Document:

EX-10.9

 Exhibit 10.9 
  

	
	  

PERSPECTUM GROUP PLC
 2021
EMPLOYEE STOCK PURCHASE PLAN
  

 ARTICLE I. 

PURPOSE 
 The purpose of
this Plan is to assist Eligible Employees of the Company and its Designated Subsidiaries in acquiring a stock ownership interest in the Company. 

The Plan consists of two components: (i) the Section 423 Component and (ii) the
Non-Section 423 Component. The Section 423 Component is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code and shall be administered, interpreted and
construed in a manner consistent with the requirements of Section 423 of the Code. The Non-Section 423 Component authorizes the grant of rights which need not qualify as rights granted pursuant to an
“employee stock purchase plan” under Section 423 of the Code. Rights granted under the Non-Section 423 Component shall be granted pursuant to separate Offerings containing such sub-plans, appendices, rules or procedures as may be adopted by the Administrator and designed to achieve tax, securities laws or other objectives for Eligible Employees and Designated Subsidiaries but shall not be
intended to qualify as an “employee stock purchase plan” under Section 423 of the Code. Except as otherwise determined by the Administrator or provided herein, the Non-Section 423 Component will
operate and be administered in the same manner as the Section 423 Component. Offerings intended to be made under the Non-Section 423 Component will be designated as such by the Administrator at or prior
to the time of such Offering. 
 For purposes of this Plan, the Administrator may designate separate Offerings under the Plan in which
Eligible Employees will participate. The terms of these Offerings need not be identical, even if the dates of the applicable Offering Period(s) in each such Offering are identical, provided that the terms of participation are the same within each
separate Offering under the Section 423 Component (as determined under Section 423 of the Code). Solely by way of example and without limiting the foregoing, the Company could, but shall not be required to, provide for simultaneous
Offerings under the Section 423 Component and the Non-Section 423 Component of the Plan. 

ARTICLE II. 
 DEFINITIONS
AND CONSTRUCTION 
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context
clearly indicates otherwise. The singular pronoun shall include the plural where the context so indicates. Masculine, feminine and neuter pronouns are used interchangeably and each comprehends the others. 

2.1    “Administrator” shall mean the entity that conducts the general administration of the Plan
as provided in Article XI. 
 2.2    “Agent” means the brokerage firm, bank or other
financial institution, entity or person(s), if any, engaged, retained, appointed or authorized to act as the agent of the Company or an Employee with regard to the Plan. 

 2.3    “Applicable Law” shall mean the
requirements relating to the administration of equity incentive plans under U.S. federal and state securities, tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation system on which the Shares
are listed or quoted and the applicable laws and rules of any foreign country or other jurisdiction where rights under this Plan are granted. 

2.4    “Board” shall mean the Board of Directors of the Company. 

2.5     “Code” shall mean the U.S. Internal Revenue Code of 1986, as amended and the regulations
issued thereunder. 
 2.6    “Company” shall mean Perspectum Group PLC (registered in England
and Wales with registered number 13449248), or any successor. 
 2.7    “Compensation” of an
Eligible Employee means, unless otherwise determined by the Administrator, the gross base compensation received by such Eligible Employee as compensation for services to the Company or any Designated Subsidiary. 

2.8    “Designated Subsidiary” shall mean any Subsidiary designated by the Administrator in
accordance with Section 11.2(b), such designation to specify whether such participation is in the Section 423 Component or Non-Section 423 Component. A Designated Subsidiary may participate in either
the Section 423 Component or Non-Section 423 Component, but not both; provided that a Subsidiary that, for U.S. tax purposes, is disregarded from the Company or any Subsidiary that participates in the
Section 423 Component shall automatically constitute a Designated Subsidiary that participates in the Section 423 Component. 

2.9     “Eligible Employee” shall mean: 

(a)    an Employee who does not, immediately after any rights under this Plan are granted, own (directly or through
attribution) stock possessing 5% or more of the total combined voting power or value of all classes of Shares and other securities of the Company, a Parent or a Subsidiary (as determined under Section 423(b)(3) of the Code). For purposes of the
foregoing sentence, the rules of Section 424(d) of the Code with regard to the attribution of stock ownership shall apply in determining the stock ownership of an individual, and stock that an Employee may purchase under outstanding options
shall be treated as stock owned by the Employee. 
 (b)    Notwithstanding the foregoing, the Administrator may provide
in an Offering Document that an Employee shall not be eligible to participate in an Offering Period under the Section 423 Component if: (i) such Employee is a highly compensated employee within the meaning of Section 423(b)(4)(D) of
the Code, (ii) such Employee has not met a service requirement designated by the Administrator pursuant to Section 423(b)(4)(A) of the Code (which service requirement may not exceed two years), (iii) such Employee’s customary
employment is for twenty hours per week or less, (iv) such Employee’s customary employment is for less than five months in any calendar year and/or (v) such Employee is a citizen or resident of a foreign jurisdiction and the grant of
a right to purchase Shares under the Plan to such Employee would be prohibited under the laws of such foreign jurisdiction or the grant of a right to purchase Shares under the Plan to such Employee in compliance with the laws of such foreign
jurisdiction would cause the Plan to violate the requirements of Section 423 of the Code, as determined by the Administrator in its sole discretion; provided, further, that any exclusion in clauses (i), (ii), (iii), (iv) or
(v) shall be applied in an identical manner under each Offering Period to all Employees, in accordance with Treasury Regulation Section 1.423-2(e). 

  
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 (c)    Further notwithstanding the foregoing, with respect to the Non-Section 423 Component, the first sentence of Section 2.11(a) above shall apply in determining who is an “Eligible Employee,” except (i) the Administrator may limit eligibility further within
the Company or a Designated Subsidiary so as to only designate some Employees of the Company or a Designated Subsidiary as Eligible Employees, and (ii) to the extent the restrictions in the first sentence in this definition are not consistent
with applicable local laws, the applicable local laws shall control. 
 2.10    “Employee” shall
mean any individual who renders services to the Company or any Designated Subsidiary in the status of an employee, and, with respect to the Section 423 Component, a person who is an employee within the meaning of Section 3401(c) of the
Code. For purposes of an individual’s participation in, or other rights under the Plan, all determinations by the Company shall be final, binding and conclusive, notwithstanding that any court of law or governmental agency subsequently makes a
contrary determination. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved by the Company or Designated Subsidiary and meeting the
requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months and the individual’s right to reemployment is not guaranteed either by statute or by
contract, the employment relationship shall be deemed to have terminated on the first day immediately following such three (3) month period. 

2.11    “Enrollment Date” shall mean the first Trading Day of each Offering Period. 

2.12    “Exchange Act” shall mean the United States Securities Exchange Act of 1934, as amended
from time to time. 
 2.13    “Fair Market Value” means, as of any date, the value of a Share
determined as follows: (i) if the Shares are listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Shares as quoted on such exchange for such date, or if no sale occurred on such date, the last
day preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the Administrator deems reliable; (ii) if the Shares are not traded on a stock exchange but is quoted on a national market or other
quotation system, the closing sales price on such date, or if no sales occurred on such date, then on the last date preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the Administrator deems
reliable; or (iii) without an established market for the Shares, the Administrator will determine the Fair Market Value in its discretion. 

2.14     “Non-Section 423 Component” shall mean those
Offerings under the Plan, together with the sub-plans, appendices, rules or procedures, if any, adopted by the Administrator as a part of this Plan, in each case, pursuant to which rights to purchase Shares
during an Offering Period may be granted to Eligible Employees that need not satisfy the requirements for rights to purchase Shares granted pursuant to an “employee stock purchase plan” that are set forth under Section 423 of the
Code. 
 2.15    “Offering” shall mean an offer under the Plan of a right to purchase Shares
that may be exercised during an Offering Period as further described in Article IV hereof. Unless otherwise specified by the Administrator, each Offering to the Eligible Employees of the Company or a Designated Subsidiary shall be deemed a separate
Offering, even if the dates and other terms of the applicable Offering Periods of each such Offering are identical, and the provisions of the Plan will separately apply to each Offering. To the extent permitted by Treas. Reg. § 1.423-2(a)(1), the terms of each separate Offering under the Section 423 Component need not be identical, provided that the terms of the Section 423 Component and an Offering thereunder together satisfy
Treas. Reg. § 1.423-2(a)(2) and (a)(3). 

  
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 2.16    “Offering Document” shall have the
meaning given to such term in Section 4.1. 
 2.17    “Offering Period” shall have the
meaning given to such term in Section 4.1. 
 2.18    “Parent” shall mean any corporation,
other than the Company, in an unbroken chain of corporations ending with the Company if, at the time of the determination, each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all
classes of stock in one of the other corporations in such chain. 
 2.19    “Participant” shall
mean any Eligible Employee who has executed a subscription agreement and been granted rights to purchase Shares pursuant to the Plan. 

2.20    “Payday” means the regular or recurring established day for payment of Compensation to an
Employee of the Company or any Designated Subsidiary. 
 2.21    “Plan” shall mean this 2021
Employee Stock Purchase Plan, including both the Section 423 Component and Non-Section 423 Component and any other sub-plans or appendices. 

2.22    “Purchase Date” shall mean the last Trading Day of each Purchase Period or such other date
as determined by the Administrator and set forth in the Offering Document. 
 2.23    “Purchase
Period” shall refer to one or more periods within an Offering Period, as designated in the applicable Offering Document; provided, however, that, in the event no purchase period is designated by the Administrator in the
applicable Offering Document, the purchase period for each Offering Period covered by such Offering Document shall be the same as the applicable Offering Period. 

2.24    “Purchase Price” shall mean the purchase price designated by the Administrator in the
applicable Offering Document (which purchase price, for purposes of the Section 423 Component, shall not be less than 85% of the Fair Market Value of a Share on the Enrollment Date or on the Purchase Date, whichever is lower); provided,
however, that, in the event no purchase price is designated by the Administrator in the applicable Offering Document, the purchase price for the Offering Periods covered by such Offering Document shall be 85 % of the Fair Market Value of
a Share on the Enrollment Date or on the Purchase Date, whichever is lower; provided, further, that the Purchase Price may be adjusted by the Administrator pursuant to Article VIII and shall not be less than the par value of a
Share. 
 2.25    “Section 423 Component” shall mean those
Offerings under the Plan, together with the sub-plans, appendices, rules or procedures, if any, adopted by the Administrator as a part of this Plan, in each case, pursuant to which rights to purchase Shares
during an Offering Period may be granted to Eligible Employees that are intended to satisfy the requirements for rights to purchase Shares granted pursuant to an “employee stock purchase plan” that are set forth under Section 423 of
the Code. 
 2.26    “Securities Act” shall mean the United States Securities Act
of 1933, as amended. 
 2.27    “Share” shall means a fully paid ordinary shares in the capital
of the Company or shares or interests representing them and such other securities of the Company that may be substituted therefor pursuant to Article VIII. 

2.28    “Subsidiary” shall mean any corporation, other than the Company, in an unbroken chain of
corporations beginning with the Company if, at the time of the determination, each of the corporations other than the last corporation in an unbroken chain owns stock 

  
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possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain; provided, however, that a limited liability company or
partnership may be treated as a Subsidiary to the extent either (a) such entity is treated as a disregarded entity under Treasury Regulation Section 301.7701-3(a) by reason of the Company or any
other Subsidiary that is a corporation being the sole owner of such entity, or (b) such entity elects to be classified as a corporation under Treasury Regulation Section 301.7701-3(a) and such entity
would otherwise qualify as a Subsidiary. In addition, with respect to the Non-Section 423 Component, Subsidiary shall include any corporate or non-corporate entity in
which the Company has a direct or indirect equity interest or significant business relationship. 
 2.29    
“Trading Day” shall mean a day on which national stock exchanges in the United States are open for trading. 

ARTICLE III. 
 SHARES
SUBJECT TO THE PLAN 
 3.1    Number of Shares. Subject to Article VIII, the aggregate number of Shares
that may be issued pursuant to rights granted under the Plan shall be equal to [1% of the ordinary share capital on Admission]. In addition to the foregoing, subject to Article VIII, on the first day of each calendar year beginning on
January 1, 2022 and ending on and including January 1, 2031, the number of Shares available for issuance under the Plan shall be increased by that number of Shares equal to the least of (a) 1% of the Shares outstanding on the final day of
the immediately preceding calendar year and (b) such smaller number of Shares as determined by the Board. If any right granted under the Plan shall for any reason terminate without having been exercised, the Shares not purchased under such
right shall again become available for issuance under the Plan. 
 3.2    Shares Distributed. Any Shares
distributed pursuant to the Plan may consist, in whole or in part, of authorized and unissued Shares, treasury shares or Shares purchased on the open market. 

ARTICLE IV. 
 OFFERING
PERIODS; OFFERING DOCUMENTS; PURCHASE DATES 
 4.1    Offering Periods. The Administrator may from time to
time grant or provide for the grant of rights to purchase Shares under the Plan to Eligible Employees during one or more periods (each, an “Offering Period”) selected by the Administrator. The terms and conditions applicable
to each Offering Period shall be set forth in an “Offering Document” adopted by the Administrator, which Offering Document shall be in such form and shall contain such terms and conditions as the Administrator shall deem
appropriate and shall be incorporated by reference into and made part of the Plan and shall be attached hereto as part of the Plan. The provisions of separate Offering or Offering Periods under the Plan need not be identical. 

4.2    Offering Documents. Each Offering Document with respect to an Offering Period shall specify (through
incorporation of the provisions of this Plan by reference or otherwise): 
 (a)    the length of the
Offering Period, which period shall not exceed twenty-seven months; 
 (b)    the maximum number of
Shares that may be purchased by any Eligible Employee during such Offering Period; and 
 (c)    such
other provisions as the Administrator determines are appropriate, subject to the Plan. 

  
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 ARTICLE V. 

ELIGIBILITY AND PARTICIPATION 

5.1    Eligibility. Any Eligible Employee who shall be employed by the Company or a Designated Subsidiary on a
given Enrollment Date for an Offering Period shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of this Article V and, for the Section 423 Component the limitations imposed by
Section 423(b) of the Code. 
 5.2    Enrollment in Plan. 

(a)    Except as otherwise set forth in an Offering Document or determined by the Administrator, an
Eligible Employee may become a Participant in the Plan for an Offering Period by delivering a subscription agreement to the Company by such time prior to the Enrollment Date for such Offering Period (or such other date specified in the Offering
Document) designated by the Administrator and in such form as the Company provides. 
 (b)    Each
subscription agreement shall designate either (i) a whole percentage of such Eligible Employee’s Compensation or (ii) or a fixed dollar amount, in either case, to be withheld by the Company or the Designated Subsidiary employing such
Eligible Employee on each Payday during the Offering Period as payroll deductions under the Plan. In either event, the designated percentage or fixed dollar amount may not be less than 1% and may not be more than the maximum percentage specified by
the Administrator in the applicable Offering Document (which percentage shall be 15 % in the absence of any such designation) as payroll deductions. The payroll deductions made for each Participant shall be credited to an account for such
Participant under the Plan and shall be deposited with the general funds of the Company. 
 (c)    A
Participant may increase or decrease the percentage of Compensation or the fixed dollar amount designated in his or her subscription agreement, subject to the limits of this Section 5.2, or may suspend his or her payroll deductions, at any time
during an Offering Period; provided, however, that the Administrator may limit the number of changes a Participant may make to his or her payroll deduction elections during each Offering Period in the applicable Offering Document (and
in the absence of any specific designation by the Administrator, a Participant shall be allowed to decrease (but not increase) his or her payroll deduction elections one time during each Offering Period). Any such change or suspension of payroll
deductions shall be effective with the first full payroll period following ten business days after the Company’s receipt of the new subscription agreement (or such shorter or longer period as may be specified by the Administrator in the
applicable Offering Document). In the event a Participant suspends his or her payroll deductions, such Participant’s cumulative payroll deductions prior to the suspension shall remain in his or her account and shall be applied to the purchase
of Shares on the next occurring Purchase Date and shall not be paid to such Participant unless he or she withdraws from participation in the Plan pursuant to Article VII. 

(d)    Except as otherwise set forth in an Offering Document or determined by the Administrator, a
Participant may participate in the Plan only by means of payroll deduction and may not make contributions by lump sum payment for any Offering Period. 

5.3    Payroll Deductions. Except as otherwise provided in the applicable Offering Document, payroll deductions for
a Participant shall commence on the first Payday following the Enrollment Date and shall end on the last Payday in the Offering Period to which the Participant’s authorization is applicable, unless sooner terminated by the Participant as
provided 

  
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in Article VII or suspended by the Participant or the Administrator as provided in Section 5.2 and Section 5.6, respectively. Notwithstanding any other provisions of the Plan to
the contrary, in non-U.S. jurisdictions where participation in the Plan through payroll deductions is prohibited, the Administrator may provide that an Eligible Employee may elect to participate through
contributions to the Participant’s account under the Plan in a form acceptable to the Administrator in lieu of or in addition to payroll deductions; provided, however, that, for any Offering under the Section 423 Component, the
Administrator shall take into consideration any limitations under Section 423 of the Code when applying an alternative method of contribution. 

5.4    Effect of Enrollment. A Participant’s completion of a subscription agreement will enroll such
Participant in the Plan for each subsequent Offering Period on the terms contained therein until the Participant either submits a new subscription agreement, withdraws from participation under the Plan as provided in Article VII or otherwise
becomes ineligible to participate in the Plan. 
 5.5    Limitation on Purchase of Shares. An Eligible Employee
may be granted rights under the Section 423 Component only if such rights, together with any other rights granted to such Eligible Employee under “employee stock purchase plans” of the Company, any Parent or any Subsidiary, as
specified by Section 423(b)(8) of the Code, do not permit such employee’s rights to purchase stock of the Company or any Parent or Subsidiary to accrue at a rate that exceeds $25,000 of the Fair Market Value of the Shares (determined as of
the first day of the Offering Period during which such rights are granted) for each calendar year in which such rights are outstanding at any time. This limitation shall be applied in accordance with Section 423(b)(8) of the Code. 

5.6    Suspension of Payroll Deductions. Notwithstanding the foregoing, to the extent necessary to comply with
Section 423(b)(8) of the Code and Section 5.5 (with respect to the Section 423 Component) or the other limitations set forth in this Plan, a Participant’s payroll deductions may be suspended by the Administrator at any time
during an Offering Period. The balance of the amount credited to the account of each Participant that has not been applied to the purchase of Shares by reason of Section 423(b)(8) of the Code, Section 5.5 or the other limitations set forth
in this Plan shall be paid to such Participant in one lump sum in cash as soon as reasonably practicable after the Purchase Date. 

5.7    Foreign Employees. In order to facilitate participation in the Plan, the Administrator may provide for such
special terms applicable to Participants who are citizens or residents of a foreign jurisdiction, or who are employed by a Designated Subsidiary outside of the United States, as the Administrator may consider necessary or appropriate to accommodate
differences in local law, tax policy or custom. Except as permitted by Section 423 of the Code, with respect to the Section 423 Component, such special terms may not be more favorable than the terms of rights granted under the
Section 423 Component to Eligible Employees who are residents of the United States. Such special terms may be set forth in an addendum to the Plan in the form of an appendix or sub-plan (which appendix or
sub-plan may be designed to govern Offerings under the Section 423 Component or the Non-Section 423 Component, as determined by the Administrator). To the extent
that the terms and conditions set forth in an appendix or sub-plan conflict with any provisions of the Plan, the provisions of the appendix or sub-plan shall govern. The
adoption of any such appendix or sub-plan shall be pursuant to Section 11.2(f). Without limiting the foregoing, the Administrator is specifically authorized to adopt rules and procedures, with respect to
Participants who are foreign nationals or employed in non-U.S. jurisdictions, regarding the exclusion of particular Subsidiaries from participation in the Plan, eligibility to participate, the definition of
Compensation, handling of payroll deductions or other contributions by Participants, payment of interest, conversion of local currency, data privacy security, payroll tax, withholding procedures, establishment of bank or trust accounts to hold
payroll deductions or contributions. 

  
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 5.8    Leave of Absence. During leaves of absence approved by the
Company meeting the requirements of Treasury Regulation Section 1.421-1(h)(2) under the Code, a Participant may continue participation in the Plan by making cash payments to the Company on his or her
normal Payday equal to his or her authorized payroll deduction. 
 ARTICLE VI. 

GRANT AND EXERCISE OF RIGHTS 

6.1    Grant of Rights. On the Enrollment Date of each Offering Period, each Eligible Employee participating in
such Offering Period shall be granted a right to purchase the maximum number of Shares specified under Section 4.2, subject to the limits in Section 5.5, and shall have the right to buy, on each Purchase Date during such Offering Period
(at the applicable Purchase Price), such number of whole Shares as is determined by dividing (a) such Participant’s payroll deductions accumulated prior to such Purchase Date and retained in the Participant’s account as of the
Purchase Date, by (b) the applicable Purchase Price (rounded down to the nearest Share). The right shall expire on the earlier of: (x) the last Purchase Date of the Offering Period, (y) last day of the Offering Period and (z) the
date on which the Participant withdraws in accordance with Section 7.1 or Section 7.3. 
 6.2    Exercise
of Rights. On each Purchase Date, each Participant’s accumulated payroll deductions and any other additional payments specifically provided for in the applicable Offering Document will be applied to the purchase of whole Shares, up to the
maximum number of Shares permitted pursuant to the terms of the Plan and the applicable Offering Document, at the Purchase Price. No fractional Shares shall be issued upon the exercise of rights granted under the Plan, unless the Offering Document
specifically provides otherwise. Any cash in lieu of fractional Shares remaining after the purchase of whole Shares upon exercise of a purchase right will be credited to a Participant’s account and carried forward and applied toward the
purchase of whole Shares for the next following Offering Period. Shares issued pursuant to the Plan may be evidenced in such manner as the Administrator may determine and may be issued in certificated form or issued pursuant to book-entry
procedures. 
 6.3    Pro Rata Allocation of Shares. If the Administrator determines that, on a given Purchase
Date, the number of Shares with respect to which rights are to be exercised may exceed (a) the number of Shares that were available for issuance under the Plan on the Enrollment Date of the applicable Offering Period, or (b) the number of
Shares available for issuance under the Plan on such Purchase Date, the Administrator may in its sole discretion provide that the Company shall make a pro rata allocation of the Shares available for purchase on such Enrollment Date or Purchase Date,
as applicable, in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all Participants for whom rights to purchase Shares are to be exercised pursuant to this Article VI on such
Purchase Date, and shall either (i) continue all Offering Periods then in effect, or (ii) terminate any or all Offering Periods then in effect pursuant to Article IX. The Company may make pro rata allocation of the Shares available on
the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional Shares for issuance under the Plan by the Company’s stockholders subsequent to such Enrollment Date. The
balance of the amount credited to the account of each Participant that has not been applied to the purchase of Shares shall be paid to such Participant in one lump sum in cash as soon as reasonably practicable after the Purchase Date or such earlier
date as determined by the Administrator. 
 6.4    Withholding. At the time a Participant’s rights under the
Plan are exercised, in whole or in part, or at the time some or all of the Shares issued under the Plan is disposed of, the Participant must make adequate provision for the Company’s federal, state, or other tax withholding obligations, if any,
that arise upon the exercise of the right or the disposition of the 

  
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Shares. At any time, the Company may, but shall not be obligated to, withhold from the Participant’s Compensation or Shares received pursuant to the Plan the amount necessary for the Company
to meet applicable withholding obligations, including any withholding required to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Shares by the Participant. 

6.5    Conditions to Issuance of Shares. The Company shall not be required to issue or deliver any certificate or
certificates for, or make any book entries evidencing, Shares purchased upon the exercise of rights under the Plan prior to fulfillment of all of the following conditions: 

(a)    The admission of such Shares to listing on all stock exchanges, if any, on which the Shares is then
listed; 
 (b)    The completion of any registration or other qualification of such Shares under any
state or federal law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, that the Administrator shall, in its absolute discretion, deem necessary or advisable; 

(c)    The obtaining of any approval or other clearance from any state or federal governmental agency that
the Administrator shall, in its absolute discretion, determine to be necessary or advisable; 

(d)    The payment to the Company of all amounts that it is required to withhold under federal, state or
local law upon exercise of the rights, if any; and 
 (e)    The lapse of such reasonable period of time
following the exercise of the rights as the Administrator may from time to time establish for reasons of administrative convenience. 

ARTICLE VII. 

WITHDRAWAL; CESSATION OF ELIGIBILITY 

7.1    Withdrawal. A Participant may withdraw all but not less than all of the payroll deductions credited to his
or her account and not yet used to exercise his or her rights under the Plan at any time by giving written notice to the Company in a form acceptable to the Company no later than one week prior to the end of the Offering Period. All of the
Participant’s payroll deductions credited to his or her account during an Offering Period shall be paid to such Participant as soon as reasonably practicable after receipt of notice of withdrawal and such Participant’s rights for the
Offering Period shall be automatically terminated, and no further payroll deductions for the purchase of Shares shall be made for such Offering Period. If a Participant withdraws from an Offering Period, payroll deductions shall not resume at the
beginning of the next Offering Period unless the Participant timely delivers to the Company a new subscription agreement. 

7.2    Future Participation. A Participant’s withdrawal from an Offering Period shall not have any effect upon
his or her eligibility to participate in any similar plan that may hereafter be adopted by the Company or a Designated Subsidiary or in subsequent Offering Periods that commence after the termination of the Offering Period from which the Participant
withdraws. 
 7.3    Cessation of Eligibility. Upon a Participant’s ceasing to be an Eligible Employee for
any reason, he or she shall be deemed to have elected to withdraw from the Plan pursuant to this Article VII and the payroll deductions credited to such Participant’s account during the Offering Period shall be paid to such Participant or,
in the case of his or her death, to the person or persons entitled thereto under Section 12.4, as soon as reasonably practicable, and such 

  
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Participant’s rights for the Offering Period shall be automatically terminated. If a Participant transfers employment from the Company or any Designated Subsidiary participating in the
Section 423 Component to any Designated Subsidiary participating in the Non-Section 423 Component, such transfer shall not be treated as a termination of employment, but the Participant shall immediately
cease to participate in the Section 423 Component; however, any contributions made for the Offering Period in which such transfer occurs shall be transferred to the Non-Section 423 Component, and such
Participant shall immediately join the then-current Offering under the Non-Section 423 Component upon the same terms and conditions in effect for the Participant’s participation in the Section 423
Component, except for such modifications otherwise applicable for Participants in such Offering. A Participant who transfers employment from any Designated Subsidiary participating in the Non-Section 423
Component to the Company or any Designated Subsidiary participating in the Section 423 Component shall not be treated as terminating the Participant’s employment and shall remain a Participant in the
Non-Section 423 Component until the earlier of (i) the end of the current Offering Period under the Non-Section 423 Component or (ii) the Enrollment Date of
the first Offering Period in which the Participant is eligible to participate following such transfer. Notwithstanding the foregoing, the Administrator may establish different rules to govern transfers of employment between entities participating in
the Section 423 Component and the Non-Section 423 Component, consistent with the applicable requirements of Section 423 of the Code. 

ARTICLE VIII. 

ADJUSTMENTS UPON CHANGES IN SHARES 

8.1    Changes in Capitalization. Subject to Section 8.3, in the event that the Administrator determines that
any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), change in control, reorganization, merger, amalgamation, consolidation, combination, repurchase, recapitalization, liquidation,
dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or
other securities of the Company, or other similar corporate transaction or event, as determined by the Administrator, affects the Shares such that an adjustment is determined by the Administrator to be appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended by the Company to be made available under the Plan or with respect to any outstanding purchase rights under the Plan, the Administrator shall make equitable adjustments, if any, to reflect
such change with respect to (a) the aggregate number and type of Shares (or other securities or property) that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1 and the limitations
established in each Offering Document pursuant to Section 4.2 on the maximum number of Shares that may be purchased); (b) the class(es) and number of Shares and price per Share subject to outstanding rights; and (c) the Purchase Price with
respect to any outstanding rights. 

  
 -10- 

 8.2    Other Adjustments. Subject to Section 8.3, in the
event of any transaction or event described in Section 8.1 or any unusual or nonrecurring transactions or events affecting the Company, any affiliate of the Company, or the financial statements of the Company or any affiliate (including without
limitation any change in control), or of changes in Applicable Law or accounting principles, the Administrator, in its discretion, and on such terms and conditions as it deems appropriate, is hereby authorized to take any one or more of the
following actions whenever the Administrator determines that such action is appropriate in order to prevent the dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to any right
under the Plan, to facilitate such transactions or events or to give effect to such changes in laws, regulations or principles: 

(a)    To provide for either (i) termination of any outstanding right in exchange for an amount of
cash, if any, equal to the amount that would have been obtained upon the exercise of such right had such right been currently exercisable or (ii) the replacement of such outstanding right with other rights or property selected by the
Administrator in its sole discretion; 
 (b)    To provide that the outstanding rights under the Plan
shall be assumed by the successor or survivor corporation, or a Parent or Subsidiary thereof, or shall be substituted for by similar rights covering the stock of the successor or survivor corporation, or a Parent or Subsidiary thereof, with
appropriate adjustments as to the number and kind of shares and prices; 
 (c)    To make adjustments in
the number and type of Shares (or other securities or property) subject to outstanding rights under the Plan and/or in the terms and conditions of outstanding rights and rights that may be granted in the future; 

(d)    To provide that Participants’ accumulated payroll deductions may be used to purchase Shares
prior to the next occurring Purchase Date on such date as the Administrator determines in its sole discretion and the Participants’ rights under the ongoing Offering Period(s) shall be terminated; and 

(e)    To provide that all outstanding rights shall terminate without being exercised. 

8.3    No Adjustment Under Certain Circumstances. Unless determined otherwise by the Administrator, no adjustment
or action described in this Article VIII or in any other provision of the Plan shall be authorized to the extent that such adjustment or action would cause the Section 423 Component of the Plan to fail to satisfy the requirements of
Section 423 of the Code. 
 8.4    No Other Rights. Except as expressly provided in the Plan, no Participant
shall have any rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution, liquidation, merger, or
consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no issuance by the Company of shares of stock of any class, or securities convertible into
shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject to outstanding rights under the Plan or the Purchase Price with respect to any outstanding rights. 

ARTICLE IX. 
 AMENDMENT,
MODIFICATION AND TERMINATION 
 9.1    Amendment, Modification and Termination. The Administrator may amend,
suspend or terminate the Plan at any time and from time to time; provided, however, that approval of the Company’s stockholders shall be required to amend the Plan to: (a) increase the aggregate number, or change the
type, of shares that may be sold pursuant to rights under the Plan under Section 3.1 (other than an adjustment as provided by Article VIII); or (b) change the corporations or classes of corporations whose employees may be granted
rights under the Plan. 
 9.2    Certain Changes to Plan. Without stockholder consent and without regard to
whether any Participant rights may be considered to have been adversely affected (and, with respect to the Section 423 Component of the Plan, after taking into account Section 423 of the Code), the Administrator shall be entitled to change
the Offering Periods, add or revise Offering Period share limits, limit the frequency and/or number of changes in the amount withheld from 

  
 -11- 

 
Compensation during an Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount
designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of payroll withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that
amounts applied toward the purchase of Shares for each Participant properly correspond with amounts withheld from the Participant’s Compensation, and establish such other limitations or procedures as the Administrator determines in its sole
discretion to be advisable that are consistent with the Plan. 
 9.3    Actions In the Event of Unfavorable Financial
Accounting Consequences. In the event the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Administrator may, in its discretion and, to the extent necessary or
desirable, modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to: 

(a)    altering the Purchase Price for any Offering Period including an Offering Period underway at the
time of the change in Purchase Price; 
 (b)    shortening any Offering Period so that the Offering
Period ends on a new Purchase Date, including an Offering Period underway at the time of the Administrator action; and 

(c)    allocating Shares. 

Such modifications or amendments shall not require stockholder approval or the consent of any Participant. 

9.4    Payments Upon Termination of Plan. Upon termination of the Plan, the balance in each Participant’s Plan
account shall be refunded as soon as practicable after such termination, without any interest thereon, or the Offering Period may be shortened so that the purchase of Shares occurs prior to the termination of the Plan. 

ARTICLE X. 
 TERM OF PLAN

 The Plan will become effective immediately prior to and contingent upon the Public Trading Date. The effectiveness of the Plan shall
be subject to approval of the Plan by the stockholders of the Company within twelve months following the date the Plan is first approved by the Board. No right may be granted under the Plan prior to such stockholder approval. No rights may be
granted under the Plan during any period of suspension of the Plan or after termination of the Plan. 
 ARTICLE XI. 

ADMINISTRATION 

11.1    Administrator. Unless otherwise determined by the Board, the Administrator of the Plan shall be the
Compensation Committee of the Board (or another committee or a subcommittee of the Board to which the Board delegates administration of the Plan). The Board may at any time vest in the Board any authority or duties for administration of the Plan.
The Administrator may delegate administrative tasks under the Plan to the services of an Agent or Employees to assist in the administration of the Plan, including establishing and maintaining an individual securities account under the Plan for each
Participant. 

  
 -12- 

 11.2    Authority of Administrator. The
Administrator shall have the power, subject to, and within the limitations of, the express provisions of the Plan: 

(a)    To determine when and how rights to purchase Shares shall be granted and the provisions of each
offering of such rights (which need not be identical). 
 (b)    To designate from time to time which
Subsidiaries of the Company shall be Designated Subsidiaries, which designation may be made without the approval of the stockholders of the Company. 

(c)    To impose a mandatory holding period pursuant to which Employees may not dispose of or transfer
Shares purchased under the Plan for a period of time determined by the Administrator in its discretion. 

(d)    To construe and interpret the Plan and rights granted under it, and to establish, amend and revoke
rules and regulations for its administration. The Administrator, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully
effective. 
 (e)    To amend, suspend or terminate the Plan as provided in Article IX. 

(f)    Generally, to exercise such powers and to perform such acts as the Administrator deems necessary or
expedient to promote the best interests of the Company and its Subsidiaries and to carry out the intent that the Plan be treated as an “employee stock purchase plan” within the meaning of Section 423 of the Code for the
Section 423 Component. 
 (g)    The Administrator may adopt
sub-plans applicable to particular Designated Subsidiaries or locations, which sub-plans may be designed to be outside the scope of Section 423 of the Code. The
rules of such sub-plans may take precedence over other provisions of this Plan, with the exception of Section 3.1 hereof, but unless otherwise superseded by the terms of such sub-plan, the provisions of
this Plan shall govern the operation of such sub-plan. 
 11.3    Decisions Binding. The Administrator’s
interpretation of the Plan, any rights granted pursuant to the Plan, any subscription agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive on all parties. 

ARTICLE XII. 

MISCELLANEOUS 

12.1    Restriction upon Assignment. A right granted under the Plan shall not be transferable other than by will or
the applicable laws of descent and distribution, and is exercisable during the Participant’s lifetime only by the Participant. Except as provided in Section 12.4 hereof, a right under the Plan may not be exercised to any extent except by
the Participant. The Company shall not recognize and shall be under no duty to recognize any assignment or alienation of the Participant’s interest in the Plan, the Participant’s rights under the Plan or any rights thereunder. 

12.2    Rights as a Stockholder. With respect to Shares subject to a right granted under the Plan, a
Participant shall not be deemed to be a stockholder of the Company, and the Participant shall not have any of the rights or privileges of a stockholder, until such Shares have been issued to the Participant or his or her nominee following exercise
of the Participant’s rights under the Plan. No adjustments shall be made for dividends (ordinary or extraordinary, whether in cash securities, or other property) or distribution or other rights for which the record date occurs prior to the date
of such issuance, except as otherwise expressly provided herein or as determined by the Administrator. 

  
 -13- 

 12.3    Interest. No interest shall accrue on the payroll
deductions or contributions of a Participant under the Plan. 
 12.4    Designation of Beneficiary. 

(a)    A Participant may, in the manner determined by the Administrator, file a written designation of a
beneficiary who is to receive any Shares and/or cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death subsequent to a Purchase Date on which the Participant’s rights are exercised but
prior to delivery to such Participant of such Shares and cash. In addition, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such
Participant’s death prior to exercise of the Participant’s rights under the Plan. If the Participant is married and resides in a community property state, a designation of a person other than the Participant’s spouse as his or her
beneficiary shall not be effective without the prior written consent of the Participant’s spouse. 

(b)    Such designation of beneficiary may be changed by the Participant at any time by written notice to
the Company. In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company shall deliver such Shares and/or cash to the
executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such Shares and/or cash to the spouse or to any one
or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 

12.5    Notices. All notices or other communications by a Participant to the Company under or in connection with
the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

12.6    Equal Rights and Privileges. Subject to Section 5.7, all Eligible Employees will have equal rights and
privileges under the Section 423 Component so that the Section 423 Component of this Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 of the Code. Subject to Section 5.7, any
provision of the Section 423 Component that is inconsistent with Section 423 of the Code will, without further act or amendment by the Company, the Board or the Administrator, be reformed to comply with the equal rights and privileges
requirement of Section 423 of the Code. Eligible Employees participating in the Non-Section 423 Component need not have the same rights and privileges as other Eligible Employees participating in the Non-Section 423 Component or as Eligible Employees participating in the Section 423 Component. 

12.7    Use of Funds. All payroll deductions received or held by the Company under the Plan may be used by the
Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions. 

12.8    No Employment Rights. Nothing in the Plan shall be construed to give any person (including any Eligible
Employee or Participant) the right to remain in the employ of the Company or any Parent or Subsidiary or affect the right of the Company or any Parent or Subsidiary to terminate the employment of any person (including any Eligible Employee or
Participant) at any time, with or without cause. 

  
 -14- 

 12.9    Notice of Disposition of Shares. Each Participant shall
if requested by the Company give prompt notice to the Company of any disposition or other transfer of any Shares purchased upon exercise of a right under the Section 423 Component of the Plan if such disposition or transfer is made:
(a) within two years from the Enrollment Date of the Offering Period in which the Shares were purchased or (b) within one year after the Purchase Date on which such Shares were purchased. Such notice shall specify the date of such
disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the Participant in such disposition or other transfer. 

12.10    Governing Law. The Plan and any agreements hereunder shall be administered, interpreted and enforced under
and construed in accordance with the laws of England and Wales and the Courts of England and Wales have exclusive jurisdiction to hear any dispute (including non-contractual disputes or claims) arising out of
or in connection with it or its subject matter or formation. 
 12.11    Electronic Forms. To the extent
permitted by Applicable Law and in the discretion of the Administrator, an Eligible Employee may submit any form or notice as set forth herein by means of an electronic form approved by the Administrator. Before the commencement of an Offering
Period, the Administrator shall prescribe the time limits within which any such electronic form shall be submitted to the Administrator with respect to such Offering Period in order to be a valid election. 

  
 -15-EX-10.11

 Exhibit 10.11 

PERSPECTUM GROUP LTD 

REGISTRATION RIGHTS AGREEMENT 

17 June 2021 
 THIS REGISTRATION RIGHTS
AGREEMENT (the “Agreement”) is entered into as of the date above, by and among: 
 PERSPECTUM GROUP LTD, a company incorporated
in England and Wales under company number 13449248 and having its registered office at Gemini One, John Smith Drive, Oxford Business Park South, Oxford, Oxfordshire OX4 2LL (the “Company”); 

PERSPECTUM LTD, a company incorporated in England and Wales under company number 08219473 and having its registered office at Gemini One, John Smith
Drive, Oxford Business Park South, Oxford, Oxfordshire OX4 2LL (“Perspectum Ltd”); and 
 THE INVESTORS listed on 0 hereto, referred
to hereinafter as the “Investors” and each individually as an “Investor.” 
 WHEREAS, in order to induce the
Investors to invest funds in Perspectum Ltd, the Investors and Perspectum Ltd entered into a registration rights agreement on 17 March 2020 (the “Perspectum Ltd Registration Rights Agreement”) governing the rights of the
Investors to cause Perspectum Ltd to register, in an initial public offering in the United States of, its ordinary shares or American Depositary Shares (“ADSs”) representing the Company’s ordinary shares (the “Proposed
IPO”); 
 WHEREAS on or around the date hereof the Investors, the Company and Perspectum Ltd (among others) entered into a share exchange
agreement (the “Share Exchange Agreement”) pursuant to which Perspectum Ltd will become a wholly-owned subsidiary of the Company and the Investors have become shareholders of the Company; and 

WHEREAS the Company, Perspectum Ltd and the Investors desire to enter into this Agreement to (a) set forth the registration rights of the
Investors that will be in effect after the consummation of the Proposed IPO and (b) terminate the Perspectum Ltd Registration Rights Agreement. 

NOW, THEREFORE, in consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
  

	1.	 GENERAL. 

  

	1.1.	 Effective Date. The effective date of this Agreement is the date set forth above. 

 

	1.2.	 Definitions. As used in this Agreement the following terms shall have the following respective meanings:

  

	 	(a)	 “ADSs” means American Depositary Shares, each representing one or more Ordinary Shares.

  

	 	(b)	 “Depositary” means the depositary, if any, engaged by the Company for the issuance and
transfer of ADSs. 

  

	 	(c)	 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

	 	(d)	 “Form F-3” means such form under the Securities Act as
in effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the
Company with the SEC. 

  

	 	(e)	 “Holder” means any person owning of record Registrable Securities that have not been sold to
the public or any assignee of record of such Registrable Securities in accordance with Section 3.9 hereof. 

  

	 	(f)	 “IPO” means the Company’s first firm commitment underwritten public offering of its
securities registered under the Securities Act. 

  

	 	(g)	 “Ordinary Shares” refer to the ordinary shares in the issued share capital of the Company
following the closing of the IPO. 

  

	 	(h)	 “Register,” “registered,” and “registration” refer to a
registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document. 

 

	 	(i)	 “Registrable Securities” means (a) the Ordinary Shares issuable or issued upon conversion
of the Series B Preferred Shares (or any ADSs issued in respect of such Ordinary Shares) and (b) any Ordinary Shares issued or issuable (or any ADSs issued in respect of such Ordinary Shares) with respect to any shares described in
(a) above by way of a scrip dividend or stock split or in exchange for or upon conversion of such shares or otherwise in connection with a combination of shares, distribution, recapitalisation, consolidation, other reorganization or other
similar event with respect to the Ordinary Shares; provided, however, that Registrable Securities shall not include: (i) any Ordinary Shares or ADSs that have been registered under the Securities Act and disposed of pursuant to an
effective registration statement or otherwise transferred to a person who is not entitled to the registration and other rights hereunder; (ii) any Ordinary Shares or ADSs that have been sold or transferred by the Holder thereof pursuant to Rule
144 (or any similar provision then in force under the Securities Act) and the transferee thereof does not receive “restricted securities” as defined in Rule 144; and (iii) any Ordinary Shares or ADSs that cease to be outstanding
(whether as a result of repurchase and cancellation, conversion or otherwise). 

  

	 	(j)	 “Registrable Securities then outstanding” shall be the number of Ordinary Shares that are
Registrable Securities and either (a) are then issued and outstanding or (b) are issuable pursuant to then exercisable or convertible securities. 

  

	 	(k)	 “Registration Expenses” shall mean all expenses incurred by the Company in complying with
Sections 3.2, 3.3 and 3.4 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, reasonable fees and disbursements not to exceed fifty thousand dollars ($50,000)
of a single special counsel for the Holders, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in
any event by the Company). 

  

	 	(l)	 “SEC” or “Commission” means the Securities and Exchange Commission.

	 	(m)	 “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 

  

	 	(n)	 “Selling Expenses” shall mean all underwriting discounts, selling commissions, ADS- related fees or expenses, and stock transfer taxes applicable to the sale. 

  

	 	(o)	 “Shares” shall mean the Ordinary Shares held from time to time by the Investors listed on 0
hereto and their permitted assigns. 

  

	 	(p)	 “Special Registration Statement” shall mean (i) a registration statement relating to any
employee benefit plan or (ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, any registration statements related to the issuance or resale of securities issued in such a transaction or
(iii) a registration related to shares issued upon conversion of debt securities. 

  

	2.	 TERMINATION OF THE PERSPECTUM LTD REGISTRATION RIGHTS AGREEMENT 

 

	2.1.	 Perspectum Ltd and the Investors agree that the Perspectum Ltd Registration Rights Agreement shall terminate
and be of no further force or effect upon the execution of this Agreement. 

  

	3.	 REGISTRATION; RESTRICTIONS ON TRANSFER 

 

	3.1.	 Demand Registration 

 

	 	(a)	 Subject to the conditions of this Section 3.1, if the Company receives written notice from Holders (who
together hold in aggregate not less than twenty five percent (25%) of the Registrable Securities then outstanding (the “Initiating Holders”)) requesting that the Company file a registration statement under the Securities Act
covering the registration of at least twenty five percent (25%) of the Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of underwriting discounts and commissions, would exceed
$10,000,000); then the Company shall, within thirty (30) days of the receipt thereof, give written notice of such request to all Holders (the “Company Demand Registration Notice”) and give them the option to have some or all of
their Registrable Securities included in the same relevant registration statement under the Securities Act, and, subject to the limitations of this Section 3.1, effect, as expeditiously as reasonably possible, the registration under the
Securities Act of all Registrable Securities that all Holders (being both: (i) the Initiating Holders; and (ii) those other Holders who exercised the option to register some or all of their Registrable Securities in the same relevant
registration statement under the Securities Act) request to be registered. Written notice must be given by each such Holder to the Company within twenty (20) days of the date of the Company Demand Registration Notice is given, and in each case,
shall be subject to the limitations set forth herein. 

  

	 	(b)	 If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of
an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 3.1 or any request pursuant to Section 2.3 and the Company shall include such information in the written notice referred to in
Section 3.1(a) or Section 3.3(a), as applicable. The underwriter(s) will be selected by the Company and shall be reasonably acceptable to a majority by interest of the Initiating Holders. In such event, the right of any Holder to include
its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the

	 	
underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the
underwriter or underwriters selected for such underwriting by the Holders of a majority of the Registrable Securities held by all Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company). Notwithstanding
any other provision of this Section 3.1 or Section 3.3, if the underwriter advises the Company that marketing factors require a limitation of the number of securities to be underwritten (including Registrable Securities) then the Company
shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities on a
pro rata basis based on the number of Registrable Securities held by all such Holders (including the Initiating Holders). Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration.

  

	 	(c)	 The Company shall not be required to effect a registration pursuant to this Section 3.1:

  

	 	(i)	 prior to the date one hundred eighty (180) days following the effective date of the registration statement
pertaining to the IPO (or such longer period as may be determined pursuant to Section 3.9 hereof); 

  

	 	(ii)	 after the Company has effected two (2) registrations pursuant to this Section 3.1, and such
registrations have been declared or ordered effective; 

  

	 	(iii)	 if, within thirty (30) days of receipt of a written request from Initiating Holders pursuant to
Section 3.1(a), the Company gives notice to the Holders of the Company’s intention to file a registration statement for a public offering, other than pursuant to a Special Registration Statement, within ninety (90) days;

  

	 	(iv)	 if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 3.1,
a certificate signed by the Chairman of the Board (or, in the absence of a Chairman of the Board, a lead independent director or director exercising a similar function) stating that in the reasonable and good faith judgment of the Board of Directors
of the Company, it would be seriously detrimental to the Company and its shareholders for such registration statement to be effected at such time, because such action would (i) materially interfere with a significant acquisition, corporate
reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company
unable to comply with requirements under applicable law or a material agreement of the Company, in which event the Company shall have the right to defer such filing for a period of not more than one hundred twenty (120) days after receipt of
the request of the Initiating Holders; provided, however, that the Company may not invoke this right more than once in any twelve (12) month period. 

 

	 	(v)	 if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately
registered on Form F-3 pursuant to a request made pursuant to Section 3.3 below; or 

  

	 	(vi)	 in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a
general consent to service of process in effecting such registration, qualification or compliance. 

	3.2.	 Piggyback Registrations. The Company shall notify all Holders of Registrable Securities in writing
promptly (and, in any event, at least fifteen (15) days prior to the filing of any registration statement under the Securities Act for purposes of a public offering of securities of the Company (including, but not limited to, registration
statements relating to secondary offerings of securities of the Company, but excluding Special Registration Statements) and will afford each such Holder an opportunity to include in such registration statement all or part of such Registrable
Securities held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by it shall, within twenty (20) days after the above-described notice from the Company, so
notify the Company in writing. Such notice shall state the intended method of disposition of the Registrable Securities by such Holder. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter
filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its
securities, all upon the terms and conditions set forth herein. 

  

	 	(a)	 Underwriting. If the registration statement of which the Company gives notice under this
Section 3.2 is for an underwritten offering, the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder to include Registrable Securities in a registration pursuant to this Section 3.2
shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable
Securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. The underwriter(s) shall be selected by the Company and shall be
reasonably acceptable to a majority in interest of the Initiating Holders. Notwithstanding any other provision of this Agreement, if the Company determines in good faith, based on the advice of the underwriter, that marketing factors require a
limitation of the number of shares to be underwritten, the number of shares that may be included in the underwriting shall be allocated, first, to the Holders on a pro rata basis based on the total number of Registrable Securities held by the
Holders; provided, however, that no such reduction shall reduce the amount of securities of the selling Holders included in the registration below thirty percent (30%) of the total amount of securities included in such registration,
unless such offering is the IPO and such registration does not include shares of any other selling shareholders, in which event any or all of the Registrable Securities of the Holders may be excluded in accordance with the immediately preceding
clause. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) business days prior to the effective date of
the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder which is a partnership, limited liability company or corporation, the partners,
retired partners, members, retired members and stockholders of such Holder, or the estates and family members of any such partners, retired partners, members and retired members and any trusts for the benefit of any of the foregoing person shall be
deemed to be a single “Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in
such “Holder,” as defined in this sentence. 

  

	 	(b)	 Right to Terminate Registration. The Company shall have the right to terminate or withdraw any
registration initiated by it under this Section 3.2 before the effective date of such registration, whether or not any Holder has elected to include securities in such registration, and shall promptly notify any Holder that has elected to
include 

	 	
shares in such registration of such termination or withdrawal. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 3.4 hereof.

  

	3.3.	 Form F-3 Registration. In case the Company shall receive from
any Holder or Holders of Registrable Securities who together hold in aggregate not less than ten percent (10%) of the Registrable Securities then outstanding a written request or requests that the Company effect a registration on Form F-3 (or any successor to Form F-3) or any similar short-form registration statement and any related qualification or compliance with respect to all or a part of the
Registrable Securities owned by such Holder or Holders, the Company will: 

  

	 	(a)	 within ten (10) days give written notice of the proposed registration, and any related qualification or
compliance, to all other Holders of Registrable Securities; and 

  

	 	(b)	 as soon as practicable, and in any event within forty-five (45) days, effect such registration and all
such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such request, together
with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within ten (10) days after receipt of such written notice from the Company;
provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 3.3: 

 

	 	(i)	 if Form F-3 is not available for such offering by the Holders, or

  

	 	(ii)	 if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such
registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than one million dollars ($1,000,000), or 

 

	 	(iii)	 if, within thirty (30) days of receipt of a written request from any Holder or Holders pursuant to this
Section 3.3, the Company gives notice to such Holder or Holders of the Company’s intention to make a public offering within ninety (90) days, other than pursuant to a Special Registration Statement; 

 

	 	(iv)	 if the Company shall furnish to the Holders a certificate signed by the Chairman of the Board of Directors (or,
in the absence of a Chairman of the Board, a lead independent director or director exercising a similar function) of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to
the Company and its shareholders for such Form F-3 registration to be effected at such time, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or
other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with
requirements under applicable law or a material agreement of the Company, in which event the Company shall have the right to defer the filing of the Form F-3 registration statement for a period of not more
than one hundred twenty (120) days after receipt of the request of the Holder or Holders under this Section 3.3; provided, however, that the Company may not invoke this right more than once in any twelve (12) month
period; or 

	 	(v)	 if the Company has, within the twelve (12) month period preceding the date of such request, already
effected two (2) registrations on Form F-3 for the Holders pursuant to this Section 3.3, or 

  

	 	(vi)	 in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a
general consent to service of process in effecting such registration, qualification or compliance. 

  

	 	(c)	 Subject to the foregoing, the Company shall file a Form F-3
registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the requests of the Holders. Registrations effected pursuant to this Section 3.3 shall not be
counted as demands for registration or registrations effected pursuant to Section 3.1. 

  

	3.4.	 Expenses of Registration. Except as specifically provided herein, all Registration Expenses incurred in
connection with any registration, filings, qualifications or compliance pursuant to Section 3.1, 3.2 or 3.3, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for
the Company; and the reasonable fees and disbursements, not to exceed fifty thousand dollars ($50,000), of one counsel for the selling holders (“Selling Holder Counsel”), shall be borne and paid by the Company. All Selling Expenses
incurred in connection with any registrations hereunder, shall be borne by the holders of the securities so registered pro rata on the basis of the number of shares registered on their behalf. The Company shall not, however, be required to
pay for expenses of any registration proceeding begun pursuant to Section3.1 or 3.3, the request of which has been subsequently withdrawn by the Initiating Holders unless (a) the withdrawal is based upon material adverse information concerning
the Company of which the Initiating Holders were not aware at the time of such request or (b) the Holders of a majority of Registrable Securities agree to deem such registration to have been effected as of the date of such withdrawal for
purposes of determining whether the Company shall be obligated pursuant to Section 3.1(c) or 3.3(b)(v), as applicable, to undertake any subsequent registration, in which event such right shall be forfeited by all Holders). If the Holders are
required to pay the Registration Expenses, such expenses shall be borne by the holders of securities (including Registrable Securities) requesting such registration in proportion to the number of shares for which registration was requested. If the
Company is required to pay the Registration Expenses of a withdrawn offering pursuant to clause (a) above, then such registration shall not be deemed to have been effected for purposes of determining whether the Company shall be obligated
pursuant to Section 3.1(c) or 3.3(b)(v), as applicable, to undertake any subsequent registration. 

  

	3.5.	 Obligations of the Company. Whenever required to effect the registration of any Registrable Securities,
the Company shall, as expeditiously as reasonably possible: 

  

	 	(a)	 prepare and file with the SEC a registration statement with respect to such Registrable Securities and use all
reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for up to one hundred
twenty (120) days or, if earlier, until the Holder or Holders have completed the distribution related thereto; provided, however, that at any time, upon written notice to the participating Holders and for a period not to exceed
sixty (60) days thereafter (the “Suspension Period”), the Company may delay the filing or effectiveness of any registration statement or suspend the use or effectiveness of any registration statement (and the Initiating Holders hereby
agree not to offer or sell any Registrable Securities pursuant to such registration statement during the Suspension Period) if the Company reasonably believes that there is or 

	 	
may be in existence material nonpublic information or events involving the Company, the failure of which to be disclosed in the prospectus included in the registration statement could result in a
Violation (as defined below). In the event that the Company shall exercise its right to delay or suspend the filing or effectiveness of a registration hereunder, the applicable time period during which the registration statement is to remain
effective shall be extended by a period of time equal to the duration of the Suspension Period. The Company may extend the Suspension Period for an additional consecutive sixty (60) days with the consent of the holders of a majority of the
Registrable Securities registered under the applicable registration statement, which consent shall not be unreasonably withheld. If so directed by the Company, all Holders registering shares under such registration statement shall (i) not offer
to sell any Registrable Securities pursuant to the registration statement during the period in which the delay or suspension is in effect after receiving notice of such delay or suspension; and (ii) use their best efforts to deliver to the
Company (at the Company’s expense) all copies, other than permanent file copies then in such Holders’ possession, of the prospectus relating to such Registrable Securities current at the time of receipt of such notice. Notwithstanding the
foregoing, the Company shall not be required to file, cause to become effective or maintain the effectiveness of any registration statement other than a registration statement on Form F-3 that contemplates a
distribution of securities on a delayed or continuous basis pursuant to Rule 415 under the Securities Act 

  

	 	(b)	 Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus
used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in
subsection (a) above. 

  

	 	(c)	 Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity
with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 

 

	 	(d)	 Use its reasonable efforts to register and qualify the securities covered by such registration statement under
such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions. 

  

	 	(e)	 In the event of any underwritten public offering, enter into and perform its obligations under an underwriting
agreement, in usual and customary form, with the managing underwriter(s) of such offering. 

  

	 	(f)	 Notify each Holder of Registrable Securities covered by such registration statement at any time when a
prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material
fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The Company will use reasonable efforts to amend or supplement such
prospectus in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing. 

	 	(g)	 Use its reasonable efforts to furnish, on the date that such Registrable Securities are delivered to the
underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given
to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a letter, dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given
by independent certified public accountants to underwriters in an underwritten public offering addressed to the underwriters. 

  

	3.6.	 Delay of Registration; Furnishing Information. 

 

	 	(a)	 No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such
registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

  

	 	(b)	 It shall be a condition precedent to the obligations of the Company to take any action pursuant to Sections
3.1, 3.2 or 3.3 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to effect the
registration of their Registrable Securities. 

  

	3.7.	 Indemnification. In the event any Registrable Securities are included in a registration statement under
Sections 3.1, 3.2 or 3.3: 

  

	 	(a)	 To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners,
members, officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against
any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other U.S. federal or state law, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”) by the Company: (i) any untrue statement or alleged untrue statement of a material fact
contained in such registration statement or incorporated reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state
therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or
any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration statement; and the Company will reimburse each such Holder, partner, member,
officer, director, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that
the indemnity agreement contained in this Section 3.7(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company, which consent shall
not be unreasonably withheld, nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity
with written information furnished expressly for use in connection with such registration by such Holder, partner, member, officer, director, underwriter or controlling person of such Holder. 

	 	(b)	 To the extent permitted by law, each Holder, severally (and not jointly or jointly and severally), will, if
Registrable Securities held by such Holder are included in the securities as to which such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, its officers and each person, if
any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors or officers or any person who
controls such Holder, against any losses, claims, damages or liabilities several to which the Company or any such director, officer, controlling person, underwriter or other such Holder, or partner, director, officer or controlling person of such
other Holder may become subject under the Securities Act, the Exchange Act or other U.S. federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any of the following
statements: (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement or incorporated reference therein, including any preliminary prospectus or final prospectus contained therein or any
amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged
violation by the Company of the Securities Act (collectively, a “Holder Violation”), in each case to the extent (and only to the extent) that such Holder Violation occurs in reliance upon and in conformity with written information
furnished by such Holder under an instrument duly executed by such Holder and stated to be specifically for use in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company
or any such director, officer, controlling person, underwriter or other Holder, or partner, officer, director or controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action
if it is judicially determined that there was such a Holder Violation; provided, however, that the indemnity agreement contained in this Section 3.7(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or
action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no event shall any indemnity under this Section 3.7 exceed the net proceeds from
the offering received by such Holder. 

  

	 	(c)	 Promptly after receipt by an indemnified party under this Section 3.7 of notice of the commencement of any
action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 3.7, deliver
to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses thereof to be
paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party
represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified
party under this Section 3.7 to the extent, and only to the extent, prejudicial to its ability to defend such action, but 

	 	
the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 3.7.

  

	 	(d)	 If the indemnification provided for in this Section 3.7 is held by a court of competent jurisdiction to be
unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law
contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the Violation(s) or Holder Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder
hereunder exceed the proceeds from the offering received by such Holder. 

  

	 	(e)	 Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained
in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

 

	 	(f)	 The obligations of the Company and Holders under this Section 3.7 shall survive completion of any offering
of Registrable Securities in a registration statement and, with respect to liability arising from an offering to which this Section 3.7 would apply that is covered by a registration filed before termination of this Agreement. No indemnifying
party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to the entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by
the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

  

	 	(g)	 Notwithstanding any other provision in the Agreement and, for the avoidance of any doubt, the obligations
and/or liabilities of any Holder to indemnify the Company pursuant to this Section 3.7 or otherwise under the agreement are several (and not joint or joint and several). 

 

	3.8.	 Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities
pursuant to this Section 2 may be assigned by a Holder to a transferee or assignee of Registrable Securities (for so long as such shares remain Registrable Securities) that (a) directly or indirectly, controls, is controlled by, or is
under common control with such Holder, including any subsidiary, parent, general partner, limited partner, retired partner, member, retired member, officer, director, trustee of a Holder, or any venture capital fund or registered investment company
now or hereafter existing that is controlled by one or more general partners, managing members or investment adviser of, or shares the same management company or investment adviser with, a Holder that is a corporation, partnership or limited
liability company or (b) is a Holder’s family member or trust for the benefit of an individual Holder; provided, however, (i) the transferor shall, within ten (10) days after such transfer, furnish to the Company
written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned and (ii) such transferee shall agree to be subject to all restrictions set forth in this
Agreement. 

	3.9.	 Market Stand-Off Agreement. Each Holder hereby agrees that such
Holder shall not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any ordinary shares (or other securities) of the
Company held by such Holder (other than those included in the registration) during the ninety (90) day period following the effective date of a registration statement of the Company filed under the Securities Act (or such longer period as the
underwriters or the Company shall request in order to facilitate compliance with NASD Rule 2711 or NYSE Member Rule 472 or any successor or similar rule or regulation); provided, that all officers and directors of the Company are bound by and have
entered into similar agreements. 

  

	3.10.	 Agreement to Furnish Information. Each Holder agrees to execute and deliver such other agreements as may
be reasonably requested by the Company or the managing underwriters that are consistent with the Holder’s obligations under Section 3.9 or that are necessary to give further effect thereto. In addition, if requested by the Company or the
representative of the underwriters of the ordinary shares (or other securities) of the Company, each Holder shall provide, within five (5) days of such request, such information as may be required by the Company or such representative in
connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in Section 3.9 and this Section 3.10 shall not apply to a
Special Registration Statement. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to such ordinary shares (or other securities) until the end of such period. Each Holder agrees that any
transferee of any shares of Registrable Securities shall be bound by Sections 3.9 and 3.10. The underwriters of the Company’s shares are intended third party beneficiaries of Sections 3.9 and 2.10 and shall have the right, power and authority
to enforce the provisions hereof as though they were a party hereto. 

  

	3.11.	 Termination of Registration Rights. The right of any Holder to request registration or inclusion of
Registrable Securities in any registration pursuant to Section 3.1, 3.2 or 3.3 hereof shall terminate upon the earliest to occur of (i) such time after consummation of the IPO as soon as Rule 144 or another similar exemption under the
Securities Act is available for the sale of all of such Holder’s Registrable Securities without limitation during any three-month period without registration; and (ii) the fifth anniversary of the IPO. Upon such termination, such shares
shall cease to be “Registrable Securities” hereunder for all purposes. 

  

	3.12.	 Exchange of Ordinary Shares into ADSs. To the extent that the Company causes ADSs to be issued in an IPO
and to the extent permitted by applicable law, following an IPO and as requested by the Investors, the Company shall deliver any instruction, certificate, consent or other similar item reasonably requested by the Depositary to allow the Investors to
convert their Ordinary Shares to ADSs (for sale under this Agreement or otherwise), provided that the Investors shall not deposit such Ordinary Shares in exchange for ADSs at any time at which to do so would violate obligations under any lock-up agreement entered into in connection with an offering by the Company, including the IPO. For the avoidance of doubt, the forgoing shall not require the Company to pay any fee to the Depositary and is not a
guarantee or other assurance of performance by the Depositary. 

  

	3.13.	 Obligation to Register ADSs. Notwithstanding anything to the contrary herein, unless the Company has
previously caused the Ordinary Shares to be listed on a national securities exchange or trading system in the United States (it being acknowledged that the Company shall have no obligation to so list the Ordinary Shares) and a market in the United
States for 

	 	
Ordinary Shares not held in the form of ADSs exists, then in any registration pursuant to this Agreement any Registrable Securities registered and sold pursuant thereto shall be in the form of
ADSs. 

  

	4.	 MISCELLANEOUS. 

 

	4.1.	 Governing Law. This Agreement and any dispute or claims relating to it or its subject matter (including
any non-contractual claims) shall be governed by and construed under the laws of England and Wales and each party irrevocably submits to the jurisdiction of the courts of England and Wales.

  

	4.2.	 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure
to the benefit of, and be binding upon, the parties hereto and their respective successors, assigns, heirs, executors, and administrators and shall inure to the benefit of and be enforceable by each person who shall be a holder of Registrable
Securities from time to time; provided, however, that prior to the receipt by the Company of adequate written notice of the transfer of any Registrable Securities specifying the full name and address of the transferee, the Company may
deem and treat the person listed as the holder of such shares in its records as the absolute owner and holder of such shares for all purposes, including the payment of dividends or any redemption price. 

 

	4.3.	 Entire Agreement. This Agreement constitutes the full and entire understanding and agreement between the
parties with regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any oral or written representations, warranties, covenants and agreements except as specifically set forth herein and therein. Each party
expressly represents and warrants that it is not relying on any oral or written representations, warranties, covenants or agreements outside of this Agreement. 

 

	4.4.	 Severability. In the event one or more of the provisions of this Agreement should, for any reason, be
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein. 

  

	4.5.	 Amendment and Waiver. 

 

	 	(a)	 Except as otherwise expressly provided, this Agreement may be amended or modified, and the obligations of the
Company and the rights of the Holders under this Agreement may be waived, only upon the written consent of the Company and the holders of at least a majority of the then-outstanding Registrable Securities. 

 

	 	(b)	 For the purposes of determining the number of Holders or Investors entitled to vote or exercise any rights
hereunder, the Company shall be entitled to rely solely on the list of record holders of its shares as maintained by or on behalf of the Company. 

  

	4.6.	 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy
accruing to any party, upon any breach, default or noncompliance by another party under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any
acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on any party’s part of any breach, default or
noncompliance under the Agreement or any waiver on such party’s part of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either
under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not alternative. 

	4.7.	 Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (c) five (5) days
after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of
receipt. All communications shall be sent to the party to be notified at the address as set forth on the signature pages hereof or Schedule 1 hereto or at such other address or electronic mail address as such party may designate by ten
(10) days advance written notice to the other parties hereto. 

  

	4.8.	 Attorneys’ Fees. In the event that any suit or action is instituted under or in relation to this
Agreement, including without limitation to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party
under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 

 

	4.9.	 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience
of reference only and are not to be considered in construing this Agreement. 

  

	4.10.	 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an
original, but all of which together shall constitute one instrument. 

  

	4.11.	 Aggregation of Shares. All shares of Registrable Securities held or acquired by affiliated entities or
persons or persons or entities under common management or control shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

 

	4.12.	 Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the
masculine, feminine or neutral, singular or plural, as to the identity of the parties hereto may require. 

  

	4.13.	 Termination. This Agreement shall terminate and be of no further force or effect upon a Sale (as such
term is defined in the Shareholders’ Agreement). 

 [Signature pages follow] 

 Schedule 1 

INVESTORS 

1.    BlueCross BlueShield Venture Partners III, LLC 

2.    Puhua Capital 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS AGREEMENT as of the date
set forth above. 
  

			
	Perspectum Group Ltd
		
	By:	 	 /s/ Rajarshi Banerjee

	Name:	 	Rajarshi Banerjee
	Title:	 	Director
	
	Perspectum Ltd
		
	By:	 	 /s/ Rajarshi Banerjee

	Name:	 	Rajarshi Banerjee
	Title:	 	Director

 [Signature page to the Registration Rights Agreement of Perspectum Group Ltd] 

 
			
	BlueCross BlueShield Venture Partners III, LLC, a Delaware limited liability company
		
	By:	 	 /s/ John Banta

	Name:	 	John Banta
	Title:	 	President and Managing Director

 [Signature page to the Registration Rights Agreement of Perspectum Group Ltd] 

 
			
	Puhua Capital Partners L.P.
		
	By:	 	 /s/ Qinhua Shen

	Name:	 	Qinhua Shen
	Title:	 	 Director

 [Signature page to the Registration Rights Agreement of Perspectum Group Ltd]

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