Document:

Exhibit 10.3

 

TRANSACTION SUPPORT AGREEMENT

 

THIS TRANSACTION SUPPORT
AGREEMENT (this “Agreement”), dated __________, 2022, is by and between Midatech Pharma plc, a public limited
company organized under the laws of England and Wales (“Buyer”), and the undersigned securityholder (the “Securityholder”)
of Bioasis Technologies Inc., a corporation existing under the laws of British Columbia, Canada (the “Company”).

 

WHEREAS, the Company
and Buyer intend to enter into an Arrangement Agreement of even date herewith (the “Arrangement Agreement”),
which provides for, among other things, (i) Buyer will acquire all of the issued and outstanding Company Shares (as defined herein)
from the shareholders of the Company (the “Company Shareholders”) in exchange for Buyer Ordinary Shares (in
the form of Buyer ADSs) by means of a statutory plan of arrangement (the “Arrangement”) under Part 9, Division 5
of the Business Corporations Act (British Columbia), and (ii) the Company will become a wholly owned Subsidiary
of Buyer, on the terms and subject to the conditions set forth therein;

 

WHEREAS,
the Securityholder is the holder of record and beneficial owner (for this and other terms of correlative meaning used throughout
this Agreement, as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
of the common shares in the capital of the Company (the “Company
Common Shares”) and/or the options to purchase Company Common Shares (the “Company Options”) and/or
warrants exercisable to purchase Company Common Shares (the “Company Warrant”) as is indicated on Securityholder’s
signature page hereto, which will be subject to the Arrangement in accordance with the Arrangement Agreement;

 

WHEREAS, as a condition
to its willingness to enter into the Arrangement Agreement, Buyer has required that Securityholder enter into and deliver this Transaction
Support Agreement;

 

WHEREAS, in order for
the Securityholder to realize the benefits that will accrue in connection with the consummation of the Arrangement, the Securityholder
desires to enter into this Agreement to provide its, his or her support for completion of the Arrangement on the terms and conditions
set forth herein;

 

WHEREAS, the Company
Board has unanimously (a) determined that the transactions contemplated by the Arrangement Agreement and the Ancillary Documents
are in the best interests of the Company and fair to the Company Shareholders, (b) approved the Arrangement Agreement, the Ancillary
Documents to which the Company is or will be a party and the transactions contemplated hereby and thereby and (c) determined to recommend,
among other things, that the holders of the Company Securities vote in favor of the Arrangement; and

 

WHEREAS, this Agreement
sets out the terms and conditions of the agreement of the Securityholder to abide by the covenants in respect of the Company Securities
(as defined herein) and the other restrictions and covenants set forth herein.

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual covenants and agreements set forth herein and in the Arrangement Agreement, and intending to be legally
bound hereby, the parties hereto agree as follows:

 

Section 1.Certain Definitions. For purposes of this
Agreement:

 

(a)       
“Company Securities” means the Company Shares, the Company Options, and the Company Warrants.

 

(b)       “Company
Shares” means the Company Common Shares listed on the Securityholder’s signature page hereto and any Company Common
Shares acquired beneficially or of record by the Securityholder subsequent to the date hereof, and includes all securities which may be
converted into, exchanged for or otherwise changed into, including, for the avoidance of doubt, any Company Common Shares issuable upon
the exercise of Company Options or Company Warrants.

 

    	 	 	 

    	 

    

 

(c)       “Encumbrances”
or “Encumbers” means, with respect to any security, any and all liens, claims, security interests, proxies,
voting trusts or agreements, restrictions or any other encumbrances whatsoever on the title, transfer or exercise of any voting rights
or other rights as a holder of such security.

 

(d)       The
Securityholder shall be deemed to “Own” or to have acquired “Ownership” of a security
if the Securityholder (i) is the record holder of such security or (ii) is the “beneficial owner” (within the meaning of Rule
13d-3 under the Exchange Act) of such security; provided, however, that the Securityholder shall not be deemed to “Own”
or to have acquired “Ownership” of any security issuable pursuant to a Company Option or Company Warrant until the actual
issuance of such securities (for purposes of clarity, the Securityholder shall, however, be deemed to “Own” such Company Option
or Company Warrant.

 

(e)       
The Securityholder shall be deemed to “Transfer” a security if (i) the Securityholder transfers, assigns, sells,
gift-overs, pledges, Encumbers or otherwise disposes (whether by sale, merger, consolidation, liquidation, dissolution, dividend, distribution
or otherwise) of such security or any interest in such security, (ii) the Securityholder grants any option for such security or for any
interest in such security, (iii) the Securityholders enters into any agreement or commitment providing for the transfer, assignment, sale,
gift-over, pledge, encumbrance of, grant of an option with respect to, or disposition of any interest in such security, or (iii) the Securityholder
consents to any of the foregoing.

Capitalized terms used but
not otherwise defined herein shall have the meanings given to them in the Arrangement Agreement.

 

Section 2. Representations
and Warranties of the Securityholder. The Securityholder hereby represents and warrants to Buyer as follows:

 

(a)       The
Securityholder, if not an individual, is a corporation, limited liability company or other applicable business entity duly organized,
incorporated or formed, as applicable, validly existing and in good standing (or the equivalent thereof, if applicable, in each case,
with respect to the jurisdictions that recognize the concept of good standing or any equivalent thereof) under the Legal Requirements
of its jurisdiction of formation or organization (as applicable). The Securityholder, if an individual, has the legal capacity to enter
into and perform his or her obligations under this Agreement.

 

(b)       Securityholder
is the sole Owner of the Company Securities indicated on the Securityholder’s signature page hereto, which are free and clear of
any liens, adverse claims, charges or other Encumbrances (except as such Encumbrances arising under securities laws or for such liens,
adverse claims, charges or other encumbrances as would not prohibit Securityholder’s compliance with its obligations pursuant to
this Agreement or for such Company Securities held in prime brokerage accounts or any Encumbrances created under any Company Plans or
related agreement), such Encumbrances being the “Permitted Encumbrances”). Securityholder does not beneficially
own any securities of the Company other than the Company Securities indicated on Securityholder’s signature page hereto. Securityholder
has full power and authority to make, enter into and carry out the terms and conditions under this Agreement. The execution and delivery
of this Agreement by Securityholder do not, and Securityholder’s performance of its obligations under this Agreement will not: (i)
conflict with or violate or require the consent, approval or notice under any Legal Requirement, order, decree or judgment applicable
to Securityholder or to the Company Securities; or (ii) result in any breach of or constitute a default (with notice or lapse of time,
or both) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of
any Encumbrance on, any of the Company Securities pursuant to any agreement to which Securityholder is a party or by which Securityholder
is bound or affected, except in each case as would not prohibit Securityholder’s compliance with its obligations pursuant to this
Agreement.

 

(c)       The
Securityholder, if not an individual, has the requisite corporate power and authority to execute and deliver this Agreement, to perform
its obligations hereunder and to consummate the transactions contemplated by this Agreement. This Agreement has been duly authorized by
all necessary corporate action on the part of the Securityholder.  This Agreement has been executed and delivered by the Securityholder,
and, assuming due authorization, execution and delivery by Buyer, constitutes a valid and binding obligation of the Securityholder enforceable
in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar Legal Requirements relating to or affecting creditors’ rights generally and general equitable principles (whether
considered in a proceeding in equity or at law).

 

    	 	 	 

    	 

    

 

(d)       Except
as contemplated by the Arrangement Agreement or the Governing Documents of the Company, no Person has any contractual right or privilege
for the purchase or acquisition from the Securityholder of any of the Company Securities or for the right to vote any of the Company Securities.

 

(e)       There
is no action, proceeding or investigation pending or, to the Securityholder’s knowledge, threatened against the Securityholder that
questions the validity of this Agreement or any action taken or to be taken by the Securityholder in connection with this Agreement.

 

Section 3. Representations
and Warranties of Buyer. Buyer hereby represents and warrants to the Securityholder as follows:

(a)       Buyer
is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. Buyer has all requisite
power and authority to execute and deliver this Agreement and to perform its obligations hereunder and consummate the transactions contemplated
hereby. Buyer has taken all necessary action to authorize the execution, delivery and performance of this Agreement.

(b)       This
Agreement has been duly authorized, executed and delivered by Buyer, and, assuming due authorization, execution and delivery by the Securityholder,
constitutes a valid and binding obligation of Buyer enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar Legal Requirements relating to or affecting creditors’ rights
generally and general equitable principles (whether considered in a proceeding in equity or at law).

(c)       The
execution and delivery of this Agreement and the performance by Buyer of its obligation hereunder will not (i) result in a violation of,
a default under or conflict with (A) the organizational documents of Buyer or (B) any contract, trust, commitment, agreement, understanding,
arrangement or restriction of any kind to which Buyer is a party or by which Buyer or its assets are bound or (ii) violate, or require
any consent, approval, or notice under any judgment, order, decree, statute, law, rule or regulation applicable to Buyer.

Section 4. Transfer of the
Company Securities. Prior to the termination of this Agreement, the Securityholder shall not: (a) Transfer any of the Company Securities
(except as may be specifically required by court order); (b) grant any proxy, power-of-attorney or other authorization or consent with
respect to any of the Company Securities; (c) deposit any of the Company Securities into a voting trust or enter into a voting agreement
or arrangement with respect to any of the Company Securities; (d) create or permit to exist any Encumbrance with respect to the Subject
Securities other than Permitted Encumbrances; or (e) take any other action that would in any way restrict, limit or interfere with the
performance of such Securityholder’s obligations hereunder or the transactions contemplated hereby or by the Arrangement Agreement.
Notwithstanding anything to the contrary set forth in this Agreement, Securityholder may Transfer any or all of the Company Securities
to any (i) Person, if (A) such Person, prior to or concurrently with such Transfer, shall have executed a voting undertaking (in a form
and substance reasonably satisfactory to the Buyer) on the same terms and conditions of this Agreement to which Buyer is a beneficiary
with respect to such Company Securities and (B) the Securityholder shall continue to be jointly and severally liable for any breach of
such voting undertaking by such other Person, and (ii) Affiliate of the Securityholder, if (A) upon such Transfer the Securityholder will
continue to be the beneficial owner of such Subject Securities, and (B) the Securityholder will continue to have the right to control
the vote of the Company Securities in accordance with this Agreement.

 

Section 5. Covenant to Vote.
The Securityholder hereby irrevocably and unconditionally covenants, undertakes and agrees, from time to time, until the earlier of
(i) the Effective Time, and (ii) the termination of this Agreement in accordance with Section 11 hereof:

 

(a)       to
cause to be counted as present for purposes of establishing quorum all the Company Securities, at any meeting of any of the securityholders
of the Company at which the Securityholder is entitled to vote, including the Company Shareholders Meeting, or at any adjournment thereof
or in any other circumstances upon which a vote, consent or other approval with respect to the transactions contemplated by the Arrangement
Agreement is sought, or in any action by written consent of any of the securityholders of the Company, and to vote or cause to be voted
(in person, by proxy, by action by written consent, as applicable, or as otherwise may be required or permitted under the articles of
the Company or the terms of the applicable security) all the Company Securities, in favour of the approval, consent, ratification and
adoption of the Company Arrangement Resolution;

 

    	 	 	 

    	 

    

 

(b)       to
cause to be counted as present for purposes of establishing quorum all the Company Securities, at any meeting of any of the securityholders
of the Company at which the Securityholder is entitled to vote, or at any adjournment thereof or in any other circumstances upon which
a vote, consent or other approval, with respect to matters contemplated by clause (A), clause (B) or clause (C) of this Section
5(b), is sought, or in any action by written consent of any of the securityholders of the Company, and to vote or cause to be voted (in
person, by proxy or by action by written consent, as applicable, or as otherwise may be required or permitted under the articles of the
Company or the terms of the applicable security) all the Company Securities, in opposition to: (A) any Acquisition Proposal; (B) any
other matter, action or proposal which would reasonably be expected to result in a breach of any representation, warranty, covenant or
other obligation of the Company under the Arrangement Agreement if such matter, action or proposal requires securityholder approval and
is communicated as being such a breach in a notice in writing delivered by Buyer to the Securityholder; and (C) or any other proposed
action, transaction or agreement by or involving the Company or any of its Affiliates or the Securityholder or any other Person in a manner
which could reasonably be expected to prevent, hinder or delay the successful completion of the Arrangement;

 

(c)       not
to exercise any dissent rights in respect of any transaction contemplated by the Arrangement Agreement;

 

(d)       to
execute and deliver all related documentation and take such other actions in support of the Arrangement and the Transactions contemplated
by the Arrangement Agreement as shall reasonably be requested by the Company or Buyer to consummate the Transactions;

 

(e)       to
not withdraw, amend, modify or qualify, or publicly propose or state an intention to withdraw, amend, modify or qualify support for the
transactions contemplated by the Arrangement Agreement;

 

(f)       that
the Securityholder hereby revokes any and all previous proxies granted or voting instruction forms or other agreement or documents that
conflict, or are inconsistent, with the matters set forth in this Agreement;

 

(g)       to
not take any other action of any kind, directly or indirectly, which would make any representation or warranty of the Securityholder set
forth in this Agreement untrue or incorrect in any material respect or might reasonably be regarded, individually or in the aggregate,
as likely to reduce the success of, or delay or interfere with, the completion of the Transactions contemplated by the Arrangement Agreement;

 

(h)       the
Securityholder shall be bound by and subject to Section 5.4 (Confidentiality and Access to Information) and Section 5.6(a) (Public Announcements)
of the Arrangement Agreement to the same extent that Section 5.4 (Confidentiality and Access to Information) and 5.6(a) (Public Announcements)
of the Arrangement Agreement apply to the Company, mutatis mutandis, as if the Securityholder is directly party thereto; provided that,
notwithstanding anything in this Agreement to the contrary, any breach by the Company of its obligations under the Arrangement Agreement
shall not be considered a breach of this Section 5(g); and

 

(i)       the
Securityholder hereby grants an irrevocable power of attorney and hereby irrevocably constitutes and appoints Buyer, or any individual
designated by Buyer, as attorney in fact (which appointment is coupled with an interest), with full power of substitution in favour of
Buyer, to take all such actions and execute and deliver such documents, instruments or agreements as are necessary to give effect to the
covenants set forth in this Agreement.

 

Notwithstanding anything in this Agreement to
the contrary, nothing herein will be construed to limit or affect any action or inaction by the Securityholder or any representative of
the Securityholder serving as a member of the Company Board or as an officer, employee or fiduciary of the Company or any of its Subsidiaries,
in each case, acting in such person’s capacity as a director, officer, employee or fiduciary of such Company or Subsidiary. 

 

Except as contemplated by this Agreement, the Securityholder has not (x) entered into, and shall not enter into at any time while
this Agreement remains in effect, any voting agreement or voting trust or other arrangement or agreement with respect to the Company
Securities that would prohibit, undermine, limit or otherwise adversely affect its compliance with its obligations pursuant to this Agreement,
or (y) granted, and shall not grant at any time while this Agreement remains in effect, a proxy or power of attorney with respect to
the Company Securities, in either case, which is inconsistent with its obligations pursuant to this Agreement.

 

    	 	 	 

    	 

    

 

Section 6. Capacity as Securityholder.
The parties agree and acknowledge that Securityholder is signing this Agreement solely in Securityholder’s capacity as an Owner
of the Company Securities. Nothing in this Agreement shall limit or affect any actions taken by Securityholder in his or her capacity
as a director or officer of the Company, to the extent this Agreement could be construed to restrict the exercise by Securityholder of
his or her fiduciary duties in such capacity.

 

Section 7. No Solicitation.
The Securityholder shall not take any action, as a securityholder of the Company, that the Company is prohibited from taking pursuant
to Section 5.10 of the Arrangement Agreement, in each case with the limitations and exceptions of such provisions that are applicable
to the Company or the Company Board being similarly applicable to such Securityholder.

 

Section 8. Acquisition of
Additional Subject Securities. The Securityholder agrees, while this Agreement is in effect, to promptly notify Buyer of the number
of any additional Company Securities of which the Securityholder acquires Ownership, if any, after the date hereof. Any such Company Securities
shall be subject to the terms of this Agreement as though Owned by the Securityholder on the date hereof.

 

Section 9. Company Information
Circular. The Securityholder irrevocably and unconditionally consents to the details of this Agreement being set out in the Company
Information Circular to be prepared in connection with the Company Shareholders Meeting or any other document required by applicable Legal
Requirements and for the form of this Agreement to be filed with the SEC, on SEDAR and/or with any other Governmental Body, in connection
with the Transactions.

 

Section 10. Further Assurances. The
Securityholder shall, upon request of Buyer, execute anddeliver any additional documents and take such further actions as may reasonably
be deemed by Buyer to be necessary or desirable to carry out the provisions hereof. Without limiting the generality or effect of the
foregoing or any other obligation of Securityholder hereunder, Securityholder hereby authorizes Buyer to deliver a copy of this Agreement
to the Company and hereby agrees that the Company may rely upon such delivery as conclusively evidencing the agreements and understandings
set forth herein.

 

Section 11. Termination.
This Agreement, and all rights and obligations of the parties hereunder shall terminate on the earlier of: (a) the date the Arrangement
Agreement is terminated in accordance with its terms; (b) the delivery of written notice of termination hereof by Buyer; or (c) the Effective
Time; provided, however, that (i) nothing herein shall relieve any party from liability for any breach hereof and (ii) this
Section 11, Section 6, Section 12 and Section 14 shall survive any termination of this Agreement.

 

Section 12. Expenses. All
fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party
incurring such fees, costs and expenses.

 

Section 13. Stop Transfer
Order; Legend. In furtherance of this Agreement, concurrently herewith, the Securityholder hereby authorizes the Company to notify
the Company’s transfer agent that there is a stop transfer order with respect to the Company Securities (and that this Agreement
places limits on the voting and transfer of such Company Securities), and, if so requested by Buyer, the Securityholder agrees that the
Company Securities shall bear a legend stating they are subject to this Agreement.

 

Section 14.       Miscellaneous.

 

(a) Notices. All notices
and other communications hereunder shall be in writing and shall be deemed given if delivered personally, by
e-mail (having not obtained a message regarding the failure of electronic delivery thereof), or by registered or certified mail (postage
prepaid, return receipt requested) (upon receipt thereof) to the other Parties as follows (provided that mail shall not be used if there
is an actual or threatened postal disruption in the place from which the communication is mailed or the destination of such communication):

 

    	 	 	 

    	 

    

 

If to the Securityholder, at the address set forth on their
signature page hereto.

If to Buyer, to:

 

Midatech Pharma plc

One Caspian Point

Caspian Way

Cardiff, Wales CF10 4DQ

United Kingdom

Attention: Chief Executive Officer

E-mail: Stephen.stamp@midatechpharma.com

 

with a copy (which
shall not constitute notice) to:

 

Mintz, Levin, Cohn,
Ferris, Glovsky and Popeo, P.C.

One Financial Center,

Boston, Massachusetts 02111

Attention: Jason McCaffrey

Email: JSMcCaffrey@mintz.com

 

with a copy (which
shall not constitute notice) to:

 

Fasken Martineau DuMoulin LLP

333 Bay Street, Suite 2400

Toronto, Ontario, Canada M5H 2T6

Attention: Jay A. Lefton

Email: JLefton@fasken.com

 

or to such other address as the Party to whom
notice is given may have previously furnished to the others in writing in the manner set forth above. Any demand, notice or other communication
given by personal delivery will be conclusively deemed to have been given on the day of actual delivery thereof and, if given by electronic
communication, on the day of transmittal thereof if given during the normal business hours of the recipient and on the Business Day during
which such normal business hours next occur if not given during such hours on any day.

 

(b)       Governing
Law; Venue; Service of Process. This Agreement shall be governed by and construed in accordance with the laws of British Columbia,
Canada, without giving effect to the principles of conflicts of law thereof.

 

(c)       Specific
Performance. The parties hereto agree that irreparable damage would occur in the event that any provision of this Agreement were not
performed in accordance with its specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled
to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof
in any court having jurisdiction relating to this Agreement as provided in Section 14(e) hereof without the necessity of demonstrating
damages or posting a bond, this being in addition to any other remedy to which they are entitled at law or in equity.

 

(d)       Incorporation
by Reference. Section 8.1 (Non-Survival), 8.2 (Entire Agreement;
Assignment), 8.3 (Amendment), 8.6 (Constructions; Interpretation), 8.9 (Severability), 8.10 (Counterparts; Electronic
Signatures), Section 8.12 (Extension; Waiver), 8.13 (Waiver of Jury Trial), and 8.15 (Submission to Jurisdiction) of
the Arrangement Agreement are incorporated herein and shall apply to this Agreement mutatis mutandis.

 

(e)       Independent
Legal Advice. The Securityholder acknowledges that (i) the Securityholder has read this Agreement in its entirety, understands this
Agreement and agrees to be bound by its terms and conditions; (ii) the Securityholder has been advised to seek independent legal advice
with respect to the execution and delivery of this Agreement and has received such advice or has elected to waive the benefit of any such
advice; and (iii) the Securityholder is entering into this Agreement voluntarily.

 

 

 

[Signature Page Follows]

 

    	 	 	 

    	 

    

 

IN WITNESS WHEREOF, Buyer and the Securityholder
have caused this Agreement to be duly executed and delivered as of the date first written above.

 

	 	SECURITYHOLDER:
	 	 
	 	[Name]
	 	 
	 	 
	 	By:	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title: 	 
	 	 	 
	 	 	 
	 	Address: 	 
	 	 
	 	 
	 	 
	 	Email: 	 
	 	 
	 	 
	 	Company Securities Owned:
	 	 
	 	                  shares
    of Company Common Shares
	 	 
	 	                  Company
    Options exercisable for ______ Company Common Shares
	 	 
	 	                   Company
Warrants exercisable for ______ Company Common Shares 

 

    	 	 	 

    	 

    

 

IN WITNESS WHEREOF, Buyer and the Securityholder
have caused this Agreement to be duly executed and delivered as of the date first written above.

 

	 	MIDATECH PHARMA PLC:
	 	 
	 	 
	 	Name: Stephen Stamp
	 	Title: Chief Executive Officer and Chief Financial OfficerExhibit 10.4

 

TRIPARTITE AGREEMENT

 

THIS TRIPARTITE AGREEMENT (this "Agreement")
is made as of the 13th day of December, 2022 among Lind Global Macro Fund, LP ("Lind"), biOasis Technologies Inc. ("Bioasis")
and Midatech Pharma PLC ("Midatech")

 

WHEREAS:

 

		A.	Bioasis and Midatech, a Nasdaq listed company, wish, concurrent herewith, to enter into an arrangement
agreement in the form attached hereto as Appendix "A" (the “Arrangement Agreement”) pursuant to which, inter
alia, Midatech will acquire 100% of the issued and outstanding shares of Bioasis (the "MDI Acquisition"), and concurrent
therewith Midatech will complete an equity financing (the "Concurrent Financing") for gross proceeds of at least US$10,000,000
through the issuance of Midatech securities (together "Midatech Securities"). The completion of the MDI Acquisition and
the Concurrent Financing (together, the "Transaction") are mutually conditional.

 

		B.	As of the date hereof, Bioasis has the following payment obligations to Lind, which obligations are secured
by general security agreements and encumbrances registered against the assets of each of Bioasis and its subsidiaries, biOasis Advanced
Technologies Inc. ("BAT"), Bioasis Biosciences Corp. ("BBC") and Bioasis Royalty Fund, LLC ("BRF"),
as well as guarantees of Bioasis' obligations from BAT, BBC and BRF and pledges of the shares of BAT, BBC and BRF (collectively, the "Security"):

 

		i.	all amounts due and owing pursuant to a convertible security funding agreement dated June 22, 2021, as
amended by a waiver and amendment agreement dated the date hereof (the ("Waiver Agreement"), between Lind and Bioasis
(as amended, the "Funding Agreement");

 

		ii.	all amounts due and owing pursuant to a promissory note in favour of Lind dated the date hereof in the
principal amount of CAD$510,000 (the "Holiday Note"); and

 

		iii.	all amounts due and owing pursuant to an interest-bearing promissory note in favour of Lind dated the
date hereof in the principal amount of CAD$350,000 (the "Bridge Note" and together with the Funding Agreement and the
Holiday Note, the "Loan Agreements"),

 

(collectively, the "Payment
Obligations").

 

		C.	In connection with the Arrangement Agreement, Bioasis has requested, and Midatech has agreed to advance, additional credit in the
principal amount of CAD$750,000 (the "Midatech Loan") to be documented by a secured promissory note to be dated as of
the date hereof and issued by Bioasis in favour of Midatech (the "Midatech Note").

 

		D.	Pursuant to the Waiver Agreement, Lind has agreed to consent to Bioasis entering into the Arrangement
Agreement and completing the Transaction and incurring the Midatech Loan, subject to the conditions specified therein, including the entry
into of this Agreement by Lind, Bioasis and Midatech (collectively, the "Parties") to set forth their agreement as to
the basis upon which: (i) Bioasis and Midatech will repay and/or settle the Payment Obligations upon completion of the Transaction; (ii)
the Midatech Loan will be subordinated to the Payment Obligations; and (ii) Lind will discharge the Security.

 

    	 	 	 

    	 

    

 

NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties,
the Parties agree as follows:

 

		1.	Information Rights. Each of Bioasis and Midatech covenant and agree, in favour of Lind, to keep
Lind apprised of all material developments and details of their progress toward completion of the Transaction, if requested by Lind. Lind
acknowledges that the Canadian, United Kingdom and United States securities laws may prohibit any person who has received from an issuer
material, non-public information from purchasing or selling securities of such issuer or from communicating such information to any other
person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell securities, and Lind is
familiar with the U.S. Exchange Act of 1934,

 

as amended (the “Exchange Act”),
and the rules and regulations thereunder (and any similar

 

Canadian and United Kingdom securities
laws) and shall neither use nor cause any person to use any information obtained in connection with this Section 1 in contravention of
the Exchange Act or such rules and regulations including, but not limited to, Rules 10b-5 and 14e-3 or any similar Canadian or United
Kingdom securities law.

 

		2.	Assumption of Funding Agreement. Concurrently with the completion of the Transaction, as contemplated
by Clause 10.6 of the Funding Agreement, Midatech will, pursuant to an Assumption Agreement substantially in the form attached hereto
as Appendix “B”, assume all of Bioasis' debts, liabilities and other obligations to Lind under or in connection with the Funding
Agreement, and Bioasis shall remain jointly and severally liable therefor with Midatech.

 

		3.	Cash Repayments. Promptly
upon completion of the Transaction, and in any event not more than one (1) Business Day thereafter, Midatech shall partially repay,
and Lind shall accept partial repayment of the Payment Obligations then owed to Lind, by wire transfer of immediately available funds
to a bank account designated by Lind, as follows:

 

		(a)	an amount equal to fifty percent (50%) of the amount equal to the Amount Outstanding less the Total
Interest Amount (each as defined in the Funding Agreement);

 

		(b)	an amount equal to one-hundred percent (100%) of the Accrued Pre-Paid Interest (as defined in the Funding
Agreement, which for illustrative purposes, as at December 31, 2022, will be C$380,000); and

 

		(c)	all amounts owing under each of the Holiday Note and Bridge Note,

 

(collectively, the "Cash Repayments").
For purposes of this Agreement, “Business Day” means a day on which banks are generally open for commercial lending and foreign
exchange business in Vancouver, Canada and London, England, and which is not a Saturday or a Sunday.

 

		4.	Settlement of Residual Payment
Obligations. Immediately after the completion of the Transaction and the assumption of the Funding Agreement contemplated by paragraph
2 hereof, and, for greater certainty, on the same Business Day as the date of completion of the Transaction, Midatech shall settle, and
Lind shall accept settlement of, the remaining Payment Obligations after making the Cash Repayments (such balance, the “Residual
Payment Obligations”), by way of issuance to Lind (or its nominee) of Midatech Securities at a deemed price equal to the lowest
subscription price for the Midatech Securities issued under the Concurrent Financing (the “Subscription Price”). For
greater certainty, in consideration of the settlement in full of the Residual Payment Obligations, Lind (or its nominee) shall be entitled
to be issued the number of Midatech Securities equal to the amount of the Residual Payment Obligations divided by the Subscription Price,
and Midatech will grant Lind (or its nominee) all other rights (including, for greater certainty, pricing, adjustment, dilution, ratchet
and registration rights), granted to other investors/subscribers in the Concurrent Financing. It is acknowledged and agreed that Lind
(or its nominee) will (i) be granted the most beneficial and least onerous and restrictive rights, from an investor/subscriber perspective,
of the rights granted to any other investors/subscribers in the Concurrent Financing and (ii) as a condition to its receipt of the Midatech
Securities, enter into a PIPE Subscription Agreement (as defined in the Arrangement Agreement), subject only to such revisions as may
be required to reflect the terms and conditions of this Agreement. The Midatech Securities issued to Lind shall be issued as fully
paid and non-assessable securities of Midatech.

 

    	 	 	 

    	 

    

 

		5.	Discharge of Security.
Upon receipt of the Cash Repayments by Lind in accordance with paragraph 3 above and settlement in full of the Residual Payment
Obligations in accordance with paragraph 4 above, all of the Security shall be automatically and fully discharged and released and, at
Midatech and/or Bioasis’ expense, Lind shall promptly execute, deliver and file, as applicable, all discharges, releases and financing
change statements, and return and re-convey all pledged share certificates and transfer powers, that are, in Midatech and/or Bioasis’
reasonable opinion, necessary to give full effect to the discharge and release of the Security.

 

		6.	Existing Obligations. This Agreement is supplemental to, and not in replacement of, any of Bioasis'
(or any successor's) obligations to Lind under the Loan Agreements or related agreements.

 

		7.	Covenant Not to Waive. Each of Bioasis and Midatech covenant and agree not to waive, amend or otherwise
modify the closing condition in the Arrangement Agreement with respect to the Concurrent Financing, without the prior written consent
of Lind, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that Bioasis and Midatech may, without
Lind’s prior written consent, amend or modify such closing condition in order to increase or decrease the amount to be raised in
the Concurrent Financing to an amount not less than US$10,000,000.

 

		8.	Subordination of Midatech Loan. Each of Bioasis and Midatech covenant as set forth in, and agree
to, in favour of Lind, the terms and conditions of Appendix "C".

 

		9.	Representations and Warranties. Each of Bioasis, Midatech and Lind hereby represent and warrant
to, in the case of Bioasis and Midatech, Lind and acknowledge that Lind is relying on such representations and warranties in entering
into this Agreement, and in the case of Lind, Midatech and Bioasis and acknowledge that Midatech and Bioasis are relying on such representations
and warranties in entering this Agreement, that: (a) it is a legal entity organized and validly existing and in good standing under the
laws of its jurisdiction of organization, (b) it has all requisite legal power and authority to execute, deliver and perform this Agreement,
(c) the execution, delivery and performance of this Agreement by it has been duly and validly authorized and approved by all necessary
legal action, and no other proceedings or actions on its part are necessary therefor, (d) this Agreement has been duly and validly executed
and delivered by it and, assuming the due execution and delivery by the other parties hereto, constitutes its valid and legally binding
obligation, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles,
(e) the execution, delivery and performance by it of this Agreement (including with respect to Bioasis and Midatech, as applicable, the
payment and security issuance obligations under this Agreement) do not and will not violate its organizational documents, any contracts,
agreements or undertaking to which it is a party or by which it is bound, or applicable laws, and (f) all consents, approvals, authorizations,
permits of, filings with and notifications to, any governmental entity, regulatory body, stock exchange and any other person necessary
for the due execution, delivery and performance of this Agreement by it have been obtained or made and all conditions thereof have been
duly complied with, and no other action by, and no notice to or filing with, any governmental entity, regulatory body, stock exchange
and any other person is required in connection with the execution, delivery or performance of this Agreement.

 

    	 	 	 

    	 

    

 

		10.	Miscellaneous. Bioasis and Midatech are jointly and severally liable for their respective obligations
under this Agreement. Neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned by any Party without
the prior written consent of the other Parties. Time is of the essence in this Agreement. This Agreement shall be governed, including
as to validity, interpretation and effect, by the laws of the Province of British Columbia and the laws of Canada applicable therein.
This Agreement may, at any time and from time to time, be amended by written agreement of the Parties. If any provision of this Agreement
is determined by any court of competent jurisdiction to be illegal, invalid or unenforceable, that provision will be severed from this
Agreement and the remaining provisions will continue in full force and effect. This Agreement may be executed and delivered in any number
of counterparts (including by .pdf or other electronic means), each of which will be deemed to be an original and all of which taken together
will be deemed to constitute one and the same instrument.

 

[Remainder of page has been left intentionally
blank]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

 

 

 

	 	LIND GLOBAL MACRO FUND, LP, by its 

general partner, LIND GLOBAL PARTNERS, LLC	 
	 	 	 
	 	 	 
	 	By:	  /s/ Jeff Easton 	 
	 	Name:	Jeff Easton 	 
	 	Title:	Authorized Signatory 	 

 

	 	bioasis technologies inc.	 
	 	 	 
	 	 	 
	 	By:	  /s/ Deborah Rathjen           	 
	 	Name:	 Deborah Rathjen	 
	 	Title:	 Chief Executive Officer	 

 

	 	midatech pharma plc	 
	 	 	 
	 	 	 
	 	By:	  /s/ Stephen Stamp           	 
	 	Name:	 Stephen Stamp	 
	 	Title:	 Chief Executive Officer and Chief Financial Officer	 

 

 

Lind – Bioasis - Midatech – Tripartite Agreement

 

    	 	 	 

    	 

    

 

APPENDIX "A"

Arrangement Agreement

 

 

 

    	 	 	 

    	 

    

 

APPENDIX “B”

Assumption Agreement

 

Assumption OF Convertible
SECURITY Funding Agreement

 

This
assumption of convertible security funding agreement is dated [l]
between Biosis Technologies Inc. (the “Assignor”),
Midatech Pharma PLC (the “Assignee”) and Lind Global Macro Fund, LP ("Lind").

 

RECITALS:

 

		(a)	The Assignor, the Assignee and Lind are party
to a tripartite agreement dated [l] (the
"Tripartite Agreement"), the defined terms of which are used herein.

 

		(b)	As of the date hereof, the Assignee has acquired 100% of the issued and outstanding shares of the Assignor
and otherwise completed the Transaction.

 

		(c)	Pursuant to the Tripartite Agreement, the Assignee
agreed, concurrently with completion of the Transaction, to assume, on a joint and several basis with the Assignor, all of the Assignor's
debt, liabilities and obligations pursuant to a convertible security funding agreement dated June 22, 2021, as amended by a waiver and
amendment agreement dated [l], between the
Assignor and Lind (the “CSFA”).

 

In consideration of the above and for other
good and valuable consideration, the parties agree as follows:

 

		Section 1	Assumption of Obligations.

 

The Assignee hereby assumes and shall discharge,
perform and fulfil all the debt, obligations and liabilities of the Assignor under the CSFA (the "Assumption"). The parties
acknowledge that Lind has not released the Assignor from its debt, obligations and liabilities under the CSFA and that from and after
the Assumption, the Assignor and Assignee are jointly and severally liable to Lind for any debt, obligations and liabilities owed to Lind
under the CSFA.

 

		Section 2	Assignor Consideration.

 

In
consideration of the Assumption, and the Assignee's satisfaction of the Payment Obligations under the CSFA on or about the date hereof
pursuant to the Tripartite Agreement, the Assignor hereby acknowledges itself indebted to the Assignee by way of loan on an interest free
basis in the principal amount of C$[l].

 

		Section 3	Further Assurances.

 

On or after the date of this agreement,
each party shall execute and deliver such documents and take all such action as is reasonably required to carry out the intent and purpose
of this agreement.

 

		Section 4	Binding Nature.

 

This agreement becomes effective when executed
by all of the parties. After that time, it will be binding upon and enure to the benefit of the parties and their respective successors,
legal representatives and permitted assigns. Neither this agreement nor any of the rights or obligations under this agreement, including
any right to payment, may be assigned or transferred, in whole or in part, by any party without the prior written consent of the other
parties.

 

		Section 5	Governing Law.

 

This agreement is governed by, and will
be interpreted and construed in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable
therein.

 

    	 	 	 

    	- 2 -

    

 

		Section 6	Counterparts.

 

This agreement may be executed (including
by electronic means) in any number of counterparts, each of which (including any electronic transmission of an executed signature page)
is deemed to be an original, and such counterparts together constitute one and the same instrument. Transmission of an executed signature
page by facsimile, email or other electronic means is as effective as a manually executed counterpart of this agreement.

 

[Remainder of page intentionally left blank. Signature page(s)
follow.]

 

    	 	 	 

    	- 3 -

    

 

The parties have executed this agreement.

 

	 	 	BIOASIS TECHNOLOGIES INC.
	 	 	 	 
	 	 	By:	 
	 	 	 	Authorized Signing Officer

 

 

 

 

	 	 	MIDATECH PHARMA PLC
	 	 	 	 
	 	 	By:	 
	 	 	 	Authorized Signing Officer

 

 

 

 

	 	 	Lind Global Macro Fund, LP
	 	 	 	 
	 	 	By:	 
	 	 	 	Authorized Signing Officer

 

    	 	 	 

    	 

    

 

APPENDIX “C”

Subordination of Midatech Loan

 

1.       Additional
Defined Terms. Capitalized terms used in this Appendix "C" shall have the meanings given in this Agreement (of which this
Appendix "C" forms a part) and, unless the context otherwise requires, the following additional capitalized terms will have
the following meanings herein:

 

		(a)	“Charge” means any mortgage, charge, security interest, pledge, hypothec, lien, assignment,
lease, title retention agreement (including a conditional sale agreement), set-off or similar right, trust or other encumbrance of any
nature;

 

		(b)	“Debtor” means, collectively, Bioasis, BAT, BBC and BRF, or any one or more of them,
as the context requires;

 

		(c)	“Debtor to Grantor Liabilities” means all present and future debts and liabilities
(whether absolute or contingent) of the Debtor to Midatech;

 

		(d)	“Debtor to Senior Creditor Liabilities” means all present and future debts and liabilities
(whether absolute or contingent) of Debtor to Lind or any of its affiliates;

 

		(e)	“Enforcement Action” means any action or proceeding to enforce payment of any of the
Debtor to Senior Creditor Liabilities or the Debtor to Grantor Liabilities, or any part or parts thereof, including commencement of enforcement
proceedings, whether by way of the appointment of a receiver or exercising any other right or remedy under any of the Senior Creditor’s
Security Documents or the Grantor’s Security Documents or any other document or instrument taken or given pursuant thereto; provided
that, for greater certainty, (i) the making of a demand for payment or performance of an obligation, (ii) the declaration of a default
or an event of default, (iii) the acceleration of the time for payment, and (iv) the delivery of a notice of intention to enforce (whether
under section 244 of the Bankruptcy and Insolvency Act (Canada) or otherwise, shall not constitute “Enforcement Action”;

 

		(f)	“Grantor’s Charges” means all present and future Charges in favour of or otherwise
held by Midatech with respect to Subject Property;

 

		(g)	“Grantor’s Documents” means (i) all present and future documents which govern
or evidence any of the Debtor to Grantor Liabilities, and (ii) the Grantor’s Security Documents;

 

		(h)	“Grantor’s Security Documents” means all present and future documents (including
financing statements) that create or register Grantor’s Charges;

 

		(i)	“Person” means any individual, proprietorship, firm, or artificial body, including
any corporation, government or instrumentality;

 

		(j)	“Senior Creditor’s Charges” means all present and future Charges in favour of
or otherwise held by Lind or any of its affiliates with respect to Subject Property;

 

		(k)	“Senior Creditor’s Documents” means (i) all present and future documents which
govern or evidence any of the Debtor to Senior Creditor Liabilities, and (ii) the Senior Creditor’s Security Documents;

 

		(l)	“Senior Creditor’s Security Documents” means all present and future documents
(including financing statements) that create or register Senior Creditor’s Charges;

 

    	 	 	 

    	 

    

 

		(m)	“Subject Property” means all present and after-acquired properties, assets and undertaking
of the Debtor, and any reference to “Subject Property” will unless otherwise provided be deemed to refer to the Subject Property
as a whole or any parts thereof.

 

2.       Priority
re Charges. Midatech grants priority to the Senior Creditor’s Charges over the Grantor’s Charges with respect to the Subject
Property in all respects.

 

3.       Irrelevant
Events and Circumstances. The grant of priority provided for herein will apply in all events and circumstances regardless of:

 

		(a)	the dates of execution, delivery and registration of the Grantor’s Security Documents and the Senior
Creditor’s Security Documents, and the dates of creation, attachment, perfection and existence of the Grantor’s Charges and
the Senior Creditor’s Charges;

 

		(b)	the dates of all past, present and future advances, re-advances and other extensions of credit, and of
all other past, present and future liabilities, comprised in the Debtor to Grantor Liabilities or the Debtor to Senior Creditor Liabilities;

 

		(c)	the dates of any past, present or future defaults or events of default under any of the Grantor’s
Documents or the Senior Creditor’s Documents;

 

		(d)	the dates any demands for payment are made, the dates any notices are given, and any failure to make or
give any such demands or notices;

 

		(e)	any contrary intention expressed in any of the Grantor’s Documents or the Senior Creditor’s
Documents; and

 

		(f)	any priority granted by any principle of law or equity or any statute, including the Bank Act (Canada)
and applicable personal property security legislation.

 

4.       Circular-Priorities.
If any Person other than a party hereto is found by a trustee in bankruptcy or court of competent jurisdiction to have a right to Subject
Property in priority to or pari passu with Lind or its affiliate but not in priority to or pari passu with Midatech, then
this Agreement will not apply so as to diminish the rights (as those rights would have been but for this Agreement) of Midatech with respect
to such Subject Property unless Lind is diligently contesting such finding and has provided Midatech with a satisfactory indemnity.

 

5.       Postponement
of Debtor to Grantor Liabilities. Midatech postpones payment of the Debtor to Grantor Liabilities to the prior payment and satisfaction
of the Debtor to Senior Creditor Liabilities.

 

6.       Standstill.
Midatech hereby agrees that it will not take any Enforcement Action until the earliest to occur of the following:

 

		(a)	Midatech obtains the prior written consent of Lind to take Enforcement Action (and even then, subject
to any reasonable limitations and/or conditions set out in such consent);

 

		(b)	the repayment and satisfaction of all of the Debtor to Senior Creditor Liabilities; and

 

		(c)	Lind takes Enforcement Action (and even then, only for so long as such Enforcement Action by Lind is continuing).

 

    	 	 	 

    	 

    

 

7.       Trust.
All net proceeds arising from the Subject Property received by Midatech in connection with any enforcement of or realization on the Grantor’s
Charges, and all payments and other assets received by Midatech on account of the Debtor to Grantor Liabilities, will be held by Midatech
in trust for Lind so as to give effect to the priorities provided for herein and to that extent will be paid over or otherwise provided
to Lind forthwith upon demand.

 

8.       Beneficial
Ownership. Midatech represents and warrants that it is the legal and beneficial holder of the Grantor’s Security Documents and
the Grantor’s Charges and the Debtor to Grantor Liabilities, in each case free and clear of all Charges.

 

9.       Notice
of Defaults. Midatech represents and warrants that, to the best of Midatech’s knowledge, no default by the Debtor or event of
default exists under any of the Grantor’s Documents. Midatech will give written notice to Lind of the occurrence of any material
default by the Debtor under, or the occurrence of any event of default under, any of the Grantor’s Documents immediately upon becoming
aware of the same.

 

10.       Exchange
of Information. Each of Midatech and Lind may, but will not be obligated to, from time to time upon request from the other provide
any or all information (including confidential information) that it may have concerning the Subject Property or the debts, liabilities,
business and affairs of the Debtor. Bioasis authorizes and consents to this exchange of information.

 

11.       Assignment.
Midatech will not sell, assign, Charge, or otherwise dispose of any interest in any of the Grantor’s Documents, the Grantor’s
Charges or the Debtor to Grantor Liabilities except upon the proposed transferee executing and delivering to the other parties hereto
an agreement (in form and substance satisfactory to such other parties acting reasonably) to be bound by the provisions hereof.

 

12.       Further
Assurances. Each of Midatech and the Debtor will forthwith at all times, and at the Debtor’s sole expense, execute and deliver
such further documents and do such other acts as Lind requires in order to give effect to the intent of this Agreement.

 

13.       No
Duty of Care. Except as expressly provided for in this Agreement (if applicable), Lind owes no duty of care to Midatech with respect
to its dealings with the Debtor under the Debtor to Senior Creditor Liabilities or the Senior Creditor's Documents.

 

14.       Indulgences.
Lind may grant time, renewals, extensions, increases, releases and discharges to, accept compositions from and otherwise deal with the
Debtor as it may see fit, the whole without notice to any other party to this Agreement and without prejudice to or in any way limiting
or affecting the rights of Lind under this Agreement.

 

15.       Amendment,
Waiver and Termination. No provision of this Appendix may be amended, waived or terminated in any respect except by an instrument
in writing executed by the party against whom enforcement of the amendment, waiver or termination is sought, provided that no consent
of or execution by Bioasis will be necessary to any such amendment, waiver or termination unless the interests of Bioasis are directly
adversely affected thereby.

 

16.       Copies
of Financing Statements. Midatech waives the right to receive a copy of all present and future financing statements and related statements
filed or issued in connection with this Agreement.

 

17.       Payment
of Costs. Bioasis will pay forthwith upon demand all reasonable costs, including legal costs, incurred or charged by Lind in connection
with registering this Agreement and any related documents, including all further assurances, financing statements, financing change statements,
discharges and amendments.

 

    	 	 	 

    	 

    

 

18.       Paramountcy.
If there is a conflict or inconsistency between the provisions of this Agreement and the provisions of any of the Grantor’s Documents,
the provisions of this Agreement will prevail to the extent necessary to resolve such conflict or inconsistency so long as this Agreement
remain in force.

 

19.       No
Benefit. Nothing in this Agreement will be construed as conferring any rights or benefits upon the Debtor. The terms and conditions
hereof are for the sole and exclusive benefit of Lind, its affiliates and Midatech.

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