Document:

Exhibit 10.3

 

THIS AGREEMENT is made on                                                                      2021.

 

BETWEEN

 

		(1)	EXSCIENTIA AI LIMITED, a company registered in Scotland with registered number SC428761 and having its registered office at
Level 3, Dundee One River Court, 5 West Victoria Dock Road, Dundee, United Kingdom (the “Company”); and

 

		(2)	BEN TAYLOR, residing at 39 The Lion Brewery, Oxford, Oxfordshire, OX1 1JE (the “Executive”).

 

BACKGROUND

 

On and from the Effective Date, the Company wishes
to employ the Executive as Chief Financial Officer on the terms and conditions of this Agreement and the Executive wishes to accept such
terms of employment.

 

IT IS AGREED as follows:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1.	Definitions

 

In this Agreement, unless
the context otherwise requires:

 

	“Basic Salary”	means the salary, as specified in Clause 6.1(a) or, as appropriate, the reviewed annual salary from time to time;
	“Board”	means the Board of directors of the Parent from time to time or any duly authorised committee thereof, or where the relevant powers have been reserved to the Parent’s members, its members from time to time;
	“Cause”	Means as defined in clause 17.1;
	“Change in Control”	means as defined in the Parent’s 2021 Equity Incentive Plan with Non-Employee Sub-Plan and CSOP Sub-Plan;

	“Confidential Information”	means all information which is identified or treated by the Company or any Group Company or any of the Group’s clients or customers as confidential or which by reason of its character or the circumstances or manner of its disclosure is evidently confidential including (without prejudice to the foregoing generality) any information about the personal affairs of any of the directors (or their families) of the Company or any Group Company, business plans, proposals relating to the acquisition or disposal of a company or business or proposed expansion or contraction of activities, maturing new business opportunities, research and development projects, designs, secret processes, trade secrets, product or services development and formulae, know-how, inventions, sales statistics and forecasts, marketing strategies and plans, costs, profit and loss and other financial information (save to the extent published in audited accounts), prices and discount structures and the names, addresses and contact and other details of: (a) employees and their terms of employment; (b) customers and potential customers, their requirements and their terms of business with the Company or Group; and (c) suppliers and potential suppliers and their terms of business (all whether or not recorded in writing or in electronic or other format);
	“Effective Date”	means the date of the underwriting agreement between the Parent and the underwriter(s) managing the initial public offering of the Parent’s ordinary shares (or securities representing such ordinary shares), pursuant to which such securities are priced for the initial public offering;
	“Employment”	means the employment of the Executive under this Agreement or, as the context requires, the duration of that employment;

 

    

     

    

 

	“Good Reason”	means any of the following actions taken by the Company without the Executive’s express written consent: (i) a material reduction by the Company of the Basic Salary (other than in a broad based reduction similarly affecting all other members of the Group’s executive management); (ii) the relocation of the Executive’s principal place of employment, without the Executive’s consent, in a manner that lengthens the Executive’s one-way commute distance by fifty (50) or more miles from the Executive’s then-current principal place of employment immediately prior to such relocation; (iii) a material reduction in the Executive’s duties, authority, or responsibilities for the Company relative to the Executive’s duties, authority, or responsibilities in effect immediately prior to such material reduction; or (iv) a material breach of this Agreement by the Company (or its successor) provided further, that, any such termination by the Executive shall only be deemed for Good Reason pursuant to this definition if: (1) the Executive gives the Chief Executive Officer written notice of intent to terminate for Good Reason within thirty (30) days following the first occurrence of the condition(s) that the Executive believes constitute(s) Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s) within thirty (30) days following receipt of the written notice (the “Cure Period”); (3) the Company has not, prior to the Chief Executive Officer receiving such notice from the Executive, already informed the Executive in writing that their employment with the Company is being terminated; and (4) the Executive voluntarily terminates their employment within thirty (30) days following the end of the Cure Period
	“Group”	means together or separately the Parent, the Company, any holding company or undertaking of the Parent or the Company and any subsidiaries and subsidiary undertakings of the Parent of the Company or such holding company or holding companies or undertaking from time to time (and the words “subsidiary” and “holding company” shall have the meanings given to them in section 1159 in the Companies Act 2006);
	“Group Company”	means any company within the Group;
	“Health Care Scheme”	means any healthcare or disability scheme(s) or arrangement(s) as may be provided or introduced from time to time by the Company (at the Company’s discretion) for the benefit of similarly situated executives in the Company or Group;
	“Intellectual Property Rights”	means any and all existing and future intellectual or industrial property rights in and to any Works (whether registered or unregistered), including all existing and future patents, copyrights, design rights, database rights, trade marks, semiconductor topography rights, plant varieties rights, internet rights/domain names, know-how and any and all applications for any of the foregoing and any and all rights to apply for any of the foregoing in and to any Works;
	“Minority Holder”	means a person who either solely or jointly holds (directly or through nominees) any shares or loan capital in any company, whether or not it is listed or dealt in on a recognised stock exchange, provided that such holding does not, when aggregated with any shares or loan capital held by the Executive’s partner and/or his or his partner’s children under the age of 18, exceed 5% of the shares or loan capital of the class concerned for the time being issued;
	“Parent”	means Exscientia Limited, incorporated in England with company number 13483814;
	“Remuneration Committee”	means the remuneration committee appointed by the Board;

 

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	“Settlement Agreement”	means a settlement agreement that includes, among other terms, a general release of claims in favour of the Company and each Group Company (subject to standard carve-outs preserving the Executive’s rights to accrued pension benefits), as well as mutual non-disparagement provisions, in a form presented by the Company and to be negotiated by the parties acting reasonably and in good faith;
	“Termination Date”	means the date of termination of the Employment;
	“Works”	means any documents, materials, models, designs, drawings, processes, inventions, formulae, computer coding, methodologies, know-how, Confidential Information or other work, performed made, created, devised, developed or discovered by the Executive during the course of the Employment either alone or with any other person in connection with or in any way affecting or relating to the business of the Company or any Group Company or capable of being used or adapted for use therein or in connection therewith;

 

		1.2.	Interpretation and Construction

 

Save to the extent that the context
or the express provisions of this Agreement require otherwise, in this Agreement:

 

		(a)	words importing the singular shall include the plural and vice versa;

 

		(b)	words importing any gender shall include all other genders;

 

		(c)	words importing the whole shall be treated as including reference to any part of the whole;

 

		(d)	any reference to a Clause, the Schedule or part of the Schedule is to the relevant Clause, Schedule or
part of the Schedule of or to this Agreement unless otherwise specified;

 

		(e)	reference to this Agreement or to any other document is a reference to this Agreement or to that other
document as modified, amended, varied, supplemented, assigned, novated or replaced from time to time;

 

		(f)	reference to a provision of law is a reference to that provision as extended, applied, amended, consolidated
or re-enacted or as the application thereof is modified from time to time and shall be construed as including reference to any order,
instrument, regulation or other subordinate legislation from time to time made under it;

 

		(g)	references to a “person” includes any individual, firm, company, corporation, body corporate,
government, state or agency of state, trust or foundation, or any association, partnership or unincorporated body (whether or not having
separate legal personality) or two or more of the foregoing;

 

		(h)	general words shall not be given a restrictive meaning because they are followed by words which are particular
examples of the acts, matters or things covered by the general words and “including”, “include” and “in
particular” shall be construed without limitation; and

 

		(i)	the meaning of any words coming after “other” or “otherwise” shall not be constrained
by the meaning of any words coming before “other” or “otherwise where a wider construction is possible.

 

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		1.3.	Headings

 

The table of contents and the headings
in this Agreement are included for convenience only and shall be ignored in construing this Agreement.

 

		2.	THE EMPLOYMENT

 

		2.1.	Effectiveness and Appointment

 

This Agreement is effective as of, and
contingent upon, the occurrence of the Effective Date.

 

Subject to the provisions of this Agreement,
the Company employs the Executive and the Executive accepts employment as Chief Financial Officer of the Company on the terms of this
Agreement.

 

		2.2.	Work Permits and warranty

 

The Executive warrants that he is legally
entitled to work in the United Kingdom and will throughout the Employment continue to hold a valid United Kingdom work permit if appropriate.
The Executive warrants that he will notify the Company in advance of any possible change to his immigration status, as soon as he becomes
aware of any circumstances that might give rise to such change. Should the Company discover that the Executive does not have permission
to live and work in the United Kingdom or if any such permission is revoked, notwithstanding any other term of this Agreement the Company
reserves the right to terminate the Employment immediately and without notice or pay in lieu of notice and without referring to the warning
stages of the Company’s disciplinary procedure.

 

		3.	DURATION OF THE EMPLOYMENT

 

		3.1.	Continuous Employment

 

The Executive’s continuous period
of employment with the Company commenced on 17 November 2020. No previous employment shall count as part of the Executive’s continuous
period of employment.

 

		3.2.	Duration

 

Subject to the provisions of Clauses
3 and 17.1 the Employment shall continue unless and until terminated at any time by:

 

		(a)	the Company, which must give to the Executive not less than six months’ prior written notice of
termination of the Employment; or

 

		(b)	the Executive, who must give to the Company not less than six months’ prior written notice of termination
of the Employment.

 

		3.3.	Payment in lieu of notice

 

		(a)	The Company shall be entitled, at its sole discretion, to terminate the Employment immediately at any
time by giving the Executive notice in writing. In these circumstances, subject to the terms of Clause 3.3(b), the Company will
subsequently make a payment to the Executive in lieu of notice, calculated in accordance with the provisions of Clause 3.3(c) (the payment
being referred to as a “PILON”).

 

		(b)	The PILON will be paid in equal monthly instalments less all deductions that are required or permitted
by law to be made including in respect of income tax, national insurance contributions and any sums due to the Company or any Group Company.

 

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		(c)	The PILON will consist of a sum equivalent to the Basic Salary which the Executive would have received
in respect of any notice period outstanding on the Termination Date but will exclude (except to the extent expressly provided in this
Agreement) any bonus, commission and share of profit and any other benefits which he would have received or would have accrued to him
during that period.

 

		4.	HOURS AND PLACE OF WORK

 

		4.1.	Hours of work

 

The Executive agrees that he shall work
normal business hours together with such additional hours as are necessary for the proper performance of his duties.

 

		4.2.	Working Time Regulations

 

The Executive has autonomous decision-making
powers. The duration of his working time is not measured or predetermined. The Executive agrees that his employment falls within Regulation
20 of the Working Time Regulations 1998.

 

		4.3.	Place of work

 

		(a)	The Executive’s normal place of work will be at the Company’s offices at Oxford, but the Company
may require the Executive to work at any place within the United Kingdom on either a temporary or an indefinite basis. The Executive will
be given reasonable notice of any change in his permanent place of work.

 

		(b)	The Executive may be requested to be absent from the United Kingdom for a period exceeding 1 month at
any one time, but there are not currently any particulars to be entered in this regard.

 

		5.	SCOPE OF THE EMPLOYMENT

 

		5.1.	Duties of the Executive

 

During the Employment the Executive
shall:

 

		(a)	undertake and carry out to the best of his ability such duties and exercise such powers in relation to
the Company or Group’s business as may from time to time be assigned to or vested in him by the Board including where those duties
require the Executive to work for any Group Company;

 

		(b)	in the discharge of those duties and the exercise of those powers observe and comply with all lawful resolutions,
regulations and directions from time to time made by, or under the authority of, the Board and promptly upon request, give a full account
to the Board or a person duly authorised by the Board of all matters
with which he is involved. He will provide the information in writing if requested;

 

		(c)	comply with the Articles of Association (as amended from time to time) of the Parent, the Company and
any Group Company;

 

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		(d)	do, or refrain from doing, such things as are necessary or expedient to ensure compliance by himself,
the Parent, the Company and any Group Company with applicable law and regulations and all regulatory authorities relevant to the Parent,
the Company and any Group Company, and any codes of practice issued by the Parent, the Company and any Group Company (as amended from
time to time);

 

		(e)	act in accordance with all statutory, fiduciary and common law duties that he owes to the Parent, the
Company and any Group Company;

 

		(f)	refrain from doing anything which would cause him to be disqualified from acting as a director;

 

		(g)	unless prevented by ill-health, holidays or other unavoidable cause, devote the whole of his working time,
attention and skill to the business of the Parent, the Company and Group Companies and the discharge of his duties hereunder;

 

		(h)	faithfully and diligently perform his duties and at all times use his best endeavours to promote and protect
the interests of the Parent, the Company and the Group;

 

		(i)	promptly disclose to the Board full details of any wrongdoing by the Executive or any other employee of
any Group Company where that wrongdoing is material to that employee’s employment by the relevant company or to the interests or
reputation of any Group Company.

 

		5.2.	Right to suspend duties and powers

 

		(a)	During any notice period or for the purpose of investigating any matter in which the Executive is implicated
or involved, the Company reserves the right in its absolute discretion to suspend all or any of the Executive’s duties and powers
on terms it considers expedient or to require him to perform only such duties, specific projects or tasks as are assigned to him expressly
by the Company (including the duties of another position) in any case for such period or periods and at such place or places (including,
without limitation, the Executive’s home) as the Company in its absolute discretion deems necessary (the “Garden Leave”).
During any period of Garden Leave the terms and conditions set out in this Agreement shall continue to apply to the Executive.

 

		(b)	The Company may, at its sole discretion, require that during the Garden Leave the Executive shall not:

 

		(i)	enter or attend the premises of the Parent, the Company or any Group Company;

 

		(ii)	contact or have any communication with any client or prospective client or supplier of the Parent, the
Company or any Group Company in relation to the business of the Parent, the Company or any Group Company;

 

		(iii)	contact or have any communication with any employee, officer, director, agent or consultant of the Parent,
the Company or any Group Company in relation to the business of the Parent, the Company or any Group Company, save that this restriction
shall (A) not prevent the Executive from contacting and communicating with his family members, and (B) be without prejudice to the Executive’s
rights as shareholder of the Parent;

 

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		(iv)	remain or become involved in any aspect of the business of the Parent, the Company or any Group Company
except as required by such companies; or

 

		(v)	work either on his own account or on behalf of any other person.

 

		(c)	During Garden Leave, the Executive will continue to receive his Basic Salary and benefits but will not
(except to the extent expressly provided in this Agreement) accrue any bonus, commission or share of profit.

 

		(d)	If the Executive is suspended, other than during any notice period, for the purpose of investigating any
matter in which the Executive is implicated or involved and the Executive is subsequently exonerated, the Executive will be paid any amounts
not paid to the Executive in respect of the period of suspension where such amounts would have otherwise been paid were it not for the
operation of Clause5.2(c).

 

		(e)	For the avoidance of doubt, the Company may exercise its powers under this Clause 5.2 at any time during
the Employment including after notice of termination has been given by either party.

 

		6.	REMUNERATION

 

		6.1.	Basic Salary

 

		(a)	During the Employment the Company shall pay the Executive a Basic Salary of not less than £275,000
per annum. The Basic Salary shall accrue from day to day and be payable by credit transfer in equal monthly instalments in arrears on
or around the 25th day of each calendar month or otherwise as arranged from time to time.

 

		(b)	The Basic Salary shall be inclusive of all director’s fees (if any) to which the Executive may become
entitled including all remuneration and director’s fees in respect of services rendered by the Executive to any Group Company (including,
without limitation, the Parent).

 

		6.2.	Salary review

 

The Basic Salary shall be reviewed annually.
The Company is not obliged to increase the Basic Salary at any review.

 

		6.3.	Annual bonus

 

		(a)	Subject to clause 6.3(b), the Executive shall be eligible to receive an annual performance bonus (the
“Annual Bonus”) with an annual target of 35% (the “Target Percentage”) of the Executive’s
then-current Base Salary (the “Target Bonus”). The Annual Bonus will be based upon the assessment of the Board (or
a committee thereof) of the Executive’s performance and Group’s attainment of targeted goals (as established by the Board
or a committee thereof in its sole discretion) over the applicable calendar
year. The Annual Bonus, if any, will be subject to applicable payroll deductions and withholdings. No amount of any Annual Bonus is guaranteed
at any time, and, except as otherwise expressly stated in clause 17 of this Agreement, the Executive must be an employee in good standing
(without having given or received notice) through the date of payment of the Annual Bonus in order to be eligible to receive an Annual
Bonus and no partial or prorated bonuses will be provided. Unless otherwise stated in clause 17 of this Agreement, any Annual Bonus, if
awarded, will be paid by the Company after receipt by the Parent of the audited financial statements of the Parent for the financial year
in question, but no later than 15 March of the year following the year to which such bonus relates, and will be paid in cash or in securities,
as determined by the Board (or committee thereof). Any Annual Bonus will be subject to recoupment in accordance with any clawback policy
that the Parent or the Company is required to adopt pursuant to the listing standards of any national securities exchange or association
on which the Parent’s or any Group Company’s securities are listed or as is otherwise required by applicable law and any clawback
policy that the Parent or the Company otherwise adopts, to the extent applicable and permissible under applicable law. No recovery of
compensation under such a clawback policy will be an event giving rise to Good Reason. Except as otherwise stated in clause 17 this Agreement,
in the event the Executive leaves the employment of the Company for any reason prior to the date the Annual Bonus is paid, the Executive
is are not eligible to earn such Annual Bonus, prorated or otherwise.

 

 

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		(b)	In respect of the 2021 calendar year the Executive’s Annual Bonus target shall be calculated as
follows: (a) an amount equal to the prorated portion of the Executive’s Annual Bonus target for the 2021 calendar year as in effect
immediately prior to the Effective Date (calculated using the number of days in the 2021 calendar year that have passed between 1 January
2021 and the date immediately preceding the Effective Date); plus (b) an amount equal to the prorated portion of the Target
Bonus as in effect on the Effective Date (calculated using the Target Percentage for the number of days in the 2021 calendar year that
have passed from (and including) the Effective Date and 31 December 2021).

 

		6.4.	Directors’ Remuneration Policy. 

 

Executive understands
and agrees that, if and for so long as the Executive is a director of the Parent, the Executive’s remuneration shall be subject
to the terms of the Directors’ Remuneration Policy as may be adopted by the Parent in accordance with applicable law from time to
time.

 

		7.	EXPENSES

 

		7.1.	Out-of-pocket expenses

 

The Company shall reimburse to the Executive
(against receipts or other appropriate evidence as the Board may require) the amount of all out-of-pocket expenses reasonably and properly
incurred by him in the proper discharge of his duties hereunder to the extent that such expenses are incurred in accordance with the Group’s
applicable business expenses policy from time to time.

 

		8.	DEDUCTIONS

 

The Executive agrees that the
Company may deduct from any sums due to him under this Agreement any sums due by him to any Group Company including, without
limitation, any debits to his Company credit or charge card not authorised by the Company, the Executive’s pension
contributions (if any), any overpayments, loans or advances made to him by any Group Company, the cost of repairing any damage or
loss to the Company’s property caused by him and any losses suffered by the Group as a result of any negligence or breach of
duty by the Executive.

 

		9.	PENSION SCHEME

 

During the period of the Executive’s
service with the Company, the Company will comply at all times with the employer duties under Part 1 of the Pensions Act 2008.

 

		10.	OTHER INSURANCE & BENEFITS

 

		10.1.	Health Care Scheme

 

Without prejudice to the terms of Clauses
3 and 17, the Executive shall be entitled during the Employment, to participate at the Company’s expense in any Health Care Scheme
subject to the following terms and conditions:

 

		(a)	the Executive’s participation is subject to the Company’s rules regarding eligibility in force
from time to time and the rules, terms and conditions of the relevant Health Care Scheme and/or insurance policy in force from time to
time;

 

		(b)	the Company reserves the right to terminate the Executive’s or the Company’s participation
in any of the Health Care Scheme(s), substitute a new scheme(s) for an existing scheme(s) and/or alter the level or type of benefits available
under any scheme(s);

 

		(c)	if a scheme provider (e.g. an insurance company or pensions provider) refuses for any reason (whether
under its own interpretation of the rules, terms and conditions of the relevant insurance policy or otherwise) to accept a claim and/or
provide the relevant benefit(s) to the Executive under the applicable Health Care Scheme, the Company shall not be liable to provide (or
compensate the Executive for the loss of) such benefit(s) nor shall it be obliged to take action against the provider to enforce any rights
under the Health Care Scheme;

 

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		(d)	the fact that the termination of the Employment may result in the Executive ceasing to be eligible to
receive or continue to receive benefits under any Health Care Scheme does not remove the Company’s right to terminate the Employment;
and

 

		(e)	the Executive’s acceptance of such variations to his terms and conditions of employment as may from
time to time be required by the Company.

 

		10.2.	Medical examinations

 

At any reasonable time during the Employment
the Company may require the Executive to undergo a medical examination by a medical practitioner appointed by the Company and at the Company’s
expense and the Executive will consent to such examination and to the results being made available to the Company.

 

		10.3.	Other leave and benefits

 

		(a)	The Executive may be eligible for other forms of paid leave, subject to any statutory eligibility requirements
or conditions and the Company's rules applicable to each type of leave in force from time to time. Further details of such leave are available
in the Company’s Staff Handbook.

 

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

 

		(b)	The Executive may be eligible to be provided with other benefits during their employment with the Company,
subject to any rules applicable to the relevant benefit. Further details of these benefits are available from the Staff Handbook. The
Company may replace or withdraw such benefits, or amend the terms of such benefits, at any time.

 

		11.	HOLIDAYS

 

		11.1.	The holiday year

 

The Company’s holiday year runs
from 1st January to 31st December. Holidays can only be taken with the prior agreement of the Chairman (such agreement not be withheld
unreasonably).

 

		11.2.	Annual entitlement

 

		(a)	The Executive shall be entitled to 28 days' paid holiday in each holiday year excluding the usual public
holidays in England.

 

		(b)	Entitlement to contractual holidays is accrued pro rata throughout the holiday year. The Executive will
be entitled to take public and customary holidays on the days that they are recognised by the Company during the holiday year.

 

		(c)	The Executive may carry any unused holiday entitlement forward to the next holiday year in accordance
with the Company’s policy on holidays as may apply from time to time.

 

		11.3.	Holiday entitlement on termination

 

Upon notice of termination of the Employment
being served by either party, the Company may require the Executive to take any unused holidays accrued in the holiday year in which the
termination takes place during any notice period. Alternatively, the Company may, at its discretion, on termination of the Employment,
make a payment in lieu of accrued contractual holiday entitlement. The Executive will be required to make a payment to the Company in
respect of any holidays taken in excess of his holiday entitlement accrued at the Termination Date. Any sums so due may be deducted from
any money owing to the Executive by the Company.

 

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		12.	TRAINING

 

As at the date of this Agreement, the
Executive is not required to undertake any particular training. If any particular training is required or offered, details will be provided.

 

		13.	ABSENCE

 

		13.1.	Absence due to sickness or injury

 

If the Executive is absent from work
due to sickness or injury he shall:

 

		(a)	immediately inform the CEO and the Head of Human Resources of his sickness or injury; and

 

		(b)	In respect of absence due to sickness, injury or accident that continues for more than 7 consecutive days
(including weekends) the Executive must provide the Company with a note of fitness to work stating the reason for the absence. Thereafter
notes of fitness to work must be provided to the Company to cover the remainder of the period of continuing sickness absence. Failure
to follow these requirements may result in disciplinary action and loss of Statutory Sick Pay and/or sick pay pursuant to Clause 13.2.

 

		13.2.	Payment of salary during absence

 

		(a)	Subject to the Executive complying with the terms of Clause 13.1, the Company may, at its sole discretion
continue to pay Basic Salary and other benefits during any period of absence due to sickness or injury for up to a maximum period of 4
weeks (according to the Company’s Staff Handbook) in any period of 12 consecutive months (the 12 month period referred to as the
 “Entitlement Period”) and thereafter a sum equivalent to Statutory Sick Pay only during any further period of absence
due to sickness or injury in the same Entitlement Period for up to a maximum period of 13 weeks unless the Employment is terminated in
terms of Clauses 3 or17. The first Entitlement Period will begin on the first day of absence and any subsequent Entitlement Period will
start on the first day of any absence occurring outside an enduring Entitlement Period.

 

		(b)	Payment of the Basic Salary in terms of Clause 13.2(a) shall be made less:

 

		(i)	an amount equivalent to any Statutory Sick Pay payable to the Executive;

 

		(ii)	any sums which may be received by the Executive under any insurance policy effected by the Company; and

 

		(iii)	any other benefits or sums which the Executive receives (e.g. under a PHI or other insurance scheme) in
connection with the Employment or under any relevant legislation.

 

		(c)	Once payment of Basic Salary under Clause 13.2(a) ceases, then the Executive shall have no right to any
benefit or emolument from the Company.

 

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	 	13.3.	Absence caused by third party negligence

 

If the Executive’s absence is
caused by the negligence of a third party in respect of which damages are recoverable, then all sums paid by the Company during the period
of absence shall constitute loans to the Executive who shall:

 

		(a)	immediately notify the Company of all the relevant circumstances and of any claim, compromise, settlement
or judgment made or awarded; and

 

		(b)	if the Company so requires, refund to it an amount determined by the Company, not exceeding the lesser
of:

 

		(i)	the amount of damages recovered by him in respect of loss of earnings during the period of absence under
any compromise, settlement or judgment; and

 

		(ii)	the sums advanced to him by the Company in respect of the period of incapacity.

 

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	14.	OTHER INTERESTS

 

	14.1.	Disclosure of other interests

 

The Executive shall disclose to the
Board any interest of his own (or that of his partner or of any child of his or of his partner under eighteen years of age):

 

		(a)	in any trade, business or occupation whatsoever which is in any way similar to any of those in which the
Parent, the Company or any Group Company is involved; and

 

		(b)	in any trade, business or occupation carried on by any supplier or customer of the Parent, the Company
or any Group Company whether or not such trade, business or occupation is conducted for profit or gain.

 

	14.2.	Restrictions on other activities and interests of the Executive

 

		(a)	During the Employment, the Executive shall not at any time, without the prior written consent of the Board,
either alone or jointly with any other person, carry on or be directly or indirectly employed, engaged, concerned or interested in any
business, prospective business or undertaking other than a Group Company. Nothing contained in this Clause shall preclude the Executive
from being a Minority Holder unless the holding is in a company that is a direct business competitor of the Company or any Group Company
in which case, the Executive shall obtain the prior consent of the Board to the acquisition or variation of such holding.

 

		(b)	If the Executive, with the consent of the Board, accepts any other appointment he must keep the Board
accurately informed of the amount of time he spends working under that appointment.

 

	14.3.	Transactions with the Company

 

Subject to any regulations issued by
the Group, the Executive shall not be entitled to receive or obtain directly or indirectly any discount, rebate, commission or any other
form of gift or gratuity (any of these referred to as a “Gratuity”) as a result of the Employment or any sale or purchase
of goods or services effected or other business transacted (whether or not by him) by or on behalf of the Company or any Group Company
and if he (or any person in which he is interested) obtains any Gratuity he shall account to the Company for the amount received by him
(or a due proportion of the amount received by the person having regard to the extent of his interest therein).

 

	15.	CONFIDENTIALITY AND COMPANY DOCUMENTS

 

	15.1.	Restrictions on disclosure and use of Confidential Information

 

The Executive must not either during
the Employment (except in the proper performance of his duties) or at any time (without limit) after the Termination Date:

 

		(a)	divulge or communicate to any person;

 

		(b)	use for his own purposes or for any purposes other than those of the Parent, the Company or any Group
Company; or

 

		(c)	through any failure to exercise due care and diligence, cause any unauthorised disclosure of;

 

any Confidential Information. The Executive
must at all times use his best endeavours to prevent publication or disclosure of any Confidential Information. These restrictions shall
cease to apply to any information which shall become available to the public generally otherwise than through the default of the Executive.
These restrictions shall not apply to any use or disclosure authorised by the Board or required by law, or any protected disclosure within
the meaning of section 43A of the Employment Rights Act 1996.

 

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	15.2.	Protection of Company documents and materials

 

All notes, records, lists of customers,
suppliers and employees, correspondence, computer and other discs or tapes, data listings, codes, keys and passwords, designs, drawings
and other documents or material whatsoever (whether made or created by the Executive or otherwise and in whatever medium or format) relating
to the business of the Parent, the Company or any Group Company or any of its or their clients (and any copies of the same):

 

		(a)	shall be and remain the property of the Parent, the Company or the relevant Group Company or client; and

 

		(b)	shall be handed over by the Executive to the Parent, the Company or the relevant Group Company or client
on demand by the Company and in any event on the termination of the Employment.

 

	16.	INVENTIONS AND OTHER WORKS

 

	16.1.	Executive to further interests of the Company

 

The Company and the Executive agree
that the Executive may make or create Works in the course of the Employment and agree that in this respect the Executive is obliged to
further the interests of the Company and any Group Company.

 

	16.2.	Disclosure and ownership of Works

 

The Executive must immediately disclose
to the Company all Works and all Intellectual Property Rights. Both the Works and all Intellectual Property Rights will (subject to sections
39 to 43 Patents Act 1977) belong to and be the absolute property of the Company or any other person the Company may nominate.

 

	16.3.	Protection, registration and vesting of Works

 

The Executive shall immediately on request
by the Company (whether during or after the Employment) and at the expense of the Company:

 

		(a)	apply or join with the Company or any Group Company in applying for any Intellectual Property Rights or
other protection or registration (“Protection”) in the United Kingdom and in any other part of the world for, or in
relation to, any Works;

 

		(b)	execute all instruments and do all things necessary for vesting all Intellectual Property Rights or Protection
when obtained and all right, title and interest to and in the same absolutely and as sole beneficial owner in the Company or such Group
Company or other person as the Company may nominate; and

 

		(c)	sign and execute any documents and do any acts reasonably required by the Company in connection with any
proceedings in respect of any applications and any publication or application for revocation of any Intellectual Property Rights or Protection.

 

	16.4.	Waiver of rights by the Executive

 

The Executive hereby irrevocably and
unconditionally waives all rights under Chapter IV Copyright, Designs and Patents Act 1988 and any other moral rights which he may have
in the Works, in whatever part of the world such rights may be enforceable including:

 

		(a)	the right conferred by section 77 of that Act to be identified as the author of any such Works; and

 

		(b)	the right conferred by section 80 of that Act not to have any such Works subjected to derogatory treatment.

 

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	16.5.	Power of Attorney

 

The Executive hereby irrevocably appoints
the Company to be his attorney and in his name and on his behalf to execute any such act and to sign all deeds and documents and generally
to use his name for the purpose of giving to the Company the full benefit of this Clause. The Executive agrees that, with respect to any
third parties, a certificate signed by any duly authorised officer of the Company that any act or deed or document falls within the authority
hereby conferred shall be conclusive evidence that this is the case.

 

	16.6.	Statutory rights

 

Nothing in this Clause 16 shall be construed
as restricting the rights of the Executive or the Company under sections 39 to 43 Patents Act 1977.

 

	17.	TERMINATION

 

	17.1.	Termination events

 

Notwithstanding the provisions of Clauses
3 and 10, the Company shall be entitled, but not bound, to terminate the Employment with immediate effect (without a notice period or
payment in lieu of any notice period) by giving to the Executive notice in writing at any time after the occurrence of any one or more
of the following events (each being termination for “Cause”):

 

		(a)	if the Executive is guilty of any gross misconduct or behaviour which tends to bring himself or the Company
or any Group Company into disrepute; or

 

		(b)	if the Executive commits any material or persistent breach of this Agreement (in the case of a non-material
persistent breach, having been given notice in writing of the breach and a reasonable opportunity to rectify the breach) or fails to comply
with any reasonable order or direction of the Board; or

 

		(c)	if he becomes insolvent or bankrupt or compounds with or grants a trust deed for the benefit of his creditors;
or

 

		(d)	if his behaviour (whether or not in breach of this Agreement) can reasonably be regarded as materially
prejudicial to the interests of the Company or any Group Company, including if he is found guilty of any criminal offence punishable by
imprisonment (whether or not such sentence is actually imposed); or

 

		(e)	if he has an order made against him disqualifying him from acting as a company director; or

 

		(f)	if the Executive is found guilty of any offence of bribery under the Bribery Act 2010, or other bribery
legislation in any other jurisdiction, breach of Clause 15 of this Agreement or the Company’s Anti-Bribery and Corruption Policy;
or

 

		(g)	if the Executive commits any material breach or persistent but non-material breach of the Articles of
Association of the Company or any Group Company (in the case of a persistent but non-material breach, having been given notice in writing
of the breach and a reasonable opportunity to rectify the breach).

 

	17.2.	Termination on resignation as director

 

If the Executive resigns as a director
of the Company or any Group Company (otherwise than at the request of the Board), he shall be deemed to have voluntarily resigned from
the Employment with effect from the date of his resignation, unless the Company agrees with the Executive that the Employment should continue,
in which case the Employment may be subject to any terms and conditions stipulated by the Company in its absolute discretion.

 

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	17.3.	No damages or payment in lieu of notice

 

In the event of the Employment being
terminated pursuant to Clause 17.1 the Executive shall not be entitled to receive any payment in lieu of notice nor make any claim against
the Company or any Group Company for damages for loss of office or termination of the Employment. Regardless of this, the termination
shall be without prejudice to the continuing obligations of the Executive under this Agreement.

 

	17.4.	 Termination by the Company without Cause or resignation by the Executive for Good Reason (in connection with a Change in Control)

 

In the event that the Company terminates
the Executive’s Employment without Cause or the Executive resigns for Good Reason, in either case, upon or within (12) twelve months
following the effective date of a Change in Control (such period, the “Change in Control Measurement Period”) then
the Executive shall be entitled to his salary and benefits pursuant to the terms of this Agreement through the Termination Date and, subject
to the Executive (i) executing a Settlement Agreement; (ii) returning all Company property; (iii) complying with the Executive’s
termination and post-termination obligations under this Agreement; (iv) complying with the terms of the Settlement Agreement, including
without limitation any non-disparagement and confidentiality provisions contained therein; and (v) resigning from any other positions
held with the Company or any Group Company, including any position on the Board, effective no later than the Termination Date (or such
other date as requested by the Board), the Executive shall be eligible to receive the following severance benefits (collectively the “CIC
Severance Benefits”):

 

		(a)	The Company will pay the Executive severance pay in the form of continuation of the Executive’s
then-current Basic Salary (ignoring any decrease that forms the basis for the Executive’s resignation for Good
Reason, if applicable) for twelve (12) months following the Termination Date (such period of time, the “CIC Severance Period”,
and such aggregate Basic Salary amount payable, the “CIC Severance”). The CIC Severance will be paid in substantially
equal instalments on the Company’s regular payroll schedule over the CIC Severance Period, subject to such deductions as the Company
is required by law to make, shall be reduced by any Basic Salary received by the Executive during any period of Garden Leave and shall
be inclusive of any PILON; provided, however that no portion of the CIC Severance (except for any PILON instalment which is due) will
be paid prior to the date that the general release of claims in the Settlement Agreement becomes effective (the “Release Date”),
and any such payments that are otherwise scheduled to be made prior to the Release Date shall instead accrue and be made on the first
regular payroll date following the Release Date;

 

		(b)	The Company will pay to the Executive in monthly instalments, subject to such deductions as the Company
is required by law to make, a fully taxable cash payment equal to: (i) the coverage premium for the Executive (and the Executive’s
covered dependents, as applicable) health insurance coverage in effect on the Termination Date until the earliest of: (1) the close of
the CIC Severance Period or; (2) the date when the Executive becomes eligible for substantially equivalent health insurance coverage in
connection with new employment or self-employment; and (ii) the Company’s employer pension contributions that would have been received
by the Executive during the CIC Severance Period had Employment continued, at the rate payable by the Company immediately prior to the
Termination Date;

 

		(c)	The Company will make a lump sum cash payment to the Executive in an amount equal to one (1) times the
Target Bonus for the year in which the Termination Date occurs, subject to such deductions as the Company is required by law to make,
which will be paid in a lump sum on or before the 60th day following the Termination Date;

 

		(d)	Effective as of the Termination Date, the vesting and exercisability of all outstanding equity awards
covering the Parent’s ordinary shares that are held by the Executive immediately prior to the Termination Date shall be accelerated
in full.

 

The CIC Severance Benefits provided
to the Executive pursuant to this clause 17.4 are in lieu of, and not in addition to, any benefits to which the Executive may otherwise
be entitled under any Company severance plan, policy, or program.

 

Any damages caused by the termination
of the Executive’s employment without Cause during the Change in Control Measurement Period would be difficult to ascertain; therefore,
the CIC Severance Benefits for which the Executive is eligible pursuant to this clause 17.4 in exchange for the Settlement Agreement are
agreed to by the parties as liquidated damages, to serve as full compensation, and not a penalty.

 

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	17.5.	Termination by the Company without Cause or resignation by the Executive for Good Reason (not in connection with a Change in Control)

 

In the event that the Company
terminates the Executive’s Employment without Cause or the Executive resigns for Good Reason, in either case, outside a Change
in Control Measurement Period then the Executive shall be entitled to his salary and benefits pursuant to the terms of this
Agreement through the Termination Date and, subject to the Executive (i) executing a Settlement Agreement; (ii) returning all
Company property; (iii) complying with the Executive’s termination and post-termination obligations under this Agreement; (iv)
complying with the terms of the Settlement Agreement, including without limitation any non-disparagement and confidentiality
provisions contained therein; and (v) resigning from any other positions held with the Company or any Group Company, including any
position on the Board, effective no later than the Termination Date (or such other date as requested by the Board), the Executive
shall be eligible to receive the following severance benefits (collectively the “Non-CIC Severance
Benefits”):

 

		(a)	The Company will pay the Executive severance pay in the form of continuation of the Executive’s
then-current Basic Salary (ignoring any decrease that forms the basis for the Executive’s resignation for Good Reason, if applicable)
for twelve (12) months following the Termination Date (such period of time, the “Non-CIC Severance Period”, and such
aggregate Basic Salary amount payable, the “Non-CIC Severance”). The Non-CIC Severance will be paid in substantially
equal instalments on the Company’s regular payroll schedule over the Non-CIC Severance Period, subject to such deductions as the
Company is required by law to make, shall be reduced by any Basic Salary received by the Executive during any period of notice that the
Executive serves (whether worked or in respect of and period of Garden Leave) and shall be inclusive of any PILON; provided, however that
no portion of the Non-CIC Severance (except for any PILON instalment which is due) will be paid prior to the date that the general release
of claims in the Settlement Agreement becomes effective (the “Release Date”), and any such payments that are otherwise
scheduled to be made prior to the Release Date shall instead accrue and be made on the first regular payroll date following the Release
Date;

 

		(b)	The Company will pay to the Executive in monthly instalments, subject to such deductions as the Company
is required by law to make, a fully taxable cash payment equal to the coverage premium for the Executive (and the Executive’s covered
dependents, as applicable) health insurance coverage in effect on the Termination Date and/or provide the Executive with continued access
to the Company’s health insurance scheme until the earliest of: (1) the twelve (12) month anniversary of the date on which notice
to terminate the Employment is given in accordance with the terms of this Agreement or; (2) the date when the Executive becomes eligible
for substantially equivalent health insurance coverage in connection with new employment or self-employment.

 

The Non-CIC Severance Benefits provided
to the Executive pursuant to this clause 17.5 are in lieu of, and not in addition to, any benefits to which the Executive may otherwise
be entitled under any Company severance plan, policy, or program.

 

Any damages caused by the termination
of the Executive’s employment without Cause outside the Change in Control Measurement Period would be difficult to ascertain; therefore,
the Non-CIC Severance Benefits for which the Executive is eligible pursuant to this clause 17.5 in exchange for the Settlement Agreement
are agreed to by the parties as liquidated damages, to serve as full compensation, and not a penalty.

 

	17.6.	Death or Disability

 

		(a)	In the event of the Executive’s death while employed pursuant to this Agreement, all obligations
of the parties hereunder and the Executive’s employment shall terminate immediately, but neither the Executive nor their legal representatives
will receive the CIC Severance Benefits or the Non-CIC Benefits. Notwithstanding the foregoing, nothing in this clause or in this Agreement
shall preclude the Executive from remaining eligible to receive any payments or  benefits pursuant to any life assurance
or permanent health insurance policy under which the Executive participates, subject to and in accordance with the terms of this Agreement,
such policy and applicable law.

 

		(b)	Subject to applicable law, the Company shall at all times have the right, upon written notice to the Executive,
to terminate this Agreement based on the Executive’s Disability (as defined below). Termination by the Company of the Executive’s
employment based on “Disability” shall mean termination because the Executive is unable due to a physical or mental condition
to perform the essential functions of their position with or without reasonable adjustments for twelve (12) months in the aggregate during
any eighteen (18) month period or based on the written certification by two qualified licensed physicians of the likely continuation of
such condition for such period. In the event the Executive’s employment is terminated based on Disability, the Executive will not
receive the CIC Severance Benefits or the Non-CIC Benefits. Notwithstanding the foregoing, nothing in this clause or in this Agreement
shall preclude the Executive from remaining eligible to receive any payments or benefits pursuant to any life assurance or permanent health
insurance policy under which the Executive participates, subject to and in accordance with the terms of this Agreement, such policy and
applicable law.

 

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	18.	EVENTS UPON TERMINATION

 

	18.1.	Obligations upon termination

 

Immediately upon the termination of
the Employment howsoever arising or immediately at the request of the Board at any time after either the Company or the Executive has
served notice of termination of the Employment, the Executive shall:

 

		(a)	deliver to the Company all Works, materials within the scope of Clause 15.2 and all other materials and
property including credit or charge cards, mobile telephone, computer equipment, disks and software, passwords, encryption keys or the
like, keys, security pass, letters, stationery, documents, files, films, records, reports, plans and papers (in whatever format including
electronic) and all copies thereof used in or relating to the business of the Company or the Group which are in the possession of or under
the control of the Executive;

 

		(b)	resign (without claim for compensation) as a director and from all other offices held by him in the Company
or any Group Company or otherwise by virtue of the Employment. For the avoidance of doubt, such resignations shall be without prejudice
to any claims the Executive may have against the Company or any Group Company arising out of the termination of the Employment; and

 

		(c)	transfer without payment, to the Company, or as the Company may direct, any shares or other securities
held by the Executive as nominee or trustee for the Company or any Group Company;

 

and should the Executive fail to do
so the Company is hereby irrevocably authorised to appoint some person to sign any documents and/or do all things in his name and on his
behalf necessary to give effect thereto.

 

	19.	RESTRICTIONS AFTER TERMINATION

 

	19.1.	Definitions

 

Since the Executive is likely to obtain
Confidential Information in the course of the Employment and personal knowledge of and influence over suppliers, customers, clients and
employees of the Company and Group Companies, the Executive hereby agrees with the Company that in addition to the other terms of this
Agreement and without prejudice to the other restrictions imposed upon him by law, he will be bound by the covenants and undertakings
contained in Clauses 19.2 to 19.7. In this Clause 19, unless the context otherwise requires:

 

	“Customer”	means any person to which the Company distributed, sold or supplied Restricted Products or Restricted Services during the Relevant Period and with which, during that period either the Executive, or any employee under the direct or indirect supervision of the Executive, had material dealings in the course of the Employment, or about which the Executive had Confidential Information, but always excluding therefrom, any division, branch or office of such person with which the Executive and/or any such employee had no dealings during that period and about which the Executive had no Confidential Information;
	“Prospective Customer”	means any person with which the Company had discussions during the Relevant Period regarding the possible distribution, sale or supply of Restricted Products or Restricted Services and with which during such period the Executive, or any employee who was under the direct or indirect supervision of the Executive, had material dealings in the course of the Employment, or about which the Executive had Confidential Information, but always excluding therefrom any division, branch or office of that person with which the Executive and/or any such employee had no dealings during that period and about which the Executive had no Confidential Information;
	“Relevant Period”	means: (i) where the Employment is continuing, the period of the Employment; and (ii) where the Employment has terminated, the period of twelve months immediately preceding the Termination Date;
	“Restricted Area”	means:
	 	
    (a)           England, Scotland and Wales;

     

    (b)           the
United States of America;

     

    (c)           Japan;
and

     

    (d)        any
other country in the world where, on the Termination Date, the Company dealt in Restricted Products or Restricted Services; 

 

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	“Restricted Employee” 	means any person who was a director, employee or consultant of the Company at any time within the Relevant Period who by reason of that position and in particular his seniority and expertise or knowledge of Confidential Information or knowledge of or influence over the clients, customers or contacts of the Company is likely to cause damage to the Company if he were to leave the employment of the Company and become employed by a competitor of the Company;
	“Restricted Period”	means the period commencing on the Termination Date and, subject to the terms of Clause 19.4, continuing for 12 months;
	“Restricted Products”	means any products, equipment or machinery researched into, developed, manufactured, supplied, marketed, distributed or sold by the Company (on its own or in collaboration or partnership with others) and with which the duties of the Executive were materially concerned or for which he was responsible during the Relevant Period or about which he had Confidential Information, or any products, equipment or machinery of the same type or materially similar to those products, equipment or machinery;
	“Restricted Services”	means any services (including but not limited to technical and product support, technical advice and customer services) researched into, developed or supplied by the Company (on its own or in collaboration or partnership with others) and with which the duties of the Executive were materially concerned or for which he was responsible during the Relevant Period or about which he had Confidential Information, or any services of the same type or materially similar to those services;
	“Supplier”	means any supplier, agent, distributor or other person who, during the Relevant Period was in the habit of dealing with the Company and with which, during that period, the Executive, or any employee under the direct or indirect supervision of the Executive, had material dealings in the course of the Employment, or about which the Executive had Confidential Information.

 

	19.2.	Restrictive covenants

 

Both during the Employment and during
the Restricted Period, the Executive will not, without the prior written consent of the Board, whether by himself, through his employees
or agents and whether on his own behalf or on behalf of any person, directly or indirectly:

 

		(a)	so as to compete with the Company, solicit business from or canvas or approach any Customer or Prospective
Customer or business partner in respect of Restricted Products or Restricted Services;

 

		(b)	so as to compete with the Company, accept orders from, act for or have any business dealings with, any
Customer or Prospective Customer or business partner in respect of Restricted Products or Restricted Services;

 

		(c)	within the Restricted Area, be employed, engaged or interested in or provide Confidential Information
to that part of a business or person which is involved in Restricted Products or Restricted Services, if the business or person is or
seeks to be in competition with the Company. For the purposes of this sub-clause, acts done by the Executive outside the Restricted Area
shall nonetheless be deemed to be done within the Restricted Area where their primary purpose is to distribute, sell, supply or otherwise
deal with Restricted Products or Restricted Services in the Restricted Area;

 

		(d)	solicit or induce or endeavour to solicit or induce any person who was a Restricted Employee (and with
whom the Executive had dealings during the Relevant Period) to cease working for or providing services to the Company, whether or not
any such person would thereby commit a breach of contract;

 

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		(e)	employ or otherwise engage any Restricted Employee in the business of Restricted Products or Restricted
Services if that business is, or seeks to be, in competition with the Company;

 

		(f)	solicit or induce or endeavour to solicit or induce or approach any Supplier to cease to deal with the
Company and shall not interfere in any way with any relationship between a Supplier and the Company; or

 

		(g)	so as to compete with the Company or reduce the Company’s business, solicit, deal with, or attempt
to solicit or deal with, any key business partners of the Company, including any entity with whom it has entered into a collaboration
agreement (or with whom it is in discussions to enter into a collaboration agreement), and with which entity the Executive has had business
dealings during the Relevant Period or about which the Executive has Confidential Information.

 

	19.3.	Application of restrictive covenants to other Group Companies

 

Clause 19.2 shall also apply as though
references to the “Company” in Clauses 19.1 and 19.2 include references to each Group Company in relation to which the Executive
has in the course of the Employment or by reason of rendering services to or holding office in such Group Company:

 

		(a)	acquired knowledge of its products, services, trade secrets or Confidential Information; or

 

		(b)	had personal dealings with, or Confidential Information about, its Customers or Prospective Customers;
or

 

		(c)	supervised directly or indirectly employees having personal dealings with its Customers or Prospective
Customers;

 

but so that references to the
 “Company” shall for this purpose be deemed to be references to the relevant Group Company. The obligations
undertaken by the Executive pursuant to this Clause 19.3 shall, with respect to each Group Company, constitute a separate and
distinct covenant in favour of and for the benefit of each Group Company and which shall be enforceable either by the particular
Group Company or by the Company on behalf of the Group Company and the invalidity or unenforceability of any such covenant shall not
affect the validity or enforceability of the covenants in favour of any other Group Company.

 

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	19.4.	Effect of suspension on Restricted Period

 

If the Company exercises its right to
suspend the Executive’s duties and powers under Clause 5.2 after notice of termination of the Employment has been given, the aggregate
of the period of the suspension and the Restricted Period shall not exceed 12 months and if the aggregate of the two periods would exceed
12 months, the Restricted Period shall be reduced accordingly.

 

Further undertakings

 

The Executive hereby undertakes
to the Company that he will not at any time:

 

		(a)	during the Employment or after the Termination Date engage in any trade or business outside the Group
or be associated with any person engaged in any trade or business using any trading names used by the Company or any Group Company including
any of the names or incorporating any of the words “Exscientia” or “Kinetic Discovery”;

 

		(b)	after the Termination Date make any public statement in relation to the Company or any Group Company or
any of their directors, officers or employees or any product or service being sold or developed by the Company or any Group Company; or

 

		(c)	after the Termination Date represent or otherwise indicate any association or connection with the Company
or any Group Company or for the purpose of carrying on or retaining any business represent or otherwise indicate any past association
with the Company or any Group Company.

 

	19.5.	Protection of Company reputation

 

The Executive undertakes that, he will
not at any time during the Employment and at any time (without limit) after the Termination Date make or publish or cause to be made or
published to anyone in any circumstances any disparaging remarks concerning the Company or any Group Company or any of its or their respective
shareholders, directors, officers, employees, consultants or agents or any product or service being sold or developed by the Company or
any Group Company. However, this shall not apply to any protected disclosure by the Executive within the meaning of section 43A of the
Employment Rights Act 1996.

 

	19.6.	Employment Offer

 

In the event that the Executive receives
an offer of employment or request to provide services either during the Employment or during the terms of the Restricted Period, the Executive
shall:

 

		(a)	provide immediately to such person, company or other entity making such an offer or request a full and
accurate copy of the Restrictive Covenants set out at Clause 19 of this Agreement; and

 

		(b)	notify the Company within 5 working days of receipt of the offer and the identity of the person, company
or other entity making the offer.

 

	19.7.	Severance

 

The restrictions in this Clause 19 (on
which the Executive has had the opportunity to take independent advice, as the Executive hereby acknowledges) are separate and severable
restrictions and are considered by the parties to be reasonable in all the circumstances. It is agreed that if any such restrictions,
by themselves, or taken together, shall be adjudged to go beyond what is reasonable in all the circumstances for the protection of the
legitimate interests of the Company or a Group Company but would be adjudged reasonable if some part of it were deleted, the relevant
restriction or restrictions shall apply with such deletion(s) as may be necessary to make it or them valid and enforceable.

 

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	20.	RECONSTRUCTION AND AMALGAMATIONS

 

If the Company undergoes any process
of reconstruction or amalgamation (whether or not involving the liquidation of the Company) and the Executive is offered employment by
the successor or proposed successor to the Company or any Group Companies on terms not materially less favourable overall to those under
this Agreement whether as to duties, responsibilities, remuneration or otherwise and the Executive does not accept the offer within one
month of it being made, then the Executive shall have no claim in respect of termination of this Agreement and the Employment.

 

	21.	DISCIPLINARY AND GRIEVANCE PROCEDURE 

 

	21.1.	Disciplinary procedures

 

Any disciplinary action taken in connection
with the Employment will usually be taken in accordance with the Company’s normal disciplinary procedures (which are workplace rules
and not contractually binding) a copy of which is available from the Company’s Human Resources department.

 

	21.2.	Grievance procedure

 

If the Executive wishes to obtain redress
of any grievance relating to the Employment or is dissatisfied with any reprimand, suspension or other disciplinary step taken by the
Company, he shall apply in writing to the chairman of the Board, setting out the nature and details of any such grievance or dissatisfaction.

 

	22.	GENERAL

 

	22.1.	Provisions which survive termination 

 

Any provision of this Agreement which
is expressed or intended to have effect on, or to continue in force after, the termination of this Agreement shall have such effect, or,
as the case may be, continue in force, after such termination.

 

	22.2.	No collective agreements

 

There are no collective agreements
that directly affect the terms and conditions of the Employment.

 

	22.3.	Compliance 

 

The Executive shall comply with the
relevant obligations under prevailing law and regulation, including the Companies Act 2006, the requirements of the Nasdaq Stock Market
and the U.S. Securities and Exchange Commission requirements (in each case to the extent applicable) or other laws applicable to the Parent
and the Company from time to time as may be notified to the Executive.

 

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	23.	DATA PROTECTION AND PRIVACY

 

	23.1.	Data Protection

 

The Company will hold, collect and otherwise
process certain personal data as set out in the Company’s privacy notice, which is in the Company’s Staff Handbook. All personal
data will be treated in accordance with applicable data protection laws and regulations.

 

	24.	AMENDMENTS, WAIVERS AND REMEDIES

 

	24.1.	Amendments

 

No amendment or variation of this Agreement
or any of the documents referred to in it shall be effective unless it is in writing and (other than an alteration in the Basic Salary)
signed by or on behalf of each of the parties.

 

	24.2.	Waivers and remedies cumulative

 

		(a)	The rights of each party under this Agreement:

 

		(i)	may be exercised as often as necessary;

 

		(ii)	are cumulative and not exclusive of its rights under the general law; and

 

		(iii)	may be waived only in writing and specifically.

 

		(b)	Delay in exercising or non-exercise of any right is not a waiver of that right.

 

		(c)	Any right of rescission conferred upon the Company by this Agreement shall be in addition to and without
prejudice to all other rights and remedies available to it.

 

	25.	ENTIRE AGREEMENT

 

		(a)	This Agreement and the documents referred to in it constitute the entire agreement and understanding of
the parties and supersede and extinguish all previous agreements, promises, assurances, warranties, representations and understandings
between the parties, whether written or oral, relating to the subject matter of this Agreement.

 

		(b)	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.

 

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

 

		(d)	Nothing in this Clause shall limit or exclude any liability for fraud.

 

	26.	NO OUTSTANDING CLAIMS

 

The Executive hereby acknowledges that
he has no outstanding claims of any kind against the Company or any Group Company (other than in respect of remuneration and expenses
due to the date of this Agreement but not yet paid).

 

    22

     

    

 

	27.	SEVERANCE

 

If any provision of this Agreement is
or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect:

 

		(a)	the legality, validity or enforceability in that jurisdiction of any other provisions of this Agreement;
or

 

		(b)	the legality, validity or enforceability in any other jurisdiction of that or any other provision of this
Agreement.

 

	28.	NOTICE

 

	28.1.	Notices and deemed receipt

 

Any notice hereunder shall be given
by either party to the other either personally to the Executive or (where notice is to be given to the Company) the Chairman or the Head
of Human Resources or sent in the case of the Company, to its registered office for the time being and, in the case of the Executive,
to his address last known to the Company or sent by email to, in the case of the Company, the Company email address of the Chairman and
the Head of Human Resources and, in the case of the Executive, his Company email address. Any such notice shall be in writing and shall
be given by letter delivered by hand or sent by first class prepaid recorded delivery or registered post or by email transmission. Any
such notice shall be deemed to have been received:

 

		(a)	if delivered personally, at the time of delivery;

 

		(b)	in the case of pre-paid recorded delivery or registered post, 48 hours from the date of posting;

 

		(c)	in the case of registered airmail, five days from the date of posting; and

 

		(d)	in the case of email, at the time of transmission;

 

provided that if deemed receipt occurs
before 9am on a business day the notice shall be deemed to have been received at 9am on that day and if deemed receipt occurs after 5pm
on a business day, or on a day which is not a business day, the notice shall be deemed to have been received at 9am on the next business
day. For the purpose of this Clause, “business day” means any day which is not a Saturday, a Sunday or a public holiday in
the place at or to which the notice is left or sent. This clause does not apply to the service of any proceedings or other documents in
any legal action or, where applicable, any arbitration or other method of dispute resolution.

 

	28.2.	Electronic service

 

For the avoidance of doubt,
notice given under this Agreement shall be validly served if sent by email.

 

	29.	GOVERNING LAW AND JURISDICTION

 

	29.1.	Governing law

 

This Agreement is governed
by and to be construed in accordance with English law.

 

	29.2.	Jurisdiction

 

Each party hereby submits to the non-exclusive
jurisdiction of the English courts as regards any claim, dispute or matter arising out of or in connection with this Agreement and its
implementation and effect.

 

    23

     

    

 

IN WITNESS of which
this Agreement has been executed and delivered as a deed on the first date written above.

 

	EXECUTED as a Deed by EXSCIENTIA AI

 LIMITED acting by ANDREW HOPKINS	

	 	Director
	 	 
	Witness’s	 
	 	 
	Signature:	

	 	 
	Full Name:	

	 	 
	Address:	

	 	

	 	

 

	EXECUTED as a Deed by 

BEN TAYLOR in the presence of:	

	 	 
	 	 
	Witness’s	 
	 	 
	Signature:	

	 	 
	Full Name:	

	 	 
	Address:Exhibit 10.4

 

Confidential

 

	Certain
    information in this document, marked by brackets [****],
    has been excluded pursuant to Item 601(b)(10)(iv) of Regulation S-K under the Securities Act of 1933, as amended, because it
    is both (i) not material and (ii) would likely cause competitive harm to the registrant if publicly disclosed. 

 

COLLABORATION AGREEMENT

 

This Collaboration Agreement (Agreement)
is made and entered into as of 28th March 2016 (Effective Date) by and between

 

Ex
scientia, a Scottish corporation (registration number SC428761) having its principal office at Dundee Incubator, James Linsay
Place, Dundee, DD1 SJJ, United Kingdom (ExS) and

 

Evotec
International GmbH, a German corporation having its principal office at Essener Bogen 7, 22419 Hamburg, Germany (Evotec).

 

(ExS and Evotec may each be referred to herein
individually as a Party and collectively as the Parties)

 

PREAMBLE

 

WHEREAS, the Parties desire to enter into a Collaboration
Agreement supporting the “Adenosine A2A immuno-oncology” project.

 

WHEREAS, both parties further agree that they
will work together both at their own cost to generate one or more immune-oncology pre-clinical development candidate(s) in line
with an agreed Program Plan and any successor plan with the goal to partner or otherwise exploit this with a pharmaceutical or biotech
company or to develop further together

 

NOW, THEREFORE, in consideration of the foregoing
premises and the mutual covenants set forth below, the Parties hereby agree as follows:

 

		1.	DEFINITIONS

 

		1.1	Affiliate
                                            shall mean, with respect to any person or entity, any other person or entity, which directly
                                            or indirectly controls, is controlled by, or is under common control with, such person or
                                            entity. A person or entity shall be regarded as in control of another person or entity if
                                            it owns, or directly or indirectly controls, more than fifty percent (50%) of the voting
                                            stock or other ownership interest of the other person or entity, or if it directly or indirectly
                                            possesses the power to direct or cause the direction of the management and policies of the
                                            other person or entity by any means whatsoever.

 

		1.2	Background
                                            Improvement IP means any IP conceived, first reduced to practice or arising from
                                            the performance of the Program Plan that (i) constitutes an improvement of or enhancement
                                            to either Party’s Background IP introduced into the Program and (ii) does not
                                            specifically relate to the Program IP.

 

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		1.3	Background
                                            IP means any and all IP conceived, first reduced to practice or rightfully acquired
                                            prior to the Effective Date or outside the performance of the Program Plan, including without
                                            limitation, the IP set forth in Exhibit B as amended from time to time, in each case
                                            to the extent necessary for the purpose of performing the activities under this Agreement
                                            (including the conclusion of Partnership Agreements).

 

		1.4	Confidential
                                            Information means all information, including know-how and the subject-matter of any
                                            unpublished invention, or any material in tangible form that is disclosed or made available
                                            under this Agreement by the Disclosing Party to the Receiving Party and that is marked as
                                            “Confidential” at the time it is disclosed or delivered to the Receiving Party
                                            (or, if disclosed orally, is identified as confidential when disclosed and such disclosure
                                            is confirmed in writing within thirty (30) days by the Disclosing Party) or ought in good
                                            faith to be treated as confidential taking account of its content or the circumstances of
                                            disclosure. The term Confidential Information shall also include the existence and contents
                                            of this Agreement.

 

		1.5	Continuing
                                            Party is defined in Section 10.2.

 

		1.6	Disclosing
                                            Party is defined in Section 7.1.

 

		1.7	Effective
                                            Date is defined in the introductory paragraph of this Agreement.

 

		1.8	Indemnified
                                            Party is defined in Section 9.3.

 

		1.9	Indemnifying
                                            Party is defined in Section 10.2.

 

		1.10	IP
                                            means any and all Patent Rights, utility models, trademarks, copyrights and other
                                            intellectual property rights, and any applications relating thereto, as well as any technical
                                            or scientific data, invention, information or know-how which is not publicly available.

 

		1.11	Opt-out
                                            Party is defined in Section 10.2.

 

		1.12	Partnering
                                            Plan is defined in Section 3.2.

 

		1.13	Partnership
                                            Agreement means a license agreement to be concluded by the Parties with a Third Party
                                            under which such Third Party acquires an exclusive or nonexclusive (as the case may be) license
                                            or other right to the Program IP generated hereunder and assumes the obligation to further
                                            develop such Program IP with the goal of launching at least one therapeutic product based
                                            on such Program IP in at least the US and/or EU.

 

		1.14	Patent
                                            Rights shall mean, with respect to any technology, (a) all patent applications
                                            heretofore or hereafter filed or having legal force in any country to the extent and only
                                            to the extent they claim or cover such technology or the use thereof; (b) all patents
                                            that have issued or in the future issue from such applications referenced in (a) above,
                                            including without limitation utility, model and design patents and certificates of invention;
                                            and (c) all divisionals, continuations, continuations-in-part, reissues, reexaminations,
                                            renewals, extensions, supplementary protection certificates or additions to any such patent
                                            applications and patents.

 

    2

     

    

 

		1.15	Program
                                            means the collaborative program to be conducted hereunder for the research and development
                                            of immune-oncology pre-clinical development candidate(s) against the Program Target.

 

		1.16	Program
                                            IP means any and all IP conceived, first reduced to practice or arising from the
                                            performance of the Program Plan other than Background Improvement IP.

 

		1.17	Program
                                            Manager is defined in Section 5.5.

 

		1.18	Program
                                            Plan means the written research work plan agreed between the Parties which describes
                                            the work, and the planned schedule for such work, to be performed under the Program. An initial
                                            Program Plan is attached hereto as Exhibit A.

 

		1.19	Program
                                            Target(s) means Adenosine A2A antagonists (and bispecific A2A-”plus”
                                            antagonists) for the use as cancer immunotherapies.

 

		1.20	Program
                                            Term is defined in Section 10.1.

 

		1.21	Receiving
                                            Party is defined in Section 7.1.

 

		1.22	Revenue
                                            means all revenue received by a Party from a Partnership Agreement, including without
                                            limitation all up-front, milestone and royalty payments, but excluding (i) any arms’
                                            length research funding paid by the Third Party collaborator in consideration for research
                                            and development activities to be performed under the Partnering Agreement or to further advance
                                            the program or perform additional studies; and (ii) any value added or other taxes paid
                                            by the Third Party collaborator to such Party in connection with such Partnering Agreement.
                                            If a Party receives non-cash consideration in connection with a Partnering Agreement or in
                                            the case of transactions not at arm’s length, Revenue will be calculated based on the
                                            fair market value of such consideration or transaction, at the time of the transaction, assuming
                                            an arm’s length transaction made in the ordinary course of business.

 

		1.23	Shared
                                            Cost is defined in Section 4.1(b).

 

		1.24	Steering
                                            Committee is defined in Section 5.1.

 

		1.25	Third
                                            Party means any person or entity other than the Parties and their Affiliates.

 

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		2.	CONDUCT
                                            OF PROGRAM

  

		2.1	Goal
                                            of Program. The goal of the Program is to discover, research and develop one or more
                                            immune-oncology pre-clinical development candidate(s) against the Program Target for
                                            further commercialization in accordance with this Agreement.

 

		2.2	Program
                                            Plan. An initial Program Plan describing the work to be performed by the Parties, is
                                            attached hereto as Exhibit A. ExS’s role will be to select the Program
                                            Target product profile, undertake fragment screening (where required, including GPCR biophysical
                                            fragment screening) and to design the synthetic target molecules (whether for single target
                                            or bispecific profiles) using its proprietary automated drug design platform. Evotec’s
                                            role will be to provide access to its comprehensive medicinal, synthetic chemistry and drug
                                            discovery platform and expertise. Each Party may recommend changes to the Program Plan at
                                            any time; provided, however, that such changes shall be effective only upon the approval
                                            of the Steering Committee.

 

		2.3	General
                                            Obligations of the Parties. Each Party shall

 

		(a)	use its commercially reasonable efforts
                                            to successfully undertake the Program in accordance with the Program Plan, and

 

		(b)	contribute to the Program such personnel,
                                            equipment, facilities and other resources as reasonably necessary to perform its obligations
                                            under the Program and to achieve efficiently the objectives thereof, and

 

		(c)	perform its activities under the Program
                                            in good scientific manner, and in compliance in all material respects with all requirements
                                            of applicable laws and regulations, and

 

		(d)	keep the other Party fully informed as
                                            to its progress, results, status and plans in and for performing and implementing the Program
                                            through regular written reports to the Steering Committee (as requested by the Steering Committee
                                            or the other Party) and informal oral or written reports exchanged between the Program Managers
                                            of each Party.

 

		2.4	Records.
                                            Each Party shall maintain records, in sufficient detail and in good scientific manner appropriate
                                            for patent purposes, which shall be complete and accurate and shall fully and properly reflect
                                            all work done and results achieved in its performance of the Program. Each Party shall make
                                            such records available to the other Party for inspection upon reasonable written request
                                            of the other Party (but not more than once per calendar year) for the purpose of ensuring
                                            the Party’s compliance with its research obligations hereunder. Upon request, each
                                            Party shall deliver to the other Party copies of all records described in this Section. Each
                                            Party shall reimburse the other Party for reasonable costs incurred in providing such copies.

 

		2.5	Subcontracting.
                                            Each Party shall be entitled to subcontract any work to be performed by such Party to any
                                            Affiliate or, upon the other Party’s Program Manager’s or Steering Committee’s
                                            approval, any Third Party, provided that each Party shall remain responsible for the due
                                            performance of its obligations under this Agreement by the subcontractor(s) appointed
                                            by such Party.

 

    4

     

    

 

		2.6	Exclusivity.
                                            From the Effective Date until the earlier of (i) the second anniversary of the Effective
                                            Date or (ii) both Parties’ discontinuation of the Program, neither Party shall
                                            without the other Party’s prior written consent perform internally (outside the Program
                                            Plan) and/or together with, or for the benefit of, any Third Party any research or development
                                            activities relating to the development of any therapeutic product against the Program Target.
                                            If a Party is approached during such exclusivity period by a Third Party regarding the performance
                                            of any such research and development activities, the Parties shall enter into discussions
                                            with such Third Party with the goal to conclude a Partnership Agreement. If the Third Party
                                            does not wish to enter into a Partnership Agreement, the Parties shall discuss in good faith
                                            whether and to what extent the Party that has been approached by the Third Party may be released
                                            from its exclusivity obligation hereunder. If a Party wishes to initiate an internal project
                                            using elements of the Program IP other than against the Program Target then it shall advise
                                            the other Party of its intentions. If the Parties so agree a further program will be agreed
                                            and pursued in accordance with this agreement. If the other Party does not wish to collaborate
                                            on the new program then the first Party may continue alone subject to agreement on royalties
                                            or other compensation to the non participating party for the use of the Program IP. For the
                                            avoidance of doubt this compensation shall reflect the parties contribution to the new program
                                            and shall not necessarily be at the rates set out herein.

 

		2.7	In
                                            the event that the Parties agree that the injection of Third Party funds is desirable to
                                            complete the Program a new corporate entity shall be established which shall initially be
                                            equally owned by the Parties and into which the Third Party funding shall be received. The
                                            funding may be taken in in form of an equity investment. The new entity shall be a single
                                            purpose vehicle dedicated to the completion and commercial exploitation of the Program. It
                                            shall be governed by a share holder agreement which shall be generally reflective of the
                                            terms of this agreement but shall also include terms typical for a joint venture including
                                            preemption rights in favour of the Parties.

 

		3.	COMMERCIALIZATION
                                            OF PROGRAM IP

 

		3.1	Commercialization.
                                            The Parties agree to use commercially reasonable efforts to commercialize any Program IP
                                            generated hereunder by entering into one or more Partnership Agreements with interested Third
                                            Parties in accordance with the provisions of this Section 3.

 

		3.2	Partnering
                                            Plan. Each Party shall use commercially reasonable efforts to identify Third Parties
                                            which may be interested in concluding a Partnership Agreement and shall disclose such Third
                                            Parties to the other Party for further evaluation and discussion between the Parties and
                                            (ii) the Parties shall negotiate and agree in good faith on a partnering plan (Partnering
                                            Plan), setting out, inter alia

 

    5

     

    

 

		(a)	the strategy of the Parties to secure
                                            the conclusion of one or more Partnership Agreements,

 

		(b)	the tasks to be performed by the Parties
                                            in this regard as well as applicable timelines for such tasks, and

 

		(c)	a list of potential Third Party collaborators
                                            including the order in which they are to be approached.

 

The Partnering Plan may be amended
from time to time by mutual agreement between the Parties.

 

		3.3	Negotiation
                                            of Partnership Agreements. Unless otherwise agreed in the Partnering Plan, both
                                            Parties shall, at its own expense, be responsible for initiating and engaging in discussions
                                            with the potential Third Party collaborators (including without limitation all business and
                                            scientific meetings) and for negotiating the Partnership Agreements, provided that the Party
                                            engaged in the negotiations shall:

 

		(a)	keep the other Party at all times fully
                                            informed as to the status of any discussions or negotiations with any potential Third Party
                                            collaborator,

 

		(b)	notify the other Party reasonably in advance
                                            of any meetings (whether in person, per telephone or otherwise) with any potential Third
                                            Party collaborator and the other Party shall have the right (but not the obligation) to attend
                                            and participate in all such meetings at its own expense,

 

		(c)	closely cooperate with the other Party
                                            in the preparation and negotiation of all Partnership Agreements (and any term sheets or
                                            similar documents relating to any such potential Partnership Agreement),

 

		(d)	promptly provide the other Party with
                                            copies of all relevant drafts and markups of any Partnership Agreements (or any term sheets
                                            or similar documents relating to any such potential Partnership Agreement) that are exchanged
                                            in the course of the negotiations, and

 

		(e)	consult with the other Party as to the
                                            terms of each Partnership Agreement (or any term sheets or similar documents relating to
                                            any such potential Partnership Agreement) and incorporate any reasonable suggestions or requirements
                                            that the other Party may communicate to the negotiating Party.

 

No Party shall be entitled to conclude
any such Partnership Agreement without the prior written approval of the other Party (which shall not be withheld unreasonably).

 

		3.4	No
                                            Partnership Agreement at End of Program. If no Partnership Agreement is concluded
                                            after a six-month period following the completion of all activities to be performed under
                                            the Program Plan, the Parties agree to meet in order to discuss in good faith a possible
                                            extension of the Program Plan or any alternative options to commercialize the results obtained
                                            under the Program by such date.

 

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		4.	PROGRAM
                                            COSTS AND REVENUE SHARING

 

		4.1	Allocation
                                            of Costs and Revenue. Unless otherwise set forth in this Agreement,

 

		(a)	each Party shall bear its own internal
                                            costs and external payments that it incurs in the course of the Program,

 

		(b)	all Revenue received by the Parties shall
                                            be accounted for by the Parties and shared equally between them.

 

		4.2	Revenue
                                            Reports and Payment. Following the execution of the first Partnership Agreement,
                                            within fourteen (14) calendar days after the end of each calendar quarter, each Party who
                                            has entered into a Partnership Agreement shall deliver to the other Party a written report
                                            showing in reasonable detail (i) all Revenue it has received during such calendar quarter
                                            and (ii) the share of such Revenue due to the other Party under this Agreement. All
                                            Revenue sharing amounts due by one Party to the other shall be payable on the date such report
                                            is due.

 

		4.3	Records
                                            and Audit. Each Party shall keep true and accurate records and books of account
                                            containing all data necessary for the calculation of any costs incurred or Revenues received
                                            by such Party. Those records and books of account shall be kept for three (3) years
                                            following the end of the calendar year to which they relate. Either Party shall have the
                                            right to cause a firm of independent certified public accountants that is acceptable to the
                                            other Party, such acceptance not to be unreasonably withheld, to inspect such records and
                                            books of account in order to verify that the costs and/or Revenues have been reported and
                                            calculated in accordance with this Agreement. Any such inspection shall occur no more than
                                            once per calendar year. Each Party initiating such audit shall pay all audit expenses; provided
                                            however, that in the event the audit reveals a greater than five percent (5%) shortfall in
                                            the amounts owed to by the other Party to such Party during the relevant audit period, the
                                            other Party shall pay all audit expenses. Each Party shall treat all financial information
                                            subject to review under this Section 4.3 as confidential, and shall cause its accounting
                                            firm to retain all such financial information in confidence under Section 7 below.

 

		4.4	Dispute
                                            Resolution. In the event of any dispute between the Parties in relation to the
                                            determination of costs or Revenues or either Party’s Revenue share pursuant to Section 4.1(b) above,
                                            the Parties shall appoint a nationally recognized, independent accounting film as Third Party
                                            expert (Schiedsgutachter) to decide on the issue in dispute (and if the Parties cannot
                                            agree on such expert, each party shall appoint one accounting firm and both accounting firms
                                            so appointed shall select the relevant expert). The Third Party expert shall be entitled
                                            to request any information and documents from either Party that it deems relevant for rendering
                                            its decision, and each Party shall be obliged to provide such information and documents as
                                            quickly as possible. Prior to rendering a decision, the Third Party expert shall provide
                                            each Party with reasonable opportunity to comment on its preliminary findings. The decision
                                            of the Third Party expert shall be final and binding upon both Parties.

 

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		5.	CONTRACT
                                            GOVERNANCE

 

		5.1	Steering
                                            Committee. Within thirty (30) days following the Effective Date, the Parties shall
                                            establish a joint steering committee (Steering Committee). The Steering Committee
                                            shall have a total of four (4) voting members. Two (2) members of the Steering
                                            Committee shall be appointed by Evotec, and two (2) members of the Steering Committee
                                            shall be appointed by ExS. Each Steering Committee member shall have sufficient authority
                                            to ensure acceptance and execution of Steering Committee decisions within its organization.
                                            Each Party may appoint substitutes or alternates for its Steering Committee members at any
                                            time by written notice the other Party. The Parties may mutually agree to change the size
                                            of the Steering Committee at any time.

 

		5.2	Responsibilities
                                            of Steering Committee. The Steering Committee shall be responsible for directing,
                                            coordinating and supervising the research and development activities of the Parties under
                                            the Program. In particular, the Steering Committee shall

 

		(a)	establish the Program Plan and authorize
                                            necessary updates or amendments thereto,

 

		(b)	receive regular reports from each Party’s
                                            Program Manager on, and monitor, the conduct, progress and results of the Program,

 

		(c)	decide upon the strategy for the prosecution
                                            of Patent Rights relating to the Program IP, and

 

		(d)	resolve any issues referred to it by the
                                            Parties in accordance with Section 11.8.

 

Following the conclusion of the research
and development activities under the Program, the Steering Committee shall only have an informatory role in relation to the commercialization
efforts of the Parties under Section 3 and shall only be responsible for exchanging information and strategies regarding the commercialization
of the Program IP.

 

		5.3	Meetings.
                                            Meetings of the Steering Committee shall be scheduled from time to time by mutual agreement
                                            of the Parties or upon request of one Party, but in no event less than once every three (3) months.
                                            The meetings may be held in person or per telephone or video conference. The Steering Committee
                                            meetings shall be chaired alternately by a member of the Steering Committee employed by Evotec
                                            and by ExS. The chair shall draw up and submit to the other members written minutes of each
                                            Steering Committee meeting. Any such minutes shall become binding upon the Parties, unless
                                            the other Party raises objections to such minutes in writing within fifteen (15) days of
                                            its receipt of such minutes.

 

		5.4	Decisions.
                                            Decisions of the Joint Steering Committee shall be unanimous. If the members of the Joint
                                            Steering Committee cannot agree on a particular issue, the issue shall be escalated pursuant
                                            to Section 11.8. The Steering Committee shall have no authority to amend or modify the
                                            terms and conditions of this Agreement.

 

    8

     

    

 

		5.5	Program
                                            Managers. Each Party shall appoint a person to coordinate its part of the activities
                                            under the Program (Program Manager). The Program Managers shall be the primary
                                            contacts between the Parties with respect to all activities performed under the Program.
                                            Either Party may change its Program Manager upon written notice to the other Party. The Program
                                            Managers as of the Effective Date shall be Dr Craig Johnstone for Evotec, and Dr Andy Bell
                                            for ExS. The Program Managers shall have no authority to amend or modify the terms and conditions
                                            of the Program Plan or of this Agreement.

 

		5.6	Costs.
                                            Each Party shall be responsible for its own personnel, travel and other expenses relating
                                            to Program Managers and Joint Steering Committee meetings.

 

		6.	INTELLECTUAL
                                            PROPERTY

 

		6.1	Background
                                            IP. Each Party shall exclusively own all right, title and interest in and to (i) its
                                            Background IP, and (ii) any Background Improvement IP related to the Background IP of
                                            such Party. To the extent that a Party is a (co-)owner of any IP owned by the other Party
                                            under Section 6.1 (ii), such Party hereby assigns to the other Party all right, title
                                            and interest in such IP.

 

		6.2	Program
                                            IP. The Parties shall jointly own (in equal shares) all right, title and interest
                                            in and to the Program IP. Each Party shall be responsible for remunerating its own employees
                                            with respect to any employees’ invention made. Without the other Party’s prior
                                            written consent and subject to Section 2.6, the Parties may not

 

		(a)	use the Program IP for any purpose other
                                            than performing their obligations under this Agreement or

 

		(b)	make the Program IP available to any Third
                                            Party except as agreed under any Partnership Agreement concluded pursuant to Section ___.

 

		6.3	Licenses.

 

		(a)	Research License. Each Party hereby
                                            grants to the other Party a non-exclusive, non-sublicensable (except to permitted subcontractors
                                            for the purposes of this Agreement), worldwide, royalty-free license under its Background
                                            IP and any Background Improvement IP for the purposes of performing the activities assigned
                                            to such other Party under this Agreement.

 

		(b)	Commercialization License. For
                                            the purpose of a Party to negotiate and conclude any Partnership Agreements and subject to
                                            Section ___, each Party hereby grants to other Party the right to grant to any Third
                                            Party collaborator in a Partnership Agreements the following rights and/or licenses:

 

		(i)	any rights in any Program IP, whether by
                                            transfer of ownership, a nonexclusive or exclusive license or otherwise, as agreed in the
                                            Partnership Agreement, and/or

 

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		(ii)	a non-exclusive worldwide license (with
                                            the right to grant sublicenses) under the licensing Party’s Background IP and Background
                                            Improvement IP to develop, make, use, sell, offer for sale or import any therapeutic product
                                            based on Program IP targeting the Program Target.

 

Each Party agrees to assist the other
Party, at the requesting Party’s expense, to obtain and to execute all documents reasonably necessary for the requesting Party
or any designee to transfer ownership, or grant a non-exclusive or exclusive license to a Third Party Collaborator.

 

		6.4	Patent
                                            Matters.

 

		(a)	Background IP and Background Improvement
                                            IP. Each Party shall have the right (but not the obligation), at its sole expense and
                                            sole discretion, to control the preparation, filing, prosecution, maintenance and enforcement
                                            of all Patent Rights relating to any Background IP or Background Improvement IP owned by
                                            such Party.

 

		(b)	Prosecution of Program IP. The
                                            Parties shall discuss in good faith and mutually agree on the best strategy for the prosecution
                                            of Patent Rights relating to Program IP, including without limitation the patent claims and
                                            the territorial scope of patent protection. Unless otherwise agreed between the Parties,
                                            ExS shall control the preparation, filing, prosecution and maintenance of such Patent Rights
                                            and shall (i) provide Evotec with written notice as early as possible in advance of
                                            any undertaking to prepare, file, prosecute and maintain any patent application or patents
                                            for any of such Patent Rights, (ii) provide Evotec with any draft of patent application
                                            as early as possible in advance of filing and incorporate reasonable comments by Evotec thereon;
                                            (iii) not file any patent application or make any substantive filing in relation to
                                            any such Patent Rights without Evotec’s prior written consent, (iv) provide Evotec
                                            with any patent application after such filing; (v) provide Evotec with copies of all
                                            substantive communications received from any patent office(s) with respect to such filings
                                            and coordinate with Evotec any response relating thereto; and (vi) notify Evotec of
                                            any interference, opposition, reexamination request, nullity proceeding, appeal or other
                                            interparty action and coordinate with Evotec any response relating thereto.

 

Unless otherwise agreed between the Parties,
(i) all filings of any such Patent Rights shall be made in the name of both Evotec and ExS, (ii) any such Patents Rights shall
be prepared, filed, prosecuted and maintained at least in the countries set forth in Exhibit C, and (iii) all costs
and expenses incurred by either Party in connection with any such preparation, filing, prosecution and maintenance of such Patent Rights
shall be shared equally between the Parties.

 

		(c)	Enforcement of Program IP. In the
                                            event that either Party is of the opinion that any Program IP may be infringed by a Third
                                            Party, such Party shall promptly inform the other thereof and the Parties shall meet within
                                            thirty (30) days to discuss possible options to abate any such infringement and to determine
                                            whether or not both Parties wish to enforce such Program IP.

 

    10

     

    

 

		(i)	If both Parties wish to enforce such Program
                                            IP, the Parties shall agree on the actions to be taken and all costs and expenses incurred
                                            by the Parties in connection with the enforcement as well as all monies recovered upon the
                                            final judgment or settlement of any such suit to enforce such Patent Rights shall be shared
                                            equally between the Parties;

 

		(ii)	If either Party does not wish to enforce
                                            such Program IP, the other Party shall have the right (but not the obligation), at its sole
                                            discretion, on its own costs and expense, to control the enforcement of the Program IP, provided
                                            that all monies recovered upon the final judgment or settlement of any such suit to enforce
                                            the Patent Rights (following deduction of the enforcing Party’s costs and expenses
                                            incurred in connection with such enforcement) shall be shared between the Parties in the
                                            ratio of [****], with the enforcing Party receiving [****]% of the monies.

 

		(d)	Patent Assistance. Each Party shall
                                            perform or procure to be performed such lawful acts and execute or procure to be executed
                                            such documents as requested by the other Party from time to time in order to reasonably assist
                                            the other Party in the preparation, filing, prosecution, maintenance and enforcement activities
                                            described in this Section 6.4.

 

		(e)	To the extent the assignment of inventions
                                            is not covered by statutory law (e.g. the German Employees’ Inventions Act), each Party
                                            will maintain valid and enforceable written agreements with all persons acting by or on behalf
                                            of such Party or its Affiliates which require such person to assign to such Party their entire
                                            right, title and interest in and to all Program IP and Background Improvement IP. Each Party
                                            agrees to claim and keep valid and enforceable any invention relating to any Program IP and
                                            the other Party’s Background Improvement IP conceived, reduced to practice, developed,
                                            made or created in the conduct of the activities under this Agreement. If either Party is
                                            obliged by law to make a payment to one of its employees or consultants in respect of that
                                            person’s contribution to any invention then that Party employing or engaging that person
                                            shall be solely responsible for settling that liability and shall not deduct such costs from
                                            the share of the Revenues due to the other Party

 

		7.	CONFIDENTIALITY

 

		7.1	Confidentiality
                                            and Restricted Use. Each Party (Receiving Party) shall protect the
                                            Confidential Information of the other Party (Disclosing Party) from unauthorized
                                            use or disclosure and use it solely for the purposes of this Agreement.

 

		7.2	Disclosure
                                            to Third Parties. Neither Party shall, except with the express prior written consent
                                            of the Disclosing Party, disclose any Confidential Information of the Disclosing Party to
                                            any person or entity other than its officers, directors, employees, agents and consultants
                                            who need to know such information for the performance of this Agreement and who are bound
                                            by a written confidentiality agreement not less stringent than the terms of this Agreement
                                            or by professional rules of secrecy.

 

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		7.3	Exceptions.
                                            The above confidentiality obligations shall not apply to information which, as can be established
                                            by the Receiving Party,

 

		(a)	was communicated to the Receiving Party
                                            from a Third Party entitled to make such a disclosure; or

 

		(b)	was already in the public domain or subsequently
                                            entered the public domain through no fault of the Receiving Party; or

 

		(c)	was already known by the Receiving Party
                                            or developed independently by the Receiving Party without reference to or reliance upon information
                                            provided by the Disclosing Party; or

 

		(d)	is to be disclosed pursuant to any legal,
                                            regulatory or stock exchange requirement (but only to the extent such information needs to
                                            be disclosed).

 

		7.4	Ownership
                                            of Confidential Information. Subject to Section 6.1 and 6.2 and unless specifically
                                            described otherwise in this Agreement, (a) as between the Parties, the Disclosing Party
                                            owns all Confidential Information disclosed by it, and (b) no sharing of information
                                            between the Parties will serve to transfer any right, title or interest in or to the Disclosing
                                            Party’s Confidential Information.

 

		7.5	Press
                                            releases, references. Upon execution of this Agreement, the Parties shall issue
                                            a joint press release. In addition, each Party shall be entitled to disclose the other Party’s
                                            name as collaboration partner under this Agreement to Third Parties and use the other Party’s
                                            name and logo for such purposes. All other use of the other Party’s name in any advertising
                                            or promotional material, or any other publicity relating to this Agreement, shall require
                                            the other Party’s prior written consent.

 

		7.6	Prior
                                            Agreements. As of the Effective Date, the above confidentiality obligations shall
                                            supersede any oral or written confidentiality agreements concluded between the Parties prior
                                            to this Agreement. As far as under such prior confidentiality agreement information has already
                                            been exchanged, the above provisions of this Section 7 shall apply also to such information

 

		8.	REPRESENTATIONS
                                            AND WARRANTIES

 

		8.1	Mutual
                                            Representations. Each Party hereby represents and warrants to the other Party
                                            that

 

		(a)	it has the legal right to enter into and
                                            deliver this Agreement;

 

    12

     

    

 

		(b)	the execution, delivery and performance
                                            of this Agreement as well as the licenses granted hereunder do not conflict with any agreement,
                                            instrument or understanding, oral or written, to which such Party may be bound;

 

		(c)	to its knowledge, no Third Party IP would
                                            be infringed by practicing in accordance with this Agreement any process or method covered
                                            by each Party’s Background IP listed in Exhibit B. Each Party shall promptly notify
                                            the other if it becomes aware of any actual or suspected infringement of any Third Party
                                            IP by the use of its Background IP or Background Improvement IP in accordance with this Agreement
                                            or by the manufacture, use, sale or import of any therapeutic product based on Program IP
                                            targeting the Program Target.

 

		8.2	Disclaimers.
                                            The Parties acknowledge and agree that the research and development to be conducted under
                                            this Agreement is experimental in nature, and that neither Party can guarantee a successful
                                            outcome thereof. Except as otherwise expressly set forth herein, neither Party makes any
                                            representations or extends any warranties of any kind, either express or implied, to the
                                            other Party, and each Party hereby disclaims all implied warranties, including warranties
                                            of merchantability, fitness for a particular purpose, or non-infringement.

 

		9.	LIABILITY
                                            AND INDEMNIFICATION

 

		9.1	No
                                            Liability for Indirect Losses. Neither Party shall be liable to the other, whether
                                            in tort, contract or otherwise, for any consequential, indirect, punitive, exemplary or incidental
                                            damages, loss or expenses (including, without limitation, lost profits and lost business
                                            opportunities).

 

		9.2	Exceptions.
                                            The provisions of this Section 9 shall not apply to cases of wilful misconduct, any
                                            breach of any warranty set forth in Section 8, or any breach of Section 7.

 

		9.3	Indemnification.
                                            Each Party shall indemnify, hold harmless and defend the other Party, its Affiliates and
                                            its directors, officers, employees and agents (performing activities related to Program Plan)
                                            of the Indemnified Party (as defined below in 9.4) and its Affiliates, from and against any
                                            and all losses, expenses, cost of defense (including without limitation reasonable attorneys’
                                            fees, witness fees, damages, judgments, fines and amounts paid in settlement) and any amounts
                                            the Indemnified Party or its Affiliates become legally obligated to pay because of any claim
                                            or claims against it by any Third Party to the extent that such claim or claims arise out
                                            of: (a) activities related to the Program Plan conducted by or on behalf of the Indemnifying
                                            Party (as defined below in 9.4) and its Affiliates; or (b) any material breach by the
                                            Indemnifying Party of its obligations under this Agreement, except to the extent such losses,
                                            expenses, costs and amounts are due to the negligence, gross negligence or willful misconduct
                                            or failure to act of the Indemnified Party.

 

		9.4	Procedure.
                                            In the event of a claim by a Third Party against a Party entitled to indemnification under
                                            this Agreement (“Indemnified Party”), the Indemnified Party shall
                                            promptly notify the other party (“Indemnifying Party”) in writing
                                            of the claim and the Indemnified Party shall permit the Indemnifying Party to assume direction,
                                            undertake and solely manage and control, at its sole expense, the defense of the claim (including
                                            the right to settle the claim solely for monetary consideration). The Indemnified Party shall
                                            cooperate with the Indemnifying Party as reasonable requested in the defense of the claim
                                            and may, at its option and expense, be represented in any such action or proceeding by counsel
                                            of its choice. The Indemnifying Party shall not settle any such claim unless such settlement
                                            fully and unconditionally releases the Indemnified Party from all liability relating thereto
                                            and does not impose any cost or restriction on the Indemnified Party, unless the Indemnified
                                            Party otherwise agrees in writing, which agreement shall not be unreasonably withheld or
                                            delayed.

 

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		10.	TERM,
                                            TERMINATION AND OPT-OUT

 

		10.1	Term.
                                            This Agreement shall become effective on 28th March 2016 and shall continue
                                            until all Revenue sharing payments due hereunder have been made, unless terminated earlier
                                            in accordance with the provisions of this Section 10. The term for the initial Program
                                            Plan shall be two (2) years from the Effective Date with an option for a mutual extension
                                            (“Program Term”).

 

		10.2	Opt-out
                                            Options. At completion of the Program Term, each Party (the Opt-out Party)
                                            shall have the right to notify the other Party in writing that it is no longer able or willing
                                            to contribute to the Program as agreed hereunder. Upon such notice, the other Party shall,
                                            within thirty (30) days following its receipt of the opt-out notice, decide whether it wishes
                                            to continue the Program or to terminate this Agreement and shall notify the Opt-out Party
                                            accordingly in writing. If the other Party does not notify the Opt-out Party in writing within
                                            such thirty (30) days time period that it wishes to continue the Program, this Agreement
                                            shall be deemed terminated.

 

If the other Party (the Continuing
Party) decides to continue the Program, the following shall apply:

 

		(a)	Release of Opt-out Party. The Opt-out
                                            Party shall be released from any further obligation to perform activities under the Program
                                            Plan or the Partnering Plan or to contribute to any costs.

 

		(b)	Program Continuation. Sections
                                            2.2 to 2.5 shall no longer apply. The Continuing Party shall be entitled to continue the
                                            Program (and any subsequent development activities) in its sole discretion, provided that
                                            the Continuing Party shall promptly inform the Opt-out Party in writing if it has decided
                                            to discontinue the Program or upon achievement on relevant data points. The Opt-out Party
                                            hereby grants to the Continuing Party a non-exclusive, sublicensable subject to the restrictions
                                            set forth in Section 10.2(c), worldwide, royalty-free license under the Opt-out Party’s
                                            Background IP and Background Improvement IP solely for such purpose.

 

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		(c)	Support by Opt-out Party. To the
                                            extent the Continuing Party wishes to outsource any of its activities under the Program to
                                            any entity other than an Affiliate of the Continuing Party and the Opt-out Party has the
                                            capability to provide such activity, the Continuing Party shall offer such activity to the
                                            Opt-out Party and the Opt-out Party shall use commercially reasonable efforts to provide
                                            such activity as research or development service at reasonable service fees to be negotiated
                                            in good faith from time to time. The Continuing Party shall only be entitled to use any Third
                                            Party for such activity if (i) the Opt-out Party has declined to provide the requested
                                            activity or (ii) the Parties have not been able to agree in good faith on the terms
                                            of the engagement of the Opt-out Party within a reasonable period of time (of at least sixty
                                            (60) days).

 

		(d)	Conclusion of Partnership Agreements.
                                            Sections 3.2 to 3.4 shall no longer apply. The Continuing Party shall be free to negotiate
                                            and conclude any Partnership Agreements in its own discretion without any involvement of
                                            the Opt-out Party. For such purpose, the Opt-out Party hereby grants to the Continuing Party
                                            the right to grant to any Third Party collaborator with whom the Continuing Party has concluded
                                            a Partnership Agreement the following rights and/or licenses:

 

		(i)	any rights in any Program IP, whether by
                                            transfer of ownership, a non-exclusive or exclusive license or otherwise, as decided by the
                                            Continuing Party in its sole discretion, and (ii) a non-exclusive worldwide license
                                            (with the right to grant sublicenses) under the Opt-out Party’s Background IP and Background
                                            Improvement IP to develop, make, use, sell, offer for sale or import any therapeutic product
                                            based on Program IP targeting the Program Target.

 

The Continuing Party shall promptly provide
to the Opt-out Party a copy of all Partnership Agreements concluded with any Third Party.

 

For the avoidance of doubt, the above
rights are granted only for the purposes of concluding one or more Partnership Agreements. If the Continuing Party wishes to commercialize
any Program IP without entering into any Partnership Agreement (i.e. alone or with Affiliates), the Parties shall negotiate and agree
in good faith on a royalty rate to be paid by the Continuing Party to the Opt-out Party that shall reflect the Revenue share that the
Opt-out Party would otherwise have received under a Partnership Agreement.

 

		(e)	Cost and Revenue Sharing. The rights
                                            of the Opt-out Party in relation to Revenue sharing under Sections 4.1(b) shall be amended
                                            as follows:

 

All Revenue received
by Continuing Party shall be shared between the Parties equal to the Applicable Percentage of Revenue from any Partnership Agreement
as defined in the Table 1.0 below

 

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	Percentage
    of aggregate

    Research Costs incurred by

    the Opt-out Party:	Applicable
    Percentage

    to the Opt-out Party:
	>50%	[****]
	40-49%	[****]
	35-39%	[****]
	30-34%	[****]
	25-29%	[****]
	20-24%	[****]
	10-19%	[****]
	<10%	[****]

 

“Research Costs”
means the actual costs and expenses that are incurred by or on behalf of a Party or any Affiliates of a Party in undertaking the activities
in the course of the Program and that are attributable to the conduct of research activities with respect to the Program. For purposes
of clarity, such costs and expenses shall include (a) any internal costs incurred by a Party in connection with the conduct of internal
research activities with respect to the Program, which internal costs, in any case, shall be determined by multiplying the standard FTE
rate by the number of FTEs utilized to conduct such activities, (b) any screening related costs for access to screening technology
which are not related to FTE’s; (c) any out-of-pocket expenses incurred in the filing, prosecution, and/or maintenance of
the Patent Rights relating to Program IP as allocated according to Section 6.4(c); and (d) the actual amounts paid to a Third
Party for specific external research activities applicable to the Program and/or for obtaining supplies of raw materials or intermediates
for the conduct of the activities in the course of the Program.

 

The rights of the
Opt-out Party under Sections 4.2 to 4.4 shall continue to apply.

 

		(f)	Contract Governance. Section 5
                                            shall no longer apply and the Steering Committee shall be dissolved. Within thirty (30) days
                                            following the end of any calendar year, the Continuing Party shall provide to the Opt-out
                                            Party a written report on the status, results and plans of its development activities as
                                            well as Partnership Agreement discussions with potential Third Party collaborators.

 

		(g)	Intellectual Property. Any Program
                                            IP conceived, first reduced to practice or arising from activities following the opt-out
                                            notice shall no longer be governed by Section 6.2 and shall be owned exclusively by
                                            the Continuing Party. For the avoidance of doubt, all Program IP conceived, first reduced
                                            to practice or arising from activities prior to the opt-out notice shall continue to be governed
                                            by Section 6.2. Sections 6.4 (b) and 6.4(c) shall no longer apply and the
                                            Continuing Party shall have the sole right to decide on the preparation, prosecution, filing
                                            enforcement and maintenance of any Program IP in its sole discretion and on its own costs.

 

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		10.3	Termination
                                            for Convenience. Notwithstanding the opt-out options set forth in Section 10.2,
                                            following the Program Term either Party may terminate this Agreement upon three (3) months
                                            prior written notice to the end of any calendar month. In the event of any such termination
                                            for convenience, all rights and obligations of the Parties shall end, except as set forth
                                            below or otherwise provided in this Agreement:

 

		(a)	Sections 10.2(b), 10.2(d), 10.2(e) and
                                            10.2(f) shall apply accordingly (with the non-terminating Party assuming the rights
                                            and obligations attributed to the Continuing Party and the terminating Party assuming the
                                            rights and obligations of the Opt-out Party), except that the Revenue share of the terminating
                                            Party as calculated pursuant to Section 10.2(e) shall be reduced by five (5) percentage
                                            points.

 

		(b)	All ownership rights of the terminating
                                            Party relating to any Program IP shall automatically transfer to the other Party. The terminating
                                            Party shall be obliged to perform or procure to be performed such lawful acts and execute
                                            or procure to be executed such documents as requested by the other Party from time to time
                                            in order to have the transfer of ownership recorded in the relevant patent offices.

 

		10.4	Termination
                                            for Breach. Either Party may terminate this Agreement at any time by written notice
                                            to the other with immediate effect if the other Party materially breaches any provision of
                                            this Agreement and fails to cure such breach within thirty (30) days following its receipt
                                            of written notice thereof from the terminating Party. In the event of any such termination
                                            for breach, all rights and obligations of the Parties shall end, except as set forth below
                                            or otherwise provided in this Agreement:

 

		(a)	Sections 10.2(b), 10.2(d), 10.2(e) and
                                            10.2(f) shall apply accordingly (with the terminating Party assuming the rights and
                                            obligations attributed to the Continuing Party and the breaching Party assuming the rights
                                            and obligations of the Opt-out Party), except that the Revenue share of the breaching Party
                                            as calculated pursuant to 10.2(e) shall be reduced by ten (10) percentage points.
                                            In addition, the terminating Party may off-set any damage claims that it may have due to
                                            contract breach of the breaching Party from such Revenue share payments.

 

		(b)	All ownership rights of the breaching
                                            Party relating to any Program IP shall automatically transfer to the terminating Party. The
                                            breaching Party shall be obliged to perform or procure to be performed such lawful acts and
                                            execute or procure to be executed such documents as requested by the terminating Party from
                                            time to time in order to have the transfer of ownership recorded in the relevant patent offices.

 

		10.5	Survival.
                                            Sections 1, 2.5, 4.3, 4.4, 6.1, 6.4(a), 6.4(d), 6.4(e), 7, 8, 9 and 11 shall survive the
                                            termination or expiration of this Agreement. Sections, 6.2, 6.4(b) and 6.4(c) shall
                                            survive only in the event of an expiration of this Agreement (but not in the event of a termination
                                            of this Agreement pursuant to Section 10.3 or 10.4).

 

    17

     

    

 

		11.	GENERAL
                                            PROVISIONS

 

		11.1	Notices.
                                            All notices, requests and other formal communications shall be made in writing and shall
                                            be delivered or sent in each case to the respective address specified below:

 

If to Evotec:          Evotec
International GmbH

Chief Scientific Officer

Essener Bogen 7

22419 Hamburg

Fax: 040 - 560 81 222

 

With a copy to:

General Counsel (same address)

 

If to ExS:               Chief
Executive Office

Ex Scientia Ltd

Dundee Incubator

James Lindsay Place

Dundee

Scotland

DD1 5JJ

United Kingdom

 

With copy to:

General Counsel

Patricia Barclay

31 Merchiston Park

Edinburgh

Scotland

EH10 3PW

United Kingdom

 

Each Party shall immediately notify
the other Party in the event of any changes of its address set forth above.

 

		11.2	Entire
                                            Agreement. This Agreement, including the Exhibits to this Agreement, represents
                                            the entire understanding between the Parties with respect to the subject matter hereof and
                                            supersedes all previous oral or written communication or agreements, and all contemporaneous
                                            oral communication and agreements between the Parties.

 

		11.3	Form Requirement.
                                            This Agreement may only be amended, modified or supplemented by the Parties in writing. The
                                            same applies to this Section 11.3.

 

    18

     

    

 

		11.4	Assignment.
                                            Neither Party may assign its contractual rights and obligations or parts thereof without
                                            the prior written consent of the other, provided, however, that either Party may, without
                                            such consent, assign this Agreement and all of its rights and obligations hereunder (i) to
                                            any Affiliate or (ii) in connection with the transfer or sale of all or substantially
                                            all of its business to which this Agreement relates, or in the event of its merger, consolidation,
                                            or other similar transaction.

 

		11.5	Severability.
                                            If any provision of this Agreement is found to be invalid or otherwise unenforceable, in
                                            whole or in part, the validity of the remainder of the Agreement shall not be affected. Furthermore,
                                            the Parties agree that the invalid or unenforceable provision or part thereof shall be superseded
                                            by an adequate provision that, to the legally permitted extent, comes closest to what the
                                            Parties would have desired at the time of conclusion of the Agreement had they considered
                                            the issue concerned.

 

		11.6	No
                                            Solicitation. During the term of this Agreement, and for a period of one (1) year
                                            thereafter, each Party shall not actively solicit for hire as an employee, or engage as an
                                            independent contractor, any employee of the other Party which has been involved in the other
                                            Party’s performance of its obligations under this Agreement, without the prior written
                                            consent of the other Party. For the avoidance of doubt, the preceding sentence shall not
                                            prohibit either Party from soliciting employment by placement of general advertisements for
                                            employees in newspapers or other media of general circulation or hiring any Person who initiates
                                            contact with such Party without any solicitation or encouragement by such Party or on its
                                            behalf.

 

		11.7	Independent
                                            Contractor. Nothing in this Agreement shall create, or be deemed to create, a
                                            partnership, joint venture, or the relationship of principal and agent or employer and employee
                                            between the Parties. Each Party agrees to perform under this Agreement solely as independent
                                            contractor.

 

		11.8	Dispute
                                            Resolution. Any dispute arising between the Parties in connection with this Agreement
                                            shall be referred to the Steering Committee. If the Steering Committee is unable to negotiate
                                            in good faith and settle the dispute within sixty (60) days after being requested to do so,
                                            either Party may submit the dispute to the Parties’ executive officers who shall meet
                                            in order to attempt to resolve the dispute. If the dispute is not settled, at the latest,
                                            within thirty (30) days from the date that the dispute has been escalated to the executive
                                            officers, either Party may pursue legal action in accordance with to Section 11.9 below.

 

		11.9	Governing
                                            Law, Jurisdiction. This Agreement shall be governed by the laws of England without
                                            reference to its conflict of laws provisions. The courts of Oxford, UK, shall have exclusive
                                            jurisdiction in relation to all disputes arising out of or in connection with this Agreement.

 

[End of Agreement — Signatures on the
following page]

 

    19

     

    

 

IN WITNESS WHEREOF, authorized representatives
of the Parties have duly executed this Agreement as of the Effective Date

 

	For Evotec:	 	For ex scientia:
	 	 	 
	By:	/s/
    M. Polywka, C. [Dayel]	 	By:	/s/
    Andrew L. Hopkins
	 	 	 
	Name:
    	M.
    Polywka, C. [Dayel]	 	Name:	Andrew
    L. Hopkkins
	 	       (Print
    or Type)	 	 	(Print or Type)
	 	 	 
	Title:
    	C.O.O.
                           SVP	 	Title:
    	CEO

 

    20

     

    

 

EXHIBIT A

 

- Program Plan -

 

    21

     

    

 

EXHIBIT A

 

PROJECT DESCRIPTION EVT02926

 

A2A ANTAGONISTS FOR IMMUNOONCOLOGY

 

FOR

 

exScientia LTD

 

hereinafter (exScientia)

 

[****]

 

    

     

    

 

EXHIBIT B

 

- Background IP -

 

[****]

 

    

     

    

 

EXHIBIT C

 

- Countries in which Program IP shall be prosecuted
-

 

- EU

- USA

- Japan

 

All via PCT route

 

    

     

    

 

	Certain
    information in this document, marked by brackets [****],
    has been excluded pursuant to Item 601(b)(10)(iv) of Regulation S-K under the Securities Act of 1933, as amended, because it
    is both (i) not material and (ii) would likely cause competitive harm to the registrant if publicly disclosed. 

 

First Amendment to Collaboration Agreement

 

(the “First Amendment”)

 

Effective Date 1st October 2017

 

WHEREAS; Evotec International GmbH, a
company incorporated under the laws of Germany whose principal office is at Manfred Eigen Campus, Essener Bogen 7, 22419 Hamburg, Germany
(“EVOTEC”); and Ex Scientia Ltd., a Scottish corporation (registration number SC428761) having its principal office at Dundee
Incubator, James Llnsay Place, Dundee, DD1 5JJ, United Kingdom (ExS) have concluded a Collaboration Agreement effective as of 28th March 2016
(altogether the “Collaboration Agreement”)

 

WHEREAS; EVOTEC and ExS intend to extend the
Collaboration Agreement by this First Amendment;

 

NOW THEREFORE, IT IS AGREED AS FOLLOWS:

 

		1.	The Parties hereby agree that in addition
                                            to the current Evotec resources, consisting of [****] FTEs assigned to this Collaboration
                                            Agreement, an additional 2 FTEs will be added effective from 1st October 2017 until
                                            30 June 2018. ExS will pay Evotec a total of [****] GBP for these additional [****]
                                            FTEs. This amount will be invoiced monthly in arrears, i.e [****] GBP per month and shall
                                            be payable within 30 days as of the date of invoice.

 

		2.	The Parties hereby agree that for Evotec resources
                                            over and above the [****] FTEs assigned to this Collaboration Agreement, as agreed by the
                                            joint steering committee, ExS will compensate Evotec at a FTE rate of [****] GBP per FTE
                                            per year. The number of incremental FTEs will be calculated on a monthly basis using the
                                            actual hours worked by Evotec as part of this Collaboration Agreement and using a yearly
                                            number of hours per FTE of 1650 for mainland Europe and 1760 for UK, USA and any other non-European
                                            country. This comes into effect from 1st October 2017 and any amount due will be invoiced
                                            monthly in arrears and shall be payable within 30 days as of the date of invoice.

 

    1

     

    

 

		3.	This First Amendment is hereby attached to
                                            and forms part of the Collaboration Agreement, In the event of any Inconsistency between
                                            the provisions of this First Amendment end those contained In the Collaboration Agreement
                                            to which this First, Amendment Is annexed, the provisions of this First Amendment shall govern
                                            and be binding.

 

		4.	The Collaboration Agreement Is hereby Ratified
                                            by the Parties, and the terms and conditions of the Collaboration Agreement as supplemented
                                            by this First Amendment shall remain In full force and effect.

 

In witness of the foregoing, EVOTEC and ExS have
executed the First Amendment as of the date first written above.

 

	Ex Scientia Ltd	 	 
	 	 	 
	 	 	 
	By:	/s/
    Andrew L. Hopkins	 	By:	/s/
    Hima Pilarova
	Name: Andrew L. Hopkins	 	Name: Hima Pilarova
	Title: CEO	 	Title: Executive Accountant
	Date: 4/12/2017	 	Date: 4/12/2017
	 	 	 
	 	 	 
	Evotec International
    GmbH:	 	 
	 	 	 
	 	 	 
	By:
    	/s/
    Dr. C. Dargel	 	By:
    	/s/
    A. Bosler
	Name: Dr. C. Dargel	 	Name: A. Bosler
	Title: EVP Legal	 	Title: SVP Group Accounting
	Date: December 6,
    2017	 	Date: December 6, 2017

 

    2

     

    

 

	Certain
    information in this document, marked by brackets [****],
    has been excluded pursuant to Item 601(b)(10)(iv) of Regulation S-K under the Securities Act of 1933, as amended, because it
    is both (i) not material and (ii) would likely cause competitive harm to the registrant if publicly disclosed. 

 

Second Amendment to Collaboration Agreement

 

(the “Second Amendment”)

 

Effective Date: 1st October 2018

 

WHERAS; Evotec International GmbH, a company
incorporated under the laws of Germany whose principal office is at Manfred Eigen Campus, Essener Bogen 7, 22419 Hamburg, Germany (“EVOTEC”);
and Exscientia, a Scottish corporation (registration number SC428761) having its principal office at Dundee Incubator, James Linsay
Place, Dundee, DD1 5JJ, United Kingdom (“ExS”) have concluded a Collaboration Agreement effective as of 28th March 2016
(altogether the “Collaboration Agreement”).

 

WHEREAS; EVOTEC and ExS intend to extend the
Collaboration Agreement by this Second Amendment;

 

NOW THEREFORE, IT IS AGREED AS FOLLOWS:

 

		1.	The Parties hereby agree to extend the Program
                                            Term pursuant to Section 10.1 of the Collaboration Agreement by 10 months from 1st
                                            July 2018 until 31st January 2019 to allow the development of
                                            a pre-clinical candidate (the “Extension Term”).

 

		2.	The Parties hereby agree to focus the Program
                                            on the A2a inhibitor, i.e. the A2a selective antagonist compound. A revised Program Plan
                                            for the Extension Term is attached hereto as Exhibit A-2.

 

		3.	The Parties further agree that EVOTEC exercise
                                            its Opt-Out rights pursuant to Section 10.2 of the Collaboration Agreement for any further
                                            project as conducted under the initial Program Plan during the initial Program Term that
                                            is not covered by the revised Program Plan in Exhibit A-2 hereto (the “Opted-Out
                                            Projects”).

 

		4.	ExS will continue the Opted-Out Projects on
                                            the dual A2a-CD73 inhibitor and the CD73 selective inhibitor with minimum EVOTEC 10 FTEs
                                            for one year until 30 June 2019. ExS will pay Evotec a total of [****] GBP/FTE for these
                                            10 FTEs. This amount will be invoiced monthly in arrears, i.e [****] GBP per month and shall
                                            be payable within 30 days as of the date of invoice.

 

    1

     

    

 

		5.	The Parties agree that Section 10.2 (e) of
                                            the Collaboration Agreement shall be amended for the Opted-Out Projects as follows:

 

All Revenue received by Continuing
Party shall be shared equally (50/50) between the Parties except for any upfront payment that shall be shared as per the following formula:

 

A 50/50 split of the upfront Revenues
minus 2x any further Research Costs incurred by or on behalf of either Party for the relevant Opt-Out Project from July 2018 onwards.

 

[Example calculation: ExS invests
a further £1M in CD73 and then enter into a Partnership Agreement for £20M upfront plus milestone royalties. The split would
be (£20m-(2x£1M))/2 = £18M/2 = £9M each to Exscientia and Evotec plus to £2M to Exscienta (ie £9M
upfront to Eotec and £11M to Exscientia). Then all down stream milestone and royalties are sprit equally 50/50.]

 

For clarity, EVOTEC’s share in
the continued Program in the A2a inhibitor as per the revised Program Plan attached hereto as Exhibit A-2 shall remain at 50% pursuant
to Section 4.1 of the Collaboration Agreement.

 

		6.	This Second Amendment is hereby attached to
                                            and form part of the Collaboration Agreement. In the event of any inconsistency between the
                                            provisions of this Second Amendment and those contained in the Collaboration Agreement to
                                            which this Second Amendment is annexed, the provisions of this Second Amendment hall govern
                                            and be binding.

 

		7.	The Collaboration Agreement is hereby ratified
                                            by the Parties and the terms and conditions of the Collaboration Agreement as supplemented
                                            by this Second Amendment shall remain in full force and effect.

 

In witness of the foregoing, EVOTEC and ExS have
executed this Second Amendment as of the date written above.

 

	Exscientia	 	 
	 	 	 
	 	 	 
	By:
    	/s/
    Andrew Hopkins	 	By:
    	/s/
    Mark Swindells
	Name: Andrew Hopkins	 	Name: Mark Swindells
	Title: CEO	 	Title: COO
	Date: 1/10/2018	 	Date: 1/10/2018

 

    2

     

    

 

	Evotec International
    GmbH:	 	 
	 	 	 
	 	 	 
	By:
    	/s/
    Dr. C. Dargel	 	By:
    	/s/
    A. Bosler
	Name: Dr. C. Dargel	 	Name: A. Bosler
	Title: EVP Legal	 	Title: SVP Group Accounting
	Date: October 15, 2018	 	Date: October 15, 2018

 

    3

     

    

 

EXHIBIT A-2

 

Revised Program Plan

 

    4

     

    

 

	Certain
    information in this document, marked by brackets [****],
    has been excluded pursuant to Item 601(b)(10)(iv) of Regulation S-K under the Securities Act of 1933, as amended, because it
    is both (i) not material and (ii) would likely cause competitive harm to the registrant if publicly disclosed. 

 

Third Amendment to Collaboration Agreement

 

(the “Third Amendment”)

 

Effective Date: 26/10/2018

 

WHERAS; Evotec International GmbH, a company
incorporated under the laws of Germany whose principal office is at Manfred Eigen Campus, Essener Bogen 7, 22419 Hamburg, Germany (“EVOTEC”);
and Exscientia, a Scottish corporation (registration number SC428761) having its principal office at Dundee Incubator, James Linsay
Place, Dundee, DD1 5JJ, United Kingdom (“ExS”) have concluded a Collaboration Agreement effective as of 28th March 2016
(altogether the “Collaboration Agreement”).

 

WHEREAS; EVOTEC and ExS intend to extend the
activities under the Collaboration Agreement by this Third Amendment;

 

NOW THEREFORE, IT IS AGREED AS FOLLOWS:

 

		1.	The Parties have signed a Proposal ZNA75040
                                            between ExS and EVOTEC’s affiliate Aptuit (Verona) Srl as attached hereto as Appendix
                                            1. The work performed under this Proposal is part of ongoing Program on the A2a inhibitor,
                                            i.e. the A2a selective antagonist compound, that is continued under the Collaboration Agreement
                                            as a joint Program.

 

		2.	The Parties agree that all fees due under the
                                            Proposal ZNA75040 (and any related Change Order, as the case may be) shall be [****] between
                                            the Parties. As a consequence EVOTEC will invoice ExS [****]% of the fees stated in the Proposal
                                            ZNA75040 (and related Change Orders) and contribute the remaining [****]% itself.

 

		3.	If there is any inconsistency between the Proposal
                                            ZNA75040 and the Terms and Conditions attached to it and the Collaborations Agreement, the
                                            Collaboration Agreement shall apply instead of the Terms and Conditions

 

		4.	This Third Amendment is hereby attached to
                                            and forms part of the Collaboration Agreement. In the event of any inconsistency between
                                            the provisions of this Third Amendment and those contained in the Collaboration Agreement
                                            to which this Third. Amendment is annexed, the provisions of this Third Amendment shall govern
                                            and be binding.

 

    1

     

    

 

		5.	The Collaboration Agreement is hereby ratified
                                            by the Parties, and the terms and conditions of the Collaboration Agreement as supplemented
                                            by this Third Amendment shall remain in full force and effect.

 

In witness of the foregoing, EVOTEC and ExS have
executed this Third Amendment as of the date written above.

 

	Exscientia	 	 
	 	 	 
	 	 	 
	By:
    	/s/
    M.B. Swindells	 	By:
    	/s/
    Andrew Hopkins
	Name: M.B. Swindells	 	Name: Andrew Hopkins
	Title: C.O.O.	 	Title: CEO
	Date: 17 DEC 2018	 	Date: 17/12/2018
	 	 	 
	 	 	 
	Evotec International
    GmbH:	 	 
	 	 	 
	 	 	 
	By:
    	/s/
    Dr. Mario Polywka	 	By:
    	/s/
    Kamran Bashir
	Name: Dr. Mario Polywka	 	Name: Kamran Bashir
	Title: COO	 	Title: FD (OC)
	Date: 20/12/2018	 	Date: 20/12/2018

 

    2

     

    

 

APPENDIX 1

 

Proposal ZNA75040

 

    3

     

    

 

	Certain
    information in this document, marked by brackets [****],
    has been excluded pursuant to Item 601(b)(10)(iv) of Regulation S-K under the Securities Act of 1933, as amended, because it
    is both (i) not material and (ii) would likely cause competitive harm to the registrant if publicly disclosed. 

 

Fourth Amendment to Collaboration Agreement

 

(the "Fourth Amendment")

 

Effective Date: 1 January 2019

 

WHEREAS; Evotec International GmbH,
a company incorporated under the laws of Germany whose principal office is at Manfred Eigen Campus, Essener Bogen 7, 22419 Hamburg, Germany
("EVOTEC"); and Exscientia, a Scottish corporation (registration number SC428761) having its principal office at Dundee Incubator,
James Linsey Place, Dundee, DD1 5JJ, United Kingdom ("ExS") have concluded a Collaboration Agreement effective as of 28th March 2016
(altogether the "Collaboration Agreement").

 

WHEREAS; EVOTEC and ExS intend to extend
the Collaboration Agreement by this Fourth Amendment;

 

NOW THEREFORE, IT IS AGREED AS
FOLLOWS:

 

		1.	The
                                            Parties hereby agree to further extend the Program Term pursuant to Section 10.1 of
                                            the Collaboration Agreement until December 2019 (the "2nd Extension Term").

 

		2.	The
                                            Parties hereby agree to EVOTEC Opting back in, from 1st January 2019, with respect to
                                            the dual Ala-CD73 inhibitor and the CD73 selective inhibitor, reverting to what was stated
                                            in the 2nd Amendment with effect from 1st January 2019. Therefore and for the avoidance
                                            of doubt, all projects covering the A2a inhibitor and the dual A2a-CD73 inhibitor and the
                                            CD73 selective inhibitor will again form part of the Collaboration Agreement.

 

		3.	The
                                            Parties hereby agree that for Evotec resources over and above the 10 FTEs assigned to this
                                            Collaboration Agreement, as agreed by the joint steering committee, ExS will compensate Evotec
                                            at an FTE rate of [****] GBP per FTE per year. The number of incremental FTEs will be calculated
                                            on a monthly basis using the actual hours worked by Evotec as part of this Collaboration
                                            Agreement and using a yearly number of hours per FTE of 1650. This comes into effect from
                                            1st January 2019 and any amount due will be invoiced monthly in arrears and shall be
                                            payable within 30 days as of the date of invoice. For the avoidance of doubt, any amount
                                            due for services provided by Evotec for the previously Opted-Out Projects (as defined in
                                            the Second Amendment) between 1st July 2018 and 31st December 2018 will be invoiced
                                            and paid as agreed in the Second Amendment.

 

    1

     

    

 

		4.	The
                                            Parties agree that Section 10.2 (e) of the Collaboration Agreement shall be amended
                                            for the previously Opted-Out Projects, as described in the Second Amendment, but now under
                                            the following guidelines:

 

All Revenue received by Continuing
Party shall be shared equally (50/50) between the Parties except for any upfront payment that shall be shared as per the following formular:

 

A 50/50 split of the upfront Revenues
minus 1x any further Research Costs incurred by or on behalf of either Party for the previously relevant Opt-Out Project from July 2018
till December 2018.

 

[Example
calculation: ExS invests a further £1M in CD73 and then
enters into a Partnership Agreement for £2OM upfront plus milestone
and royalties. The split would be (£20m-(1x£1M) = £19M/2 = £9.5M each to Exscientia and Evotec plus to £1M
to Exscienta (ie £9.5M upfront to Evotec and £10.5M to Exscientia). Then all downstream milestone and royalties are split
equally 50/50.]

 

For clarity, EVOTEC's share in the
continued Program on the A2a inhibitor shall remain at 50% pursuant to Section 4.1 of the Collaboration Agreement.

 

		5.	This
                                            Fourth Amendment is hereby attached to and forms part of the Collaboration Agreement. In
                                            the event of any inconsistency between the provisions of this Fourth Amendment and those
                                            contained in the Collaboration Agreement to which this Fourth. Amendment is annexed, the
                                            provisions of this Fourth Amendment shall govern and be binding.

 

		6.	The
                                            Collaboration Agreement is hereby ratified by the Parties, and the terms and conditions of
                                            the Collaboration Agreement as supplemented by this Fourth Amendment shall remain in full
                                            force and effect.

 

    2

     

    

 

In witness of the foregoing, EVOTEC and
ExS have executed this Second Amendment as of the date written above.

 

	Exscientia Ltd.	 	 
	 	 	 
	 	 	 
	By: 	/s/
    Andrew L. Hopkins	 	By:	/s/
    G. Egorov
	Name:	Andrew L. Hopkins	 	Name:	G. Egorov
	Title:	CEO	 	Title:	CFO
	Date:	20/12/2018	 	Date:	20/12/2018
	 	 	 
	 	 	 
	Evotec International GmbH:	 	 
	 	 	 
	 	 	 
	By:	/s/
    Dr. C. Dargel	 	By:	/s/
    A. Bosler
	Name:	Dr. C. Dargel	 	Name:	A. Bosler
	Title:	EVP Legal	 	Title:	SVP Group Accounting
	Date:	December 20, 2018	 	Date:	December 20, 2018

 

    3

     

    

 

	Certain
    information in this document, marked by brackets [****],
    has been excluded pursuant to Item 601(b)(10)(iv) of Regulation S-K under the Securities Act of 1933, as amended, because it
    is both (i) not material and (ii) would likely cause competitive harm to the registrant if publicly disclosed.

 

Fifth Amendment to Collaboration Agreement

 

(the “Fifth Amendment”)

 

Effective Date: January 1st,
2020

 

WHERAS; Evotec International GmbH, a company
incorporated under the laws of Germany whose principal office is at Manfred Eigen Campus, Essener Bogen 7, 22419 Hamburg, Germany (“EVOTEC”);
and Exscientia, a Scottish company (registration number SC428761) having its principal office at Dundee One, River Court, 5 West
Victoria Dock Road, Dundee, DD1 3JT, United Kingdom (“ExS”) have concluded collaboration agreement effective as of 28th March 2016
and which has been amended from time to time (together with its amendments) altogether the “Collaboration Agreement”).

 

WHEREAS; EVOTEC and ExS wish to extend the Collaboration
Agreement by this Fifth Amendment;

 

NOW THEREFORE, IT IS AGREED AS FOLLOWS:

 

		1.	The Parties hereby agree to further extend
                                            the Program Term pursuant to Section 10.1 of the Collaboration Agreement until
                                            31 December 2021 (the “3rd Extension Term”). This extension and
                                            the terms hereof shall be effective as of 1st January 2020 notwithstanding
                                            the date or dates hereof.

 

		2.	The Parties hereby agree to focus the Program
                                            solely on the A2a inhibitor, i.e. the A2a selective antagonist compound.

 

		3.	For any work performed on the A2a inhibitor
                                            program in January 2020 Evotec will cover [****] FTE assigned to the Collaboration and
                                            for any Evotec resources over and above the [****] FTEs, as agreed by the joint steering
                                            committee, ExS will compensate Evotec at a FTE rate of [****] GBP per FTE per year.
                                            The number of incremental FTEs will be calculated on a monthly basis using the actual hours
                                            worked by Evotec as part of this Collaboration Agreement and using a yearly number of hours
                                            per FTE of 1650. ExS shall not be obliged to compensate Evotec for any work performed on
                                            the A2a inhibitor program in February and March 2020.

 

    1

     

    

 

		4.	From 1st April 2020 Evotec
                                            and ExS will share all Research Costs for the A2a inhibitor program 50/50, including without
                                            limitation any Evotec resources assigned to the program, as agreed by the joint steering
                                            committee, at a FTE rate of [****] GBP per FTE per year using a yearly number of hours per
                                            FTE of 1650. The amounts due will be invoiced monthly in arrears and shall be payable within
                                            30 days as of the date of invoice.

 

		5.	The Parties further agree that both Parties
                                            hereby jointly exercise their Opt-Out rights pursuant to Section 10.2 of the Collaboration
                                            Agreement for any further project as conducted under the initial Program Plan during the
                                            initial Program Term and any extension thereto that is not covered by the revised Program
                                            Plan in Exhibit A-2 hereto, i.e. the dual A2a-CD73 inhibitor and the CD73 inhibitor
                                            (the “Opted-Out Projects”).

 

		6.	The Parties agree that for the Opted-Out Projects
                                            the Agreement shall not terminate but Section 10.2 of the Collaboration Agreement shall
                                            continue to apply amended as follows:

 

Neither Party shall continue the Opted-Out
Project without notification to the other Party.

 

Program IP related to the Opted-Out
Projects shall remain jointly owned by the Parties.

 

Each Party shall neither use the Program
IP related to the Opted-Out Projects for any purpose nor make such Program IP available to a Third Party or negotiate Partnership Agreements
without the other Party’s prior written consent, not to be unreasonably withheld.

 

Notwithstanding the foregoing, neither
Party shall be restricted on any activities with regard to CD73 to the extent it does not use any Program IP.

 

In case, a Party elects to continue
one (or more) of the Opted-Out Projects it shall notify the other Party. Upon written consent of such other Party, Section 10.2
shall continue to apply as set out in the Agreement.

 

For clarity, each Party’s share
in the continued Program on the A2a inhibitor shall remain at 50% pursuant to Section 4.1 of the Collaboration Agreement.

 

		7.	This Fifth Amendment is hereby attached to
                                            and forms part of the Collaboration Agreement. In the event of any inconsistency between
                                            the provisions of this Fifth Amendment and those contained in the Collaboration Agreement
                                            to which this Fifth Amendment is annexed, the provisions of this Fifth Amendment shall govern
                                            and be binding.

 

    2

     

    

 

		8.	The Collaboration Agreement is hereby ratified
                                            by the Parties, and the terms and conditions of the Collaboration Agreement as supplemented
                                            by this Fifth Amendment shall remain in full force and effect.

 

In witness of the foregoing, EVOTEC and ExS have
executed this Fifth Amendment as of the date written above.

 

	Exscientia Ltd	 	 
	 	 	 
	 	 	 
	By:
    	/s/
    M.B. Swindells	 	By:
    	/s/
    David J. Hallett
	Name:	M.B. Swindells	 	Name:	David J. Hallett
	Title:	CC0	 	Title:	COO
	Date:	13 June 2020	 	Date:	12-6-2020
	 	 	 
	 	 	 
	Evotec International
    GmbH:	 	 
	 	 	 
	 	 	 
	By:	 	 	By:	 
	Name:	 	Name:
	Title:	 	Title:
	Date:	 	Date:

 

    3

     

    

 

	Certain
    information in this document, marked by brackets [****],
    has been excluded pursuant to Item 601(b)(10)(iv) of Regulation S-K under the Securities Act of 1933, as amended, because it
    is both (i) not material and (ii) would likely cause competitive harm to the registrant if publicly disclosed. 

 

Sixth Amendment to Collaboration Agreement

 

(the “Sixth Amendment”)

 

Effective Date: 15 April 2021

 

WHEREAS; Evotec International GmbH, a
company incorporated under the Iaws of Germany whose principal office is at Manfred Eigen Campus, Essener Bogen 7, 22419 Hamburg, Germany
("EVOTEC"); and Exscientia, a Scottish company (registration number SC428761) having its registered office at Dundee
One, River Court, 5 West Victoria Dock Road, Dundee, DD1 3JT, United Kingdom (“ExS”) have concluded a collaboration agreement
effective as of 28th March 2016 and which has been amended from time to time, together with its amendments, the “Collaboration
Agreement”).

 

WHEREAS; EVOTEC and ExS wish to amend the Collaboration
Agreement by this Sixth Amendment.

 

NOW THEREFORE, IT IS AGREED AS FOLLOWS:

 

		1.	Capitalised terms used, but not defined, in
                                            this Sixth Amendment have the meaning given to them in the Collaboration Agreement.

 

		2.	The Parties agree not to extend the Program
                                            Term and agree that whilst the term of the Agreement still subsists. The initial Program
                                            Plan is hereby terminated.

 

		3.	The Parties hereby agree that Evotec exercises
                                            its Opt-Out rights pursuant to Section 10.2 of the Agreement in respect of the A2a inhibitor,
                                            i.e. the A2a selective antagonist compound (“A2a”). For the avoidance of doubt,
                                            ExS is the Continuing Party in respect of A2a.

 

		4.	The Parties further agree that section 10.2(e) of
                                            the Agreement (as previously amended by the Fourth Amendment to the Agreement) be further
                                            amended in respect of A2a (in relation to which Evotec is opting-out pursuant to this Sixth
                                            Amendment) such that all Revenue sharing under clause 4.1(b) of the Collaboration Agreement
                                            be amended in accordance with the below table as regards A2a:

 

	Trigger
    event	ExS
    Revenue

    Share	Evotec
    Revenue

    Share
	Start
    of clinical trial in healthy volunteers (Phase 1a)	[****]	[****]
	Publication
    of headline results (e.g. PR) from Phase 1a study	[****]	[****]
	Dosing
    of 5th patient in first efficacy study (Phase 1b/2a)	[****]	[****]
	Publication
    of headline results (e.g. PR) from Phase 1b/2a	[****]	[****]
	Dosing
    of 5th patient in a registrational study	[****]	[****]

 

    1.

     

    

 

		5.	This Sixth Amendment is hereby attached to
                                            and forms part of the Collaboration Agreement. In the event of any inconsistency between
                                            the provisions of this Sixth Amendment and those contained in the Collaboration Agreement
                                            to which this Sixth Amendment is annexed, the provisions of this Sixth Amendment shall govern
                                            and be binding.

 

		6.	The Collaboration Agreement is hereby ratified
                                            by the Parties, and the terms and conditions of the Collaboration Agreement as supplemented
                                            by this Sixth Amendment shall remain in full force and effect.

 

In witness of the foregoing, EVOTEC and ExS have
executed this Sixth Amendment as of the date written above.

 

	Exscientia Ltd	 	 
	 	 	 
	 	 	 
	By:	/s/
    Ben Taylor	 	By:
    	/s/
    David Hallett
	Name:
    	Ben
    Taylor	 	Name:
    	David
    Hallett
	Title:
    	CFO	 	Title:
    	COO
	Date:
    	4/18/2021	 	Date:
    	4/20/2021
	 	 	 
	 	 	 
	Evotec International
    GmbH	 	 
	 	 	 
	 	 	 
	By:
    	/s/
    Enno Spillner	 	By:
    	/s/
    Christian Dargel
	Name:
    	Enno
    Spillner	 	Name:
    	Christian
    Dargel
	Title:
    	CFO	 	Title:
    	EVP
    Legal & Compliance
	Date:
    	4/16/2021	 	Date:
    	4/15/2021

 

    2.

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