Document:

EX-4.5

 Exhibit 4.5 

REGISTRATION RIGHTS AGREEMENT 

by and among 
 Owl Rock Core
Income Corp., 
 SMBC Nikko Securities America, Inc., 

BofA Securities, Inc. 
 and

 MUFG Securities Americas Inc. 

Dated as of September 16, 2022 

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of September 16, 2022, by and
among Owl Rock Core Income Corp., a Maryland corporation (the “Company”), and SMBC Nikko Securities America, Inc., BofA Securities, Inc. and MUFG Securities Americas Inc., as the representatives (together, the
“Representatives”) of the several initial purchasers (collectively, the “Initial Purchasers”), listed on Schedule 1 to the Purchase Agreement (as defined below), in connection with the sale by the
Company of $600,000,000 aggregate principal amount of the Company’s 7.750% Notes due 2027 (the “Notes”). 

This Agreement is made pursuant to the Purchase Agreement, dated as of September 9, 2022 (the “Purchase
Agreement”), by and among the Company, Owl Rock Capital Advisors LLC, a Delaware limited liability company, and the Representatives on behalf of the Initial Purchasers (i) for the benefit of the Initial Purchasers and (ii) for
the benefit of the holders from time to time of the Registrable Notes, including the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Notes, the Company has agreed to provide the registration rights set forth in this
Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers as set forth in Section 7(k) of the Purchase Agreement. The parties hereby agree as follows: 

SECTION 1. Definitions. As used in this Agreement, the following capitalized terms shall have the following meanings: 

Additional Interest: As defined in Section 5 hereof. 

Advice: As defined in the last paragraph of Section 6 hereof. 

Agreement: As defined in the preamble hereto. 

Broker-Dealer: Any broker or dealer registered under the Exchange Act. 

Business Day: Any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions or trust
companies located in New York, New York are authorized or obligated to be closed. 
 Commission: The U.S. Securities and
Exchange Commission. 
 Company: As defined in the preamble hereto. 

Consummate: An Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence of
(i) the filing with the Commission of the Exchange Offer Registration Statement relating to the Exchange Notes to be issued in the Exchange Offer and its being declared effective under the Securities Act, (ii) the maintenance of the
continuous effectiveness of such Registration Statement, and the keeping of the Exchange Offer open, for a period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Company to the
Registrar under the Indenture of Exchange Notes in the same aggregate principal amount as the aggregate principal amount of Notes that were tendered by Holders thereof pursuant to the Exchange Offer. 

 Controlling Person: As defined in Section 8(a) hereof. 

Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

Exchange Offer: The registration by the Company under the Securities Act of the Exchange Notes pursuant to a Registration
Statement pursuant to which the Company offers the Holders of all outstanding Registrable Notes the opportunity to exchange all such outstanding Registrable Notes held by such Holders for Exchange Notes in an aggregate principal amount equal to the
aggregate principal amount of the Registrable Notes tendered in such exchange offer by such Holders. 
 Exchange Offer Registration
Statement: The Registration Statement relating to the Exchange Offer, including the related Prospectus. 
 Exchange
Notes: The 7.750% Notes due 2027 of the same series under the Indenture as the Notes, to be issued to Holders in exchange for Registrable Notes pursuant to this Agreement. 

FINRA: Financial Industry Regulatory Authority, Inc. 

Holder: As defined in Section 2(b) hereof. 

Indemnified Holder: As defined in Section 8(a) hereof. 

Indenture: The Base Indenture, dated as of September 23, 2021, as supplemented by the Fourth Supplemental Indenture, dated
as of September 16, 2022 by and between the Company and the Trustee, pursuant to which the Notes are to be issued, as such Indenture may be amended or supplemented from time to time in accordance with the terms thereof. 

Initial Placement: The issuance and sale by the Company of the Notes to the Initial Purchasers pursuant to the Purchase
Agreement. 
 Initial Purchasers: As defined in the preamble hereto. 

Interest Payment Date: As defined in the Indenture and the Notes. 

Investment Company Act: As defined in Section 8(c) hereof. 

Issue Date: The date of this Agreement, September 16, 2022 

Notes: As defined in the preamble hereto. 

Person: Any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company,
trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

Prospectus: The prospectus included in a Registration Statement, as amended or supplemented by any prospectus supplement and by
all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 

  
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 Purchase Agreement: As defined in the preamble hereto. 

Registrable Notes: Each Note, until the earliest to occur of (a) the date on which such Note is exchanged in the Exchange
Offer for an Exchange Note entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery requirements of the Securities Act, (b) the date on which such Note has been effectively registered under the
Securities Act and disposed of in accordance with a Shelf Registration Statement, (c) the date on which such Note is distributed by a Broker-Dealer pursuant to the “Plan of Distribution” contemplated by the Exchange Offer Registration
Statement (including delivery of the Prospectus contained therein), (d) the date on which such Note does not bear a restricted CUSIP number and is sold pursuant to Rule 144 under the Securities Act under circumstances in which any legend borne by
such Note relating to restrictions on transferability thereof, under the Securities Act or otherwise, is removed by the Company or pursuant to the Indenture and (e) the date on which such Note ceases to be outstanding. 

Registration Default: As defined in Section 5 hereof. 

Registration Statement: Any registration statement of the Company relating to (a) an offering of Exchange Notes pursuant to
an Exchange Offer or (b) the registration for resale of Registrable Notes pursuant to the Shelf Registration Statement, in each case, including the Prospectus included therein, all amendments and supplements thereto (including post-effective
amendments) and all exhibits and material incorporated by reference therein. 
 Representative: As defined in the
preamble hereto. 
 Securities Act: The Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 Shelf Filing Deadline: As defined in Section 4(a)(x) hereof. 

Shelf Registration Statement: As defined in Section 4(a)(x) hereof. 

Suspension Period: As defined in the final paragraph of Section 6(c) hereof. 

Trustee: Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association. 

Trust Indenture Act: The Trust Indenture Act of 1939, as amended, and the rules and regulations promulgated thereunder. 

Underwritten Registration or Underwritten Offering: A registration in which securities of the Company are sold to one or more
underwriters for reoffering to the public. 
 SECTION 2. Notes Subject to this Agreement. 

(a) Registrable Notes. The securities entitled to the benefits of this Agreement are the Registrable Notes. 

(b) Holders of Registrable Notes. A Person is deemed to be a holder of Registrable Notes (each, a “Holder”)
whenever such Person owns Registrable Notes. 

  
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 SECTION 3. Registered Exchange Offer. 

(a) Unless the Exchange Offer shall not be permissible under applicable law or Commission policy, the Company shall (i) use its
commercially reasonable efforts to cause the Exchange Offer to be Consummated on the earliest practicable date after the Exchange Offer Registration Statement has become or been declared effective, but in no event later 365 days after the Issue Date
(or if such 365th day is not a Business Day, the next succeeding Business Day) and (ii) in connection with the foregoing, (A) file all pre-effective amendments to such Registration Statement as may
be necessary in order to cause such Registration Statement to be declared effective, (B) if applicable, file a post-effective amendment to such Registration Statement and (C) cause all necessary filings in connection with the registration
and qualification of the Exchange Notes to be made under the state securities or blue sky laws of such jurisdictions as are necessary to permit Consummation of the Exchange Offer. The Exchange Offer Registration Statement shall be on the appropriate
form permitting registration of the Exchange Notes to be offered in exchange for the Registrable Notes and to permit resales of Notes held by Broker-Dealers as contemplated by Section 3(c) hereof. The Company shall use its commercially
reasonable efforts to cause all Exchange Notes to have the same CUSIP number. 
 (b) The Company shall use its commercially reasonable
efforts to cause the Exchange Offer Registration Statement to be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to Consummate
the Exchange Offer; provided, however, that in no event shall such period be less than 20 Business Days after the commencement of the Exchange Offer. The Company shall cause the Exchange Offer to comply with all applicable federal and
state securities laws. No securities other than the Exchange Notes shall be included in the Exchange Offer Registration Statement. 
 (c)
The Company shall indicate in a “Plan of Distribution” section contained in the Prospectus forming a part of the Exchange Offer Registration Statement that any Broker-Dealer who holds Notes that are Registrable Notes and that were acquired
for its own account as a result of market-making or other trading activities (other than Registrable Notes acquired directly from the Company) may exchange such Notes pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an
“underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Notes received by such Broker-Dealer in the
Exchange Offer. Such “Plan of Distribution” section shall also contain all other information with respect to such resales by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, provided such
“Plan of Distribution” shall not name any such Broker-Dealer or disclose the amount of Notes held by any such Broker-Dealer except to the extent required by the Commission. 

  
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 The Company shall use its commercially reasonable efforts to keep the Exchange Offer
Registration Statement continuously effective, supplemented and amended as required by the provisions of Section 6(c) hereof to the extent necessary to ensure that it is available for resales of Notes acquired by Broker-Dealers for their own
accounts as a result of market-making or other trading activities, and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time,
for a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer Registration Statement is declared effective and (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in connection
with market-making or other trading activities. The Company shall provide sufficient copies of the latest version of such Prospectus to Broker-Dealers promptly upon request at any time during such period in order to facilitate such resales. 

SECTION 4. Shelf Registration. 

(a) Shelf Registration. If (i) the Company is not required to file an Exchange Offer Registration Statement or to consummate the
Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy, (ii) for any reason the Exchange Offer is not Consummated by 365 days after the Issue Date (or if such 365th day is not a Business Day, the next
succeeding Business Day), or (iii) with respect to any Holder of Registrable Notes (A) such Holder is prohibited by applicable law or Commission policy from participating in the Exchange Offer, (B) such Holder may not resell the
Exchange Notes acquired by it in the Exchange Offer to the public without delivering a prospectus and the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder or
(C) such Holder is a Broker-Dealer and holds Notes acquired directly from the Company or one of its affiliates, then, upon such Holder’s request, the Company shall: 

(x) cause to be filed a shelf registration statement pursuant to Rule 415 under the Securities Act, which may be an amendment
to the Exchange Offer Registration Statement (in either event, the “Shelf Registration Statement”), as soon as practicable, but in no event later than the earliest to occur of (1) the 60th day after the date on which the
Company determines that it is not required to file the Exchange Offer Registration Statement, (2) the 60th day after the date on which the Company receives notice from a Holder of Registrable Notes as contemplated by clause (iii) above and
(3) 365 days after the Issue Date (or if such 365th day is not a Business Day, the next succeeding Business Day) (the “Shelf Filing Deadline”), which Shelf Registration Statement shall provide for resales of all Registrable
Notes the Holders of which shall have provided the information required pursuant to Section 4(b) hereof; and 
 (y) use
its commercially reasonable efforts to cause such Shelf Registration Statement to become or be declared effective by the Commission at the earliest possible time, but in no event later that the 120th day after the Shelf Filing Deadline. 

The Company shall use its commercially reasonable efforts to keep such Shelf Registration Statement continuously effective, supplemented and
amended as required by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Registrable Notes entitled to the benefit of this Section 4(a), and to ensure that it conforms with
the requirements of this Agreement, the Securities Act and the policies of the Commission as announced from time to time, for a period of at least one year following the effective date of such Shelf Registration Statement (or shorter period that
will terminate when all the Notes covered by such Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement or are otherwise no longer Registrable Notes). 

  
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 (b) Provision by Holders of Certain Information in Connection with the Shelf Registration
Statement. No Holder of Registrable Notes may include any of its Registrable Notes in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Company in writing, within 10 Business Days after
receipt of a request therefor, such information as the Company may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein or amendment or supplement thereto. Each
Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such Holder not
materially misleading. 
 SECTION 5. Additional Interest. If (i) unless the Exchange Offer shall not be permissible under
applicable law or Commission policy, the Exchange Offer Registration Statement has not been Consummated on or prior to 365 days after the Issue Date (or if such 365th day is not a Business Day, the next succeeding Business Day), (ii) in the event
the Company is required to file a Shelf Registration Statement pursuant to Section 4(a) hereof, (A) the Shelf Registration Statement is not filed by the Shelf Filing Deadline or (B) the Shelf Registration Statement has not become or
been declared effective by the Commission on or prior to the 120th day after the Shelf Filing Deadline or (iii) any Registration Statement required by this Agreement is filed and declared effective but shall thereafter cease to be effective or
fail to be usable for its intended purpose without being immediately succeeded by a post-effective amendment to such Registration Statement that cures such failure and that is itself immediately declared effective (each such event referred to in
clauses (i) through (iii), a “Registration Default”) then, with respect to the first 90-day period immediately following the occurrence of such Registration Default, the interest
rate on the Registrable Notes will be increased by 0.25% per annum and will increase by an additional 0.25% per annum on the principal amount of Notes with respect to the subsequent 90-day period, for a
maximum of 0.50% per annum of additional interest (“Additional Interest”). Any amounts of Additional Interest due pursuant to this Section 5 will be paid in cash on the relevant Interest Payment Date to Holders of record
on the relevant regular record dates. Following the cure of all Registration Defaults relating to any particular Registrable Notes, the interest rate borne by the relevant Registrable Notes will be reduced to the original interest rate borne by such
Registrable Notes; provided, however, that, if after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant Registrable Notes shall again be increased pursuant to the
foregoing provisions. 
 All obligations of the Company set forth in the preceding paragraph that are outstanding with respect to any
Registrable Note at the time such security ceases to be a Registrable Note shall survive until such time as all such obligations with respect to such security shall have been satisfied in full. 

Notwithstanding the foregoing, (i) the amount of Additional Interest payable shall not increase because more than one Registration
Default has occurred and is pending at any given time and (ii) a Holder of Registrable Notes that has not provided the information required pursuant to Section 4(b) hereof within the time period set forth therein shall not be entitled to
Additional Interest with respect to a Registration Default that pertains to the relevant Shelf Registration Statement. 

  
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 SECTION 6. Registration Procedures. 

(a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company shall comply with all of the applicable
provisions of Section 6(c) hereof, shall use its commercially reasonable efforts to effect such exchange to permit the sale of Registrable Notes being sold in accordance with the intended method or methods of distribution thereof, and shall
comply with all of the following provision: 
 (i) As a condition to its participation in the Exchange Offer pursuant to the
terms of this Agreement, each Holder of Registrable Notes shall furnish, upon the request of the Company, prior to the Consummation thereof, a written representation to the Company (which may be contained in the letter of transmittal contemplated by
the Exchange Offer Registration Statement) to the effect that (A) it is not an affiliate of the Company, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any Person to participate in,
a distribution of the Exchange Notes to be issued in the Exchange Offer, (C) it is acquiring the Exchange Notes in its ordinary course of business, (D) if it is a Broker-Dealer that holds Notes that were acquired for its own account as a
result of market-making activities or other trading activities (other than Notes acquired directly from the Company or any of its affiliates), it will deliver a prospectus meeting the requirements of the Securities Act in connection with any resales
of the Exchange Notes received by it in the Exchange Offer, and (E) if it is a Broker-Dealer, that it did not purchase the Notes to be exchanged in the Exchange Offer from the Company or any of its affiliates. In addition, all such Holders of
Registrable Notes shall otherwise cooperate in the Company’s preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution of
the securities to be acquired in the Exchange Offer (1) cannot rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available
May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters, and (2) must comply with the registration and
prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction and that such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder
and/or underwriter information required by Item 507 of Regulation S-K or Item 5 of Form N-2, as applicable, if the resales are of Exchange Notes obtained by such Holder
in exchange for Notes acquired by such Holder directly from the Company. 
 (b) Shelf Registration Statement. In connection with the
Shelf Registration Statement, the Company shall comply with all the provisions of Section 6(c) hereof and shall use its commercially reasonable efforts to effect such registration to permit the sale of the Registrable Notes being sold in
accordance with the intended method or methods of distribution thereof, and pursuant thereto the Company will as expeditiously as is commercially reasonable prepare and file with the Commission a Shelf Registration Statement relating to the
registration on any appropriate form under the Securities Act, which form shall be available for the sale of the Registrable Notes in accordance with the intended method or methods of distribution thereof. 

  
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 (c) General Provisions. In connection with any Registration Statement and any
Prospectus required by this Agreement to permit the sale or resale of Registrable Notes (including any Registration Statement and the related Prospectus required to permit resales of Notes by Broker-Dealers), the Company shall: 

(i) use its commercially reasonable efforts to keep such Registration Statement continuously effective during the period
required by this Agreement and provide all requisite financial statements; 
 (ii) upon the occurrence of any event that
would cause any such Registration Statement or the Prospectus contained therein (A) to contain a material misstatement or omission or (B) not to be effective and usable for resale of Registrable Notes during the period required by this
Agreement, the Company shall file promptly an appropriate amendment to such Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B), use its commercially
reasonable efforts to cause such amendment to become or be declared effective and such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter; 

(iii) prepare and file with the Commission such amendments and post-effective amendments to the applicable Registration
Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as applicable, or such shorter period as will terminate when all Registrable Notes covered by such
Registration Statement have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act, and to comply fully with the applicable
provisions of Rules 424, 430A and 430B under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during the applicable
period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus; 

(iv) advise the underwriter(s), if any, and selling Holders promptly and, if requested by such Persons, to confirm such advice
in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any post-effective amendment thereto, when the same has been declared effective,
(B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Registrable Notes for offering or sale in any jurisdiction, or the initiation of
any proceeding for any of the preceding purposes, (D) of the existence of any fact or the happening of any event that makes any statement of a material fact made in the Registration Statement, the

  
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Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any additions to or changes in the Registration Statement
or the Prospectus in order to make the statements therein not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state securities commission or other regulatory
authority shall issue an order suspending the qualification or exemption from qualification of the Registrable Notes under state securities or blue sky laws, the Company shall use its commercially reasonable efforts to obtain the withdrawal or
lifting of such order at the earliest possible time; 
 (v) furnish without charge to the Initial Purchasers, each selling
Holder named in any Registration Statement that has requested such copies, if any, and each of the underwriter(s), if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments
or supplements to any such Registration Statement or Prospectus (other than any documents that will be incorporated by reference in such Registration Statement or Prospectus), which documents will be subject to the review and comment of such
requesting Holders and underwriter(s) in connection with such sale, if any, for a period of at least five Business Days, and the Company will not file any such Registration Statement or Prospectus or any amendment or supplement to any such
Registration Statement or Prospectus to which the Initial Purchasers of Registrable Notes covered by such Registration Statement or the underwriter(s), if any, shall reasonably object in writing within five Business Days after the receipt thereof
(such objection to be deemed timely made upon confirmation of facsimile transmission within such period). The objection of the Initial Purchasers or underwriter, if any, shall be deemed to be reasonable if such Registration Statement, amendment,
Prospectus or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission; 
 (vi) make
the Company’s representatives reasonably available to the Initial Purchasers for customary due diligence matters; 

(vii) make available at reasonable times for inspection by the Initial Purchasers, any Holder, the managing underwriter(s), if
any, participating in any disposition pursuant to such Registration Statement and any attorney or accountant retained by the Initial Purchasers, Holder or any of the underwriter(s), in each case subject to confidentiality agreements in form and
substance customarily entered into by the Initial Purchasers or underwriters, all financial and other records, pertinent corporate documents and properties of the Company and cause the Company’s officers and directors to supply all information
reasonably requested by any such Holder, underwriter, attorney or accountant in connection with such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness and to participate in
meetings with investors to the extent reasonably requested by the managing underwriter(s), if any; 

  
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 (viii) if requested by any selling Holders listed as selling securityholders
in any Registration Statement or the underwriter(s), if any, promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders and
underwriter(s), if any, may reasonably request to have included therein, including information relating to the “Plan of Distribution” of the Registrable Notes, information with respect to the principal amount of Registrable Notes being
sold to such underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Registrable Notes to be sold in such offering; and make all required filings of such Prospectus supplement or post-effective amendment as
soon as practicable after the Company is notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 

(ix) deliver to each selling Holder and each of the underwriter(s), if any, without charge, as many copies of the Prospectus
(including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; the Company hereby consent to the use of the Prospectus and any amendment or supplement thereto by each of the selling Holders
and each of the underwriter(s), if any, in connection with the offering and the sale of the Registrable Notes covered by the Prospectus or any amendment or supplement thereto; 

(x) in connection with an underwritten offering pursuant to a Shelf Registration Statement, enter into such agreements
(including an underwriting agreement), and make such representations and warranties, and take all such other commercially reasonable actions in connection therewith in order to expedite or facilitate the disposition of the Registrable Notes. In
furtherance of the foregoing, the Company shall: 
 (A) furnish to the Initial Purchasers, each selling Holder and each
underwriter in such substance and scope as they may reasonably request and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the date of the effectiveness of the Shelf Registration Statement: 

(1) a certificate, dated the effectiveness of the Shelf Registration Statement, signed by (y) the Chief Executive
Officer, the President or any Vice President and (z) a principal financial or accounting officer of the Company, confirming customary matters; 

(2) if requested by a majority of selling Holders, an opinion, dated the date of effectiveness of the Shelf Registration
Statement, of counsel for the Company, covering the matters customarily covered in opinions requested in underwritten offerings; 

(3) a customary comfort letter, dated the date of effectiveness of the Shelf Registration Statement, from the Company’s
independent accountants, in the customary form and covering matters of the type customarily requested to be covered in comfort letters by underwriters in connection with primary underwritten offerings; 

  
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 (B) set forth in full or incorporate by reference in the underwriting
agreement, if any, the indemnification provisions and procedures of Section 8 hereof with respect to all parties to be indemnified pursuant to said Section; and 

(C) deliver such other documents and certificates as may be reasonably requested by such parties to evidence compliance with
Section 6(c)(x)(A) hereof and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company pursuant to this Section 6(c)(x), if any. 

If at any time the representations and warranties of the Company contemplated in Section 6(c)(x)(A)(1) hereof cease to be true and
correct, the Company shall so advise the Initial Purchasers and the underwriter(s), if any, and each selling Holder promptly and, if requested by such Persons, shall confirm such advice in writing; 

(xi) prior to any public offering of Registrable Notes, cooperate with the selling Holders, the underwriter(s), if any, and
their respective counsel in connection with the registration and qualification of the Registrable Notes under the state securities or blue sky laws of such jurisdictions as the selling Holders or underwriter(s), if any, may request and do any and
all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Registrable Notes covered by the Shelf Registration Statement; provided, however, that the Company shall not be required to register
or qualify as a foreign corporation where it is not then so qualified or to take any action that would subject it to the service of process in suits or to taxation, other than as to matters and transactions relating to the Registration Statement, in
any jurisdiction where it is not then so subject; 
 (xii) in the case of a Shelf Registration Statement, shall issue, upon
the request of any Holder of Notes covered by the Shelf Registration Statement and only in connection with any valid sale of Notes by such Holder pursuant to such registration statement (and provided that such Holder delivers such certificates or
opinions reasonably requested by the Company in connection with such sale), Exchange Notes having an aggregate principal amount equal to the aggregate principal amount of Notes surrendered to the Company by such Holder in exchange therefor or being
sold by such Holder; such Exchange Notes to be registered in the name of such Holder or in the name of the purchaser(s) of such Exchange Notes, as the case may be; in return, the Notes held by such Holder shall be surrendered to the Company for
cancellation; 
 (xiii) in the case of a Shelf Registration Statement, and subject to the forms of the Indenture, cooperate
with the selling Holders and the underwriter(s), if any, to facilitate the timely preparation and delivery of certificates or book-entry receipts, as applicable, representing Registrable Notes to be sold and not bearing any restrictive legends; and
enable such Registrable Notes or such book-entry receipts, as applicable, to be in such denominations and registered in such names as the Holders or the underwriter(s), if any, may request at least two Business Days prior to any sale of Registrable
Notes made by such Holders or underwriter(s); 

  
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 (xiv) use its commercially reasonable efforts to cause the Registrable Notes
covered by the Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate the disposition of
such Registrable Notes, subject to the proviso contained in Section 6(c)(xi) hereof; 
 (xv) if any fact or event
contemplated by Section 6(c)(iv)(D) hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other
required document so that, as thereafter delivered to the purchasers of Registrable Notes, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein
not misleading; 
 (xvi) not later than the effective date of the Registration Statement covering such Exchange Notes,
provide that the CUSIP and ISIN numbers for all Exchange Notes shall be the same unrestricted CUSIP and ISIN numbers as borne by the Existing Notes and provide the Trustee under the Indenture with printed certificates for such Exchange Notes which
are in a form eligible for deposit with the Depository Trust Company and take all other action necessary to ensure that all such Exchange Notes are eligible for deposit with the Depository Trust Company; 

(xvii) cooperate and assist in any filings required to be made with the FINRA and in the performance of any due diligence
investigation by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and regulations of the FINRA; 

(xviii) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the
Commission, and make generally available to its security holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 under the Securities Act (which need not be audited) for the twelve-month period
(A) commencing at the end of any fiscal quarter in which Registrable Notes are sold to underwriters in a firm commitment or commercially reasonable efforts Underwritten Offering or (B) if not sold to underwriters in such an offering,
beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of the Registration Statement; and 

(xix) cause the Indenture to continue to be qualified under the Trust Indenture Act as of, and not later than the effective
date of the first Registration Statement required by this Agreement, and, in connection therewith, cooperate with the Trustee and the Holders of Exchange Notes to effect such changes to the Indenture as may be required for such Indenture to remain
so qualified in accordance with the terms of the Trust Indenture Act; and to execute and use its commercially reasonable efforts to cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and
documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner. 

  
 12 

 Notwithstanding the foregoing, the Company may suspend the offering and sale under a
Registration Statement (the “Suspension Period”) for a period or periods if (i) the board of directors reasonably determines that the continued use of such Registration Statement would (A) require the Company to
make a public disclosure of material non-public information, which disclosure in the good faith judgment of the board of directors of the Company (1) would be required to be made in such Registration
Statement so that such Registration Statement would not be materially misleading and (2) would not be required to be made at such time but for the continued use of such Shelf Registration Statement or (B) would in the good faith and
judgment of the board of directors of the Company be expected to have a material adverse effect on the Company or its business or on the Company’s ability to effect a planned or proposed acquisition, disposition, financing, reorganization,
recapitalization or similar transaction and (ii) the Company notifies the underwriters, if any, and the Holders of Registrable Notes (in the case of a Shelf Registration) and the Initial Purchasers and any participating Broker-Dealers known to
the Company (in the case of an Exchange Offer Registration Statement) within five days after the board of directors makes the relevant determination set forth in clause (i); provided that the period or periods of suspension under clause
(i) above shall not exceed, in the aggregate, 60 days in any twelve-month period during which the Registration Statement is required to be effective. 

Each Holder agrees by acquisition of a Registrable Note that, upon receipt of any notice from the Company of the existence of any fact of the
kind described in Section 6(c)(iv)(D) hereof or any Suspension Period, such Holder will forthwith discontinue disposition of Registrable Notes pursuant to the applicable Registration Statement until such Holder’s receipt of the copies of
the supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof, or until it is advised in writing (the “Advice”) by the Company that the use of the Prospectus may be resumed, and has received copies of
any additional or supplemental filings that are incorporated by reference in the Prospectus. In the event the Company shall give any such notice, the time period regarding the effectiveness of such Registration Statement set forth in Section 3
or 4 hereof, as applicable, shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to Section 6(c)(iv)(D) hereof or notice of any Suspension Period to and including the date
when each selling Holder covered by such Registration Statement shall have received the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xv) hereof or shall have received the Advice; provided, however,
that no such extension shall be taken into account in determining whether Additional Interest is due pursuant to Section 5 hereof or the amount of such Additional Interest, it being agreed that the Company’s option to suspend use of a
Registration Statement pursuant to this paragraph shall be treated as a Registration Default for purposes of Section 5 hereof. 

SECTION 7. Registration Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement will be
borne by the Company regardless of whether a Registration Statement becomes or is declared effective, including (i) all registration and filing fees and expenses (including filings made by the Initial Purchasers or Holder with the FINRA (and,
if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of the FINRA)); (ii) all fees and expenses of compliance with federal securities and state
securities or blue sky laws; (iii) all expenses of printing (including printing certificates for the Exchange Notes to be issued in the Exchange Offer and printing of Prospectuses), messenger and delivery services and telephone; (iv) all
fees and disbursements of counsel for the Company; (v) application and filing fees in connection with listing the Notes on a securities exchange or automated quotation system pursuant to the requirements thereof; and (vi) all fees and
disbursements of independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required by or incident to such performance). 

  
 13 

 The Company will, in any event, bear its internal expenses (including all expenses of its
officers performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company. 

SECTION 8. Indemnification. 

(a) The Company agree to indemnify and hold harmless (i) each Holder and (ii) each Person, if any, who controls (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause (ii) being hereinafter referred to as a “Controlling Person”) and (iii) the
respective officers, directors, partners, employees, representatives and agents of any Holder or any Controlling Person (any Person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an “Indemnified
Holder”), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including, as incurred, reimbursement of all reasonable costs of investigating, preparing,
pursuing, settling, compromising, paying or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable and documented fees and expenses of counsel to any
Indemnified Holder), joint or several, directly or indirectly caused by, related to, based upon, arising out of or in connection with any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or
Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, in the light of the
circumstances under which they were made), not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by an untrue statement or omission or alleged untrue statement or omission that is made in reliance upon
and in conformity with information relating to any of the Holders furnished in writing to the Company by or on behalf of any of the Holders expressly for use therein. This indemnity agreement shall be in addition to any liability which the Company
may otherwise have. 
 In case any action or proceeding (including any governmental or regulatory investigation or proceeding) shall be
brought or asserted against any of the Indemnified Holders with respect to which indemnity may be sought against the Company, such Indemnified Holder (or the Indemnified Holder controlled by such Controlling Person) shall promptly notify the Company
in writing; provided, however, that the failure to give such notice shall not relieve any of the Company of its obligations pursuant to this Agreement unless and to the extent the Company did not otherwise learn of such action and such
failure results in the forfeiture by the Company of substantial rights and defenses. Such Indemnified Holder shall have the right to employ its own counsel in any such action and the reasonable and documented fees and expenses of such counsel shall
be paid, as incurred, by the Company (regardless of whether it is ultimately determined that an Indemnified Holder is not entitled to indemnification hereunder). The Company shall not, in connection with any one such action or proceeding or separate
but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or 

  
 14 

 
circumstances, be liable for the reasonable and documented fees and expenses of more than one separate firm of attorneys (in addition to one local counsel for all indemnified parties taken as a
whole in each jurisdiction reasonably required and, in the event of an actual conflict, one additional counsel in each relevant jurisdiction for the affected indemnified parties similarly situated taken as a whole) at any time for such Indemnified
Holders, which firm shall be designated by the Holders. The Company shall be liable for any settlement of any such action or proceeding effected with the Company’s prior written consent, which consent shall not be unreasonably withheld or
delayed, and the Company agree to indemnify and hold harmless any Indemnified Holder from and against any loss, claim, damage, liability or expense by reason of any settlement of any action effected with the written consent of the Company. The
Company shall not, without the prior written consent of each Indemnified Holder, settle or compromise or consent to the entry of judgment in or otherwise seek to terminate any pending or threatened action, claim, litigation or proceeding in respect
of which indemnification or contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto), unless such settlement, compromise, consent or termination (i) includes a complete and unconditional release of each
Indemnified Holder from all liability arising out of such action, claim, litigation or proceeding and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any Indemnified Holder.

 (b) Each Holder of Registrable Notes agrees, severally and not jointly, to indemnify and hold harmless the Company and its directors and
officers who sign a Registration Statement, and any Person controlling (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) the Company and its officers, directors, partners, employees, representatives
and agents, to the same extent as the foregoing indemnity from the Company to each of the Indemnified Holders, but only with respect to claims and actions based on information relating to such Holder furnished in writing by or on behalf of such
Holder expressly for use in any Registration Statement. In case any action or proceeding shall be brought against the Company or its directors or officers or any such Controlling Person in respect of which indemnity may be sought against a Holder of
Registrable Notes, such Holder shall have the rights and duties given to the Company, and the Company and its directors and officers and such Controlling Person shall have the rights and duties given to each Holder by the preceding paragraph. This
indemnity agreement shall be in addition to any liability which Holders may otherwise have. 
 (c) If the indemnification provided for in
this Section 8 is unavailable to an indemnified party under Section 8(a) or (b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or
expenses referred to therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities,
judgments, actions or expenses in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the Company shall be
deemed to be equal to the total gross proceeds to the Company from the Initial Placement), the amount of Additional Interest which did not become payable as a result of the filing of the Registration Statement resulting in such losses, claims,
damages, liabilities, judgments, actions or expenses, and such Registration Statement, or if such allocation is not permitted by applicable law, the relative fault of the Company, on the one hand, and the Holders,

  
 15 

 
on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations.
The relative fault of the Company, on the one hand, and of the Indemnified Holder, on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Indemnified Holders, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in the
second paragraph of Section 8(a) hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. 

The Company and each Holder of Registrable Notes agrees that it would not be just and equitable if contribution pursuant to this
Section 8(c) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in the
immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, none of the Holders
(and its related Indemnified Holders) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discount received by such Holder with respect to the Notes exceeds the amount of any damages which such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(c) are several in proportion to the respective principal amount of Notes
held by each of the Holders hereunder and not joint. 
 Notwithstanding any other provision in this Section 8, no party shall be
entitled to indemnification or contribution under this Agreement in violation of Section 17(j) of the Investment Company Act of 1940, as amended (the “Investment Company Act”). 

SECTION 9. Participation in Underwritten Registrations. No Holder may participate in any Underwritten Registration hereunder unless
such Holder (a) agrees to sell such Holder’s Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all
reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, and other documents required under the terms of such underwriting arrangements. 

  
 16 

 SECTION 10. Selection of Underwriters. If requested by the Holders of a majority in
aggregate principal amount of the Registrable Notes covered by the Shelf Registration Statement, the Holders of Registrable Notes covered by the Shelf Registration Statement who desire to do so may sell such Registrable Notes in an Underwritten
Offering. In such Underwritten Offering, the investment banker(s) and managing underwriter(s) that will administer such offering will be selected by the Holders of a majority in aggregate principal amount of the Registrable Notes included in such
offering; provided, however, that such investment banker(s) and managing underwriter(s) must be reasonably satisfactory to the Company. 

SECTION 11. Miscellaneous. 

(a) Remedies. The Company hereby agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a
breach by it of the provisions of this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 

(b) No Inconsistent Agreements. The Company will not on or after the date of this Agreement enter into any agreement with respect to
its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with
the rights granted to the holders of the Company’s securities under any agreement in effect on the date hereof. 
 (c) Adjustments
Affecting the Notes. The Company will not take any action, or permit any change to occur, with respect to the Registrable Notes that would materially and adversely affect the ability of the Holders to Consummate any Exchange Offer. 

(d) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to
or departures from the provisions hereof may not be given unless the Company have (i) in the case of Section 5 hereof and this Section 11(d)(i), obtained the written consent of Holders of all outstanding Registrable Notes and
(ii) in the case of all other provisions hereof, obtained the written consent of Holders of a majority of the outstanding principal amount of Registrable Notes (excluding any Registrable Notes held by the Company or its Affiliates).
Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant to the Exchange Offer and that does not affect directly or
indirectly the rights of other Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount of Registrable Notes being tendered or registered;
provided, however, that, with respect to any matter that directly or indirectly affects the rights of the Initial Purchasers hereunder, the Company shall obtain the written consent of the Initial Purchasers with respect to which such
amendment, qualification, supplement, waiver, consent or departure is to be effective. 
 (e) Notices. All notices and other
communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), facsimile, or air courier guaranteeing overnight delivery: 

(i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar
under the Indenture; and 

  
 17 

 (ii) if to the Company: 

Owl Rock Core Income Corp. 
 399
Park Avenue, 38th Floor 
 New York, NY 10012 

Attention: Bryan Cole 
 With a
copy to: 
 Eversheds Sutherland (US) LLP 

700 6th St. NW 
 Washington,
D.C. 20001 
 Attention: Cynthia M. Krus 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if sent by facsimile; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 

Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at
the address specified in the Indenture. 
 (f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding
upon the successors and assigns of each of the parties, including, without the need for an express assignment, subsequent Holders of Registrable Notes; provided, however, that this Agreement shall not inure to the benefit of or be binding
upon a successor or assign of a Holder unless and to the extent such successor or assign acquired Registrable Notes from such Holder. 
 (g)
Counterparts. This Agreement may be signed in counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any
electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so
delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 
 (h) Headings. The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 (i)
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND IN ACCORDANCE WITH THE APPLICABLE PROVISIONS OF THE INVESTMENT COMPANY ACT, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES
THEREOF. TO THE EXTENT THE APPLICABLE PROVISIONS OF THE LAWS OF THE STATE OF NEW YORK, OR ANY OF THE PROVISIONS HEREIN, CONFLICT THE PROVISIONS OF THE INVESTMENT COMPANY ACT, THE LATTER SHALL CONTROL. 

  
 18 

 (j) Severability. In the event that any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be
affected or impaired thereby. 
 (k) Entire Agreement. This Agreement is intended by the parties as a final expression of their
agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than
those set forth or referred to herein with respect to the registration rights granted by the Company with respect to the Registrable Notes. This Agreement supersedes all prior agreements and understandings between the parties with respect to such
subject matter. 
 (l) Third Party Beneficiaries. Each Holder shall be a third party beneficiary to the agreements made hereunder
between the Company, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of
other Holders hereunder. 
 [Signature Pages Follow] 

  
 19 

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

			
	OWL ROCK CORE INCOME CORP.
		
	By:	 	 /s/ Bryan Cole

		 	Name: Bryan Cole
		 	Title: Chief Financial Officer

  
 [Signature Page to
Registration Rights Agreement] 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date
first above written: 
  

			
	SMBC NIKKO SECURITIES AMERICA, INC.
		
	By:	 	 /s/ John Bolger

		 	Name: John Bolger
		 	Title: Managing Director
	
	BOFA SECURITIES, INC. 
		
	By:	 	 /s/ Randolph Randolph

		 	Name: Randolph Randolph
		 	Title: Managing Director
	
	MUFG SECURITIES AMERICAS INC. 
		
	By:	 	 /s/ Kimberly Boulmetis

		 	Name: Kimberly Boulmetis
		 	Title: Managing Director

  
 [Signature Page to
Registration Rights Agreement]19th September 2022
​
​
SMARTKEM LIMITED
-and-
Robert Bahns 
        ​
________________________________________________________________________      
SERVICE AGREEMENT ________________________________________________________________________
​
​
​
​

​
11606961.6

INDEX OF CLAUSES
1.Interpretation‌2
2.Employment and Duties‌6
3.Period of Employment‌6
4.Duties of the Employee‌7
5.Hours of Work‌9
6.Place of Work‌9
7.Remuneration‌9
8.Car Allowance‌9
9.Pension and Other Benefits‌10
10.Expenses and Company Equipment‌10
11.Training‌10
12.Holidays‌10
13.Absence Due to Illness and Incapacity‌11
14.Medical Examination‌11
15.Other Paid Leave‌11
16.Intellectual Property‌11
17.Confidential Information and Company Documents‌13
18.Restrictions After Employment‌14
19.Data Protection‌16
20.Termination Without Notice‌16
21.Obligations on Termination‌17
22.Garden Leave‌18
23.Deductions‌18
24.Reconstruction or Amalgamation‌18
25.Notices‌19
26.Disciplinary and Grievance Procedures‌19
27.Anti-Corruption and Bribery‌19
28.Litigation Assistance‌19
29.Previous Agreements‌20
30.Third Party Rights‌20
31.Miscellaneous‌20
Schedule 1‌22
Schedule 2‌29
​
​
​

1
​
11606961.6

THIS AGREEMENT is made the 19th September 2022
BETWEEN:
		(1)	Smartkem Limited a company registered in England and Wales under number 06652152 whose registered office is at Hexagon Tower, Delaunays Road, Manchester M9 8GQ (“the Company”); and

		(2)	Robert Bahns of [REDACTED]  (“the Employee”)

NOW IT IS HEREBY AGREED as follows:

	1.	Interpretation

	1.1	In this Agreement unless the context otherwise requires the following words shall bear the following meanings:

		“Associated Company”
	means any body corporate which is for the time being associated with the Company within the meaning of Section 449 of the Corporation Taxes Act 2010 or in which the Company or any Subsidiary holds any issued shares;

		“Board”
	means the board of directors of the Company (including any committee of the board duly appointed by it);

		“Capacity” 
	means as agent, consultant, director, employee, worker, owner, partner or shareholder;

“Confidential 
		Information”
	means information in whatever form (including, without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever located) relating to the business, products, affairs and finances of the Company or of any Group Company for the time being confidential to it or to them and trade secrets (including, without limitation, technical data and know how) relating to the business of the Company or of any Group Company or of any of its or their suppliers, partners, clients or customers which the Employee develops, creates, receives or obtains in the course of the Employee’s employment whether or not such information is marked confidential  including but not limited to:

		1.1.1
	any information relating to the design, synthesis and formulation by the Company of organic semi-conductor materials and any related know-how;

		1.1.2
	information relating to the sale and commercial exploitation of organic semi-conductor materials by the Company including supply chain strategic alliances and end user brand relationships;

		1.1.3
	any Employment Inventions, Employment IPRs, Intellectual Property Rights or Inventions; ;

2
​
11606961.6

		1.1.4
	existing and prospective software applications, passwords or other confidential matters relating to computer systems utilised by the Company or any Group Company;

		1.1.5
	the names, addresses and contact details of the Company or any Group Company’s existing or prospective customers (including customer and/or prospect lists) in whatever medium this information is stored and their requirements for any of the Company or any  Group Company’s products or services and details of their particular requirements;

		1.1.6
	existing or prospective suppliers or referrers of business to the Company or any Group Company, their contact details and details of their particular terms of referral or supply to the Company or any Group Company;

		1.1.7
	costings, profit margins, discounts, rebates and other financial information;

		1.1.8
	pricing, credit policies, credit procedures, payment policies, payroll and payment procedures and systems for the same whether of the Company or any of its clients or customers;

		1.1.9
	marketing strategies and proposals, plans and specifications for the development of the existing services and of new services of the Company;

		1.1.10
	current activities and current and future business plans relating to all or any of development or sales including the timing of all and any such matters;

		1.1.11
	details of any existing or prospective joint venture, sub contract agreement, or other commercial agreement between the Company or any Group Company and any other organisation;

		1.1.12
	personal data or sensitive personal data regarding employees or officers of the Company or any Group Company;

		1.1.13
	business methods and processes and other information related to the operations and running of the Company and any Group Company’s business which is not in the public domain, including details of salaries, bonuses, commissions, incentive plans and other terms applicable within the Company or any Group Company;

		1.1.14
	information received by or on behalf of the Company from third parties in circumstances importing an obligation of confidentiality (express or implied) on the part of the Company;

		1.1.15
	all information relating to such matters which comes to the Employee’s knowledge in the course of the Employee’s employment and which, by reason of its character and/or the manner of its coming to the Employee’s knowledge, is evidently confidential provided that all such set out herein information shall not be, or shall cease to be, Confidential Information if and to the extent that it comes to be in the public domain otherwise than as a result of unauthorised act or default;

3
​
11606961.6

		“Copies” 
	means copies or records of any Confidential Information in whatever form (including, without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever located) including, without limitation, extracts, analysis, studies, plans, compilations or any other way of representing or recording and recalling information which contains, reflects or is derived or generated from Confidential Information;

		“Effective Date”
	means the Termination Date provided always that if the Employee has been on Garden Leave in accordance with clause 22, it means the last date on which the Employee carried out the Employee’s normal duties;

“Employment”the employment of the Employee under this Agreement;
“Employment 
		Inventions”
	means any Invention which is made wholly or partially by the Employee at any time during the course of their employment with the Company (whether or not during working hours or using the Company’s premises or resources, and whether or not recorded in material form);

		“Employment IPRs”
	means Intellectual Property Rights created by the Employee in the course of their employment with the Company (whether or not during working hours or using the Company’s premises or resources);

“Intellectual Property 
		Rights”
	means patents, rights to Inventions, copyright and related rights, trade marks, trade names and domain names, rights in get-up, goodwill and the right to sue for passing off, unfair competition rights, rights in designs, rights in computer software, database rights, topography rights, rights to use and preserve the confidentiality of information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications (or rights to apply) for and rights to be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world;

		“Invention”
	means any invention, idea, discovery, development, improvement or innovation, whether or not patentable or capable of registration, and whether or not recorded in any medium;

		“Garden Leave”
	means any period during which the Company has exercised its rights under clause 22;

		“the Group” 
	means the Company and any company or companies for the time being which is or are:

1.1.16a Subsidiary
1.1.17an Associated Company
1.1.18a Holding Company
and Group Company shall be interpreted accordingly;
		“Key Person”
	means any person who on the Effective Date is a director or an employee of the Company or any Relevant Group Company engaged 

4
​
11606961.6

in a managerial, technical, sales, marketing, finance or development capacity or any consultant of the Company or any Relevant Group Company in either case with whom the Employee worked or had material dealings or for whose work the Employee was responsible or whom the Employee managed in the course of the Employee’s Employment at any time during the Relevant Period;
“Relevant Group 
		Company”
	means any company in the Group (other than the Company) for which the Employee has performed services under this Agreement or for which the Employee has had operational or management responsibility at any time during the Relevant Period;

“Relevant Period”means the period of 12 months immediately before the Effective Date;
		“Restricted Business”
	means those parts of the business of the Company or any Relevant Group Company with which the Employee has been involved to a material extent during the Relevant Period;

		“Restricted Client”
	means any person, firm, company or organisation who or which at any time during the Relevant Period in connection with the Restricted Business is or was:

		1.1.19
	negotiating with the Company or a Relevant Group Company; and/or

		1.1.20
	a client or customer of the Company or any Relevant Group Company;

		1.1.21
	in the habit of dealing with the Company or any Relevant Group Company;

and in each case with whom the Employee had material dealings during the Relevant Period in the course of the Employee’s employment, or with whom or which any employee who was under the direct supervision of the Employee had material dealings during the Relevant Period or about whom or which the Employee became aware or informed during the Relevant Period in the course of the Employee’s employment;
		“Restricted Supplier”
	means any person, firm, company or organisation who or which at any time during the Relevant Period has supplied products or services to the Company or any Relevant Group Company (other than those of an administrative nature or utilities) and with whom the Employee had material dealings during the Relevant Period;

 “Subsidiary” and
		“Holding Company”
	means any body corporate which is for the time being a subsidiary or a holding company (as the case may be) of the Company within the 

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meaning assigned to them respectively by Section 1159 of the Companies Act 2006;
		“Termination”
	means the termination of the Employee’s employment with the Company howsoever caused;

		“Termination Date”
	means the date of Termination;

	1.2	The headings to clauses in this Agreement are inserted for convenience only and do not affect the construction of this Agreement.

	1.3	Unless otherwise required words denoting the singular include the plural and vice versa.

	1.4	Any reference to a statutory provision shall be deemed to include a reference to any statutory modification or re-enactment of it or any subordinate legislation made under it.

	2.	Employment and Duties

	2.1	The Company shall employ the Employee and the Employee shall serve the Company as an Executive Advisor (or in such other capacity as the Company considers appropriate), reporting to the Company’s CEO. 

	2.2	The Employment commenced on 19th September but the employee has continuous service from 24th February 2020. 

	2.3	The Employee warrants that by entering into this Agreement or any other arrangements with the Company or any Group Company, the Employee will not be in breach of or subject to any express or implied terms of any contract with or obligation to any third party binding on the Employee, including without limitation, any notice period or the provisions of any restrictive covenants or confidentiality obligations arising out of any employment with any other employer or former employer. The Employee undertakes to indemnify the Company against any claims, costs, damages, liabilities or expenses which it may incur as a result if the Employee is in breach of any such obligations.

	2.4	The Employee warrants that they are not subject to any restrictions which prevent them from holding office as a director.

	2.5	The Employee warrants that at the time of entering into this Agreement the Employee has the right to work in the United Kingdom and the Employee agrees to provide to the Company copies of all relevant documents in this respect at the request of the Company.  If at any time during the course of the Employment, the Employee ceases to have the right to work in the United Kingdom, the Company may immediately terminate the Employee’s employment without payment of compensation. 

	2.6	The Employee accepts that the Company may at its discretion require the Employee to perform other duties or tasks not within the scope of the Employee’s normal duties but consistent with the Employee’s status and the Employee agrees to perform those duties or undertake those tasks as if they were specifically required under this Agreement.

	3.	Period of Employment

	3.1	The Company shall (subject to earlier termination as provided for in this Agreement) employ and the Employee shall serve the Company on the terms of this Agreement until the Employment is terminated by either party giving the other not less than 3 months’ prior notice in writing.

	3.2	Notwithstanding clause 3.1, the Company may, in its sole and absolute discretion, terminate the Employment at any time and with immediate effect by notifying the Employee that the Company is exercising its right under this clause 3.3 and that it will make within 28 days a payment in lieu of notice (Payment in Lieu) to the Employee.  This Payment in Lieu will be 

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		equal to the basic salary (as at the Termination Date) which the Employee would have been entitled to receive under this agreement during the notice period referred to at clause 3.1 (or, if notice has already been given, during the remainder of the notice period) less income tax and National Insurance contributions.  For the avoidance of doubt, the Payment in Lieu shall not include any element in relation to:

		3.2.1	any payment in respect of benefits which the Employee would have been entitled to receive during the period for which the Payment in Lieu is made; 

		3.2.2	any bonus or commission payments that might otherwise have been due during the period for which the Payment in Lieu is made; and

		3.2.3	any payment in respect of any holiday entitlement that would have accrued during the period for which the Payment in Lieu is made.

	3.3	The Company may pay any sums due under clause 3.3 in equal monthly instalments until the date on which the notice period referred to at clause 3.1 would have expired if notice had been given. The Employee shall be obliged to seek alternative income during this period and to notify the Company of any income so received. The instalment payments shall then be reduced by the amount of such income. 

	3.4	The Employee shall have no right to receive a Payment in Lieu unless the Company has exercised its discretion in clause 3.3. Nothing in this clause 3 shall prevent the Company from terminating the Employment in breach.

	3.5	Notwithstanding clause 3.3 the Employee shall not be entitled to any Payment in Lieu if the Company is entitled to terminate the Employment without notice in accordance with clause 20.1.  In that case the Company shall also be entitled to recover from the Employee any Payment in Lieu already made.

	4.	Duties of the Employee

	4.1	The Employee will be required to carry out such duties and functions, exercise such powers and comply with such instructions in connection with the business of the Company and any Group Company as the Company reasonably determines from time to time and shall comply with all the Company’s rules, regulations, policies and procedures from time to time in force.

	4.2	Unless prevented by illness, accident or holiday, the Employee will during the Employee’s hours of work devote the whole of the Employee’s time, attention and skill to the Employee’s duties and to the business and affairs of the Company and use his best endeavours to promote, protect, develop and extend the Company’s business..

	4.3	The Employee will comply with all reasonable and lawful directions given to them by the Company. 

	4.4	The Employee will promptly make such reports to the Company in connection with the Company’s affairs on such matters and at such times as are reasonably required. 

	4.5	The Employee will comply with any I.T. and Communication Systems policy that we may issue from time to time. 

	4.6	The Employee is required at all times to comply with the Company’s rules, policies and procedures in force from time to time including those contained in the Staff Handbook, a copy of which is available from HR and is available on the internal system.

	4.7	The Employee acknowledges and agrees that they are at all times during the Employment, including during any period of suspension or notice, subject to a duty of goodwill, trust, confidence, faith and fidelity to the Company.  These duties include, without limitation, the duty throughout the duration of this Agreement:

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		4.7.1	not to compete with the Company or any Group Company, nor engage in, be concerned with or provide services to (whether as employee, officer, director, agent, partner, consultant or otherwise) any other business or other activity which does or might reasonably be expected to affect the performance of the Employee’s duties;

		4.7.2	not to make preparations to compete with the Company or any Group Company after this agreement has terminated;

		4.7.3	not to solicit in competition with the Company or any or Group Company any customer or customers of the Company or any Group Company;

		4.7.4	not to entertain invitations to provide services in a personal capacity from customers of the Company or any Group Company where such invitations relate to services which could be provided by the Company or any Group Company;

		4.7.5	not to offer employment to employees of the Company or any Group Company (other than employment by the Company or any Group Company); and

		4.7.6	not to copy or memorise Confidential Information or trade secrets of the Company or any Group Company with a view to using or disclosing such information for a purpose other than for the benefit of the Company or any Group Company.

	4.8	The Employee accepts that they have a duty to report to the Company their own wrongdoing and any wrongdoing or proposed wrongdoing of any other employee of the Company immediately upon becoming aware of it.

	4.9	The Employee will disclose promptly to the Company in writing all of their interests in any business other than that of the Company and the Group and will notify the Company immediately of any change in their external interests.  The Employee shall not without the prior written consent of the Company during the Employment be directly or indirectly engaged, concerned or interested whether as principal, servant or agent (on the Employee’s own behalf or on behalf of or in association with any other person) in any other trade, business or occupation other than the business of the Company or any Group Company, not to be unreasonably withheld.  This clause will not prevent the Employee from being interested for investment purposes only as a member, debenture holder or beneficial owner of any stock, shares or debentures which are listed or dealt in on a recognised investment exchange and which do not represent more than 3% of the total share or loan capital from time to time in issue in such company.

	4.10	The Employee agrees to disclose to the Company any matters relating to their spouse or civil partner (or anyone living as such), children or parents which may, in the Company’s reasonable opinion, be considered to interfere, conflict or compete with the proper performance of the Employee’s obligations under this agreement. 

	4.11	The Company takes a zero-tolerance approach to tax evasion. The Employee must not engage in any form of facilitating tax evasion, whether under UK law or under the law of any foreign country. The Employee must immediately report to the Company any request or demand from a third party to facilitate the evasion of tax or any concerns that such a request or demand may have been made. 

	4.12	The Employee shall, during the Employment:

		4.12.1	act as a director of the Company and carry out duties on behalf of any other Group Company including, if so required by the Board, acting as an officer or consultant of any such Group Company;

		4.12.2	comply with the articles of association (as amended from time to time) of any Group Company of which they are a director;

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		4.12.3	abide by any statutory, fiduciary or common law duties to any Group Company of which they are a director; and

		4.12.4	not do anything that would cause them to be disqualified from acting as a director.

	4.13	Except with the prior approval of the Board, or as provided in the articles of association of any Group Company of which the Employee is a director, they shall not resign as a director of any Group Company.

	4.14	If during the Employment the Employee ceases to be a director of the Company (otherwise than by reason of their death, resignation or disqualification pursuant to the articles of association of the Company, as amended from time to time, or by statute or court order) the Employment shall continue with the Employee as an employee only and the terms of this Agreement (other than those relating to the holding of the office of director) shall continue in full force and effect. The Employee shall have no claims in respect of such cessation of office.

	5.	Hours of Work

	5.1	The Employee’s normal hours of work are 15 hours per week. Subject to clause 5.2 below, the Employee’s normal hours and days of work will not vary unless the Company agrees a change to their working pattern in writing.

	5.2	The Employee should refer to Schedule 2 of this Agreement in relation to their average weekly working hours. 

	6.	Place of Work

	6.1	The Employee’s normal place of work shall be [REDACTED] (or such other place within a reasonable area which the Company may reasonably require for the proper performance and exercise of the Employee’s duties.

	6.2	The Employee will be required as part of their duties to travel on the business of the Company both within and outside the United Kingdom, but the Employee shall not be required to work outside the United Kingdom for any continuous period of more than one month.

	7.	Remuneration

	7.1	The Company shall pay to the Employee a basic salary at the rate of £62,700 per annum.

	7.2	The Employee’s salary shall accrue from day to day and be payable by equal monthly instalments, in arrears, by credit transfer into a nominated bank account on or around the 28th day of each month.

	7.3	The Employee’s salary may be reviewed from time to time provided that the increase of such salary will be a matter to be decided at the discretion of the Company. The fact that the Employee’s salary may be increased by a particular amount in any year or years during the Employment shall not confer any right on the Employee to receive any commensurate increase in any subsequent year.  There will be no review of salary after notice has been given by either party to terminate the Employment.

	8.	Car Allowance

	8.1	The Company shall reimburse the Employee in respect of fuel costs for business miles at HM Revenue and Customs approved rates [and reasonable private mileage].

	8.2	The Employee shall immediately inform the Company if they are disqualified from driving and shall cease to be entitled to receive the allowance under clause 8.1 or reimbursement of fuel expenses under clause 8.2.

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	9.	Pension and Other Benefits

	9.1	The Company will comply with the employer pension duties in accordance with Part 1 of the Pensions Act 2008.  Further details of the Company’s occupational pension scheme are available from HR.

	9.2	The Employee shall be entitled to participate in the Company’s Death in Service Scheme from the commencement of the Employment subject to the terms of the scheme, as amended from time to time, the rules or insurance policy of the relevant insurance provider, as amended from time to time and the Employee satisfying the normal underwriting requirements of the relevant insurance provider and the premium being at a rate which the Company considers reasonable.  The Company may change the insurance provider at any time at its discretion.  If the insurance provider refuses for any reason to provide cover for the Employee the Company shall not be liable to provide any replacement benefit or to pay any compensation in lieu of such benefit.

	10.	Expenses and Company Equipment

	10.1	There shall be refunded to the Employee all reasonable out-of-pocket expenses wholly, properly and necessarily incurred by the Employee in the performance of their duties provided that the Employee submits to the Company written evidence of payment of such expenses, in accordance with guidelines issued by the Company from time to time.

	10.2	The Employee shall abide by the Company’s policy on expenses as set out in the Staff Handbook from time to time. 

	10.3	During the Employment, the Employee shall be provided with Company equipment as necessary for the performance of his duties, shall promptly report to the Company any loss of or damage to such Company equipment and shall return it upon request or immediately upon Termination.

	11.	Training 

	11.1	The Employee will be required to undertake training provided by the Company from time to time including in relation to health and safety and machinery, changes in the law and the Company’s procedures and any other matters which are relevant to the Employee’s role.

	12.	Holidays

	12.1	The Company’s holiday year runs from 1 January to 31 December. If the Employment starts or finishes part way through the holiday year, holiday entitlement during that year shall be calculated on a pro-rata basis rounded up to the nearest half day. 

	12.2	The Employee shall be entitled to 10 days’ paid holiday per annum in addition to a pro rata’d amount of public holidays (approx. 3.5 days) .  Holidays must be requested in accordance with the holidays policy in the Staff Handbook and may only be taken at such time or times as may be approved by the Company in advance. The Employee may not take any more than 10 days’ holiday at any one time without specific authorisation from the Company.

	12.3	The Employee shall have no entitlement to any payment in lieu of accrued but untaken holiday except on Termination. The amount of such payment in lieu shall be 1/260th of the Employee’s salary for each untaken day of the entitlement. If the Employee shall have taken more days’ holiday than the Employee’s accrued entitlement, the Company is entitled to recover from the Employee by way of deduction from any payments due to the Employee or otherwise one day's pay for each excess day.  

	12.4	The Employee shall not carry forward any accrued but untaken holiday entitlement to a subsequent holiday year except as set out in the Company’s Holiday policy contained within the Staff Handbook. 

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	12.5	The Company reserves the right, at its sole discretion, to require the Employee to take or not to take all or part of any outstanding holiday entitlement during any period of notice. 

	13.	Absence Due to Illness and Incapacity

	13.1	If the Employee is at any time prevented by illness or accident from performing the Employee’s duties the Employee shall notify the Company as soon as possible and in any event not later than 10.00 am on the first day of absence.

	13.2	The Employee shall certify their absence in accordance with the Company’s Sickness Absence policy contained within the Staff Handbook. 

	13.3	The Employee’s qualifying days for statutory sick pay purposes are Monday to Friday.

	13.4	After completion of the probationary period referred to at clause 3.2, the Employee will, subject always to compliance with this agreement and the Company’s Sickness Absence policy contained within the Staff Handbook, be entitled to payment of the basic salary under clause 7.1 above (less any social security or other benefits paid to him) during absence from work due to illness or incapacity for a period (in total) of 3 months in any rolling period of twelve months (whether the absence is intermittent or continuous). Any payments pursuant to this sub-clause will be inclusive of any Statutory Sick Pay payable.

	13.5	If the Employee’s absence due to illness or incapacity is or appears to be occasioned by actionable negligence, nuisance or breach of any statutory duty on the part of a third party in respect of which damages are or may be recoverable, the Employee shall immediately notify the Company of that fact and of any claim, settlement or judgment made or awarded in connection with it and all relevant particulars that the Company may reasonably require. The Employee shall if required by the Company, co-operate in any related legal proceedings and refund to the Company that part of any damages or compensation recovered by the Employee relating to the loss of earnings for the period of the absence as the Company may reasonably determine less any costs borne by the Employee in connection with the recovery of such damages or compensation, provided that the amount to be refunded shall not exceed the total amount paid to the Employee by the company in respect of the period of absence.

	14.	Medical Examination

	14.1	The Company may (at its expense) require the Employee to undergo a medical examination by a medical advisor appointed or approved by the Company and the Employee agrees to consent to any such examination. Entitlement to sick pay pursuant to clause 13.4 will be conditional upon the Employee complying with the terms of clauses 13 and 14.

	15.	Other Paid Leave

	15.1	If relevant and subject to compliance with the relevant statutory requirements and provisions of the Staff Handbook, the Employee may be entitled to paid leave in respect of maternity, paternity, shared parental leave, parental bereavement leave and/or adoption, and they may be entitled to unpaid parental leave. 

	15.2	Further details of such leave and pay during such leave are available from the Staff Handbook.

	15.3	The Company may replace, amend or withdraw the Company's policy on any of the above types of leave at any time.

	16.	Intellectual Property

	16.1	The Employee acknowledges that all Employment IPRs, Employment Inventions and all materials embodying them shall automatically belong to the Company to the fullest extent permitted by law. To the extent that they do not vest in the Company automatically, the Employee hold them on trust for the Company.

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	16.2	The Employee acknowledges that, because of the nature of their duties and the particular responsibilities arising from the nature of those duties, they have, and shall have at all times while employed by the Company, a special obligation to further the Company’s interests.

	16.3	To the extent that legal title in and to any Employment IPRs or Employment Inventions does not vest in the Company as described in clause 16.1, the Employee agrees, immediately on creation of such rights and Inventions, to offer to the Company in writing a right of first refusal to acquire them on arm’s length terms to be agreed between the parties. If the parties cannot agree on such terms within 30 days of the Company receiving the offer, the Company shall refer the dispute for determination to an expert. The expert’s decisions shall be final and binding on the parties in the absence of manifest error, and the costs of arbitration shall be borne equally by the parties. The parties will be entitled to make submissions to the expert and will provide (or procure that others provide) the expert with such assistance and documents as the expert reasonably requires for the purpose of reaching a decision. The Employee agrees that the provisions of this clause 16.3 shall apply to all Employment IPRs and Employment Inventions offered to the Company under this clause 16.3 until such time as the Company has agreed in writing that the Employee may offer them for sale to a third party.

	16.4	The Employee agrees:

		16.4.1	to give the Company full written details of all Employment Inventions which relate to or are capable of being used in the business of the Company or any Group Company promptly on their creation;

		16.4.2	at the Company’s request and in any event on the termination of the Employee’s employment to give the Company all originals and copies of correspondence, documents, papers and records on all media which record or relate to any of the Employment IPRs;

		16.4.3	not to attempt to register any Employment IPR nor patent any Employment Invention unless requested to do so by the Company; and

		16.4.4	to keep confidential each Employment Invention unless the Company has consented in writing to its disclosure by the Employee.

	16.5	The Employee waives all the Employee’s present and future moral rights which arise under the Copyright Designs and Patents Act 1988, and all similar rights in other jurisdictions relating to any copyright which forms part of the Employment IPRs, and agree not to support, maintain or permit any claim for infringement of moral rights in such copyright works.

	16.6	The Employee acknowledges that, except as provided by law, no further remuneration or compensation other than that provided for in this agreement is or may become due to the Employee in respect of their compliance with this clause. This clause is without prejudice to the Employee’s rights under the Patents Act 1977.

	16.7	The Employee undertakes to use best endeavours to execute all documents and do all acts both during and after their employment with the Company as may, in the opinion of the Company, be necessary or desirable to vest the Employment IPRs in the Company, to register them in the Company’s name and to protect and maintain the Employment IPRs and the Employment Inventions. Such documents may, at the Company’s request, include waivers of all and any statutory moral rights relating to any copyright works which form part of the Employment IPRs. The Company agrees to reimburse the Employee’s reasonable expenses of complying with this clause 16.7.

	16.8	The Employee agrees to give all necessary assistance to the Company to enable it to enforce its Intellectual Property Rights against third parties, to defend claims for infringement of third party Intellectual Property Rights and to apply for registration of Intellectual Property Rights, where appropriate throughout the world, and for the full term of those rights.

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	16.9	The Employee hereby irrevocably appoint the Company to be their attorney in their name and on their behalf to execute documents, use their name and do all things which are necessary or desirable for the Company to obtain for itself or its nominee the full benefit of this clause.

	17.	Confidential Information and Company Documents

	17.1	Without prejudice to the Employee’s common law duties, the Employee shall neither during the Employment (except in the proper performance of the Employee’s duties or with the express written consent of the Company) nor at any time (without limit) after the termination of the Employment except in compliance with an order of a competent court:

		17.1.1	divulge or communicate to any person, company, business entity or other organisation any Confidential Information;

		17.1.2	use for the Employee’s own purposes or for any purposes other than those of the Company or any Group Company any Confidential Information; or

		17.1.3	whether through any failure to exercise due care and diligence or otherwise, permit or cause any unauthorised disclosure of any Confidential Information.

	17.2	The Employee is responsible for ensuring the security of Confidential Information in their home and undertakes to:

		17.2.1	encrypt and/or protect by password any Confidential Information held on his home computer;

		17.2.2	lock his computer termination whenever it is left unattended;

		17.2.3	ensure that any wireless network used is secure;

		17.2.4	keep all papers containing Confidential Information in filing cabinets that are locked when not in use.

	17.3	The restrictions in clause 17.1 shall not apply to protected disclosures within the meaning of section 43A of the Employment Rights Act 1996 and shall cease to apply to any information which shall become available to the public generally otherwise than through any breach by the Employee of the provisions of this Agreement or other default of the Employee.

	17.4	The Employee will not during the Employment or any time (without limit) after Termination obtain or seek any financial advantage (direct or indirect) from the disclosure of any Confidential Information acquired by the Employee in the course of the Employment.

	17.5	The Employee acknowledges that all books, notes, memoranda, records, lists of customers and suppliers and employees, correspondence, documents, computer and other discs and tapes, data listings, codes, designs and drawings and other documents and material whatsoever (whether made or created by the Employee or otherwise) relating to the business of the Company or any Group Company (and any copies of the same):

		17.5.1	shall be and remain the property of the Company or the relevant Group Company; and

		17.5.2	shall be handed over by the Employee to the Company or to the relevant Group Company on demand and in any event on the termination of the Employment and the Employee shall certify that all such property has been handed over on request by the Company.

	17.6	On termination of the Employment or at the Company’s request, the Employee shall irretrievably delete any Confidential Information (including any Copies) stored on any magnetic or optical disk or memory, including personal computer networks, personal e-mail accounts or 

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		personal accounts on websites, and all matter derived from such sources which is in the Employee’s possession or under the Employee’s control outside the Company's premises;

	17.7	The provisions of this clause 17 are without prejudice to the duties and obligations of the Employee to be implied into this Agreement at common law.

	18.	Restrictions After Employment

	18.1	The Employee acknowledges that the Company’s business is a highly specialised and competitive business and that the Employee will have access to and an intimate knowledge of the Company’s Confidential Information and that the disclosure of any Confidential Information to actual or potential competitors of the Company or the use of any Confidential Information by the Employee either alone or with other persons would place the Company at a serious competitive disadvantage and would do material damage, financial or otherwise, to its legitimate business interests. Further the Employee acknowledges that they will have contact with and the ability to develop business connections with and influence over the Company’s clients, suppliers, business partners and employees.  Therefore the Employee acknowledges and agrees that the restrictions set out in this Agreement are fair and reasonable in the circumstances for the protection of the Company’s legitimate business interests.

	18.2	Accordingly, the Employee covenants with the Company (on behalf of itself and as trustee and agent for each Group Company) that the Employee will not:

		18.2.1	at any time during the period of 6 months from the Termination Date have any dealings with any Restricted Supplier to the extent that any such dealings cause or would cause the Restricted Supplier to alter its terms of supply to the detriment of the Company or any Relevant Group Company or to cease or materially reduce its supplies to the Company or any Relevant Group Company; or

		18.2.2	at any time during the period of 6 months from the Termination Date have any dealings with any Restricted Client to the extent that any such dealings cause or would cause the Restricted Client to cease or materially to reduce its orders to or contracts with the Company or any Relevant Group Company; or

		18.2.3	at any time during the period of 6 months from the Termination Date induce, procure or encourage or attempt to induce, procure or encourage any Restricted Supplier to alter its terms of supply to the detriment of the Company or any Relevant Group Company or to cease or materially reduce its supplies to the Company or any Relevant Group Company; or

		18.2.4	at any time during the period of 6 months from the Termination Date solicit or endeavour to entice away from the Company or any Relevant Group Company the business or custom of a Restricted Client with a view to providing goods or services to that Restricted Client in competition with any Restricted Business; or

		18.2.5	at any time during the period of 6 months from the Termination Date be involved with the provision of goods or services to (or otherwise have any business dealings with) any Restricted Client in the course of any business concern which is in competition with any Restricted Business; or

		18.2.6	at any time during the period of 6 months from the Termination Date in the course of any business concern which is or proposes to be in competition with any Restricted Business offer to employ or engage or otherwise solicit, induce or endeavour to entice away from the Company or any Relevant Group Company any Key Person, whether or not such person would commit any breach of their contract of employment or engagement by leaving the service of the Company or any Group Company; or

		18.2.7	at any time during the period of 6 months from the Termination Date in  the course of any business concern which is or proposes to be in competition with any Restricted 

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			Business, employ, engage or appoint or otherwise cause or facilitate the employment, engagement or appointment of any Key Person whether or not such person would be in breach of contract as a result of such employment, engagement or appointment; or

		18.2.8	at any time during the period of 6 months from the Termination Date provide technical, commercial or professional advice to, or be involved in any Capacity with, any business concern or commercial venture which is (or intends to be) in competition with any Restricted Business; or

		18.2.9	at any time after Termination, represent themselves as connected with the Company or any Relevant Group Company in any Capacity, other than as a former employee, or use any registered names or trading names associated with the Company or any Group Company; or

		18.2.10	encourage, assist or procure any third party to do anything which, if done by the Employee would be in breach of 18.2.1 to 18.2.9 above.

	18.3	The restrictions imposed on the Employee by this Clause 18 apply to the Employee acting:

		18.3.1	directly or indirectly; and

		18.3.2	on the Employee’s own behalf or on behalf of, or in conjunction with, any firm, company or person.

	18.4	If at any time during the Employee’s employment two or more Key Persons have left their employment, appointment or engagement with the Company to carry out services for a business concern which is, or intends to be, in competition with any Restricted Business, the Employee will not at any time during the 6 months following the last date on which any of those Key Persons were employed or engaged by the Company, be employed or engaged in any way with that business concern.

	18.5	None of the restrictions in clause 18 shall prevent the Employee from:

		18.5.1	holding an investment by way of shares or other securities of not more than 5% of the total issued share capital of any company, whether or not listed or dealt in on a recognised stock exchange; or

		18.5.2	being engaged in any business concern, provided that the Employee’s duties or work shall relate solely to services or activities of a kind with which the Employee was not concerned to a material extent in the Relevant Period.

	18.6	The period for which the restrictions in clause 18.2 apply shall be reduced by any period that the Employee spends on Garden Leave immediately before Termination.

	18.7	Each of the restrictions in clause 18 is intended to be separate and severable. If any of the restrictions shall be held to be void or ineffective for whatever reason but would be valid and effective if part of their wording were deleted, such restrictions shall apply with such modifications as may be necessary to make them valid and effective.

	18.8	If, during the Employee’s employment or before the expiry of the last of the covenants in this clause 18, the Employee receives an approach or offer to be involved in any Capacity in a business which competes with any part or parts of the Company or Relevant Group Company’s business with which the Employee is or has been involved to a material extent during Employment, the Employee shall:

		18.8.1	notify the Company in writing of the approach or offer and the identity of the person making the approach or offer as soon as possible; 

		18.8.2	if requested, provide a copy of any written offer as soon as possible; and

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		18.8.3	give the person making the offer a copy of this clause 18 within 7 days of the offer being made.

The obligations contained in this clause 18.8 are continuing obligations and shall also apply if, at any time subsequent to the relevant approach or offer being made but before the expiry of the last of the covenants in this clause 18.8, the business making the offer or approach so competes with the Company or Group Company’s business.
	18.9	The Employee will, at the Company’s request and expense, enter into a separate agreement with any Relevant Group Company in which the Employee agrees to be bound by restrictions corresponding to those restrictions in this clause 18 (or such of those restrictions as may be appropriate) in relation to that Relevant Group Company.

	19.	Data Protection

	19.1	The Company will collect and process information relating to the Employee in accordance with the privacy notice which is annexed to this agreement. [The Employee is required to sign and date the privacy notice and return to Katherine Pallas 

	19.2	The Employee shall comply with the Company’s data protection policy when handling personal data in the course of employment including personal data relating to any employee, worker, contractor, customer, client, supplier or agent of the Company. The Employee will also comply with the Company’s I.T. and communications systems policy and social media policy.

	19.3	Failure to comply with the data protection policy or any of the policies listed above in clause 19.2 may be dealt with under the Company’s disciplinary procedure and, in serious cases, may be treated as gross misconduct leading to summary dismissal.

	20.	Termination Without Notice 

	20.1	Notwithstanding the provisions of clause 3.1 this Agreement may be terminated by the Company with immediate effect without notice and with no liability to make any further payment to the Employee (other than in respect of amounts accrued due at the date of termination): 

		20.1.1	if the Employee is disqualified from acting as a director or resigns as a director from any Group Company without the prior written approval of the Board; 

		20.1.2	if the Employee is in the reasonable opinion of the Company guilty of any gross default, misconduct, fraud, dishonesty, negligence or wilful neglect in connection with or affecting the business of the Company or any Group Company; 

		20.1.3	in the event of any repeated breach or non-observance by the Employee of any of the provisions contained in this Agreement or failure to observe the reasonable and lawful directions of the Company; 

		20.1.4	if the Employee is guilty of conduct which in the opinion of the Company brings the Employee or the Company or any Group Company into disrepute; 

		20.1.5	if, in the reasonable opinion of the Company, the Employee is negligent and incompetent in the performance of their duties; 

		20.1.6	if the Employee is in breach of the Company’s Anti-Corruption and Bribery Policy and related procedures issued from time to time;

		20.1.7	if the Employee is in breach of the Company’s I.T. and Communication Systems Policy issued from time to time; 

		20.1.8	if the Employee is in breach of their obligations under clause 4.11;

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		20.1.9	if the Employee becomes bankrupt, makes any arrangement or composition with the Employee’s creditors,  has an interim order made against them pursuant to Section 252 of the Insolvency Act 1986, or has a county court administration order made against them under the County Court Act 1984; 

		20.1.10	if the Employee is convicted of any arrestable criminal offence (other than a  minor offence under road traffic legislation in the United Kingdom for which a fine or non-custodial penalty is imposed); 

		20.1.11	 if the Employee is, in the opinion of a medical practitioner, physically or mentally incapable of performing their duties and may remain so for more than three months and the medical professional has given a medical opinion to the Company to that effect; if the Employee ceases to be eligible to work in the United Kingdom; 

		20.1.12	if the Employee fails to reach performance requirements set by the Company after receiving a written warning regarding the Employee’s performance from the Company; or

		20.1.13	if the Employee is unfit to carry out the duties hereunder because of sickness, injury or otherwise for an aggregate period of 6 months in any 12 month period;

	20.2	The rights of the Company under clause 20.1 are without prejudice to any other rights that it might have at law to terminate the Employee’s employment or to accept any breach of this agreement by the Employee as having brought the employment to an end.  Any delay by the Company in exercising its rights to terminate shall not constitute a waiver thereof.

	21.	Obligations on Termination

	21.1	On termination of the Employee’s employment (howsoever arising) or, if earlier, at the start of a period of Garden Leave, the Employee shall:

		21.1.1	immediately resign, without any claim for compensation, from any directorships in any Group Company or from any position which the Employee holds as a trustee in relation to the business of any Group Company;

		21.1.2	subject to clause 21.2, immediately deliver to the Company all equipment, documents, books, materials, records, correspondence, papers and information (on whatever media and wherever located) relating to the business or affairs of the Company or any Group Company or its or their business contacts, any keys, credit cards and other property of the Company or any Group Company (including any Company car and all associated equipment and documentation) which are in the Employee’s possession or under their control;

		21.1.3	irretrievably delete any information relating to the business or affairs of the Company or any Group Company stored on any magnetic or optical disk or memory and all matter derived from such sources which are in the Employee’s possession or under their control outside the Company’s premises; and

		21.1.4	provide a signed statement that the Employee has complied fully with their obligations under this clause 21.1.

	21.2	Where the Employee has been placed on Garden Leave, they shall not be required by clause 21.1.1 to return, until the end of the Garden Leave period, any property provided to the Employee as a contractual benefit for use during the Employment.

	21.3	On termination of the Employment the Employee shall not be entitled to any compensation for the loss of any rights of benefits under any share option, bonus, long term incentive plan or other profit sharing scheme operated by the Company or any Group Company in which the Employee may participate.

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	21.4	The Employee hereby irrevocably appoint the Company to be their attorney to execute and do any such instrument or thing and generally to use their name for the purpose of giving the Company or the Company’s nominee the full benefit of clause 21.1.1.

	22.	Garden Leave

	22.1	Following service of notice to terminate this Agreement by either party, or if the Employee purports to terminate the Agreement in breach, the Company may by written notice place the Employee on Garden Leave for the whole or part of the remainder of the Employment.

	22.2	During any period of Garden Leave the Company: 

		22.2.1	shall be under no obligation to provide any work to, or vest any powers in the Employee and may revoke any powers the Employee holds on behalf of the Company or any Group Company; and

		22.2.2	may require the Employee to carry out alternative duties or to only perform such specific duties as are expressly assigned to the Employee, at such location (including the Employee’s home) as the Company may decide; and

		22.2.3	may exclude the Employee from any of the Company’s or any Group Company's premises.

	22.3	During any period of Garden Leave the Employee shall:

		22.3.1	continue to receive their salary and all contractual benefits in the usual way and subject to the terms of any benefit arrangement;

		22.3.2	remain an employee of the Company and bound by the terms of this Agreement (including any implied duties of good faith and fidelity);

		22.3.3	not without the prior written consent of the Company, contact, deal with (or attempt to contract or deal with) any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder, advisor, or other business contact of the Company or any Group Company; and

		22.3.4	(except during any periods taken as holiday in the usual way) ensure that the Company knows where the Employee will be and how they can be contacted during each working day.

	23.	Deductions

	23.1	The Company may deduct from the salary, or any other sums owed to the Employee, any money owed to the Company or any Group Company by the Employee including but not limited to the cost of repairing any damage or loss to the Company’s property caused by the Employee.

	24.	Reconstruction or Amalgamation

	24.1	If the Employment is terminated at any time by reason of any reconstruction or amalgamation of the Company or any Group Company, whether by winding up or otherwise, and the Employee is offered employment with any concern or undertaking involved in or resulting from the reconstruction or amalgamation on terms which (considered in their entirety) are no less favourable to any material extent than the terms of this agreement, the Employee shall have no claim against the Company, any Group Company or any such undertaking arising out of or connected with the termination.

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	25.	Notices

	25.1	Any notice required to be given under this Agreement shall be in writing and shall be deemed to have been duly given and received:

		25.1.1	if sent by hand when handed to the addressee or placed in the letter box of the addressee if there is no reply; or

		25.1.2	if sent by facsimile at the time of dispatch if the same is within the normal business hours of the recipient and if not then at 10.00 a.m. on the next business day; or

		25.1.3	if sent by first class post to, in the case of the Company, its registered office for the time being or, in the case of the Employee, the Employee’s last known address on the second business day following that on which it was posted.

	26.	Disciplinary and Grievance Procedures

	26.1	The Employee is subject to the Company’s disciplinary and grievance procedures contained in the staff handbook. These procedures do not form part of the Employee’s contract of employment. If the Employee wishes to obtain redress of any grievance relating to the Employment, or wishes to appeal any reprimand, suspension or other disciplinary step taken by the Company, the Employee may apply in writing to the CEO, setting out the nature and details of any such grievance or appeal in accordance with the Company’s grievance or disciplinary procedure (as appropriate).

	26.2	The Company shall have the right to suspend (subject to the continued payment of salary and benefits) the Employee pending any investigation into any potential misconduct, dishonesty or any other circumstances which may give rise to a right on the part of the Company to terminate the Employment for such period as it deems to be reasonably necessary.

	27.	Anti-Corruption and Bribery 

	27.1	During the continuance of the Employment the Employee:

		27.1.1	shall not directly or indirectly procure accept or obtain for the Employee’s own benefit (or for the benefit of any other person) any payment, rebate, discount, commission, vouchers, gift, entertainment or other benefit outside the normal course of business (“Gratuities”) from any third party in respect of any business transacted (whether or not by the Employee) by or on behalf of the Company or any Group Company;

		27.1.2	shall observe the terms of any policy issued by the Company or any Group Company in relation to Gratuities and/or Bribery and Anti Corruption; and

		27.1.3	shall, as soon as reasonably practicable, disclose or account to the Company or any Group Company for any Gratuities received by the Employee (or any other person on the Employee’s behalf or at the Employee’s instruction).

	28.	Litigation Assistance

	28.1	During the Employment and at all times thereafter, the Employee shall furnish such information and proper assistance to the Company or any Group Companies as it or they may reasonably require in connection with litigation in which it is or they are or may become a party. This obligation on the Employee’s behalf shall include, without limitation, meeting with the Company or any Group Company’s legal advisors, providing witness evidence, both in written and oral form, and providing such other assistance in the litigation that the Company or any Group Company’s legal advisors in their reasonable opinion determine. The Company shall reimburse the Employee for all reasonable out of pocket expenses incurred by the Employee in furnishing 

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		such information and assistance. For the avoidance of doubt the obligations under this clause 28 shall continue notwithstanding the termination of this Agreement.

	29.	Previous Agreements

	29.1	This Agreement contains the entire and only agreement between and will govern the relationship between the Company and the Employee and supersedes and extinguishes any and all previous agreements, promises, assurances, warranties, representations, understandings and arrangements between the Company and the Employee whether written, oral or implied relating to its subject matter.

	29.2	Each party acknowledges that in entering into this Agreement it does not rely on, and shall have no remedies in respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this Agreement.

	29.3	Each party agrees that it shall have no claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this Agreement.

	29.4	Nothing in this clause shall limit or exclude any liability for fraud.

	30.	Third Party Rights

	30.1	The Contracts (Rights of Third Parties) Act 1999 shall not apply to this Agreement and no person other than the Employee and the Group shall have any rights under it.  The terms of this Agreement or any of them may be varied, amended or modified or this Agreement may be suspended, cancelled or terminated by agreement in writing between the parties or this Agreement may be rescinded (in each case) without the consent of any third party.

	31.	Miscellaneous

	31.1	The termination of this Agreement shall be without prejudice to any right the Company may have in respect of any breach by the Employee of any of the provisions of this Agreement which may have occurred prior to such termination.

	31.2	This Agreement is governed by and is to be construed in accordance with the Laws of England and Wales.  The parties to this agreement submit to the exclusive jurisdiction of the English Courts in relation to any claim, dispute or matter arising out of or relating to this agreement.

	31.3	There are no collective agreements which affect the Employee’s employment.

	31.4	This agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement.

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Signed as a deed by Robert Bahns in the presence of:/s/ Robert Bahns 
EMPLOYEE SIGNATURE
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	/s/ Simon Oger
SIGNATURE OF WITNESS
	 

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	NAME OF WITNESS Simon Oger
ADDRESS OF WITNESS 
Smartkem Ltd, Hexagon Tower Delaunays Road,  M9 8GQ
OCCUPATION OF WITNESS CTO
	

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Executed as a deed by SmartKem Limited/s/ Ian Jenks
acting by Ian Jenks, a director,                          SIGNATURE OF DIRECTOR
in the presence of:Director 
	: 
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	/s/ Simon Oger
SIGNATURE OF WITNESS: 
	 

	NAME OF WITNESS: Simon Oger
ADDRESS OF WITNESS Smartkem Ltd, Hexagon Tower, Delaunays Road, M9 8GQ
OCCUPATION OF WITNESS CTO 
	

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Schedule 1
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Employee Privacy Notice
		1.	Why are we sending you this document?

SmartKem Limited takes seriously the privacy and security of your personal information.
We wish to share with you information about the personal information we collect and use during and after your working relationship with us, in accordance with the General Data Protection Regulation (GDPR).  This notice applies to all employees, workers and contractors.
This notice applies to current and former employees, workers and contractors. This notice does not form part of any contract of employment or other contract to provide services. We may update this notice at any time.
SmartKem Limited of Hexagon Tower, Delaunays Road, Manchester, M9 8GQ is a "data controller". This means that we are responsible for deciding how we hold and use personal information about you. We are required under data protection legislation to notify you of the information contained in this privacy notice.
It is important that you read this notice, together with any other privacy notice we may provide on specific occasions when we are collecting or processing personal information about you, so that you are aware of how and why we are using such information.
		2.	Use of personal information

We will comply with data protection law. This says that the personal information we hold about you must be:

		●	Used lawfully, fairly and in a transparent way.

		●	Collected only for valid purposes that we have clearly explained to you and not used in any way that is incompatible with those purposes.

		●	Relevant to the purposes we have told you about and limited only to those purposes.

		●	Accurate and kept up to date.

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		●	Kept only as long as necessary for the purposes we have told you about.

		●	Kept securely.

		3.	The kind of information we hold about you

Personal data, or personal information, means any information about an individual from which that person can be identified. It does not include data where the identity has been removed (anonymous data).
There are "special categories" of more sensitive personal data which require a higher level of protection.
We will collect, store, and use the following categories of personal information about you:
Recruitment information (including copies of right to work documentation, references and other information included in a CV or cover letter or as part of the application process) 
The reason we process the above information is so that we can enter into and maintain our employment relationship.
Salary and payment details

		●	Bank account details, payroll records and tax details

		●	Salary, annual leave, pension and benefits information

		●	Start and end dates of your employment

		●	Information relating to pension schemes operated by us of which you are a member and any company benefits

The reason we process the above information is so that we can pay you for the work you carry out and administer your pension and benefits.
Employment records

		●	Employment records (including job titles, work history, working hours, training records)

		●	Information about lateness and absences

		●	Performance information (including annual appraisals)

		●	Information relating to any disciplinary action taken against you and any grievances brought by you

		●	Documents relating to pregnancy or maternity leave or paternity leave

		●	Copy of UK Right to Work documentation such as passport, Birth Certificate and any applicable visas for non-UK citizens

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The reason we process the above information is so that we can keep a record of information so that we can fulfil our obligations in relation to maintaining your employment or work that you do for us and comply with legal requirements, manage your performance, consider career progression, and deal with disciplinary and grievance proceedings. 
Other information

		●	Information about your use of our computer system such as dates and time of your log in, your internet browsing and your work-related emails

		●	Information recorded in our accident book or reports of accidents at work

The reason we process the above information is so that we can comply with our legal obligations in relation to health and safety and insurance, to prevent fraud, so that we can ensure that our information and communication systems are used properly in accordance with our IT Policy, to ensure network and information security, including preventing unauthorised access to our computer and electronic communications systems, preventing malicious software distribution and to deal with legal disputes involving you, or other employees, workers and contractors, including accidents at work. 
We may also collect, store and use the following "special categories" of more sensitive personal information:

		●	Information about your health, including any medical condition, health and sickness records

The reason we process the above information is so that we can carry out any equal opportunities monitoring, and we can decide whether there are any medical conditions which might impact on your ability to do the job and whether there is any support that is required.  At the recruitment stage we ask for information about any relevant medical conditions once a decision has been made to offer you the job.
		4.	How do we collect your personal information?

We collect personal information about employees, and workers through our recruitment process, either directly from candidates or sometimes from an employment agency or former employers by way of a response to a reference request.
We will collect additional personal information in the course of job-related activities throughout the period of you working for us.

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		5.	How do we use information about you?

We will only use your personal information when the law allows us to. In most cases, we will use your personal information in the following circumstances:
		a)	Where we need to perform the contract we have entered into with you

		b)	Where we need to comply with a legal obligation

		c)	Where it is necessary for our legitimate interests (or those of a third party)

We may also use your personal information in the following situations, which are likely to be rare:
		a)	Where we need to protect your interests (or someone else's interests)

		b)	Where it is needed in the public interest or for official purposes

		6.	Failing to provide personal information

If you fail to provide certain information when requested, we may not be able to perform the contract we have entered into with you (such as paying you or providing a benefit), or we may be prevented from complying with our legal obligations (such as to ensure the health and safety of our workers).
		7.	Change of purpose

We will only use your personal information for the purposes for which we collected it, unless we reasonably consider that we need to use it for another reason and that reason is compatible with the original purpose. If we need to use your personal information for an unrelated purpose, we will notify you and we will explain the legal basis which allows us to do so. 
Please note that we may process your personal information without your knowledge or consent, in compliance with the above rules, where this is required or permitted by law.
		8.	Special categories of personal information 

We may need to collect and use "Special categories" of particularly sensitive personal information. We need to have further justification for collecting, storing and using this type of personal information. We may process special categories of personal information in the following circumstances:
		●	With your explicit written consent for example where it is needed to assess your working capacity on health grounds, subject to appropriate confidentiality safeguards.

		●	Where we need to carry out our legal obligations and in line with our data protection policy.

		●	Where it is needed in the public interest, such as for equal opportunities monitoring. 

Less commonly, we may process this type of information where it is needed in relation to legal claims
We may use your particularly sensitive personal information in the following ways: to deal with any absences on the grounds of sickness, to obtain information about fitness for work, to ensure your 

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health and safety in the workplace, to provide appropriate workplace adjustments, to administer benefits, for equal opportunities monitoring 
Do we need your consent?
We do not need your consent if we use special categories of your personal information in accordance with our written policy to carry out our legal obligations or exercise specific rights in the field of employment law. In limited circumstances, we may approach you for your written consent to allow us to process certain particularly sensitive data. If we do so, we will provide you with full details of the information that we would like and the reason we need it, so that you can carefully consider whether you wish to consent. You should be aware that it is not a condition of your contract with us that you agree to any request for consent from us.
		9.	Information about criminal convictions

We may only use information relating to criminal convictions where the law allows us to do so. This will usually be where such processing is necessary to carry out our obligations and provided we do so in line with our data protection policy
We may also use information relating to criminal convictions where it is necessary in relation to legal claims.
We will only collect information about criminal convictions if it is appropriate given the nature of the role and where we are legally able to do so. Where appropriate, we will collect information about criminal convictions as part of the recruitment process or we may be notified of such information directly by you in the course of you working for us. We will use information about criminal convictions and offences in the following ways: in order to check whether you are suitable to work for us.
		10.	  Who will you share my personal information with?

We may have to share your data with third parties, including third-party service providers.  Specifically, these currently include the pension provider, Royal London of 55 Gracechurch Street, London, EC3V 0RL, to be able to fulfil our obligations to you under the automatic enrolment requirements for pension and the payroll provider, Mattocks Grindley of 18 Mulberry Avenue, Turnstone Park, Widnes, Cheshire, WA8 0WN to fulfil our obligation to pay you your salary.
We require third parties to respect the security of your data and to treat it in accordance with the law.
We may disclose your relevant personal information freely between the member companies of our group, which at the moment is SmartKem Limited (registered in England under number 06652152 whose registered office is at Hexagon Tower, Delaunays Road, Manchester, M9 8GQ.
		11.	Why might you share my personal information with third parties?

We will share your personal information with third parties where required by law, where it is necessary to administer the working relationship with you or where we have another legitimate interest in doing so. For example, in order to receive HR or legal advice, with our pension provider, or with HMRC.

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		12.	How secure is my information with third-party service providers?

All our third-party service providers are required to take appropriate security measures to protect your personal information in line with our policies. We do not allow our third-party service providers to use your personal data for their own purposes. We only permit them to process your personal data for specified purposes and in accordance with our instructions.
		13.	How secure is my personal information?

We have put in place appropriate security measures to prevent your personal information from being accidentally lost, used or accessed in an unauthorised way, altered or disclosed. In addition, we limit access to your personal information to those employees, agents, contractors and other third parties who have a business need to know. They will only process your personal information on our instructions and they are subject to a duty of confidentiality.
Third parties will only process your personal information on our instructions and where they have agreed to treat the information confidentially and to keep it secure.
We have put in place procedures to deal with any suspected data security breach and will notify you and any applicable regulator of a suspected breach where we are legally required to do so.
		14.	How long will you use my information for?

We will only retain your personal information for as long as necessary to fulfil the purposes we collected it for, including for the purposes of satisfying any legal, accounting, or reporting requirements. The minimum period of retention of your personal information will be 6 years post-employment.  Different types of data have different minimum retention periods.  More information on this is available from HR.
To determine the appropriate retention period for personal data, we consider the amount, nature, and sensitivity of the personal data, the potential risk of harm from unauthorised use or disclosure of your personal data, the purposes for which we process your personal data and whether we can achieve those purposes through other means, and the applicable legal requirements. 
In some circumstances we may anonymise your personal information so that it can no longer be associated with you, in which case we may use such information without further notice to you. Once you are no longer an employee, worker or contractor of the company we will retain and securely destroy your personal information in accordance with our data retention policy.
		15.	Your duty to inform us of changes

It is important that the personal information we hold about you is accurate and current. Please keep us informed if your personal information changes during your working relationship with us by informing the HR Department.
		16.	Your rights in connection with personal information

Under certain circumstances, by law you have the right to:

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		●	Request access to your personal information (commonly known as a "data subject access request"). This enables you to receive a copy of the personal information we hold about you and to check that we are lawfully processing it.

		●	Request correction of the personal information that we hold about you. This enables you to have any incomplete or inaccurate information we hold about you corrected.

		●	Request erasure of your personal information. This enables you to ask us to delete or remove personal information where there is no good reason for us continuing to process it. You also have the right to ask us to delete or remove your personal information where you have exercised your right to object to processing (see below).

		●	Object to processing of your personal information where we are relying on a legitimate interest (or those of a third party) and there is something about your particular situation which makes you want to object to processing on this ground. You also have the right to object where we are processing your personal information for direct marketing purposes.

		●	Request the restriction of processing of your personal information. This enables you to ask us to suspend the processing of personal information about you, for example if you want us to establish its accuracy or the reason for processing it.

		●	Request the transfer of your personal information to another party. 

		●	Report a data breach of your personal information should you feel it has not been processed or stored in accordance with GDPR.

If you want to review, verify, correct or request erasure of your personal information, object to the processing of your personal data, or request that we transfer a copy of your personal information to another party, please contact the HR Department.
If you wish to make a data subject access request of find out more about this process please contact the HR Department
You will not have to pay a fee to access your personal information (or to exercise any of the other rights). However, we may charge a reasonable fee if your request for access is clearly unfounded or excessive. Alternatively, we may refuse to comply with the request in such circumstances.
We may need to request specific information from you to help us confirm your identity and ensure your right to access the information (or to exercise any of your other rights). This is another appropriate security measure to ensure that personal information is not disclosed to any person who has no right to receive it.
		17.	Right to withdraw consent

In the limited circumstances where you may have provided your consent to the collection, processing and transfer of your personal information for a specific purpose, you have the right to withdraw your consent for that specific processing at any time. To withdraw your consent, please contact the HR Department, once we have received notification that you have withdrawn your consent, we will no longer process your information for the purpose or purposes you originally 

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agreed to, unless we have another legitimate basis for doing so in law. Please be aware that there are likely to be implications on our ability to continue our working relationship in the event that we are not able to process your personal information.
		18.	Changes to this privacy notice

We reserve the right to update this privacy notice at any time, and we will provide you with a new privacy notice when we make any substantial updates. We may also notify you in other ways from time to time about the processing of your personal information. 
		19.	Who to contact

If you have any questions or concerns comments regarding our data processing practices, you can contact the HR Department or CEO.
Further information on data protection (including your right to complain about the use of your personal data) can be found on The Information Commissioner's Office (ICO), website www.ico.org.uk 
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Schedule 2
R Bahns 
By email 
19.09.22
r.bahns@smartkem.com 
Dear Robert 
Agreement to opt out of maximum weekly working time
Under regulation 4(1) of the Working Time Regulations 1998 a worker’s average working time, including overtime, must not exceed 48 hours a week unless the worker has previously agreed otherwise in writing.
Please sign below to confirm your agreement that this limit on your working hours will not apply, and that your average working time may therefore exceed 48 hours a week.
Either of us may terminate this agreement by giving three months’ written notice at any time. Unless it is terminated in this way, this agreement shall remain in force until your employment with us ends.
You may choose whether to sign this agreement and we will not subject you to any detriment if you do not sign it or if you exercise your right to terminate it.
Yours sincerely

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	......................

	SmartKem Limited

	I agree that the statutory maximum average working time of 48 hours a week shall not apply to my employment with Smartkem Limited and that my average working time may therefore exceed 48 hours a week.

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Signed .................................

	by Robert Bahns 

	Date ................................

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