Document:

EX-10.1

 Exhibit 10.1 

RENALYTIX AI PLC 
 Share
Option Plan for Employees with Non-Employee Sub-Plan and US 

Sub-Plan 

Adopted by the Board on 11 September 2018. 

Approved by Shareholder on 23 October 2018 

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
	 1.
	 	Interpretation	  	 	1	 
	 2.
	 	Grant of Options	  	 	5	 
	 3.
	 	Exercise Condition	  	 	7	 
	 4.
	 	Overall grant limits	  	 	9	 
	 5.
	 	Individual grant limits	  	 	9	 
	 6.
	 	Exercise of Options	  	 	10	 
	 7.
	 	7. Manner of exercise of Options	  	 	11	 
	 8.
	 	8. Termination of employment	  	 	13	 
	 9.
	 	9. Lapse of Options	  	 	14	 
	 10.
	 	10. Tax liabilities	  	 	15	 
	 11.
	 	11. Relationship with employment contract	  	 	17	 
	 12.
	 	12. Takeovers and liquidations	  	 	17	 
	 13.
	 	Exchange of Options	  	 	21	 
	 14.
	 	Variation of share capital	  	 	23	 
	 15.
	 	Notices	  	 	23	 
	 16.
	 	Administration and amendment	  	 	24	 
	 17.
	 	Third party rights	  	 	26	 
	 18.
	 	Data protection	  	 	26	 
	 19.
	 	Governing law	  	 	26	 
	 20.
	 	Jurisdiction	  	 	26	 

  

 Rules of the RENALYTIX AI plc Share Option Plan 

 

	1.	 Interpretation 

 

	1.1	 The following definitions and rules of interpretation apply in the Plan. 

“51% Subsidiary” has the meaning given in section 989 of the Income Tax Act 2007. 

“Acting in Concert” has the meaning given to it in the City Code on Takeovers and Mergers published by the Panel on Takeovers
and Mergers. 
 “Adoption Date” the date of the adoption of the Plan by the Company. 

“Admission” the admission of the issued and to be issued Shares to trading on AIM becoming effective in accordance with Rule 6
of the AIM Rules. 
 “AIM” the Alternative Investment Market operated by The London Stock Exchange plc. 

“AIM Rules” the AIM Rules for Companies. 

“Associate” has the meaning given by paragraph 31, paragraph 32 and paragraph 33 of Schedule 5, with Chapter 11 of Part 7 of
ITEPA 2003 being applied for the purposes of paragraph 32(2). 
 “Board” the board of directors of the Company or a
committee of directors appointed by that board to carry out any of its functions under the Plan. 
 “Business Day” a day
other than a Saturday, Sunday or public holiday in England when banks in London are open for business. 
 “Change of
Control” the sale of any of the Shares (in one transaction or a series of transactions) that will result in the Offeror of those Shares and persons Acting in Concert with them together acquiring Control of the Company, except where the
Offeror is a company and the shareholders of that company and the proportion of shares in that company held by each of them following completion of the sale are substantially the same as the shareholders and their shareholdings in the Company
immediately before the sale. 
 “Closed Period” has the same meaning as in the Market Abuse Regulation. 

“Company” RENALYTIX AI PLC incorporated and registered in England with number 11257655. 

“Control” has the meaning given in section 719 of ITEPA 2003. 

“CSOP Option” a share option granted under a Schedule 4 CSOP Scheme as defined in Schedule 4 to ITEPA 2003. 

“Dilutive Shares” on any date, all shares of the Company that: 

  
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	 	(a)	 have been issued, or transferred out of treasury, on the exercise of options granted, or in satisfaction of any
other awards made, under any Employees’ Share Scheme (including the Plan); or 

  

	 	(b)	 remain capable of issue, or transfer out of treasury, under any Existing Options that were granted;

 in either case during the period of ten years ending on (and including) that date. 

“Disqualifying Event” has the meaning given in sections 533 to 536 of ITEPA 2003. 

“Eligible Employee” any Employee who: 
  

	 	(a)	 must spend on average at least the Statutory Minimum Time on the business of all the Group Members;

  

	 	(b)	 does not have a Material Interest (either on their own or together with one or more of their Associates); and

  

	 	(c)	 has no Associate or Associates who or which has or (taken together) have a Material Interest.

 “EMI Option” a qualifying option as defined in paragraph 1(2) of Schedule 5. 

“Employee” an individual who is an employee of the Company or a Qualifying Subsidiary. 

“Employees’ Share Scheme” has the meaning given in section 1166 of the Companies Act 2006. 

“Employer Company” the Option Holder’s employer or former employer as applicable. 

“Employer NICs” any secondary class 1 (employer) NICs (or any similar liability for social security contribution in any
jurisdiction) that the Company or any Employer Company is liable to pay as a result of any Taxable Event (or which that person would be liable to pay in the absence of an election of the type referred to in clause 10.2(b)) and that may be lawfully
recovered from the Option Holder. 
 “Exercisable Number” has the meaning given in clause 12. 

“Exercise Condition” a condition that complies with clause 3 and: 

 

	 	(a)	 must be satisfied before an Option may be exercised; 

 

	 	(b)	 is linked to time or the achievement of challenging performance over a specified period that has the intention
of enhancing shareholder value; and 

  

	 	(c)	 is specified in the Option Agreement under clause 2.6. 

“Exercise Measurement Date” the earliest date on which it is possible for the Board to determine that an Exercise Condition
has been satisfied. 

  
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 “Exercise Price” the price at which each Share subject to an Option may be
acquired on the exercise of that Option, which (subject to clause 14.1(b)) may not be less than the nominal value of a Share, if Shares are to be newly issued to satisfy the Option. 

“Existing Option” an option or any other right to acquire or receive Shares granted under any Employees’ Share Scheme
(including the Plan), that remains capable of satisfaction. 
 “Grant Date” the date on which an Option is granted under the
Plan. 
 “Grant Period” any period during which Options may be granted, as specified in clause 2. 

“Group” the Company and its 51% Subsidiaries (references to Group Member shall be construed accordingly). 

“HMRC” HM Revenue & Customs. 

“ITEPA 2003” the Income Tax (Earnings and Pensions) Act 2003. 

“Market Abuse Regulation” Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on
market abuse. 
 “Market Value” the market value of a Share determined to the satisfaction of the Board in accordance with
the applicable provisions of Part VIII of the Taxation of Chargeable Gains Act 1992. If Shares are subject to Relevant Restrictions, the Market Value shall be determined as if they were not. 

“Material Interest” has the meaning given in paragraph 28 of Schedule 5. 

“NICs” National Insurance contributions. 

“Normal Vesting Date” the earliest date on which the Option may be exercised, unless an earlier event occurs to cause the
Option to lapse or become exercisable. This date may not be: 
  

	 	(a)	 earlier than the Exercise Measurement Date; or 

 

	 	(b)	 later than the tenth anniversary of the Grant Date. 

For the avoidance of doubt, an Option may have more than one Normal Vesting Date. 

“Offeror” the person who acquires control of the Company under a Change of Control. 

“Option” a right to acquire Shares granted under the Plan. 

“Option Agreement” a written agreement constituting an Option, entered into under clause 2.6. 

“Option Holder” an individual who holds an Option or, where applicable, the personal representatives of a deceased Option
Holder. 
 “Personal Data” any personal information that could identify an Option Holder. 

  
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 “Plan” the Employees’ Share Scheme constituted and governed by these
rules, as amended from time to time. 
 “Qualifying Exchange of Shares” an event falling within paragraph 40 of Schedule 5.

 “Qualifying Subsidiary” has the meaning given by paragraph 11 of Schedule 5. 

“Redundancy” has the meaning given by the Employment Rights Act 1996. 

“Relevant Restriction” a provision included in any contract, agreement, arrangement or condition (including the articles of
association of the Company) to which any of section 423(2), section 423(3) and section 423(4) of ITEPA 2003 would apply if references in them to employment-related securities were references to Shares. 

“Rollover Period” any period during which Options may be exchanged for options over shares in another company (under paragraph
42 of Schedule 5, clause 13.1 and clause 13.5). 
 “Schedule 5” Schedule 5 to ITEPA 2003, which specifies the requirements
that must be met for a share option to be an EMI Option. 
 “Shares” ordinary shares in the Company (subject to clause
13.2(b) and clause 14). 
 “Statutory Minimum Time” an amount of either: 

 

	 	(a)	 committed time (as defined in paragraph 26 of Schedule 5), equal to the statutory threshold (as defined in that
paragraph); or 

  

	 	(b)	 reckonable time in relevant employment (as defined in section 535 of ITEPA 2003), equal to the statutory
threshold (as defined in that section). 

 “Sufficient Shares” the smallest number of Shares that, when
sold, produce an amount at least equal to the relevant (i) Tax Liability; or (ii) Exercise Price, as applicable (in each case after deduction of brokerage and any other charges or taxes on the sale). 

“Taxable Event” any event or circumstance that gives rise to a liability for the Option Holder to pay income tax, NICs or both
(or their equivalents in any jurisdiction) in respect of: 
  

	 	(a)	 the Option, including its exercise, assignment or surrender for consideration, or the receipt of any benefit in
connection with it; 

  

	 	(b)	 any Shares (or other securities or assets): 

 

	 	(i)	 earmarked or held to satisfy the Option; 

 

	 	(ii)	 acquired on exercise of the Option; 

 

	 	(iii)	 acquired as a result of holding the Option; or 

 

	 	(iv)	 acquired in consideration of the assignment or surrender of the Option; 

  
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	 	(c)	 any securities (or other assets) acquired or earmarked as a result of holding Shares (or other securities or
assets) mentioned in (b) above; or 

  

	 	(d)	 any amount due under pay as you earn (PAYE) in respect of securities or assets in (a) to (c) above,
including any failure by the Option Holder to make good such an amount in the time limit specified in section 222 of ITEPA 2003. 

“Tax Liability” the total of: 
  

	 	(a)	 any income tax and primary class 1 (employee) NICs (or their equivalents in any jurisdiction) for which any
Employer Company is or may be liable to account (or reasonably believes it is or may be liable to account) as a result of any Taxable Event; and 

  

	 	(b)	 any Employer NICs that any Employer Company is or may be liable to pay (or reasonably believes it is or may be
liable to pay) as a result of any Taxable Event that can be recovered lawfully from the Option Holder. 

  

	1.2	 Rule headings shall not affect the interpretation of the Plan. 

 

	1.3	 Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall
include the singular. 

  

	1.4	 Unless the context otherwise requires, a reference to one gender shall include a reference to other genders.

  

	1.5	 A reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time. 

  

	1.6	 A reference to a statute or statutory provision shall include all subordinate legislation made from time to
time under that statute or statutory provision. 

  

	1.7	 A reference to writing or written includes fax and email. 

 

	1.8	 Any obligation on a party not to do something includes an obligation not to allow that thing to be done.

  

	1.9	 References to rules are to the rules of the Plan. 

 

	1.10	 Any words following the terms including, include, in particular, for example or any
similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms. 

 

	2.	 Grant of Options 

 

	2.1	 The Company (acting through the Board) may grant EMI Options for commercial reasons in order to recruit or
retain an Eligible Employee. The Company may not grant EMI Options as part of any scheme or arrangement for which the main purpose (or one of its main purposes) is tax avoidance. 

  
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	2.2	 Subject to the rules, the Company (acting through the Board) may grant an Option: 

 

	 	(a)	 intended to be an EMI Option, to any Eligible Employee it chooses; 

 

	 	(b)	 not intended to be an EMI Option, to any Employee it chooses; 

 

	 	during:	 

  

	 	(a)	 the period of 42 days after the Adoption Date; 

 

	 	(b)	 any period of 42 days immediately following the end of a Closed Period; and 

 

	 	(c)	 any other period that the Board has decided should be a Grant Period due to exceptional circumstances.

  

	2.3	 The Company may not grant Options: 

 

	 	(a)	 at any time when that grant would be prohibited by, or in breach of, the Market Abuse Regulation or any other
law, regulation with the force of law or the AIM Rules; or 

  

	 	(b)	 after the tenth anniversary of the Adoption Date. 

 

	2.4	 The Company may grant Options intended to be EMI Options only when the Company is a qualifying company, as
defined in paragraph 8 of Schedule 5. 

  

	2.5	 The Company shall grant an Option by entering into an Option Agreement in a form approved by the Board or by
entering into a deed poll in a form approved by the Board. 

  

	2.6	 As soon as practical after the Company has executed any deed poll required by clause 2.5, the Company shall
enter into an Option Agreement as a deed in a form approved by the Board. Each Option Agreement shall (without limitation): 

  

	 	(a)	 specify the Grant Date of the Option, which shall be the date of the deed poll executed under clause 2.5;

  

	 	(b)	 at the discretion of the Board, specify either: 

 

	 	(i)	 that the Option is granted under the provisions of Schedule 5; or 

 

	 	(ii)	 that the Option is not intended to be an EMI Option. 

 

	 	(c)	 specify the number and class of the Shares over which the Option is granted; 

 

	 	(d)	 specify the Exercise Price; 

 

	 	(e)	 specify any Exercise Condition(s); 

 

	 	(f)	 specify any other condition to which the Option is subject; 

 

	 	(g)	 specify the Exercise Measurement Date(s) and Normal Vesting Date(s) or the way in which they can be determined;

  
 6 

	 	(h)	 specify the date when the Option will lapse, assuming that the Option is not exercised earlier and no event
occurs to cause the Option to lapse earlier. This date may not be later than the tenth anniversary of the Grant Date; 

  

	 	(i)	 if the Shares are subject to any Relevant Restriction, include details of that Relevant Restriction;

  

	 	(j)	 include a statement that the Option is subject to these rules (which shall be incorporated in the Option
Agreement by reference); 

  

	 	(k)	 include the terms required by clause 10.1, clause 10.2 and clause 10.6; 

 

	 	(l)	 include the power of attorney required by clause 10.7; 

 

	 	(m)	 include a term giving effect to clause 2.7; 

 

	 	(n)	 include a summary of clause 9.1 and clause 9.2(m); and 

 

	 	(o)	 if the Option is intended to be an EMI Option, include a declaration by the Option Holder of compliance with
the Statutory Minimum Time requirement. 

  

	2.7	 If an Option Holder granted an EMI Option does not correctly complete and sign the Option Agreement and return
it to the Group Member that employs the Option Holder by the date specified in the Option Agreement (“Return Date”), the relevant Option shall automatically lapse on the day after that date. 

 

	2.8	 The Group Member that employs the relevant Option Holder shall, in respect of any Option intended to be an EMI
Option, comply with its obligations under paragraph 44 of Schedule 5. 

  

	2.9	 No amount shall be paid by an Employee for the grant of an Option. 

 

	3.	 Exercise Condition 

 

	3.1	 On the Grant Date of any Option, the Board may specify one or more appropriate Exercise Conditions for the
Option. An Exercise Condition must be capable of being met within ten years after the relevant Grant Date. 

  

	3.2	 The Board may vary or waive any Exercise Condition, provided that any varied Exercise Condition shall be (in
the reasonable opinion of the Board): 

  

	 	(a)	 a fairer measure of performance than the original Exercise Condition, as judged at the time of the variation;
and 

  

	 	(b)	 no more difficult to satisfy than the original Exercise Condition was at the Grant Date. 

 

	3.3	 Clause 3.2 shall not permit the general waiver by the Board of Exercise Conditions on: 

 

	 	(a)	 cessation of employment; 

 

	 	(b)	 the occurrence of any event permitting the exercise of Options under clause 12; or 

 

	 	(c)	 the release of Options in exchange for New Options under clause 13, 

  
 7 

 notwithstanding that the Board may have the power to do so under the Plan. 

 

	3.4	 The Board shall determine whether, and to what extent, the Exercise Condition has been satisfied on, or as soon
as reasonably possible: 

  

	 	(a)	 after the Exercise Measurement Date; or 

 

	 	(b)	 following the death of an Option Holder in order to apply the reduction required by clause 8.2(b)(ii),

 in order to determine the Exercisable Number in accordance with clause 12.1. 

 

	3.5	 The Board shall notify the Option Holder within a reasonable time after the Board becomes aware of the relevant
information: 

  

	 	(a)	 whether (and, if relevant, to what extent) the Exercise Condition has been satisfied; 

 

	 	(b)	 of any subsequent change in whether, or the extent to which, the Exercise Condition has been satisfied;

  

	 	(c)	 when that Exercise Condition has become incapable of being satisfied, in whole or in part; and

  

	 	(d)	 of any waiver or variation of that Exercise Condition under clause 3.2. 

 

	3.6	 Subject to clause 3.7 and clause 3.8, if the Board considers that an Exercise Condition has become incapable of
being satisfied, in whole or in part, that Option, or the appropriate part of it, shall lapse immediately. 

  

	3.7	 If: 

  

	 	(a)	 the Option is an EMI Option; 

 

	 	(b)	 the Option Holder also holds an option over Shares (the
“Non-qualifying Option”) that: 

  

	 	(i)	 has the same Normal Vesting Date as the EMI Option; and 

 

	 	(ii)	 has the same exercise price for a Share as the EMI Option; and 

 

	 	(c)	 if the Non-qualifying Option was granted under a different
Employees’ Share Scheme, it is subject to a rule of similar effect to this clause 3.7, 

 then the Board shall
aggregate the number of Shares subject to the EMI Option and the Non-qualifying Option as if they were one Option for the purposes of clause 3.6 and shall cause the
Non-qualifying Option to lapse first so that the EMI Option shall not lapse unless the Non-qualifying Option lapses completely. 

  
 8 

	3.8	 If the Option is an EMI Option only in part, due to the application of clause 4.2, clause 4.3 or clause 5.3 on
the grant of that Option, then the part that is not an EMI Option shall lapse first. Therefore, the part that is an EMI Option shall not lapse until the other part has lapsed completely. 

 

	4.	 Overall grant limits 

 

	4.1	 At any time, the total Market Value (at the relevant dates of grant) of the Shares (and any other shares in the
Company) that can be acquired on the exercise of all EMI Options over the shares must not exceed £3 million (or any other amount as may be specified by paragraph 7 of Schedule 5 at the relevant time). No Option shall be an EMI Option if,
immediately before it is granted, the total Market Value (at the relevant dates of grant) of the Shares (and any other shares of the Company) that can be acquired on the exercise of all EMI Options over these shares already equals
£3 million (or any other amount as may be specified by paragraph 7 of Schedule 5 at the relevant time). 

  

	4.2	 If the grant of any Option that is: 

 

	 	(a)	 intended to be an EMI Option; and 

 

	 	(b)	 not granted at the same time as any other Option(s), 

would cause the limit in clause 4.1 to be exceeded, that Option shall not be an EMI Option so far as it relates to the excess. 

 

	4.3	 If several Options are: 

 

	 	(a)	 intended to be EMI Options; and 

 

	 	(b)	 granted at the same time as each other, 

and this would cause the limit in clause 4.1 to be exceeded, the Options shall not be EMI Options so far as they relate to the excess.
Paragraph 7(5) of Schedule 5 applies for the purpose of determining which part of each of these Options relates to the excess. 
  

	4.4	 The Company may not grant an Option if that grant would result in the total number of Dilutive Shares exceeding
10% of the issued share capital of the Company immediately following Admission SAVE THAT Shares under Options which were capable of exercise prior to Admission will not be counted as Dilutive Shares. 

 

	5.	 Individual grant limits 

 

	5.1	 At any time, the total Market Value (at the relevant dates of grant) of the shares (which may include Shares)
that an Eligible Employee can acquire on the exercise of EMI Options granted to them by reason of their employment with: 

  

	 	(a)	 any Group Member; or 

 

	 	(b)	 any two or more Group Members, 

  
 9 

 may not exceed £249,999 (or any other amount as may be specified by paragraph 5 of
Schedule 5 at the relevant time, minus £1). No Option shall be an EMI Option if, immediately before it is granted, the total Market Value (at the relevant dates of grant) of the shares that can be acquired on the exercise of all EMI Options
held by the relevant Eligible Employee and falling within this clause 5.1 equals £250,000 (or any other amount as may be specified by paragraph 5 of Schedule 5 at the relevant time). 

 

	5.2	 Any CSOP Options granted to the relevant Eligible Employee by reason of his employment with any Group Member
shall be treated as EMI Options to be counted against the limit set out in clause 5.1. 

  

	5.3	 If the grant of any Option that is intended to be an EMI Option would cause the limit in clause 5.1 to be
exceeded, that Option shall not be an EMI Option so far as it relates to the excess. 

  

	5.4	 If an Eligible Employee has been granted EMI Options over shares (which may include Shares) with a total Market
Value of £250,000 (or any other amount as may be specified by paragraph 6 of Schedule 5 at the relevant time) by reason of their employment with: 

  

	 	(a)	 any Group Member; or 

 

	 	(b)	 any two or more Group Members, 

whether or not those EMI Options have been exercised or released, any Option granted to that Eligible Employee shall not be an EMI Option if
the Grant Date of that Option falls within the period of three years after the Grant Date of the last EMI Option to be granted to them that falls within this clause 5.4. 
  

	6.	 Exercise of Options 

 

	6.1	 An Option Holder may not exercise an Option before the earliest of: 

 

	 	(a)	 its Normal Vesting Date; 

 

	 	(b)	 the time when it becomes exercisable under clause 8; and 

 

	 	(c)	 the time when it becomes exercisable under clause 12. 

 

	6.2	 An Option Holder may only exercise an Option to the extent that the relevant Exercise Condition is achieved and
any other condition stated in the Option Agreement under clause 2.6(f) is satisfied. 

  

	6.3	 An Option Holder may not exercise an Option at a time when its exercise is prohibited by, or would be a breach
of, the Market Abuse Regulation, the AIM Rules or any law or regulation with the force of law, or other rule, code or set of guidelines (such as a personal dealing code adopted by the Company). 

 

	6.4	 Subject to clause 6.5, an Option Holder may not exercise an Option at any time: 

 

	 	(a)	 while disciplinary proceedings by any Group Member are underway against the Option Holder; or

  
 10 

	 	(b)	 while any Group Member is investigating the Option Holder’s conduct and may as a result begin disciplinary
proceedings; or 

  

	 	(c)	 while there is a breach of the Option Holder’s employment contract that is a potentially fair reason for
dismissal; or 

  

	 	(d)	 while the Option Holder is in breach of a fiduciary duty owed to any Group Member; or 

 

	 	(e)	 after the Option Holder has ceased to be an Employee, if there was a breach of employment contract or fiduciary
duties that (in the reasonable opinion of the Board) would have prevented the exercise of the Option had the Company been aware (or fully aware) of that breach, and of which the Company was not aware (or not fully aware) until after both:

  

	 	(i)	 the Option Holder’s ceasing to be an Employee; and 

 

	 	(ii)	 the time (if any) when the Board decided to permit the Option Holder to exercise the Option.

  

	6.5	 The Company shall not unfairly frustrate a valid exercise of the Option by the inappropriate application of any
provision of clause 6.4. 

  

	6.6	 An Option Holder may not exercise an Option without having made any arrangements, or entered into any
agreements, that may be required and are referred to in clause 10. 

  

	7.	 Manner of exercise of Options 

 

	7.1	 Where an Option is exercised in part, it shall be exercised over at least 100 Shares or, if less, the number of
Shares over which the Option is then exercisable. 

  

	7.2	 An Option shall be exercised by the Option Holder giving a written exercise notice to the Company, as follows:

  

	 	(a)	 setting out the number of Shares over which the Option Holder wishes to exercise the Option. If that number
exceeds the number over which the Option may be validly exercised at the time, the Company shall 

  

	 	(i)	 treat the Option as exercised only in respect of that lesser number; and 

 

	 	(ii)	 refund any excess amount paid to exercise the Option or meet any Tax Liability. 

 

	 	(b)	 using a form that the Board will approve; and 

 

	 	(c)	 if clause 7.3 applies, including the information specified in that clause 7.3. 

 

	7.3	 If: 

  

	 	(a)	 an Option is an EMI Option only in part, due to the application of clause 4.2, clause 4.3 or clause 5.3 on the
grant of that Option; and 

  
 11 

	 	(b)	 the relevant Option Holder exercises that Option in respect of any number of Shares less than the maximum
number over which it could be exercised, 

 the exercise notice shall specify to what extent (if any) the partial exercise
of that Option should be treated as the exercise of that part of the Option that is an EMI Option. If the exercise notice does not specify the extent, it shall be taken to exercise that part of the Option that is an EMI Option in priority to that
part of the Option that is not an EMI Option. 
  

	7.4	 Any exercise notice shall be accompanied by all of the following: 

 

	 	(a)	 payment of an amount equal to the Exercise Price multiplied by the number of Shares specified in the notice;

  

	 	(b)	 any payment required under clause 10; and 

 

	 	(c)	 any documents relating to arrangements or agreements required under clause 10. 

The Option Holder may enter into arrangements to the satisfaction of the Company for payment of the amounts due under this clause 7.4. 

 

	7.5	 Any exercise notice shall be invalid: 

 

	 	(a)	 to the extent that it is inconsistent with the Option Holder’s rights under these rules and the Option
Agreement; 

  

	 	(b)	 if any of the requirements of clause 7.2 or clause 7.4 are not met; or 

 

	 	(c)	 if any payment referred to in clause 7.4 is made by a cheque that is not honoured on first presentation or that
fails in any other manner to transfer the expected value to the Company. 

 The Company may permit the Option Holder to
correct any defect referred to in clause 7.5(b) or clause 7.5(c) (but shall not be obliged to do so). The date of any corrected exercise notice shall be the date of the correction rather than the original notice date for all other purposes of the
Plan. 
  

	7.6	 The Company shall allot and issue Shares (or, as appropriate, procure their transfer) in satisfaction of an
Option Holder’s rights within 30 days after a valid Option exercise, subject to the other rules of the Plan. 

  

	7.7	 Shares allotted and issued in satisfaction of the exercise of an Option shall rank equally in all respects with
the other shares of the same class in issue at the date of allotment, except for any Relevant Restriction or any rights determined by reference to a date before the date of allotment. 

 

	7.8	 Shares transferred in satisfaction of the exercise of an Option shall be transferred free of any lien, charge
or other security interest, other than any Relevant Restriction, and with all rights attaching to them, other than any rights determined by reference to a date before the date of transfer. 

  
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	7.9	 If the Shares are listed or traded on any stock exchange, the Company shall apply to the appropriate body for
any newly issued Shares allotted on exercise of an Option to be listed or admitted to trading on that exchange. 

  

	8.	 Termination of employment 

 

	8.1	 An Option Holder who gives or receives notice of termination of employment (whether or not lawful) may not
exercise an Option at any time while the notice remains effective. 

  

	8.2	 If an Option Holder ceases to be an Employee before the Normal Vesting Date due to his or her death, the
personal representatives may exercise the Option over a number of Shares during the period ending 12 months after the death. If the Option is not exercised, it will lapse at the end of that period. That number of Shares shall be determined as
follows: 

  

	 	(a)	 if the Option Holder dies on or after the Normal Vesting Date, the number shall be equal to the number of
Shares that the Option Holder could have acquired if the Option had been exercised immediately before the death. 

  

	 	(b)	 if the Option Holder dies before the Normal Vesting Date, then the Board, acting fairly and reasonably, shall:

  

	 	(i)	 apply a reduction to reflect the extent to which any Exercise Condition was not achieved at the date of death;
and 

  

	 	(ii)	 the Option shall lapse to that extent, 

SAVE THAT the Board may, in these circumstances and in its absolute discretion, waive any Exercise Condition. 

 

	8.3	 If an Option Holder ceases to be an Employee before the Normal Vesting Date due to any of the following
reasons: 

  

	 	(a)	 injury; 

  

	 	(b)	 ill health; or 

  

	 	(c)	 disability; or 

  

	 	(d)	 retirement; or 

  

	 	(e)	 Redundancy; or 

  

	 	(f)	 the Option Holder’s Employer Company ceasing to be a Group Member; or 

 

	 	(g)	 the transfer of the business that employs the Option Holder to a person that is not a Group Member,

 then the Board, acting fairly and reasonably, shall apply a reduction to reflect the extent to which the Exercise
Condition was not achieved at the date of cessation and the Option shall lapse to that extent SAVE THAT the Board may, in these circumstances and in its absolute discretion, waive any Exercise Condition. 

  
 13 

 To the extent the Option is exercisable, the Option may be exercised during the 90-day period beginning on the date of cessation and if the Option is not exercised, it will lapse at the end of that period. 
  

	8.4	 If an Option Holder ceases to be an Employee before the Normal Vesting Date for any reason other than death or
the reasons set out in clause 8.3, the Board may in its absolute discretion permit the Option Holder to exercise the Option (subject to achieving any Exercise Condition) during the 90-day period beginning on
the date of cessation SAVE THAT the Board may, in these circumstances and in its absolute discretion, waive all or any Exercise Condition. 

  

	8.5	 If the Option is not exercised, it will lapse at the end of that period. 

 

	8.6	 Any decision by the Board to grant permission under clause 0 shall be made in the 90-day period following the cessation of employment and if the Board does not make such a decision within that period, the Option will lapse at the end of that period and in accordance with clause 9.2(j).

  

	8.7	 If an Option Holder ceases to be an Employee on or after the Normal Vesting Date for any reason other than
summary dismissal, the Option may be exercised during the 90-day period following the date of cessation. 

  

	8.8	 The Board may permit an Option Holder, who is summarily dismissed on or after the Normal Vesting Date, to
exercise the Option during the 90-day period following the date of dismissal. If the Board does not make such a decision to permit the exercise within that period, the Option will lapse at the end of that
period in accordance with clause 9.2(j). 

  

	8.9	 The Board shall notify the relevant Option Holder of any decision made under clause 8, including any decision
not to permit the exercise of an Option, within a reasonable time after making it. 

  

	8.10	 If the relevant Option Agreement specifies different Normal Vesting Dates for different parts of an Option,
each part of that Option shall be treated as a separate Option for the purposes of clause 8. 

  

	8.11	 An Option Holder shall not be regarded as ceasing to be an Employee until the Option Holder is no longer an
employee or executive director of any Group Member. 

  

	9.	 Lapse of Options 

 

	9.1	 An Option Holder may not transfer or assign, or have any charge or other security interest created over an
Option (or any right arising under it). An Option shall lapse if the relevant Option Holder attempts to do any of those things. However, this clause 9.1 does not prevent the transmission of an Option to an Option Holder’s personal
representatives on the death of the Option Holder. 

  

	9.2	 An Option shall lapse on the earliest of the following: 

 

	 	(a)	 30 November 2018, if Admission does not occur before that date; 

  
 14 

	 	(b)	 on the day immediately following the Return Date if the Option Holder has not yet met the obligations specified
in clause 2.7; 

  

	 	(c)	 any attempted action by the Option Holder falling within clause 9.1; 

 

	 	(d)	 when the Board decides in accordance with clause 3.6, to the extent that any Exercise Condition has become
wholly or partly incapable of being met; 

  

	 	(e)	 any date on which the Option shall lapse, as specified in the Option Agreement; 

 

	 	(f)	 to the extent required by clause 8.2(b), the date the Option Holder dies; 

 

	 	(g)	 the first anniversary of the Option Holder’s death; 

 

	 	(h)	 the end of the 90-day period, if clause 8.3 or clause 8.4 applies;

  

	 	(i)	 if the Board decides under clause 0 or clause 8.5 that it will not permit the Option Holder to exercise the
Option, the date the Board so decides; 

  

	 	(j)	 the end of the 90-day period during which exercise is permitted, if the
Board decides under clause 0 or clause 8.5 that it will permit the Option Holder to exercise the Option; 

  

	 	(k)	 90 days after the Option Holder ceases to be an Employee, if the Board makes no decision under clause 0 or
clause 8.5; 

  

	 	(l)	 the time specified for the lapse of the Option under clause 12 if any part of that clause 12 applies; or

  

	 	(m)	 when the Option Holder becomes bankrupt under Part IX of the Insolvency Act 1986, applies for an interim order
under Part VIII of the Insolvency Act 1986, proposes or makes a voluntary arrangement under Part VIII of the Insolvency Act 1986, takes similar steps, or is similarly affected, under laws of any jurisdiction that correspond to those provisions of
the Insolvency Act 1986. 

  

	9.3	 Subject to the Option Holder complying with the requirements of clause 7.4, if an Option would otherwise lapse
following cessation of an Option Holder’s employment, that Option shall be deemed exercised to the maximum extent possible in accordance with Rule 8 on the day prior to such lapse occurring. 

 

	10.	 Tax liabilities 

 

	10.1	 Each Option Agreement shall include the Option Holder’s irrevocable agreement to: 

 

	 	(a)	 pay to the Company or Employer Company (as appropriate) the amount of any Tax Liability; or

  

	 	(b)	 enter into arrangements to the satisfaction of the Company or Employer Company (as appropriate) for payment of
any Tax Liability. 

  
 15 

	10.2	 Unless the Employer Company directs that it shall not, each Option Agreement shall include the Option
Holder’s irrevocable agreement that: 

  

	 	(a)	 the Company or Employer Company (as appropriate) may recover the whole or any part of any Employer NICs from
the Option Holder; and 

  

	 	(b)	 at the request of the Company or Employer Company, the Option Holder shall elect (using a form approved by
HMRC) that the whole or any part of the liability for Employer NICs shall be transferred to the Option Holder. 

  

	10.3	 An Option Holder’s Employer Company may decide to release the Option Holder from, or not to enforce, any
part of the Option Holder’s obligations in respect of Employer NICs under clause 10.1 and clause 10.2. 

  

	10.4	 If an Option Holder does not fulfil the obligations under either clause 10.1(a) or clause 10.1(b) in respect of
any Tax Liability arising from the exercise of an Option within seven days after the date of exercise and Shares are readily saleable at that time, the Company shall withhold Sufficient Shares from the Shares that would otherwise be delivered to the
Option Holder. The Option Holder’s obligations under clause 10.1(a) and clause 10.1(b) shall not be affected by any failure of the Company to withhold Shares under this clause 10.4. From the net proceeds of sale of the withheld Shares, the
Company shall: 

  

	 	(a)	 retain an amount equal to the Tax Liability and shall pay any balance to the Option Holder (if the Company is
to account for or pay the relevant Tax Liability); or 

  

	 	(b)	 pay to the Option Holder’s employer or former employer an amount equal to the Tax Liability (if that
person is liable to account for or pay the relevant Tax Liability) and shall pay any balance to the Option Holder. 

  

	10.5	 Option Holders shall have no rights to compensation or damages on account of any tax or NICs liability that
arises or is increased (or is claimed to arise or be increased) in whole or in part because of: 

  

	 	(a)	 the limitation under clause 4.2, clause 4.3 or clause 5.3 of any Option intended to be an EMI Option;

  

	 	(b)	 any decision of HMRC that an Option does not meet the requirements of Schedule 5 and is therefore not an EMI
Option, however that decision may arise; 

  

	 	(c)	 any Disqualifying Event, however that event may be caused; 

 

	 	(d)	 the timing of any decision by the Board to permit exercise of an Option under clause 0 or clause 8.5;

  

	 	(e)	 any failure by the Board to give notice under clause 16.7; or 

 

	 	(f)	 the timing of any notice given by the Board under clause 16.7. 

 

	10.6	 Each Option Agreement shall include the Option Holder’s irrevocable agreement to enter into a joint
election under section 431(1) or 431(2) of ITEPA 2003 in respect of the Shares to be acquired on exercise of the relevant Option, if required to do so by the Company, or Employer Company, on or before any date of exercise of the Option.

  
 16 

	10.7	 Each Option Agreement shall include a power of attorney appointing the Company as the Option Holder’s
agent and attorney for the purposes of clause 10.4 and clause 10.6. 

  

	11.	 Relationship with employment contract 

 

	11.1	 The rights and obligations of any Option Holder under the terms of his office or employment with any Group
Member or former Group Member shall not be affected by being an Option Holder. 

  

	11.2	 The value of any benefit realised under the Plan by Option Holders shall not be taken into account in
determining any pension or similar entitlements. 

  

	11.3	 Option Holders and Employees shall have no rights to compensation or damages on account of any loss in respect
of Options or the Plan where this loss arises (or is claimed to arise), in whole or in part, from: 

  

	 	(a)	 termination of office or employment with; or 

 

	 	(b)	 notice to terminate office or employment given by or to, 

any Group Member or any former Group Member. This exclusion of liability shall apply however termination of office or employment, or the giving
of notice is caused and however compensation or damages are claimed. 
  

	11.4	 Option Holders and Employees shall have no rights to compensation or damages from any Group Member or any
former Group Member on account of any loss in respect of Options or the Plan where this loss arises (or is claimed to arise), in whole or in part, from: 

  

	 	(a)	 any company ceasing to be a Group Member; or 

 

	 	(b)	 the transfer of any business from a Group Member to any person that is not a Group Member.

 This exclusion of liability shall apply however the change of status of the relevant Group Member, or the transfer of
the relevant business is caused and however compensation or damages are claimed. 
  

	11.5	 An Employee shall not have any right to receive Options, whether or not they have previously been granted any.

  

	12.	 Takeovers and liquidations 

 

	12.1	 In this clause 12, the “Exercisable Number of Shares” in relation to an Option is the number
of Shares that the Board (acting fairly and reasonably) shall determine by application of a reduction to reflect the extent to which any Exercise Condition is not met at the date (or expected date) of the Change of Control or (where relevant, the
date the Controller obtains Control as mentioned in clause 12.15) SAVE THAT the Board may, in these circumstances and in its absolute discretion, waive all or any Exercise Condition. 

  
 17 

	12.2	 Where the Board is required to determine the Exercisable Number and: 

 

	 	(a)	 the Option is an EMI Option; and 

 

	 	(b)	 the Option Holder also holds a Non-qualifying Option; and

  

	 	(c)	 if the Non-qualifying Option was granted under a different
Employees’ Share Scheme, it is subject to a rule of similar effect to this clause 12.2; or 

 then the Board shall
aggregate the number of Shares subject to the EMI Option and the Non-qualifying Option as if they were one Option for the purposes of determining the Exercisable Number. The Board shall reduce the number of
Shares subject to the Non-qualifying Option before it reduces the number of Shares subject to the EMI Option. 
  

	12.3	 Where the Board is required to determine the Exercisable Number, if the Option is an EMI Option only in part,
due to the application of clause 4.2, clause 4.3 or clause 5.3 on the grant of that Option, then the Board shall reduce the number of Shares subject to the part that is not an EMI Option before it reduces the number of Shares subject to the part
that is an EMI Option. 

  

	12.4	 Where the Board is required by clause 12.1 to determine the Exercisable Number, and the relevant Option
Agreement specifies different Normal Vesting Dates for different parts of an Option, the Board shall treat each part of that Option as a separate Option. 

  

	12.5	 Subject to clause 8.1, if the Board considers that a Change of Control is likely to occur, the Board may in its
absolute discretion decide that the Option Holder may exercise all or any part of any Option (but not in respect of more than the Exercisable Number of Shares), conditional on the Change of Control actually occurring. This should be in a reasonable
period to be specified by the Board for that purpose and ending immediately before the Offeror obtains Control of the Company. The Board shall have discretion to determine that an Option that is not exercised by the end of that period shall lapse.

  

	12.6	 Subject to clause 8.1, if a Change of Control occurs and the Board has not exercised its discretion under
clause 12.5, the Option Holder may exercise an Option in respect of no more than the Exercisable Number of Shares within 90 days after the time when the Offeror has obtained Control of the Company. The Option shall lapse at the later of the end of
that 90 day period and any time specified under clause 12.7 or clause 12.8, if either applies. 

  

	12.7	 If a Change of Control occurs and all the following conditions are met: 

 

	 	(a)	 the Board has not exercised its discretion under clause 12.5; 

 

	 	(b)	 the Offeror satisfies the conditions of clause 13.1(d) and clause 13.1(e); 

 

	 	(c)	 the Option Holder meets the condition of clause 13.1(f); and 

 

	 	(d)	 the Offeror declares within ten days following the time when the Offeror has obtained Control of the Company
that it is willing to make an agreement under clause 13.1; 

  
 18 

 an EMI Option shall continue to exist until the earliest of the following: 

 

	 	(e)	 the time when the Option Holder releases the Option under an exchange of options falling within clause 13.1;

  

	 	(f)	 the time when it lapses in accordance with clause 8; and 

 

	 	(g)	 the latest date on which an applicable Rollover Period expires, 

when it shall lapse. 
 Any Option
to which this clause 12.7 applies shall not be capable of exercise under any rule of the Plan after it ceases to be capable of exercise under clause 12.6. 

If any of the conditions in clause 12.7(a) to clause 12.7(d) are not met, and the Offeror is not willing to make an agreement under clause
13.5, an Option shall lapse at the end of the exercise period specified in clause 12.6. 
  

	12.8	 If a Change of Control occurs and both the following conditions are met: 

 

	 	(a)	 where the Option is an EMI Option, either: 

 

	 	(i)	 the Offeror does not satisfy the conditions of clause 13.1(d) and clause 13.1(e); or 

 

	 	(ii)	 the Option Holder does not meet the conditions of clause 13.1(f); 

and 
  

	 	(b)	 the Offeror declares that it is willing to make an agreement under clause 13.5; 

the Option shall continue to exist until the earliest of the following: 

 

	 	(c)	 the time when the Option Holder releases the Option under an exchange of options falling within clause 13.5;

  

	 	(d)	 the time when it lapses in accordance with clause 8; 

 

	 	(e)	 the latest date on which an applicable Rollover Period expires, 

when it shall lapse. 
 Any Option
to which this clause 12.8 applies shall not be capable of exercise under any rule of the Plan after it ceases to be capable of exercise under clause 12.6. 

If the Offeror is not willing to make an agreement under clause 13.5, the Option shall lapse at the end of the exercise period specified in
clause 12.6. 
  

	12.9	 Subject to clause 8.1, an Option Holder may exercise the Exercisable Number of Shares subject to any Option
during any period when any person is bound or entitled to acquire Shares under sections 979 to 982 or 983 to 985 of the Companies Act 2006. Any Option to which this clause 12.9 applies shall lapse at the later of: 

 

	 	(a)	 the end of the period during which that person is bound or entitled; and 

  
 19 

	 	(b)	 the time specified for the lapse of Options under clause 12.7 or clause 12.8, 

if either applies (unless it lapses earlier in accordance with clause 8). 

 

	12.10	 Clause 12.10 applies if any Shares, in one or a series of transactions, are sold or a right to acquire or
dispose is granted resulting in the buyer or grantee and persons Acting in Concert with them together acquiring Control of the Company, but this does not constitute a Change of Control because the buyer is a company and its shareholders and the
proportion of its shares held by each of them following completion of the sale are substantially the same as the shareholders and their shareholdings in the Company immediately before the sale. 

If the buyer offers to make such arrangements as the Board, in its reasonable opinion, considers to be fair, for: 

 

	 	(a)	 New Options to be offered under clause 13.1 in exchange for any Options that are EMI Options, where the
requirements of clause 13.1 can be satisfied; and 

  

	 	(b)	 either suitable replacement options under clause 13.5 or some other appropriate compensation to be offered to
Option Holders: 

  

	 	(i)	 to the extent that New Options cannot be offered under clause 13.1 for any Options that are EMI Options; and

  

	 	(ii)	 for any Options that are not EMI Options. 

then any Options that are not so exchanged or released shall lapse on such date as the Board shall specify. 

If the buyer does not offer to make such arrangements within 30 days after the buyer has acquired Control, then the provisions of clause 12.6
shall apply to the Options in the same way as if the sale had constituted a Change of Control. 
  

	12.11	 If the court sanctions a compromise or arrangement under section 899 of the Companies Act 2006, the Board may
decide that an Option Holder may exercise the Exercisable Number of Shares subject to the Option within a reasonable period to be specified by the Board for that purpose. The Board shall have discretion to determine that an Option that is not
exercised by the end of that period shall lapse. 

  

	12.12	 Any Option to which clause 12.11 applies shall: 

 

	 	(a)	 if an exchange of options falling within either clause 13.1 or clause 13.5 is offered continue to exist until
the earliest of the following: 

  

	 	(i)	 the time when the Option is released under that exchange; 

 

	 	(ii)	 the latest date on which an applicable Rollover Period expires and 

 

	 	(iii)	 the time when it lapses in accordance with clause 8; 

  
 20 

 when it shall lapse. Any Option to which this clause 12.12(a) applies shall not be capable
of exercise under any other rule of the Plan after it ceases to be capable of exercise under clause 12.11. 
  

	 	(b)	 lapse at the end of the exercise period specified in this clause 12.11 if such an exchange is not offered.

  

	12.13	 If a person, or group of persons Acting in Concert together acquire Control of the Company by subscribing for
new shares in the Company, the Board may, in its absolute discretion, decide to treat this as a Change of Control for all the purposes of the Plan. 

  

	12.14	 In clause 12 and clause 13 (other than clause 13.1), a person shall be deemed to have obtained Control of a
company if that person, and others Acting in Concert with them, have obtained Control of it together. 

  

	12.15	 If the shareholders of the Company receive notice of a resolution for the voluntary winding up of the Company,
any Option Holder may exercise an Option in respect of the Exercisable Number of Shares at any time before that resolution is passed, conditional upon the passing of that resolution, and if the Option Holder does not exercise the Option, it shall
lapse when the winding up begins. 

  

	12.16	 The Board shall notify Option Holders of any event that is relevant to Options under this clause 12 within a
reasonable period after the Board becomes aware of it. 

  

	13.	 Exchange of Options 

 

	13.1	 If one of the following happens: 

 

	 	(a)	 a company obtains all the shares of the Company as a result of a Qualifying Exchange of Shares;

  

	 	(b)	 a company obtains Control of the Company as a result of: 

 

	 	(i)	 making a general offer to acquire the whole of the issued share capital of the Company (except any capital
already held by that company or any person connected with that company) that is made on a condition that, if it is satisfied, the offeror will have Control of the Company; 

 

	 	(ii)	 making a general offer to acquire all the shares in the Company (except any shares already held by that company
or any person connected with that company) that are of the same class as the Shares; or 

  

	 	(iii)	 an event specified in clause 12.11. 

 

	 	(c)	 a company becomes bound or entitled to acquire Shares under sections 979 to 982 of the Companies Act 2006,

 (the relevant company being referred to in this clause 13.1 as the “Acquiring Company”) 

  
 21 

 and all of the following are true: 

 

	 	(d)	 the Acquiring Company satisfies the independence requirement set out in paragraph 9 of Schedule 5;

  

	 	(e)	 the Acquiring Company satisfies the trading activities requirement set out in paragraphs 13 to 23 of Schedule
5; and 

  

	 	(f)	 the relevant Option Holder would fall within the definition of Eligible Employee if for the purposes of that
definition (and the definition of Material Interest as used in it) references to Group Member were references to any of the Acquiring Company and its 51% Subsidiaries, 

each Option Holder may, by agreement with the Acquiring Company within the applicable Rollover Period, release any Option that is an EMI Option
(or that part of any Option that is an EMI Option, where clause 4.1, clause 4.2 or clause 5.3 applies) (“Old Option”) for a replacement option (“New Option”). 

 

	13.2	 A New Option shall: 

  

	 	(a)	 be granted over ordinary shares in the Acquiring Company that are fully paid up and not redeemable;

  

	 	(b)	 be subject to clause 4.1, clause 4.2 and clause 4.3 with: 

 

	 	(i)	 the references in those rules to Shares being taken to be references to the shares in the Acquiring Company
that are subject to New Options; 

  

	 	(ii)	 the references to other shares in the Company being taken to be references to any other shares in the Acquiring
Company that are subject to EMI Options; and 

  

	 	(iii)	 the Market Value of shares in the Acquiring Company subject to each New Option being taken to equal ( the
Market Value (under clause 4) of the Shares subject to the Old Option that it replaces, measured on the Grant Date of that Old Option; 

  

	 	(c)	 be a right to acquire a number of shares in the Acquiring Company that have, immediately after grant of the New
Option, a total Market Value equal to the total Market Value of the shares subject to the Old Option that it replaces immediately before its release; 

  

	 	(d)	 have an exercise price for each share such that the total price payable on complete exercise of the New Option
equals the total price that would have been payable on complete exercise of the Old Option that it replaces; 

  

	 	(e)	 be capable of exercise within ten years after the Grant Date of the Old Option that it replaces;

  

	 	(f)	 only include conditions that must be fulfilled before the New Option can be exercised (if any) that are capable
of being fulfilled within the period of ten years after the Grant Date of the Old Option that it replaces; 

  
 22 

	 	(g)	 satisfy the requirements of: 

 

	 	(i)	 paragraph 37 of Schedule 5; and 

 

	 	(ii)	 paragraph 38 of Schedule 5; 

 

	 	(h)	 satisfy clause 2.1; and 

 

	 	(i)	 be notified to HMRC in accordance with paragraph 44 of Schedule 5. 

 

	13.3	 Any Rollover Period shall have the same duration as the applicable required period defined in paragraph 42 of
Schedule 5. 

  

	13.4	 Any New Option granted in accordance with clause 13.1 will be treated as acquired at the same time as the Old
Option that it replaces for the purposes of the legislation relating to EMI Options. 

  

	13.5	 Although clause 13.1 does not provide for an Option that is not an EMI Option (or a part of any Option that is
not an EMI Option, where clause 4.1, clause 4.2 or clause 5.3 applies) to be exchanged for another option in accordance with that rule, an Option Holder may agree terms with any company to make such an exchange during a Rollover Period.

  

	14.	 Variation of share capital 

 

	14.1	 If there is any variation of the share capital of the Company (whether that variation is a capitalisation issue
(other than a scrip dividend), rights issue, consolidation, subdivision or reduction of capital or otherwise) that affects (or may affect) the value of Options to Option Holders, the Board shall adjust the number and description of Shares subject to
each Option or the Exercise Price of each Option in a manner that the Board, in its reasonable opinion, considers to be fair and appropriate. However: 

  

	 	(a)	 the total amount payable on the exercise of any Option in full shall not be increased; and

  

	 	(b)	 the Exercise Price for a Share to be newly issued on the exercise of any Option shall not be reduced below its
nominal value (unless the Board resolves to capitalise, from reserves, an amount equal to the amount by which the total nominal value of the relevant Shares exceeds the total adjusted Exercise Price, and to apply this amount to pay for the relevant
Shares in full). 

  

	15.	 Notices 

  

	15.1	 Except as maintained in clause 15.3, any notice or other communication given under or in connection with the
Plan shall be in writing and shall be: 

  

	 	(a)	 delivered by hand or by pre-paid first-class post or other next working
day delivery service at the Appropriate Address; 

  
 23 

 For the purposes of this clause 15, the Appropriate Address means: 

 

	 	(i)	 in the case of the Company, its registered office provided the notice is marked for the attention of the
Company Secretary; 

  

	 	(ii)	 in the case of an Option Holder, the Option Holder’s home address; and 

 

	 	(iii)	 if the Option Holder has died, and notice of the appointment of personal representatives is given to the
Company, any contact address specified in that notice; or 

  

	 	(b)	 sent by fax to the fax number notified in writing by the recipient to the sender; or 

 

	 	(c)	 sent by email to the “Appropriate Email Address”. 

For the purposes of this clause 15, Appropriate Email Address means: 
  

	 	(i)	 in the case of the Company, the email address of the Company Secretary; and 

 

	 	(ii)	 in the case of the Option Holder, the work email address if the Option Holder is permitted to access personal
emails at work. 

  

	15.2	 Any notice or other communication given under this clause 15.1 shall be deemed to have been received:

  

	 	(a)	 if delivered by hand, on signature of a delivery receipt, or at the time the notice is left at the appropriate
address; 

  

	 	(b)	 if sent by prepaid first-class post or other next working day delivery service, at 9.00 am on the second
Business Day after posting, or at the time recorded by the delivery service; 

  

	 	(c)	 if sent by fax, at 9.00 am on the next Business Day after transmission; and 

 

	 	(d)	 if sent by email, at 9.00 am on the next Business Day after sending. 

 

	15.3	 This rule does not apply to: 

 

	 	(a)	 the service of any notice of exercise under clause 7.2; and 

 

	 	(b)	 the service of any proceedings or other documents in any legal action or, where applicable, any arbitration or
other method of dispute resolution. 

  

	16.	 Administration and amendment 

 

	16.1	 The Board shall administer the Plan. 

 

	16.2	 The Board may amend the Plan from time to time, but: 

 

	 	(a)	 the Board may not amend the Plan if the amendment: 

 

	 	(i)	 applies to Options granted before the amendment was made; and 

  
 24 

	 	(ii)	 materially adversely affects the interests of Option Holders, 

except that each Option Holder may consent to the application to their Option(s) of such an amendment. 

 

	 	(b)	 while Shares are traded on AIM, the Board may not make any amendment to the advantage of Option Holders if that
amendment relates to: 

  

	 	(i)	 the definition of Employee; 

 

	 	(ii)	 the limits specified in clause 4 or clause 5; or 

 

	 	(iii)	 Clause 14, 

without the prior approval of the Company in general meeting (except for minor amendments to benefit the administration of the Plan, to take
account of a change in legislation, or to obtain or maintain favourable tax, exchange control or regulatory treatment for Option Holders or for the Company or any Group Member). 

 

	16.3	 The cost of establishing and operating the Plan shall be borne by the Group Members in proportions determined
by the Board. 

 16.4 To satisfy the exercise of all the Options, the Company shall ensure that at all times: 

 

	 	(a)	 it has sufficient unissued or treasury Shares available, taking into account any other obligations of the
Company to issue Shares and to transfer Shares from treasury, if the Company has restricted the number of Shares it can issue in its articles of association; and/or 

 

	 	(b)	 arrangements are in place for any third party to transfer issued Shares. 

 

	16.5	 Any decision under clause 8.2 or clause 8.4, and whether to consider making such a decision, shall be entirely
at the discretion of the Board. 

  

	16.6	 The Board shall determine any question of interpretation and settle any dispute arising under the Plan. In
these matters, the Board’s decision shall be final. 

  

	16.7	 The Board shall notify each affected Option Holder of any Disqualifying Event other than one caused by the
Option Holder’s cessation of employment. 

 The notice required under this clause 16.7 shall be given as soon as
reasonably practicable after the Board becomes aware of the relevant Disqualifying Event. No Option shall become capable of exercise because of a notice given under this clause 0. 

 

	16.8	 The Company shall not be obliged to notify any Option Holder if an Option is due to lapse.

  

	16.9	 The Company shall not be obliged to provide Option Holders with copies of any materials sent to the holders of
Shares. 

  
 25 

	17.	 Third party rights 

 

	17.1	 A person who is not a party to an Option shall not have any rights under or in connection with it as a result
of the Contracts (Rights of Third Parties) Act 1999 except where these rights arise under any rule of the Plan for any Employer Company of the Option Holder that is not a party to an Option. 

This does not affect any right or remedy of a third party that exists, or is available, apart from the Contracts (Rights of Third Parties) Act
1999. 
  

	17.2	 The rights of the parties to an Option to surrender, terminate or rescind it, or agree any variation, waiver or
settlement of it, are not subject to the consent of any person that is not a party to the Option as a result of the Contracts (Rights of Third Parties) Act 1999. 

 

	18.	 Data protection 

 

	18.1	 In accepting the grant of an Option each Option Holder acknowledges the collection, holding, processing and
transfer of Personal Data by the Company or any Group Member for all purposes connected with the operation of the Plan. 

  

	18.2	 The purposes of the Plan referred to in clause 18.1 include, but are not limited to: 

 

	 	(a)	 holding and maintaining details of the Option Holder’s Options; and 

 

	 	(b)	 transferring the Option Holder’s Personal Data to the trustee of an employee benefit trust, the
Company’s registrars or brokers or any administrators of the Plan; and 

  

	 	(c)	 transferring the Option Holder’s Personal Data to a bona fide prospective buyer of the Company or the
Option Holder’s Employer Company or business unit (or the prospective buyer’s advisers), provided that the prospective buyer, and its advisers, irrevocably agree to use the Option Holder’s Personal Data only in connection with the
proposed transaction and in accordance with the data protection principles set out in the Data Protection Act 1998; and 

  

	 	(d)	 transferring the Option Holder’s Personal Data under clause 18.2(b) or clause 18.2(c) to a person who is
resident in a country or territory outside the European Economic Area that may not provide the same statutory protection for the information as countries within the European Economic Area. 

 

	19.	 Governing law 

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

	20.	 Jurisdiction 

  

	20.1	 Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle
any dispute or claim arising out of or in connection with, the Plan or its subject matter or formation (including non-contractual disputes or claims). 

  
 26 

	20.2	 Each party irrevocably consents to any process in any legal action or proceedings under clause 20.1 being
served on it in accordance with the provisions of the Plan relating to service of notices. Nothing contained in the Plan shall affect the right to serve process in any other manner permitted by law. 

  
 27 

 RENALYTIX AI PLC 

RENALYTIX AI PLC Share Option Plan (the “Plan”) 

Non-Employee Sub-Plan to the RENALYTIX AI PLC Share Option
Plan (the “Non-Employee Sub-Plan”) 
 The Non-Employee Sub-Plan is adopted to permit the grant of options to individuals who are not employees or executive directors of the Company or any other Group Member. 

In the event of any inconsistency between the rules of the Plan and the rules of the Non-Employee Sub-Plan, the rules of the Non-Employee Sub-Plan shall take precedence. 

 

	1.	 DEFINITIONS 

  

	1.1	 In this Non-Employee Sub-Plan,
the words and expressions used in the Plan shall bear unless the context otherwise requires, the same meaning herein save to the extent the Rules in this Non-Employee
Sub-Plan shall provide to the contrary. 

  

	1.2	 In this Non-Employee Sub-Plan,
the following words and expressions shall have the following meanings: 

 Eligible Person: means (i) an
individual who provides advisory or consultancy services to the Company or any Group Member either directly or through a company or other trading arrangement under a contract for the provision of services or otherwise and whether with the individual
himself or with a company or other trading arrangement, or (ii) an individual who is a non-executive director of the Company or any Group Member; or (iii) an entity that provides, through an
individual (“Individual”), advisory, consultancy, or office holder services to the Company or any Group Company; and 

Relevant Company: the Group Member which is in relation to an Option Holder the company by which he (or the Individual, where
applicable) holds office or to which he provides advisory or consultancy services. 
  

	1.3	 This Non-Employee Sub-Plan is
not an employees’ share plan within the meaning of section 1166 of the Companies Act 2006. 

  

	2.	 APPLICATION OF PLAN 

Save as modified in this Non-Employee Sub-Plan, all the
provisions of the Plan shall be incorporated into this Non-Employee Sub-Plan as if fully set out herein so as to be part of this
Non-Employee Sub-Plan. 
  

	3.	 ELIGIBLE PERSON ETC 

 

	3.1	 Any references in the Plan to “Employee” shall be taken for the purposes of this Non-Employee Sub-Plan to be references to “Eligible Person” as defined in paragraph 1.2 of this Non-Employee Sub-Plan. 

  
 28 

	3.2	 Any reference in the Plan to “Employer” shall be taken for the purposes of this Non-Employee Sub-Plan to be references to “Relevant Company” as defined in paragraph 1.2 of this Non-Employee Sub-Plan. 

  

	4.	 GOVERNING LAW 

The Non-Employee Sub-Plan and any dispute or claim arising out
of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales. 

 

	5.	 JURISDICTION 

  

	5.1	 Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle
any dispute or claim arising out of or in connection with, the Non-Employee Sub-Plan or its subject matter or formation (including
non-contractual disputes or claims). 

  

	5.2	 Each party irrevocably consents to any process in any legal action or proceedings under clause 5.1 above being
served on it in accordance with the provisions hereof relating to service of notices. Nothing contained in the Non-Employee Sub-Plan shall affect the right to serve
process in any other manner permitted by law. 

  
 29 

 RENALYTIX AI PLC 

Sub-Plan for U.S. Participants 

 

	1.	 PURPOSE AND APPLICABILITY. 

(a) This Sub-Plan for U.S. Participants (the “U.S.
Sub-Plan”) applies to participants of the Renalytix AI PLC (the “Company”) Share Option Plan (including, where applicable, the Non-Employee Sub-Plan) (the “Plan”) who are either U.S. residents or U.S. taxpayers (each such participant, a “U.S. Participant”). The purpose of the U.S.
Sub-Plan is to facilitate compliance with U.S. tax, securities and other applicable laws, and to permit the Company to issue tax-qualified Incentive Stock Options (as
defined below) to eligible U.S. Participants. 
 (b) Except as otherwise provided by the U.S.
Sub-Plan, all Option grants made to U.S. Participants will be governed by the terms of the Plan, when read together with the U.S. Sub-Plan. In any case of an
irreconcilable contradiction (as determined by the Board of Directors of the Company (the “Board”)) between the provisions of the U.S. Sub-Plan and the Plan, the provisions of the U.S. Sub-Plan will govern. Capitalized terms contained herein have the same meanings given to them in the Plan or the Non-Employee Sub-Plan
to the Plan, unless otherwise provided by the U.S. Sub-Plan. 
 (c) This Sub-Plan is effective as of 10 September 2018, the date it was adopted by the Board (the “Effective Date”). 
  

	2.	 DEFINITIONS. 

In the U.S. Sub-Plan, the following words or terms will have the meaning as defined below: 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Continuous Service” means that the U.S. Participant’s service with the Company or a Group Member as an Employee or Eligible Person is
not interrupted or terminated and the U.S. Participant remains in such service. A change in the capacity in which the U.S. Participant renders service to the Company or a Group Member (e.g., change from an employee to a consultant), or a change in
the entity for which the U.S. Participant renders such service, will not cause the U.S. Participant to cease to be an eligible Participant provided that there is no interruption or termination of the U.S. Participant’s service with the Company
or a Group Member. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted in the case of: (i) any
leave of absence approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, a Group Member, or their successors. 

“Disability” means the inability of a U.S. Participant to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than twelve (12) months as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of
the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances. 
 “Fair
Market Value” means as of any date, the value of the Shares determined by the Board in compliance with Section 409A of the Code or, in the case of an Incentive Stock Option, in compliance with Section 422 of the Code. 

  
 30 

 “Incentive Stock Option” or “ISO” means a stock option that is intended to
be, and qualifies as, an incentive stock option within the meaning of Section 422 of the Code. 
 “Nonstatutory Stock Option” or
“NSO” means a stock option that does not qualify as an Incentive Stock Option. 
 “Option” means a Nonstatutory Stock
Option or Incentive Stock Option issued under the Plan and this U.S. Sub-Plan. Options issued to U.S. Participants pursuant to this U.S. Sub-Plan shall be “Non-EMI Options” under the Plan. 
 “Parent” means a corporation, whether now or hereafter
existing, in an unbroken chain of corporations ending with the Company, if each corporation other than the Company owns shares possessing 50% or more of the total combined voting power of all classes of shares in one of the other corporations
in such chain, as provided in the definition of a “parent corporation” contained in Section 424(e) of the Code. 

“Participant” means an employee of the Company or a Group Member who was granted an Option to the extent it has not been released, lapsed or
exercised in full (or, following his or her death, his or her personal representatives). 
 “Securities Act” means the U.S. Securities Act
of 1933, as amended. 
 “Subsidiary” means a corporation, whether now or hereafter existing, in an unbroken chain of corporations
beginning with the Company, if each corporation other than the Company owns shares possessing 50% or more of the total combined voting power of all classes of shares in one of the other corporations in such chain, as provided in the
definition of a “subsidiary corporation” contained in Section 424(f) of the Code. 
 “U.S.” means the United States of
America. 
  

	3.	 ELIGIBILITY. 

(a) Incentive Stock Options. Options intended to qualify as Incentive Stock Options may be granted only to employees of the Company or a
Parent or Subsidiary. 
 (b) Nonstatutory Stock Options. Nonstatutory Stock Options (Options that are not intended to qualify as
Incentive Stock Options) may be granted to Employees and Eligible Persons selected by the Board under this U.S. Sub-Plan. Nonstatutory Stock Options may not be granted to any person who is providing services
only to a Parent, unless the Company, in consultation with its legal counsel, has determined that such Options are exempt from or alternatively comply with the distribution requirements of Section 409A of the Code. 

(c) Consultants. A consultant that is a resident of the United States will not be eligible to receive the grant of an Option if, at the
time of grant, either the offer or sale of the Company’s securities to such consultant is not exempt under Rule 701 of the Securities Act because of the nature of the services that the consultant is providing to the Company, because the
consultant is not a natural person, or because of any other provision of Rule 701 of the Securities Act, unless the Company determines that such grant need not comply with the requirements of Rule 701 of the Securities Act and will satisfy
another exemption under the Securities Act as well as comply with the securities laws of all other relevant jurisdictions. 

  
 31 

	4.	 ADDITIONAL TERMS AND CONDITIONS APPLICABLE TO ALL OPTIONS GRANTED TO U.S. PARTICIPANTS.

 (a) Form of Grant Notice and Agreement. The Option Grant Notice and Agreement for U.S. Participants may be
amended from time to time by the Board. The Option Grant Notice and Agreement shall indicate if all or a portion of the Option is designated as an Incentive Stock Option. 

(b) Eligibility. Options may be granted to Employees, non-employee directors, consultants,
advisors and Eligible Persons selected by the Board under this U.S. Sub-Plan. 
 (c) Maximum Term
of Options. Subject to the provisions of Section 4(d) below regarding Incentive Stock Options granted to certain major stockholders, no Option granted to a U.S. Participant will be exercisable after the expiration of ten (10) years
from the Grant Date or such shorter period specified in the Grant Notice. 
 (d) Exercise Price. Subject to the provisions of
Section 4(d) below regarding Incentive Stock Options granted to certain major stockholders, the Exercise Price of each Option granted to a U.S. Participant will be not less than one hundred percent (100%) of the Fair Market Value of the
Shares subject to the Option on the date the Option is granted. 
 (e) Vesting of Options. The vesting provisions of individual
Options granted to U.S. Participants shall be contained in the Grant Notice. 
 (f) Transferability of Options. Notwithstanding the
provisions of the Plan, a U.S. Participant may only transfer an Option if permitted by the Board or a duly authorized officer of the Company at the time of the transfer. The Board may only permit transfer of the Option in a manner that is permitted
by the Plan and is not prohibited by applicable U.S. tax and securities laws, including Rule 701 of the Securities Act, if applicable. The Board, in its sole discretion, may impose such limitations on the transferability of Options granted to U.S.
Participants as the Board will determine. In the absence of such a determination by the Board to the contrary, the following restrictions on the transferability of Options granted to U.S. Participants will apply: 

(i) Restriction on Transfer. An Option will not be transferable except by will or by the laws of descent and distribution (or pursuant
to subsections (ii) and (iii) below), and will be exercisable during the lifetime of the U.S. Participant only by the U.S. Participant. A Participant may not assign, pledge charge or otherwise dispose of, or grant any form of security or other
interest over, any part of his or her interest in an Option. 
 (ii) Domestic Relations Orders. Subject to the approval of the Board
or a duly authorized officer of the Company, an Option may be transferred pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulations Section 1.421-1(b)(2). If an Option is an Incentive Stock Option, such Option will be deemed to be a Nonstatutory Stock Option as a result of such transfer. 

(iii) Beneficiary Designation. Subject to the approval of the Board or a duly authorized officer of the Company, a U.S. Participant may,
by delivering written notice to the Company, in a form approved by the Company (or the designated broker), designate a third party who, on the death of the U.S. Participant, will thereafter be entitled to exercise the Option and receive the Shares
or other consideration resulting from such exercise. In the absence of such a designation, upon the death of the U.S. Participant, the executor or administrator of the U.S. Participant’s estate will be entitled to exercise the Option and
receive the Shares or other consideration resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any conclusion by the Company that such designation would be inconsistent with the
provisions of applicable laws. 

  
 32 

 (g) Adjustments in Connection with Certain Transactions. In accordance with Clause 14
of the Plan, if there is any variation of the share capital of the Company, the Board shall appropriately and proportionately adjust the number and class of securities subject to, and the Exercise Price of, outstanding Options, and the number and
class of securities subject to the limit on Options set forth in Section 5(g) hereof in a manner that complies with Sections 422 and 409A of the Code, as applicable. The Board will make such adjustments, and its determination will be final,
binding and conclusive. 
 (h) Exercise Restriction for Non-Exempt Employees. If the U.S.
Participant is an employee that is eligible for overtime compensation under the U.S. Fair Labor Standards Act of 1938, as amended (that is, the U.S. Participant is designated as a “non-exempt
employee”), then notwithstanding the vesting schedule contained in the Option, the U.S. Participant may not exercise his or her Option until the U.S. Participant has completed at least six (6) months of Continuous Service measured from the
Grant Date, even if the U.S. Participant has already been an employee for more than six (6) months. Consistent with the provisions of the U.S. Worker Economic Opportunity Act, the U.S. Participant may exercise his or her Option as to any vested
portion prior to such six (6) month anniversary in the case of: (i) the U.S. Participant’s death or Disability, (ii) a transaction in accordance with Clause 12 of the Plan resulting in a Change of Control of the Company in which
the Option is not assumed, continued, or exchanged, or (iii) the termination of the U.S. Participant’s Continuous Service on his or her retirement (as defined in the Company’s benefit plans). 

(i) Grant Date of Options. Notwithstanding any contrary provision of the Plan, the Grant Date of an Option granted to a U.S. Participant
shall be the date on which the Board resolves to grant the Option and has completed all of the corporate action necessary to grant the option, which is not complete until the date on which the maximum number of Shares that can be purchased under the
Option and the Option’s minimum Exercise Price are fixed and determinable, and the class of underlying stock and the identity of the participant is designated. 

(j) No Right to Employment or Other Status. No person shall have any claim or right to be granted an Option under this U.S. Sub-Plan, and the grant of an Option shall not be construed as giving a U.S. Participant the right to continued employment or any other service relationship with the Company or any Subsidiary. 

(k) Vesting and Exercise of Options. Options shall vest in accordance with the terms of the Grant Notice and Agreement, and Options
shall have a term and may be exercised following termination of Continuous Service as set forth in the Grant Notice and Agreement and subject to the restrictions on exercise set forth in Clause 6 of the Plan. In no event may any Option be exercised
later than the tenth (10th) anniversary of the relevant Grant Date. 
 (l) Conditions
on Delivery of Shares. The Company will not be obligated to deliver any Shares pursuant to this U.S. Sub-Plan or to remove restrictions from Shares previously delivered under this U.S. Sub-Plan until: 
 (i) all conditions of the Option have been met or removed to the satisfaction of the
Company; 
 (ii) in the opinion of the Company’s counsel, all other legal matters in connection with the issuance, allotment and
delivery of such shares have been satisfied, including any applicable securities laws and any applicable stock exchange or stock market rules and regulations; and 

(iii) the U.S. Participant has executed and delivered to the Company such representations or agreements as the Company may consider appropriate
to satisfy the requirements of any applicable laws, rules or regulations. 

  
 33 

	5.	 PROVISIONS APPLICABLE TO INCENTIVE STOCK OPTIONS. 

(a) Designation of ISO Status. The Board action approving the grant of an Incentive Stock Option to a U.S. Participant, and the Grant
Notice and Agreement, must specify that the Option is intended to be an Incentive Stock Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or
all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or portion thereof) will be a Nonstatutory Stock Option. The Company shall have no liability to a U.S. Participant, or any other party, if
an Option (or any part thereof) that is intended to be an Incentive Stock Option is not an Incentive Stock Option or for any action taken by the Board to amend, modify or terminate the Plan, this U.S. Sub-Plan
or any Option, including without limitation, the conversion of an Incentive Stock Option to a Nonstatutory Stock Option. 
 (b) Maximum
Shares Issuable On Exercise of ISOs. Subject to adjustment upon a variation in share capital under Section 4(g), the maximum aggregate number of Shares that may be issued upon the exercise of Incentive Stock Options is 6,000,000. 

(c) Limits for 10% Stockholders. A person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing
more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any affiliate, will not be granted an Incentive Stock Option unless the exercise price of such Option is at least one hundred ten
percent (110%) of the Fair Market Value on the Grant Date and the Option is not exercisable after the expiration of five (5) years from the Grant Date. 

(d) No Transfer. As provided by Section 422(b)(5) of the Code, an Incentive Stock Option will not be transferable except by will or
by the laws of descent and distribution, and will be exercisable during the lifetime of the U.S. Participant only by the U.S. Participant. If the Board elects to allow the transfer of an Option by a U.S. Participant that is designated as an
Incentive Stock Option, such transferred Option will automatically become a Nonstatutory Stock Option. 
 (e) US $100,000 Limit. As
provided by Section 422(d) of the Code and applicable regulations thereunder, to the extent that the aggregate Fair Market Value (determined at the time of grant) of Shares with respect to which Incentive Stock Options are exercisable for the
first time by any U.S. Participant during any calendar year (under all plans of the Company and any Subsidiary) exceeds US$100,000 (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive Stock
Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of
the applicable Grant Notice and Agreement(s). 
 (f) Post-Termination Exercise Period. To obtain the U.S. federal income tax
advantages associated with an Incentive Stock Option, the U.S. Internal Revenue Code requires that at all times beginning on the Grant Date and ending on the day three (3) months before the date of exercise of the Option, the U.S. Participant
must be an employee of the Company or a Subsidiary (except in the event of the U.S. Participant’s death or Disability, in which case longer periods apply). The Company cannot guarantee that the Option will be treated as an Incentive Stock
Option if the U.S. Participant continues to provide services to the Company or a Subsidiary after such U.S. Participant’s employment terminates or if the U.S. Participant otherwise exercises the Option more than three (3) months after the
date his or her employment terminates, or the Option otherwise fails to qualify as an Incentive Stock Option. 

  
 34 

 (g) Disqualifying Disposition. If a U.S. Participant disposes of Shares acquired upon
exercise of an Incentive Stock Option within two (2) years from the Grant Date or one (1) year after such Shares were acquired pursuant to exercise of such Option, the U.S. Participant shall notify the Company in writing of such
disposition. 
  

	6.	 TAX MATTERS. 

(a) Tax Withholding Requirement. Prior to the delivery of any Shares pursuant to the exercise of an Option, the Company will have the
power and the right to deduct or withhold, or require a U.S. Participant to remit to the Company, an amount sufficient to satisfy U.S. federal, state, local, foreign or other taxes (including the U.S. Participant’s FICA obligation) required to
be withheld with respect to such Option. 
 (b) Withholding Arrangements. The Company may, in its sole discretion, satisfy any U.S.
federal, state, local, foreign or other tax withholding obligation relating to an Option by any of the following means or by a combination of such means: (i) causing the U.S. Participant to tender a cash payment; or (ii) withholding
payment from any amounts otherwise payable to the U.S. Participant. 
 (c) No Obligation to Notify or Minimize Taxes. The Company will
have no duty or obligation to the U.S. Participant to advise such holder as to the time or manner of exercising the Option. Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a pending termination or
expiration of an Option or a possible period in which the Option may not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Option to the U.S. Participant. 

(d) Section 409A of the Code. Unless otherwise expressly provided for in a Grant Notice and Agreement, the terms
applicable to Options granted under the U.S. Sub-Plan will be interpreted to the greatest extent possible in a manner that makes the Options exempt from Section 409A of the Code, and, to the extent not so
exempt, that brings the Options into compliance with Section 409A of the Code. Notwithstanding anything to the contrary in the Plan (and unless the Grant Notice and Agreement or other written contract with the U.S. Participant specifically
provides otherwise), if the Shares are publicly traded, and if a U.S. Participant holding an Option that constitutes “deferred compensation” under Section 409A of the Code is a “specified employee” under Section 409A of
the Code, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) will be issued or paid before the date
that is six (6) months following the date of such U.S. Participant’s “separation from service” or, if earlier, the date of the U.S. Participant’s death, unless such distribution or payment can be made in a manner that
complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six (6) month period elapses, with the balance paid thereafter on the original schedule. The Company shall have no
liability to a U.S. Participant or any other party if an Option that is intended to be exempt from, or compliant with, Section 409A of the Code is not so exempt or compliant or for any action taken by the Board. 

 

	7.	 SHAREHOLDER APPROVAL OF U.S. SUB-PLAN.

 Continuance of this U.S. Sub-Plan shall be subject to approval by the
shareholders of the Company within twelve (12) months before or after the date the U.S. Sub-Pan is adopted. Any Shares purchased under this U.S. Sub-Plan before
shareholder approval is obtained must be rescinded if shareholder approval is not obtained within twelve (12) months before or after the date the U.S. Sub-Plan is adopted. 

  
 35 

	8.	 TERM, AMENDMENT AND TERMINATION OF THE U.S.
SUB-PLAN. 

 (a) The Board may amend, suspend or terminate this
U.S. Sub-Plan at any time. Unless terminated sooner by the Board, the U.S. Sub-Plan will terminate automatically upon the earlier of: (i) ten (10) years after
the Effective Date, and (ii) the termination of the Plan. No Options may be granted under the U.S. Sub-Plan while either the Plan or the U.S. Sub-Plan is suspended
or after the Plan or the U.S. Sub-Plan is terminated (but Options previously granted under this U.S. Sub-Plan may extend beyond that date). 

(b) If this U.S. Sub-Plan is terminated, the provisions of this U.S.
Sub-Plan and any administrative guidelines, and other rules adopted by the Board and in force at the time of suspension or termination of this U.S. Sub-Plan, will
continue to apply to any outstanding Options as long as an Option issued pursuant to the U.S. Sub-Plan remains outstanding. 

(c) No amendment, suspension or termination of the U.S. Sub-Plan may materially adversely affect any
Options granted previously to any U.S. Participant without the consent of the U.S. Participant. 
  

	9.	 AMENDMENT OF OPTIONS. 

The Board may amend, modify or terminate any outstanding Option granted to a U.S. Participant, including but not limited to, substituting
therefor another Option of the same or different type, changing the date of exercise or realization, and converting an Incentive Stock Option to a Nonstatutory Stock Option, provided that the U.S. Participant’s consent to such action shall be
required unless the Board determines that the action, taking into account any related action, would not materially and adversely affect the U.S. Participant. 
  

	10.	 GOVERNING LAW AND JURISDICTION. 

(a) The U.S. Sub-Plan and any dispute or claim arising out of or in connection with it or its subject
matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of England and Wales. 

(b) Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising
out of or in connection with, the U.S. Sub-Plan or its subject matter or formation (including non-contractual disputes or claims). 

  
 36EX-10.2

 Exhibit 10.2 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted because Renalytix AI plc has determined it is not
material and would be competitively harmful if publicly disclosed. 
 EXCLUSIVE LICENSE AND COLLABORATION AGREEMENT 

THIS EXCLUSIVE LICENSE AND COLLABORATION AGREEMENT (this “Agreement”) dated as of May 30, 2018 (“Effective Date”), is
entered into between ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI, a New York not-for-profit education corporation (“ISMMS”), with a place of business at One
Gustave L. Levy Place, New York, New York 10029, and RENALYTIX AI, plc., a United Kingdom public limited company (“RenalytixAI”), having a place of business at Avon House, 19 Stanwell Road, Penarth, Cardiff, UK CF64 2EZ. 

WHEREAS, ISMMS has created and owns co ertain data, information, technology, and intellectual property within the Field of Use (as defined
below); 
 WHEREAS, RenalytixAI wishes to obtain from ISMMS certain rights to such data, information, technology, and intellectual property
as set forth below; and 
 WHEREAS, ISMMS has determined that the exploitation of the data, information, technology, and intellectual
property by RenalytixAI subject to the terms and conditions of this Agreement is in the best interest of ISMMS, consistent with ISMMS’s educational, research, and public health missions and goals. 

NOW THEREFORE, in consideration of the mutual rights and obligations contained in this Agreement, and intending to be legally bound, the
parties hereby agree as follows: 
 1. DEFIN1TIONS. 

1.1 “Access Period” means the period ending on the tenth (10th) anniversary of the Effective Date. If, prior to the expiration
of the Access Period, both parties express a desire to extend such Access Period by each party notifying the other party of its respective desire to so extend, the parties shall negotiate in good faith the extension thereof for a reasonably
acceptable period on reasonably acceptable terms. 
 1.2 “Affiliate” means, with respect to a party, any entity that
controls or is controlled by such party, or is under common control with such party. For purposes of this definition, an entity shall be deemed to control another entity if it owns or controls, directly or indirectly, at least fifty percent (50%) of
the voting equity of the other entity (or other comparable interest for an entity other than a corporation). Notwithstanding the foregoing, for purposes of this definition, any stockholder of RenalytixAI (which stockholder is a venture capital fund,
venture capital operating company, private equity fund or individual), and any portfolio company of any such stockholder (or of any other entity that shares the same management company with the stockholder), or any group of such stockholders, shall
not be deemed to “control” or to be “under common control with” RenalytixAI and shall not be an Affiliate of RenalytixAI. For purposes of this Agreement, as of the Effective Date, (i) the Affiliates of ISMMS include MSHS,
the Mount Sinai Hospital, Beth Israel Medical Center, St. Luke’s-Roosevelt Hospital Center, and The New York Eye and Ear Infirmary, and (b) Renalytix AI, Inc., a Delaware corporation, is an Affiliate
of RenalytixAI. 
 1.3 “Alliance Manager” has the meaning ascribed to it in Section 7.1. 

  
 1 

 1.4 “Applicable Royalty Rate” means the percentage, which shall not be [*],
negotiated in good faith by the parties. 
 1.5 “Artificial Intelligence” means the recurring iterative process of (i) [*].

 1.6 “CLIA” means the Clinical Laboratory Improvement Amendments of 1988, as amended from time to time. 

1.7 “Commercial Sale” means any bona fide transaction with a third party (including ISMMS) for which consideration is received
for the sale, use, lease, transfer or other disposition of a Licensed Product by or on behalf of RenalytixAI or Sublicensees. 
 1.8
“Commercialization” means any and all activities related to the manufacturing, promotion, distribution, marketing, offering for sale and selling of or otherwise granting rights to a product or service, including advertising,
educating, planning, obtaining, supporting and maintaining pricing and reimbursement approvals and Regulatory Authorizations, pricing, price reporting, marketing, promoting, detailing, storing, handling, shipping, distributing, importing, exporting,
using, offering for sale, or selling a product or service anywhere in the world. When used as a verb, “Commercialize” means to engage in Commercialization. 

1.9 “Commercially Reasonable Efforts” means, with respect to RenalytixAI’s obligations under this Agreement, the diligent
and ongoing dedication and expenditure of efforts, money, personnel and other resources reasonably necessary, to fulfill the applicable obligations. Such efforts must be documented and consistent with those that companies of similar size, type, and
position have reasonably used in actively and diligently pursuing the Development or Commercialization of a similarly situated product or service at a similar stage of Development or Commercialization as the applicable Licensed Product for similar
activities. In determining Commercially Reasonable Efforts with respect to a particular Licensed Product, RenalytixAI may not reduce such efforts due to the competitive, regulatory or other impact of any other product or service that is Developed,
Commercialized, or controlled by RenalytixAI or Sublicensees. 
 1.10 “Confidential Information” has the meaning assigned in
Section 9.1. 
 1.11 “Data Access Agreement” means the agreement entered into pursuant to Section 3.6. 

  
 2 

 1.12 “De-identified” means data,
materials and any other documentation derived from individually identifiable protected health information (“PHI”) that meets the standard for de-identification under HIPAA. 

1.13 “Development” means any and all activities related to researching or developing a product or a service, including
preclinical and clinical research, testing and development activities relating to the development of a product or service, submission of information and applications to a Regulatory Authority, including quality assurance and quality control
development, statistical analysis, clinical studies (including pre and post Regulatory Approval studies), and activities relating to obtaining Regulatory Approvals, but excluding Commercialization activities. When used as a verb, “Develop”
means to engage in Development. 
 1.14 “Diagnosis” means the diagnosis, prognosis, monitoring, determination of
predisposition, recurrence or response to therapy, clinical management or selection of treatment. 
 1.15 “Effective Date”
has the meaning ascribed to it in the preamble in the first (1st) paragraph of the Agreement. 

1.16 “Exclusive Period” means the period ending on the seventh (7th) anniversary of the Effective Date. 

1.17 “Existing Third Party Agreements” means the agreements listed on Exhibit A (as amended or modified from time to time).

 1.18 “Fair Market Value” means (a) in the case of arm’s length sale of a Licensed Product, (i) the cash
consideration that RenalytixAI or Sublicensee has realized from such sale, or (ii) if there have been no such sales or such sales have been insufficient, the cash consideration that RenalytixAI or Sublicensee would have realized from an
unaffiliated, unrelated buyer in an arm’s length sale of Licensed Product in the same quantity, under the same terms, and at the same time and place as the sale for which Fair Market Value is being determined; (b) in the case of non cash
consideration received in a sale of a Licensed Product or in a transaction giving rise to Sublicense Income, the cash value of such consideration; or (c) in the case of determining the portion of proceeds from an issuance of equity to be
included in Sublicense Income, the value of the issued equity as then most recently determined under U.S. Internal Revenue Code § 409A for purposes of the RenalytixAI’s equity grants (or, if the class of equity issued has not then been so
valued, then a value based on the value of a class of equity that has been so valued, taking into account differences between the rights and preferences of the class of equity issued and those of the class of equity then most recently valued). 

1.19 “FDA” means the United States Food and Drug Administration, or any successor entity thereto. 

1.20 “Field of Use” means the application of Artificial Intelligence for Diagnosis of Renal Indications. Notwithstanding the
foregoing, the Field of Use excludes the application of Artificial Intelligence to determine or identify one or more features (including biomarkers), without applying Artificial Intelligence to correlate such feature(s) alone or with other data or
information, that may have application for the Diagnosis of Renal Indications. 

  
 3 

 1.21 “First Commercial Sale” means the first sale of a Licensed Product by
RenalytixAI or its Sublicensees to customers in any country after applicable marketing approvals (if any) have been granted by the applicable governing health authority. 

1.22 “Good Clinical Practices” means, where applicable, the then-current standards, practices and procedures for good clinical
practices in the conduct of clinical trials, including adequate human subject protections, as promulgated by the FDA and other applicable Governmental Authorities, such as set forth in, “International Conference on Harmonization—Guidance
for Industry E6 Good Clinical Practice: Consolidated Guidance,” or as otherwise required by applicable Law. 
 1.23 “Good
Laboratory Practices” means, where applicable, the then-current standards, practices and procedures for good laboratory practices by facilities that perform non-clinical (including pre-clinical)
laboratory studies, as promulgated by the FDA and other applicable Governmental Authorities, including as set forth in 21 C.F.R. Part 58, or as otherwise required by applicable Law. 

1.24 “Good Manufacturing Practices” means, where applicable, the then-current standards, practices and procedures for the
manufacture of medical devices, as applicable to the Licensed Products (including the practices of and methods to be used in, and the facilities or controls to be used for, the manufacture, processing, packaging, sterilizing, labeling, testing or
holding of the Licensed Products), as promulgated by the FDA and other applicable Governmental Authorities, including, as applicable, as set forth in 21 C.F.R. Parts 210, 211, and 820, or as otherwise required by applicable Law. 

1.25 “Governmental Authority” means any supranational, national, federal, state, provincial, local or foreign entity of any
nature exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any governmental authority, agency, department, board, commission, court, tribunal, judicial body or instrumentality
of any union of nations, federation, nation, state, municipality, county, locality or other political subdivision thereof. 
 1.26
“Gross Sales” means the gross invoice price, or in the event there is no invoice price, the contract price charged to a third party by RenalytixAI or Sublicensees, as applicable, for Commercial Sales, prior to any discounts or other
list price reductions granted. A Licensed Product shall be considered sold for purposes of calculating Gross Sales when it is invoiced or paid for, whichever occurs earlier. In the event RenalytixAI, its Affiliate, or Sublicensee transfers a
Licensed Product to a third party in a bona fide arm’s length transaction, for any consideration other than cash, then the Gross Sales price for such Licensed Product shall be deemed to be the standard invoice price then being invoiced by
RenalytixAI, its Affiliate, or Sublicensee, as applicable, in an arm’s length transaction with similar companies under similar circumstances. In the absence of such standard invoice price, then the Gross Sales price shall be the Fair Market
Value of the Licensed Product. Notwithstanding the foregoing, Gross Sales shall exclude [*]. 

  
 4 

 1.27 “Health Care Law” means all applicable laws relating in any way to
patient care and human health and safety, including such laws pertaining to: (a) the Development and Commercialization of diagnostics and medical devices, including, without limitation, the United States Food, Drug and Cosmetic Act, the Public
Health Service Act the regulations promulgated thereunder (including with respect to Good Clinical Practices, Good Laboratory Practices and Good Manufacturing Practices), and equivalent applicable Laws of other Governmental Authorities; and
(b) the reimbursement and payment for health care products and services including any United States federal health care program (as such term is defined in 42 U.S.C. § 1320a-7b(f)), and programs and
arrangements pertaining to providers of health care products or services that are paid for by any governmental authority or other entity, including the federal Anti Kickback Statute (42 U.S.C. §
1320a-7b(b)), the civil False Claims Act (31 U.S.C. § 3729 et seq.), the administrative False Claims Law (42 U.S.C. § 1320a-7b(a)), 42 U.S.C. § 1320a-7 and 42 U.S.C. § 1320a-7a and the regulations promulgated pursuant to such statutes, Medicare (Title XVIII of the Social Security Act) and the regulations
promulgated thereunder, Medicaid (Title XIX of the Social Security Act) and the regulations promulgated thereunder, and equivalent applicable Laws of other Governmental Authorities; and (c) the privacy and security of patient-identifying
information, including, without limitation, the Health Insurance Portability and Accountability Act of 1996 (42 U.S.C. § 1320d et seq.) and the regulations promulgated thereunder and equivalent applicable Laws of other Governmental Authorities;
in each of the foregoing (a) through (c), as may be amended from time to time. 
 1.28 “HIPAA” means the Health
Insurance Portability and Accountability Act of 1996 (42 U.S.C. § 1320d et seq.) and the rules and regulations promulgated under its authority, as amended from time to time. 

1.29 “Infringement Action” means any threatened, pending, or ongoing action, claim, litigation, or proceeding (other than
oppositions, cancellations, interferences, reissue proceedings, or reexaminations), respecting any Licensed Patent Right and/or Licensed Product, whether initiated by or against a Party, its Affiliate or Sublicensee. 

1.30 “ISMMS Data Warehouse” means the ISMMS curated data repository containing detailed inpatient and outpatient data
extracted from ISMMS transactional systems nightly, transformed and loaded into structured form for analysis. 
 1.31 “Joint Steering
Committee” or “JSC” means the joint steering committee, comprising representatives of ISMMS and RenalytixAI, described in Section 7.2 

1.32 “Jurisdiction” means a geographic area (e.g. country or region) in which any Licensed Product is Developed and/or
Commercialized. 
 1.33 “License Fee” has the meaning ascribed to it in Section 4.1. 

1.34 “Licensed Copyrights” means all copyrights (whether registered or not), applications therefor, moral rights and other
rights associated with original works of authorship (whether by statute, common law or otherwise) in and to the Licensed Technology. 

  
 5 

 1.35 “Licensed Information” means, collectively, (a) patient health
and medical records, (b) clinical records, (c) appointment, admission, transfer, discharge, observation, testing, treatment, medication, medical device and outcome data, (d) genetic or genomic data, and (e) related data and
information, clinical annotations and other notes regarding any of the foregoing, in each case (i) regarding any Renal Indication, (ii) in de-identified form, and (iii) owned or controlled by
ISMMS or its Affiliates on the Effective Date or any time thereafter through the end of the Access Period to the extent such foregoing data is within the ISMMS Data Warehouse, as described in greater detail pursuant to the Data Access Agreement. For
clarity, the categories of data and information to be provided as Licensed Information are listed on Exhibit B. 
 1.36 “Licensed IP
Rights” means the Licensed Copyrights, Licensed Know-How Rights, and Licensed Patent Rights. 

1.37 “Licensed Know-How Rights” means all the
know-how rights in and to the Licensed Technology. 
 1.38 “Licensed Patent Rights”
means, collectively, (a) all United States or foreign patent applications (i) that claim or cover Licensed Technology conceived after the Effective Date and that are subject to an exercised RenalytixAI Option or (ii) those listed in
Exhibit D; (b) any and all patents issuing from the foregoing, including utility models, petty patents, innovation patents, design patents and certificates of invention; and (c) including any and all claims of continuation-in-part applications that claim priority to the United States patent applications, but only where such claims are directed to inventions disclosed in the manner
provided in the first paragraph of 35 U.S.C. § 112 in such United States patent applications, and such claims in any patents issuing from such continuation-in-part
applications (d) all past, present or future United States or foreign patents heretofore or hereafter issued from any of the foregoing patent applications, including utility models, petty patents, innovation patents, design patents and
certificates of invention, (e) all reissues, reexaminations, renewals, restorations, substitutions, extensions, divisionals, continuations and supplementary protection certificates of any of the foregoing patent applications or patents,
(f) all confirmation patents, registration patents or patents of addition based on any of the foregoing patents, and (g) all foreign counterparts of any of the foregoing, or as applicable portions thereof. 

1.39 “Licensed Product” means a product, service or process which (a) if made, used, offered for sale, sold, imported or
practiced (absent the license granted hereunder) would infringe the Licensed Patent Rights, (b) embodies, contains, incorporates, uses, or is made by the use of either the Licensed Information or Licensed Technology, or (c) is derived in
whole or in part through the use of the Licensed Information or Licensed Technology. 
 1.40 “Licensed Product Data” means
data (including clinical utility data) that is possessed, owned or controlled by RenalytixAI, or Sublicensees directly relating to any Licensed Product and generated after the Effective Date. 

1.41 “Licensed Technology” means all discoveries, inventions, developments, processes, procedures, methods, processes,
protocols, techniques, systems, platforms, architecture, algorithms, software, works of authorship, and specifications in all foregoing cases (a) in the Field of Use that are conceived, in whole or in part, by ISMMS or its Affiliates on or
after the Effective Date through the end of the Access Period or (b) are listed in Exhibit E. 

  
 6 

 1.42 “MSHS” means Mount Sinai Health System, Inc., a New York not for
profit corporation. 
 1.43 “Net Sales” means, with respect to a Licensed Product, the Gross Sales of such Licensed Product
less the following deductions to the extent they are included in the gross invoiced sale price of the Licensed Product or otherwise directly paid or incurred by RenalytixAI or its Sublicensees with respect to such sale of the Licensed Product: 

[*]. 

  
 7 

 1.44 “Patent Jurisdictions” means the list of Jurisdictions of Exhibit C,
as may be amended by the parties through separate further written agreement signed by both parties. 
 1.45 “Predictor”
means one or more of a supervised decision tree, supervised simulated annealing, a supervised artificial neural network, a supervised evolutionary algorithm, a supervised support vector machine, a supervised cluster algorithm, a supervised Naive
Bayes classification algorithm, a supervised Baysesian Network algorithm, a supervised ensemble algorithm, a supervised reinforcement learning algorithm, or a supervised instance-based learning algorithm, known as of the Effective Date or that
becomes known at any time during the Access Period, which will be discussed in good faith and added to this Agreement by mutual agreement of the parties after recommendation from the JSC pursuant to Section 7.2.2 during the Access Period. 

  
 8 

 1.46 “Prosecution” means the filing, preparation, prosecution (including
any interferences, reissue proceedings, reexaminations, and oppositions), extension, term adjustment, and maintenance (including inter partes reviews) of Licensed Patents. When used as a verb, “Prosecute” means to engage in Prosecution.

 1.47 “Quarterly Reports” has the meaning assigned in Section 4.6.1. 

1.48 “Regulatory Approval” means, with respect to a particular country or regulatory jurisdiction, any and all approvals,
clearances or other authorizations to develop, distribute, test, use, make, transport, store or commercialize a particular Licensed Product in the Field of Use in such country or regulatory jurisdiction, including all amendments and supplements
thereto. 
 1.49 “Regulatory Authority” means any Governmental Authority (including the FDA) that is responsible for
overseeing the development, testing, use, making, transport, Regulatory Approval, storage or commercialization of a Licensed Product. 
 1.50
“Regulatory Filings” means, with respect to a particular country or regulatory jurisdiction, any and all applications for, notifications or other submissions made to or with a Regulatory Authority that is necessary or reasonably
desirable to develop, test, use, make, transport, store or commercialize a particular Licensed Product in the Field of Use in such country or regulatory jurisdiction, whether made before or after receipt of approval, clearance or other authorization
in such country or regulatory jurisdiction, including all amendments and supplements thereto. 
 1.51 “Reimbursement
Approval” means, (a) with respect to a particular country or regulatory jurisdiction, any and all pricing and reimbursement approvals of the applicable Regulatory Authority in such country or regulatory jurisdiction that are necessary
or reasonably desirable to commercialize a Licensed Product in such country or regulatory jurisdiction, or (b) with respect to a third party insurer or payor (other than a Regulatory Authority), the establishment of a reimbursement rate by such
third party for the purchase and use of a Licensed Product in any one or more jurisdiction. 
 1.52 “ Renal Indications”
means any renal or kidney disease, state or condition (whether acute or chronic) in humans, excluding renal cell carcinoma (all types), transitional cell carcinoma, Wilms tumor (nephroblastoma), renal sarcoma, renal adenoma, oncocytoma and
angiomyolipoma. 
 1.53 “RenalytixAI Option” has the meaning ascribed to it in Section 3.1.5. 

1.54 “Royalty Term” means, on a Licensed
Product-by-Licensed Product basis the period from the First Commercial Sale of such Licensed Product until the expiration of the last Valid Claim of a Licensed Patent
covering such Licensed Product. 

  
 9 

 1.55 “Royalty Free Practitioner” means those individuals listed in Exhibit
F, as may be amended by ISMMS from time to time through written notice to RenalytixAI, and any partner or associate who practices medicine with one or more of those individuals listed in Exhibit F, only for such time as he or she is engaged in a
bona fide medical practice with one or more of those individuals listed in Exhibit F. 
 1.56 “Standard Accounting
Practices” means, with respect to an entity, the standard internal accounting practices, policies and procedures, all in accordance with generally accepted accounting principles, applied on a consistent basis for such entity and its
Affiliates. 
 1.57 “Sublicense Income” means any consideration that RenalytixAI receives, directly or indirectly, from any
Sublicensee or other third party in consideration of a Sublicense or otherwise in consideration of any of the rights granted to RenalytixAI under this Agreement (including any option or contingent right to obtain a sublicense or other right), that
is not an earned royalty a portion of which will be payable to ISMMS as provided in Section 4.3, including but not limited to any fixed fee, option fee, license fee, maintenance fee, milestone payment, unearned portion of any minimum royalty
payment, equity in connection with the grant of a sublicense, joint marketing fee; intellectual property cross license, settlement agreement; research and development funding in excess of RenalytixAI’s reasonable cost of performing such
research and development, in each case given or exchanged for a sublicense or otherwise in consideration of any of the rights granted to RenalytixAI under this Agreement, regardless of how RenalytixAI and Sublicensee characterize such payments or
consideration. To the extent the Licensed Patent Rights are sublicensed together with any other technology OT intellectual property rights, Sublicense Income shall be reasonably apportioned to reflect the relative value of each. 

1.58 “Sublicensee” means any entity that enters into an agreement or arrangement with RenalytixAI, or receives from
RenalytixAI a sublicense grant, or an option for a sublicense grant, to exercise any of the rights granted to RenalytixAI by ISMMS hereunder (such agreement, arrangement, or license, or amendments thereto herein referred to as a
“Sublicense”) to Commercialize or have Commercialized, or otherwise exploit a Licensed Product, subject to any then-current applicable article, item, service, technology, and technical data-specific requirements of the U.S. export Laws.
For clarity, a sublicense to Commercialize or have Commercialized a Licensed Product may (but is not required to) include a sublicense to Develop or have Developed such Licensed Product. 

1.59 “Term” means the term of this Agreement which will commence on the Effective Date and expire upon the later of
(i) the Access Period or (ii) expiration of the last Royalty Term for the last Licensed Product, unless terminated earlier pursuant to Article 11. 

1.60 “Territory” means worldwide. 

1.61 “Test Data” means, on an iterative optimization
step-by-iterative optimization step basis, Licensed information not used in the optimization of a Predictor. 

1.62 “Training Data” means, on an iterative optimization
step-by-iterative optimization step basis, Licensed Information used in the optimization of a Predictor. 

  
 10 

 1.63 “Valid Claim” means either (a) a claim of an issued and unexpired
patent included within the Licensed Patent Rights, which has not been held permanently revoked, unenforceable or invalid by a decision of a court or other Governmental Authority of competent jurisdiction, unappealable or unappealed (except by
petition for writ of certiorari to the Supreme Court of the United States or to the highest applicable court) within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through reissue or disclaimer or
otherwise, or (b) a claim of a pending patent application included within the Licensed Patent Rights filed in good faith and pending for less than [*] from the first substantive office action on the merits of such patent application, and has
not been abandoned or finally disallowed without the possibility of appeal or refiling of such application. 
 2. REPRESENTATIONS.

 2.1 By Each Party. Each party represents and covenants to the other party as follows: 

2.1.1 Organization. Such party is duly organized, validly existing and in good standing under the laws of the jurisdiction in which it
is organized; 
 2.1.2 Authorization and Enforcement of Obligations. Such party (a) has the requisite power and authority and
the legal right to enter into this Agreement and to perform its obligations hereunder; and (b) has taken all requisite action on its part to authorize the execution and delivery of this Agreement and the performance of its obligations
hereunder. This Agreement has been duly executed and delivered on behalf of such party, and constitutes a legal, valid, binding obligation, enforceable against such party in accordance with its terms. 

2.1.3 Consents. All necessary consents, approvals and authorizations of all Governmental Authorities and other persons or entities
required to be obtained by such party in connection with the execution and delivery of this Agreement have been obtained. 
 2.1.4 No
Conflict. The execution and delivery of this Agreement and the performance of such party’s obligations hereunder (a) do not conflict with or violate any requirement of applicable laws, regulations or orders of any Governmental
Authority; and (b) do not conflict with, or constitute a default under, any contractual obligation of such party. 
 2.1.5 Health
Care Law. Such party, and its Affiliates, agents, and employees who are or shall be involved in the performance of this Agreement, have not been, and during the Term of this Agreement shall not be, debarred, excluded or disqualified (or
convicted of any crime or engaged in any conduct for which debarment, exclusion or disqualification is mandated) under any Health Care Law, including pursuant to 21 U.S.C. § 335a. 

2.2 By RenalytixAI. RenalytixAI represents and covenants to ISMMS as follows: 

2.2.1 RenalytixAI, and its Affiliates, agents, and employees involved in the performance of this Agreement, shall perform this Agreement in
full compliance with all applicable Health Care Laws and RenalytixAI shall notify ISMMS in writing immediately in the event of a violation of any of the foregoing, and shall, remove the person or entity involved in such violation from performing any
role under this Agreement. 

  
 11 

 2.3 By ISMMS. ISMMS represents and covenants to RenalytixAI, to its knowledge, as
follows: 
 2.3.1 ISMMS, and its Affiliates, agents, and employees involved in the performance of this Agreement, shall perform this
Agreement in full compliance with all applicable Health Care Laws and ISMMS shall notify RenalytixAI in writing immediately in the event of a violation of any of the foregoing, and shall, remove the person or entity involved in such violation from
performing any role under this Agreement; 
 2.3.2 With the understanding that ISMMS has not sought opinion of counsel, it is the sole and
exclusive owner of the Licensed Information, Licensed Technology and Licensed IP Rights, and except as explicitly provided for herein, has not directly or indirectly granted or permitted any rights therein that would conflict with the rights granted
to RenalytixAI hereunder; and 
 2.3.3 As of the Effective Date, that (a) the Licensed IP Rights have not been held by a court of
competent jurisdiction to be invalid or unenforceable, in whole or in part, (b) the Licensed IP Rights are not subject to any challenge regarding ownership, patentability, validity or enforceability, and (c) ISMMS is not aware of any
pending challenge to any Licensed IP Right. 
 2.4 DISCLAIMER OF WARRANTIES. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS SECTION 2
THE LICENSED IP, LICENSED TECHNOLOGY AND LICENSED INFORMATION, AND ANY OTHER TECHNOLOGY OR INFORMATION PROVIDED OR LICENSED UNDER THIS AGREEMENT ARE PROVIDED ON AN “AS IS” BASIS; AND NEITHER PARTY MAKES ANY REPRESENTATIONS OR
WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY REPRESENTATIONS OR WARRANTIES REGARDING VALIDITY, ACCURACY, COMPLETENESS, PERFORMANCE, ENFORCEABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, COMMERCIAL UTILITY, SCOPE, TITLE, OR
NONINFRINGEMENT WITH RESPECT THERETO. 
 2.4.1 NOTWITHSTANDING ANY PROVISION IN THIS AGREEMENT TO THE CONTRARY, ISMMS’S AGGREGATE
LIABILITY UNDER THIS AGREEMENT SHALL NOT EXCEED AN AMOUNT EQUAL TO THE MAXIMUM AMOUNT OF ALL PAYMENTS MADE BY RENALYTIXAI TO ISMMS PURSUANT TO ARTICLE4 DURING THE FULL CALENDAR YEAR DURING WHICH RENALYTIXAI PAID TO ISMMS THE HIGHEST AGGREGATE AMOUNT
PURSUANT TO THAT ARTICLE 4. 
 2.4.2 WITHOUT LIMITING THE GENERALITY OF ANYTHING IN THIS ARTICLE 2, NOTHING IN THIS AGREEMENT SHALL BE
CONSTRUED AS: (A) A WARRANTY OR REPRESENTATION BY ISMMS THAT ANYTHING MADE, USED, SOLD, OFFERED FOR SALE, DISTRIBUTED, OR AS APPLICABLE PUBLICLY 

  
 12 

 
PERFORMED, PUBLICLY DISPLAYED, DERIVED FROM, OR OTHERWISE DISPOSED OF PURSUANT TO ANY LICENSE GRANTED UNDER THIS AGREEMENT IS OR WILL BE FREE FROM INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS OF
THIRD PARTIES; (B) AN OBLIGATION BY ISMMS TO BRING OR PROSECUTE ACTIONS OR SUITS AGAINST THIRD PARTIES FOR INFRINGEMENT, MISAPPROPRIATION, OR OTHER SIMILAR CAUSES OF ACTION RELATED TO THE LICENSED IP, LICENSED TECHNOLOGY OR LICENSED
INFORMATION; OR (C) CONFERRING BY IMPLICATION, ESTOPPEL OR OTHERWISE ANY LICENSE OR RIGHTS UNDER ANY INTELLECTUAL PROPERTY RIGHTS OF ISMMS OTHER THAN AS AND TO THE EXTENT EXPRESSLY SET FORTH HEREIN. 

3. LICENSE GRANT AND ACCESS. 

3.1 License Grant. ISMMS, upon (i) payment by RenalytixAI to ISMMS of the License Fee in accordance with Section 4.2 and
(ii) subject to the terms and conditions set forth herein shall grant RenalytixAI a worldwide, fee, milestone and royalty-bearing: 

3.1.1 Exclusive, sublicensable license under the Licensed Patent Rights and registered Licensed Copyrights to Develop and Commercialize
Licensed Product(s) in the Field of Use; 
 3.1.2 Non-exclusive License under the unregistered
Licensed Copyrights and Licensed Know-How Rights to Develop and Commercialize Licensed Product(s) in the Field of Use; 

3.1.3 License under the Licensed Information to Develop and Commercialize Licensed Product(s) in the Field of Use, which shall be exclusive
during the Exclusivity Period, except with respect to Existing Third Party Agreements, and thereafter shall convert to a non-exclusive license automatically after the Exclusive Period; and 

3.1.4 Non-exclusive, sublicenseable license under the Licensed Technology to Develop and Commercialize
Licensed Product(s) in the Field of Use. 
 3.1.5 ISMMS grants to RenalytixAI a time-limited exclusive option to Mount Sinai’s rights
in Licensed Technology (i) conceived after the Effective Date, (ii) disclosed between the parties and (iii) discussed in good faith by the JSC pursuant to Section 7.2.2 and recommended thereby to the parties for patent filing
(excluding any filing of a Licensed Patent) (“RenalytixAI Option”). RenalytixAI shall have one hundred twenty (120) days from receipt of notice of each such Licensed Technology to elect in writing to exercise its option to such
Licensed Technology. Upon exercise of any RenalytixAI Option, the parties will amend the relevant exhibit of this Agreement to include the patent rights covering such patentable Licensed Technology as a Licensed Patent Right hereunder promptly after
filing the relevant patent. Should RenalytixAI decline or otherwise fail to exercise its option during the applicable one hundred twenty (120) day option period, ISMMS will be free to dispose of its interest in the relevant technology and
patent rights without further obligation to RenalytixAI, and such technology subject to such option shall no longer be considered Licensed Technology hereunder. ISMMS shall not knowingly grant to a third party any license to Licensed Technology
prior to the expiry of the one hundred twenty (120) day option period. 

  
 13 

 3.1.6 It is the parties’ intent that the total consideration received by ISMMS
hereunder reflect fair market value for the licenses granted hereunder and that the parties mutually agree that the total consideration received by ISMMS hereunder, at the time of execution of this Agreement, will result in a fair market value
transaction. In order to achieve the foregoing, the Applicable Royalty Rate for each Licensed Product shall be negotiated in good faith by the parties to reflect fair market value and comply with Internal Revenue Procedure Ruling 97-14 or successor IRS guidance after the Licensed Technology associated with any Licensed Product is actually conceived and subsequently optioned hereunder. With respect to the Licensed Product that shall be
clinically validated by the parties pursuant to a further clinical validation agreement and subject to the Clinical Utility Study described in Section 4.14 such Applicable Royalty Rate is [*]. Further, for clarity, it is the intent of the
parties that Licensed Products derived from Licensed Technology shall have patent protection and be covered, at least in part, by Licensed Patents and that ISMMS shall be entitled to royalty payments for sales of all Licensed Products. 

3.2 Sublicensing. With respect to the licenses granted to RenalytixAI pursuant to Sections 3.1.1, 3.1.2 and 3.1.3, RenalytixAI shall
have the right to grant sublicenses provided that, any and all such Sublicenses shall be: 
 (a) granted only pursuant to written
agreements, which will be subject and subordinate to the terms and conditions of this Agreement; 
 (b) terminable automatically on
termination of the Agreement; provided, however, in the event this Agreement was terminated by ISMMS and further provided that a Sublicensee is not in material breach of the terms of the Sublicense granted to it by RenalytixAI, and Sublicensees
actions or inactions did not directly cause a material breach of this Agreement by RenalytixAI that led to the termination of this Agreement, then ISMMS will make reasonable efforts to negotiate and execute a direct license with the Sublicensee on
the same or similar terms to either such Sublicense or this Agreement in the sole discretion of ISMMS. 
 (c) expressly identify ISMMS as a
third-party beneficiary; 
 (d) obligate the Sublicensee to abide by and be subject to the applicable terms, conditions, and limitations of
this Agreement; 
 (e) expressly prohibit the Sublicensee from granting further sublicenses and declare any such purported grant of a
further sublicense to be invalid and unenforceable; 
 (f) prohibit Sublicensee from making payments in exchange for receipt of Sublicense
rights, e.g. royalty payments, into an escrow or similar account or to any third party; 
 (g) cause the Sublicensee to comply with the
provisions of Section 11.2.4 to the same extent RenalytixAI is required to comply and include a provision providing for the termination of the Sublicense, upon written request by ISMMS, in the event that the Sublicensee does not so comply; 

  
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 (h) provide that, in the event of any inconsistency between the Sublicense and this
Agreement, this Agreement shall control; 
 (i) obligate the Sublicensee to submit reports to ISMMS consistent with the reporting provisions
of RenalytixAI provided for herein; 
 (j) be written in the English language (for clarity, this is a reference to the original Sublicense
as executed; provision of a translation to ISMMS shall not satisfy this requirement); 
 (k) comply with any marking requirements of the
intellectual property laws of the applicable countries in the Territory, and particularly agrees to permanently mark all Licensed Products made, used, reproduced, or sold under the terms of this Agreement, or their respective containers; and 

(l) specify that New York law shall control any dispute arising under such Sublicense, and that jurisdiction for resolving any such dispute
shall be New York City, New York State. 
 3.2.1 If RenalytixAI enters into any agreement, arrangement, or license purporting to grant
rights to any Licensed Technology, Licensed Information or Licensed IP Rights, that does not comport with the requirements of this Section 3.2 or is otherwise inconsistent with the terms and conditions of this Agreement, such agreement,
arrangement, or license shall be null and void. RenalytixAI acknowledges and agrees that entering into such an agreement, arrangement, or license constitutes a material breach of this Agreement. 

3.2.2 RenalytixAI shall provide a draft copy of any proposed Sublicense to ISMMS at least [*] before execution to allow ISMMS to comment on
the terms of the sublicense, and RenalytixAI will not enter into such Sublicense without ISMMS’ written approval. RenalytixAI shall furnish ISMMS with a fully executed copy of such Sublicense agreement, within [*] after its execution, which
copy may be redacted to exclude financial and other sensitive terms so long as ISMMS can, after such redaction, reasonably determine compliance of the Sublicense with the terms provided for herein and the previously provided draft sublicense, and
shall be Confidential Information of RenalytixAI hereunder. ISMMS shall keep any such copies of sublicense agreement in its confidential files and shall use them solely for the purpose of monitoring RenalytixAI’s and Sublicensee’s
compliance with their obligations hereunder and enforcing ISMMS’s rights under this Agreement. 
 3.2.3 RenalytixAI hereby agrees to
remain fully liable under this Agreement to ISMMS for the performance or non-performance under this Agreement and any relevant Sublicense. No such Sublicense or attempt to obtain a Sublicense shall relieve
RenalytixAI of its obligations hereunder to exercise its Commercially Reasonable Efforts, directly or through a Sublicensee, to Develop and Commercialize Licensed Products, nor relieve RenalytixAI of its obligations to pay ISMMS any and all license
fees, royalties and other payments due under this Agreement. 

  
 15 

 3.3 Retained Rights. Notwithstanding anything to the contrary in this Agreement, the
grants provided hereunder are subject to and contingent upon RenalytixAI’s compliance with all of its obligations hereunder including, but not limited to, the payment to ISMMS of all consideration required under this Agreement, and further
ISMMS shall have, and hereby reserves all rights outside the Field of Use to practice Licensed IP Rights and Licensed Information. Further, within the Field of Use, ISMMS shall have and hereby reserves all rights to (i) the right to use the
Licensed Information and Licensed Patent Rights and the right to grant other noncommercial entities the right to use Licensed Information, Licensed Technology and Licensed IP Rights for noncommercial research and educational purposes and in the care
of patients of ISMMS, (ii) the right to use the Licensed Information, Licensed Technology and Licensed IP Rights in conducting clinical trials at ISMMS, and (iii) the right to conduct funded research, provided that ISMMS shall not (and
shall not purport or attempt to) grant or permit any third party any right in the Field of Use conflicting with rights provided to RenalytixAI by ISMMS herein. Further, notwithstanding anything herein to the contrary, the licenses and other rights
granted to RenalytixAI by ISMMS hereunder are subject to the Existing Third Party Agreements. 
 3.4 Government Rights. All rights and
licenses granted by ISMMS to RenalytixAI under this Agreement are subject to (a) any limitations imposed by the terms of any grant, contract or cooperative agreement by any Governmental Authority applicable to the technology that is the subject
of this Agreement, and (b) applicable requirements of 35 U.S.C. § 200 et seq., as amended, and implementing regulations and policies. Without limitation of the foregoing, RenalytixAI agrees that, to the extent required under 35 U.S.C.
§ 204, any Licensed Product used, sold, distributed, rented or leased by RenalytixAI or Sublicensees in the United States will be manufactured substantially in the United States. In addition, RenalytixAI agrees that, to the extent required by
law including under 35 U.S.C. § 202(c)(4), the United States government is granted a nonexclusive, nontransferable, irrevocable, paid-up license to practice or have practiced for or on behalf of the
United States any Licensed Patent throughout the world. 
 3.5 No Implied Licenses. Only licenses and rights expressly granted herein
shall be of legal force and effect. No license or other right shall be created hereunder by implication, estoppel or otherwise. 
 3.6
Access. ISMMS shall aggregate, De-identify and transfer to RenalytixAI the Licensed Information, and maintain a traceability key to correlate Licensed Information to common patients, in accordance with
the schedule and requirements set forth in Exhibit B and a mutually acceptable data access agreement to be negotiated and entered into between the parties [*] (“Data Access Agreement”). 

3.6.1 [*] 

  
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 3.7 Cooperation. ISMMS shall cooperate with the reasonable requests of RenalytixAI,
and provide such technical assistance as reasonably requested by RenalytixAI at RenalytixAI’s expense, regarding the Licensed Information and Licensed Technology. 

4. FINANCIAL TERMS. 
 4.1
License Fee. As partial consideration for the license and other rights granted under this Agreement, within thirty (30) days following the achievement of the milestone set forth in Section 5.1.2(a), RenalytixAI shall pay to ISMMS
the nonrefundable and noncreditable license fee of Ten Million U.S. dollars ($10,000,000 USD) (“License Fee”). Notwithstanding anything herein to the contrary, if RenalytixAI fails to pay the License Fee within [*] following the date set
forth above, ISMMS may terminate this Agreement effective immediately upon written notice to RenalytixAI. 
 4.2 Milestone Payments.
As additional consideration for the license and other rights granted under this Agreement, within [*] following the first achievement of each of the following milestone events, RenalytixAI shall give written notice to ISMMS and shall pay to ISMMS
the corresponding non-refundable and noncreditable milestone payments: 
  

			
	 MILESTONE EVENT
	  	 MILESTONE PAYMENT

	Worldwide Net Sales of Licensed Products in the aggregate reach Fifty Million U.S. Dollars ($50,000,000 USD)	  	One Million Five Hundred Thousand U.S. Dollars ($1,500,000USD)
		
	Worldwide Net Sales of Licensed Products in the aggregate reach Three Hundred Million U.S. Dollars ($300,000,000 USD)	  	Seven Million Five Hundred Thousand U.S. Dollars ($7,500,000USD)

  
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 The above milestones are successive and not creditable against any other obligations of
RenalytixAI. 
 4.3 Royalties. 

4.3.1 Within [*] following the First Commercial Sale of a Licensed Product in any Jurisdiction, RenalytixAI shall give written notice to ISMMS
thereof. 
 4.3.2 During the applicable Royalty Term, RenalytixAI shall pay to ISMMS royalties equal to the Applicable Royalty Rate times
the Net Sales. In accordance with Section 3.1.6 the Applicable Royalty Rate for the Licensed Product that shall be clinically validated by the parties pursuant to a further clinical validation agreement and subject to the Clinical Utility Study
described in Section 4.14 is [*]. 
 4.3.3 If RenalytixAI, its sublicensees or their respective Affiliates is required to pay royalties
to any third party in order to exercise its rights hereunder regarding a Licensed Product, then RenalytixAI shall have the right to credit [*] of such third party royalty payments against the royalties owing to ISMMS under Section 4.3.2 with
respect to sales of such Licensed Product; provided, however, that RenalytixAI shall not reduce the amount of such royalties paid to ISMMS by reason of this Section 4.3.3, with respect to sales of such Licensed Product, by more than [*] and
further, should application of this this Section 4.3.3 and Section 4.3.4 be applicable with respect to such Sales of such Licensed Product the amount of such royalties paid to ISMMS with respect to sales of such Licensed Product after
application of both provisions, shall not be reduced by more than [*]. The parties further agree that any of the foregoing consideration does not and shall not take into account the volume or value of any business generated between the parties. 

4.3.4 If a Licensed Product is sold in the form of a combination product or service containing one or more components (which may be a product
or service) that itself is a Licensed Product and one or more other components that, were they not combined with such other components, is not a Licensed Product, then Net Sales of such combination shall be adjusted by multiplying the Net Sales of
such combination by the fraction A/(A+B), where A is the weighted average gross invoiced price of the Licensed Products components of such combination, if sold separately, and B is the weighted average gross invoiced price of the other component(s)
of such combination, if sold separately. If such other component(s) of such combination is not sold separately, then Net Sales of such combination shall be adjusted by multiplying the Net Sales of such combination by the fraction A/C, where A is the
weighted average invoiced price of such Licensed Products components of such combination, and C is the weighted average invoiced price of such combination. If such Licensed Products components of such combination are not sold separately, then the
parties shall discuss an appropriate allocation for the fair market value of the Licensed Product and the other components with which the Licensed Product is combined to mutually determine Net Sales relative contribution of each other component and
the Licensed Product to such combination and the relative value to the end user of each component and the Licensed Product relative to each other. 

4.4 Sublicense Fees. RenalytixAI shall pay to ISMMS a percentage of all Sublicense Income within [*] after receipt of such Sublicense
Income. 

  
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 All consideration received by RenalytixAI from any Sublicensee shall be fully auditable by ISMMS pursuant to
the audit right in Section 4.9. RenalytixAI shall not receive from any Sublicensee anything of value in lieu of cash payments in consideration for any Sublicense without the express prior written consent of ISMMS. Any non-cash consideration, including, without limitation, equity in other companies or equity investments in RenalytixAI, received by RenalytixAI from any Sublicensee will be valued at its Fair Market Value as of the
date of receipt by RenalytixAI for purposes of calculating Sublicense Income. RenalytixAI shall not sell or transfer, voluntarily or involuntarily, to a third party any of RenalytixAl’s interest in any portion of any future sublicensing
revenues under any Sublicense without the prior written consent of ISMMS. For clarity, any fees or payments paid to RenalytixAI by a Distributor as consideration for the license grant under this Agreement are deemed Sublicense Income. 

4.5 The percentage of consideration of Sublicense Income paid to ISMMS that is received by RenalytixAI or its Affiliates shall be as follows:

  

			
	 Sublicense Income Event
	  	 Percentage of Sublicense Income

	[*]	  	Twenty-Five Percent (25%)
		
	[*]	  	Fifteen Percent (15%)

 4.6 Royalty Reports. 

4.6.1 Within [*] after the end of each calendar quarter following the First Commercial Sale of a Licensed Product by RenalytixAI, its
sublicensees or their respective Affiliates, RenalytixAI shall prepare and provide ISMMS with a written report detailing the amount of Gross Sales from Commercial Sales of Licensed Products during the preceding quarter, the amount of Net Sales made
during such quarter, Sublicense Income received during such quarter and the royalty payments due to ISMMS for such quarter pursuant to this Article 4.6.1 (each such report, a “Quarterly Report”). Each Quarterly Report shall include at
least the following: 
 [*]. 

4.6.7 Each Quarterly Report shall be certified as true and correct by an officer of RenalytixAI and be in a form reasonably acceptable to
ISMMS. With each Quarterly Report submitted, RenalytixAI shall pay to ISMMS the royalties and fees due and payable under this Agreement, to the extent not already paid. If no royalties or fees are due and payable RenalytixAI shall so report.
RenalytixAI’s failure to timely submit to ISMMS payment will constitute a material breach of this Agreement. RenalytixAI will continue to deliver payment and Quarterly Reports to ISMMS after the termination or expiration of this Agreement with
respect to any quarter during which this Agreement remained in effect and until such time as all Licensed Product(s) permitted to be sold after termination have been sold. 

  
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 4.7 Currency Conversion. With respect to sales of Licensed Product invoiced in United
States dollars, all such amounts shall be expressed in United States dollars. With respect to sales of Licensed Product invoiced in a currency other than United States dollars, all such amounts shall be expressed both in the currency in which the
sale is invoiced and in the United States dollar equivalent. The United States dollar equivalent shall be calculated using the conversion rate published in The Wall Street Journal (Eastern US Edition) conversion rate, or other industry
standard conversion rate approved in writing by ISMMS for the last day of the quarter for which such royalty payment is due. All royalties payable hereunder shall be calculated based on Net Sales expressed in United States dollars. 

4.8 Records. RenalytixAI shall and shall cause its Affiliates and Sublicensees to keep complete, true and accurate records in sufficient
detail to enable the amounts payable hereunder to be determined and shall retain such records for a period of no less than [*]. 
 4.9
Audits. Upon the written request of ISMMS and not more than once in each calendar year, RenalytixAI shall permit an independent certified public accounting firm of nationally recognized standing, selected by ISMMS and reasonably acceptable to
RenalytixAI, at ISMMS’s expense, to have access during normal business hours to such records of RenalytixAI to verify the accuracy of the payments due under the Quarterly Reports hereunder for any year ending not more than [*] prior to the date
of such request. Mt. Sinai shall cause its accounting firm to retain all financial information subject to review under this Section 4.7 in strict confidence; provided, however, that RenalytixAI shall have the right to require that such
accounting firm, prior to conducting such audit, enter into an appropriate non-disclosure agreement with RenalytixAI regarding such financial information. The accounting firm shall disclose to Mt. Sinai only
whether the reports are correct or not and the specific details concerning any discrepancies. The accounting firm shall disclose to ISMMS only whether the reports are correct or not and the specific details concerning any discrepancies. No other
information shall be shared. If such accounting firm concludes that additional payments were owed during the audited period, RenalytixAI shall pay such additional payments within [*] after the date ISMMS delivers to RenalytixAI such accounting
firm’s written report so concluding. The fees charged by such accounting firm shall be paid by ISMMS; provided, however, should such inspection lead to the discovery of at least a [*] discrepancy in reporting to ISMMS’s detriment,
RenalytixAI shall pay the reasonable fees and expenses charged by such accounting firm. 
 4.10 Annual Data Transfer Fee. Within
thirty (30) days after the end of the Exclusive Period and each anniversary thereof during the remainder of the Access Period, RenalytixAI shall pay to ISMMS the nonrefundable and noncreditable annual data transfer fee of Fifty Thousand U.S.
dollars ($50,000 USD). 

  
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 4.11 Withholding Taxes. RenalytixAI shall not be entitled to deduct from the royalty
payments otherwise due to ISMMS hereunder the amount of any withholding taxes, value-added taxes or other taxes, levies or charges with respect to such royalty payments that are required to be withheld by RenalytixAI, to the extent RenalytixAI pays
to the appropriate Governmental Authority on behalf of ISMMS such taxes, levies or charges. ISMMS shall use reasonable efforts to assist RenalytixAI to minimize any such taxes, levies or charges. RenalytixAI promptly shall deliver to ISMMS proof of
payment of all such taxes, levies and other charges, together with copies of all communications from or with such Governmental Authority with respect thereto. 

4.12 Payment Method. All dollar amounts referred to in this Agreement are expressed in United States dollars. All payments by
RenalytixAI to ISMMS hereunder shall (i) make reference to AGR-15250 and (i) be in United States dollars without deduction of exchange, collection, wiring fees, bank fees, or any other charges in
immediately available funds and shall be made by wire transfer from a United States bank located in the United States to the following bank account of: 

[*] 
 4.13 Late Payments.
In the event royalty payments or other fees are not received by ISMMS when due hereunder, RenalytixAI shall pay to ISMMS interest charges that will accrue interest until paid at a rate equal to [*] percentage points above the U.S. Prime Rate, as
reported in the Wall Street Journal, Eastern Edition from time-to-time (or the maximum allowed by law, if less), calculated on the number of days such payment is
overdue. In the event that the interest rate is not allowable under law, the interest rate shall be the maximum rate allowable under the law. 

4.14 Clinical Utility Study. In accordance with applicable law, and subject to (i) payment by RenalytixAI to ISMMS of the License
Fee in accordance with Section 4.1, (ii) successful retrospective clinical validation, and (iii) negotiation in good faith and execution of a further written clinical utility study agreement executed by both parties, the parties shall
carry out an IRB approved clinical utility study for a diagnostic test utilizing biomarker guided artificial intelligence techniques for detecting renal functional decline (“Clinical Utility Study”). It is the parties’ present
intention that the Clinical Utility Study shall include a budget in accordance with all ISMMS rules and guidelines for same, including, without limitation appropriate overhead costs (the “Budget”). RenalytixAI shall be responsible funding
the Budget of the Clinical Utility Study, currently estimated at [*] 

  
 21 

 
net of ISSMS’s obligation for diagnostic tests as provided for herein; and that ISMMS shall be responsible for purchasing diagnostic tests from RenalytixAI for the Clinical Utility Study at
no more than the price that RenalytixAI will charge others [*]. It is expected that the final agreement between the parties regarding the Clinical Utility Study will address issues, including, but not limited to: (a) if at any time during the
Term the diagnostic test associated with the Clinical Utility Study receives a Centers for Medicare and Medicaid national coverage decision, ISMMS’s ongoing obligations with regard to payment or purchase of any such diagnostic test pursuant to
this Section 4.14 shall terminate automatically without further notice; (b) if the Clinical Utility Study is completed or terminated prior to administration of [*] diagnostic tests on ISMMS Clinical Utility Study subjects, ISMMS shall have
no obligation to purchase additional tests and RenalytixAI shall have no obligation to fund the remaining Budget; and/or (c) if appropriate ISMMS may seek reimbursement for the diagnostic tests from patients or third party insurers which it
shall be entitled to retain. [*]. 
 5. RENALYTIXAI COVENANTS. 

5.1 Diligence. 
 5.1.1
RenalytixAI shall use no less than Commercially Reasonable Efforts to Develop and Commercialize Licensed Products in the Territory during the Term. RenalytixAI shall maintain such active diligent Commercially Reasonable Efforts to Develop and
Commercialize the Licensed Products at all times throughout the Term. 
 5.1.2 Without limiting the generality of the foregoing, RenalytixAI
shall achieve the following milestones as part of its Commercially Reasonable Efforts to Develop and Commercialize the Licensed Products: 

(a) The closing of equity or convertible debt financing(s) of RenalytixAI with aggregate proceeds (net of commissions, finders’ fees and
the like) received by RenalytixAI of not less than $25,000,000 within six (6) month after the Effective Date; 
 (b) The First
Commercial Sale of the first Licensed Product within thirty-six (36) months after achievement of the milestone set forth in Section 5.1.2(a); and 

(c) The First Commercial Sale of the second Licensed Product within sixty (60) months after achievement of the milestone set forth in
Section 5.1.2(a) 
 5.1.3 Additionally, with respect to each Licensed Patent Right obtained by RenalytixAI on or after the Effective
Date of this Agreement pursuant to an exercised RenalytixAI Option, RenalytixAI shall use Commercially Reasonable Efforts to Develop and Commercialize a Licensed Product corresponding to such Licensed Patent Right, and shall achieve a First
Commercial Sale of such Licensed Product within the time period presented by the JSC and mutually agreed by the parties at or prior to RenalytixAI exercising the applicable RenalytixAI Option. 

  
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 5.1.4 Failure to Achieve Due Diligence Events. If RenalytixAI fails to exercise
Commercially Reasonable Efforts to achieve the above due diligence obligations or, if despite consistent use of Commercially Reasonable Efforts, RenalytixAI is unable to achieve the due diligence event set forth in Article 5.1.2(a), then ISMMS at
its option, in its sole discretion, may: (a) terminate this Agreement in whole or in in accordance with Section 11.2; (b) convert the Agreement in whole or in part to non-exclusive license status
immediately upon providing notice to such effect to RenalytixAI (in such event no amendment or further writing will be required to convert the Agreement to non-exclusive status); (c) meet with RenalytixAI to
arrange for revision of the due diligence events; or (d) require that RenalytixAI sublicense the Agreement in whole or in part to a party selected by ISMMS. It is agreed and understood that in the event RenalytixAI fails to achieve the due
diligence events set forth above and has not consistently used Commercially Reasonable Efforts to do so, then ISMMS may exercise any and all remedies available at law or otherwise. Notwithstanding the foregoing, on a Licensed Product-by-Licensed Product basis, in the event that RenalytixAI (1) anticipates that it will be unable to achieve any due diligence event set forth in either
(i) Section 5.1.2(b)-(c), or (ii) any due diligence event agreed to by the parties pursuant to 5.1.3 above, and (2) RenalytixAI notifies ISMMS in writing prior to the occurrence of same, and (3) if such anticipated failure
is due to bona fide and documented scientific, technical or regulatory events or requirements that are unforeseen and out of control of RenalytixAI, and if (4) RenalytixAI has demonstrated Commercially Reasonable Efforts to achieve such due
diligence event, then the parties shall negotiate in good faith, for a period not to exceed [*], to agree on a reasonable extension of time for RenalytixAI to achieve such due diligence events taking into account any recommendations suggested by the
JSC. If the parties are unable to agree on the length of such reasonable extension within [*] of ISMMS’s receipt of the notice described above, the parties agree that the dispute will be submitted for Baseball Arbitration pursuant to
Section 5.15. 
 5.1.5 Baseball Arbitration 

(a) Selection of Baseball Expert and Submission of Positions. The parties will select and agree upon a mutually acceptable independent
third party expert who is neutral, disinterested and impartial, and has relevant experience for the applicable dispute (the “Baseball Expert”). If the parties are unable to mutually agree upon a Baseball Expert within [*] following
the delivery of the request for Baseball Arbitration, then upon request by either Party, the Baseball Expert will be an arbitrator appointed by Judicial and Mediation Services (“JAMS”), which arbitrator need not have the
above-described experience. Once the Baseball Expert has been selected, each party will within [*] following selection of the Baseball Expert provide the Baseball Expert and the other parties (as applicable) with a written report setting forth its
position with respect to the substance of the dispute and may submit a revised or updated report and position to the Baseball Expert within [*] of receiving the other parties’ report. If so requested by the Baseball Expert, each party will make
oral submissions to the Baseball Expert based on such party’s written report, and each party will have the right to be present during any such oral submissions. 

  
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 (b) JAMS Supervision. In the event the Baseball Expert is a JAMS arbitrator selected
by JAMS, the matter will be conducted as a binding arbitration in accordance with JAMS procedures, (including that the arbitrator will adopt as his or her decision the position of one party, and not the other parties, as described below). In such
event, the arbitrator may retain a third party expert with the same experience for the Baseball Expert to assist in rendering such decision, and the expenses of any such expert will be shared by the parties as costs of the arbitration. 

(c) Determination by the Baseball Expert. The Baseball Expert will, no later than [*] after the last submission of the written reports
and, if any, oral submissions, select one party’s position as his or her final decision, and will not have the authority to modify any party’s position or render any substantive decision other than to so select the position of one party as
set forth in their respective written report. The decision of the Baseball Expert will be the sole, exclusive and binding remedy between them regarding the dispute submitted to such Baseball Expert. 

(d) Location; Costs. Unless otherwise mutually agreed upon by the parties in writing, the
in-person portion (if any) of such proceedings will be conducted in New York, NY. The parties agree that they will share equally the costs and fees of the Baseball Expert in connection with any proceeding
under this Agreement, including the cost of the arbitration filing and hearing fees, the cost of any independent expert retained by the arbitrator and the cost of the arbitrator and administrative fees of JAMS if applicable. Each party will bear its
own costs and attorneys’ and witnesses’ fees and associated costs and expenses incurred in connection with any proceeding under this Agreement. 

(e) Timetable for Completion in [*]. The parties will use, and will direct the Baseball Expert to use, reasonable efforts to resolve a
dispute within [*] after the selection of the Baseball Expert, or if resolution within [*] is not reasonably achievable, as determined by the Baseball Expert, then as soon thereafter as is reasonably practicable. 

5.2 Diligence Reports. Within [*], RenalytixAI shall prepare and provide Mt. Sinai with a written report summarizing the activities
under this Agreement (whether by RenalytixAI and/or Sublicensees), through such date of such report to develop, obtain Regulatory Approval to market, and commercialize Licensed Products sufficient to demonstrate performance under Section 5.1;
provided, however, to the extent RenalytixAI prepares and files public reports including the information described above then such publicly file reports shall satisfy the obligation under this Section 5.2. 

5.3 Trademarks. RenalytixAI and its Sublicensees shall have the right to determine the names and trademarks to use in connection with
the promotion, marketing and sale of Licensed Products. 

  
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 6. ISMMS COVENANTS 

6.1 Non-Contravention. ISMMS will not knowingly license, transfer, sell or otherwise permit
access to a third party commercial entity, or enter into any agreement or understanding to do so, either (i) a substantial portion of Licensed Information or (ii) Licensed Technology in a manner that, with respect to either of the
foregoing, frustrates the intent of the exclusive grants above in the Field of Use. 
 7. COLLABORATION MANAGEMENT. 

7.1 Alliance Managers. Promptly following the Effective Date, each party shall appoint a person to act as its alliance manager to
coordinate its day-to-day business activities under this Agreement (each such person, an “Alliance Manager”). Each party shall have the right to change
such appointment, in its sole discretion, and shall notify in writing the other party as soon as practicable upon making, and changing, this appointment. The Alliance Managers shall be the primary day-to-day business contacts under this Agreement. 
 7.2 Joint Steering Committee. 

7.2.1 The JSC shall comprise three (3) named representatives of ISMMS and three (3) named representatives of RenalytixAI Each party
shall have the right to change such appointment, in its sole discretion, and shall notify in writing the other party as soon as practicable upon making, and changing, this appointment. 

7.2.2 The JSC shall be responsible for (a) facilitating the exchange of information between the parties, (b) facilitating the
transfer of the Licensed Information and Licensed Technology to RenalytixAI hereunder, (c) discussing patent strategy (with the input of outside patent counsel), (d) reviewing new projects in development, and (e) communicating between the
parties regarding the activities contemplated by this Agreement. 
 7.2.3 The JSC shall meet not less than once each calendar quarter during
the Access Period. Such meetings shall be held on such dates and at such times and places as mutually agreed by the parties. Upon the mutual agreement of the parties, any such meeting may be conducted by conference telephone or videoconference. Each
party may permit such visitors to a meeting of the JSC as mutually agreed by the parties prior to such meeting. Each party shall be responsible for its own costs in connection with the meetings of the JSC. 

7.2.4 The JSC will have solely the roles and responsibilities assigned to it in this Section 7.2. No decision by the JSC may:
(i) amend, modify or waive compliance with this Agreement; or (ii) violate ISMMS’s standard operating rules and procedures or laws. 

8. INTELLECTUAL PROPERTY RIGHTS. 

8.1 Prosecution and Maintenance. 

8.1.1 Patent Prosecution. ISMMS shall control the Prosecution of Licensed Patent Rights and the selection of patent counsel using
patent counsel reasonably acceptable to RenalytixAI. Except as otherwise mutually agreed in writing by the parties, ISMMS shall Prosecute the Licensed Patent Rights in the Patent Jurisdictions and no other Jurisdictions. ISMMS shall consider in good
faith the interests of RenalytixAI in so doing. ISMMS will provide RenalytixAI with (a) an advance copy of any draft patent application (to the extent practicable under the circumstances) and other filing or submission; (b) a copy of each
such application, filing or submission promptly after filing or submission; (c) copies of all correspondence and communications regarding Prosecution matters; and (d) prompt written notice of any interference, opposition, reexamination
request, nullity proceeding, appeal or other similar action. ISMMS will 

  
 25 

 
coordinate with RenalytixAI regarding all Prosecution matters and consider any comments from RenalytixAI in good faith; provided, however, that ISMMS shall have final authority regarding all
Prosecution decisions. RenalytixAI acknowledges that ISMMS shall remain the sole client of such patent counsel and in every case shall retain the right to make the final decision with respect to any Prosecution matter. 

8.1.2 Patent Expenses. RenalytixAI shall pay, within [*] of invoice, all expenses for Prosecuting the Licensed Patent Rights in Patent
Jurisdictions, including without limitation, any taxes, annuities or maintenance fees on such Licensed Patent Rights. RenalytixAI agrees to receive such invoices directly from patent counsel, with ISMMS receiving a copy of such invoice. RenalytixAI
shall pay such invoices directly to patent counsel with written confirmation of payment to ISMMS. Further, the parties agree to enter into a mutually acceptable common legal interest and billing agreement with patent counsel. 

8.1.3 Patent Reimbursement. Within [*] after the Effective Date, RenalytixAI will reimburse ISMMS for all accrued attorneys’ fees,
expenses, official fees and all other charges accumulated prior to the Effective Date incident to the Prosecution of the Licensed Patent Rights, which amount is currently estimated at up to [*] as of May 1, 2018 that is subject to change. In
addition to such accrued, unreimbursed patent expenses, RenalytixAI shall reimburse ISMMS for all ongoing patent prosecution expenses in all Patent Jurisdictions, regardless of the presence or absence of a Client and Billing Agreement, with [*] of
invoice. To be clear, RenalytixAI will reimburse ISMMS for all relevant patent expenses after Effective Date and prior to execution of a Client and Billing Agreement. 

8.1.4 Patent Extension. RenalytixAI shall, within [*] of the triggering event, notify ISMMS of any Regulatory Approval for any Licensed
Product for which an application for patent term extension may be based, including with respect to any third party product, or any other event in any Jurisdiction that would enable ISMMS or RenalytixAI as appropriate to apply for patent term
extension or other regulatory or marketing exclusivity or extension thereof in any Jurisdiction. The parties agree to cooperate fully with each other to provide any information or documentation necessary to support an application for patent term
extension or other regulatory or marketing exclusivity. 
 8.1.5 Failure to Timely Pay Patent Expenses. Should RenalytixAI decline or
fail to pay by the deadline set forth herein the costs and legal fees for the Prosecution of any Licensed Patent Rights in a Patent Jurisdiction payable under this Agreement, ISMMS may, at its sole discretion, elect to exclude by written notice the
particular Licensed Patent Right from this Agreement. 

  
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 8.2 Infringement. 

8.2.1 Notice. In the event that either party becomes aware of any suspected infringement of any Licensed Patent Right or of any
Infringement Action, such party shall promptly notify the other party thereof. RenalytixAI and ISMMS will consult each other in a timely manner concerning any appropriate response to such suspected infringement or Infringement Action. 

8.2.2 Infringement Procedure. 

(a) (i) As between the parties, RenalytixAI will have the first right to pursue any Infringement Action against an infringing third party
at its own expense, and (ii) if, within [*] after becoming aware of any suspected infringement or Infringement Action, RenalytixAI has not elected not to initiate, defend, or otherwise resolve such Infringement Action, then ISMMS shall have the
right, but not the obligation, to initiate, control, pursue, and/or defend such Infringement Action at its own expense. 
 (b) The party
controlling any Infringement Action shall use reasonable efforts to: (i) inform the other party of the status of such Infringement Action on a regular basis; (ii) provide to the other party copies of any documents relating to the
Infringement Action promptly upon receipt from any third party and/or, if practicable, prior to filing such documents; (iii) consult with the other party regarding such Infringement Action; and (iv) consider any comments from the other
party in good faith. The party without primary control of an Infringement Action shall cooperate, at controlling party’s expense, with the party controlling such Infringement Action to the extent reasonably possible, including joining the
Infringement Action if necessary or desirable. 
 (c) No party may enter into a settlement of any Infringement Action that
(i) adversely affects the scope, validity or enforceability of the Licensed Patent Rights, (ii) grants a license, covenant not to sue or other immunity under the Licensed Patent Rights, or (iii) includes admission of fault or
wrongdoing on behalf of the other party, without the prior written consent of such other party. For clarity, if the settlement of any Infringement Action includes granting a Sublicense, RenalytixAI shall pay to ISMMS royalties on any Net Sales by
such Sublicensee and a percentage of Sublicense Income, if applicable, in accordance with Article 4 in addition to any other share of recoveries due to ISMMS under this Section. For avoidance of doubt, if, for the purposes of an Infringement Action,
a license granted as a non-revenue cross License shall be considered as a Sublicense and the Fair Market Value of such cross license shall be considered Sublicense Income. 

8.2.3 Recoveries. 
 (a)
Any recovery obtained by RenalytixAI as a result of any Infringement Action, by settlement or otherwise, shall be applied in the following order of priority: (i) first, to reimburse the parties for all litigation costs (including
attorneys’ fees) incurred in connection with such proceeding and not otherwise recovered; and (ii) second, the remainder of the recovery shall be shared equally between the parties. 

  
 27 

 (b) Any recovery obtained by ISMMS as a result of any Infringement Action, by settlement or
otherwise, shall be applied in the following order of priority: (i) first, to reimburse the parties for all litigation costs (including attorneys’ fees) incurred in connection with such proceeding and not otherwise recovered; and
(ii) second, the remainder of the recovery shall be retained by ISMMS. 
 9. CONFIDENTIALITY. 

9.1 “Confidential Information” means any and all information of a party (the “Disclosing Party”), or such
information of such party’s Affiliates or of third parties provided on behalf of such party to the other party (“Receiving Party”), that is disclosed in tangible form marked as “ confidential” upon disclosure or, if
disclosed in oral or other intangible form, is identified as confidential at the time of disclosure and summarized in a writing that is marked as “confidential” and provided to the Receiving Party within [*] of the intangible disclosure,
provided however that failure to so mark, identify, or summarize shall not alter the status of such information as Confidential Information if a reasonable person would, based on the content and/or context of the disclosure, recognize such
disclosure was intended as confidential. Notwithstanding the foregoing, Confidential Information shall not include information that the Receiving Party can demonstrate by written and/or electronic records: (i) is available to the public at the
time of disclosure hereunder or, after disclosure, becomes a part of the public domain by publication or otherwise, through no breach by the Receiving Party; (ii) is already properly possessed by the Receiving Party prior to receipt from the
Disclosing Party; (iii) was received by the Receiving Party without obligation of confidentiality or limitation on use from a Third party who had the lawful right to disclose such information; or (iv) was independently developed by or for
the Receiving Party by any person or persons who had no knowledge or benefit of the Disclosing Party’s Confidential Information, where the written or electronic records demonstrating such exception were created contemporaneously with such
independent development. 
 9.2 Confidentiality. The Receiving Party shall maintain in confidence and not disclose to any third party
any of Disclosing Party’s Confidential Information, using the same degree of care it uses to protect its own confidential information of a similar nature but in no event using less than a reasonable degree of care. The Receiving Party will use
Disclosing Party’s Confidential Information solely for the purpose of exercising its rights and performing its obligations under this Agreement and only during the Term. For clarity, except as provided for herein, a Receiving Party shall not
use a Disclosing Party’s Confidential Information for regulatory or patent filing purposes, or for initiation or pursuit of any proceeding to challenge the patentability, validity, or enforceability of any patent application or issued patent
(or any portion thereof) that is owned or controlled by Disclosing Party (including, e.g., via pre-issuance submissions, post grant review, or inter partes review). Any such excluded use is hereby deemed a
material breach of this Agreement and in such event, notwithstanding anything to the contrary herein, the non-breaching party shall have the right to terminate this Agreement immediately upon notice to the
breaching party and seek resolution of such dispute in any court of competent jurisdiction notwithstanding any provisions herein regarding resolution of disputes between the parties. The Receiving Party will cause its employees, independent
contractors, Affiliates, and Sublicensees (“Recipient Individuals”) have access to Disclosing Party’s Confidential Information only on a need to know basis, are informed of the obligations attaching to such Confidential
Information in advance of being given access to it, and are required to comply with such Receiving Party’s obligations under this Agreement. The Receiving Party shall be fully responsible to Disclosing Party for such compliance by its Recipient
Individuals. If such Recipient Individual is not an employee of a party hereto, then Recipient will cause each of its Recipient Individuals to enter into a legally binding confidentiality agreement or otherwise be bound by ethical obligations, at
least as strict as the 

  
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confidentiality obligations and use restrictions herein, with such Recipient Individual prior to disclosing Disclosing Party’s Confidential Information to such Recipient Individual, and
Receiving Party will be fully responsible to Disclosing Party for compliance with such obligations and restrictions by such Recipient Individual. 

9.3 Permitted Disclosures. Notwithstanding Sections 9.2 and 9.4, the Receiving Party may disclose Disclosing Party’s Confidential
Information to the limited extent (i) required by the regulations and rules of any relevant stock exchange or automated quotation systems, or (ii) required by Law, court order, other Governmental Authority with jurisdiction, provided that
the Receiving Party in the case of disclosure under point (ii) (a) uses reasonable efforts the Disclosing Party, to the extent legally permissible, with written notice of such requirement, (b) uses no less than reasonable efforts to obtain
confidential treatment of such Disclosing Party’s Confidential Information by such court or Governmental Authority, and (c) cooperates, at the Disclosing Party’s written request and expense, with the Disclosing Party’s reasonable
legal efforts to prevent or limit the scope of such required disclosure; the Receiving Party shall in all other respects continue to hold such Confidential Information as confidential and subject to all obligations of this Article 9. The Receiving
Party’s obligations of confidentiality and non-use restrictions as set forth in this Article 9 shall remain in effect for a period of [*] from receipt of the Confidential Information from the Disclosing
Party. 
 9.4 Terms of this Agreement. Each party agrees to treat the terms and conditions of this Agreement as the Confidential
Information of the other party, provided however that in addition to the above exceptions, each party shall be free to disclose any of the terms of this Agreement (i) to the extent that a party is advised by its counsel that it is required to
do so by the regulations or rules of any relevant stock exchange or automated quotation system, (ii) to actual or prospective Sublicensees, (iii) to its accountants, attorneys and other professional advisors, or (iv) in connection
with a potential or actual financing, merger, consolidation, acquisition or a permitted assignment of this Agreement; provided that in the case of any disclosure under clause (ii), (iii), or (iv) above, the recipient(s) are obligated and do so
undertake to keep such terms of this Agreement confidential to the same extent as said party (said party being fully responsible to the other party for such recipients’ compliance). Except as otherwise set forth in this Agreement, the parties
may issue a press release regarding entering into, or the terms and conditions of, this Agreement only upon mutual written agreement and, if so, will cooperate to determine the timing and content of such press release. 

9.5 Use of Either Party’s Name. Except to the extent required by Law, court order, other Governmental Authority with jurisdiction
or the regulations or rules of any relevant stock exchange or automated quotation system, each party and its Affiliates, Sublicensees, employees and agents may not use the name, logo, seal, trademark, or service mark of the other party, including
any school or organization of ISMMS, or, any faculty member, student, employee, officer, director, trustee, or other representative of such other party (or any adaptation of any of the foregoing) without the prior written consent of such other
party, which consent will be granted or denied in that party’s sole discretion. 

  
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 9.6 Publications. The parties recognize the interest of scientists to publish and
present the results of their research and development in order to obtain recognition within the scientific community and to advance the state of scientific knowledge. The parties also recognize that patent rights can be jeopardized by public
disclosure prior to the filing of appropriate patent applications. Therefore, prior to submission to a publisher or other public disclosure, ISMMS shall submit to RenalytixAI for review each proposed publication or other public disclosure of
Licensed Technology disclosed to RenalytixAI pursuant to Section 3.1.5 (“Manuscript”). RenalytixAI shall have [*] from the date submitted to review such Manuscript. If within such [*] period, RenalytixAI notifies ISMMS in writing that
the Manuscript includes RenalytixAI Confidential Information, specifically pointing out where such Confidential Information appears in the Manuscript, then ISMMS shall cause such Confidential Information to be removed from the Manuscript prior to
submission for publication or making any other public disclosure of the Manuscript. If within such [*] period, RenalytixAI requests in writing a delay of publication to allow for patent application filing, then ISMMS shall delay submission for
publication or other public disclosure until the later of (a) [*] from the date of the initial submission of the Manuscript to RenalytixAI (or such longer period as mutually agreed by the parties), or (b) the filing of such patent application.

 10. INDEMNIFICATION AND INSURANCE. 

10.1 By RenalytixAI. RenalytixAI shall indemnify, defend and hold harmless ISMMS, and its trustees, directors, officers, faculty,
employees and agents, from and against all losses, liabilities, damages and expenses, including reasonable attorneys’ fees and costs (collectively, “Liabilities”), resulting from any claims, demands, actions or other proceedings by
any third party to the extent resulting from (a) any breach of RenalytixAI under this Agreement; (b) the use of the Licensed Information, Licensed Technology or Licensed IP Rights by RenalytixAI, its sublicensees, assignees, vendors,
service providers, or respective Affiliates of any of the foregoing; (c) the Development or Commercialization of Licensed Products by or on behalf of RenalytixAI, its Sublicensees or their respective Affiliates, customers or end-users; or (d) the use of the Confidential Information of ISMMS by RenalytixAI, its Sub licensees or their respective Affiliates, except in each foregoing case to the extent such Liabilities result from the
gross negligence or willful misconduct of ISMMS. 
 10.2 By ISMMS. ISMMS shall indemnify, defend and hold harmless RenalytixAI, and
its directors, officers, employees and agents, from and against all Liabilities resulting from any claims, demands, actions or other proceedings by any third party to the extent resulting from the gross negligence or willful misconduct of ISMMS.

 10.3 Procedure. If a party (the “Indemnitee”) intends to claim indemnification under this Section 10, it shall
promptly notify the other party (the “Indemnitor”) in writing of any claim, demand, action or other proceeding for which the Indemnitee intends to claim such indemnification, and the Indemnitor shall have the right to participate in., and,
to the extent the Indemnitor so desires, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an Indemnitee shall have the right to retain its own counsel, with the fees and expenses to be paid by
the Indemnitor, if representation of such Indemnitee by the counsel retained by the Indemnitor would be inappropriate due to actual or potential differing interests between the Indemnitee and any other party represented by such counsel in such
proceeding. The obligations of this Article 10 shall not apply to amounts paid in settlement of any claim, demand, action or other proceeding if such settlement is effected without the consent of the Indemnitor, which consent shall not be
unreasonably withheld, delayed or conditioned. The failure to deliver written notice to the Indemnitor within a reasonable time after the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve the
Indemnitor of any 

  
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obligation to the Indemnitee under this Article 10, but the omission to so deliver written notice to the Indemnitor shall not relieve it of any obligation that it may have to any party claiming
indemnification otherwise than under this Article 10. The Indemnitee, its employees and agents, shall reasonably cooperate with the Indemnitor and its legal representatives in the investigation of any claim, demand, action or other proceeding
covered by this Article 10. Indemnitor shall not settle or compromise any claim or action in any manner that may impose restrictions or obligations on any Indemnitee, or that grants any rights to the Licensed Information, Licensed IP Rights,
Licensed Technology, Licensed Products, or that concedes any fault or wrongdoing on the part of Indemnitee, without Indemnitee’s prior written consent. If Indemnitor fails or declines to assume the defense against any claim or action within [*]
after notice thereof, then Indemnitee may assume and control the defense of such claim or action for the account and at the risk of Indemnitor, and any liabilities related to such claim or action will be conclusively deemed a liability of
Indemnitor. The indemnification rights of the parties under this Article 10 are in addition to all other rights that a party may have at law, in equity or otherwise. 

10.4 Insurance. Each party shall maintain insurance with respect to its activities under this Agreement regarding Licensed Products in
such amount as such party customarily maintains with respect to similar activities for its other products, but not less than such amount as is reasonable and customary in the industry. Without limiting the foregoing, RenalytixAI will procure and
maintain insurance policies during the Term and a period thereafter corresponding to longest statute of limitations for any potential claim thereunder for: (a) comprehensive general liability with minimum limits of [*] per occurrence/
[*] in the aggregate, covering bodily injury and personal injury to any person, property damage, and contractual liability, naming ISMMS as additional insured on a primary and non-contributory basis;
(b) professional liability insurance, with minimum limits of [*] per occurrence/ [*] in the aggregate, covering the RenalytixAI and its professional employees or other personnel for claims, including claims for bodily injury and
emotional distress, arising out of or in connection with the rendering of diagnostic tests for Renal Indications and related professional services to patients/customers, naming ISMMS as additional insured on a primary and non-contributory basis; (c) directors and officers liability insurance, with minimum limits of [*] per occurrence/ [*] in the aggregate, covering RenalytixAI and its individual insureds including, but
not limited to, all directors, officers, medical/clinical services directors, employees, volunteers, and committee members, for any alleged or actual managerial or other wrongful act, error or omission committed or performed in the course of or in
connection with RenalytixAI’s operations; (d) cyber liability insurance, with minimum limits of [*] per occurrence/ [*] in the aggregate; coverage shall be sufficiently broad to cover the services and operations of RenalytixAI and
shall include, but not be limited to, (i) defense costs and indemnity coverage for third party claims arising out of cyber-attack, cyber terrorism, privacy breach, virus transmission, denial of service, transmission of viruses/malware,
information theft, release of private information, damage to or destruction of electronic information or data (including costs to restore such information or data), extortion and network security (including ransomware and social engineering) and any
related regulatory investigation or proceeding, including regulatory fines, penalties, and defense costs, and (ii) first party coverage for privacy breach response expenses (for forensic investigation, notification of potentially affected
parties, credit/identity monitoring, and any related regulatory fines, penalties and defense costs), and other first party loss resulting from cyber-attack, cyberterrorism, privacy breach, virus transmission, denial of service, transmission of
viruses/malware, information theft, release of private information, damage to or destruction of electronic information or data (including costs to restore such information or data), and extortion and network security (including ransomware and social
engineering); and (e) errors and omissions (E&O) insurance, with minimum limits of [*] per occurrence/ [*] in the aggregate, covering losses from any acts, errors, omissions, negligence, breach of duty or misrepresentations relating
to RenalytixAI’s operations or its obligations under this Agreement. 

  
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 10.5 ISMMS may review periodically the adequacy of the minimum amounts of insurance for each
type of coverage required by this Article 10, and ISMMS reserves the right to require RenalytixAI to adjust the limits accordingly. 
 11.
TERM AND TERMINATION. 
 11.1 Term. This Agreement shall commence on the Effective Date and shall continue for the Term unless
earlier terminated as provided for herein. Upon expiration of the Royalty Term with respect to a Licensed Product and payment in full of all amounts owed hereunder with respect to such Licensed Product, RenalytixAI shall have a non-exclusive, fully paid up, perpetual license for such Licensed Product in such Jurisdiction. 
 11.2
Termination by ISMMS. 
 11.2.1 Failure to Pay License Fee. Notwithstanding anything else herein to the contrary, If
RenalytixAI fails to pay the License Fee in accordance with Section 4.1, ISMMS shall have the right to terminate this Agreement as provided in Section 4.1. 

11.2.2 For Cause. ISMMS may give written notice of default to RenalytixAI, if RenalytixAI: (i) materially breaches any obligation,
covenant, condition, or undertaking of this Agreement to be performed by it hereunder (including e.g. if RenalytixAI should cease or fail to undertake Commercially Reasonable Efforts with respect to Licensed Products, fail to make any payment at the
time such payment is due, fail to maintain the insurance coverage required hereunder, or fail to timely and sufficiently submit any Quarterly Report or Annual Progress Report); (ii) fails to achieve any diligence event described in
Section 5.1.2. If RenalytixAI should fail to cure such default within sixty (60) days of such notice, this Agreement, and all of the rights, privileges, and license granted hereunder, shall automatically terminate at the end of such sixty
(60) days provided however, that prior to ISMMS providing RenalytixAI with a written notice of default starting such cure period as provided for by this Article 11.2.2, the parties shall first attempt in good faith to resolve such dispute by
negotiation and consultation between themselves for a period not to exceed thirty (30) days. 

  
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 11.2.3 Immediate Termination. If RenalytixAI experiences an Event of Bankruptcy then
RenalytixAI shall notify ISMMS immediately. For purposes of this provision, the term “Event of Bankruptcy” means, with respect to a party: (a) filing by such party in any court or agency pursuant to any statute or regulation of
any state or country, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of the party or of its assets; (b) such party being served with an involuntary petition
against such party, filed in any insolvency proceeding, where such petition has not been dismissed within sixty (60) days after the filing thereof; (c) such party proposing or being a party to any dissolution or liquidation of such party;
or (d) such party making a general assignment for the benefit of creditors. ISMMS has the right to immediately terminate this Agreement after sixty (60) days of such notice of an Event of Bankruptcy provided that RenalytixAI has not
provided to ISMMS sufficient documentation that demonstrates RenalytixAI is no longer under an Event of Bankruptcy. 
 11.2.4 Challenge of
Patents. RenalytixAI acknowledges and agrees that nothing herein shall be construed as preventing it from challenging the validity or enforceability of the Licensed Patent Rights at any time. In the event that RenalytixAI, its Affiliate or
Sublicensee shall, however, challenge the validity or enforceability of any of the Licensed Patent Rights in any forum through any means, or otherwise indicate the remittance of any payment due under this Agreement is made under protest or with any
objection, RenalytixAI agrees that ISMMS shall have the right, but not the obligation, in addition to any other remedy it may have available to it at law and/or in equity, to terminate this Agreement immediately upon providing written notice of the
same to RenalytixAI. ISMMS in response to such challenge by RenalytixAI or following termination by ISMMS under this subsection may seek redress in any court of competent jurisdiction in its sole discretion notwithstanding Section 12.1 or any
other provision of this Agreement. 
 11.3 Termination by RenalytixAI. RenalytixAI may terminate this Agreement at any time upon
ninety (90) days prior written notice to ISMMS. 
 11.4 Effect of Termination. 

11.4.1 Continuing Obligations of RenalytixAI. Termination shall not relieve RenalytixAI of any monetary or any other obligation or
liability accrued hereunder prior to the effective date of such termination, or rescind or give rise to any right to rescind any payments made or other consideration given to ISMMS hereunder prior to the effective date of such termination; nor shall
such termination affect in any manner any rights of ISMMS arising under this Agreement prior to the date of such termination. RenalytixAI shall pay all attorneys’ fees and costs incurred by ISMMS in enforcing any obligation of RenalytixAI or
accrued right of ISMMS including, but not limited to, attorney’s fees. 
 11.4.2 Termination of this Agreement shall be without
prejudice to any rights which shall have accrued to the benefit of a party prior to such termination. Without limiting the foregoing, Sections 1, 3.2-3.5, 4, 9, 10, 11.4 and 12 shall survive any termination of
this Agreement. 

  
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 11.4.3 Upon any termination of this Agreement, RenalytixAI shall have the right to retain,
use and exploit improvements to RenalytixAI owned software or RenalytixAI owned algorithms generated through the use, in whole or in part, of the Licensed Information during the Access Period. 

11.4.4 Except as otherwise expressly set forth in this Agreement, promptly upon the termination of this Agreement, each party shall return to
the other party all tangible items regarding the Confidential Information of the other party and all copies thereof; provided, however, that each party shall have the right to retain one (1) copy for its legal files for the sole purpose of
determining its obligations hereunder. 
 11.4.5 Upon expiration or termination (except termination for cause) of this Agreement by either
party, RenalytixAI shall provide ISMMS with a written inventory of all Licensed Products in process of manufacture, in use, or in stock. 

11.4.6 RenalytixAI may dispose of any such Licensed Products within the ninety (90) day period following such expiration or termination;
provided, however, that RenalytixAI shall pay royalties and render reports to ISMMS thereon in the manner specified herein as if this Agreement were still in effect. 

11.4.7 Licensed Product Data. A copy of all Licensed Product Data must be transferred to ISMMS within forty-five (45) days of termination
of this Agreement for any reason, and shall become the sole property of ISMMS and shall owe RenalytixAI no further duty or accounting with respect to same. 

12. MISCELLANEOUS. 
 12.1
Governing Law: Venue. This Agreement shall be governed by, interpreted and construed in accordance with the laws of the State of New York, without regard to the conflicts of law principles thereof. Except with respect to termination pursuant
to Section 11.2.4, the federal and state courts located in the State of New York shall have jurisdiction over the parties hereto in all matters arising hereunder, and the exclusive venue for any such action shall be a state or federal court
located in New York, New York. 
 12.2 Waiver. No waiver by a party hereto of any breach or default of any of the covenants or
agreements herein set forth shall be deemed a waiver as to any subsequent and/or similar breach or default. Unless otherwise specified, all remedies are cumulative. 

12.3 Assignment. Neither this Agreement nor any right or obligation hereunder may be assigned or delegated, in whole or part, by either
party without the prior express written consent of the other; provided, however, that either party may, without the written consent of the other, assign this Agreement and its rights and delegate its obligations hereunder in connection with the
transfer or sale of all or substantially all of its business to which this Agreement relates, or in the event of its merger, consolidation, change in control or similar transaction. Any permitted assignee shall assume all obligations of its assignor
under this Agreement. Any permitted assignment will not relieve RenalytixAI of responsibility for performance of any obligation of RenalytixAI that has accrued at the time of the assignment. Any assignment granted, or purported assignment in
violation of this Section 12.3 shall be void. 

  
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 12.4 Independent Contractors. The relationship of the parties hereto is that of
independent contractors. The parties hereto are not deemed to be agents, partners or joint venturers of the others for any purpose as a result of this Agreement or the transactions contemplated thereby. 

12.5 Further Actions. Each party shall use reasonable efforts in (a) execution, acknowledgment and delivery of such further
documents and instruments and (b) in performance of all such other acts as may be reasonably necessary in order to carry out the purposes and intent of this Agreement. 

12.6 Notices. All requests and notices required or permitted to be given to the parties hereto shall be given in writing, shall
expressly reference the section(s) of this Agreement to which they pertain, and shall be delivered to the other party personally or by globally recognized express delivery service, charges prepaid, at the appropriate address as set forth below or to
such other addresses as may be designated in writing by the parties from time to time during the term of this Agreement. Any such notice provided under this Section 12.6 shall be effective upon the earlier of: (a) receipt; or (b) if
provided by a globally recognized express delivery service, five (5) days from transmittal by ISMMS. 
 If to
ISMMS:             Icahn School of Medicine at Mount Sinai 

   One Gustave L. Levy Place, Box 1675 

   New York, New York 10029 

   Attn: Senior Vice President 

With a copy 
 of legal notices
to:      Icahn School of Medicine at Mount Sinai 
    One Gustave L. Levy Place, Box 1099 

   New York, NY 10029 

   Attn: Office of General Counsel 

If to RenalytixAI:       Renalytix AI, plc 

   Avon House 

   19 Stanwell Road, Penarth 

   Cardiff, UK CF64 2EZ 

   Attn: President 

With a copy to:         Cooley LLP 

   1114 Avenue of the Americas 

   New York, NY 10036 

   Attention: Ivor Elrifi 

12.7 Force Majeure. Nonperformance of a party (other than with respect to any obligation for payments provided hereunder) shall be
excused to the extent such nonperformance is caused by circumstances reasonably outside of the control of the nonperforming party, including, without limitation, acts of war, acts of terrorism, strike, fire, earthquake, flood, governmental acts or
orders or restrictions, failure of suppliers or contractors; provided, however, that the nonperforming party shall use reasonable efforts to resume performance as soon as reasonably practicable. 

  
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 12.8 LIMITATION OF LIABILITY. IN NO EVENT SHALL A PARTY BE LIABLE FOR SPECIAL,
INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR THE EXERCISE OF ITS RIGHTS HEREUNDER, INCLUDING LOST PROFITS ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF SUCH DAMAGES. NOTHING IN THIS
SECTION 12.8 IS INTENDED TO LIMIT OR RESTRICT THE RIGHTS OR LIABILITIES OF EITHER PARTY UNDER SECTIONS 9 AND 10 ABOVE. 
 12.9 Complete
Agreement. This Agreement, together with all attached Exhibits, constitutes the entire agreement between the parties regarding the subject matter hereof, and all prior representations, understandings and agreements regarding the subject matter
hereof, either written or oral, expressed or implied, are superseded and shall be void and of no effect. 
 12.10 Counterparts. This
Agreement may be executed in counterparts, each of which shall be deemed to be an original and together shall be deemed to be one and the same agreement. Execution of this Agreement may be accomplished via facsimile or via email exchange of signed
PDF execution copies. 
 12.11 Severability and Reformation. If any provision of this Agreement is held to be invalid or unenforceable
by a court of competent jurisdiction, then the remaining provisions of this Agreement will remain in full force and effect. Such invalid or unenforceable provision shall be revised by such court to be a valid or enforceable provision that comes as
close as permitted by law to the parties’ original intent. 
 12.12 Compliance with Laws. RenalytixAI must comply with all
prevailing laws that apply to its activities or obligations under this Agreement. For example, RenalytixAI will comply with applicable United States export laws. The transfer of certain technical data and commodities may require a license from the
applicable agency of the United States government and/or written assurances by RenalytixAI that RenalytixAI will not export data or commodities to certain foreign countries without prior approval of the agency. ISMMS does not represent that no
license is required, or that, if required, the license will issue. 
 12.13 Marking. RenalytixAI shall, and agrees to require its
Affiliates and Sublicensees to, comply with any marking requirements of the intellectual property Laws of the applicable countries in the Territory to the extent any failure to do so would materially and adversely affect the Licensed Patent Rights
or any Licensed Product, or either party’s ability to avail itself of all potential remedies for any infringement of the Licensed Patent Rights, and particularly agrees to permanently and legibly mark all Licensed Products made, used,
reproduced, or sold under the terms of this Agreement, or their respective containers. 
 12.14 Construction. The captions or headings
to the several sections hereof are not a part of this Agreement, but are included merely for convenience of reference only and shall not affect its meaning or interpretation. This Agreement shall be interpreted without regard to any presumption or
rule requiring construction against the party causing this Agreement to be drafted. Except as otherwise explicitly specified to the contrary in this Agreement, (a) the words “ hereof,” “ herein,” “hereby,”
“hereunder” and words of similar import shall refer to this Agreement as a whole and not to any particular section or subsection of this Agreement and reference to a particular section of this Agreement shall include all subsections
thereof, (b) references to a section or exhibit means a section of, or exhibit to, this Agreement, (c) definitions shall be equally applicable to both the singular and plural forms of the terms define, d and references to the masculine,
feminine or neuter gender shall include each other gender, (d) the words “include,” “ includes” and “ including” 

  
 36 

 
shall be deemed to be followed by the words “without limitation,” “inter alia” or words of similar import (e) references to a rule, statute or regulation include all
rules and regulations thereunder and any successor statute, rule or regulation, in each case as amended or otherwise modified from time to time, (f) references to a particular Governmental Authority include any successor agency or body to such
Governmental Authority, (g) references to “dollars” or “$” means United States dollars, (h) the word “ will” shall be construed to have the same meaning and effect as the word “shall,”, (i)
provisions that require that a party or the parties “agree,” “consent” or “approve” or the Like shall require that such agreement, consent or approval be specific and in writing. In the event an ambiguity or question of
intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this
Agreement. 
 IN WITNESS WHEREOF, the parties hereto have each caused this Agreement to be executed by their duly-authorized representatives
as of the Effective Date. 
  

			
	ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI
		
	By:	 	 /s/ Erik Lium

	Name:	 	Erik Lium
	Title:	 	Senior Vice President
		 	5/30/2018 | 7:26 PM EDT
	
	RENALYTIX AI, plc
		
	By:	 	 /s/ James McCullough

	Name:	 	James McCullough
	Title:	 	Chief Executive Officer
		 	5/30/2018 | 7:29 PM EDT

  
 37 

 Amendment No. 1 to EXCLUSIVE LICENSE AND COLLABORATION AGREEMENT 

between 
 Icahn School of
Medicine at Mount Sinai and Renalytix AI, plc 
 This Amendment No.1 (the “Amendment”), effective as of September 1, 2018, is entered
into by and between Icahn School of Medicine at Mount Sinai, a New York not-for-profit education corporation, having a principal place of business at One Gustave L. Levy
Place, New York, NY 10029 (“ISMMS”) and RENALYTIX AI, plc., a United Kingdom public limited company (“RenalytixAI”), having a place of business at Avon House, 19 Stanwell Road, Penarth, Cardiff, UK CF64 2EZ. 

WHEREAS, ISMMS and RenalytixAI entered into an exclusive license and collaboration agreement (Agr. No. 15250) with an effective date of May 30, 2018
(the “Agreement”); 
 WHEREAS, the parties intend to amend the Agreement for the purpose of clarifying rights and obligations thereunder; 

NOW THEREFORE, in consideration of the mutual obligations in this Amendment and for other good consideration, the receipt and sufficiency of which are hereby
acknowledged, ISMMS and RenalytixAI hereby agree as follows: 
 1. All capitalized terms used but not defined herein shall have the
respective meanings ascribed to such terms in the Agreement. 
 2. Section 1.4 of the Agreement shall be deleted and hereby replaced in
its entirety with the following: 
 “1.4 “Applicable Royalty Rate” means the percentage, which shall not be less than (a) [*] and shall
not be more than five and one-half percent (51⁄2%) with respect to a Licensed Product covered by a Valid Claim, or
(b) three and one-half percent (31⁄2%) and shall not be more than [*] with respect to a Licensed Product not covered by
a Valid Claim negotiated in good faith by the parties.” 
 3. Section 1.39 of the Agreement is hereby amended to add, as the final
sentence, the following: 
 “By way of non-limiting examples, a Licensed Product may be a(n) (i) LDT
prognostic and/or diagnostic product, (ii) IVD prognostic and/or diagnostic product, (iii) companion diagnostic product or (iv) clinical management, selection of treatment and work-flow support product. 

4. Section 1.54 of the Agreement shall be deleted and hereby replaced in its entirety with the following: 

“1.54 “Royalty Term” means, on a Licensed
Product-by-Licensed Product basis the period from the First Commercial Sale of such Licensed Product until the later of (a) expiration of the last Valid Claim of a
Licensed Patent covering such Licensed Product; or (b) on a Jurisdiction-by-Jurisdiction basis, twelve (12) years from the First Commercial Sale of such
Licensed Product in such Jurisdiction.” 

 5. Section 3.1.5 of the Agreement shall be deleted and hereby replaced in its entirety
with the following: 
 “ISMMS grants to RenalytixAI a time-limited exclusive option to license ISMMS’s rights in technology (i) conceived
after the Effective Date and prior to the end of the Exclusivity Period, (ii) within the Field of Use, (iii) disclosed between the parties, and (iv) reviewed in good faith by the JSC pursuant to Section 7.2.2, with such review
specifically including (a) participation of all ISMMS inventors of such technology and (b) preparation of a preliminary development for such technology, including, without limitation, financial terms for such license that reflect the fair
market value of the technology mutually agreed upon by the parties and by all associated ISMMS inventors. including, without limitation, a thorough fair market value analysis in accordance with Section 3.1.6 (“RenalytixAI Option”),
and provided further, that such option shall convert to a non-exclusive option after the Exclusivity Period for the duration of the Access Period. RenalytixAI shall have one hundred twenty (120) days from
receipt of notice of each such technology to elect in writing to exercise its option to such technology. Upon exercise of any RenalytixAI Option, the parties shall (i) amend the relevant exhibit of this Agreement to include the patent rights
covering such patentable technology as a Licensed Patent Right promptly after filing the relevant patent, (ii) include the technology as Licensed Technology hereunder, and (iii) incorporate within the Agreement the initial development plan
and all applicable terms therein. Should RenalytixAI decline or otherwise fail to exercise its option during the applicable one hundred twenty (120) day option period, ISMMS will be free to dispose of its interest in the relevant technology and
patent rights without further obligation to RenalytixAI, and such technology subject to such option shall no longer be considered Licensed Technology hereunder. During the Exclusivity Period, ISMMS shall not knowingly grant to a third party any
license to technology subject to the aforementioned option right prior to the expiry of the one hundred twenty (120) day option period.” 

6. Second sentence of Section 3.1.6 of the Agreement shall be deleted and hereby replaced in its entirety with the following: 

“In order to achieve the foregoing, the Applicable Royalty Rate and/or other consideration for each Licensed Technology shall be negotiated in good faith
by the parties to reflect fair market value and comply with Internal Revenue Procedure Ruling 97-14 or successor IRS guidance (i) after any such Licensed Technology is conceived, and (ii) prior to
exercise by RenalytixAI of a RenalytixAI Option to such Licensed Technology.” 
 7. Section 3.6 of the Agreement shall be deleted
and hereby replaced in its entirety with the following: 
 “3.6 Access. ISMMS shall aggregate,
De-identify and transfer to RenalytixAI the Licensed Information, and maintain a traceability key to correlate Licensed Information to common patients, in accordance with the schedule and requirements set
forth in Exhibit B and a mutually acceptable data access agreement to be negotiated and entered into between the parties prior to beginning retrospective clinical validation (“Data Access Agreement”) 

3.6.1 [*] 
 8. Section 4.3.2
of the Agreement shall be deleted and hereby replaced in its entirety with the following: 
 “4.3.2 During the applicable Royalty Term, RenalytixAI
shall pay to ISMMS royalties equal to the Applicable Royalty Rate times the Net Sales. In accordance with Section 3.1.6 the Applicable Royalty Rate for any Licensed Product that shall be clinically validated by the parties pursuant to a further
clinical validation agreement and subject to the Clinical Utility Study described in Section 4.14 is (a) five percent (5%) if and when covered by a Valid Claim of a Licensed Patent, and (b) four percent (4%) if and when not covered by a
Valid Claim of a Licensed Patent.” 

 9. Section 4.3.3 of the Agreement shall be deleted and hereby replaced in its entirety
with the following: 
 “4.3.3 If RenalytixAI, its sublicensees or their respective Affiliates become required to pay royalties to any third party in
order to exercise its rights hereunder regarding a Licensed Product not contemplated or reasonably foreseen prior to the Effective Date, then RenalytixAI shall have the right to credit [*] of such third party royalty payments against the royalties
owing to ISMMS under Section 4.3.2 with respect to sales of such Licensed Product; provided, however, that RenalytixAI shall not reduce the amount of such royalties paid to ISMMS by reason of this Section 4.3.3, with respect to sales of
such Licensed Product, by more than [*] and further, should application of this this Section 4.3.3 and Section 4.3.4 be applicable with respect to such Sales of such Licensed Product the amount of such royalties paid to ISMMS with respect
to sales of such Licensed Product after application of both provisions, shall not be reduced by more than [*]. Notwithstanding the foregoing, with respect to any Licensed Product that requires third party rights granted to RenalytixAI by the Joslin
License, RenalytixAI shall not reduce the amount of such royalties paid to ISMMS by reason of this Section 4.3.3, with respect to sales of any such Licensed Product, by more than [*] (“Stacking Floor”) and further, should application
of this this Section 4.3.3 and Section 4.3.4 be applicable with respect to such Sales of any such Licensed Product the amount of any such royalties paid to ISMMS with respect to sales of any such Licensed Product after application of both
provisions, shall not be reduced by more than [*]; provided, also, that if RenalytixAI is able to cause a reduction to the amount of such royalty payments by RenalytixAI to Joslin in accordance with the Joslin License, the Stacking Floor for any
Licensed Product requiring the use of intellectual property of the Joslin License shall be raised by a percentage equal to [*] of the royalty payment reduction obtained by RenalytixAI from Joslin. RAI shall provide ISMMS of notice of any such Joslin
royalty payment reduction within five (5) business days of receipt.” The parties further agree that any of the foregoing consideration does not and shall not take into account the volume or value of any business generated between the
parties. For the purposes of this Section 4.3.3 the “Joslin License” means that RenalytixAI license for certain intellectual property and know-how related to the use of TNFR and TNFR2 from
Joslin and “Joslin” means the Joslin Diabetes Center, an independent, non-profit institution affiliated with the Harvard Medical School.” 

10. Section 7.2.2 of the Agreement shall be deleted and hereby replaced in its entirety with the following: 

“7.2.2 The JSC shall be responsible for (a) facilitating the exchange of information between the parties, (b) facilitating the transfer of the
Licensed Information and Licensed Technology to RenalytixAI hereunder, (c) discussing patent strategy (with the input of outside patent counsel), (d) reviewing new projects in development, (e) discussing potential uses of Licensed
Information and/or Licensed Product Data outside of the Field of Use on a project-by-project basis, which for clarity, shall not be undertaken absent further written,
signed agreement between the parties, and (f) communicating between the parties regarding the activities contemplated by this Agreement. For clarity, with respect to Section 7.2.2 (e), RAI acknowledges that certain uses of Licensed
Information or Licensed Product Data may be inconsistent with the Data Access Agreement, ISMMS obligations, ISMMS policies, protocols, informed consents, or applicable law, and as such ISMMS’s discussion of any project pursuant to this
Section 7.2.2 (e). shall not in any way be construed as a waiver of any rights hereunder nor a grant of any right whatsoever unless and until it receives ISMMS’s explicit approval for same through further written mutual agreement duly
executed by the parties.” 

 11. Exhibit D “Licensed Patent Rights” of the Agreement shall be deleted and
hereby replaced in its entirety with the following: 

 “Exhibit D” 

Licensed Patent Rights 
 All other terms and
conditions to the Agreement remain unchanged and in full force and effect except to the extent modified by the terms and conditions of this Amendment. The Agreement, as modified by this Amendment, contains the entire understanding of the parties
with respect to the subject matter contemplated herein. 

 IN WITNESS WHEREOF, the parties have caused their duly authorized representatives to execute this Amendment.

  

									
	ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI	 	                                	  	RENALYTIX AI
					
	By:	 	 /s/ Erik Lium
	 		  	By:	  	 /s/James McCullough

	 Name: Erik Lium
 Title: Executive
Vice President
 Date: 10/2/2018
	 		  	 Name: James McCullough
 Title:
CEO
 Date: October 5, 2018

 AMENDMENT NO. 2 TO EXCLUSIVE LICENCE AND COLLABORATION AGREEMENT 

BETWEEN 
 Icahn School
of Medicine at Mount Sinai and Renalytix AI, plc 
 This Amendment No. 2 (the “Amendment”), effective as of September 2, 2018, is
entered into by and between Icahn School of Medicine at Mount Sinai, a New York not-for-profit education corporation, having a principal place of business at One Gustave
L. Levy Place, New York, NY 10029 (“ISMMS”) and RENALYTIX AI, plc., a United Kingdom public limited company (“Renalytix AI”), having a place of business at Avon House, 19 Stanwell Road, Penarth, Cardiff, UK CF64 2EZ. 

WHEREAS, ISMMS and Renalytix AI entered into an exclusive license and collaboration agreement (Agr. No. 15250) with an effective date of May 30,
2018 and amended such agreement by entering into the Amendment No. 1 with an effective date of September 1, 2018 (Agr. No. 15250A1) (collectively, the “Agreement”); 

WHEREAS, the parties intend to amend the Agreement for the purpose of clarifying rights and obligations thereunder; 

NOW THEREFORE, in consideration of the mutual obligations in this Amendment and for other good consideration, the receipt and sufficiency of which are hereby
acknowledged, ISMMS and Renalytix AI hereby agree as follows: 
 1. All capitalized terms used but not defined herein shall have the
respective meanings ascribed to such terms in the Agreement. 
 2. Section 2.2 of the Agreement shall be amended by including an
additional subsection as follows: 
 “2.2.2 During the period ending no earlier than the first anniversary of the admission of the ordinary shares of
Renalytix AI to trading on AIM, the market operated by London Stock Exchange plc, Renalytix AI shall not, and shall cause any Affiliates of Renalytix AI not to, engage as its Principal Business in the provision of Outreach Testing Services in the
Restricted Territory. For purposes of this Section 2.2.2, the following terms have the indicated meanings: 
 “Outreach Testing
Services” means all clinical laboratory testing services except molecular biology testing, genetic testing, pathology and flow cytometry (other than as related to CT/NG, HPV and GYN cytopathology). 

“Principal Business” means a subsidiary, division or segment of Renalytix AI that is engaged in providing Outreach Testing Services with
annual net revenues (excluding any revenue derived from providing Outreach Testing Services to nursing home facilities) in excess of [*]% of the aggregate net revenues of Renalytix AI. 

“Restricted Territory” means the boroughs of Brooklyn, Queens, Bronx, Staten Island and Manhattan in New York, New York and the counties of
Nassau and Suffolk in the state of New York.” 

 3. Section 5.1.2(a) of the Agreement is hereby deleted in its entirety and replaced
with the following: 
 “(a) The closing of equity or convertible debt financing(s) of Renalytix AI with aggregate proceeds of not less than $25,000,000
within six (6) month after the Effective Date.” 
 4. Exhibit D “Licensed Patent Rights” of the Agreement shall be
deleted and hereby replaced in its entirety with the following: 
 “Exhibit D 

Licensed Patent Rights 
 [Intentionally left
blank]” 

 All other terms and conditions to the Agreement remain unchanged and in full force and effect except to the
extent modified by the terms and conditions of this Amendment. The Agreement, as modified by this Amendment, contains the entire understanding of the parties with respect to the subject matter contemplated herein. 

IN WITNESS WHEREOF, the parties have caused their duly authorized representatives to execute this Amendment. 

 

							
	ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI	  	RENALYTIX AI
				
	By:	 	 /s/ Erik Lium
	  	By:	  	 /s/ James McCullough

	Name: Erik Lium	  	Name: James McCullough
	Title: Executive Vice President	  	Title: CEO
	Date: 10/11/2018 | 8:01 AM EDT	  	Date: 10-11-2018

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