Document:

Exhibit 10.10

     

    CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE
        TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

     

    Amended & Restated Global Access Commitments Agreement

     

    This Amended & Restated Global Access Commitments Agreement (including all appendices, exhibits and attachments hereto, the “Agreement”), is entered into as of 2 March 2020
      (“Effective Date”), by and between the Bill & Melinda Gates Foundation, a Washington charitable trust that is a tax-exempt private foundation (the “Foundation”), and
      Immunocore Limited, a company incorporated in England and Wales with registered number 06456207 (the “Company”). This Agreement amends and restates in its entirety the Global Access Commitments Agreement
      entered into as of September 13, 2017 (the “Prior Agreement”), which was entered into by and between the Foundation and the Company in connection with the Foundation’s investment (the “Notes Investment”) in promissory notes issued by the Company (the “Notes”) of up to forty million dollars ($US40,000,000) and, upon conversion of the Notes (the “Notes

        Conversion”), equity securities of the Company. In addition to the Notes Investment, additional payments may be made from the Foundation to the Company in accordance with this Agreement and additional agreements as contemplated by this
      Agreement (such additional payments, if any, together with the Notes Investment and the Notes Conversion, are referred to as the “Foundation Investment”). The Foundation Investment is subject to the terms and
      conditions of the investment documents executed in connection with the Notes Investment and the Notes Conversion, including, without limitation, this Agreement, the Note Purchase Agreement, the Notes, the Deed of Adherence and the Amended &
      Restated Board Observer Letter, and related documents, and any agreements entered into in connection with any additional payments made from the Foundation to the Company, in each case as amended from time to time (collectively, the “Investment Documents”). At the time of entering into the Prior Agreement, the Foundation completed an investment of twenty-five million dollars ($US25,000,000) in the First Tranche Convertible Loan Note. In
      connection with this Agreement the Foundation and the Company have agreed to convert the First Tranche Convertible Loan Note into Series B Shares pursuant to the terms of the Subscription Agreement relating to Series B Shares in Immunocore Limited,
      dated 3 February, 2020, the Deed of Variation dated 2 March, 2020 and the Deed of Adherence dated 2 March, 2020 (collectively, the “Series B Investment Documents”). The Series B Investment Documents are
      included within the term Investment Documents. Capitalized terms not defined herein shall have the same meaning as in the Investment Documents. The Foundation and the Company are each referred to as a “Party”
      and collectively as the “Parties”. In consideration of the Foundation making the Foundation Investment and converting the First Tranche Convertible Loan Note into Series B Shares on the terms and conditions in
      the Investment Documents, and for other good and valuable consideration, the undersigned hereby irrevocably agree as follows:

     

    
      	
              1.

            	
              Definitions

            

    

     

    The following terms shall have the following meanings:

     

     

    
      
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    (a)          “Additional Global Health Program” has the meaning given in Section 3(c)(ii)

     

    (b)       “Additional Product” means, without prejudice to Sections 3(b) and 3(c), a sequence defined composition of matter created, developed
      and/or commercialized by the Company through the use of the Company’s Platform Technology without funding from the Foundation or a Foundation-Supported Entity that is applicable for the treatment, prevention or amelioration of any of the Target
      Diseases and Conditions. For the avoidance of doubt, Additional Product shall not include any product that a third party requests the Company to develop and such third party has the rights to develop and/or commercialize such product under an
      agreement between the Company and a third party. For the avoidance of doubt, as of the date of this Agreement, the [***] Candidates shall not be considered an Additional Product and shall be part of the HIV Program.

     

    (c)         “Affiliate” means, as to any Person, any other Person that directly or indirectly controls, or is under common control with or is controlled by
      such Person.

     

    (d)          “Amended & Restated Board Observer Letter” has the meaning given in the Amended Note Purchase
      Agreement.

     

    (e)          “Amended Scope of Work” means the Scope of Work to be developed in good faith by the Parties in accordance with Annex 3.

     

    (f)          “Change in Control” means (i) the acquisition, directly or indirectly, by any Person or group of the beneficial ownership of securities of the
      Company possessing more than 50% of the total combined voting power of all issued securities of the Company; (ii) a merger, consolidation or other similar transaction involving the Company, except for a transaction in which the holders of the issued
      securities of the Company immediately prior to such merger, consolidation or other transaction hold, in the aggregate, securities possessing more than 50% of the total combined voting power of all issued securities of the surviving entity immediately
      after such merger, consolidation or other transaction; or (c) the sale, transfer or other disposition (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company.

     

    (g)          “Charitability Default” means the Company either (i) fails to comply with the restrictions in Sections 2 and 12 of this Agreement
      on the use of funds from the Foundation Investment or fails to comply with the terms of Sections 9(a)-(d), 10, 13 or 14 or (ii) is in material breach of the Global Access Commitments.

     

    (h)          “Charitability Requirements” has the meaning given in Section 2(a).

     

    (i)          “Claim” has the meaning given in Section 5(a).

     

    (j)          “Code” means the United States Internal Revenue Code of 1986, as amended, and the regulations thereunder.

     

    
      
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    (k)          “COGS” shall mean, with respect to a product, the Group’s fully burdened manufacturing and sales costs, which shall include: [***].

     

    (l)          “Company Indemnitees” has the meaning given in Section 3(g)(iii).

     

    (m)         “Constitutional Documents” has the meaning given in the Note Purchase Agreement.

     

    (n)          “Deed of Adherence” has the meaning given in the Note Purchase Agreement.

     

    (o)         “Developing Countries” means those countries listed in Annex 1, which list may be modified from time to time by mutual agreement of the Foundation
      and the Company; provided that [***].

     

    (p)          “Development Products” means [***].

     

    (q)       “Diligent Efforts” means (i) carrying out obligations or tasks pursuant to this Agreement using commercially reasonable efforts and resources
      comparable with standard practices of biotechnology companies of a comparable size and business activity to the Company and exercising decisions in good faith and (ii) in carrying out its obligations or tasks pursuant to this Agreement, the Company
      will use the same level of efforts, resources, time, and expediency as are consistent with the practices of the Company with respect to the research and development of any other Company products that are at a similar stage in development and
      applicable for the treatment, prevention or amelioration of infectious diseases.

     

    (r)          “Equity Securities” means any equity securities of the Company issued in connection with the Foundation Investment, including the Series B Shares
      and any other equity securities issued in connection with or upon conversion of the Notes, and any securities issued in respect of or upon conversion or exercise of such securities.

     

    (s)          “Existing Agreements” means collaboration or license agreements between the Company and third parties that were in effect as of September 13, 2017
      and in the form that such agreements existed on September 13, 2017.

     

    (t)          “Foundation Indemnitees” has the meaning given in Section 5(a).

     

    (u)          “Foundation Option Program” has the meaning given in Section 3(c)(i).

     

    (v)         “Foundation-Supported Entity” means a third party that receives funding from the Foundation, collaborates with the Foundation, or both, for the
      purpose of accomplishing the Global Access Objectives.

     

    (w)         “Funded Developments” means the Research Tools and Development Products. For the avoidance of doubt, Funded Developments does not include (i)
      anything that comprises Platform Technology or (ii) anything developed as part of or in relation to the Company’s research, development or commercialization of a product outside the Target Diseases and

     

    
      
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    Conditions that is not developed pursuant to a Global Health Program using any funds from the Foundation or a Foundation-Supported Entity; provided that the [***] Candidates are deemed to be Funded Developments.

     

    (x)          “Global Access Commitments” has the meaning given in Section 3.

     

    (y)        “Global Access Objectives” means (a) the knowledge and information gained from the Foundation’s funding will be promptly and broadly disseminated,
      and (b) the Funded Developments will be made available and accessible at an affordable price to people most in need within Developing Countries.

     

    (z)        “Global Health Program” means each of: (i) the HIV Program and the TB Program; and (ii) any other project funded as contemplated in this Agreement
      by the Foundation (including Additional Global Health Programs, as contemplated by Section 3(c)).

     

    (aa)        “[***] Candidates” means the development candidates [***] upon the execution of this Agreement.

     

    (bb)      “HIV Program” means the Company’s research, development and commercialization of a safe and effective product applicable to the treatment, prevention
      and/or amelioration of HIV carried out in accordance with the Original Scope of Work, the Amended Scope of Work and (if applicable) an agreed scope of work pursuant to Section 3(a)(iii).

     

    (cc)        “Intellectual Property” means all intellectual property rights of whatsoever nature including without limitation copyrights, registered designs,
      design rights, patents and all intangible rights and privileges of a nature similar or allied to any of the foregoing, in every case in any part of the world and whether or not registered, and including all granted registrations and all applications
      for registration in aspect of any of the same;

     

    (dd)        “Joint Steering Committee” has the meaning defined in the Original Scope of Work.

     

    (ee)        “Licence Trigger” has the meaning given in Section 3(g)(iv).

     

    (ff)        “Note Purchase Agreement” means the Convertible Loan Note Purchase Agreement dated September 13, 2017 entered into between the Company and the
      Foundation concerning the purchase of the Notes, as amended on [date], 2020 and as may be further amended from time to time.

     

    (gg)        “Original Scope of Work” means the Scope of Work set forth in Annex 2.

     

    (hh)       “Person” means any individual, partnership, corporation, limited liability company, association, trust, joint venture, unincorporated organization
      or other entity.

     

    
      
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    (ii)        “Phase I Clinical Study” means a clinical study, the principle purpose of which is preliminary determination of the compound’s safety in healthy
      individuals or patients as described in 21 C.F.R §312.21, or similar clinical study in a country other than the United States.

     

    (i)          “Phase I Product” means a sequence defined composition of matter created and developed pursuant to a Global Health Program (including under an
      agreed scope of work for an Additional Global Health Program): (i) which is the subject of its first Phase I Clinical Study; or (ii) for which all data that would be required for submission of an IND application is available. For clarity (A) the type
      and extent of data deemed required for IND submission shall be equivalent to that the Company customarily requires for its own wholly owned programs performed outside of this Agreement and (B) if the amino acid sequence of a Phase I Product is
      altered in any way (including by addition, substitution or omission of any amino acid) then it shall cease to be a Phase I Product.

     

    (jj)        “Platform Technology” means (i) the Company’s novel approach to discovering, researching, developing, manufacturing and commercializing bi-specific
      biologic reagents that combine an affinity-enhanced T cell receptor-based targeting system with an anti-CD3 effector function to activate a T cell response to eradicate disease causing cells; and (ii) any and all algorithms, code, data,
      documentation, designs, know how, methods, processes, programs, software, target antigens, test results or other technology that is owned or controlled by the Company or any of its Affiliates and that are necessary for the discovery, research,
      manufacture, development, commercialization or operation of Development Products. For clarity, the Platform Technology shall include any technologies, libraries, analytical techniques, techniques for the engineering of cell lines (but not necessarily
      the engineered cell lines themselves) materials and know-how that are generated by and on behalf of the Company before or after the Effective Date and which are owned, controlled or licensed in (to the extent sublicensable) by the Company or its
      Affiliates.

     

    (kk)       “Post Phase I Product” means a sequence defined composition of matter created and developed pursuant to a Global Health Program (including under an
      agreed scope of work for an Additional Global Health Program), which has successfully completed a Phase I Clinical Study. For clarity if the amino acid sequence of a Post Phase I Product is altered in any way (including by addition, substitution or
      omission of any amino acid) then it shall cease to be a Post Phase I Product.

     

    (ll)          “Pre-Phase I Product” has the meaning given in Section 4.

     

    (mm)     “Public Offering” has the meaning given in Section 8(f).

     

    (nn)        “Public Sector” means:

     

    •           Governments including government ministries and agencies, together with government-funded institutions, such as hospitals and prison services in those countries;

     

    
      
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    •           NGOs including those recognized by the applicable local government authority as well as UN-related organizations working for or in those countries, including the International
      Organization for Migration and UNICEF;

     

    •           Not-for-profit organizations including Medecins Sans Frontieres, Save-the-Children, OXFAM and the International Committee of the Red Cross;

     

    •             Public private partnerships that have agreed to public, not-for-profit, pricing, like the Initiative for Promoting Affordable and Quality TB Tests (IPAQT), or other collaborations or
      institutions bringing WHO-approved tests at affordable prices to patients in the private sector; and

     

    •            Not-for-profit funding mechanisms including GAVI, GDF, UNITAID, UNFPA, PEPFAR, USAID, Global Fund, etc. (including entities funded by such mechanisms on a not-for-profit basis) and
      agencies based outside of an applicable country but who are supporting implementation locally in an applicable country, including the USA-CDC and The Union.

     

    (oo)       “Research Tools” means, to the extent that they were developed using funds from the Foundation or a Foundation-Supported Entity pursuant to a Global
      Health Program or they relate exclusively to an Additional Product and the Company has agreed in writing that they will be included as Research Tools, any (i) primers and/or probes for the detection and quantification of Target Diseases and
      Conditions (ii) cell lines engineered to express antigens relevant to Target Diseases and Conditions, or which are transfected or infected with vectors for antigens relevant to Target Diseases and Conditions (iii) HLA-antigen protein complexes
      relevant to Target Diseases and Conditions (iv) TCRs (other than those using the same scaffold as a Development Product) specific for antigens for particular Target Diseases and Conditions and (v) any other nucleic acid and/or amino acid sequences
      that are developed for use as research tools.

     

    (pp)        “Safety Decision” has the meaning given in Section 4.

     

    (qq)       “Safety Milestone” means that each of the Foundation and the Company has made a decision [***], that the HIV Program has satisfied an acceptable
      safety milestone and that such Party desires to continue further development of the applicable candidate(s).

     

    (rr)        “Securities Act” means the United States Securities Act of 1933, as amended (and any successor thereto) and the rules and regulations promulgated
      thereunder.

     

    (ss)        “Shareholders’ Agreement” means the Shareholder’s Agreement relating to Immunocore Limited, dated 13 August 2019, as the same may be amended from
      time to time.

     

    (tt)        “Target Diseases and Conditions” means [***]. For the avoidance of doubt, Target Diseases and Conditions does not include any form of cancer,
      hepatitis or any autoimmune disease.

     

    From time to time, if the Foundation identifies more areas of global health as underinvested or disproportionately impacting poor and vulnerable populations, it may so notify the Company

     

    
      
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    and the definition of Target Diseases and Conditions will be so amended with the Company’s written consent.

     

    (uu)        “TB” means tuberculosis.

     

    (vv)       “TB Program” means the Company’s research, development and commercialization of a safe and effective product applicable to the treatment, prevention
      and/or amelioration of TB carried out in accordance with the Original Scope of Work, Amended Scope of Work and (if applicable) an agreed scope of work pursuant to Section 3(a)(iii).

     

    (ww)      “Termination Dispute Period” has the meaning given in Section 3(n).

     

    (xx)        “Tranche 1” has the meaning given in Section 3(a)(i)(A).

     

    (yy)       “Tranche 2” has the meaning given in Section 3(a)(i)(B).

     

    (zz)        “Withdrawal Notice” has the meaning given in Section 8(b).

     

    (aaa)       “Withdrawal Right” has the meaning given in Section 8(b).

     

    
      	
              2.

            	
              Charitable Purposes and Use of Funds

            

    

     

    (a)        The Foundation is making the Foundation Investment as a “program-related investment” within the meaning of Section 4944(c) of the Code. The Foundation’s primary purpose in making the
      Foundation Investment is to further significantly the accomplishment of the Foundation’s charitable purposes, including the relief of the poor, distressed, and underprivileged, the advancement of science, and the promotion of health by seeking to (i)
      address global health challenges that disproportionately impact developing countries, and (ii) increase the access of poor and distressed individuals and families in developing countries to life-saving and other important vaccines, drugs and
      technologies that may assist in the prevention, treatment and detection of the Target Diseases and Conditions (collectively, the “Charitability Requirements”).

     

    (b)         The Foundation is making this investment to support the discovery and development of new, low-cost vaccines and drugs developed (in whole or in part) through the use of the Company’s
      Platform Technology and for the Target Diseases and Conditions in order to pursue the Global Access Objectives. The Foundation believes the Platform Technology has potential application in the Target Diseases and Conditions and, therefore,
      Development Products and Research Tools discovered using the Platform Technology (and any improvements and developments thereto), in conjunction with the Global Access Commitments described below, will further the Charitability Requirements.

     

    (c)         Use of Funds. Subject to the terms and conditions of this Agreement, the Company will use the proceeds from the Foundation Investment solely (i)
      to leverage the Company’s Platform Technology to create Development Products that comprise or result in drugs, therapeutics, diagnostics, prophylactics or other health products, services and interventions for

     

    
      
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    the treatment, prevention and/or amelioration of Target Diseases and Conditions which have the potential to treat people in Developing Countries affordably in accordance with the Global Access Objectives and (ii) to
      conduct the HIV Program and the TB Program with a goal to deliver and distribute an HIV and TB product reliably, sustainably and at an affordable price to people most in need within Developing Countries. At least [***] of the Foundation Investment
      will be used to conduct the HIV Program and the TB Program in accordance with the Original Scope of Work included in Annex 2 and the Amended Scope of Work which shall be executed by written agreement between the Foundation or a Foundation-Supported
      Entity and the Company no later than [***] days after the Effective Date. Specific deliverables and objectives with respect to development of the Platform Technology and the performance of the HIV Program and TB Program are set forth in the Original
      Scope of Work and will be included in the Amended Scope of Work. The Company is not required to segregate the proceeds of the Foundation Investment from other Company funds. Without prejudice to the foregoing, the Parties acknowledge and agree that
      (i) in carrying out its obligations under this Agreement (including its use of the proceeds from the Foundation Investment), the Company may cause improvements and developments to be made to the Platform Technology and (ii) the Company shall be able
      to freely use any Funded Developments outside the Developing Countries and outside the Target Diseases and Conditions.

     

    
      	
              3.

            	
              Global Access Commitments

            

    

     

    As a condition to the Foundation making the Foundation Investment and in furtherance of the Foundation’s charitable purposes, including the Global Access Objectives, the Company agrees to the following commitments (the
      “Global Access Commitments”):

     

    (a)         Development of Platform Technology; HIV Program and TB Program. The Company will use Diligent Efforts to pursue the objectives and research plan
      set out in the Original Scope of Work and the Amended Scope of Work in furtherance of the Foundation’s charitable purpose.

     

    (i)           The Notes Investment will be divided into two tranches as follows:

     

    (A)      On or about the date of the Prior Agreement, the Foundation purchased Notes from the Company for twenty-five million dollars ($US25,000,000) (“Tranche 1”).

     

    (B)      Subject to the terms and conditions of this Agreement and contingent upon satisfaction of the Safety Milestone, the Foundation will purchase Notes from the Company for fifteen million
      dollars ($US15,000,000) (“Tranche 2”).

     

    (ii)         The activities that the Company will carry out using the Foundation Investment at each tranche are set forth in the Amended Scope of Work. The Foundation may consult with and provide
      guidance to the Company in an advisory capacity in relation to any clinical trial carried out as part of the Amended Scope of Work. For clarity, the Foundation will not be a sponsor or be obliged to make any decisions or perform any actions related
      to any clinical trial described in the Original Scope of Work or the Amended Scope of Work and all such

     

    
      
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    activities will be overseen and guided by the Company in compliance with its policies, regulatory requirements and input from the authorities at the respective clinical sites.

     

    (iii)       After completion of the Tranche 2 requirements (or at such other time as the Foundation may elect), if requested by the Foundation the Company will, subject to this Section 3(a)(iii),
      continue further development of the HIV Program and/or TB Program, including through commercialization of a final product. If the Foundation requests that the Company should continue with such further development, the Foundation and the Company will
      in good faith agree upon the reasonable funding arrangements necessary and a new scope of work for such further development and enter into a definitive agreement between the Foundation (or a Foundation-Supported Entity) and the Company and a project
      plan, which may include work to be undertaken, responsibilities, participation by other parties, timelines and milestones, project management, contributions in-kind and funding requirements, a product development and marketing plan, any additional
      Global Access commitments, and an affordable price cap for sales of the products in Developing Countries (if at a stage when price cap can be determined). Any additional work may be divided into milestones or phases, but the Foundation will have the
      right, at its sole discretion, to continue providing funding (directly or through a Foundation-Supported Entity) to advance each product through to commercialization of a final product in a manner furthering the Global Access Objectives. The Company
      will not be obliged to undertake any further development contemplated by this Section 3(a)(iii) unless and until the Parties have entered into a written agreement as described above; provided that the Company will cooperate with the
      Foundation in good faith to enter into such agreement as soon as possible after the Foundation requests the further development.

     

    (iv)         If (A) the HIV Program and/or TB Program fails as a result of scientific or technical failure or is suspended as a result of a Safety Decision; (B) the proceeds from the Foundation
      Investment have been exhausted; and (C) the Foundation does not agree to provide further funding after being given a reasonable opportunity to do so, the Company will have the right to continue funding the HIV Program and/or TB Program either on its
      own account or through a third party. If the Company continues further development pursuant to this Section 3(a)(iv), the Company shall notify the Foundation in the event that the scientific or technical issue is resolved or Safety Decision
      is reversed (as applicable) and the HIV Program and/or TB Program results in a Development Product that includes any Funded Developments and that can be used for any Target Diseases and Conditions in the Developing Countries. If, following such
      notification, the Foundation notifies the Company of its desire that such Development Product be made available and accessible at an affordable price to people most in need within Developing Countries, then the Company will make such Development
      Product so available in the Developing Countries, subject to the Company and the Foundation or Foundation-Supported Entity as soon as is reasonably practicable negotiating in good faith and agreeing upon applicable agreements relating to such
      Development Product which will set forth, among other things, an agreement on equitable funding (and taking into account the amounts previously funded by the Foundation or a Foundation-Supported Entity with respect to such Development Product), which
      shall include provisions for the [***]

     

    
      
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    (v)         If the Foundation does not agree to provide funding for the further development of the HIV Program and/or TB Program (other than in the case of scientific or technical failure to which Section

        3(a)(iv) applies), the Company will have the right to continue funding the HIV Program and/or TB Program either on its own account or through a third party. If the Company continues further development pursuant to this Section 3(a)(v),
      and the HIV Program and/or TB Program results in a Development Product that includes any Funded Developments and that can be used for any Target Diseases and Conditions in the Developing Countries, and the Foundation notifies the Company of its
      desire that such Development Product be made available and accessible at an affordable price to people most in need within Developing Countries, then the Company will make such Development Product available in the Developing Countries in accordance
      with Section 3(l) below, subject to the Company and the Foundation or Foundation-Supported Entity negotiating in good faith and executing applicable agreements relating to such Development Product which will set forth, among other things, an
      agreement on equitable funding (and taking into account the amounts previously funded by the Foundation or a Foundation-Supported Entity with respect to such Development Product), which shall include [***].

     

    (b)         Notification of Company Research. Without prejudice to Section 3(c), if the Company is considering carrying out research and development
      with a view to developing a sequence defined composition of matter through the use of the Company’s Platform Technology that is intended to be applicable for the treatment, prevention or amelioration of any Target Diseases and Conditions (except if
      such research is being considered at the request of a third party pursuant to an agreement between such third party and the Company) then the Company shall notify the Foundation in writing of its intentions.

     

    (c)          Additional Global Health Programs.

     

    (i)         In addition to the HIV Program and the TB Program described above, which may include development through to commercialization, the Company agrees that as part of the Global Access
      Commitments, if requested by the Foundation it will, subject to this Section 3(c)(i), accept and perform an additional product development program for each of malaria and human papillomavirus (each a “Foundation

        Option Program”). If the Foundation requests that the Company conduct a Foundation Option Program, the Foundation and the Company will in good faith agree upon the reasonable funding arrangements necessary and a scope of work for such
      program and enter into a definitive agreement between the Foundation (or a Foundation-Supported Entity) and the Company and a project plan, which may include work to be undertaken, responsibilities, participation by other parties, timelines and
      milestones, project management, contributions in-kind and funding requirements, a product development and marketing plan, any additional Global Access commitments, and an affordable price cap for sales of the products in Developing Countries (if at a
      stage when price cap can be determined). Any additional work may be divided into milestones or phases, but the Foundation will have the right, at its sole discretion, to continue providing funding (directly or through a Foundation-Supported Entity)
      to advance each product through to commercialization of a final product in a manner furthering the Global Access Objectives. The Company will not be obliged to undertake any development program contemplated by this Section 3(c)(i) (A) to the
      extent such program relates

     

    
      
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    to the research, development or commercialization of a product in the field of oncology or autoimmune diseases and (B) unless and until the Parties have entered into a written agreement as described above; provided
      that the Company will cooperate with the Foundation in good faith to enter into such agreement as soon as possible after the Foundation requests the Company conduct the Foundation Option Program.

     

    (ii)       In addition to the Foundation Option Programs, if requested by the Foundation, additional programs relating to the Target Diseases and Conditions may be added if mutually agreed in writing
      by the Company and the Foundation and/or Foundation-Supported Entity, as applicable provided that the Company will not be obliged to undertake any further development contemplated by this Section 3(c)(ii) (A) unless the Parties have entered
      into a written agreement (as set out below) providing for adequate funding arrangements and including an agreed scope of work or (B) if the Foundation is making its request more than [***] after the Company has issued a notification under Section
        3(b) and in that time the Company has entered into an agreement with a third party in respect of research and development in the same Target Disease and Condition. Upon entering into a written agreement and agreeing upon a scope of work, the
      Company will employ its Platform Technology to discover, research, develop, manufacture and/or commercialize products in any mutually agreed Target Diseases and Conditions subject to terms and conditions set forth in the agreements entered into
      between the Company and the Foundation or Foundation-Supported Entities (as applicable), and the program will be funded by a grant, contract or program-related investment from the Foundation or Foundation-Supported Entities (as applicable) on terms
      acceptable to the Company and the Foundation and/or Foundation-Supported Entity (as applicable), as applicable. Any additional program mutually agreed to by the Company and the Foundation and/or a Foundation Supported Entity pursuant to this Section

        3(c)(ii) and each of the Foundation Option Programs is referred to in this Agreement as an “Additional Global Health Program” and they are referred to collectively as the “Additional

        Global Health Programs”.

     

    (iii)       Without prejudice to Section 3(k), the Company maintains the right to develop products in all Target Diseases and Conditions for its own account or together with any third party
      provided that the application of the Global Access Objectives to the distribution of Development Products in the Developing Countries and the other Global Access Commitments are not restricted.

     

    (d)         Coordination with Foundation-Supported Entities. The Company acknowledges that the Foundation is currently funding and may continue to fund
      research and development projects at various Foundation-Supported Entities that are relevant to the HIV Program and the TB Program as well as other Target Diseases and Conditions. In order to complete the work required to be performed on the HIV
      Program and TB Program pursuant to this Agreement or any Additional Global Health Programs in the future, the Foundation may request that the Company coordinate its development efforts with various entities, including with respect to the specific
      requirements set forth in the Scope of Work, and acquire rights from or work in coordination with these Foundation-Supported Entities to fulfill the Global Access Commitments. The Company will consider any such request by the Foundation in good faith
      but will not be required to undertake any coordination of development efforts or enter into any

     

    
      
        	11
	
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    agreement with any entity; provided that the Company will not knowingly use the Foundation Investment to duplicate work (either internally or with a third party) that was funded by the Foundation and could be
      reasonably obtained from a Foundation-Supported Entity. If the Company agrees to coordinate its development efforts or enter into an agreement, the coordination, acquisition of rights and completion of licence agreements referred to in this paragraph
      would be the responsibility of the Company to effect, and the Foundation will assist in these efforts, in particular those that relate to work funded by the Foundation. Nothing in this Agreement constitutes a commitment by the Foundation to make any
      grants to the Company or a Foundation-Supported Entity and the decision to proceed with a grant will be made solely at the Foundation’s discretion. For clarity, no provision of this Agreement will limit or restrict the Foundation’s rights pursuant to
      any grant agreement or other contract with any third party.

     

    (e)        Compliance with Intellectual Property Rights. The Company will, to the best of the Company’s knowledge, take Diligent Efforts to obtain the
      appropriate rights appropriate to the stage of development of the product at the date of the Licence Trigger to exploit any Development Products in the form in which they exist at the date of the Licence Trigger arising from a Global Health Program.
      Such appropriate rights shall include rights in any patents, copyrights, trademarks, trade secrets, data, confidential information, know-how or other intellectual property or proprietary right required to use the licences in (g) below at the date of
      the Licence Trigger. The Company shall comply with all applicable laws and regulations in countries where it is operating at the date of the Licence Trigger. The Foundation acknowledges that the fees may need to be paid for rights to use third party
      licences necessary to exploit a Development Product in a Developing Country. The Company agrees to give reasonable assistance to the Foundation in any necessary negotiation with third party licensees to seek to minimize any such fees to help make the
      Development Product available and accessible at an affordable price to people most in need within Developing Countries.

     

    (f)         Building the Field and Publication. While undertaking the Global Health Programs, the Company may generate information and develop Research Tools
      comprised in the Funded Developments that have the potential to further the advancement of science and the promotion of health within the Target Diseases and Conditions and the following provisions shall apply in respect of such information and
      Research Tools subject to contractual and confidentiality obligations to third parties and in each case the Company may have due regard to reasonable delays or limitations on content of publications or provision of information that is necessary or
      desirable to protect intellectual property and confidential information.

     

    (i)        The Company will make Diligent Efforts to make available at the Foundation’s request know how, data, assays and other Research Tools comprised in the Funded Developments with the goal to
      further the efforts of Foundation-Supported Entities and other Persons which are active in the applicable Target Disease and Condition. The Research Tools will be made available under the terms of license or material transfer agreements, as the case
      may be, that are consistent with industry standards; however, the Company will not require royalties or other fees related to the sharing of these Research Tools except for the reimbursement of reasonable out of pocket expenses and third party
      licence fees associated with their transfer or publication to the extent the Research Tools are being used for the purpose of benefitting people

     

    
      
        	12
	
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    in Developing Countries and in relation to the Target Diseases and Conditions. For clarity, use of the Research Tools other than for the purpose of benefitting people in Developing Countries or other than in relation
      to the Target Diseases and Conditions is not contemplated by this Agreement and may in the Company’s sole discretion be negotiated between the Company and Foundation-Supported Entities and other Persons on such terms as are agreed upon by the Company
      and such third parties.

     

    (ii)       The Company will make Diligent Efforts, which are reasonably consistent with industry standards at the time, to satisfy the publication requirement (necessary for scientific research to be
      regarded as carried on in the public interest) set forth in Treasury Regulation 1.501(c)(3)-1(d)(5)(iii) to:

     

    (A)       Publish scientific results and information developed in connection with each Global Health Program within a reasonable period of time after the information or results are obtained.

     

    (B)      Promptly provide upon the Foundation’s reasonable request and with the agreement of the relevant Foundation-Supported Entity (as appropriate), reasonable access to data and information
      regarding each Global Health Program.

     

    (C)      Promptly provide to the Foundation, upon the Foundation’s reasonable request, rights to share data and information regarding each Global Health Program.

     

    (D)       If the Company seeks publication of Funded Developments in a peer-reviewed journal, such publication must be under “open access” terms and conditions consistent with the Foundation’s Open
      Access Policy available at: http://www.gatesfoundation.org/How-We-Work/General-Information/Open-Access-Policy, which may be modified from time to time.

     

    (g)          Non-Exclusive Licence.

     

    (i)           Subject to (iv) below, on a Global Health Program by Global Health Program basis the Company hereby grants the Foundation.

     

    (A)      a worldwide, non-exclusive, perpetual, fully-paid up, royalty-free licence (with the right to sublicense subject to Section 3(g)(iii)) under the Intellectual Property owned by the
      Company relating to the Platform Technology and any Funded Developments in the form that the Platform Technology and Funded Developments exist at the time of the Licence Trigger solely to the extent necessary to use, make, have made, manufacture,
      sell, offer for sale, and otherwise exploit any Development Products that are in existence at the time that the Licence Trigger (as defined below) occurs. Such licence shall not include any right to modify the sequence of the relevant Development
      Product in the form that it exists at that time. For the avoidance of doubt this licence does not include any right to use the Platform Technology to generate additional TCR’s or other molecules; and

     

    
      
        	13
	
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    (B)       a worldwide, non-exclusive, perpetual, fully-paid up, royalty-free licence (with the right to sublicense subject to Section 3(g)(iii)) under the Intellectual Property owned by the
      Company relating to the Research Tools solely to the extent necessary to use, make and have made any Research Tools that are in existence at the time that the License Trigger (as defined below) occurs in the form such Research Tools exist at that
      time. Such licence shall not prevent the Foundation or a Foundation-Supported Entity from modifying or further developing the relevant Research Tools provided that the Foundation and any Foundation-Supported Entity does not use the Platform
      Technology in undertaking any such modification and/or any further development:

     

    provided that (i) the licences granted in this Section 3(g) will be limited solely for the purpose of benefitting people in Developing Countries (which, for the avoidance of doubt, excludes
      intentionally placing any Development Products on the market for use outside the Developing Countries) in relation to the Target Diseases and Conditions in furtherance of the Foundation’s charitable purpose and (ii) the Foundation shall not use
      and/or exploit the rights licensed to it under the licences granted in this Section 3(g) except as expressly authorized under this Agreement.

     

    (ii)       The Foundation and the Company agree and acknowledge that in order to achieve the Global Access Objectives and make the Funded Developments available and accessible in Developing Countries
      and in relation to the Target Diseases and Conditions, certain activities may be required to occur in one or more developed countries, such as manufacture, distribution, or sale (such as to an entity procuring a product for use in Developing
      Countries and in relation to the Target Diseases and Conditions). Accordingly, the licenses granted in Section 3(g) to the Foundation are intended to permit such developed country activities which are incidental and necessary to making the
      Funded Developments available and accessible in Developing Countries in relation to the Target Diseases and Conditions provided that such activities do not include intentionally placing any Development Products on the market for use outside the
      Developing Countries and provided that the Foundation has made all reasonable efforts to prevent any Development Products being made available and accessible for use outside the Developing Countries. The definitive agreements with respect to any
      Additional Global Health Program will include license provisions with respect to the Global Health Program consistent with the license provisions set forth in this Agreement. Subject to the licences granted in Sections 3(g)(i)(A) and (B)
      above, the Company reserves exclusively, whether itself or with third parties (including licensees) all rights to develop and commercialize all Platform Technology, Research Tools, Development Products and other Funded Developments anywhere in the
      world. The Company acknowledges that such reservation of rights does not limit the Company’s obligations pursuant to this Agreement.

     

    (iii)        Prior to granting any sub-license, access or any other right in respect of any Development Products or Research Tools to any third party, the Foundation shall procure an agreement from
      such third party that it shall indemnify the Company and its directors, officers, employees, agents and representatives (collectively, the “Company Indemnitees”) on commercially reasonable terms, reasonably
      acceptable to the Company and comparable with standard practices of biotechnology companies of a comparable size and business activity to the

     

    
      
        	14
	
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    Company where such terms are expressed to be for the benefit of and enforceable by the Company Indemnitees.

     

    (iv)        Notwithstanding the forgoing license grants, the Foundation shall have no right to exercise its rights under the license (including its sublicensing rights) unless and until at least one
      of the following occurs (each a “Licence Trigger”) for the applicable Global Health Program:

     

    (A)        a Charitability Default that the Company has not remedied within [***] of the date of the Company being notified by the Foundation;

     

    (B)       the Company (or any successor or acquirer of the Company’s assets, Platform Technology or Funded Developments) is unwilling or unable at any time to proceed or continue with development of
      the HIV Program, TB Program or any other Global Health Program for which a Development Product has been identified and for which the Foundation or a Foundation-Supported Entity is willing to provide reasonable funding (except where such unwillingness
      or inability results from a scientific or technical failure in which case Section 3(a)(iv) applies); or

     

    (C)     the Company institutes any bankruptcy, insolvency, reorganization for the benefit of creditors, dissolution, liquidation or similar proceeding relating to it under the laws of any
      jurisdiction or any such proceeding is instituted against the Company and in any such case, such proceeding is not dismissed or stayed within [***] after the filing thereof.

     

    If either the Foundation or the Company becomes aware of a License Trigger it will promptly notify the other Party in writing of the occurrence of a License Trigger. If the Company disputes the
      Foundation’s belief that a License Trigger has occurred, the Company and the Foundation will negotiate in good faith for a period of [***] in the event of the License Trigger in Section 3(g)(iv)(B) or for a period of [***] in the event of the
      License Trigger in Section 3(g)(iv)(A) or 3(g)(iv)(C) in each case in an effort to resolve the dispute, after which time the Foundation may exercise the license, but both Parties will retain their respective rights to exercise legal
      or equitable remedies that may be available.

     

    (h)         Ownership of Intellectual Property. Notwithstanding anything to the contrary in this Agreement, the Parties acknowledge and agree that all
      Intellectual Property (including any improvements and developments thereto) created by or on behalf of the Company pursuant to this Agreement and the Platform Technology and Development Products shall be owned by the Company. Except as expressly
      provided in this Agreement, nothing shall operate to grant any rights to the Foundation.

     

    (i)          Modification. The principal purpose of the license granted to the Foundation is to enable the Global Access Objectives to be achieved efficiently
      in the event of the occurrence of a License Trigger. The Parties acknowledge that commercialization and/or distribution of Company products and processes for the benefit of end users in Developing Countries may require worldwide commercialization and
      /or distribution rights to be maintained by a single

     

    
      
        	15
	
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    party. During the implementation of the Global Health Programs, the Company may demonstrate, on a case-by-case basis, to the satisfaction of the Foundation that the Global Access Objectives can best be achieved in a
      particular case without such a license. In such a case, the Foundation and the Company shall in good faith agree to modifications to, or to modify or terminate in whole or in part, the foregoing license as mutually agreed in writing between the
      Parties.

     

    (j)         Cooperation; Technology Transfer. After the occurrence of a License Trigger, the Company agrees to use Diligent Efforts to enable the Foundation
      or its sublicensees to exercise their rights hereunder, which steps may include, as may be reasonably required or requested by the Foundation, (i) the Company licensing relevant Intellectual Property owned or controlled by the Company to the
      Foundation or in respect of a Foundation-Supported Entity, good faith negotiations with such entity for a license of relevant Intellectual Property (with the Foundation having the ability to consult the Company regarding such negotiations) or
      agreements to not assert such Intellectual Property, (ii) executing documents reflecting or recording the licenses in Section 3(g), (iii) providing reasonable information sharing to enable the Foundation or Foundation-Supported Entities to
      implement the license rights and technology, and (iv) reasonable technical assistance related to the implementation of the license rights and technology to enable the Foundation or its sublicensees to exercise the licences in Section 3(g),
      subject to contractual obligations to third parties. For the avoidance of doubt, the obligations under this paragraph shall not require the Company to secure rights to any third party Intellectual Property at the Company’s expense.

     

    (k)         Additional Products. If the Company creates and develops an Additional Product, the Foundation can request to have the Global Access Objectives
      apply to such Additional Product by delivering written notice to the Company. If the Foundation provides such notice to the Company, then the Foundation or a Foundation-Supported Entity (as applicable) and the Company will as soon as possible
      negotiate in good faith the terms and conditions of applicable agreements relating to such Additional Product which will set forth, among other things, an agreement on equitable funding, [***]. Such Additional Product will not become a Development
      Product for the purposes of this Agreement and the Company will not be required to make such Additional Product available in the Developing Countries unless and until the Parties have negotiated in good faith and reached such mutual agreement and
      executed applicable agreements. For the avoidance of doubt if the Company incorporates any Funded Developments into an Additional Product or product developed with a third party that is applicable for the treatment, prevention or amelioration of any
      of the Target Diseases and Conditions, the Global Access Objectives will apply to such product.

     

    (l)          Global Access for Development Products. Without limiting the requirements set forth above, the Company will use Diligent Efforts to make all
      Development Products (to the extent that such Development Products are at a stage of development that makes them capable of being commercialized in accordance with applicable laws) available and accessible at an affordable price to people most in
      need within those Developing Countries affected by the disease or condition which is treated, prevented or ameliorated by the Development Product, provided that such price enables the Company to recover an amount that does not exceed [***]. The

     

    
      
        	16
	
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    Foundation agrees that to the extent it provides funding for the purchase of Development Products for use in the Developing Countries it will use all reasonable efforts to require the purchasers of such Development
      Products to agree to use all reasonable efforts to prevent any such Development Products from being made available and accessible for use outside the Developing Countries, which may be satisfied, among other ways, by including such a requirement in
      the applicable funding agreement.

     

    (m)        Duration. The Global Access Commitments will commence upon the Effective Date and be ongoing and will continue for as long as the Foundation
      continues to pursue a charitable mission. For clarity, the Global Access Commitments will continue as to any Funded Developments that are assigned, sold, transferred or exclusively licensed to a third party.

     

    (n)         Termination of Licenses for breach. On a Global Health Program by Global Health Program basis the Company will have the right to terminate the
      licenses granted under Section 3(g) and any sublicences with respect to a Global Health Program on [***] notice if the Foundation, its Affiliates, a Foundation-Supported Entity or sub-licensees
      have, in respect of such Global Health Program, committed a material breach of the licenses granted under Section 3(g) (which, for the avoidance of doubt, shall include use outside the scope of such licenses or in contravention of the
      limitations set out in Section 3(g)), which has not been remedied within [***] of the Company giving notice to remedy. If the Company terminates a license granted pursuant to Section 3(g) and the Foundation disputes such termination,
      the Foundation can bring an action in court for breach of contract, declaratory judgment or other action to reinstate such license. During the period in which such action is pending, including any appeals (the “Termination

        Dispute Period”), the Company waives the right to seek, and will not seek, an injunction or other equitable relief to prevent the infringement of the Intellectual Property that is the subject of the sub-licensable licenses granted to the
      Foundation under Section 3(g). If the court of competent jurisdiction finally determines that the Company was entitled to terminate the license then the Company will be entitled to exercise legal or equitable remedies that may be available,
      including seeking damages resulting from the use of the Intellectual Property that is covered by the license(s) at issue during the Termination Dispute Period.

     

    (o)         No Violation of U.S. Tax Law. Notwithstanding anything in this Agreement to the contrary, under no circumstances will the Foundation be required
      to provide any funding to the Company if such funding is reasonably likely to cause the Foundation to violate applicable U.S. tax law (including by conferring improper private benefit on the Company) or is reasonably likely to subject the Foundation
      to penalties under applicable U.S. tax laws, provided always that if such rules do prevent a fair and equitable portion of the development costs being shared as contemplated by Section 3(a)(iv), Section 3(a)(v) or Section 3(k),
      the applicable funding agreement shall make provision for the Company to be compensated by some other legally permissible means.

     

    
      	
              4.

            	
              Suspension of Development for Safety Reasons

            

    

     

    The Foundation recognises that the therapeutic compounds developed by the Company are exceptionally potent and have the potential to cause significant harm to patients without

     

    
      
        	17
	
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    appropriate safety testing and that as the leader in the field the Company is the only entity capable of reviewing pre-clinical safety data for its compounds and determining whether they are safe enough for
      administration to human subjects. The Foundation therefore agrees that prior to the completion of a Phase I Clinical Study in respect of a Phase I Product (a “Pre-Phase I Product”) the Company may decide, at
      its reasonable discretion, acting in good faith and following good faith consultations with the Foundation, that upon review of the available pre-clinical and clinical data that to administer said Pre-Phase I Product to a human subject would place
      such subject at unacceptable risk of harm (a “Safety Decision”). Within [***] of making such Safety Decision the Company shall provide the Foundation with a report detailing the reasoning as to why it made a
      Safety Decision and an indication as to the data that would be required for the Company to reverse said Safety Decision. In the event that the Company makes a Safety Decision in respect of a Pre-Phase I Product any license rights granted to the
      Foundation or any Foundation-Supported Entities or sub-licensees of either of them with respect to such Pre-Phase I Product shall be limited to non-human uses of such product. Following notification to the Foundation of a Safety Decision, the Company
      agrees acting reasonably and in good faith to review any data generated by the Foundation, Foundation-Supported Entities or sub-licensees through the use of the respective research use license that addresses the reported safety concern [***] with a
      view to lifting such Safety Decision.

     

    
      	
              5.

            	
              Indemnification

            

    

     

    (a)         Subject to Section 5(b), save to the extent that any Claim is caused by the Foundation’s negligence, fraud, or willful misconduct, the Company will indemnify, hold harmless, and defend
      the Foundation and its co-chairs, trustees, directors, officers, employees, agents, and representatives (collectively, the “Foundation Indemnitees”) from and against any and all third party causes of action,
      claims, suits, legal proceedings, judgments, settlements, damages, penalties, losses, liabilities and costs (including reasonable attorneys’ fees and costs) (each a “Claim”) finally awarded to such third party
      by a court of competent jurisdiction against any of the Foundation Indemnitees or agreed to as part of a monetary settlement of the Claim and arising out of or relating to: bodily injury or death directly caused by the activities or omissions of the
      Company, relating to the Company’s development of the Funded Developments (including any failure to comply with applicable laws, regulations or rules in connection therewith) or any knowing infringement upon a patent, proprietary, or other
      intellectual property right of a third party arising prior to the date of any Licence Trigger. For the avoidance of doubt, the Company will not be liable for any Claims that result from (i) the Foundation’s or any Foundation-Supported Entity’s use,
      manufacture, sale, or other exploitation of any Development Product or Research Tool pursuant to the exercise by the Foundation of the rights in Section 3(g) or (ii) changes to any Funded Developments that are made by the Foundation, a
      Foundation-Supported Entity or a licensee (such expression including further sublicensees) of either of them under a license granted herein. The Foundation will give the Company prompt written notice of any Claim subject to indemnification; provided
      that the Foundation’s failure to promptly notify the Company will not affect the Company’s indemnification obligations except to the extent that the Foundation’s delay prejudices the Company’s ability to defend the Claim. The Company will have sole
      control over the defense and settlement of each and every Claim, with counsel of its own choosing which is reasonably acceptable to the Foundation; provided that the Company

     

    
      
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    conducts the defense actively and diligently at the sole cost and expense of the Company and provided further that the Company will not enter into any settlement that adversely affects any Foundation Indemnitee without
      the applicable Foundation Indemnitee’s prior written consent, such consent not to be unreasonably withheld, conditioned or delayed. The Foundation will provide the Company, upon request, with reasonable cooperation in connection with the defense and
      settlement of the Claim. Subject to the Company’s rights above to control the defense and settlement of Claims, the Foundation and any Foundation Indemnitee may, at its own expense, employ separate counsel to monitor and participate in the defense of
      any Claim under this Section 5.

     

    (b)         The Parties will not be liable to each other for any indirect, incidental, consequential, or special damages (including lost revenues, lost savings, or lost profits suffered by such other
      Party) suffered by such other Party arising under or in connection with this Agreement, regardless of the form of action, whether in contract or tort, including negligence of any kind whether active or passive, and regardless of whether the party
      knew of the possibility that such damages could result; provided that to the extent a Foundation Indemnitee is entitled to be indemnified hereunder for Claims of third parties and such third party has been awarded indirect, incidental, consequential,
      reliance, or special damages (including lost revenues, lost savings, or lost profits), the Company’s indemnification obligations to the Foundation Indemnitee shall extend to and include such third party’s indirect, incidental, consequential,
      reliance, or special damages (including lost revenues, lost savings, or lost profits).

     

    
      
        	
                6.

              	
                Obligations in the Event of a Sale of the Platform Technology or the Company; Preservation of Global Access Commitments

              

      

    

     

    In the event that all or substantially all of the Company’s assets (including the Platform Technology or the Funded Developments) are transferred to, exclusively licensed to, sold to or acquired by a third party,
      including through a Change in Control, the Company shall enter into and procure that the purchaser, transferee, licensee or acquirer (as relevant) enters into a novation agreement in respect of this Agreement pursuant to which from the date that such
      novation agreement is entered into, the purchaser, transferee, licensee or acquirer (as relevant) shall perform this Agreement and be bound by it (including the Global Access Commitments) and which gives the Foundation a direct right of enforcement
      against such purchaser, transferee, licensee or acquirer. Subject to the Existing Agreements, the Company will not grant to a third party any rights or enter into any arrangements or agreements that would limit or restrict the exercise or performance
      of the Global Access Commitments, in whole or part, including the ability of the Foundation to fund further development as contemplated by the Global Access Commitments. For clarity, notwithstanding anything to the contrary in this Agreement, the
      Foundation’s rights hereunder which exist on the date of the transfer, sale or acquisition of the Company’s assets (including the Platform Technology or the Funded Developments) to or by a third party shall not be terminated by such transfer, sale or
      acquisition. The rights of the Foundation set out in this Section 6 and the Global Access Objectives shall not apply to any services, products or Intellectual Property rights that are licensed to or owned by any company that merges with or
      acquires the Company prior to such merger or acquisition and that are not included in Funded Developments.

     

    
      
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              7.

            	
              Right to Enforce Global Access Commitments

            

    

     

    The Foundation has certain rights to transfer its Notes and or Equity Securities issued by the Company in the event of a Charitability Default as set forth in the Note Purchase Agreement and this Agreement. The Company
      agrees and acknowledges that the Foundation will be entitled to such rights for as long as it holds Notes and/or Equity Securities issued by the Company, as set out in the Note Purchase Agreement and this Agreement.

     

    If the Foundation ceases to hold any Notes and/or Equity Securities issued by the Company following a Charitability Default, the Foundation will continue to be entitled to enforce its rights under this Agreement,
      including the Global Access Commitments.

     

    
      	
              8.

            	
              Withdrawal Right

            

    

     

    (a)         The Foundation’s rights described and defined in this Section 8 will be triggered only as a result of a Charitability Default and will only be exercisable following the conversion
      of a Note. For the avoidance of doubt, the Withdrawal Right will not be triggered by a Safety Decision or the inability, for technical or scientific reasons, to carry out the Original Scope of Work, Amended Scope of Work or successfully develop a
      product, so long as the Company has not breached its Global Access Commitments or any other obligations under this Agreement.

     

    (b)          Each Party will notify the other promptly upon becoming aware of any Charitability Default, and the Company shall thereafter provide to the Foundation a proposed strategy to remedy the
      Charitability Default. If the Company fails to cure the Charitability Default within [***] of the date of notification by either Party to the other of the Charitability Default and if and to the extent that the Foundation holds any Equity Securities,
      the Foundation shall be entitled to elect to sell all of such Equity Securities by notice in writing to the Company (the “Withdrawal Notice” and any such entitlement to elect being the “Withdrawal Right”). On receipt of notice from the Foundation, the Company shall either buy back all of the Equity Securities held by the Foundation, provided that such buyback shall be made only to the extent
      permitted by applicable law and the Constitutional Documents, or locate a third party that will purchase the Equity Securities. For the avoidance of doubt if the Company fails to effect the Withdrawal Right as a result of a failure to obtain
      necessary shareholder approvals, such failure will constitute a breach of this Agreement.

     

    (c)          If the Company is unable to buy back all of the Equity Securities, and no third party purchases the Equity Securities within [***] of the Withdrawal Notice, then the Company shall use
      best efforts to effect the Withdrawal Right, consistent with the Code and applicable law, as soon as practicable thereafter.

     

    (d)         During the period when the Company is unable to exercise its obligation to buy back or find a purchaser of the Equity Securities, the Company shall not pay dividends, make any
      distributions or undertake any return of capital without the Foundation’s prior written consent except for: (i) repurchases of shares from current and former employees, officers, directors, consultants or other persons who performed services for the
      Company or any Affiliate in

     

    
      
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    connection with the cessation of such employment or service at the lower of the original purchase price or the then-current fair market value thereof.

     

    (e)          For the buy back or purchase by a third party pursuant to Section 8(b), Equity Securities shall be valued at the greater of:

     

    (i)           the original purchase price attributable to such shares plus a [***] compounding interest rate per annum until the date of the completion of the share buyback or third-party sale, as
      applicable; or

     

    (ii)        the then current fair market value as determined by a mutually agreed upon (such agreement not to be unreasonably withheld) independent third-party appraiser.

     

    (f)          Subject to Section 8(g), if the Equity Securities are sold or bought back due to a Charitability Default, the Foundation will have a look back right by which, in the event that,
      during the period of one (1) year from the date on which the Equity Securities are sold or bought back, the Company consummates a Change in Control or an admission to trading of the shares of the Company to a Recognised Investment Exchange (as
      defined in the Financial Services and Markets Act 2000) or to the New York Stock Exchange or NASDAQ (“Public Offering”), representing a per share valuation for the Company in excess of one hundred and fifty
      percent (150%) of the valuation used for the sale or buy back of the Equity Securities, then the Foundation will receive from the Company a payment equal to the excess of what it would have received in such transaction if it still held the Equity
      Securities at the time of such Change in Control or Public Offering over what the Foundation actually received in the sale or buy back of the Equity Securities.

     

    (g)         The provisions of Section 8(f) shall not apply in the event that a Change in Control occurs as a result of the acceptance by the shareholders of the Company (by way of takeover
      offer, scheme of arrangement or otherwise) of an offer for the entire issued share capital of the Company in circumstances in which such offer was not, at the time it was made to shareholders, recommended by the board of directors of the Company.

     

    (h)         In the event that the Foundation exercises its Withdrawal Right, the Foundation’s rights under the Global Access Commitments pursuant to this Agreement and in relation to all Global
      Health Programs (as such terms are defined in this Agreement) will survive.

     

    (i)          If prior to the exercise of the Withdrawal Right the Foundation transfers the Equity Securities to a third party other than as permitted by Section 11(a), the Withdrawal Right
      will no longer apply to such transferred Equity Securities unless otherwise agreed in writing by the Company and the Foundation.

     

    
      	
              9.

            	
              Required Reporting

            

    

     

    In addition to any and all reports required to be delivered to the Foundation under the Investment Documents, the Company shall furnish, or cause to be furnished, to the Foundation the following reports and
      certifications.

     

    
      
        	21
	
                CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

              

      

      
        

    

    (a)         Within [***] after the end of each Company fiscal year during which the Foundation owns any Notes and/or Equity Securities, a certificate from the Company signed by an officer or director
      of the Company and substantially in the form attached to this Agreement as Annex 4, certifying that the requirements of the Foundation Investment were met during the immediately preceding fiscal year, describing the use of proceeds of the Foundation
      Investment and evaluating the Company’s progress on the Global Health Programs including, specifically, information regarding progress against the Global Access Commitments;

     

    (b)        Within [***] after the end of the Company’s fiscal year during which the Foundation ceased to own any Notes and/or Equity Securities, a certificate from the Company signed by an officer or
      director of the Company and substantially in the form attached to this Agreement as Annex 5, certifying that the requirements of the Foundation Investment were met during the term of the Foundation Investment, describing the use of proceeds of the
      Foundation Investment and evaluating the Company’s progress on the Global Health Programs including, specifically, information regarding progress against the Global Access Commitments;

     

    (c)         Any other information respecting the operations, activities and financial condition of the Company as the Foundation may from time to time reasonably request, not more than [***] per
      calendar year, to discharge any expenditure responsibility, within the meaning of Sections 4945(d)(4) and 4945(h) of the Code, of the Foundation with respect to the Foundation Investment, and to otherwise monitor the charitable benefits intended to
      be served by the Foundation Investment, provided that the [***] associated with preparing such information at its request; and

     

    (d)         At least [***] for each period during which the Foundation continues to own any Notes or Equity Securities issued by the Company, full and complete financial reports of the type
      ordinarily required by commercial investors under similar circumstances. For the avoidance of doubt this provision will be deemed to be satisfied so long as the Company is in compliance with its obligations pursuant to Section 9.7 of the Note
      Purchase Agreement and/or the Constitutional Documents (as applicable).

     

    (e)         Within [***] of the end of each calendar quarter during which any Global Health Program is ongoing, if reasonably requested by the Foundation, the Company will confer with the Foundation
      (by teleconference or in scheduled site visits as appropriate) regarding progress with respect to the Original Scope of Work and Amended Scope of Work including information regarding progress against the Global Access Commitments and, if requested by
      the Foundation, the Company will provide written discussion materials prior to such teleconference or meeting; (ii) coordinate with the Foundation to determine reasonable times for the Foundation’s representatives to make site visits to the Company’s
      headquarters [***] for the purpose of the Foundation conducting any inspections with respect to a Global Health Program; and (iii) at least [***], if requested by the Foundation, an in person meeting with the Joint Steering Committee.

     

    (f)          In the Disclosure Letter provided to the Foundation pursuant to the Subscription Agreement relating to Series B Shares in Immunocore Limited, dated [   ], 2020, [***].

     

    
      	
              10.

            	
              Access to Records

            

    

     

    
      
        	22
	
                CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

              

      

      
        

    

    The Company shall maintain books and records adequate to provide information ordinarily required by commercial investors under similar circumstances and showing the expenditure of the Foundation Investment, as well as
      copies of the reports submitted by the Company to the Foundation pursuant to Sections 9(a) and 9(b). The Company shall provide the Foundation or, subject to the Company’s written consent, its designee(s) [***] with access at reasonable times on
      reasonable terms of confidentiality to such books and records pertaining to the period during which the Foundation owned any Notes or Equity Securities issued by the Company and continuing for a period of [***] after the date on which the Foundation
      no longer owns any Notes or Equity Securities issued by the Company or any successor thereof. For the avoidance of doubt, access to records under this Section 10 shall not be dependent upon the Foundation’s percentage ownership in the Company.

     

    
      	
              11.

            	
              Assignment

            

    

     

    (a)          Notwithstanding anything in this Agreement to the contrary, the Foundation will have the right to assign this Letter Agreement (in whole but not in part) to: (i) any subsidiary of the
      Foundation, (ii) any successor charitable organization of the Foundation from time to time that is a tax-exempt organization as described in Section 501(c)(3) of the Code, or (iii) any tax-exempt organization as described in Section 501(c)(3) of the
      Code controlled by one or more trustees of the Foundation. The Foundation will notify the Company of any such proposed assignment, including the identity of the assignee, prior to the date of such assignment. For the avoidance of doubt, if the
      Foundation transfers the Equity Securities to any permitted transferee in accordance with the Constitutional Documents, the Foundation may assign to any such permitted transferee all of its rights attached to such Equity Securities, including the
      Withdrawal Right.

     

    (b)        Except as provided in Section 11(a) and Section 6, neither Party shall have the right to assign (whether by sale or license of assets, or otherwise) this Agreement without
      the prior written consent of the other Party, which consent will not be unreasonably withheld, conditioned or delayed except that any Party may make such an assignment without the other Party’s consent to (i) a third party who acquires all or
      substantially all of the business or assets of such Party to which this Agreement relates or (ii) to a new corporate entity created as part of a corporate reorganization where such entity will continue to be bound by the terms of this Agreement.

     

    
      	
              12.

            	
              No Use of Foundation Funds for Political Activities; No Personal Benefit

            

    

     

    The Company shall not expend any proceeds of the Foundation Investment to carry on propaganda or otherwise to attempt to influence legislation, to influence the outcome of any specific public election or to carry on,
      directly or indirectly, any voter registration drive, or to participate or intervene in any political campaign on behalf of or in opposition to any candidate for public office within the meaning of Section 4945(d) of the Code. The proceeds of the
      Foundation Investment shall not (a) be earmarked to be used for any activity, appearance or communication associated with the activities described in the foregoing sentence, nor (b) be intended for benefit, and will not benefit, any Person having a
      personal or private interest in the

     

    
      
        	23
	
                CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

              

      

      
        

    

    Foundation, including descendants of the founders of the Foundation, or Persons related to or controlled by, directly or indirectly, such private interests.

     

    
      	
              13.

            	
              Disqualified Person

            

    

     

    The Company confirms that, as at the Effective Date neither the Company nor (to the best knowledge of the Company) any shareholder of the Company is a “disqualified person” with respect to the Foundation (as the term
      “disqualified person” is defined in Section 4946(a) of the Code). The Company agrees that it will promptly notify the Foundation if the Company becomes aware that the Company or any shareholder of the Company is a “disqualified person” with respect
      to the Foundation. The Foundation confirms that as at the Effective Date, the Foundation does not, and one or more disqualified persons with respect to the Foundation do not, directly or indirectly, control the Company.

     

    
      	
              14.

            	
              Compliance with Anti-Corruption, Anti-Bribery and Anti-Terrorism Laws

            

    

     

    The Company will not offer or provide money, gifts or any other thing of value, directly or indirectly, to anyone in order to improperly influence any act or decision relating to the Foundation or the sale of the
      Company’s products and services or the other matters contemplated by this Agreement, including by assisting any party to secure an unlawful advantage. Training and information on compliance with these requirements are available at
      www.learnfoundationlaw.org.

     

    The Company will not use any portion of the Foundation Investment, directly or indirectly, in support of activities (a) prohibited by US laws related to combatting terrorism; (b) with any Person on the List of
      Specially Designated Nationals (www.treasury.gov/sdn) or entities owned or controlled by such Persons; or (c) in or with countries or territories against which the US maintains comprehensive sanctions (currently, Cuba, Iran, Syria, North Korea and
      the Crimea Region of Ukraine), including paying or reimbursing the expenses of persons from such countries or territories, unless such activities are fully authorized by the US government under applicable law and specifically approved by the
      Foundation in its sole discretion.

     

    
      	
              15.

            	
              Publicity; Use of Name

            

    

     

    Each Party may include pre-agreed information about the Foundation Investment (including the other Party’s name) in its periodic public reports and may make such information available on its own website, in
      presentations, speeches, tax returns or other public disclosures and press releases and any other disclosure that is required by Applicable Law or (to the extent relevant) the rules of a stock exchange on which the securities of the Company are
      listed (or to which an application for listing has been submitted). Without prejudice to the foregoing, the Company may also confirm the existence of the Foundation Investment and disclose that the Foundation is a shareholder in any confidential
      discussions with any existing or potential investor. Except as otherwise provided herein, any announcement of the Foundation Investment by any other Person, including the Company, its representatives, directors, stockholders and agents, or any
      investor, will require the Foundation’s prior written approval, such approval not to be unreasonably withheld, delayed or conditioned. Such Persons shall also obtain the Foundation’s

     

    
      
        	24
	
                CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

              

      

      
        

    

    prior written approval for any other use of the Foundation’s name or logo in any respect; provided, however, that the Company may use the Foundation’s name for any uses that have been pre-approved in writing by the
      Foundation. Except as provided above or with the Foundation’s consent, the Foundation’s name and logo will not be used by any Person in any manner to market, sell or otherwise promote the Company, its products, services and/or business.

     

    
      	
              16.

            	
              Confidentiality

            

    

     

    (a)          Each Party shall treat as confidential all information obtained as a result of entering into this Agreement which relates to:

     

    (i)           the provisions of this Agreement;

     

    (ii)          the negotiations relating to this Agreement;

     

    (iii)         the subject matter of this Agreement; or

     

    (iv)         the other Party.

     

    (b)          Subject to Sections 16(c) and 16(d) below, each Party shall:

     

    (i)         not disclose any such confidential information to any person other than (A) any of its trustees, directors, officers or employees who need to know such information in order to discharge
      his duties and (ii) (in respect of the Company only) any potential investor and their advisers or representatives;

     

    (ii)          not use any such confidential information other than for the purpose of complying with its obligations under this Agreement; and

     

    (iii)        procure that any person to whom any such confidential information is disclosed by it complies with the restrictions contained in this Section 16 or similar terms of confidentiality.

     

    (c)         The Company shall be permitted to disclose the subject matter and provisions of this Agreement to any existing or potential investor and their respective advisers or representatives,
      provided the Company procures that such investor complies with the restrictions in this Section 16 as if it were a party to this Agreement.

     

    (d)          Notwithstanding the other provisions of this Section 16, either Party may disclose any such confidential information:

     

    (i)           to the extent required by law;

     

    (ii)          to the extent required by existing contractual obligations;

     

    
      
        	25
	
                CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

              

      

      
        

    

    (iii)          to its professional advisers, auditors and bankers provided they have a duty to keep such information confidential;

     

    (iv)          to the extent the information has come into the public domain through no fault of that party;

     

    (v)          to the extent permitted pursuant to Section 15; or

     

    (vi)         to the extent the other Party has given prior written consent to the disclosure.

     

    (e)          Any information to be disclosed pursuant to Section 16(d)(i) (other than information required to be disclosed in tax returns or other tax filings) and Section 16(d)(ii)
      above shall be disclosed only after, to the extent permitted by law, written notice to the other Party. The restrictions contained in this Section 16 shall continue to apply after the termination of this Agreement without limit in time.

     

    (f)          For the avoidance of doubt, as between the Foundation and the Company, nothing in Section 9 or 10 of the Shareholders’ Agreement will limit or restrict the Foundation’s rights pursuant
      to this Agreement and in the event of any conflict between the terms of Section 9 or 10 of the Shareholders’ Agreement and this Agreement, the terms of this Agreement will prevail and control.

     

    
      	
              17.

            	
              Entire Agreement; Modification

            

    

     

    This Agreement and the other Investment Documents, including all exhibits hereto and thereto, set forth all the covenants, promises, agreements, warranties, representations, conditions and understandings between the
      Parties with respect to the subject matter of the Investment Documents, and supersede and terminate all prior agreements, negotiation and understandings between the Parties, whether oral or written, with respect to such subject matter. No subsequent
      alteration, modification, amendment, change or addition to this Agreement shall be binding upon the Parties unless reduced to writing and signed by the respective authorized officers of the Parties. In the event of a conflict between the terms of
      this Agreement and the terms of any other Investment Document, the terms of this Agreement shall prevail.

     

    
      	
              18.

            	
              Specific Performance

            

    

     

    Each of the Parties acknowledges and agrees that the other Party would be damaged irreparably in the event any of the provisions of this Agreement are not performed in accordance with their specific terms or otherwise
      are breached or violated. Accordingly, each of the Parties agrees that, without posting bond or other undertaking, each Party will be entitled to an injunction or injunctions to prevent breaches or violations of the provisions of this Agreement and
      to enforce specifically this Agreement and the terms and provisions hereof in any action instituted in any court having jurisdiction over the Parties and the matter in addition to any other remedy to which it may be entitled, at law or in equity,
      except as otherwise provided in Section 3(n). Each Party

     

    
      
        	26
	
                CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

              

      

      
        

    

    further agrees that, in the event of any action for specific performance in respect of such breach or violation, it will not assert the defense that a remedy at law would be adequate.

     

    
      	
              19.

            	
              Binding Agreement

            

    

     

    The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties.

     

    
      	
              20.

            	
              Third Party Rights

            

    

     

    The Parties do not intend that any term of this Agreement should be enforceable, by virtue of the Contracts (Rights of Third Parties) Act 1999, by any person who is not a party to this Agreement.

     

    
      	
              21.

            	
              Authority

            

    

     

    Each of the Company and the Foundation covenants and warrants with respect to itself that it has all authority necessary to execute this Agreement and that, on execution, this Agreement will be fully binding and
      enforceable in accordance with its terms, and that no other consents or approvals of any other Person or third parties are required or necessary for this Agreement to be so binding.

     

    
      	
              22.

            	
              Waiver

            

    

     

    Failure or delay by either Party in exercising or enforcing any provision, right, or remedy under this Agreement, or waiver of any remedy hereunder, in whole or in part, shall not be deemed a waiver thereof, or prevent
      the subsequent exercise of that or any other rights or remedy. The rights, powers and remedies provided in this Agreement are cumulative and not exclusive of any rights, powers and remedies provided by law.

     

    
      	
              23.

            	
              Further Assurances

            

    

     

    From time to time after the Effective Date, each Party shall execute, acknowledge and deliver to each other any further documents, assurances, and other matters, and will take any other action consistent with the terms
      and conditions of this Agreement, that may reasonably be requested by a Party and necessary or desirable to carry out the purpose of this Agreement.

     

    
      	
              24.

            	
              Interpretation

            

    

     

    The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used
      in this Agreement, they shall be deemed to be followed by the words “without limitation.”

     

    
      
        	27
	
                CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

              

      

      
        

    

    
      	
              25.

            	
              Counterparts

            

    

     

    This Agreement may be executed in one or more counterparts, including by signatures delivered by facsimile or pdfs, each of which shall be deemed an original, but all of which shall be deemed to be and constitute one
      and the same instrument.

     

    
      	
              26.

            	
              Severability

            

    

     

    If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such
      provision were so excluded and shall be enforceable in accordance with its terms.

     

    
      	
              27.

            	
              Expenses

            

    

     

    The Company and the Foundation shall pay their own costs and expenses incurred with respect to the negotiation, execution, delivery and performance of this Agreement.

     

    
      	
              28.

            	
              Governing Law

            

    

     

    This Agreement and any dispute, controversy, proceedings or claim of whatever nature arising out of or in any way relating to this Agreement or its formation (including non-contractual disputes or claims), shall be
      governed by and construed in accordance with English law and any dispute will be submitted to the exclusive jurisdiction and venue of the courts located in London, England.

     

    [Signature Page Follows]

     

    
      
        	28
	
                CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

              

      

      
        

    

    Exhibit 10.10

     

    CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE
        TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

     

    Global Access Commitments Agreement - Signature Page

     

    IN WITNESS WHEREOF, the Parties have caused this Global Access Commitments Agreement to be executed by their duly authorized representatives as of the date first written above.

     

    	
            Immunocore Limited

          	 
	 	 
	
            By:

          	
            /s/ Bahija Jallal

          	 

    	
            Name:

          	
            Bahija Jallal

          	 

    	
            Title:

          	
            Chief Executive Officer

          	 

    

    

    	
            Bill & Melinda Gates Foundation

          	 
	 	 	 
	
            By:

          	
            /s/ Carolyn Ainslie

          	 

    	
            Name:

          	
            Carolyn Ainslie

          	 

    	
            Title:

          	
            Chief Financial Officer

          	 

    

    

    
      
        	29
	
                CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

              

      

      
        

    

    
    Execution Version

     

    Annex 1

     

    Developing Countries

     

    	
            •

          	
            Afghanistan

          	
            •

          	
            Haiti

          	
            •

          	
            Philippines

          
	
            •

          	
            Angola

          	
            •

          	
            India

          	
            •

          	
            Rwanda

          
	
            •

          	
            Azerbaijan

          	
            •

          	
            Indonesia

          	
            •

          	
            Russian Federation

          
	
            •

          	
            Bangladesh

          	
            •

          	
            Kazakhstan

          	
            •

          	
            São Tomé e Príncipe

          
	
            •

          	
            Belarus

          	
            •

          	
            Kenya

          	
            •

          	
            Senegal

          
	
            •

          	
            Benin

          	
            •

          	
            Korea, DPR

          	
            •

          	
            Sierra Leone

          
	
            •

          	
            Botswana

          	
            •

          	
            Kyrgyz Republic

          	
            •

          	
            Solomon Islands

          
	
            •

          	
            Brazil

          	
            •

          	
            Lao PDR

          	
            •

          	
            Somalia

          
	
            •

          	
            Burkina Faso

          	
            •

          	
            Lesotho

          	
            •

          	
            South Africa

          
	
            •

          	
            Burundi

          	
            •

          	
            Liberia

          	
            •

          	
            South Sudan

          
	
            •

          	
            Cambodia

          	
            •

          	
            Madagascar

          	
            •

          	
            Sudan, Republic of

          
	
            •

          	
            Cameroon

          	
            •

          	
            Malawi

          	
            •

          	
            Swaziland

          
	
            •

          	
            Central African Republic

          	
            •

          	
            Mali

          	
            •

          	
            Tajikistan

          
	
            •

          	
            Chad

          	
            •

          	
            Mauritania

          	
            •

          	
            Tanzania, United Republic of

          
	
            •

          	
            China

          	
            •

          	
            Moldova

          	
            •

          	
            Thailand

          
	
            •

          	
            Comoros

          	
            •

          	
            Mozambique

          	
            •

          	
            Togo

          
	
            •

          	
            Congo, Dem Republic of

          	
            •

          	
            Myanmar

          	
            •

          	
            Uganda

          
	
            •

          	
            Côte d’Ivoire

          	
            •

          	
            Namibia

          	
            •

          	
            Ukraine

          
	
            •

          	
            Djibouti

          	
            •

          	
            Nepal

          	
            •

          	
            Uzbekistan

          
	
            •

          	
            Eritrea

          	
            •

          	
            Nicaragua

          	
            •

          	
            Vietnam

          
	
            •

          	
            Ethiopia

          	
            •

          	
            Niger

          	
            •

          	
            Yemen

          
	
            •

          	
            Gambia

          	
            •

          	
            Nigeria

          	
            •

          	
            Zambia

          
	
            •

          	
            Ghana

          	
            •

          	
            Pakistan

          	
            •

          	
            Zimbabwe

          
	
            •

          	
            Guinea

          	
            •

          	
            Papua New Guinea

          	
            

            

          	

          
	
            •

          	
            Guinea Bissau

          	
            •

          	
            Peru

          	
            

            

          	

          

    

    

    
      
        	Annex 1 of 1
	
                CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

              

      

      
        

    

    
    Execution Version

     

    Annex 2

    Original Scope of Work

     

    Project Governance Plan

     

    Formation and Composition of a Joint Steering Committee

    As soon as reasonably possible and in any event within [***] after the Effective Date, the Company and the Foundation shall establish a Joint Steering Committee (the “JSC”) to monitor and coordinate the communication
      and activities under the Original Scope of Work and the Amended Scope of Work. The JSC shall be composed of at least [***] but no more than [***] representatives designated by each Party and, in each case, a simple majority of representatives will be
      from the Company. Representatives must be appropriate for the tasks then being undertaken and the stage of research or pre-clinical or clinical development relevant to any research plans, in terms of their seniority, availability, function in their
      respective organizations, training and experience. Each Party may replace its representatives from time to time upon written notice to the other Party; provided, however, if a Party’s representative is unable to attend a meeting, such Party may
      designate an alternate to attend such meeting by providing notification in writing to the other Party’s representatives and following provision of such written notification the alternate will be entitled to perform the functions of such
      representative. Each Party, with prior written approval may invite subject matter experts to attend and contribute to JSC meetings. The committee will meet in-person, annually to discuss progress against key deliverables and investment milestones.
      Additional meetings may be scheduled either in person or via tele/video conferencing to address specific challenges as they arise. For the avoidance of doubt, the JSC shall be advisory in nature and shall not have a decision-making role provided,
      however, that the Company will consider any recommendations made by the JSC in good faith.

     

    JSC Responsibilities

    In addition to its overall responsibility for monitoring the activities performed under the Original Scope of Work and the Amended Scope of Work, the JSC shall, in particular:

     

    	

          	(a)	
            monitor and communicate (as far as legally permissible) developments and target products made by parties external to the collaboration that may influence the Original Scope of Work and the Amended Scope of Work and take into account such
              developments and products when undertaking the remaining JSC responsibilities;

          

    	

          	(b)	
            review treatment and payer trends in the Developing Countries that may influence the Original Scope of Work and the Amended Scope of Work;

          

    	

          	(c)	
            generate and maintain a list of all Research Tools created under the Original Scope of Work and the Amended Scope of Work;

          

    	

          	(d)	
            generate and maintain a plan of future publications;

          

    	

          	(e)	
            generate and maintain target product profiles for each Global Health Program;

          

    	

          	(f)	
            monitor the budget for each Global Health Program, and as data emerge, ensure the appropriate allocation of resources to the most promising Program(s) review CMC and regulatory strategy for appropriateness relative to TPP

          

     

    

    
      
        	Annex 2-1
	
                CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

              

      

      
        

    

    
    	

          	(g)	
            review plans for the development and Phase I testing of any Development Products; and

          

    	

          	(h)	
            review the scientific appropriateness, planning and execution of NHP models for the Development Programs.

          

     

    [***]

     

    
      
        	Annex 2-2
	
                CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

              

      

      
        

    

    
    Execution Version

     

    

    
      Annex 3

      

      

      Amended Scope of Work Framework and Goals

         

    [***]

     

    
      
        	Annex 3-1
	
                CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

              

      

      
        

    

    Execution Version

     

    Annex 4

     

    OFFICER’S/DIRECTOR’S] CERTIFICATE TO BE PROVIDED

    IN ACCORDANCE WITH SECTION 9(a)

     

    Immunocore Limited

     

    [DATE]

     

    This certificate is being delivered by Immunocore Limited, a United Kingdom corporation, (the “Company”), pursuant to Section 9(a) of the Global Access Commitments Agreement between
      the Company and the Bill & Melinda Gates Foundation (the “Foundation”) dated as of [            ] ______, 2020 (the “Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the
      Agreement.

     

    The Company certifies as follows:

     

    1.           During the fiscal year ended [DATE], the Company met the requirements of the Foundation Investment as set forth in the Agreement that were required to be complied with or performed by
      the Company during such time period.

     

    2.          Attached as Exhibit A to this certificate is a description of the Company’s use of proceeds of the Foundation Investment during the fiscal year ended [DATE]. Such exhibit shall
      describe the purposes for which the proceeds were used with sufficient detail to enable the Foundation, in its reasonable discretion, to confirm that the Company expended such proceeds consistent with the uses permitted under Section 2(c) of
      the Agreement. In addition, with respect to any year in which a loan from the Foundation to the Company is outstanding, such exhibit shall also include the specific dollar amount of loan proceeds from the Foundation that were expended by the Company
      during the relevant reporting period.

     

    3.          Attached as Exhibit B to this certificate is the Company’s evaluation of the Company’s progress with respect to the Global Health Programs, including information regarding
      progress against the Global Access Commitments (as set forth in the Investment Documents) during the fiscal year ended [DATE].

     

    IN WITNESS WHEREOF, the undersigned has executed this certificate and has caused this certificate to be delivered on the date first above written.

     

    	 	
            Immunocore Limited

          
	 	 
	 	
            By:

          	 	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    
      
        	Annex 4-1
	
                CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

              

      

      
        

    

    Execution Version

     

    Annex 5

     

    OFFICER’S/DIRECTOR’S] CERTIFICATE TO BE PROVIDED

    IN ACCORDANCE WITH SECTION 9(b)

     

    Immunocore Limited

     

    [DATE]

     

    This certificate is being delivered by Immunocore Limited, a United Kingdom corporation (the “Company”), pursuant to Section 9(b) of the Global Access Commitments Agreement between the
      Company and the Bill & Melinda Gates Foundation dated as of [      ] ___, 2020 (the “Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Letter Agreement.

     

    The Company certifies as follows:

     

    1.           During the term of the Foundation Investment, the Company met the requirements of the Foundation Investment as set forth in the Agreement that were required to be complied with or
      performed by the Company during such time period.

     

    2.          Attached as Exhibit A to this certificate is a description of the Company’s use of proceeds of the Foundation Investment during the term of the Foundation Investment. Such exhibit
      shall describe the purposes for which the proceeds were used with sufficient detail to enable the Foundation, in its reasonable discretion, to confirm that the Company expended such proceeds consistent with the uses permitted under Section 2(c)
      of the Agreement.

     

    3.           Attached as Exhibit B to this certificate is the Company’s evaluation of the Company’s progress on the Global Health Programs, including information regarding progress against
      the Global Access Commitments (as set forth in the Investment Documents) during the term of the Foundation Investment.

     

    IN WITNESS WHEREOF, the undersigned has executed this certificate and has caused this certificate to be delivered on the date first above written.

     

    	 	
            Immunocore Limited

          
	 	 
	 	
            By:

          	 	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

  

  
    	Annex 5-1
	
            CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.Exhibit 10.12

   

  

  	 	 

    

  DATED 28 March 2017

   
   

   
  	

        	(1)	MEPC MILTON PARK NO. 1 LIMITED AND MEPC MILTON PARK NO. 2 LIMITED

   
   

   
  	

        	(2)	IMMUNOCORE LIMITED

   
   

    
  
     

  

   
  LEASE

   
   

    
  
     

  

   
  relating to

   
   

   
  91 Park Drive 

   
  Milton Park

   
   

   
  +44 (0) 1235 836600

   
  BSDR.COM

   
  DX 144160 ABINGDON 4

   
   

   
  BrookStreet des Roches LLP

   
  25A Western Avenue, Milton Park,

   
  Abingdon, Oxfordshire, OX14 4SH

   
   

   
   

   
   

   
  
     

    
      
 

  

  PRESCRIBED CLAUSES

   
   

    
  	LR1.  Date of lease	
          28 March 2017

        
	LR2.  Title number(s)	
          LR2.1 Landlord’s title number(s)

        
	 	
           BK102078

        
	 	
          LR2.2 Other title number(s)

        
	 	
          ON122118, ON122717, ON130606, ON145942, ON146219, ON225380, ON38283, ON72772, ON96949, ON216090

        
	LR3.  Parties to this lease	
          Landlord

        
	 	
          MEPC MILTON PARK NO. 1 LIMITED (Company number 5491670) and MEPC MILTON PARK NO. 2 LIMITED (Company number 5491806), on behalf of MEPC Milton LP
              (LP No. LP14504), both of whose registered offices are at Lloyds Chambers 1 Portsoken Street London E1 8HZ

        
	 	
          Tenant

        
	 	
          IMMUNOCORE LIMITED (Company  number 6456207) whose registered office is at 101 Park Drive Milton Park Abingdon Oxfordshire OX14 4RY

        
	 	
          Other parties

        
	 	
          None

        
	LR 4.  Property	
          In the case of a conflict  between  this clause and the remainder  of this lease then, for the purposes of registration, this clause shall prevail.

        
	 	
          91 Park Drive, Milton Park, Abingdon, Oxfordshire, OX14 4RY shown edged red on the Plan with a net internal floor area
              of 2,808.65 square metres (30,233 square feet) measured in accordance with the RICS Code  of Measuring Practice (sixth edition)

        
	LR5.  Prescribed Statements etc.	
          None

        
	LR6.  Term for which the Property is leased	
          From and including 17 March 2017

        
	 	
          To and including 28 September 2040

        
	LR7.  Premium	
          None

        
	LR8.  Prohibitions  or restrictions on disposing of this lease	
          This lease contains a provision that prohibits or restricts dispositions

        
	LR9.  Rights of acquisition  etc.	
          LR9.1 Tenant’s contractual rights to renew this lease, to acquire the reversion  or another  lease of the Property,  or to acquire an interest in other land

        
	 	
          None

        
	 	
          LR9.2 Tenant’s covenant to (or offer  to) surrender this lease

        
	 	
          None

        
	 	
          LR9. 3 Landlord’s contractual rights to acquire this lease

        
	 	
          None

        

   
   

    
  
     

  

   
   

  

  1

   
   

    
  
     

    
      
 

  

   

   
  	LR10. Restrictive covenants given in
              this lease by the Landlord in respect of land other than the Property	
          None

        
	LR11. Easements	
          LR11.1 Easements granted by this lease for the benefit of the Property

        
	 	
          The easements specified in Part I of the First Schedule of this lease

        
	 	
          LR11.2 Easements granted or reserved by this lease over the Property for the benefit of other property

        
	 	
          The easements specified in Part II of the First Schedule of this lease

        
	LR12. Estate rentcharge burdening the Property	
          None

        
	LR13. Application for standard form of restriction	
          None

        
	LR14. Declaration of trust where there is more than one person comprising the Tenant	
          None

        

   
   

   
  
     

  

   
   

  

  2

   
   

   
  
     

    
      
 

  

    
   

   
  

   
   

    
  
     

    
      
 

  

   

   
  

   
   

    
  
     

    
      
 

  

   

   
   

   
   

   
    

    
  
     

    
      
 

  

   

   
  This lease made on the date and between the parties specified in the Prescribed Clauses Witnesses as follows:

   
   

   
  	

        	1	Definitions and Interpretation

   
   

   
  In this lease unless the context otherwise requires:

   
   

   
  	

        	1.1	Definitions

   
   

   
  Adjoining Property means any adjoining or neighbouring premises in which the Landlord
      or a Group Company of the Landlord holds or shall at any time during the Term hold a freehold or leasehold interest;

   
   

   
  Agreement for Lease means the agreement dated 14 September 2016 made between (1) MEPC Milton Park No. 1
      Limited and MEPC Milton Park No. 2 Limited, on behalf of MEPC Milton LP, and (2) Immunocore Limited, as varied by a Deed of Variation dated 14 March 2017 made between (1) MEPC Milton Park No. 1 Limited and MEPC Milton Park No. 2 Limited, on behalf of
      MEPC Milton LP, and (2) Immunocore Limited providing, inter alia, for the grant of this lease and the grant of the 95 Lease;

   
   

   
  Base Rate means the base rate from time to time of Barclays Bank PLC or (if not available) such comparable
      rate of interest as the Landlord shall reasonably require;

   
   

   
  Break Date 1 means 28 September 2020;

   
   

   
  Break Date 2 means 28 September 2025; 

   
   

   
  Break Date 3 means 28 September 2030;

   
   

   
  Break Date 4 means 28 September 2035;

   
   

   
  Building Specification means the specification marked “Building Specification” annexed to this lease;

   
   

   
  Centre means the external part of the Property (being all of the Property excluding the building marked
      “91” on the Plan) and includes any part of the Centre and any alteration or addition to it or replacement of it and any additional buildings or structures constructed on it;

   
   

   
  Centre Common Areas means the roads, accesses, the parking and other areas of the Centre;

   
   

   
  Centre Services means the services provided or procured by the Landlord in relation to the Centre as set
      out in Part III of the Fourth Schedule;

   
   

   
  Common Control means that each of the companies concerned has 50% or more of its outstanding voting stock
      in the ownership of the same persons or companies;

   
   

   
  Conduit means any existing or future media for the passage of substances or energy and any ancillary
      apparatus attached to them and any enclosures for them;

   
   

   
  Contractual Term means the term specified in the Prescribed Clauses;

   
   

   
  Encumbrances means the obligations and encumbrances (if any) specified in Part III of the First Schedule;

   
   

   
  Estate means Milton Park, Abingdon, Oxfordshire (of which the Property forms part) and the buildings from
      time to time standing on it shown on the Plan together with any other adjoining land which is incorporated into Milton Park;

   
   

   
  Estate Common Areas means the roads, accesses, landscaped areas, car parks, estate management offices and
      other areas or amenities on the Estate or outside the Estate but serving or otherwise benefiting the Estate as a whole which are from time to time provided or designated for the common amenity or benefit of the owners or occupiers of the Estate;

   
   

   
  Estate Services means the services provided or procured by the Landlord in relation to the Estate as set
      out in Part II of the Fourth Schedule;

   
   

   
  Group Company means a company which is a member of the same group of companies within the meaning of
      Section 42 of the 1954 Act or is within Common Control;

   
   

   
  Guarantor means any party to this lease so named in the Prescribed Clauses (which in the case of an
      individual includes his personal representatives) and any guarantor of the obligations of the Tenant for the time being;

   
   

   
  
     

  

   
   

  

  3

   
   

   
  
     

    
      
 

  

  Insurance Commencement Date means 17 March 2017;

   
   

   
  Insured Risks means fire, lightning, earthquake, explosion, terrorism, aircraft (other than hostile
      aircraft) and other aerial devices or articles dropped therefrom, riot, civil commotion, malicious damage, storm or tempest, bursting or overflowing of water tanks apparatus or pipes, flood and impact by road vehicles (to the extent that insurance
      against such risks may ordinarily be arranged with an insurer of good repute) and such other risks or insurance as may from time to time be reasonably required by the Landlord (subject in all cases to such usual exclusions and limitations as may be
      imposed by the insurers), and Insured Risk means any one of them;

   
   

   
  Landlord means the party to this lease so named in the Prescribed Clauses and includes any other person
      entitled to the immediate reversion to this lease;

   
   

   
  Landlord’s Surveyor means a suitably qualified person or firm appointed by the
      Landlord (including an employee of the Landlord or a Group Company) to perform the function of a surveyor for the purposes of this lease;

   
   

   
  Lease Particulars means the descriptions and terms in the section headed Lease
        Particulars which form part of this lease insofar as they are not inconsistent with the other provisions of this lease;

   
   

   
  Permitted Use means use within Class B1 of the 1987 Order

   
   

   
  Plan means the plan or plans annexed to this lease;

   
   

   
  Prescribed Clauses means the descriptions and terms in the section headed Prescribed

        Clauses which form part of this lease;

   
   

   
  Principal Rent means SIX HUNDRED AND SEVEN THOUSAND EIGHT HUNDRED AND SEVENTY SIX
      POUNDS AND TWENTY SIX PENCE (£607,876.26) per annum subject to increase in accordance with the Second Schedule;

   
   

   
  Property means the property described in the Prescribed Clauses and includes any part of it, any
      alteration or addition to the Property and any fixtures and fittings in or on the Property;

   
   

   
  Quarter Days means 25 March, 24 June, 29 September and 25 December in every year and
      Quarter Day means any of them;

   
   

   
  Rent Commencement Date means 17 March 2017;

   
   

   
  Review Dates means 29 September 2020 (Review

        Date 1), 29 September 2025 (Review Date 2), 29 September 2030 (Review Date 3) and 29 September 2035 (Review Date 4);

   
   

   
  Service Charge means the Service Charge set out in the Fourth Schedule;

   
   

   
  Service Charge Commencement Date means 17 March 2017;

   
   

   
  Services means the Estate Services and the Centre Services;

   
   

   
  Subletting Unit means part of the Property consisting of a whole floor or a part of a floor comprising a
      Wing;

   
   

   
  Tenant means the party to this lease so named in the Prescribed Clauses and includes its successors in
      title;

   
   

   
  Term means the Contractual Term together with any continuation of the term or the
      tenancy (whether by statute, common law holding over or otherwise);

   
   

   
  This lease means this lease and any document supplemental to it or entered into
      pursuant to it;

   
   

   
  Uninsured Risk means an Insured Risk against which insurance is from time to time unobtainable on normal
      commercial terms in the London insurance market at reasonable commercial rates for a property equivalent in size, layout, type and location.

   
   

   
  VAT means Value Added Tax and any similar tax substituted for it or levied in
      addition to it;

   
   

   
  Wing means any of the ground floor east wing, ground floor west wing, first floor east wing or first
      floor west wing as shown on the Plan;

   
   

   
  95 Lease means the lease of 95 Park Drive Milton Park as contemplated by the
      Agreement for Lease;

   
   

   
  1954 Act means the Landlord and Tenant Act 1954;

   
   

   
  
     

  

   
   

  

  4

   
   

   
  
     

    
      
 

  

  1987 Order means the Town and Country Planning (Use Classes) Order 1987 (as originally made);

   
   

   
  1995 Act means the Landlord and Tenant (Covenants) Act 1995;

   
   

   
  2003 Order means The Regulatory Reform (Business Tenancies) (England and Wales) Order 2003.

   
   

   
  	

        	1.2	Interpretation

   
   

   
  	

        	1.2.1	If the Landlord, the Tenant or the Guarantor is more than one person then their covenants are joint and several;

   
   

   
  	

        	1.2.2	Any reference to a statute includes any modification extension or re-enactment of it and any orders, regulations, directions, schemes and rules made
            under it;

   
   

   
  	

        	1.2.3	Any covenant by the Tenant not to do any act or thing includes an obligation not knowingly to permit or suffer such act or thing to be done;

   
   

   
  	

        	1.2.4	If the Landlord reserves rights of access or other rights over or in relation to the Property then those rights extend to persons authorised by it;

   
    

   
  	

        	1.2.5	References to the act or default of the Tenant include acts or default or negligence of any undertenant or of anyone at the Property with the
            Tenant’s or any undertenant’s permission or sufferance;

   
   

   
  	

        	1.2.6	The index and Clause headings in this lease are for ease of reference only;

   
   

   
  	

        	1.2.7	References to the last year of the Term shall mean the twelve months ending on the expiration or earlier termination of the Term;

   
   

   
  	

        	1.2.8	References to Costs include all liabilities, claims, demands, proceedings, damages, losses and proper and reasonable costs and expenses;

   
   

   
  	

        	1.2.9	References to Principal Rent, Current Rent, Indexed Rent and Revised Rent are references to yearly sums.

   
   

   
  	

        	2	Demise

   
   

   
  The Landlord with Full Title Guarantee DEMISES the Property to the Tenant for the
      Contractual Term TOGETHER WITH the rights set out in Part I of the First Schedule, EXCEPT AND RESERVING as mentioned in Part II of the First Schedule and SUBJECT TO the Encumbrances;

   
   

   
  	

        	3	Rent

   
   

   
  The Tenant will pay by way of rent during the Term or until released pursuant to the 1995 Act without any
      deduction counterclaim or set off except where required by law:

   
   

   
  	

        	3.1	The Principal Rent and any VAT by equal quarterly payments in advance on the Quarter Days to be paid by Direct Debit, Banker’s
            Standing Order or other means as the Landlord requires, the first payment for the period from and including the Rent Commencement Date to (but excluding) the next Quarter Day to be made on the Rent Commencement Date;

   
   

   
  	

        	3.2	The Service Charge and any VAT at the times and in the manner set out in the Fourth Schedule;

   
   

   
  	

        	3.3	The following amounts and any VAT:

   
   

   
  	

        	3.3.1	the sums specified in Clauses 4.1 [interest] and 4.2 [outgoings and utilities];

   
   

   
  	

        	3.3.2	the sums specified in Clause 6.2.1 [insurance];

   
   

   
  	

        	3.3.3	all Costs incurred by the Landlord as a result of any breach of the Tenant’s covenants in this lease.

   
   

   
  	

        	4	Tenant’s covenants

   
   

   
  The Tenant covenants with the Landlord throughout the Term, or until released pursuant to
      the 1995 Act, as follows:

   
   

   
  	

        	4.1	Interest

   
   

   
  If the Landlord does not receive any sum due to it within 14 days of the due date to pay on demand interest on
      such sum at 2 per cent above Base Rate from the due date until payment

   
   

   
  
     

  

   
   

  

  5

   
   

   
  
     

    
      
 

  

  

  

    
  	 	 	(both before and after any judgment), provided this Clause shall not prejudice any other right or remedy for the recovery of such sum;
          

        
	 	 	 
	

        	4.2	Outgoings and Utilities

   
   

   
  	

        	4.2.1	To pay all existing and future rates, taxes, charges, assessments and outgoings in respect of the Property (whether assessed or
            imposed on the owner or the occupier), except any tax (other than VAT) arising as a result of the receipt by the Landlord of the rents reserved by this lease and any tax arising on any dealing by the Landlord with its reversion to this lease;

   
   

   
  	

        	4.2.2	To pay for all gas, electricity, water, telephone and other utilities used on the Property, and all charges in connection with such
            utilities and for meters and all standing charges, and a fair and reasonable proportion of any joint charges as determined by the Landlord’s Surveyor;

   
   

   
  	

        	4.3	VAT

   
   

   
  	

        	4.3.1	Any payment or other consideration to be provided to the Landlord is exclusive of VAT, and the Tenant shall in addition pay any VAT
            chargeable on the date the payment or other consideration is due;

   
   

   
  	

        	4.3.2	Any obligation to reimburse or pay the Landlord’s expenditure extends to irrecoverable VAT on that expenditure, and the Tenant shall
            also reimburse or pay such VAT;

   
   

   
  	

        	4.4	Repair

   
   

   
  	

        	4.4.1	To keep the Property (excluding the Centre) in good and substantial repair and condition (damage by any Uninsured Risk or by the
            Insured Risks excepted save to the extent that insurance moneys are irrecoverable as a result of the act or default of the Tenant);

   
   

   
  	

        	4.4.2	To make good any disrepair for which the Tenant is liable within 2 months after the date of written notice from the Landlord (or
            sooner if the Landlord reasonably requires);

   
   

   
  	

        	4.4.3	If the Tenant fails to comply with any such notice the Landlord may enter and carry out the work and the cost shall be reimbursed by
            the Tenant on demand as a debt;

   
   

   
  	

        	4.4.4	To enter into maintenance contracts with reputable contractors for the regular servicing of all plant and equipment serving only the
            Property;

   
   

   
  	

        	4.5	Decoration

   
   

   
  	

        	4.5.1	To clean, prepare and paint or treat and generally redecorate :

   
   

   
  	

        	(i)	all external parts of the Property (excluding the Centre) in every third year and in the last year of the Term;

   
   

   
  	

        	(ii)	all internal parts of the Property in every fifth year and in the last year of the Term;

   
   

   
  	

        	4.5.2	All the work described in Clause 4.5.1 is to be carried out:

   
   

   
  	

        	(i)	in a good and workmanlike manner to the Landlord’s reasonable satisfaction; and

   
   

   
  	

        	(ii)	in colours which (if different from the existing colour) are first approved in writing by the Landlord (approval not to be
            unreasonably withheld or delayed);

   
   

   
  	

        	4.6	Cleaning

   
   

   
  	

        	4.6.1	To keep the Property (excluding the Centre) clean, tidy and free from rubbish;

   
   

   
  	

        	4.6.2	To clean the inside and outside of windows and any washable surfaces at the Property as often as reasonably necessary;

   
   

   
  	

        	4.7	Overloading

   
   

   
  Not to overload the floors, ceilings or structure of the Property or any plant machinery or electrical
      installation serving the Property;

   
   

   
  
     

  

   
   

  

  6

   
   

   
  
     

    
      
 

  

  	

        	4.8	Conduits

   
   

   
  To keep the Conduits in or serving the Property clear and free from any noxious, harmful or deleterious
      substance, and to remove any obstruction and repair any damage to the Conduits as soon as reasonably practicable to the Landlord’s reasonable satisfaction;

   
   

   
  	

        	4.9	User

   
   

   
  	

        	4.9.1	Not to use the Property otherwise than for the Permitted Use;

   
   

   
  	

        	4.9.2	Not to use the Property for any purpose which is:

   
   

   
  	

        	(i)	noisy, offensive, dangerous, illegal, immoral or an actionable nuisance; or

   
   

   
  	

        	(ii)	which in the reasonable opinion of the Landlord causes damage or disturbance to the Landlord, or to owners or occupiers of any
            neighbouring property; or

   
   

   
  	

        	(iii)	which involves any substance which may be harmful, polluting or contaminating other than in quantities which are normal for and
            used in connection with the Permitted Use;

   
   

   
  	

        	4.10  

            	Signs

   
   

   
  

  	 	 	Not to erect any sign, notice or advertisement which is visible outside the Property without the Landlord’s prior written consent;
          

        
	 	 	 
	

        	4.11

            	 Alterations

   
   

   
  	

        	4.11.1	Not to make any alterations or additions which:

   
   

   
  	

        	(i)	affect the structural integrity of the Property (including without limitation the roofs and foundations and the principal or
            load-bearing walls, floors, beams and columns);

   
   

   
  	

        	(ii)	affect the external appearance of the Property;

   
   

   
  	

        	4.11.2	Not to make any other alterations or additions to the Property without the Landlord’s written consent (which is not to be
            unreasonably withheld or delayed) save that the Tenant may install or demount internal, non-structural partitioning without the consent of the Landlord provided plans showing the extent of such works are deposited with the Landlord promptly on
            completion of the works;

   
   

   
  	

        	4.12  

            	 Preservation of Easements

   
   

   
  	

        	4.12.1	Not to prejudice the acquisition of any right of light for the benefit of the Property and to preserve all rights of light and other
            easements enjoyed by the Property;

   
   

   
  	

        	4.12.2	Promptly to give the Landlord notice if any easement enjoyed by the Property is obstructed, or any new easement affecting the
            Property is made or attempted;

   
   

   
  	

        	4.13  

            	 Alienation

   
   

   
  	

        	4.13.1	Not to:

   
   

   
  	

        	(i)	assign, charge, underlet or part with possession of the whole or part only of the Property nor to agree to do so except by an
            assignment or underletting or charging of the whole of the Property or an underletting of a Subletting Unit permitted by this Clause 4.13;

   
   

   
  	

        	(ii)	share the possession or occupation of the whole or any part of the Property; 
	 	 	 
	 	(iii) 	assign, part with or share any of the benefits or burdens of this lease, or any interest derived from it by a virtual assignment or other similar arrangement;

   
   

   
  	

        	4.13.2	Charging

   
   

   
  Not to charge the whole of the Property without the Landlord’s written consent (not to be unreasonably withheld or
      delayed).

   
   

   
  	

        	4.13.3	Assignment

   
   

   
  Not to assign or agree to assign the whole of the Property without the Landlord’s written consent (not to be
      unreasonably withheld or delayed), provided that:

   
   

   
  
     

  

   
   

  

  7

   
   

   
  
     

    
      
 

  

  	

        	(i)	the Landlord may withhold consent in circumstances where in the reasonable opinion of the Landlord

   
   

   
  	

        	(a)	the proposed assignee is not of sufficient financial standing to enable it to comply with the Tenant’s covenants in this lease;
            or

   
   

   
  	

        	(b)	such persons as the Landlord reasonably requires do not act as guarantors for the assignee and do not enter into direct
            covenants with the Landlord including the provisions set out in the Third Schedule (but referring in paragraph 1.2 to the assignee);

   
   

   
  	

        	(ii)	the Landlord’s consent shall in every case be subject to conditions (unless expressly excluded) requiring that:

   
   

   
  	

        	(a)	the assignee covenants with the Landlord to pay the rents and observe and perform the Tenant’s covenants in this lease during
            the residue of the Term, or until released pursuant to the 1995 Act;

   
   

   
  	

        	(b)	the Tenant enters into an authorised guarantee agreement guaranteeing the performance of the Tenant’s covenants in this lease
            by the assignee including the provisions set out in paragraphs 1-5 (inclusive) of the Third Schedule (but omitting paragraph 1.2);

   
   

   
  	

        	(c)	all rent and other payments due under this lease are paid before completion of the assignment;

   
   

   
  	

        	4.13.4	Underletting
	 	 	 
	 	 	Not to underlet or agree to underlet the whole of the Property or a Subletting Unit nor vary the terms of any underlease without the Landlord’s written consent
            (not to be unreasonably withheld or delayed). Any permitted underletting must comply with the following:

   
    

   
  	

        	(i)	the rent payable under the underlease must be:

   
   

   
  	

        	(a)	not less than the rent reasonably obtainable in the open market for the Property or the Subletting Unit without fine or premium;

   
    

   
  	

        	(b)	payable no more than one quarter in advance;

   
   

   
  	

        	(c)	subject to upward only reviews at intervals no less frequent than the rent reviews under this lease;

   
   

   
  	

        	(ii)	the undertenant covenants with the Landlord and in the underlease:

   
   

   
  	

        	(a)	either:

   
   

   
  	

        	(I)	to observe and perform the Tenant’s covenants in this lease (except for payment of the rents) during the term of the
            underlease or until released pursuant to the 1995 Act; or

   
   

   
  	

        	(II)	to observe and perform the Tenant’s covenants in the underlease during the term of the underlease or until released pursuant to the 1995 Act

   
    

   
  	

        	(b)	not to underlet, share or part with possession or occupation of the whole or any part of the underlet premises, nor to assign or charge part only of
            the underlet premises;

   
   

   
  	

        	(c)	not to assign the whole of the underlet premises without the Landlord’s prior written consent (which shall not be unreasonably
            withheld or delayed);

   
   

   
  	

        	(iii)	all rents and other payments due under this lease (not the subject of a bona fide dispute) are paid before completion of the
            underletting;

   
   

   
  	

        	(iv)	in relation to any Subletting Unit Sections 24 to 28 of the 1954 Act must be excluded and before completion of the underletting
            a certified copy of each of the following documents must be supplied to the Landlord:

   
   

   
  
     

  

   
   

  

  8

   
   

   
  
     

    
      
 

  

  	

        	(a)	the notice served on the proposed undertenant pursuant to section 38A(3)(a) of the 1954 Act; and

   
   

   
  	

        	(b)	the declaration actually made by the proposed undertenant in compliance with the requirements of Schedule 2 of the 2003 Order;
            and

   
   

   
  	

        	(c)	the proposed form of underlease containing an agreement to exclude the provisions of sections 24 to 28 of the 1954 Act and a
            reference to both the notice pursuant to section 38A(3)(a) of the 1954 Act and the declaration pursuant to the requirements of Schedule 2 of the 2003 Order as referred to in this clause 4.13.3;

   
   

   
  	 	
          
            
              
                
                  and before completion of the underletting the Tenant must warrant to the Landlord that both the notice pursuant to section 38A(3)(a) of the 1954 Act has been
                      served on the relevant persons as required by the 1954 Act and the appropriate declaration pursuant to the requirements of Schedule 2 of the 2003 Order as referred to in this clause 4.13.3 has been made prior to the date on which the
                      Tenant and the proposed undertenant became contractually bound to enter into the tenancy to which the said notice applies;

                

              

            

          

        
	 	 	 
	

        	(v)	in relation to any Subletting Unit the underlease grants such rights as are appropriate for the separate occupation and use of
            the Subletting Unit, reserves such rights as are appropriate for the separate occupation and use of the remainder of the property let by this lease and to enable the Tenant to comply with its obligations under this lease, and reserves as rent:-

   
   

   
  	

        	(a)	a fair proportion of the cost of insuring the Property and the whole cost of insuring the loss of the principal rent and service
            charge payable under the underlease; and

   
    

   
  	

        	(b)	a service charge which provides for the undertenant to pay a fair and reasonable proportion of expenditure incurred by the
            Tenant in relation to the maintenance, repair, renewal, decoration and cleaning of the Property (including without limitation the Conduits, plant and equipment therein) and the provision of services to the Property

   
   

   
  	

        	(vi)	there shall be no more than four (4) units of occupation at any time and no more than two (2) units of occupation on a single
            floor (and for this purpose a unit of occupation shall comprise (a) each Subletting Unit which is separately underlet and (b) the residue of the net lettable area of the Property (if any) retained by the Tenant);

   
   

   
  	

        	(vii)	(in the case of an underletting of the whole of the Property) the underlease reserves as rent the Service Charge payable under
            this lease;

   
   

   
  	

        	(viii)	(in the case of an underletting of a Subletting Unit) the underlease reserves as rent a fair and reasonable proportion of the Service Charge payable
            under this lease;

   
   

   
  	

        	(ix)	if the Subletting Unit comprises less than a whole floor of the Property then unless the underletting either:

   
   

   
  	

        	(a)	contains a covenant on the part of the undertenant to observe and perform the Tenant’s covenants in this lease (except for
            payment of the rents) during the term of the underlease or until released pursuant to the 1995 Act; or

   
    

   
  	

        	(b)	is on terms obliging the undertenant to take a lease of the whole of the Property for the unexpired residue of the term of this
            lease (less one day) on the same terms as those contained in this lease (including as to rents and rent review) in the event of the immediate reversion to such underlease becoming vested in the Landlord
	 	 	 
	 	the underlease shall contain a break exercisable by the landlord on three (3) months’ notice in the event of the immediate reversion
            thereto becoming vested in the Landlord;

   
   

   
   

   
  
     

  

   
  

  

  9

   
   

   
  
     

    
      
 

  

  	

        	(x)	the underlease is in a form approved by the Landlord (such approval not to be unreasonably withheld or delayed)

   
   

   
  	

        	4.13.5	To take all necessary steps and proceedings to remedy any breach of the covenants of the undertenant under the underlease and not to permit any
            reduction of the rent payable by any undertenant;

   
   

   
  	

        	4.13.6	Group Sharing
	 	 	 
	 	 	Notwithstanding Clause 4.13.1 the Tenant may share occupation of the whole or any part of the Property with a Group Company;
	 	 	 
	 	 	PROVIDED THAT

   
   

   
  	

        	(a)	the relationship of landlord and tenant is not created; and

   
   

   
  	

        	(b)	occupation by any Group Company shall cease upon it ceasing to be a Group Company; and

   
   

   
  	

        	(c)	the Tenant informs the Landlord in writing before each occupier commences occupation and after it ceases occupation;

   
   

   
  	

        	4.14	 Registration

   
   

   
  Within 21 days to give to the Landlord’s solicitors (or as the Landlord may direct) written notice of any
      assignment, charge, underlease or other devolution of the Property or a Subletting Unit together with a certified copy of the relevant document and a reasonable registration fee of not less than £50;

   
   

   
  	

        	4.15	 Statutory Requirements and Notices

   
   

   
  	

        	4.15.1	To supply the Landlord with a copy of any notice, order or certificate or proposal for any notice order or certificate affecting or
            capable of affecting the Property as soon as it is received by or comes to the notice of the Tenant;

   
   

   
  	

        	4.15.2	To comply promptly with all notices served by any public, local or statutory authority, and with the requirements of any present or
            future statute or European Union law, regulation or directive (whether imposed on the owner or occupier), which affects the Property or its use;

   
   

   
  	

        	4.15.3	At the request of the Landlord, but at the joint cost of the Landlord and the Tenant, to make or join the Landlord in making
            such objections or representations against or in respect of any such notice, order or certificate as the Landlord may reasonably require;

   
   

   
  	

        	4.15.4	To observe and perform the obligations of any agreement entered into prior to the date of this lease under any statute or European
            Union law, regulation or directive so far as the same relates to the use and/or occupation of the Property;

   
   

   
  	

        	4.16	 Planning

   
   

   
  	

        	4.16.1	Not to apply for or implement any planning permission affecting the Property without first obtaining the Landlord’s written consent
            (not to be unreasonably withheld or delayed in cases where the subject matter of the planning permission has been approved by the Landlord pursuant to the other provisions of this lease);

   
   

   
  	

        	4.16.2	If a planning permission is implemented the Tenant shall complete all the works permitted and comply with all the conditions imposed
            by the permission before the determination of the Term (including any works stipulated to be carried out by a date after the determination of the Term unless the Landlord requires otherwise);

   
   

   
  	

        	4.17	 Contaminants and Defects

   
   

   
  	

        	4.17.1	To give the Landlord prompt written notice upon becoming aware of the existence of any defect in the Property, or of the existence
            of any contaminant, pollutant or harmful substance on the Property but not used in the ordinary course of the Tenant’s use of the Property;

   
   

   
  	

        	4.17.2	If so requested by the Landlord, to remove from the Property or remedy to the Landlord’s reasonable satisfaction any such
            contaminant, pollutant or harmful substance introduced on the Property by or at the request of the Tenant;

   
   

   
  
     

  

   
   

  

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  		4.18	Entry by Landlord

   

  To permit the Landlord at all reasonable times and on reasonable notice
      (which shall not be less than 72 hours’ notice except in emergency) to enter the Property in order to:

   

  		4.18.1	inspect and record the condition of the Property or the Centre or the Adjoining Property;

   

  		4.18.2	remedy any breach of the Tenant’s obligations under this lease;

   

  		4.18.3	repair, maintain, clean, alter, replace, install, add to or connect up to any Conduits which serve the Centre or the Adjoining Property;

   

  		4.18.4	repair, maintain, alter or rebuild the Centre or the Adjoining Property;

   

  		4.18.5	comply with any of its obligations under this lease;

   

  Provided that the Landlord shall only exercise such rights where necessary
      and shall cause as little inconvenience as reasonably practicable in the exercise of such rights and shall promptly make good all physical damage to the Property caused by such entry;

   

  		4.19	Landlord’s Costs

   

  To pay to the Landlord on demand amounts equal to such Costs as it may
      properly and reasonably incur:

   

  		4.19.1	in connection with any application for consent made necessary by this lease (including where consent is lawfully refused or the application is withdrawn);

   

  		4.19.2	incidental to or in reasonable contemplation of the preparation and service of a schedule of dilapidations (whether before or within three (3) months after the end of the
            Term) or a notice or proceedings under Section 146 or Section 147 of the Law of Property Act 1925 (even if forfeiture is avoided other than by relief granted by the Court);

   

  		4.19.3	in connection with the enforcement or remedying of any breach of the covenants in this lease on the part of the Tenant and any Guarantor;

   

  		4.19.4	incidental to or in reasonable contemplation of the preparation and service of any notice under Section 17 of the 1995 Act;

   

  		4.20	Yielding up

   

  Immediately before the end of the Term:

   

  		(i)	to give up the Property repaired and decorated and otherwise in accordance with the Tenant’s covenants in this lease;

   

  		(ii)	if the Landlord so requires, to remove all alterations made during the Term or any preceding period of occupation by the Tenant and reinstate the Property in accordance
            with the Building Specification, as the Landlord shall reasonably direct and to its reasonable satisfaction;

   

  		(iii)	to remove all signs, tenant’s fixtures and fittings and other goods from the Property, and make good any damage caused thereby to the Landlord’s reasonable satisfaction;

   

  		(iv)	to replace any damaged or missing Landlord’s fixtures with ones of no less quality and value;

   

  		(v)	to replace all carpets with ones of no less quality and value than those in the Property at the start of the Contractual Term;

   

  		(vi)	to give to the Landlord all operating and maintenance manuals together with any health and safety files relating to the Property;

   

  		(vii)	to provide evidence of satisfactory condition and maintenance of plant and machinery including (without limitation) electrical installation condition reports in respect of
            all of the electrical circuits and supply equipment in the Property, and any other condition reports as required under any relevant statute or European Union law, regulation or directive and copies of all service records;

  

   

  

  
  
     

  

  
  

    

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  		(viii)	to return any security cards or passes provided by the Landlord for use by the Tenant and its visitors.

   

  		4.21	Encumbrances

   

  To perform and observe the Encumbrances so far as they relate to the
      Property.

   

  		4.22	Roads Etc

   

  Not to obstruct the roads, pavements, footpaths and forecourt areas from
      time to time on the Estate in any way whatsoever and not to use any part of the forecourts and car parking spaces or other open parts of the Property for the purpose of storage or deposit of any materials, goods, container ships’ pallets, refuse,
      waste scrap or any other material or matter.

   

  		4.23	Parking Restrictions

   

  Except as to any right specifically granted in this
      lease not to permit any vehicles belonging to or calling upon the Tenant to stand on the roads, car parking spaces, forecourts, pavements or footpaths on the Estate.

   

  		4.24	Regulations etc

   

  		4.24.1	At all times during the Term to observe and perform such regulations (if any) in respect of the Centre or the Estate as the Landlord may reasonably think expedient to the
            proper management of the Centre or the Estate and which are notified to the Tenant.

   

  		4.24.2	Not to cause any obstruction to any part of the Centre or the Estate.

   

  		4.25	Land Registration Provisions

   

  		4.25.1	Promptly following the grant of this lease the Tenant shall apply to register this lease at the Land Registry and shall ensure that any requisitions raised by the Land
            Registry in connection with that application are dealt with promptly and properly and within one month after completion of the registration, the Tenant shall send the Landlord official copies of its title;

   

  		4.25.2	Immediately after the end of the Term (and notwithstanding that the Term has ended), the Tenant shall make an application to close the registered title of this lease and
            shall ensure that any requisitions raised by the Land Registry in connection with that application are dealt with promptly and properly and the Tenant shall keep the Landlord informed of the progress and completion of its application.

   

  		5	Landlord’s Covenants

   

  		5.1	Quiet Enjoyment

  

   

  The Landlord covenants with the Tenant that, the Tenant may peaceably enjoy
      the Property during the Term without any interruption by the Landlord or any person lawfully claiming under or in trust for it.

   

  		5.2	Provision of Services

   

  The Landlord will use its reasonable endeavours to provide or procure the
      provision of the Services PROVIDED THAT the Landlord shall be entitled to withhold or vary the provision or procurement of such of the Services as the Landlord considers necessary or appropriate in the interests of good estate management and PROVIDED
      FURTHER THAT the Landlord will not be in breach of this Clause as a result of any failure or interruption of any of the Services:

   

  		5.2.1	resulting from circumstances beyond the Landlord’s reasonable control, so long as the Landlord uses its reasonable endeavours to remedy the same as soon as reasonably
            practicable after becoming aware of such circumstances; or

   

  		5.2.2	to the extent that the Services (or any of them) cannot reasonably be provided as a result of works of inspection, maintenance and repair or other works being carried out
            at the Property or the Centre or the Estate.

   

  		6	Insurance

   

  		6.1	Landlord’s insurance covenants

   

  The Landlord covenants with the Tenant as follows:

   

  

  
  
     

  

  
   

    

  12

   

  
     

    
      
 

  

   

  		6.1.1	To insure the Property (other than tenant’s and trade fixtures and fittings) unless the insurance is invalidated in whole or in part by any act or default of the Tenant:

   

  		(i)	with an insurance office or underwriters of repute;

   

  		(ii)	against loss or damage by the Insured Risks;

   

  		(iii)	subject to such excesses as may be imposed by the insurers;

   

  		(iv)	in the full cost of reinstatement of the Property (in modern form if appropriate) including shoring up, demolition and site clearance, professional fees, VAT and allowance
            for building cost increases;

   

  		6.1.2	To insure against loss of the Principal Rent thereon payable or reasonably estimated by the Landlord to be payable under this lease arising from damage to the Property by
            the Insured Risks for three years or such longer period as the Landlord may reasonably require having regard to the likely period for reinstating the Property;

   

  		6.1.3	The Landlord will use its reasonable endeavours to procure that the insurer waives its rights of subrogation against the Tenant (so long as such provision is available in
            the London insurance market) and to ensure that the Tenant’s interest is noted on such policy (which may be by way of the policy providing for a general noting of the interests of tenants);

   

  		6.1.4	At the request and cost of the Tenant (but not more frequently than once in any twelve month period) to produce summary details of the terms of the insurance under this
            Clause 6.1;

   

  		6.1.5	To notify the Tenant as soon as becoming aware of any material change in the terms and conditions of the insurer in relation to the policy under which the Property is for
            the time being insured;

   

  		6.1.6	If the Property is destroyed or damaged by an Insured Risk, then, unless payment of the insurance moneys is refused in whole or part because of the act or default of the
            Tenant, and subject to obtaining all necessary planning and other consents to use the insurance proceeds (except those relating to loss of rent and fees) and any uninsured excess paid by the Tenant under Clause 6.2.4(ii) in reinstating the same
            (other than tenant’s and trade fixtures and fittings) as quickly as reasonably practicable substantially as it was before the destruction or damage in modern form if appropriate but not necessarily identical in layout

   

  		6.2	Tenant’s insurance covenants

   

  The Tenant covenants with the Landlord from and including the Insurance
      Commencement Date and then throughout the Term or until released pursuant to the 1995 Act as follows:

   

  		6.2.1	To pay to the Landlord on demand sums equal to:

   

  		(i)	the amount which the Landlord spends on insurance pursuant to Clause 6.1;

   

  		(ii)	the cost of property owners’ liability and third party liability insurance in connection with the Property;

   

  		(iii)	the cost of any professional valuation of the Property properly required by the Landlord (but not more than once in any two year period);

   

  		6.2.2	To give the Landlord immediate written notice on becoming aware of any event or circumstance which might affect or lead to an insurance claim;

   

  		6.2.3	Not to do anything at the Property which would or might prejudice or invalidate the insurance of the Property or the Adjoining Property or cause any premium for their
            insurance to be increased;

   

  		6.2.4	To pay to the Landlord on demand:

   

  		(i)	any increased premium and any Costs incurred by the Landlord as a result of a breach of Clause 6.2.3;

   

  		(ii)	any uninsured excess to which the insurance policy may be subject;

  

   

  

  
  
     

  

  
  

    

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  		(iii)	the whole of the irrecoverable proportion of the insurance moneys if the Property or any part are destroyed or damaged by an Insured Risk but the insurance moneys are
            irrecoverable in whole or part due to the act or default of the Tenant;

   

  		6.2.5	To comply with the requirements and reasonable recommendations of the insurers;

   

  		6.2.6	To notify the Landlord of the full reinstatement cost of any fixtures and fittings installed at the Property at the cost of the Tenant which become Landlord’s fixtures and
            fittings;

   

  		6.2.7	Not to effect any insurance of the Property against an Insured Risk but if the Tenant effects or has the benefit of any such insurance the Tenant shall hold any insurance
            moneys upon trust for the Landlord and pay the same to the Landlord as soon as practicable;

   

  		6.3	Suspension of Rent

   

  If the Property is unfit for occupation and use because of damage by an
      Insured Risk then (save to the extent that payment of the loss of rent insurance moneys is refused due to the act or default of the Tenant) the Principal Rent (or a fair proportion according to the nature and extent of the damage) shall be suspended
      until the date on which the Property is again fit for occupation and use.

   

  		6.4	Determination Right

   

  		6.4.1	If the Property is destroyed or damaged by an Insured Risk such that the Property is unfit for occupation and use and shall not be rendered fit for occupation and use
            within two years and nine months of the date of such damage then either the Landlord or the Tenant may whilst the Property has not been rendered fit for occupation and use terminate the Contractual Term by giving to the other not less than
            three (3) months’ previous notice in writing. PROVIDED THAT if the Property has been rendered fit for occupation and use within three years of the date of such damage then such notice shall be deemed not to have been given.

   

  		6.4.2	Termination of this lease pursuant to the provisions of Clause 6.4.1 shall be without prejudice to the liability of either party for any antecedent breach of the covenants
            and conditions herein contained (save for Clause 6.1.6 which shall be deemed not to have applied).

   

  		6.5	Uninsured Risks

   

  		6.5.1	For the purposes of this Clause 6.5:

   

  		(i)	These provisions shall apply from the date on which any Insured Risk becomes an Uninsured Risk but only in relation to the Uninsured Risk;

   

  		(ii)	References to an Insured Risk becoming an Uninsured Risk shall, without limitation, include the application by insurers of an exclusion, condition or limitation to an
            Insured Risk to the extent to which such risk thereby is or becomes an Uninsured Risk.

   

  		(iii)	The Landlord shall notify the Tenant in writing as soon as reasonably practicable after an Insured Risk becomes an Uninsured Risk.

   

  		6.5.2	If during the Term the Property (or part thereof) shall be damaged or destroyed by an Uninsured Risk so as to make the Property (or part therefore) unfit for occupation or
            use:

   

  		(i)	The Principal Rent and the Service Charge or a fair proportion according to the nature and extent of the damage sustained will not be payable until the earlier of the date
            on which:

   

  		(a)	The Property shall again be fit for occupation and use excluding fitting out and replacement of contents; or

   

  		(b)	This lease shall be terminated in accordance with Clause 6.5.2(ii) or 6.5.5

   

  		(ii)	The Landlord may within one year of the date of such damage or destruction serve notice on the Tenant confirming that it will reinstate the Property (a ‘Reinstatement
            Notice’) so that the Property shall be fit for occupation and use

  

   

  

  
  
     

  

  
   

    

  14

   

  
     

    
      
 

  

   

  and if the Landlord fails to serve a Reinstatement
      Notice by the expiry of such prescribed period the lease will automatically end on the date one year after the date of such damage or destruction.

   

  		6.5.3	Clause 6.5.2(i) shall not apply if an Insured Risk shall have become an Uninsured Risk owing to the act or default of the Tenant or any person deriving title under the
            Tenant or their respective agents, employees, licensee, invitees or contractors.

   

  		6.5.4	If the Landlord shall have served a Reinstatement Notice the provisions of Clause 6.1.6 shall apply as if the damage had been caused by an Insured Risk

   

  		6.5.5	If the Landlord shall have served a Reinstatement Notice and such reinstatement has not been completed by the date two years and nine months of the date of such damage at
            any time after that date the Landlord or the Tenant may terminate this lease by serving not less than three months’ notice on the other stating that it terminates this lease, and if by the end of such notice the Property has been reinstated so
            that the Property is fit for occupation and use the notice shall be void and this lease shall continue in full force and effect.

   

  		6.5.6	Service of a Reinstatement Notice shall not oblige the Landlord to replace any Tenant’s fitting out works or property belonging to the Tenant or any third party.

   

  		7	Provisos

   

  		7.1	Forfeiture

   

  If any of the following events occur:

   

  		7.1.1	the Tenant fails to pay any of the rents payable under this lease within 21 days of the due date (whether or not formally demanded); or

   

  		7.1.2	the Tenant or Guarantor breaches any of its obligations in this lease; or

   

  		7.1.3	the Tenant or Guarantor being a company incorporated within the United Kingdom

   

  		(i)	has an Administration Order made in respect of it; or

   

  		(ii)	passes a resolution, or the Court makes an Order, for the winding up of the Tenant or the Guarantor, otherwise than a member’s voluntary winding up of a solvent company
            for the purpose of amalgamation or reconstruction previously consented to by the Landlord (consent not to be unreasonably withheld); or

   

  		(iii)	has a receiver or administrative receiver or receiver and manager appointed over the whole or any part of its assets or undertaking; or

   

  		(iv)	is struck off the Register of Companies; or

   

  		(v)	is deemed unable to pay its debts within the meaning of Section 123 of the Insolvency Act 1986; or

   

  		7.1.4	proceedings or events analogous to those described in Clause 7.1.3 shall be instituted or shall occur where the Tenant or Guarantor is a company incorporated outside the
            United Kingdom; or

   

  		7.1.5	the Tenant or Guarantor being an individual:

   

  		(i)	has a bankruptcy order made against him; or

   

  		(ii)	appears to be unable to pay his debts within the meaning of Section 268 of the Insolvency Act 1986;

   

  then the Landlord may re-enter the Property or any part of the Property in
      the name of the whole and forfeit this lease and the Term created by this lease shall immediately end, but without prejudice to the rights of either party against the other in respect of any breach of the obligations contained in this lease;

   

  		7.2	Notices

   

  		7.2.1	All notices under or in connection with this lease shall be given in writing

   

  		7.2.2	Any such notice shall be duly and validly served if it is served (in the case of a company) to its registered office or (in the case of an individual) to his last known
            address;

  

  

   

  

  
  
     

  

  
   

    

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  		7.2.3	Any such notice shall be deemed to be given when it is:

   

  		(i)	personally delivered to the locations listed in Clause 7.2.2; or

   

  		(ii)	sent by registered post, in which case service shall be deemed to occur on the third Working Day after posting.

   

  		7.3	No Implied Easements

   

  The grant of this lease does not confer any rights over the Centre or the
      Estate or the Adjoining Property or any other property except those mentioned in Part I of the First Schedule, and Section 62 of the Law of Property Act 1925 is excluded from this lease;

   

  		8	Break Clause

   

  		8.1	If the 95 Lease shall not have been granted or required to have been granted pursuant to the Agreement for Lease prior to the last date for such notice to be given by the
            Tenant under this sub-clause 8.1 the Tenant may terminate the Contractual Term on Break Date 1 by giving to the Landlord not less than six (6) months’ previous notice in writing PROVIDED THAT if the 95 Lease shall have been granted or required
            to have been granted pursuant to the Agreement for Lease prior to the last date for such notice to be given by the Tenant then any such notice given by the Tenant shall be of no effect and the Contractual Term shall not end on Break Date 1;

   

  		8.2	The Tenant may terminate the Contractual Term on Break Date 2 or Break Date 3 or Break Date 4 by giving to the Landlord not less than six (6) months’ previous notice in
            writing;

   

  		8.3	Any notice given by the Tenant shall operate to terminate the Contractual Term only if:

   

  		8.3.1	the Principal Rent reserved by this lease has been paid by the time of such termination; and

   

  		8.3.2	the Tenant yields up the Property free from any subleases and other third party occupational interests on termination;

   

  		8.4	Upon termination the Contractual Term shall cease but without prejudice to any claim in respect of any prior breach of the obligations contained in this lease;

   

  		8.5	If:

   

  		8.5.1	the 95 Lease shall not have been granted or required to have been granted pursuant to the Agreement for Lease prior to the last date for notice to be given by the Tenant
            under sub-clause 8.1; and

   

  		8.5.2	the Tenant shall not give such notice under sub-clause 8.1 to terminate the Contractual Term on Break Date 1;

   

  then the Principal Rent shall be suspended from and including the date
      falling immediately after Break Date 1 for a period of one hundred and ninety (190) days, after which period the Tenant’s obligation to pay the Principal Rent shall resume;

   

  		8.6	If the Tenant does not terminate the Contractual Term on Break Date 2 the Principal Rent shall be suspended from and including the date falling immediately after Break
            Date 2 for a period of one hundred and ninety (190) days, after which period the Tenant’s obligation to pay the Principal Rent shall resume;

   

  		8.7	If the Tenant terminates this lease in accordance with this clause 8 the Landlord shall promptly reimburse the Tenant in respect of any sums received under this lease
            which relate to a period following termination of this lease.

   

  		8.8	Time shall be of the essence for the purposes of this Clause.

   

  		9	Contracts (Rights of Third Parties) Act 1999

   

  A person who is not a party to this lease has no right under the Contracts
      (Rights of Third Parties) Act 1999 to enforce any terms of this lease.

   

  		10	Environmental Conditions

   

  For the purposes of this clause the expression ‘Environment’ includes air,
      man-made structures and surface or substrata any surface water or ground water, any life form (including human) or eco system and notwithstanding any other provisions of this Lease to the extent that the Property, Centre or Estate are affected by
      contamination or pollution, the Environment or the 

   

  

  
  
     

  

  
   

    

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  presence of any substance harmful to the Environment present or occurring
      prior to this Lease otherwise than through the act or default of the Tenant or any party under their control (an ‘Environmental Condition’) the Tenant shall not:

   

  		10.1	be responsible for (or contribute to whether by Service Charge or otherwise) any management compliance with statutory requirements, clean up, remediation or containment of
            any such Environmental Condition; nor

   

  		10.2	be responsible to repair any damage disrepair or injury caused by or arising from any Environmental Condition; nor

   

  		10.3	be responsible to contribute to any cost, fine or liability of any kind arising out of or in any way connected with any Environmental Condition.

   

  Executed by the parties as a Deed on the date specified in the
      Prescribed Clauses.

   

  

  
  
     

  

  
   

    

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  The First Schedule

   

  Part I - Easements and Other Rights granted

   

  There are granted to the Tenant (in common with others authorised by the
      Landlord)

   

  		1	The right to use the relevant Estate Common Areas and the Centre Common Areas for access to and from the Property and for all purposes for which they are designed;

   

  		2	Free and uninterrupted use of all existing and future Conduits which serve the Property, subject to the Landlord’s rights to re-route the same subject to there being no
            unreasonable interruption of services;

   

  		3	The right to enter the Estate and/or the Adjoining Property excluding any buildings which are occupied as necessary to perform Clause 4.4 [repair] on reasonable prior
            written notice to the Landlord, subject to causing as little inconvenience as practicable and complying with conditions reasonably imposed by the Landlord and making good all physical damage caused.

   

  Part II - Exceptions and Reservations

   

  There are excepted and reserved to the Landlord (and others authorised by
      the Landlord):

   

  		1	The right to carry out any building, rebuilding, alteration or other works to the Centre, the Estate and the Adjoining Property (including the erection of scaffolding)
            notwithstanding any temporary interference with light and air enjoyed by the Property but provided that the Tenant’s use and enjoyment of the Property is not materially compromised;

   

  		2	Free and uninterrupted use of all existing and future Conduits which are in the Property and serve the Centre, the Estate or the Adjoining Property;

   

  		3	Rights of entry on the Property as referred to in Clause 4.18;

   

  		4	Rights of entry on the Centre in order to provide or procure the provision of the Services;

   

  		5	The right to use the Centre for access on foot to and from parts of the Estate not comprised in the Property;

   

  		6	The right to regulate and control in a reasonable manner the use of the Estate Common Areas;

   

  		7	The right to alter the layout of the roads forecourts footpaths pavements and car parking areas from time to time on the Estate in such manner as the Landlord may
            reasonably require PROVIDED THAT such alterations do not materially diminish the Tenant’s rights under this lease and that such works do not materially compromise the Tenant’s access to the Property;

   

  		8	The right in the last six months of the Term to view the Property with prospective tenants upon giving reasonable notice (not to be less than 72 hours) and the right
            throughout the Term to view the Property with prospective purchasers upon giving reasonable notice (not to be less than 72 hours).

   

  Part III - Encumbrances

   

  The covenants declarations and other matters affecting the Property
      contained or referred to in the Landlord’s freehold reversionary title number BK102078 as at the date of this lease

  

   

  

  
  
     

  

  
   

    

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  The Second Schedule

   

  Rent Review

   

  		1	In this Schedule:

   

  		1.1	Review Date means each of the Review Dates and Relevant Review Date shall be interpreted accordingly;

   

  		1.2	Current Rent means the Principal Rent payable under this lease immediately before the Relevant Review Date

   

  		1.3	Index means the Consumer Prices Index (CPI) published by the Office for National Statistics or (if not available) such index of comparative prices as the
            Landlord shall reasonably require;

   

  		1.4	Indexed Rent means:

   

  Current Rent multiplied by (A/B) per annum where:

   

  		A	= 	The figure shown in the Index for the month immediately before the Relevant Review Date; and

   

  		B	= 	(In the case of Review Date 1) the figure shown in the Index for February 2015, (in the case of Review Date 2) the figure shown in the Index for August 2020, (in the case
            of Review Date 3) the figure shown in the Index for August 2025 and (in the case of Review Date 4) the figure shown in the Index for August 2030.

   

  PROVIDED THAT:

   

  At Review Date 1 the maximum value of (A/B) shall be 1.2409860 and the
      minimum value of (A/B) shall be 1.0562651;

   

  At each of Review Date 2, Review Date 3 and Review Date 4 the maximum value
      of (A/B) shall be 1.2166529 and the minimum value of (A/B) shall be 1.0510101;

   

  		1.5	Revised Rent means the new Principal Rent following each Review Date pursuant to paragraph 2 of the Second Schedule.

   

  		2	The Principal Rent shall be reviewed on each Review Date to the higher of:

   

  		2.1	the Current Rent (disregarding any suspension or abatement of the Principal Rent); and

   

  		2.2	the Indexed Rent ascertained in accordance with this lease;

   

  		3	If a Revised Rent has not been ascertained by the Relevant Review Date:

   

  		3.1	the Current Rent shall continue to be payable until the Revised Rent is ascertained;

   

  		3.2	when the Revised Rent is ascertained:

   

  		3.2.1	the Tenant shall pay within 14 days of ascertainment of the Revised Rent:

   

  		(i)	any difference between the Principal Rent payable immediately before the Relevant Review Date and the Principal Rent which would have been payable had the Revised Rent
            been ascertained on the Relevant Review Date (the Balancing Payment); and

   

  		(ii)	interest on the Balancing Payment at Base Rate from the date or dates when the Balancing Payment or the relevant part or parts would have been payable had the Revised Rent
            been ascertained on the Relevant Review Date;

   

  		3.2.2	the Landlord and Tenant shall sign and exchange a memorandum recording the amount of the Revised Rent.

   

  		4	Time shall not be of the essence for the purposes of this Schedule.

  

   

  

  
  
     

  

  
   

    

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  The Third Schedule

   

  Guarantee

   

  		1	The Guarantor covenants with the Landlord as principal debtor:

   

  		1.1	that throughout the Term or until the Tenant is released from its covenants pursuant to the 1995 Act:

   

  		1.1.1	The Tenant will pay the rents reserved by and perform its obligations contained in this lease;

   

  		1.1.2	The Guarantor will indemnify the Landlord on demand against all Costs arising from any default of the Tenant in paying the rents and performing its obligations under this
            lease;

   

  		1.2	the Tenant [(here meaning the Tenant so named in the Prescribed Clauses)] will perform its obligations under any authorised guarantee agreement that it gives with respect
            to the performance of any of the covenants and conditions in this lease.

   

  		2	The liability of the Guarantor shall not be affected by:

   

  		2.1	Any time given to the Tenant or any failure by the Landlord to enforce compliance with the Tenant’s covenants and obligations;

   

  		2.2	The Landlord’s refusal to accept rent at a time when it would or might have been entitled to re-enter the Property;

   

  		2.3	Any variation of the terms of this lease;

   

  		2.4	Any change in the constitution, structure or powers of the Guarantor the Tenant or the Landlord or the administration, liquidation or bankruptcy of the Tenant or
            Guarantor;

   

  		2.5	Any act which is beyond the powers of the Tenant;

   

  		2.6	The surrender of part of the Property;

   

  		3	Where two or more persons have guaranteed obligations of the Tenant the release of one or more of them shall not release the others.

   

  		4	The Guarantor shall not be entitled to participate in any security held by the Landlord in respect of the Tenant’s obligations or stand in the Landlord’s place in respect
            of such security.

   

  		5	If this lease is disclaimed, and if the Landlord within 6 months of the disclaimer requires in writing the Guarantor will enter into a new lease of the Property at the
            cost of the Guarantor on the terms of this lease (but as if this lease had continued and so that any outstanding matters relating to rent review or otherwise shall be determined as between the Landlord and the Guarantor) for the residue of the
            Contractual Term from and with effect from the date of the disclaimer.

   

  		6	If this lease is forfeited and if the Landlord within 6 months of the forfeiture requires in writing the Guarantor will (at the option of the Landlord):

   

  		6.1	enter into a new lease as in paragraph 5 above with effect from the date of the forfeiture; or

   

  		6.2	pay to the Landlord on demand an amount equal to the moneys which would otherwise have been payable under this lease until the earlier of 6 months after the forfeiture and
            the date on which the Property is fully relet.

  

   

  

  
  
     

  

  
   

    

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  The Fourth Schedule 

    Service Charge 

  Part I - Calculation and payment of the Service Charge

   

  		1	In this Schedule unless the context otherwise requires:

   

  		1.1	Accounting Date means 31 December in each year or such other date as the Landlord notifies in writing to the Tenant from time to time;

   

  		1.2	Accounting Year means the period from but excluding one Accounting Date to and including the next Accounting Date;

   

  		1.3	Centre Service Cost means all reasonable and proper costs and expenses paid or incurred by the Landlord in relation to the provision of
            the Centre Services (including irrecoverable VAT);

   

  		1.4	Estate Service Cost means all reasonable and proper costs and expenses paid or incurred by the Landlord in relation to the provision of
            the Estate Services (including irrecoverable VAT);

   

  		1.5	Estimated Service Charge means the Landlord’s Surveyor’s reasonable and proper estimate of the Service Charge for the Accounting Year
            notified in writing to the Tenant from time to time;

   

  		1.6	Service Cost means the sum of the Centre Service Cost and the Estate Service Cost ;

   

  		1.7	Tenant’s Share of the Estate Service Cost means a fair and reasonable proportion of the Estate Service Cost;

   

  		1.8	Tenant’s Share of the Service Cost means the sum of:

   

  		1.8.1	the Centre Service Cost; and

   

  		1.8.2	the Tenant’s Share of the Estate Service Cost.

   

  		2	The Service Charge shall be the Tenant’s Share of the Service Cost in respect of each Accounting Year,
            and if only part of an Accounting Year falls within the Term the Service Charge shall be the Tenant’s Share of the Service Cost in respect of the relevant Accounting Year divided by 365 and multiplied by the number of days of the Accounting
            Year within the Term.

   

  		3	The Landlord shall have the right to adjust the Tenant’s Share of the Estate Service Cost from time to
            time to make reasonable allowances for differences in the services provided to or enjoyable by the other occupiers of the Estate.

   

  		4	The Tenant shall pay the Estimated Service Charge for each Accounting Year to the Landlord in advance by equal instalments on the Quarter Days,
            (the first payment for the period from and including the Service Charge Commencement Date to (but excluding) the next Quarter Day after the Service Charge Commencement Date to be made on the Service Charge Commencement Date); and

   

  		4.1	If the Landlord’s Surveyor does not notify an estimate of the Service Charge for any Accounting Year the Estimated Service Charge for the
            preceding Accounting Year shall apply; and

   

  		4.2	Any adjustment to the Estimated Service Charge after the start of an Accounting Year shall adjust the payments on the following Quarter Days
            equally.

   

  		5	As soon as practicable after the end of each Accounting Year the Landlord shall serve on the Tenant a
            summary of the Service Cost and a statement of the Service Charge certified by the Landlord’s Surveyor which shall be conclusive (save in the case of manifest error).

   

  		6	The difference between the Service Charge and the Estimated Service Charge for any Accounting Year (or
            part) shall be paid by the Tenant to the Landlord within fourteen days of the date of the statement for the Accounting Year, or allowed against the next Estimated Service Charge payment, or after the expiry of the Term refunded to the Tenant.

   

  		7	The Tenant shall be entitled by appointment within a reasonable time following service of the Service
            Charge statement to inspect the accounts maintained by the Landlord and the Landlord’s Surveyor relating to the Service Cost and supporting vouchers and receipts at such location as the Landlord reasonably directs.

   

  		8	For the avoidance of doubt any cost charged as a Service Cost in respect of any element of the Estate
            Services or of the Centre Services shall not be charged as a Service Cost in respect of any other head of charge under which charges are made for services by the Landlord.

   

  
  
     

  

  
   

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  Part II - Estate Services

   

  In relation to the Estate the provision of the following
      services or the Costs incurred in relation to:

   

  		1	The Common Areas

   

  Repairing, maintaining and (where appropriate)
      cleaning, lighting and (as necessary) altering renewing, rebuilding and reinstating the Estate Common Areas.

   

  		2	Conduits

   

  The repair, maintenance and cleaning and (as necessary)
      replacement and renewal of all Conduits within the Estate Common Areas.

   

  		3	Plant and machinery

   

  Hiring, operating, inspecting, servicing, overhauling,
      repairing, maintaining, cleaning, lighting and (as necessary) renewing or replacing any plant, machinery, apparatus and equipment from time to time within the Estate Common Areas or used for the provision of services to the Estate and the supply of
      all fuel and electricity for the same and any necessary maintenance contracts and insurance in respect thereof.

   

  		4	Signs

   

  Maintaining and (where appropriate) cleaning and
      lighting and (as necessary) renewing and replacing the signboards, all directional signs, fire regulation notices, advertisements, bollards, roundabouts and similar apparatus or works.

   

  		5	Landscaping

   

  Maintaining, tending and cultivating and (as necessary)
      re-stocking any garden or grassed areas including replacing plants, shrubs and trees as necessary.

   

  		6	Common facilities

   

  Repairing maintaining and (as necessary) rebuilding as
      the case may be any party walls or fences, party structures, Conduits or other amenities and easements which may belong to or be capable of being used or enjoyed by the Estate in common with any land or buildings adjoining or neighbouring the Estate.

   

  		7	Security

   

  Installation, operation, maintenance, repair,
      replacement and renewal of closed circuit television systems and other security systems.

   

  		8	Outgoings

   

  Any existing and future rates, taxes, charges,
      assessments and outgoings in respect of the Estate Common Areas or any part of them except tax (other than VAT) payable in respect of any dealing with or any receipt of income in respect of the Estate Common Areas.

   

  		9	Transport

   

  The provision of a bus service to and from Didcot or
      such other transport and/or location (if any) deemed necessary by the Landlord.

   

  		10	Statutory requirements

   

  The cost of carrying out any further works (after the
      initial construction in accordance with statutory requirements) to the Estate Common Areas required to comply with any statute.

   

  		11	Management and Staff

   

  		11.1	The proper and reasonable fees, costs, charges, expenses and disbursements (including irrecoverable VAT) of any person properly employed or
            retained by the Landlord for or in connection with surveying or accounting functions or the performance of the Estate Services and any other duties in and about the Estate relating to the general management, administration, security,
            maintenance, protection and cleanliness of the Estate:

   

  		11.2	Management costs fees and disbursements in respect of the Estate of 10% of the Estate Service Cost (excluding costs under this clause 11.2).

   

  

  
  
     

  

  
   

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  		11.3	Providing staff in connection with the Estate Services and the general management, operation and security of the Estate and all other incidental
            expenditure including but not limited to:

   

  		11.3.1	salaries, National Health Insurance, pension and other payments contributions and benefits;

   

  		11.3.2	uniforms, special clothing, tools and other materials for the proper performance of the duties of any such staff;

   

  		11.3.3	providing premises and accommodation and other facilities for staff.

   

  		12	Enforcement of Regulations

   

  The reasonable and proper costs and expenses incurred
      by the Landlord in enforcing the rules and regulations from time to time made pursuant to Clause 4.24 provided that the Landlord shall use all reasonable endeavours to recover such costs and expenses from the defaulting party and provided further
      that there shall be credited against the Estate Service Cost any such costs recovered.

   

  		13	Insurances

   

  		13.1	Effecting such insurances (if any) as the Landlord may properly think fit in respect of the Estate Common Areas the plant, machinery, apparatus
            and equipment used in connection with the provision of the Estate Services (including without prejudice those referred to in paragraph 3 above) and any other liability of the Landlord to any person in respect of those items or in respect of the
            provision of the Estate Services.

   

  		13.2	Professional valuations for insurance purposes (but not more than once in any two year period);

   

  		13.3	Any uninsured excesses to which the Landlord’s insurance may be subject.

   

  		14	Generally

   

  Any reasonable and proper costs (not referred to above)
      which the Landlord may incur in providing such other services and in carrying out such other works as the Landlord may reasonably consider to be reasonably desirable or necessary for the benefit of occupiers of the Estate.

   

  		15	Anticipated Expenditure

   

  Establishing and maintaining reserves to meet the
      future costs (as from time to time estimated by the Landlord’s Surveyor) of providing the Estate Services;

   

  		16	Borrowing

   

  The costs of borrowing any sums required for the
      provision of the Estate Services at normal commercial rates available in the open market or if any such sums are loaned by the Landlord or a Group Company of the Landlord interest at Base Rate.

   

  		17	VAT

   

  Irrecoverable VAT on any of the foregoing.

   

  

  
  
     

  

  
   

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  Part III - Centre Services

   

  In relation to the Centre, the provision of the
      following services or the Costs incurred in relation to:

   

  		1	Repairs to the Centre plant and equipment (including Conduits)

   

  Repair, renewal, decoration, cleaning and maintenance
      of the Conduits, plant and equipment (which are not the responsibility of the Tenant).

   

  		2	Centre Common Areas

   

  		(a)	Repair, renewal, decoration, cleaning, maintenance and lighting of the Centre Common Areas and other parts of the Centre;

   

  		(b)	Providing signs, nameboards and other notices within the Centre.

   

  		3	Services

   

  Procuring water, electricity and sewerage services for
      the Centre Common Areas.

   

  		4	Landscaping

   

  Maintaining, tending and cultivating and (as necessary)
      re-stocking any garden or grassed areas including replacing plants, shrubs and trees as necessary.

   

  		5	Fire Fighting and Security

   

  Provision, operation, repair, renewal, cleaning and
      maintenance of fire alarms, sprinkler systems, fire prevention and fire-fighting equipment and ancillary apparatus and security alarms, apparatus, closed circuit television and systems as the Landlord considers appropriate.

   

  		6	Insurance

   

  		6.1	Effecting such insurances (if any) as the Landlord may properly think fit in respect of the Centre Common Areas and all Landlord’s plant,
            machinery, apparatus and equipment and any other liability of the Landlord to any person in respect of those items or in respect of the provision of the Centre Services;

   

  		6.2	Professional valuations for insurance purposes (but not more than once in any two year period);

   

  		6.3	Any uninsured excesses to which the Landlord’s insurance may be subject.

   

  		7	Statutory Requirements

   

  All existing and future rates, taxes, charges,
      assessments and outgoings payable to any competent authority for or in connection with utilities.

   

  		8	Management and Staff

   

  		8.1	The proper and reasonable fees, costs, charges, expenses and disbursements (including irrecoverable VAT) of any person properly employed or
            retained by the Landlord for or in connection with surveying or accounting functions or the performance of the Centre Services and any other duties in and about the Centre relating to the general management, administration, security,
            maintenance, protection and cleanliness of the Centre:

   

  		8.2	Management fees and disbursements incurred in respect of the Centre of 10% of the Centre Service Cost (excluding costs under this paragraph 8.2).

   

  		8.3	Providing staff in connection with the Centre Services and the general management, operation and security of the Centre and all other incidental
            expenditure including but not limited to: 

   

  		 	(i)	salaries, National Health Insurance, pension and other payments contributions and benefits;

   

  		 	(ii)	uniforms, special clothing, tools and other materials for the proper performance of the duties of any such staff;

   

  		 	(iii)	 providing premises and accommodation and other facilities for staff.

   

  		9	General

   

  		9.1	Establishing and maintaining reserves to meet the future costs (as from time to time estimated by the Landlord’s Surveyor) of providing the Centre Services;

   

  

  
  
     

  

  
   

  24

   

  

  
    
      

  

  		9.2	Any reasonable and proper costs (not referred to above) which the Landlord may incur in providing such other services and in carrying out such
            other works as the Landlord may reasonably consider to be reasonably desirable or necessary for the benefit of occupiers of the Centre;

   

  		9.3	The costs of borrowing any sums required for the provision of the Centre Services at normal commercial rates available in the open market or if
            any such sums are loaned by the Landlord or a Group Company of the Landlord interest at Base Rate.

   

  		10	VAT

   

  Irrecoverable VAT on any of the foregoing.

   

  

  
  
     

  

  
   

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  Annexure: Building Specification

   

  

  
  
     

  

  
   

  26

   

  

  
    
      

  

  

   
  

  	EXECUTED AS A DEED by MEPC MILTON PARK NO. 1 LIMITED acting by a director and the company secretary or by two directors	}
	 	 
	Director	[***]
	 	 
	Director/Company Secretary	[***]
	 	 
	EXECUTED AS A DEED by MEPC MILTON PARK NO. 2  LIMITED acting by a director and the company secretary or by two directors	}
	 	 
	Director	[***]
	 	 
	Director/Company Secretary	[***]

   

   

  
     

  

   

  27

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