Document:

Document

Exhibit 10.22

EMPLOYMENT AGREEMENT

This Employment Agreement (this “Agreement”) is made by and between Centessa Pharmaceuticals, Inc. (the “U.S. Subsidiaries”), a wholly owned subsidiary of Centessa Pharmaceuticals plc (“Parent”, with Parent, the US Subsidiary and their respective subsidiaries and other affiliates referred to herein as the “Company”) and Gregory M. Weinhoff (the “Executive”) and is effective as of March 30, 2022 (the “Effective Date”). This Agreement supersedes in all respects all prior agreements between the Executive and the Company regarding the subject matter herein, including without limitation (i) the employment offer letter between the Executive and the Company dated as of February 27, 2021 (the “Prior Agreement”) and (ii) any other offer letter, employment agreement or severance agreement. 

WHEREAS, the Company desires to continue to employ the Executive and the Executive desires to continue to be employed by the Company on the new terms and conditions contained herein. 
    
    NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

1.Employment. 
(a)Term. The Company shall employ the Executive and the Executive shall be employed by the Company pursuant to this Agreement commencing as of the Effective Date and continuing until such employment is terminated in accordance with the provisions hereof (the “Term”). The Executive’s employment with the Company shall be “at will” meaning that the Executive’s employment may be terminated by the Company or the Executive at any time for any or no reason, subject to terms of this Agreement. 
(b)Position and Duties.  The Executive shall serve as the Chief Financial Officer of the Company and shall have such powers and duties as may from time to time be prescribed by the Chief Executive Officer of the Company (the “CEO”) or other duly authorized executive.  The Executive shall devote the Executive’s full working time and efforts to the business and affairs of the Company.  Notwithstanding the foregoing, the Executive may serve on other boards of directors, with the approval of the Board of Directors of the Company (the “Board”), or engage in religious, charitable or other community activities as long as such services and activities do not interfere with the Executive’s performance of the Executive’s duties to the Company.
(c)Location. The Executive will be permitted to work from the Executive’s home office in New York, provided, however, that the Executive will be required to regularly travel to the Company’s Massachusetts office, consistent with the Company’s business needs and the Executive may be required to travel nationally and internationally for business, consistent with the Company’s business needs, including, without limitation, to the United Kingdom, France and Germany. 
2.Compensation and Related Matters.  
(a)Base Salary.  The Company will pay you an initial base salary at the rate of $465,750 per year, retroactive as of January 1, 2022. The Executive’s base salary shall be subject to periodic review by the Board or the Compensation Committee of the Board (the “Compensation Committee”).  The base salary in effect at any given time is referred to herein as 
			
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“Base Salary.”  The Base Salary shall be payable in a manner that is consistent with the Company’s usual payroll practices for its executive officers.
(b)Incentive Compensation. The Executive shall be eligible to receive cash incentive compensation as determined by the Board or the Compensation Committee from time to time.  Commencing in calendar year 2022, the Executive’s initial target annual incentive compensation shall be forty percent of the Executive’s Base Salary.  The target annual incentive compensation in effect at any given time is referred to herein as “Target Bonus.”  The actual amount of the Executive’s annual incentive compensation, if any, shall be determined in the sole discretion of the Board or the Compensation Committee.  Except as otherwise provided herein or as may be provided by the Board or the Compensation Committee, the Executive must be employed by the Company on the date such incentive compensation is paid in order to earn or receive any annual incentive compensation. 
(c)Expenses.  The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its U.S. executive officers.
(d)Other Benefits. The Executive shall be eligible to participate in or receive benefits under the Company’s full-time U.S. employee benefit plans in effect from time to time, subject to the terms of such plans.
(e)Paid Time Off. The Executive shall be entitled to take paid time off in accordance with the Company’s applicable paid time off policy for U.S. executives, as may be in effect from time to time.
(f)Equity. The equity awards held by the Executive shall continue to be governed by the terms and conditions of the Company’s applicable equity incentive plan(s) and the applicable award agreement(s) governing the terms of such equity awards (collectively, the “Equity Documents”), provided, however, and notwithstanding anything to the contrary in the Equity Documents, (i) any time-based equity award granted to the Executive prior to February 1, 2022 shall immediately accelerate and become fully exercisable or non-forfeitable as of the effective date of a Change in Control (as defined below), provided the Executive remains employed on the effective date of such Change in Control and (ii) Section 6(a)(ii) of this Agreement shall apply in the event of a termination by the Company without Cause or by the Executive for Good Reason in either event during the Change in Control Period (as such terms are defined below) with respect to any equity awards granted to the Executive on or after February 1, 2022.
3.Termination.  The Executive’s employment hereunder may be terminated without any breach of this Agreement under the following circumstances:
(a)Death. The Executive’s employment hereunder shall terminate upon death.
(b)Disability. The Company may terminate the Executive’s employment if the Executive is disabled and unable to perform or expected to be unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any 12-month period.  If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is 
			
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expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue.  The Executive shall cooperate with any reasonable request of the physician in connection with such certification.  If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of such issue shall be binding on the Executive.  Nothing in this Section 3(b) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.
(c)Termination by the Company for Cause. The Company may terminate the Executive’s employment hereunder for Cause.  For purposes of this Agreement, “Cause” shall mean any of the following:
i.the Executive’s dishonest statements or acts with respect to the Company or any affiliate of the Company, or any current or prospective customers, suppliers, vendors or other third parties with which such entity does business that results in or is reasonably anticipated to result in material harm to the Company;
ii.the Executive’s commission of (A) a felony or (B) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud;
iii.the Executive’s failure to perform the Executive’s assigned duties and responsibilities to the reasonable satisfaction of the CEO, which failure continues, in the reasonable judgment of the CEO, for thirty (30) days after written notice given to the Executive describing such failure; 
iv.the Executive’s gross negligence, willful misconduct or insubordination that results in or is reasonably anticipated to result in harm to the Company, which conduct, if curable, in the reasonable judgment of the CEO, is not cured for more than thirty (30) days after written notice given to the Executive describing such conduct; 
v.the Executive’s violation of any material provision of any agreement(s) between the Executive and the Company or any Company policies including, without limitation, this Agreement, agreements relating to noncompetition, nonsolicitation, nondisclosure and/or assignment of inventions or policies related to ethics or workplace conduct, which violation, if curable, in the reasonable judgment of the CEO, is not cured for more than (30) days after written notice given to the Executive describing such violation; or 
vi.the Executive’s failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the CEO to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation.
(d)Termination by the Company without Cause. The Company may terminate the Executive’s employment hereunder at any time without Cause.  Any termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause.
(e)Termination by the Executive. The Executive may terminate employment hereunder at any time for any reason, including but not limited to, Good Reason.  For purposes of this Agreement, “Good Reason” shall mean that the Executive has completed all steps of the 
			
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Good Reason Process (hereinafter defined) following the occurrence of any of the following events without the Executive’s consent (each, a “Good Reason Condition”): 
i.a material diminution in the Executive’s responsibilities, authority or duties; 
ii.a diminution in the Executive’s Base Salary except for across-the-board salary reductions of similar magnitude based on the Company’s financial performance similarly affecting all or substantially all senior management employees of the Company;
iii.the material breach of this Agreement by the Company; or 
iv.a relocation of your principal business location to a location more than seventy-five (75) miles from your current home.
The “Good Reason Process” consists of the following steps: 
i.the Executive reasonably determines in good faith that a Good Reason Condition has occurred; 
ii.the Executive notifies the Company in writing of the first occurrence of the Good Reason Condition within 60 days of the first occurrence of such condition; 
iii.the Executive cooperates in good faith with the Company’s efforts, for a period of not less than 30 days following such notice (the “Cure Period”), to remedy the Good Reason Condition; 
iv.notwithstanding such efforts, the Good Reason Condition continues to exist at the end of the Cure Period; and 
v.the Executive terminates employment within 10 days after the end of the Cure Period.  
If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred.
4.Matters Related to Termination
(a)Notice of Termination. Except for termination as specified in Section 3(a), any termination of the Executive’s employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto.  For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon.
(b)Date of Termination. “Date of Termination” shall mean:  (i) if the Executive’s employment is terminated by death, the date of death; (ii) if the Executive’s employment is terminated on account of disability under Section 3(b) or by the Company for Cause under Section 3(c), the date on which Notice of Termination is given; (iii) if the Executive’s employment is terminated by the Company without Cause under Section 3(d), the date on which a Notice of Termination is given or the date otherwise specified by the Company in the Notice of Termination; (iv) if the Executive’s employment is terminated by the Executive under Section 3(e) other than for Good Reason, 30 days after the date on which a Notice of Termination is given, and (v) if the Executive’s employment is terminated by the Executive under Section 3(e) for Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period.  Notwithstanding the foregoing, in the event that the Executive gives a Notice of 
			
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Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement. In the interest of clarity, any intercompany transfer between Parent, U.S. Subsidiary and their respective subsidiaries and affiliates shall not be deemed a termination of the employment relationship unless otherwise specified at the time of the transfer.
(c)Accrued Obligations. If the Executive’s employment with the Company is terminated for any reason, the Company shall pay or provide to the Executive (or to the Executive’s authorized representative or estate) (i) any Base Salary earned through the Date of Termination; (ii) unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this Agreement); and (iii) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the “Accrued Obligations”).
(d)Resignation of All Other Positions. To the extent applicable, the Executive shall be deemed to have resigned from all officer and board member positions that the Executive holds with the Company or any of its respective subsidiaries and affiliates upon the termination of the Executive’s employment for any reason.  The Executive shall execute any documents in reasonable form as may be requested to confirm or effectuate any such resignations.
5.Severance Pay and Benefits Upon Termination by the Company without Cause or by the Executive for Good Reason Outside the Change in Control Period.  If the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates employment for Good Reason as provided in Section 3(e), in each case outside of the Change in Control Period (as defined below), then, in addition to the Accrued Obligations, and subject to (i) the Executive signing a separation agreement and release in a form and manner reasonably satisfactory to the Company, which shall include, without limitation, a general release of claims against the Company and all related persons and entities that shall not release the Executive’s rights under this Agreement, a reaffirmation of the Executive’s Continuing Obligations (as defined below), and shall provide that if the Executive breaches any of the Continuing Obligations, all payments of the Severance Amount (as defined below) shall immediately cease (the “Separation Agreement”), and (ii) the Separation Agreement becoming irrevocable, all within 60 days after the Date of Termination (or such shorter period as set forth in the Separation Agreement), which shall include a seven (7) business day revocation period:
(a)the Company shall pay the Executive an amount equal to 12 months of the Executive’s Base Salary (the “Severance”); and
(b)subject to the Executive’s copayment of premium amounts at the applicable active employees’ rate and the Executive’s proper election to receive benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall pay to the group health plan provider or the COBRA provider a monthly payment equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company until the earliest of (A) the 12 month anniversary of the Date of Termination; (B) the date that the Executive becomes eligible for group medical plan benefits under any other employer’s group medical plan; or (C) the cessation of the Executive’s health continuation rights under COBRA; provided, however, that if the Company determines that it cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable) without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then the Company shall convert such payments to payroll payments directly to the Executive for the time period specified above.  Such payments to the Executive shall be subject to tax-related deductions and withholdings and paid on the Company’s regular payroll dates.
			
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The amounts payable under Section 5, to the extent taxable, shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over 12 months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payments, to the extent they qualify as “non-qualified deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination.  Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

6.Severance Pay and Benefits Upon Termination by the Company without Cause or by the Executive for Good Reason during the Change in Control Period.  The provisions of this Section 6 shall apply in lieu of, and expressly supersede, the provisions of Section 5 if (i) the Executive’s employment is terminated either (a) by the Company without Cause as provided in Section 3(d), or (b) by the Executive for Good Reason as provided in Section 3(e), and (ii) the Date of Termination occurs during the Change in Control Period. These provisions shall terminate and be of no further force or effect after the Change in Control Period.
(a)If the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive terminates employment for Good Reason as provided in Section 3(e) and in each case the Date of Termination occurs during the Change in Control Period, then, in addition to the Accrued Obligations, and subject to the signing of a general release of claims against the Company and all related persons and entities that shall not release the Executive’s rights under this Agreement (the “Release”) by the Executive and the Release becoming fully effective, all within the time frame set forth in the Release but in no event more than 60 days after the Date of Termination:

i. the Company shall pay the Executive a lump sum in cash in an amount equal to the sum of (A) 12 months of the Executive’s then-current Base Salary (or the Executive’s Base Salary in effect immediately prior to the Change in Control, if higher) plus (B) 1.0 times the Executive’s Target Bonus for the then-current year (or the Executive’s Target Bonus in effect immediately prior to the Change in Control, if higher) (the “Change in Control Payment”);

ii.notwithstanding anything to the contrary in any applicable option agreement or other stock-based award agreement, all stock options and other stock-based awards held by the Executive and granted after the Effective Date that are subject solely to time-based vesting (the “Time-Based Equity Awards”) shall immediately accelerate and become fully vested and exercisable or nonforfeitable as of the later of (i) the Date of Termination or (ii) the effective date of the Release (the “Accelerated Vesting Date”), provided that in order to effectuate the accelerated vesting contemplated by this subsection, the unvested portion of the Executive’s Time-Based Equity Awards that would otherwise be forfeited on the Date of Termination will be delayed until the earlier of (A) the effective date of the Release (at which time acceleration will occur), or (B) the date that the Release can no longer become fully effective (at which time the unvested portion of the Executive’s Time-Based Equity Awards will be forfeited). Notwithstanding the foregoing, no additional vesting of the Time-Based Equity Awards shall occur during the period between the Date of Termination and the Accelerated Vesting Date; and 

iii.subject to the Executive’s copayment of premium amounts at the applicable active employees’ rate and the Executive’s proper election to receive benefits under COBRA, the Company shall pay to the group health plan provider or the COBRA provider a monthly payment equal to the monthly employer contribution that the Company would have made to provide 
			
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health insurance to the Executive if the Executive had remained employed by the Company until the earliest of (A) the 12 month anniversary of the Date of Termination; (B) the date that the Executive becomes eligible for group medical plan benefits under any other employer’s group medical plan; or (C) the cessation of the Executive’s health continuation rights under COBRA; provided, however, that if the Company determines that it cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable) without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then the Company shall convert such payments to payroll payments directly to the Executive for the time period specified above.  Such payments to the Executive shall be subject to tax-related deductions and withholdings and paid on the Company’s regular payroll dates;

The amounts payable under this Section 6(a), to the extent taxable, shall be paid or commence to be paid within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payments to the extent they qualify as “non-qualified deferred compensation” within the meaning of Section 409A of the Code, shall be paid or commence to be paid in the second calendar year by the last day of such 60-day period.

(b)Additional Limitation.
i.Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code, and the applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction.  In such event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code:  (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c).
ii.For purposes of this Section 6(b), the “After Tax Amount” means the amount of the Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive’s receipt of the Aggregate Payments.  For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.
iii.The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 6(b)(i) shall be made by a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company within 15 business days of the Date of Termination, if 
			
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applicable, or at such earlier time as is reasonably requested by the Company.  Any determination by the Accounting Firm shall be binding upon the Company and the Executive.
(c)Definitions. For purposes of this Agreement:
i.“Change in Control” shall mean a “Sale Event” as defined in the Company’s 2021 Stock Option and Incentive Plan, as the same may be amended from time to time. 
ii.“Change in Control Period” shall mean the period beginning on the date of the occurrence of the first event constituting a Change in Control (the “Closing Date”) and ending on the 12 month anniversary of the Closing Date.
7.Section 409A. 
(a)Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement or otherwise on account of the Executive’s separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive’s separation from service, or (B) the Executive’s death.  If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.
(b)All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement.  All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred.  The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses).  Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
(c)To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments or benefits shall be payable only upon the Executive’s “separation from service.”  The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).
(d)The parties intend that this Agreement will be administered in accordance with Section 409A of the Code.  To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code.  Each payment pursuant to this Agreement or the Restrictive Covenants Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).  The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to 
			
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fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.
(e)The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.
8.Continuing Obligations.
(a)Restrictive Covenants Agreement.  The terms of the Employee Confidentiality, Assignment, Nonsolicitation and Noncompetition Agreement, effective March 1, 2021 (the “Restrictive Covenants Agreement”), between the Company and the Executive continue to be in full force and effect.  For purposes of this Agreement, the obligations in this Section 8 and those that arise in the Restrictive Covenants Agreement and any other agreement relating to confidentiality, assignment of inventions, or other restrictive covenants shall collectively be referred to as the “Continuing Obligations.”  
(b)Third-Party Agreements and Rights.  The Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Executive’s use or disclosure of information, other than confidentiality restrictions (if any), or the Executive’s engagement in any business.  The Executive represents to the Company that the Executive’s execution of this Agreement, the Executive’s employment with the Company and the performance of the Executive’s proposed duties for the Company will not violate any obligations the Executive may have to any such previous employer or other party.  In the Executive’s work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party.
(c)Litigation and Regulatory Cooperation.  During and after the Executive’s employment, the Executive shall cooperate fully with the Company in (i) the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while the Executive was employed by the Company, and (ii) the investigation, whether internal or external, of any matters about which the Company believes the Executive may have knowledge or information.  The Executive’s full cooperation in connection with such claims, actions or investigations shall include, but not be limited to, being available to meet with counsel to answer questions or to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times.  During and after the Executive’s employment, the Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company.  The Company shall reimburse the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations pursuant to this Section 8(c).
(d)Relief.  The Executive agrees that it would be difficult to measure any damages caused to the Company which might result from any breach by the Executive of the Continuing Obligations, and that in any event money damages would be an inadequate remedy for any such breach.  Accordingly, the Executive agrees that if the Executive breaches, or proposes to breach, any portion of the Continuing Obligations, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company.
			
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9.Consent to Jurisdiction.  The parties hereby consent to the jurisdiction of the state and federal courts of the State of Delaware.  Accordingly, with respect to any such court action, the Executive (a) submits to the exclusive personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.
10.Waiver of Jury Trial.  Each of the Executive and the Company irrevocably and unconditionally WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE EXECUTIVE’S EMPLOYMENT BY THE COMPANY OR ANY AFFILIATE OF THE COMPANY, INCLUDING WITHOUT LIMITATION THE EXECUTIVE’S OR THE COMPANY’S PERFORMANCE UNDER, OR THE ENFORCEMENT OF, THIS AGREEMENT. 
11.Integration.  This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter, including the Prior Agreement, provided that the Restrictive Covenants Agreement and the Equity Documents remain in full force and effect.
12.Withholding; Tax Effect.  All payments made by the Company to the Executive under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law.  Nothing in this Agreement shall be construed to require the Company to make any payments to compensate the Executive for any adverse tax effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit. 
13.Assignment; Successors and Assigns.  Neither the Executive nor the Company may make any assignment of this Agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement (including the Restrictive Covenants Agreement) without the Executive’s consent to any affiliate or to any person or entity with whom the Company shall hereafter effect a reorganization or consolidation, into which the Company merges or to whom it transfers all or substantially all of its properties or assets; provided, further that if the Executive remains employed or becomes employed by the Company, the purchaser or any of their affiliates in connection with any such transaction, then the Executive shall not be entitled to any payments, benefits or vesting pursuant to Section 5 or pursuant to Section 6 of this Agreement solely as a result of such transaction.  This Agreement shall inure to the benefit of and be binding upon the Executive and the Company, and each of the Executive’s and the Company’s respective successors, executors, administrators, heirs and permitted assigns.  In the event of the Executive’s death after the Executive’s termination of employment but prior to the completion by the Company of all payments due to the Executive under this Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing to the Company prior to the Executive’s death (or to the Executive’s estate, if the Executive fails to make such designation).
14.Enforceability.  If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.
			
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15.Survival.  The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the Executive’s employment to the extent necessary to effectuate the terms contained herein.
16.Waiver.  No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party.  The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.
17.Notices.  Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board.
18.Amendment.  This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the Company.
19.Effect on Other Plans and Agreements.  An election by the Executive to resign for Good Reason under the provisions of this Agreement shall not be deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of the Company's benefit plans, programs or policies.  Nothing in this Agreement shall be construed to limit the rights of the Executive under the Company’s benefit plans, programs or policies except as otherwise provided in Section 8 hereof, and except that the Executive shall have no rights to any severance benefits under any Company severance pay plan, offer letter or otherwise.  In the event that the Executive is party to an agreement with the Company providing for payments or benefits under such plan or agreement and under this Agreement, the terms of this Agreement shall govern and the Executive may receive payment under this Agreement only and not both.  Further, Section 5 and Section 6 of this Agreement are mutually exclusive and in no event shall the Executive be entitled to payments or benefits pursuant to both Section 5 and Section 6 of this Agreement.  
20.Governing Law.  This is a Delaware contract and shall be construed under and be governed in all respects by the laws of the State of Delaware, without giving effect to the conflict of laws principles thereof.  With respect to any disputes concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the First Circuit.
21.Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document.
[Signature page follows]

			
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	ACTIVE/116086495.1 

IN WITNESS WHEREOF, the parties have executed this Agreement effective on the Effective Date.

By: /s/ Saurabh Saha                    
Name: Saurabh Saha, MD, PhD
Title: Chief Executive Officer

EXECUTIVE

/s/ Gregory M. Weinhoff                
Gregory M. Weinhoff

Date: March 29, 2022

			
	ACTIVE/116086495.1Document

Exhibit 10.34

AMENDMENT TO 
NOTE PURCHASE AGREEMENT AND WAIVER

This Amendment to the Note Purchase Agreement (as defined below) and Waiver (this “Amendment”) is entered into by and among Centessa Pharmaceuticals plc, a public company incorporated under the laws of England & Wales (“Issuer”), the undersigned Guarantors (together with Issuer, the “Obligors”), Three Peaks Capital Solutions Aggregator Fund (“Purchaser”) and Cocoon SA LLC, as agent for the Purchasers (“Purchaser Agent”), effective as of February 11, 2022.
    Reference is hereby made to the Note Purchase Agreement by and among Issuer, the other Obligors from time to time party thereto, the Purchasers from time to time party thereto and Purchaser Agent, dated effective as of October 1, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”).  Capitalized terms not otherwise defined in this Amendment shall have the meanings set forth in the Note Purchase Agreement.  The Obligors, Purchaser and Purchaser Agent are sometimes referred to herein individually as a “Party” and collectively as the “Parties.”
WHEREAS, the Events of Default specified on Schedule I attached hereto (the “Specified Events of Default”) have occurred and are continuing as of the date hereof;  
WHEREAS, the Issuer has requested that Purchasers waive (i) the requirement pursuant to Section 3.7(g) of the Note Purchase Agreement to obtain a consent from F. Hoffmann-La Roche Ltd. and Hoffmann-La Roche Inc. (collectively, “Roche”) with respect to that certain License Agreement by and between Roche and Pega-One SAS (the “Roche License”) and (ii) insurance endorsements with respect to certain policies required under Section 3.7(d) of the Note Purchase Agreement; and
WHEREAS, without waiving or altering any previously-agreed conditions, requirements, or representations made in any prior agreement between the Parties, as a result of the Specified Events of Default, the Parties wish to amend the Note Purchase Agreement pursuant to Section 13.6 thereof, as more fully set forth in this Amendment. 
NOW, THEREFORE, for good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the Parties hereto intending to be legally bound do hereby agree as follows:
1.Amendments to Note Purchase Agreement.  Subject to Section 3 of this Amendment, the Parties hereto agree to amend the Note Purchase Agreement as follows: 
1.1Section 2.2(c) is amended and restated in its entirety as follows:
(c)    Asset Sale Repurchase Events.  In the event of any Asset Sale Repurchase Event, Issuer shall provide ten (10) days’ prior written notice, which notice shall include the information specified in Section 6.2(a)(xi) in respect of such Asset Sale Repurchase Event, of the anticipated date of such Asset Sale Repurchase Event to Purchaser Agent and the Purchasers. In connection with any Asset Sale Repurchase Event, the Required Purchasers in their sole discretion (and without obligation) may require Issuer to pay in cash an amount equal to the Applicable Redemption Percentage of Excess Net Proceeds after giving effect to such Asset Sale Repurchase Event to repurchase all or a portion of the Notes and prepay the Obligations in connection with all or such portion, as applicable, of the Notes, with payments in respect thereof due upon receipt of such Excess Net Proceeds in accordance with the next sentence.  If the Required Purchasers require Issuer to repurchase all or a portion of the Notes and prepay the other Obligations in connection with such Notes being repurchased pursuant to this Section 2.2(c), the Required Purchasers (or Purchaser Agent on behalf of the Required Purchasers) shall provide written notice thereof no later than thirty (30) days after receipt of Issuer’s notice of such Asset Sale Repurchase Event and Issuer shall apply the Applicable Redemption Percentage of Excess Net Proceeds after giving effect to such Asset Sale Repurchase Event to repurchase the Notes and prepay the other Obligations within two (2) Business Days of each date on which the Excess Net Proceeds are received (or such later date as is 
			
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acceptable to the Required Purchasers in their sole discretion (and without obligation)) with such amount of Excess Net Proceeds being allocated first, to the Reimbursable Expenses then due and payable; second, to any outstanding and unpaid default interest; third, to repurchase such principal amount of the Notes equal to the product of such Excess Net Proceeds (after deducting amounts paid pursuant to the first and second clauses immediately above) multiplied by the quotient obtained by dividing (x) the outstanding principal amount of the Notes by (y) the Final Payment Amount (in each case of the proceeding prongs (x) and (y), as determined immediately prior to such payment); and fourth, to the remaining Obligations payable under Section 2.2(g) (the amount so prepaid pursuant to this clause fourth, the “Prepaid Amount”).  For the avoidance of doubt, (i) to the extent an Asset Sale Repurchase Event also constitutes a Change of Control, Section 2.2(f) shall apply in lieu of this Section 2.2(c) and (ii) except as provided in clause (i) of this sentence, no repurchase of the Notes and prepayment of other Obligations pursuant to this Section 2.2(c) shall be required with respect an Asset Sale Repurchase Event unless, and to the extent, Net Proceeds from such Asset Sale Repurchase Event have been received by or on behalf of Issuer or any Subsidiary. 
1.2Section 6.2(a)(v) is amended by replacing the reference to “thirty (30) days” with “thirty-five (35) days”.
1.3Section 6.2(a)(vii) is amended by replacing the reference to “five (5) Business Days” with “ten (10) Business Days”.
1.4Section 6.2(a)(xii) is amended by replacing the reference to “five (5) Business Days” with “ten (10) Business Days”.
1.5Section 6.2(a)(xiv) is amended by replacing the reference to “five (5) Business Days” with “ten (10) Business Days”.
1.6Section 6.2(a)(xv) is amended by replacing the reference to “other written correspondence or written notices” with “other material written correspondence or material written notices”.
1.7Section 6.2(a)(xi) is amended and restated in its entirety as follows: 
(xi)    notice of any Asset Sale Repurchase Event (no later than ten (10) days prior to the anticipated date of such event) or Change of Control (no later than fifteen (15) days prior to the anticipated date of such event (but only to the extent Issuer becomes aware of such anticipated Change of Control)), together with a description of such Asset Sale Repurchase Event or Change of Control event, copies of such documents entered into in connection with the transaction giving rise to the event as Purchaser Agent may request and in the case of Asset Sale Repurchase Event, calculations, in form reasonably acceptable to Purchaser Agent of (A) the amount of Net Proceeds, if any, arising from such Asset Sale Repurchase Event (including Issuer’s good faith forecast, presented on a quarterly basis, of all estimated payments of Net Proceeds in respect thereof) and (B) the amount of Excess Net Proceeds after giving effect to such Asset Sale Repurchase Event;
1.8Section 6.6 (a) is amended and restated in its entirety as follows: 
(a) Maintain all of Obligors’ Collateral Accounts in accounts which are subject to a Control Agreement in favor of Purchaser Agent or other appropriate instrument with respect to such Collateral Account to perfect Purchaser Agent’s Lien in such Collateral Account in accordance with the terms under this Agreement or other Note Documents, which in case of a Collateral Account is maintained in the Federal Republic of Germany or United Kingdom includes the respective bank’s or financial institution’s acknowledgement of the notice receipt (including a waiver of several rights as set out in the Note Documents).  At all times on and after the First Amendment Effective Date, maintain the cash balance in the Designated Deposit Account in an amount equal to or 
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greater than the Specified Operating Balance.  Issuer shall provide Purchaser Agent with read-only online access to the Designated Deposit Account as soon as reasonably practicable and, in any event, within thirty (30) days following the date hereof, and such access shall be provided at all times thereafter, including in respect of any successor Designated Deposit Account.  Issuer shall provide Purchaser Agent with account balance reports from the on-line banking system, demonstrating a balance in the Designated Deposit Account, not less than the Specified Operating Balance as per this Section 6.6(a), promptly (in any case within two (2) Business Days of request) as requested by Purchaser Agent from time to time.  Purchaser and Purchaser Agent understand that any online access granted is access to a site managed by a third party, and as such, neither Issuer nor any other Obligor take responsibility for any third party issues with the site arising for reasons outside of Issuer’s or any Obligor’s control (including technical issues, bugs and viruses affecting such site) that may result in access being temporarily not available or suspended.  

1.9Section 6.10 is amended and restated in its entirety as follows: 
Section 6.10    Landlord Waivers; Bailee Waivers.  In the event that any Obligor, after the Effective Date, intends to add any new offices or business locations, including warehouses, or otherwise store any portion of the Collateral with, or deliver any portion of the Collateral to, a bailee, in each case pursuant to Section 7.2, then, in the event that the new location is the chief executive office of such Obligor, or the value of Collateral at any such new location has a fair market value in excess of One Million Two Hundred and Fifty Thousand Dollars ($1,250,000) or the fair market value of Collateral at all locations that are not subject to landlord or bailee waivers exceeds Five Million Dollars ($5,000,000) (excluding any single location holding Collateral with a fair market value of less than Five Hundred Thousand Dollars ($500,000)), at the request of Purchaser Agent, such Obligor shall use commercially reasonable efforts to obtain a bailee waiver or landlord waiver, as applicable, from such bailee or landlord in form and substance reasonably satisfactory to Purchaser Agent.
  
1.10Section 7.2 is amended by replacing the reference to “One Million Dollars ($1,000,000)” with “One Million Two Hundred and Fifty Thousand Dollars ($1,250,000)”.
1.11Section 15.1 of the Note Purchase Agreement is amended by adding the following definitions in alphabetical order: 
“First Amendment Effective Date” means February 11, 2022.
“Excess Net Proceeds” means, as of the date of determination, the result of (i) the aggregate Net Proceeds (including, for the avoidance of doubt and without limitation, amounts received, amounts payable on a contingent or non-contingent or guaranteed or non-guaranteed basis and amounts estimated in good faith by the Obligors to be received as reimbursement for research and development expenses) from all Asset Sale Repurchase Event(s) on or after the Effective Date minus (ii) One Hundred Million Dollars ($100,000,000). 
“Specified Operating Balance” means, as of any date of determination, the amount equal to 75% of the principal amount of the Notes that have been issued hereunder.  
1.12The definition of “Applicable Redemption Percentage” in Section 15.1 of the Note Purchase Agreement is amended and restated in its entirety as follows:
“Applicable Redemption Percentage” means 75%; provided that if only the First Purchase has occurred (and no other Purchase has occurred), the Applicable Redemption Percentage on any cumulative Excess Net Proceeds in excess of One Hundred Million Dollars ($100,000,000) shall be 25%.
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1.13The definition of “Asset Sale Repurchase Event” in Section 15.1 of the Note Purchase Agreement is amended and restated in its entirety as follows:
“Asset Sale Repurchase Event” means any (i) Transfer by any Obligor or any Subsidiary of all or any part of its business or property or any issuance of Equity Interests by any Subsidiary to any Person that is not an Obligor for consideration consisting at least 75% of Cash and not expressly permitted pursuant to Section 7.1(a) through (e) or (ii) Permitted License specified in clause (a) of the definition thereof.
1.14Clause (a) of the definition of “Capped Payment Amount” in Section 15.1 of the Note Purchase Agreement is amended and restated in its entirety as follows:
(a)on or prior to the third anniversary of the First Purchase Date, an amount equal to 175.0% of the principal amount of the Notes issued pursuant to this Agreement; provided that if (x) only the First Purchase and/or Second Purchase has occurred (and no other Purchase has occurred) and (y) any portion of the Notes has been repurchased pursuant to Section 2.2(c), then solely in connection with the repayment in full of all Obligations on or prior to the third anniversary of the First Purchase Date, the Capped Payment Amount shall be calculated as an amount equal to 148.0% of the principal amount of the Notes issued pursuant to this Agreement;
1.15The definition of “Commitment Termination Date” in Section 15.1 of the Note Purchase Agreement is amended and restated in its entirety as follows:
“Commitment Termination Date” is the earliest of (i) (a) with respect to the First Purchase, the First Purchase Date, (b) with respect to the Second Purchase, the earlier of (1) September 30, 2023 (or such later date as specified in writing by the Required Purchasers in their sole discretion (and without obligation)) and (2) the purchase of Seventy Five Million Dollars ($75,000,000) of principal amount of Notes pursuant to the Second Purchase and (c) with respect to the Third Purchase, the earlier of (1) December 31, 2023 (or such later date as specified in writing by the Required Purchasers in their sole discretion (and without obligation)) and (2) the purchase of Fifty Million Dollars ($50,000,000) of principal amount of Notes pursuant to the Third Purchase, (ii) the occurrence of a Change of Control, (iii) the redemption or repurchase by Issuer in full of all outstanding Notes pursuant to Section 2.2(b), (iv) the termination of the Commitments by Issuer pursuant to the last sentence of Section 2.2(g), and (v) the termination of the Commitments pursuant to Section 9.1.
1.16The definition of “Net Proceeds” in Section 15.1 of the Note Purchase Agreement is amended and restated in its entirety as follows:
“Net Proceeds” means the amount of all Cash proceeds, plus the fair market value of any non-cash proceeds as determined by the Purchaser Agent, acting reasonably (including, in each case, deferred and/or contingent compensation) received (directly or indirectly) by or on behalf of an Obligor or any Subsidiary (if on behalf, then for the account of such Obligor or such Subsidiary), or distributable or payable (in each case, whether in the present or future) to an Obligor or any Subsidiary, from time to time, as a result of an Asset Sale Repurchase Event, after deducting therefrom, without duplication, (x) reasonable fees, commissions, expenses and other direct costs related thereto and required to be paid or payable by such Obligor in connection with such Asset Sale Repurchase Event, and (y) taxes paid, payable, or determined by such Obligor to be payable or attributable for payment in connection with such transaction to any taxing authorities by such Obligor, to the extent then paid or payable and directly attributable to such transaction in the taxable year in which such Asset Sale Repurchase Event occurs, and (z) any cash reserves required to be maintained by such Obligor in connection with such transaction in accordance with GAAP or applicable law; provided that, in each case, when any reserve for fees, commissions, expenses, costs, taxes or other amounts or any portion thereof is no longer required to be maintained, or upon any refund of any fees, 
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commissions, expenses, costs or taxes, such amount shall be considered Net Proceeds then received, and provided further, that Issuer shall, at Purchaser Agent’s request, provide such calculations or evidence of costs deducted in arriving at Net Proceeds as Purchaser Agent may reasonably require to confirm the calculation of Net Proceeds in accordance with the foregoing. For the avoidance of doubt, to the extent the Asset Sale Repurchase Event involves a collaboration or similar arrangement relating to an Included Product (including, for the avoidance of doubt, any co-development), the amount of “Net Proceeds” shall include any proceeds to be used to pay for out-of-pocket research and development expenses related to the Included Product, whether in accordance with such collaboration or similar arrangement or otherwise.  For purposes of Section 2.2(c), any amount of Net Proceeds to be held in escrow shall not be considered as received until such amounts are released to Issuer from such escrow.
1.17Section 6.6(b) of the Note Purchase Agreement is amended and restated in its entirety as follows:
(b)    Issuer shall provide Purchaser Agent five (5) Business Days’ prior written notice before any Obligor or any of its Subsidiaries establishes any Collateral Account at or with any Person other than the institutions identified to Purchaser Agent in any Perfection Certificate delivered by Issuer to the Purchaser Agent pursuant to this Agreement and /or any institution that is party to an existing Control Agreement.  In addition, for each Collateral Account that an Obligor or any of its Subsidiaries, at any time establishes after the Effective Date, such Obligor or such Subsidiary shall cause the applicable bank or financial institution at or with which such Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Purchaser Agent’s Lien in such Collateral Account and/or any other relevant security interest in accordance with the terms hereunder (which in case of a Collateral Account is maintained in the Federal Republic of Germany or United Kingdom includes the respective bank’s or financial institution’s acknowledgement of the notice receipt (including a waiver of several rights as set out in the Note Documents)) (i) in case such Collateral Account is with an institution to which the first sentence of this Section 6.6(b) applies, prior to any cash, cash equivalents or other assets being deposited in or transferred to such Collateral Account, and (ii) in all other cases, prior to the establishment of such Collateral Account, which Control Agreement may not be terminated without prior written consent of Purchaser Agent.
1.18Exhibit C of the Note Purchase Agreement is replaced by Exhibit A attached hereto.
2.Waiver and Consent.  
1.1Waiver of Specified Events of Default.  Subject to Section 3 and Section 4 of this Amendment, in accordance with Section 13.6 of the Note Purchase Agreement, Purchaser (which constitutes the Required Purchasers) and Purchaser Agent hereby waive the Specified Events of Default and any and all associated additional default interest arising from the application of the Default Rate as a result of any of the Specified Events of Default. 
1.2Waiver of Roche Consent.  Subject to Section 3 and Section 4 of this Amendment, in accordance with Section 13.6 of the Note Purchase Agreement, Purchaser (which constitutes the Required Purchasers) and Purchaser Agent hereby waive the requirement to obtain the consent solely with respect to the Roche License under Section 3.7(g) of the Note Purchase Agreement.
1.3Waiver of Certain Insurance Endorsements.  Subject to Section 3 and Section 4 of this Amendment, in accordance with Section 13.6 of the Note Purchase Agreement, Purchaser (which constitutes the Required Purchasers) and Purchaser Agent hereby waive the requirement under Section 3.7(d) of the Note Purchase Agreement to obtain insurance endorsements with respect to each of the following insurance policies: (i) accident 
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insurance and public liability insurance for PearlRiver Bio GmbH, (ii) clinical trial insurance in Moldova for Apcintex Limited and (iii) general liability policy for Pega-One SAS.
1.4Consent to Centessa Limited Account Closure.  In accordance with Section 13.6, the Purchaser and Purchaser Agent hereby consents to the Issuer and Centessa Limited closing the Specified Centessa Limited Accounts; provided that no cash, cash equivalents or other assets shall be deposited in or transferred to such accounts after the date hereof.  The parties hereto agree that such Specified Centessa Limited Accounts shall be subject to Sections 6.6 and 7.6 of the Note Purchase Agreement if such accounts have not been closed within twenty (20) days of the date hereof. 
1.5Citibank Collateral Accounts.  In accordance with Section 6.6(b), the Purchaser and Purchaser Agent acknowledge receipt of notice in respect of the opening by Issuer (on behalf of itself and its affiliates) of Collateral Accounts at Citibank and waive the obligation to establish Control Agreements in respect of such accounts prior to account opening provided such Control Agreements are established prior to Issuer and/or any Obligor depositing any cash, cash equivalents or other assets in such accounts.  
3.Conditions Precedent to Effectiveness.  The effectiveness of this Amendment shall be subject to the following conditions precedent:
1.1Purchaser Agent shall have received this Amendment, duly executed by Issuer, the other Obligors, Purchaser Agent and the Required Purchasers as required by Section 13.6 of the Note Purchase Agreement; 
1.2Purchaser Agent shall have received the consents with respect to (i) the Exclusive Patent and Non-Exclusive Know-How License Agreement, dated as of December 7, 2016, between Cambridge Enterprises Limited and Apcintex, (ii) the License Agreement, dated February 4, 2015, between Cambridge Enterprises Limited and Z Factor Limited and (iii) the Patent and Know How License Agreement, dated October 30, 2015, between Cambridge Enterprises Limited and Morphogen-IX Limited, each in the form provided by Purchaser Agent. 
1.3All written certificates and written statements heretofore furnished to Purchaser Agent or any Purchaser by or on behalf of any Obligor for purposes of or in connection with this Amendment or any transaction contemplated hereby do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (it being recognized that the projections and forecasts provided by Issuer in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results).
1.4Each of the representations and warranties in Article V of the Note Purchase Agreement shall be true, accurate and complete in all material respects as of the date hereof; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and
1.5No Event of Default or Default under any of the Note Documents (other than the Specified Events of Default) shall have occurred and be continuing, on or prior to the effective date of this Amendment.
4.Conditions Subsequent to Effectiveness.  The effectiveness of Section 2 of this Amendment shall also be subject to the following conditions subsequent:  
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1.1Within thirty (30) days of the date hereof, Purchaser Agent shall have received a duly executed Control Agreement in favor of Purchaser Agent with respect to the deposit account ending in         in the name of Janpix Holdings, Inc. at Silicon Valley Bank (such account, the “Specified Janpix Account”) in form and substance satisfactory to Purchaser Agent in its sole discretion.
1.2Within sixty (60) days of the date hereof, Purchaser Agent shall have received a consent or an amendment with respect to the Research Collaboration and Licence Agreement, dated October 15, 2021, between Orexia Therapeutics Limited and Schrödinger, Inc. (the “Schrödinger License”), in each case, in form and substance reasonably acceptable to Purchaser Agent.
1.3Within sixty (60) days of the date hereof, Purchaser Agent shall have received the consent with respect to the Research Collaboration Agreement, dated October 30, 2015, between The Chancellor, Masters and Scholars of the University of Cambridge and Morphogen-IX Limited, in the form provided by Purchaser Agent as of the date hereof (with such changes as are acceptable to Purchaser Agent in its reasonable discretion).
1.4Issuer shall have paid to Purchaser Agent or as directed by Purchaser Agent all Reimbursable Expenses for documentation and negotiation of this Amendment, or otherwise submitted in writing for reimbursement in accordance with Section 2.5 of the Note Purchase Agreement subject to the applicable payee having provided to Issuer customary documentation required by Issuer in order to make such payment, provided that Issuer agrees such documentation has already been provided to Issuer by Purchaser Agent’s US counsel.
5.Release of Claims.
1.1Each of the Obligors hereby absolutely and unconditionally releases and forever discharges Purchaser Agent and each Purchaser, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents, attorneys and employees of any of the foregoing (each, a “Releasee” and collectively, the “Releasees”), from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise (each, a “Claim” and collectively, the “Claims”), which such Obligor has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Amendment, whether such claims, demands and causes of action are matured or unmatured or known or unknown.  Each of the Obligors understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense to any Claim and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release.  Each of the Obligors agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered will affect in any manner the final, absolute and unconditional nature of the release set forth above.
1.2Each of the Obligors hereby absolutely, unconditionally and irrevocably covenants and agrees with and in favor of each Releasee that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any Claim released, remised and discharged by such Obligor pursuant to Section 5.1 above.  If any Obligor violates the foregoing covenant, such Obligor, for itself and its successors and assigns, agrees to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all attorneys’ fees, costs and expenses incurred by any Releasee as a result of such violation.
6.General.
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1.1Except as expressly set forth in Section 2.2 above, each of the Obligors, hereby (i) acknowledges and agrees that all of its obligations under the Note Purchase Agreement and each other Note Document and under any other document or instrument executed and delivered or furnished in connection with such Note Documents are reaffirmed and remain in full force and effect on a continuous basis, including, for the avoidance of doubt, after giving effect to this Amendment, (ii) acknowledges, agrees and reaffirms that each Lien granted by it to Purchaser Agent under the Note Documents for the ratable benefit of the Purchasers is and shall remain in full force and effect after giving effect to this Amendment, (iii) agrees that the Obligations secured by the Note Document to which it is a party shall include all Obligations arising after giving effect to this Amendment and (iv) agrees that the Guaranteed Obligations guaranteed by the Guaranty to which it is a party shall include all Obligations arising after giving effect to this Amendment.
1.2Except as expressly set forth in Section 2 above, (i) the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any rights, power or remedy of the Purchasers or Purchaser Agent under the Note Purchase Agreement or any other documents executed in connection with the Note Purchase Agreement or constitute a waiver of any provision of the Note Purchase Agreement or any other document executed in connection therewith and (ii) this Amendment shall not by implication, course of dealing or otherwise limit, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements in the Note Documents, in each case, except to the extent limited, modified, amended or affected by this Amendment.  
1.3Except as expressly modified by this Amendment, the terms and provisions of the Note Purchase Agreement shall remain unchanged and in full force and effect in accordance with its terms.  In the event of any inconsistencies between the provisions of this Amendment and the provisions of Note Purchase Agreement or any other Note Document, the provisions of this Amendment shall govern and prevail.  For the avoidance of doubt, this Amendment is a Note Document.
1.4This Amendment shall be governed by, and construed, interpreted and enforced in accordance with, the laws of the state of New York, (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts of law rules).
1.5The provisions of Article X (Notices; Service of Process), Article XI (Choice of Law, Venue and Jury Trial Waiver), Section 13.4 (Severability of Provisions), Section 13.6 (Amendments in Writing; Integration) and Section 13.7 (Counterparts) of the Note Purchase Agreement are hereby incorporated by reference into this Amendment, mutatis mutandis.  
[SIGNATURE PAGE FOLLOWS]

8
			
	ACTIVE/115988407.2 

IN WITNESS WHEREOF, the Parties have caused this Amendment to be duly executed by their respective duly authorized officers as of the date first written above.

												
	ISSUER:		
			
	CENTESSA PHARMACEUTICALS PLC		
			
			
	By:/s/ Greg Weinhoff    
		
	Name: Greg Weinhoff
		
	Title: Authorized Signatory		
			
	GUARANTORS:		
			
	Palladio Biosciences, Inc.

By:/s/ Alex Martin    

Name: Alex Martin

Title: Chief Executive Officer		
	Centessa Pharmaceuticals, Inc.

By:/s/ Marella Thorell    

Name: Marella Thorell

Title: Director		
	Cardiokine, Inc.

By:/s/ Alex Martin    

Name: Alex Martin

Title: Chief Executive Officer	

[Signature Page to Amendment]

												
	Cardiokine Biopharma LLC

By:/s/ Alex Martin    

Name: Alex Martin

Title: Chief Executive Officer

Centessa Limited

By:/s/ Marella Thorell    

Name: Marella Thorell

Title: Director

[Signatures continue on following page]

GUARANTORS (CONT’D)

ApcinteX Limited

By:/s/ Marella Thorell    

Name: Marella Thorell

Title: Director	
	CAPELLA BIOSCIENCE LTD
	
	
	By:/s/ Marella Thorell    

	Name: Marella Thorell
	Title: Director

[Signature Page to Amendment]

												
	Inexia Limited

By:/s/ Marella Thorell    

Name: Marella Thorell

Title: Director

Janpix Limited

By:/s/ Marella Thorell    

Name: Marella Thorell

Title: Director

Lockbody Therapeutics LTD

By:/s/ Marella Thorell    

Name: Marella Thorell

Title: Director

Morphogen-IX Limited

By:/s/ Marella Thorell    

Name: Marella Thorell

Title: Director

[Signatures continue on following page]

GUARANTORS (CONT’D)

Z Factor Limited

By:/s/ Marella Thorell    

Name: Marella Thorell

Title: Director

Orexia Therapeutics Limited

By:/s/ Marella Thorell    

Name: Marella Thorell

Title: Director

Ultrahuman Two Limited

By:/s/ Marella Thorell    

Name: Marella Thorell

Title: Director

Ultrahuman Four Limited

By:/s/ Marella Thorell    

Name: Marella Thorell

Title: Director

PearlRiver Bio GmbH

By:/s/ Johannes Heuckmann    

Name: Johannes Heuckmann

Title: Managing Director

[Signatures continue on following page]

[Signature Page to Amendment]

									
	PURCHASER AGENT:		
			
	COCOON SA LLC
			
			
	By:/s/ David Dubinsky    
		
	Name: David Dubinsky		
	Title: Authorized Signatory		
			
	PURCHASER:		
			
	THREE PEAKS CAPITAL SOLUTIONS AGGREGATOR FUND		
			
	By:/s/ David Dubinsky    
	
	Name: David Dubinsky	
	Title: Authorized Signatory	
			
			
			
			
			
			
			

[Signature Page to Amendment]

Schedule I

Specified Events of Default

1.Post-Closing Covenant Default: Pursuant to Section 3.7(e) of the Note Purchase Agreement, Issuer was required to deliver the landlord consent executed in favor of Purchaser Agent in respect of Issuer’s headquarters located at 5 Walnut Grove Drive, Suite 120, Horsham, PA 19044 (the “Specified Landlord Consent”) no later than October 31, 2021. The Specified Landlord Consent was executed on November 9, 2021 and the failure by Issuer to deliver such Specified Landlord Consent by October 31, 2021 constitutes an event of default under Section 8.2(a) of the Note Purchase Agreement. 

2.Restricted License Default:  On October 15, 2021, Orexia Therapeutics Limited, a Subsidiary of Issuer (“Orexia”), entered into the Schrödinger License, which constitutes a Restricted License under the Note Purchase Agreement, without the prior consent of Purchaser Agent.  Pursuant to Section 6.11(b)(ii) of the Note Purchase Agreement, Orexia shall not enter into any Restricted License without the prior consent of Purchaser Agent and the entrance into the Schrödinger License without prior consent of Purchaser Agent constitutes an Event of Default under Section 8.2(a) of the Note Purchase Agreement.

3.Account Control Requirement Defaults: After the First Purchase Date, (i) Janpix Holdings, Inc, a Subsidiary of Issuer and an Obligor, informed Issuer of the existence of the Specified Janpix Account and (ii) Centessa Limited, a Subsidiary of Issuer and an Obligor, informed Issuer of the existence of three inactive deposit accounts with zero balance ending in        ,         and         in the name of Centessa Limited at Barclays Bank PLC (such accounts, the “Specified Centessa Limited Accounts”), and each of Specified Janpix Account and Specified Centessa Limited Accounts are Collateral Accounts.  Pursuant to Section 6.6 of the Note Purchase Agreement, the Obligors shall maintain all of their Collateral Accounts in accounts which are subject to a Control Agreement in favor of Purchaser Agent or other appropriate with respect to such Collateral Account to perfect Purchaser Agent’s Lien in such Collateral Account (the “Account Control Requirement”) and the failure by Obligors to meet the Account Control Requirement with respect to the Specified Janpix Account and the Specified Centessa Limited Accounts, in each case, constitutes an Event of Default under Section 8.2(a) of the Note Purchase Agreement.

4.First Purchase Default: Pursuant to Section 3.2(a) of the Note Purchase Agreement, as a condition precedent to the First Purchase, Issuer and its Subsidiaries were required to provide to the Purchasers duly executed Control Agreements, with respect to any U.S. Collateral Accounts maintained by Issuer or any of its Subsidiaries as of date of the First Purchase.  On October 1, 2021, Issuer delivered a Purchase Notice with respect to the First Purchase stating that (i) no default or Event of Default has occurred and was occurring, (ii) the Issuer was in compliance with the covenants and requirements contained in Articles III of the Purchase Agreement and (iii) all conditions referred to in Article III of the Purchase Agreement with respect to the First Purchase have been satisfied, and due to the Account Control Requirement Defaults in existence of such date, such statements are incorrect, which constitutes an Event of Default under Section 8.8 of the Note Purchase Agreement.

5.Insurance Endorsement Defaults: Pursuant to Section 3.7(d) of the Note Purchase Agreement, Issuer shall deliver to Purchase Agent certain insurance endorsements specified thereunder no later than thirty (30) days after the Effective Date (such date, the “Post-Closing Deadline”).  As of the Post-Closing Deadline, Issuer has failed to deliver the insurance endorsements with respect to each of the following insurance policies (i) accident insurance and public liability insurance for PearlRiver Bio GmbH, (ii) clinical trial insurance in Moldova for Apcintex Limited, (iii) general liability policy for Pega-One SAS, (iv) clinical trial insurance in Georgia for Apcintex Limited, (v) cyber insurance for Palladio Biosciences, Inc. and (vi) clinical trial insurance for Palladio Biosciences, Inc., each of which failure constitutes an Event of Default under Section 8.2(a) of the Note Purchase Agreement. 

6.German IP Pledge Default: Pursuant to Section 10.3 (Registration) of the German Intellectual Property Rights Pledge Agreement, dated 29 October 2021, between, inter alios, PearlRiver Bio 
[Signature Page to Amendment]

GmbH as pledgor (the “Pledgor”), Cocoon SA LLC as Purchaser Agent and pledgee as well as Three Peaks Capital Solutions Aggregator Fund as original Purchaser and further pledgee (the “German IP Pledge Agreement”), the Pledgor shall deliver to the Purchaser Agent immediately upon the signing of the German IP Pledge Agreement (i) a properly completed and signed Eligible Registration Form (as defined in the German IP Pledge Agreement) for each of its present Pledged Intellectual Property Rights (as defined in the German IP Pledge Agreement) and (ii) one signed blank Eligible Registration Form (as defined in the German IP Pledge Agreement) of each type of Pledged Intellectual Property Right (including any pledged Community Intellectual Property Rights (both as defined in the German IP Pledge Agreement)), and the failure by Issuer to deliver such forms at such time constitutes an Event of Default under Section 8.2(a) of the Note Purchase Agreement.

7.Citi Accounts Defaults: Pursuant to Section 6.6(b) of the Note Purchase Agreement, (i) Issuer shall provide Purchaser Agent five (5) Business Days’ prior written notice before any Obligor or any of its Subsidiaries establishes any Collateral Account and (ii) such Obligor shall meet the Account Control Requirement with respect to such Collateral Account prior to the establishment of such Collateral Account.  Issuer is in the process of opening several accounts at Citibank and was informed by Citibank that nine of such accounts have already been opened and the failure by Issuer to provide notice and establish a Control Agreement in respect of such Citibank accounts prior to account opening in accordance with Section 6.6(b), in each case, is an Event of Default under Section 8.2(a) of the Note Purchase Agreement.

8.Notice Defaults: Pursuant to Section 6.9 of the Note Purchase Agreement, within three (3) Business Days upon Issuer becoming aware of the existence of any Event of Default, Issuer shall give written notice to Purchaser Agent and the Purchasers of such occurrence, and the Issuer has failed to provide notice of any of the Events of Defaults listed in the preceding paragraphs 1 through 7 in this Schedule I, each of which failures constitutes an Event of Default under Section 8.2(a) of the Note Purchase Agreement.

9.Inaccurate Certificate Default: On November 15, 2021, Issuer delivered a Compliance Certificate stating that there were no Events of Default, which statement was materially incorrect when made as a result of the existence of the each of the Events of Defaults listed in the preceding paragraphs 1 through 8 in this Schedule I, thereby constituting a further Event of Default pursuant to Section 8.8 of the Note Purchase Agreement. 

10.Licensor Consent Default: Pursuant to Section 3.7(g) of the Note Purchase Agreement, Issuer was required to deliver consents in form and substance reasonably acceptable to Purchaser Agent with respect to the Restricted Licenses set forth on Schedule 3.7 attached to the Note Purchase Agreement (collectively, the “Licensor Consents”) no later than January 29, 2022. Issuer did not deliver the Licensor Consents with respect to the Restricted Licenses listed as items 1, 3 and 7 of Schedule 3.7 to the Note Purchase Agreement by such date, and as of the date hereof, Issuer has not delivered the Licensor Consent with respect to the Restricted License itemized as item 8 in Schedule 3.7 to the Note Purchase Agreement, and each such failure in respect of such Restricted Licenses constitutes an Event of Default under Section 8.2(a) of the Note Purchase Agreement.

11.Annual Projections Default: Pursuant to Section 6.2(a)(v) of the Note Purchase Agreement, Issuer was required to deliver the Annual Projections with respect to fiscal year 2022 (the “2022 Projections”) by January 30, 2022. The 2022 Projections was delivered by Issuer to Purchaser Agent on January 31, 2022, and the failure by Issuer to deliver the 2022 Projections by January 30, 2022 constitutes an Event of Default under Section 8.2(a) of the Note Purchase Agreement.

[Signature Page to Amendment]

Exhibit A

Updated Compliance Certificate

[attached]

[Signature Page to Amendment]

Exhibit C

Compliance Certificate
						
	TO:	Cocoon SA LLC, as Purchaser Agent
	FROM:	CENTESSA PHARMACEUTICALS PLC

The undersigned authorized officer (“Officer”) of CENTESSA PHARMACEUTICALS PLC (“Issuer”), hereby certifies that in accordance with the terms and conditions of the Note Purchase Agreement, dated as of October 1, 2021, by and among Issuer, Purchaser Agent, and the Purchasers from time to time party thereto (the “Purchase Agreement;” capitalized terms used but not otherwise defined herein shall have the meanings given them in the Purchase Agreement),
(a)    Issuer is in complete compliance for the period ending _______________ with all required covenants except as noted below;
(b)    There are no Events of Default, except as waived in writing by the Purchasers and/or Purchaser Agent prior to the date of this Compliance Certificate or as noted below;
(c)    Except as noted below and except as waived in writing by the Purchasers and/or Purchaser Agent prior to the date of this Compliance Certificate, all representations and warranties of Issuer stated in the Note Documents are true and correct in all material respects on this date and for the period described in (a), above; provided that, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date.
Attached are the required documents, if any, supporting our certification(s).  The Officer, on behalf of Issuer, further certifies that the attached financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes and except, in the case of unaudited financial statements, for the absence of footnotes and subject to year-end audit adjustments as to the interim financial statements.  
Please indicate compliance status since the last Compliance Certificate by circling Yes, No, or N/A under “Complies” column.
																					
		Reporting Covenant	Requirement	Actual	Complies
	1)	Quarterly financial statements	Quarterly, within 45 days after the last day of first 3 calendar quarters		Yes	No	N/A
	2)	Annual (audited) financial statements	Within 90 days after FYE or within 5 days of filing with SEC		Yes	No	N/A
	3)	Clinical Updates	Quarterly, within 45 days after the last day of first 3 calendar quarters and within 90 days after FYE
		Yes	No	N/A

			
	ACTIVE/115988407.2 

																					
	4)	Regulatory Updates	Quarterly, within 45 days after the last day of the first 3 calendar quarters and within 90 days after FYE
		Yes	No	N/A
	5)	Commercial Updates	Quarterly, within 45 days after the last day of the first 3 calendar quarters and within 90 days after FYE
		Yes	No	N/A
	6)	Intellectual Property Updates	Quarterly, within 45 days after the last day of the first 3 calendar quarters and within 90 days after FYE
		Yes	No	N/A
	7)	Updates to Perfection Certificate	Quarterly, within 45 days after the last day of the first 3 calendar quarters and within 90 days after FYE
		Yes	No	N/A
	8)	Cash flow projections	Quarterly, within 45 days after the last day of the first 3 calendar quarters and within 90 days after FYE
		Yes	No	N/A
	9)	“DashBoard” report	Quarterly, within 45 days after the last day of the first 3 calendar quarters and within 90 days after FYE
		Yes	No	N/A
	10)	Annual Projections (quarter-by-quarter format)	Annually (within 35 days of FYE), and when revised (within 5 Business Days)		Yes	No	N/A
	11)	Compliance Certificate	Quarterly, within 45 days after the last day of the first 3 calendar quarters and within 90 days after FYE
		Yes	No	N/A
	12)	Board kit	Within 10 Business Days of each meeting		Yes	No	N/A
	13)	Audit committee materials	Promptly while any material weakness identified prior to the Effective Date is outstanding		Yes	No	N/A
	14)	Revenue Report	Quarterly, within 45 days after the last day of the first 3 calendar quarters and  90 days after FYE		Yes	No	N/A

			
	ACTIVE/115988407.2 

																					
	15)	Regulatory Notice/Report	When required		Yes	No	N/A
	16)	Specified Operating Balance*	At all times		Yes	No	N/A

* Please also attach evidence of compliance, including the details of the Designated Deposit Account balance and the calculation of the current Specified Operating Balance.

Other Matters

												
	1)	Have there been any changes in management since the last Compliance Certificate?	Yes	No
				
	2)	Have there been any transfers/sales/disposals/retirement of Collateral or IP prohibited by the Purchase Agreement?	Yes	No
				
	3)	Have there been any new or pending actions, audits, suits, investigations or proceedings initiated or threatened in writing against Issuer or other Obligors that involve more than One Million Dollars ($1,000,000)?	Yes	No
				
	4)	Have there been any amendments of or other changes to the Operating Documents of Issuer or any of its Subsidiaries?  If yes, provide copies of any such amendments or changes with this Compliance Certificate.	Yes	No
				
	5)	Have there been any terminations of Material Agreements, material notices under any Material Agreements, entries into new Material Agreements or material amendments to Material Agreements?	Yes	No
				
	6)	Have there been any significant developments with respect to any prior (i) Clinical Update, (ii) the Regulatory Update, (iii) Commercial Update, or (iv) Intellectual Property Update?	Yes	No

			
	ACTIVE/115988407.2 

Exceptions

Please explain any exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions.”  Attach separate sheet if additional space needed.)

CENTESSA PHARMACEUTICALS PLC

By                  
Name:                  
Title:                  

Date:

						
	PURCHASER AGENT USE ONLY
		
	Received by:                 
	Date:          

		
	Verified by:                  
	Date:          

		
	Compliance Status:    Yes        No

			
	ACTIVE/115988407.2

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