitation on the Covered Person or (ii) cause damage to the Covered Person’s image or reputation. In each case of (i) and (ii) above, the Company may settle such
                  Proceeding, provided that the Company obtains the Covered Person’s prior written consent, which the Covered Person shall not unreasonably delay or withhold. In all cases, the Company shall not settle any Proceeding before notifying the
                  Covered Person of its intention and consulting with the Covered Person as to the terms of the proposed settlement. The Covered Person and the Company shall take all actions as may be necessary or advisable to effect such a settlement.

              

      

      
         

        

        	
                5.3

              	
                Notwithstanding the foregoing, the Covered Person and the Company shall take all actions as may be required to comply with the terms of any policy of a directors’ and officers’
                  liability insurance pursuant to Section 6.

              

      

      
         

        

        	
                5.4

              	
                Notwithstanding any provision of the Agreement to the contrary, and subject to reimbursement pursuant to Section 3, the Company shall advance to the Covered Person or pay directly,
                  at the Company’s sole discretion, any Expenses actually and reasonably incurred by the Covered Person in connection with any Proceeding pursuant to Section 1 and 2 of the Agreement within 30 calendar days after the receipt by the Company
                  of each statement requesting such advance from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free.

              

      

      
         

        

        	
                6.

              	
                LIABILITY INSURANCE

              

      

      
         

        

        	
                6.1

              	
                To the extent the Company maintains an insurance policy or policies providing directors’ and officers’ liability insurance, the Covered Person shall be covered by such policy or
                  policies in accordance with its or their terms to the maximum extent of the coverage in place for any Director or Officer.

              

      

      
         

        

        	
                6.2

              	
                If, at the time the Company receives notice from any source of a Proceeding to which the Covered Person is a party or a participant (as a witness or otherwise), the Company has
                  director and officer liability insurance in effect, the Company shall give prompt notice of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all 
                  necessary or desirable action to cause such insurers to pay, on behalf of the Covered Person, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

              

      

      
         

        

        	
                6.3

              	
                The Company shall indemnify the Covered Person for Expenses incurred by Covered Person in connection with any reasonable action brought by Covered Person for recovery under any
                  insurance policy referred to in this Section 6 and shall advance to the Covered Person any Expenses actually and reasonably incurred by the Covered Person in connection with such action.

              

      

      
         

        

        	
                7.

              	
                SUBROGATION

              

      

      
         

        

        	
                7.1

              	
                In the event of payment under the Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Covered Person, who shall execute
                  all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

              

      

      
        
          4

          
            

        

        	
                8.

              	
                NO DUPLICATION OF PAYMENTS

              

      

      
         

        

        	
                8.1

              	
                The Company shall not be liable under the Agreement to make any payment in connection with any Proceeding made against the Covered Person to the extent the Covered Person has
                  otherwise actually received payment (under an insurance policy or otherwise) of the amounts otherwise indemnifiable hereunder.

              

      

      
         

        

        	
                9.

              	
                EFFECT OF TERMINATION OF SERVICE

              

      

      
         

        

        	
                9.1

              	
                The indemnification provided by this Agreement shall continue for any person who has ceased to be a Covered Person.

              

      

      
         

        

        	
                10.

              	
                BINDING EFFECT

              

      

      
         

        

        	
                10.1

              	
                The Agreement shall be binding upon and inure to the benefit of and be enforceable by the Parties hereto and their respective successors, assigns, including any direct or indirect
                  successor by purchase, merger, amalgamation, consolidation or otherwise to all or substantially all of the business or assets of the Company, spouse, heirs, and personal and legal representatives. The Agreement shall continue in effect
                  regardless of whether Covered Person continues to serve as a Director or Officer of the Company or of any other legal entity at the Board of Directors’ request.

              

      

      
         

        

        	
                10.2

              	
                The obligations of the Company under this Agreement are subject to applicable laws and the Articles of Association.

              

      

      
         

        

        	
                11.

              	
                AMENDMENTS

              

      

      
         

        

        	
                11.1

              	
                The Agreement may only be modified or amended by a document signed by all Parties. Any provision contained in the Agreement may only be waived by a document signed by the party
                  waiving such provision.

              

      

      
         

        

        	
                12.

              	
                SEVERABILITY

              

      

      
         

        

        	
                12.1

              	
                If any part or provision of the Agreement or the application of any such part or provision to any person or circumstance shall be held to be invalid, illegal or unenforceable on any
                  respect by any competent arbitral tribunal, court, governmental or administrative authority, (a) such invalidity, illegality or unenforceability shall not affect any other part or provision of the Agreement or the application of such part
                  or provision to any other person or circumstances, and (b) the Parties shall endeavor to negotiate a substitute provision that best reflects the economic intentions of the Parties without being invalid, illegal or unenforceable, and shall
                  execute all agreements and documents required in this connection.

              

      

      
         

        

        	
                13.

              	
                APPLICABLE LAW AND JURISDICTION

              

      

      
         

        

        	
                13.1

              	
                The Agreement shall be governed by and construed in accordance with the substantive laws of Switzerland, excluding the provisions on conflict-of-laws.

              

      

      
         

        

        	
                13.2

              	
                All disputes arising out of or in connection with the Agreement, including disputes on its conclusion, binding effect, amendment and termination, shall be resolved exclusively by
                  the courts at the domicile of the Company.

              

      

      
        5

        
          

      

      SIGNATURES

      

      

      	
              ADC Therapeutics SA

            	 
	 	 	 
	
              By:

            	 	 
	 	
              Name:

            	 
	 	
              Title:

            	 

      

      

      

      

      

      

      

      

      

      

      	
              [Covered Person]

            	 
	 	 	 
	
              By:

            	 	 
	 	
              Name:

            	 
	 	
              Title:

            	 

       

      

      
        

    

  

  6Exhibit 10.12

      

    

     

      

     

    
    DATED [●]

    

    

    

    

    

    

    

    

    (1) [●]

    

    

    

    

    

    

    (2) A.T. DEVELOPMENT SWITZERLAND SARL

    

    

    

    

    

    

    AND

    

    

    

    

    

    

    (3) ADC THERAPEUTICS SARL

    

    

    

    

    

    

    

    

    	 
	
            FORM OF PURCHASE AND SHAREHOLDERS AGREEMENT

          
	 

    

    

    
      
        

    

    
      
         TABLE OF CONTENTS

        

        

        

        
          	 	 	 Page
	 	 	 
	
                  1.

                	
                  DEFINITIONS AND INTERPRETATION

                	
                  1

                
	 	 	 
	
                  2.

                	
                  PURCHASE

                	
                  2

                
	 	 	 
	
                  3.

                	
                  COMPLETION

                	
                  2

                
	 	 	 
	
                  4.

                	
                  NOMINEE

                	
                  2

                
	 	 	 
	
                  5.

                	
                  DEALINGS IN SHARES

                	
                  3

                
	 	 	 
	
                  6.

                	
                  ADHERENCE

                	
                  3

                
	 	 	 
	
                  7.

                	
                  LEAVER PROVISIONS

                	
                  3

                
	 	 	 
	
                  8.

                	
                  ASSIGNMENT

                	
                  4

                
	 	 	 
	
                  9.

                	
                  THIRD PARTY RIGHTS

                	
                  4

                
	 	 	 
	
                  10.

                	
                  STATUS OF THIS AGREEMENT

                	
                  5

                
	 	 	 
	
                  11.

                	
                  ACKNOWLEDGMENT

                	
                  5

                
	 	 	 
	
                  12.

                	
                  SEVERANCE

                	
                  5

                
	 	 	 
	
                  13.

                	
                  VARIATION

                	
                  5

                
	 	 	 
	
                  14.

                	
                  COSTS

                	
                  6

                
	 	 	 
	
                  15.

                	
                  WHOLE AGREEMENT

                	
                  6

                
	 	 	 
	
                  16.

                	
                  FURTHER ASSURANCE

                	
                  6

                
	 	 	 
	
                  17.

                	
                  COUNTERPARTS

                	
                  6

                
	 	 	 
	
                  18.

                	
                  GOVERNING LAW AND JURISDICTION

                	
                  6

                

        

         

        

        

        

      

    

    
      
        

    

    

    

    THIS AGREEMENT is made on [●]

    

    

    BETWEEN

    

    

    
      
        	(1)	
                [●] (the “Shareholder”);

              

      

    

    

    

    
      
        	(2)	
                A.T. DEVELOPMENT SWITZERLAND SARL a company registered in Switzerland with its registered office at Rue Saint Pierre 2, Lausanne, 1003, Switzerland (“ATDS”);

                  and 

                  

                  

                  solely for the purpose of gaining the benefit of the clauses of this Agreement in which it has an interest,

              

      

    

    

    

    
      
        	(3)	
                ADC THERAPEUTICS SARL a company registered in Switzerland with its registered office at Rue Saint Pierre 2, Lausanne, 1003, Switzerland (“Company”).

              

      

    

    

    

    
      
        	1.	
                DEFINITIONS AND INTERPRETATION

              

      

    

    

    

    
      
        	1.1	
                In this agreement unless the context otherwise requires:

                 

                

              

      

    

    	 	
            Anniversary Date

          	
            means [●]

          
	 	 	 
	 	
            Articles

          	
            the articles of association of the Company as amended, modified, supplemented or restated from time to time;

          
	 	 	 
	 	
            Bad Leaver

          	
            means a Leaver who is not a Good Leaver;

          
	 	 	 
	 	
            Completion

          	
            completion of this agreement in accordance with clause 2 and clause 3;

          
	 	 	 
	 	
            Employment

          	
            means, for the purposes of this agreement, acting as an employee, officer, manager, director, advisor, consultant, partner, agent, representative or the like to the Company or any member of
              the Company’s group;

          
	 	 	 
	 	
            Good Leaver

          	
            means a person who is a Leaver (i) as a result of his death or serious ill health;  or (ii) who has otherwise been determined by the Company’s board of directors acting reasonably to be a
              Good Leaver;

          
	 	 	 
	 	
            Leaver

          	
            means an individual who was previously in the Employment of the Company or any member of the Company’s group and who ceases to be in such Employment;

          
	 	 	 
	 	
            Parties

          	
            the parties to this agreement; and

          
	 	 	 
	 	
            Promissory Note

          	
            a promissory note from the Shareholder to ATDS substantially in the form attached at Schedule A.

          

    

    

    
      
        

    

    
      
        	1.2	
                In this agreement unless the context otherwise requires:

              

      

    

    

    

    
      
        	

              	1.2.1	
                a reference to writing or written includes faxes and email;

              

      

    

    

    

    
      
        	

              	1.2.2	
                any reference to the singular includes a reference to the plural and vice versa; and any reference to the masculine includes a reference to the feminine and vice versa; and

              

      

    

    

    

    
      
        	

              	1.2.3	
                references to times of day are, unless the context requires otherwise, to London time and references to a date are to a period of 24 hours running from midnight on the previous day.

              

      

    

    

    

    
      
        	

              	1.2.4	
                headings and titles are used for ease of reference only and do not affect the interpretation of this agreement.

              

      

    

    

    

    
      
        	2.	
                PURCHASE

              

      

    

    

    

    
      
        	2.1	
                ATDS hereby agrees to sell and the Shareholder hereby agrees to purchase [●] Class A shares in the capital of the Company (the “Shares”) subject to the terms of this agreement.  The
                  consideration for such subscription shall be satisfied by the payment of the sum of [●] (the “Purchase Price”) in accordance with clause 3.2.

              

      

    

    

    

    
      
        	2.2	
                The Shares shall be sold with full title guarantee free from all encumbrances and shall rank in full for all dividends or other distributions declared, made or paid in respect of ordinary shares on or after Completion, and shall have
                  the rights, preferences and priorities as set forth in the Articles.

              

      

    

    

    

    
      
        	2.3	
                The Parties acknowledge that the Company is not party to, and has no interest in, the sale and purchase of the Shares and is entering into this Agreement solely for the purposes of safeguarding the interests of the Company and the
                  rights of other shareholders in the Company by ensuring that the Shareholder is subject inter alia to the Leaver provisions in clause 7 of this agreement.

              

      

    

    

    

    
      
        	3.	
                COMPLETION

              

      

    

    

    

    
      
        	3.1	
                This agreement shall be completed at the offices of the Company’s legal counsel on the Completion Date (or at such other place or on such other date as the Parties shall agree).

              

      

    

    

    

    
      
        	3.2	
                On the Completion Date the Shareholder shall deliver, or procure the delivery, to the Company and/or ATDS as the case may be:

              

      

    

    

    

    
      
        	

              	3.2.1	
                the sum of CHF 100.00 per Share in cash representing the nominal value of the Shares;

              

      

    

    

    

    
      
        	

              	3.2.2	
                an executed counterpart of the Promissory Note for the balance of the Purchase Price.

              

      

    

    

    

    
      
        	3.3	
                On the Completion Date ATDS shall procure the delivery to the Shareholder of an internal capitalisation table of the Company evidencing the Shareholder’s beneficial interest in the Shares.

              

      

    

    

    

    
      
        	4.	
                NOMINEE

              

      

    

    

    

    
      
        	4.1	
                The Parties acknowledge that, as a matter of Swiss law the Company may not issue fractional interests in its shares. Therefore, the Shareholder acknowledges and agrees that ATDS shall continue to hold the legal interest in the Shares
                  as nominee for the Shareholder. ATDS shall act in its name for the account of the Shareholder and at the risk of the Shareholder.

              

      

    

    

    

    
      
        

    

    
      
        	4.2	
                The Shareholder irrevocably instructs and authorises ATDS to take all actions in respect of the Shares as ATDS may see fit including, without limitation:

              

      

    

    

    

    
      
        	

              	4.2.1	
                to receive notice of and to attend, take part and vote in all meetings of the Company and/or any relevant class meetings of its shareholders and sign all consents to short notice, proxies and other instruments (including without
                  limitation, proposed resolutions) for the purpose of such meetings;

              

      

    

    

    

    
      
        	

              	4.2.2	
                to pass any resolutions and/or to sign written resolutions of the shareholders or the holders of any class of shares of the Company;

              

      

    

    

    

    
      
        	

              	4.2.3	
                to give a good receipt for any dividend or other distribution made in respect of our shareholding; and

              

      

    

    

    

    
      
        	

              	4.2.4	
                to exercise all other rights and privileges and perform all duties which attach to our shares.

              

      

    

    

    

    
      
        	4.3	
                The Shareholder undertakes to ratify whatever ATDS may lawfully do or purport to do or cause to be done by virtue of the powers granted by this clause 4.

              

      

    

    

    

    
      
        	4.4	
                ATDS undertakes to deliver to the Shareholder copies of any and all Company communications within a reasonable period following receipt by ATDS of the same.

              

      

    

    

    

    
      
        	5.	
                DEALINGS IN SHARES

              

      

    

    

    

    

    	

          	
            The Shareholder undertakes to each of the Company and ATDS that he will not, at any time, transfer, dispose, assign, grant security over, pledge or otherwise deal in or grant any interest over any interest in the Shares to any person
              without the prior consent in writing of ATDS or the Company.

          

    

    

    
      
        	6.	
                ADHERENCE

              

      

    

    

    

    
      	

            	
              The Shareholder undertakes to the Company (for itself and on behalf of each other party to the Shareholders’ Agreement) that he will, with effect from the date hereof assume, perform and comply with each of the obligations as a
                Shareholder under the Shareholders’ Agreement as if he had been a party to the Shareholders’ Agreement at the date of its execution.

            

    

    

    

    
      
        	7.	
                LEAVER PROVISIONS

              

      

    

    

    

    
      
        	7.1	
                If the Shareholder’s Employment with the Company or any member of the Company’s group terminates for any reason, ATDS, the Company (or its designee) shall have the right, but not the obligation, to repurchase all or any portion of the
                  Shareholder’s Shares at the applicable repurchase price, within thirty (30) days of the event, as follows:

              

      

    

    

    

    
      
        	

              	7.1.1	
                Good Leaver. If the Shareholder’s Employment is terminated and the Shareholder is a Good Leaver, ATDS, the Company (or its designee) shall have the option, but not the obligation, to repurchase such portion of the Shareholder’s
                  Shares as is determined in accordance with the table below at a price per Share equal to the purchase price of such Share (calculated by dividing the Purchase Price for all Shares by the number of Shares being acquired pursuant to this
                  clause) as of the date such Shareholder is provided with a written notice requiring the repurchase of his Shares. Such consideration may at the election of the Company be satisfied by a waiver of all or part of the Shareholder’s
                  outstanding obligations under the Promissory Note.

              

      

    

    

    

    
      
        

    

    

    

    	
            Date on which the Shareholder’s Employment terminates if he is a Good Leaver

             

            

          	
            % of Shareholder’s Shares ATDS, the Company (or its designee) may repurchase

          
	
            On or before the first anniversary of the Anniversary Date

             

            

          	
            100%

          
	
            After the first anniversary of the Anniversary Date but on or before the second anniversary of the Anniversary Date

             

            

          	
            75%

          
	
            After the second anniversary of the Anniversary Date but on or before the third anniversary of the Anniversary Date

             

            

          	
            50%

          
	
            After the third anniversary of the Anniversary Date but on or before the fourth anniversary of the Anniversary Date

             

            

          	
            25%

          
	
            After the fourth anniversary of the Anniversary Date

             

            

          	
            0%

          

     

    

    

    

    
      
        	

              	7.1.2	
                Bad Leaver. If the Shareholder’s Employment is terminated and the Shareholder is a Bad Leaver, ATDS, the Company (or its designee) shall have the option, but not the obligation, to repurchase all or any portion of such
                  Shareholder’s Shares at a price per Share equal to the lower of (i) the Purchase Price of such Shares; and (ii) the amount understanding under the Promissory Note at the time such shareholder’s employment is terminated. Such consideration
                  may at the election of the Company be satisfied by a waiver of all or part of the Shareholder’s outstanding obligations under the Promissory Note.

              

      

    

    

    

    
      
        	7.2	
                The Company shall not terminate the Employment of the Shareholder solely for the purposes of causing the Shareholder not to enjoy the economic benefits of this Purchase and Shareholder Agreement.

              

      

    

    

    

    
      
        	8.	
                ASSIGNMENT

              

      

    

    

    

    
      	

            	
              The Shareholder may not assign its rights under this agreement without the prior written consent of ATDS.

            

    

    

    

    
      
        	9.	
                THIRD PARTY RIGHTS

              

      

    

    

    

    
      	

            	
              This agreement does not confer any rights on any person that is not a party to this agreement pursuant to the Contracts (Rights of Third Parties) Act 1999.

            

    

    

    

    
      
        

    

    

    

    
      
        	10.	
                STATUS OF THIS AGREEMENT

              

      

    

    

    

    
      
        	10.1	
                Each of the Parties shall use its respective best endeavours to procure (so far as is possible) that, at all times during the term of this agreement, the provisions of this agreement are promptly observed and given full force and
                  effect according to its spirit and intention.

              

      

    

    

    

    
      
        	10.2	
                If, at any time, any provisions of the Articles conflict with any provision of this agreement, ATDS and the Company shall, so far as they are each able, take such steps as are necessary to ensure that the provisions of this agreement
                  shall prevail and that such modifications as are necessary are made to the Articles.

              

      

    

    

    

    
      
        	11.	
                ACKNOWLEDGMENT

              

      

    

    

    

    
      
        	11.1	
                Each Party acknowledges that damages may not be an adequate remedy for any breach of the obligations of that Party in this Agreement and that any other Party may be entitled (in addition to damages) to the remedies of injunction,
                  specific performance, and other equitable remedy for any threatened or actual breach of any such obligations.

              

      

    

    

    

    
      
        	11.2	
                The Shareholder confirms to ATDS and the Company that, for the purposes of entering into the transactions contemplated by this agreement he has (having taken taken all applicable professional advice) entered into this agreement
                  entirely on the basis of his own assessment of the risks and effect of doing so.

              

      

    

    

    

    
      
        	12.	
                SEVERANCE

              

      

    

    

    

    
      
        	12.1	
                If any provision of this agreement (or part of a provision) is found by any court or administrative body of competent jurisdiction to be invalid, unenforceable or illegal, the other provisions shall remain in force.

              

      

    

    

    

    
      
        	12.2	
                If any invalid, unenforceable or illegal provision would be valid, enforceable or legal if some part of it were deleted or modified, that provision shall apply with whatever modification is necessary to give effect to the commercial
                  intention of the Parties.

              

      

    

    

    

    
      
        	13.	
                VARIATION

              

      

    

    

    

    
      
        	13.1	
                A variation of this agreement shall be in writing and signed by or on behalf of each Party.

              

      

    

    

    

    
      
        	13.2	
                Any waiver of any right under this agreement is only effective if it is in writing and signed by the waiving or consenting Party and it applies only in the circumstances for which it is given and shall not prevent the Party who has
                  given the waiver or consent from subsequently relying on the provision it has waived.

              

      

    

    

    

    
      
        	13.3	
                No single or partial exercise of any right or remedy under this agreement shall preclude or restrict the further exercise of any such right or remedy.

              

      

    

    

    

    
      
        	13.4	
                Unless specifically provided otherwise, rights arising under this agreement are cumulative and do not exclude rights provided by law.

              

      

    

    

    

    
      
        	13.5	
                Save as specified in this agreement, no failure on the part of any Party to exercise or no delay in exercising any right or remedy provided under this agreement or by law constitutes a waiver of such right or remedy or shall prevent
                  any future exercise in whole or in part of any such right or remedy.

              

      

    

    
      
        

    

    

    

    
      
        	14.	
                COSTS

              

      

    

    

    

    
      	

            	
              Unless otherwise provided, all costs and expenses in connection with the negotiation, preparation, execution and performance of this agreement, and any documents referred to in it,
                shall be borne by the Party that incurred the costs.

            

    

    

    

    
      
        	15.	
                WHOLE AGREEMENT

              

      

    

    

    

    
      
        	15.1	
                This agreement, and any documents referred to in it constitute the whole agreement between the Parties and supersede any previous arrangement, understanding or agreement between them relating to the subject matter they cover.

              

      

    

    

    

    
      
        	15.2	
                Nothing in this clause 15 operates to limit or exclude any liability for fraud.

              

      

    

    

    

    
      
        	16.	
                FURTHER ASSURANCE

              

      

    

    

    

    
      	

            	
              
                Each Party shall promptly execute and deliver all such documents, and do all such things, as any other Party may from time to time reasonably require for the
                  purpose of giving full force and effect to the provisions of this agreement.

              

            

    

    

    

    
      
        	17.	
                COUNTERPARTS

              

      

    

    

    

    
      	

            	
              
                This agreement may be executed in separate counterparts (including by facsimile or other electronic transmission), each of which is an
                  original and which, when executed and delivered, shall be an original and which together shall have the same effect as if each Party had executed and delivered the same document.

              

            

    

    

    

    
      
        	18.	
                GOVERNING LAW AND JURISDICTION

              

      

    

    

    

    
      
        	18.1	
                This agreement and any dispute or claim arising out of or in connection with it or its subject matter (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.

              

      

    

    

    

    
      
        	18.2	
                The Parties agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this agreement or its subject matter (including non-contractual disputes
                  or claims).

              

      

    

    
      
        

    

    

    

    SCHEDULE A

    

    

    Promissory Note

    

    

    	
            Amount:

          	
            [●] (the “Facility”)

          
	 	 
	
            Number of shares to be Purchased:

          	
            [●] (the “Shares”)

          
	 	 
	
            Interest Rate:

          	
            [●]%

          
	 	 
	
            Term:

          	
            [●] years

          

    

    

    Date: [●]

    

    

    Dear [●],

    

    

    We are pleased to make available to you the Facility on the terms and conditions set out in this letter. By signing and returning a signed copy of this letter you agree to be bound by and abide by
      its terms.

    

    

    This Facility and its availability for drawing by you is subject to the receipt by us of an executed copy of the Purchase and Shareholder Agreement in respect of the Shares purchased by you
      utilising this Facility.

    

    

    Words and expressions used in this letter but not defined herein shall have the meanings given to them in the Company’s articles of association.

    

    

    The Facility is made available to you on the following terms:-

    

    

    
      
        	1.	
                We hereby loan the Facility to you to be repaid along with accrued interest (if any) on the earlier of:

              

      

    

    

    

    
      
        	1.1	
                the date [●] ([●]) years from the date hereof;

              

      

    

    

    

    
      
        	1.2	
                the occurrence of a Repayment Event as defined in paragraph 3 below.

              

      

    

    

    

    
      
        	2.	
                The Facility may only be used for the purchase of the Shares (“Authorised Purpose”).

              

      

    

    
      
        

    

    

    

    
      
        	3.	
                “Repayment Event” means any of:

              

      

    

    

    

    
      
        	3.1	
                you are a Leaver and ATDS or the Company (or its designee) elects to repurchase your Shares in accordance with the terms of the Purchase and Shareholder Agreement entered into between you, ATDS and the Company;

              

      

    

    

    

    
      
        	3.2	
                the Company is the subject of a change of control or a sale of all or substantially all of its assets; or

              

      

    

    

    

    
      
        	3.3	
                you deliver the Shares back to ATDS or the Company.

              

      

    

    

    

    
      
        	4.	
                The Facility will be immediately repayable and you hereby undertake to repay, and to take all necessary action to repay, the Facility in full, or any part of it that has not been repaid, on the occurrence of a Repayment Event.

              

      

    

    

    

    
      
        	5.	
                You may repay the Facility, or any part of it, early along with accrued interest but may not re-borrow any amount so repaid.

              

      

    

    

    

    
      
        	6.	
                The principal amount of the Facility outstanding from time to time will be interest free

              

      

    

    

    

    
      
        	7.	
                You will make all payments under or in respect of this Facility without set-off or counterclaim and free and clear of any withholding or deduction for or on account of tax, save as may be required by law.

              

      

    

    

    

    
      
        	8.	
                You will pay, on demand and on a full indemnity basis, all costs and expenses (including VAT) which we may from time to time incur in connection with any breach by you of your obligations under this letter and/or in relation to the
                  Facility.

              

      

    

    

    

    
      
        	9.	
                Any demand or notice in respect of this letter and/or the Facility will be in writing and (without prejudice to any other effective means of serving it) may be served on you personally or by post to your residential address as it
                  appears at the head of this letter.

              

      

    

    

    

    
      
        	10.	
                Time shall be of the essence in respect of your obligations under or in respect of this Facility but no failure by us to exercise or delay by us in exercising any right or remedy under or in respect of this Facility shall operate as a
                  waiver of it, nor shall any single partial or defective exercise by us of any such right or remedy preclude any other or further exercise of that or any other right or remedy.

              

      

    

    

    

    
      
        	11.	
                You may not assign or transfer any of your rights or obligations under this letter agreement without our prior written consent.

              

      

    

    

    

    
      
        	12.	
                This letter is an agreement governed by English law.

              

      

    

    

    

    I hereby accept and agree to be bound by the terms and conditions set out in the letter of which this is a copy

    

    

    
      	 	 

    

    Shareholder

    

    

    

    

    This agreement has been executed as a DEED on the date stated at the beginning of it.

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