Document:

ncna-ex41_522.htm

Exhibit 4.1

REGISTRATION RIGHTS AGREEMENT

dated as of

September 20, 2017

among

 

NUCANA PLC

 

and

 

THE INVESTORS PARTY HERETO

 

 

 

 

TABLE OF CONTENTS

 

	
 
	
 
	
Page

	
1.
	
Definitions
	
1

	
 
	
 
	
 

	
2.
	
Registration Rights
	
3

	
 
	
 
	
 
	
 

	
 
	
2.1
	
Demand Registration
	
3

	
 
	
2.2
	
Company Registration
	
4

	
 
	
2.3
	
Underwriting Requirements
	
5

	
 
	
2.4
	
Obligations of the Company
	
6

	
 
	
2.5
	
Furnish Information
	
8

	
 
	
2.6
	
Expenses of Registration
	
8

	
 
	
2.7
	
Delay of Registration
	
8

	
 
	
2.8
	
Indemnification
	
8

	
 
	
2.9
	
Reports Under Exchange Act
	
10

	
 
	
2.10
	
[Reserved]
	
11

	
 
	
2.11
	
Restrictions on Transfer
	
11

	
 
	
2.12
	
Effectiveness; Termination of Registration Rights
	
12

	
 
	
2.13
	
Conversions of Ordinary Shares into ADSs
	
12

	
 
	
2.14
	
Obligation to Register ADSs
	
13

	
 
	
 
	
 

	
3.
	
Miscellaneous
	
13

	
 
	
 
	
 
	
 

	
 
	
3.1
	
Successors and Assigns
	
13

	
 
	
3.2
	
Governing Law
	
13

	
 
	
3.3
	
Counterparts
	
13

	
 
	
3.4
	
Titles and Subtitles
	
13

	
 
	
3.5
	
Notices
	
14

	
 
	
3.6
	
Amendments and Waivers
	
14

	
 
	
3.7
	
Severability
	
14

	
 
	
3.8
	
Aggregation
	
14

	
 
	
3.9
	
Entire Agreement
	
15

	
 
	
3.10
	
Dispute Resolution
	
15

	
 
	
3.11
	
Delays or Omissions
	
15

	
 
	
3.12
	
Acknowledgment
	
15

	
 
	
 
	
 
	
 

	
Schedule A
	
-
	
Schedule of Major Investors
	
 

	
 
	
 
	
 
	
 
	
 

	
Schedule B
	
-
	
Schedule of Original Investors
	
 

 

 

 

i

 

 

REGISTRATION RIGHTS AGREEMENT

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), is made as of the 20th day of September, 2017, by and among NuCana plc, a company incorporated under the laws of England and Wales (the “Company”), each of the shareholders listed on Schedule A hereto (the “Major Investors”) and each of the shareholders listed on Schedule B hereto (the “Original Investors”) who become party hereto prior to the Effectiveness Date (as defined below).  The Major Investors and the Original Investors are collectively referred to herein as the “Investors” and each is referred to herein as an “Investor”.

RECITALS

WHEREAS, the Company and the Investors are parties to that certain shareholders’ agreement dated March 31, 2014, as amended on or around the date hereof, (the “Shareholders Agreement”), which agreement contains certain registration rights but will terminate and cease to have effect upon the IPO; and

WHEREAS, in order to provide for such rights following the IPO, the Investors and the Company hereby agree that this Agreement shall be effective upon the date and time of the closing of the IPO (the “Effectiveness Date”) and shall govern the rights of the Investors to cause the Company to register ADSs representing Ordinary Shares held by the Investors as set forth in this Agreement;

NOW, THEREFORE, the parties hereby agree as follows:

	
 
	
1.
	
Definitions.  For purposes of this Agreement:

1.1“ADSs” means American depositary shares, representing Ordinary Shares pursuant to a sponsored ADR facility.

1.2“Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer or director of such Person or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person.

1.3“Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law.

 

 

1.4“Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each case, directly or indirectly), Ordinary Shares, including options and warrants.

1.5“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

1.6“Excluded Registration” means (i) a registration relating to the sale of securities to employees, directors, officers or consultants of the Company or a subsidiary pursuant to a share option, share purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Ordinary Shares being registered is Ordinary Shares issuable upon conversion of debt securities that are also being registered.

1.7“Form F‐1” means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC.

1.8“Form F-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the SEC.

1.9“Holder” means any holder of Registrable Securities who is a party to this Agreement.

1.10“Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including, adoptive relationships, of a natural person referred to herein.

1.11“Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement.

1.12“IPO” means the Company’s first underwritten public offering of its Ordinary Shares under the Securities Act.

1.13“Ordinary Shares” means shares of the Company’s ordinary shares, nominal value £0.04 per share (or such other nominal value as may, from time to time, result from a consolidation of subdivision of the ordinary share capital).

1.14“Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity.

1.15“Registrable Securities” means (i) the Ordinary Shares issuable or issued upon conversion of the Company’s Founder Ordinary 1 Shares, Founder Ordinary 2 Shares, 

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Series A Shares and Series B Shares outstanding immediately prior to the closing of the IPO; (ii) any Ordinary Shares issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clause (i) above; (iii) the Ordinary Shares outstanding immediately prior to the closing of the IPO; and (iv) any ADSs issued in respect of any Ordinary Shares described in clause (i), (ii) or (iii); excluding in all cases, however, any Registrable Securities not held by an Investor as of the Effectivness Date or sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Subsection 3.1, and excluding any shares for which registration rights have terminated pursuant to Subsection 2.12 of this Agreement.

1.16“Registrable Securities then outstanding” means the number of shares determined by adding the number of shares of outstanding Ordinary Shares that are Registrable Securities and the number of shares of Ordinary Shares issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable Securities.

1.17“Restricted Securities” means the securities of the Company required to be notated with the legend set forth in Subsection 2.11(b) hereof.

1.18“SEC” means the Securities and Exchange Commission.

1.19“SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.

1.20“SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act.  

1.21“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

1.22“Selling Expenses” means all underwriting discounts, selling commissions, and share transfer taxes or stamp duties applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder.

	
 
	
2.
	
Registration Rights.  The Company covenants and agrees as follows:

2.1Demand Registration.

(a)Form F-3 Demand.  If at any time when it is eligible to use a Form F-3 registration statement, the Company receives a request from Holders of at least twenty-five percent (25%) of the Registrable Securities then outstanding that the Company file a Form F-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $3 million, then the Company shall (i) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request is given by the Initiating Holders, file a Form F-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as 

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specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(b) and 2.3. 

(b)Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors it would be materially detrimental to the Company and its shareholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than sixty (60) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than twice in any twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other shareholder during such sixty (60) day period other than an Excluded Registration.

(c)The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(a) (i) during the period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to Subsection 2.1(a) within the twelve (12) month period immediately preceding the date of such request.  A registration shall not be counted as “effected” for purposes of this Subsection 2.1(c) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Subsection 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(c).

2.2Company Registration.  If the Company proposes to register (including, for this purpose, a registration effected by the Company for shareholders other than the Holders) any of its Ordinary Shares or ADSs under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give each Holder notice of such registration.  Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions of Subsection 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration.  The Company shall have the right to terminate or withdraw any registration initiated by it under this Subsection 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable 

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Securities in such registration.  The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Subsection 2.6.

	
 
	
2.3
	
Underwriting Requirements.

(a)If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice.  The underwriter(s) will be selected by the Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders.  In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein.  All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting.  Notwithstanding any other provision of this Subsection 2.3, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by (x) the Major Investors to be included in such underwriting shall not be reduced unless and until all Registrable Securities held by the Original Investors are entirely excluded from the underwriting and (y) the Original Investors to be included in such underwriting shall not be reduced unless and until all other securities are entirely excluded from the underwriting.  To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares.

(b)In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company.  If the total number of securities, including Registrable Securities, requested by shareholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering.  If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities 

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owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders.  To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares.  Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced below twenty-five percent (25%) of the total number of securities included in such offering.  For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, shareholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence.

(c)For purposes of Subsection 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in such registration statement are actually included.

2.4Obligations of the Company.  Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:

(a)prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Ordinary Shares (or other securities) of the Company, from selling any securities included in such registration;

(b)prepare and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement;

(c)furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities;

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(d)use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act;

(e)in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering;

(f)use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed;

(g)provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;

(h)promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith;

(i)notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; 

(j)Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus or free writing prospectus (to the extent prepared by or on behalf of the Company) relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The Company will use reasonable efforts to amend or supplement such prospectus or free writing prospectus (to the extent prepared by or on behalf of the Company) in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; and

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(k)after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus. 

In addition, the Company shall ensure that, at all times after any registration statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act.

2.5Furnish Information.  It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities.

2.6Expenses of Registration.  All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements, not to exceed $75,000, of one counsel for the selling Holders, shall, to the extent permitted by applicable law, be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration) unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsection 2.1; provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Subsection 2.1.  All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 

2.7Delay of Registration.  No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2.

2.8Indemnification.  If any Registrable Securities are included in a registration statement under this Section 2:

(a)To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers, directors, and shareholders of each 

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such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld or conditioned, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration.

(b)To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld or conditioned; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder.

(c)Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Subsection 2.8, give the indemnifying party notice of the commencement thereof.  The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action.

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(d)To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will, to the extent permitted by applicable law, contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations.  The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder.

(e)Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.

(f)Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the termination of this Agreement. 

2.9Reports Under Exchange Act.  With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form F-3, the Company shall:

(a)make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO;

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(b)use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and

(c)furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form F-3 (at any time after the Company so qualifies) and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form F-3 (at any time after the Company so qualifies to use such form).

	
 
	
2.10
	
[Reserved]

	
 
	
2.11
	
Restrictions on Transfer.

(a)The Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not recognize and shall issue stop-transfer instructions to its transfer agent (if applicable) with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act.  A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Registrable Securities held by such Holder to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement.

(b)Each certificate, instrument, or book entry representing (i) the Registrable Securities and (ii) any other securities issued in respect of the securities referenced in clause (i), upon any share split, share dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form:

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE SHAREHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

11

 

The Holders consent to the Company making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.111.

(c)The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of this Section 2.  Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer.  Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed  sale, pledge, or transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder to the Company.  The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Subsection 2.111.  Each certificate, instrument, or book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection 2.11(b), except that such certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act.

2.12Effectiveness; Termination of Registration Rights.  This Agreement shall become automatically effective as of the Effectiveness Date and shall be of no force or effect prior to such date and time.  The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of:

(a)such time as Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such Holder’s shares without limitation during a three-month period without registration; and

(b)the fifth anniversary of the IPO.

2.13Conversions of Ordinary Shares into ADSs.  To the extent that the Company causes ADSs to be issued in the IPO and to the extent permitted by applicable law, following the IPO and as requested by the Investors, the Company will provide reasonable 

12

 

cooperation to the Investors in order to assist the Investors in depositing the Ordinary Shares held by the Investors from time to time with the ADS depositary and will use commercially reasonable efforts to cause the ADS depositary to issue ADSs to the Investors upon deposit of such Ordinary Shares, provided that the Investor shall not deposit such Ordinary Shares in exchange for ADSs (a) on or prior to the date that is six (6) months from the date of the final prospectus for the IPO except in compliance with the Securities Act, (b) at any time at which to do so would violate obligations under any underwriter’s lock-up agreement entered into in connection with the IPO.  To the extent permitted by applicable law, the Company will pay the ADS depositary fees payable by the Investors to the ADS depositary in connection with the issuance of ADSs upon exchange of Ordinary Shares for ADSs.

2.14Obligation to Register ADSs.  Notwithstanding anything to the contrary herein, unless the Company has previously caused the Ordinary Shares to be listed on a national securities exchange or trading system in the United States (it being acknowledged that the Company shall have no obligation to so list the Ordinary Shares) and a market in the United States for Ordinary Shares not held in the form of ADSs exists, in any registration pursuant to this Agreement any Registrable Securities registered and sold pursuant thereto shall be in the form of ADSs.

	
 
	
3.
	
Miscellaneous.

3.1Successors and Assigns.  The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder or (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement.  The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties.  Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.

3.2Governing Law.  This Agreement shall be governed by the internal law of the State of Delaware.

3.3Counterparts.  This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

3.4Titles and Subtitles.  The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement.

13

 

3.5Notices.  All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by  electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt.  All communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Subsection 3.5.  If notice is given to the Company, a copy shall also be sent to Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., One Financial Center, Boston, MA 02111, facsimile number 617 542 2241, Attention: William C. Hicks, Esq.

3.6Amendments and Waivers.  Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of a majority of the Registrable Securities then outstanding; provided that the Company may in its sole discretion waive compliance with Subsection 2.11(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Subsection 2.11(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party.  Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion.  The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver.  Any amendment, termination, or waiver effected in accordance with this Subsection 3.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto.  No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

3.7Severability.  In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law.

3.8Aggregation.  All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate.

3.9Entire Agreement.  This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with 

14

 

respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled.  Immediately upon the consummation of the IPO, and upon the effectiveness of this Agreement, the Shareholders Agreement shall terminate and be of no further force and effect.

3.10Dispute Resolution.  The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.  

Waiver of Jury Trial: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.  THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS.  EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

3.11Delays or Omissions.  No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.  All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

3.12Acknowledgment.  The Company acknowledges that the Investors are in the business of venture capital investing and therefore review the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete directly or indirectly with those of the Company.  Nothing in this Agreement shall preclude or in any way restrict the Investors from investing or participating in any particular enterprise whether or not such enterprise has products or services which compete with those of the Company.

[Remainder of Page Intentionally Left Blank]

 

15

 

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

		
	
NUCANA PLC

	
 
	
 

	
By:
	
/s/ Hugh S. Griffith

	
 
	
 

	
Name: 
	
Hugh S. Griffith

	
 
	
 

	
Title:
	
C.E.O

 

Signature Page to Registration Rights Agreement

 

		
		
	
INVESTORS:

	
 
	
 

	
SOFINNOVA CAPITAL VI FCPR

	
 
	
 

	
By:
	
/s/ Monique Saulnier

	
 
	
 

	
Name:
	
Monique Saulnier

	
 
	
 

	
Title:
	
Managing Partner

	
 
	
 

	
SOFINNOVA VENTURE PARTNERS VIII, L.P

	
 

	
By:  Sofinnova Management VIII, L.L.C.

	
 

	
Its:  General Partner

	
 
	
 

	
By:
	
/s/ James Healy

	
 
	
 

	
Name:
	
James Healy

	
 
	
 

	
Title:
	
 

	
 
	
 

	
MORNINGSIDE VENTURE INVESTMENTS LIMITED

	
 
	
 

	
By:
	
/s/ Louise Mary Garbarino and /s/ Jill Marie Franklin

	
 
	
 

	
Name: 
	
Louise Mary Garbarino/Jill Marie Frankin

	
 
	
 

	
Title:
	
Authorized Signatures

	
 
	
 

	
SCOTTISH ENTERPRISE

	
 
	
 

	
By:
	
/s/ Caitlin Douglas

	
 
	
 

	
Name:
	
Caitlin Douglas

	
 
	
 

	
Title:
	
Solicitor & Authorized Signatory

	
 
	
 

	
Seal:
	
 

 

 

Signature Page to Registration Rights Agreement

 

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

		
	
By:
	
/s/ Christopher Wood

	
 
	
 

	
Name:
	
Christopher Wood

 

 

Signature Page to Registration Rights Agreement

 

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

		
	
FOR AND ON BEHALF OF CODALE LIMITED

	
 
	
 

	
By:
	
/s/ Michael Hayworth

	
 
	
 

	
Name:
	
Michael Hayworth, Director

 

 

Signature Page to Registration Rights Agreement

 

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

		
	
By:
	
/s/ Ben White

	
 
	
 

	
Name:
	
Ben White

 

 

Signature Page to Registration Rights Agreement

 

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

		
	
By:
	
/s/ Frank V. Sica

	
 
	
 

	
Name:
	
Frank V. Sica

 

 

Signature Page to Registration Rights Agreement

 

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

		
	
By:
	
/s/ Thomas Scott Nelson

	
 
	
 

	
Name:
	
Thomas Scott Nelson

 

 

Signature Page to Registration Rights Agreement

 

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

		
	
By:
	
/s/ Stuart Smith

	
 
	
 

	
Name:
	
Dr. Stuart WG Smith

 

 

Signature Page to Registration Rights Agreement

 

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

		
	
By:
	
/s/ Moira Adamson

	
 
	
 

	
Name:
	
Moira Adamson

 

 

Signature Page to Registration Rights Agreement

 

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

		
	
By:
	
/s/ Ian Abercrombie

	
 
	
 

	
Name:
	
Ian Abercrombie

 

 

Signature Page to Registration Rights Agreement

 

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

		
	
By:
	
/s/ Hugh S. Griffith

	
 
	
 

	
Name:
	
Hugh S. Griffith

 

 

Signature Page to Registration Rights Agreement

 

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

		
	
CASTLEVIEW INTERNATIONAL HOLDINGS LTD.

	
 
	
 

	
By:
	
/s/ Martin Bell

	
 
	
 

	
Name:
	
Martin Bell

	
 
	
 

	
Title:
	
Group M.D.

 

 

Signature Page to Registration Rights Agreement

 

SCHEDULE A

 

Major Investors

 

Soffinova Capital VI FCPR

Le Centorial, 6-18 rue du 4 Septembre

75002, Paris, France

Phone Number:

Fax Number:

Email

 

Soffinova Venture Partners VIII, L.P.

3000 Sand Hill Road, Bldg. 4, Suite 250,

Menlo Park, California, USA

Phone Number: 650-681-8430

Fax Number: 650-322-2037

Email: shahlavi@sofinnova.com

 

Morningside Venture Investments Limited

Attn: Louise Garbarino

2nd Floor, Le Prince de Galles

3-5 Avenue des Citronniers

MC 98000

T: 011-377-97-97-47-37

F: 011-377-97-97-47-30

lgarbarino@thc-mgt.mc

 

with copies to:

 

	
 
	
1)
	
McCarthy Legal Services

Attn: Stephanie O’Brien, Esq.

1188 Centre Street

Newton Centre, MA 02459

T: (617) 244-2800

F: (617) 244-2889

obrien@morningsidenewton.com

 

	
 
	
2)
	
Springfield Financial Advisory Limited

Attn: Alice Li/Makim Ma

22nd Floor Hang Lung Centre

2-20 Paterson Street

Causeway Bay, Hong Kong

T: 011-856-2576-6800

F: 011-852-2881-5741

alice.li@springfld.com

MakimMa@springfld.com

 

 

 

 

Scottish Empire

Established by the Enterprise and New Towns

(Scotland) Act 1990, Atrium Court, 50 Waterloo Street, 

Glasgow, G2 6HQ

Phone Number:

Fax Number: 

Email: 

 

 

 

 

 

SCHEDULE B

 

Original Investors

 

Christopher Wood

 

Hugh Griffith

 

Frank Sica IRA

 

Castle View International Holdings Limited

 

Codale Limited

 

Benjamin White

 

Ian Abercrombie

 

Stuart Smith

 

Moira Adamson

 

Thomas Scott Nelson

 

Christopher McGuigan

 

Martin Mellishncna-ex410_1187.htm

Exhibit 4.10

Research, Collaboration and Licence Agreement

 

THIS AGREEMENT is made this 21 day of December 2017

 

BETWEEN:

 

	
 
	
(1)
	
CARDIFF UNIVERSITY, whose administrative offices are at 30-36 Newport Road, Cardiff, CF24 0DE, U.K. (the “University”); 

 

	
 
	
(2)
	
University College Cardiff Consultants Ltd a company incorporated under the laws of England and Wales (company number 1477909) whose registered office is at 30-36 Newport Road, Cardiff, United Kingdom, CF24 0DE (“UC3”); and 

 

	
 
	
(3)
	
NUCANA PLC a company incorporated under the laws of England and Wales (company number 3308778) whose registered office is at 77 / 78 Cannon Street, London, England, EC4N 6AF (hereinafter referred to as “NuCana”),

 

together the “Parties” and each a “Party”.

 

RECITALS

	
i
	
The University has expertise in the purification and characterisation of phosphoramidate prodrugs.

	
ii
	
The University undertook a programme of research in relation to the purification and characterisation of phosphoramidate prodrugs for NuCana under a Research, Collaboration and Licence Agreement entered into by the Parties on 21 August 2009 (as subsequently amended and extended). 

	
iii.
	
The 2009 Agreement is about to expire. The Parties wish to build on the results of the previous research and the University has agreed to carry out the Project for NuCana upon the terms and conditions set out in this Agreement.

	
iii
	
NuCana has agreed to arrange for external biological evaluation of phosphoramidate protides prepared by the University in support of the Project.

	
iv
	
UC3 is a wholly owned company of the University which is used to hold and exploit intellectual property rights on behalf of the University. 

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

	
v
	
The University and UC3 have agreed that the ownership of the results of the Project shall vest solely in NuCana and the University has agreed to grant NuCana an exclusive licence to use the Protides IP in respect of each Nucleoside Family worked on during the Project and under the 2009 Agreement upon the terms and conditions set out in this Agreement.

 

WHEREAS the Parties hereby agree:

 

	
1
	
The Project

	
 
	
1.1
	
The University shall carry out the Project and provide the deliverables set out in Schedule 1 during the Project Period.

	
 
	
1.2
	
NuCana will arrange at its own cost for external biological evaluation of phosphoramidate protides prepared by the University and will share the results generated with the University as soon as is reasonably practicable. The University will be entitled to use such results for the sole purpose of carrying out the Project.  The University will treat such results as Information provided to it by NuCana and keep such results confidential in accordance with Clause 6.

	
 
	
1.3
	
The Project shall be undertaken by 

	
 
	
1.3.1
	
[***]

	
 
	
1.3.2
	
[***] 

	
 
	
1.3.3
	
[***]

 

each engaged full-time for two years from the Effective Date; and

 

	
 
	
1.3.4
	
a technician engaged full-time for one year during the Initial Project Period,

together the “Research Team”. If at any time during the Project Period all of the Principal Investigators are unable or unwilling to continue supervising the Project the University in consultation with NuCana shall endeavour to appoint a successor or successors as soon as reasonably practicable thereafter.  If an appropriate successor or successors acceptable to both the University and NuCana cannot be found within [***], NuCana may terminate this Agreement upon giving the other Parties [***] written notice.

	
 
	
1.4
	
The Project may be extended beyond the Initial Project Period for a further period or periods by the written agreement of the Parties as to the scope of any additional work and/or research funding.

 

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

	
2
	
Funding by NuCana

	
 
	
2.1
	
The University shall carry out the Project in consideration of payment by NuCana of the Project Fees being:

	
 
	
2.1.1
	
£[***] on the Effective Date;

	
 
	
2.1.2
	
£[***] on 1 July 2018;

	
 
	
2.1.3
	
£[***] on 1 January 2019; and  

2.1.4£[***] on 1 July 2019. 

The University will charge VAT in addition where appropriate.  The foregoing payments include the costs of all consumables used in the Project. 

	
 
	
2.2
	
If NuCana fails to make any payment due pursuant to Clauses 2, 8.5, or 9, by the date for payment of the same, without prejudice to any other right or remedy available to the University or UC3, the University or UC3 may charge interest (both before and after any judgment) on the amount outstanding, at the interest rate in force pursuant to the Late Payment of Commercial Debts (Interest) Act 1998.  That interest will be calculated from the date or last date for payment to the actual date of payment, both dates inclusive, and will be compounded quarterly. NuCana will pay that interest to the University or UC3 on demand.

 

	
3
	
University Responsibilities

	
 
	
3.1
	
The University will carry out the Project in accordance with NuCana's reasonable instructions and shall use all reasonable skill and care in the performance of the Project.

	
 
	
3.2
	
The University will provide NuCana with regular written reports summarising the progress of work under the Project and the Results, and shall provide NuCana with a final report containing all of the Results reasonably promptly following completion of the Project.  The University shall use all reasonable endeavours to answer reasonably promptly all reasonable queries received from NuCana regarding the performance of the Project and the Results.

 

	
4
	
Warranties and Limitations and Exclusions of Liability

	
 
	
4.1
	
The University does not undertake that work carried out under or pursuant to this Agreement will lead to any particular result and NuCana acknowledges and understands that the success of the Project is not guaranteed.

	
 
	
4.2
	
The University does not accept any responsibility for any use which may be made of any work carried out under or pursuant to this Agreement, or of the 

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

	
 
		
Results, nor for any reliance which may be placed on such work or the Results, nor for advice or information given in connection with them

	
 
	
4.3
	
NuCana acknowledges that, in entering into this Agreement, it does not do so in reliance on any representation or warranty given by the University, UC3, their employees or officers and any conditions, warranties or other terms implied by statue or common law are excluded from this Agreement to the fullest extent permitted by law.  Accordingly, NuCana acknowledges and accepts that, other than as set out in Clause 4.4, neither the University or UC3 make any warranties or representations whether express or implied regarding the Results and/or the Intellectual Property in the Results and no warranty nor representation is given that:

	
 
	
4.3.1
	
the Results and/or the Intellectual Property in the Results and/or use of the same will not infringe the rights of any person;

	
 
	
4.3.2
	
the Project will be successful or that any particular result or objective shall be achieved, be achievable or be attained at all or by expiry of the Project Period or by any other date. 

	
 
	
4.4
	
The University and UC3 each hereby warrants to NuCana that:

	
 
	
4.4.1
	
 no third parties have been granted any rights to use the Protides IP in connection with any compounds comprised within the Nucleoside Families (with the exception of [***] under the Research Agreement);

	
 
	
4.4.2 
	
all necessary steps have been taken to ensure that UC3 will own all rights in the Results and the Foreground Intellectual Property, including but not limited to any Results and Foreground Intellectual Property generated by any persons engaged by the University to perform the Project, so as to enable UC3 to assign ownership of the Results and the Foreground Intellectual Property to NuCana pursuant to Clause 8.3; 

4.4.3 UC3 has the right to grant the exclusive licence to NuCana to use the Protides IP as set out in Clauses 8.4 to 8.7 (inclusive);  and  

	
 
	
4.4.4.
	
the University will enter into a written agreement with [***] under which [***] will agree to assign (on the University’s request and without any additional consideration) to the University all of their property, rights, title and interest (if any) in and to the Results and the Foreground Intellectual property, prior to the relevant [***] being engaged on the Project.  

	
 
	
4.5
	
NuCana undertakes to make no claim against the Principal Investigators or any other employee, student, agent or appointee of the University, being a claim which seeks to enforce against any of them any liability whatsoever in connection with this Agreement or its subject matter.

	
 
	
4.6
	
In no event shall any Party be liable to the other Parties under or in connection with this Agreement for:

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

	
 
	
4.6.1
	
  loss of contracts, loss of goodwill, loss of opportunity, loss of profits, loss of turnover or loss of anticipated savings but only to the extent such losses are not direct losses; or

	
 
	
4.6.2
	
  any indirect or consequential loss or special loss or damage of any nature whatsoever.

	
 
	
4.7
	
Save in respect of [***], the maximum liability of the University or UC3 to NuCana under or otherwise in connection with this Agreement or its subject matter shall be [***].

	
 
	
4.8
	
If any provision of this Clause 4 is held to be invalid or unenforceable under any applicable statute or rule of law then it shall be deemed to be omitted, and if as a result any Party becomes liable for loss or damage which would otherwise have been excluded then such liability shall be subject to the remaining provisions of this Clause 4.

 

	
5
	
Exclusivity 

	
 
	
5.1
	
The University  and UC3 each agrees that it will not:

5.1.1  during the Project Period:

	
 
	
(a)
	
undertake any [***] research on compounds comprised within the Nucleoside Families with or for [***] where such research would require utilisation of the Protides IP; and/or

	
 
	
(b)
	
grant to any third party any licence or right to use, or any option to obtain a licence or right to use, the Protides IP in connection with any of the Nucleoside Families or compounds comprised within the Nucleoside Families for any purpose whatsoever 

in the case of [***], the parties agree the restrictions in clause (a) and (b) above will relate to all fields other than the field of [***].

 

5.1.2  during the Extended Licence Period or Further Licence Period:

	
 
	
(a)
	
undertake with or for any third party any industrially sponsored research on those Compounds in respect of which a licence is granted during such Extended Licence Period or (as the case may be) Further Extended Licence Period ( the “Exclusive Compounds”) or on any compounds within such Exclusive Compounds’ Nucleoside Families (“Related Compounds”) where such research would require utilisation of the Protides IP; and/or

	
 
	
(b)
	
grant to any third party any licence or right to use, or any option to obtain a licence or right to use, the Protides IP in connection with any of the Exclusive Compounds or Related Compounds for any purpose whatsoever. 

 

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

 

 

	
 
	
5.3
	
NuCana acknowledges and accepts that the University cannot guarantee that the Nucleoside Families will not be covered by the claims contained in any patents granted pursuant to the patent applications assigned to [***] under the Assignment Deed. For the avoidance of doubt, NuCana further acknowledges the University shall not be deemed to be in breach of clause 5.1 in respect of the Cancer Research UK funded ECMC project entitled ‘Experimental Cancer Medicine Centre and/or under the Research Agreement. 

 

	
6
	
Confidentiality

	
 
	
6.1
	
The University undertakes not to use or disclose to any third party any Information which is disclosed by NuCana to the University for use in the Project or any Results generated during the Project (“Confidential Information”) save that the University may disclose all and any Confidential Information to employees, students, officers and consultants of the University who need to know the same in connection with the performance of this Agreement or to advisers of the University who are providing advice in connection with this Agreement provided that all such personnel are bound by appropriate written terms of confidentiality equivalent to those contained in this Clause 6.

	
 
	
6.2
	
The obligation of non-disclosure set out in Clause 6.1 shall not apply with respect to information which the Receiving Party can show:

 

	
 
	
(a)
	
is known to the Receiving Party before the Effective Date, and not impressed already with any obligation by the Disclosing Party; or

	
 
	
(b)
	
is or becomes publicly known without fault on the part of the Receiving Party; or

	
 
	
(c)
	
is obtained by the Receiving Party from a third party in circumstances where they have no reason to believe that there has been a breach of an obligation of confidentiality owed to the Disclosing Party; or

	
 
	
(d)
	
the Receiving Party develops independently; or

	
 
	
(e)
	
is approved for release in writing by an authorised representative of the Disclosing Party; or

	
 
	
(f)
	
the Receiving Party is specifically required to disclose pursuant to an order of any Court of competent jurisdiction in order to fulfil the Court Order or in order to comply with any other legislation. Before making such a disclosure the Receiving Party shall inform the Disclosing Party of the requirement to make such disclosure.

 

	
7
	
Publications

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

	
 
	
7.1
	
NuCana recognises that under University policy, the Results must be publishable and agrees that, subject to Clause 7.2, the University shall be permitted to present at symposia, national or regional professional meetings, and to publish in journals or otherwise of their own choosing, methods and results of the Project and accordingly NuCana hereby grants or agrees to grant to the University a licence to use the Intellectual Property in the Results  and where appropriate the foreground intellectual property and results assigned to NuCana under the 2009 Agreement for such purposes.

	
 
	
7.2
	
Subject to the provisions of Clause 7.3, the University agrees to provide NuCana with a copy of any proposed publication at least [***] prior to submission for publication. NuCana may object to publication by providing notice to the University on the basis that:

	
 
	
7.2.1
	
the publication contains Confidential Information; or 

7.2.2    the publication contains Intellectual Property belonging to NuCana

PROVIDED THAT if the University has not received notice from NuCana objecting to the publication within [***] of NuCana receiving a copy of the proposed publication NuCana shall be deemed to have agreed to the publication and the University may proceed with the publication.

If NuCana objects to the proposed publication:

	
 
	
(a)
	
on the basis the publication contains Confidential Information and/ or Intellectual Property belonging to NuCana other than the Foreground Intellectual Property, NuCana shall identify such Confidential Information and/ or Intellectual Property and the University shall remove such Confidential Information and/ or Intellectual Property from the publication;

	
 
	
 (b)
	
on the basis that the publication contains Foreground Intellectual Property, the University shall delay publication for a period of [***] from the date of receipt of the proposed publication by NuCana in order that NuCana may file patent applications to protect such Foreground Intellectual Property;

	
 
	
(c)
	
if NuCana considers that there are exceptional circumstances requiring a longer delay in respect of any  proposed publication to permit NuCana to file patent applications to protect the Foreground Intellectual Property and that view is supported by NuCana’s patent agents, NuCana may request that the University delays such publication  for up to [***] from the date of receipt of the proposed publication by NuCana and the University shall be bound to agree to such request provided that NuCana provides the University with details of  the exceptional circumstances necessitating such a delay and the supporting advice from the patent agents.  

It is further agreed by the University that, at NuCana’s request, an acknowledgement to NuCana be included in any written publication 

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

produced by the University in recognition of NuCana’s involvement in the Project.

 

	
 
	
7.3
	
Notwithstanding the provisions of Clauses 7.1 and 7.2, nothing contained in this Agreement shall prevent or hinder any student employed by the University in connection with the Project from submitting a thesis incorporating or using the Foreground Intellectual Property or the Results, the examination of such a thesis by examiners appointed by the University or the deposit of such a thesis in a University library in accordance with the University’s procedures provided always that:

	
 
	
7.3.1
	
the University shall obtain the prior written consent of NuCana, such consent not to be unreasonably withheld or delayed;

	
 
	
7.3.2
	
the University shall ensure that the examiners appointed by the University shall be bound by written obligations of confidentiality no less onerous than those at Clause 6;

	
 
	
7.3.3
	
the University shall ensure that the student theses are stored in a University library with restricted access for [***] from submission or such longer period (but subject to a maximum of [***]) as NuCana may reasonably request provided that the University is able to allow such extended period of restricted access taking into account University policy and the relevant student thesis on a case by case basis. 

 

	
8
	
Intellectual Property and use of the Results

	
 
	
8.1 
	
Each Party shall retain ownership in and to its Background IP.  Except as otherwise stated, this Agreement shall not grant or be construed as granting any rights by license or otherwise to the other Parties in or to another Party's Background IP.

	
 
	
8.2 
	
Each Party hereby grants the other Parties a non-exclusive, royalty-free licence to use its Background IP that it introduces into the Project for the purposes of completion of the Project only and, except as set out elsewhere in this Agreement, no other rights or licences are granted in respect of such Background IP.

	
 
	
8.3
	
The University and/or UC3 each hereby undertakes that all Intellectual Property in and to the Results shall belong to and vest in NuCana, and the University and UC3 each hereby:

	
 
	
8.3.1
	
assigns to NuCana all of their right, title and interest in and to any copyrights, database rights and UK unregistered design rights in and to the Results to the intent and with the effect that all such rights shall vest in NuCana on the date such rights are developed by the University;

	
 
	
8.3.2
	
assigns to NuCana all their right, title and interest in and to all other Intellectual Property in and to the Results; and

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

	
 
	
8.3.3
	
undertakes to execute or procure the execution of any additional documents or do or procure any other acts or things which may be necessary from to time to vest in NuCana legal and beneficial ownership of the Results and the Foreground Intellectual Property.

	
 
	
8.4
	
The University and UC3 hereby grant to NuCana, and NuCana hereby accepts, an exclusive royalty-free worldwide licence (with the right to grant sub-licences to third parties) during the Project Period to use the Protides IP in respect of the Compounds and all compounds comprised within their respective Nucleoside Families (e.g. if the University has carried out work on [***] as part of the Project or under the 2009 Agreement then the foregoing licence will cover all [***]) for all purposes, including but not limited to researching and developing pharmaceutical products for all and any therapeutic, diagnostic, prognostic and prophylactic indications and thereafter the manufacture, marketing, distribution and sale of such pharmaceutical products.

	
 
	
8.5
	
Upon request by NuCana to the University and UC3 prior to expiry of the Project Period, the licence granted pursuant to Clause 8.4 shall be deemed to have been extended for a further period of [***] from expiry of the Project Period (the “Extended Licence Period”) in respect of those Compounds upon which Evaluation Testing either has been undertaken during the Project Period or under the 2009 Agreement, is continuing at expiry of the Project Period  or is to be undertaken following expiry of the Project Period and all compounds within their respective Nucleoside Families, subject to NuCana  notifying the University and UC3 at the time of such request of the Compounds in respect of which Evaluation Testing is continuing  or is to be undertaken.

 

	
 
	
8.6
	
Upon request by NuCana to the University and UC3 prior to expiry of the Extended Licence Period, the licence referred to in Clause 8.5 above shall be deemed to have been extended for one further [***] period (the “Further Extended Licence Period”) if  NuCana so requests in respect of those Compounds upon which Evaluation Testing is ongoing at such date for the purposes of finalising Evaluation Testing on such Compounds,  subject to;

8.6.1 the sum of £[***] ([***] pounds) becoming due and   payable by NuCana  to the UC3 on the first day of the Further Extended Licence Period; and

8.6.2 NuCana notifying the University and UC3 at the time of such request of the Compounds upon which Evaluation Testing is ongoing at such date.

 

UC3 will charge VAT in addition where appropriate.

 

	
 
	
8.7
	
Once NuCana has completed its Evaluation Testing on the Compounds, it shall notify the University and UC3 of such completion and of those Compounds which, following such Evaluation Testing, are reasonably 

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

	
 
		
deemed by NuCana to be suitable for commercialisation (the “Selected Compounds”). The University and UC3 hereby grants to NuCana, and NuCana hereby accepts, an exclusive royalty-free worldwide licence (with the right to grant sub-licences to third parties) (terminable only in the circumstances set out in Clause 8.9) to use the Protides IP in respect of the Selected Compounds and all compounds comprised within their respective Nucleoside Families (i.e. if a [***] is one of the Selected Compounds, then the foregoing licence will cover all [***]) for all purposes, including but not limited to researching and developing pharmaceutical products for all and any therapeutic, diagnostic, prognostic and prophylactic indications and thereafter the manufacture, marketing, distribution and sale of such pharmaceutical products. 

	
 
	
8.8
	
The University and UC3 each hereby agrees not (except as expressly permitted under other provisions of this Agreement) at any time whilst the licences granted pursuant to:

	
 
	
8.8.1
	
Clauses 8.4 or 8.5  remain in force, to use, or to grant to any person or entity a licence or other right to use the Protides IP with any of the Compounds/ or and any of the compounds comprised within their respective Nucleoside Families covered by such licences or to conduct research on such Compounds and/ or any compounds comprised within their respective Nucleoside Families on behalf of or in collaboration with any third party, for any purpose whatsoever;

	
 
	
8.8.2
	
Clauses 8.6  or 8.7 remain in force, to use, or to grant to any person or entity a licence or other right to use the Protides IP with any of the Compounds covered by such licences and/ or any compounds comprised within their respective Nucleoside Families or to conduct research on such Compounds  and/ or any compounds comprised within their respective Nucleoside Families on behalf of or in collaboration with any third party, for any purpose.

	
 
	
8.9
	
All the licences granted to NuCana pursuant to Clauses 8.4, 8.5 and 8.6 and 8.7:

	
 
	
8.9.1
	
may be terminated by UC3:

	
 
	
(a)
	
[***] by serving written notice upon NuCana in the event of NuCana’s Insolvency;

	
 
	
(b)
	
by giving [***] written notice to NuCana in the event of a material breach of any such licence including, but not limited to, failure to make the payments due under Clause 8.6, which if capable of remedy by NuCana is not remedied within the [***] notice period;

	
 
	
(c)
	
if NuCana fails to pay any of the payments payable pursuant to Clause 9 within [***] of the due date for payment thereof;

	
 
	
8.9.2
	
shall [***] terminate upon termination of this Agreement pursuant to the provisions of Clause 11.2. 

 

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

	
 
	
8.10
	
NuCana shall promptly notify the University at the end of the Extended Licence Period or Further Extended Licence Periods as applicable of the Compounds (if any) which it no longer requires a licence for and the restrictions upon the University and UC3 at Clause 8.8 shall cease to apply in respect of those Compounds (if any). For the avoidance of doubt the restrictions at Clause 8.8 shall cease to apply if the licences granted pursuant to Clauses 8.4, 8.5, 8.6 and/or 8.7 are terminated pursuant to Clause 8.9.

	
 
	
8.11
	
NuCana hereby grants or agrees to grant to the University a royalty-free licence to use any Intellectual Property in and to the Results for the University’s own internal non-commercially funded research and academic and teaching purposes, provided that such purposes do not cause the University to be in breach of any other term of this Agreement including its obligation of confidentiality set out in Clause 6.  

	
 
	
8.12
	
NuCana shall indemnify and hold harmless the University, UC3, their employees and agents, from and against any claim, loss, damage or expense relating to  NuCana’s use and/or uses of any and all Results, the Intellectual Property in the Results and/or any other advice or information supplied to NuCana pursuant to this Agreement but excluding any such claim, loss, damage or expense to the extent that it arises as a result of any breach by the University or UC3 or their employees and agents of the terms of this Agreement or any negligence on the part of the University or UC3 or their employees and agents.  The University and/ or UC3 (as the case shall be) shall provide NuCana with written notice of any such claim or liability as soon as possible and in any event within [***] of receiving notice of any such claim or liability.  NuCana shall be solely responsible for the investigation, defence, settlement and discharge of such claim or liability and the University and/or UC3 shall provide NuCana with all assistance reasonably requested by NuCana in connection with the investigation, defence, settlement and discharge of such claim or liability.

	
9
	
Milestone and Royalty Payments

	
 
	
9.1
	
NuCana agrees to make milestone payments to UC3 as set forth in Schedule 2. Each milestone payment is owed whether the milestone is achieved by NuCana, an Affiliate, Licensee or Assignee.  NuCana shall inform UC3 within [***] of the event and the payment shall be made within [***] of the notice of each event being served to UC3.  If the milestone is achieved by a Licensee or Assignee, NuCana shall inform UC3 within [***] of NuCana’s knowledge of the event and payment shall be made within [***] of notice of each event being served to UC3.

	
 
	
9.2
	
NuCana will pay to UC3 a royalty of [***] percent ([***]%) of Net Sales of NuCana or any of its Affiliates.

	
 
	
9.3
	
NuCana will pay to UC3 a royalty of [***] percent ([***]%) of all Other Income received by NuCana or any of its Affiliates from the exploitation of the Results and/or Foreground Intellectual Property.

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

	
 
	
9.4
	
[***]. No milestone payments (as set out in Schedule 2) or royalties, as payable in accordance with Clauses 9.1, 9.2 and 9.3, shall be payable by NuCana to the UC3 if the relevant milestones have already been paid under the 2009 Agreement including but not limited to  where the relevant milestone is only payable on the first product incorporating a compound within a Nucleoside Family and the relevant milestone has already been paid for a product incorporating another compound within the same Nucleoside Family under  the 2009 Agreement 

	
 
	
9.5
	
Within [***] of the end of the period commencing on the Effective Date and ending on [***] and each subsequent  period of [***] commencing on [***]  (each a “Royalty Period”), NuCana shall submit to UC3 a written statement  detailing: 

	
 
	
   (a)
	
the total Net Sales (if any) of NuCana and all its Affiliates during such Royalty Period;

	
 
	
   (b)
	
the total royalties payable pursuant to the provisions of clause 9.2 above in respect of such Net Sales;

	
 
	
   (c)
	
the total Other Income (if any) received by NuCana and all its Affiliates during such Royalty Period from the exploitation of the Results and/or Foreground Intellectual Property; and

   (d) the total royalties payable pursuant to the provisions of Clause 9.3 above in respect of such Other Income 

together with payment of the total amount of royalties (if any) shown on such statement. 

	
 
	
9.6
	
All sums payable under this Agreement are exclusive of value added tax which shall, if applicable, be payable in addition at the rate in force from time to time.

	
 
	
9.7
	
NuCana shall and shall procure that each of its Affiliates shall keep true and accurate records  and books of account of:

(a)  all sales by NuCana or (as the case may be) the relevant Affiliate of Products; and

(b)  all proceeds received by NuCana or (as the case may be) the relevant Affiliate from;

(i) Licensees in connection with a licence or sub-licence of the Results or Foreground Intellectual Property, including but not limited to signing or upfront fees, annual licence maintenance fees, royalties on sales and annual minimum royalty payments; and/or

(ii) Assignees in connection with assignation of the Results and/or Foreground Intellectual Property 

(the “Records”), and NuCana shall and shall procure that each of its Affiliates shall, upon request by UC3 and during normal business hours, permit a chartered accountant appointed by UC3 to inspect such Records for the purpose of enabling UC3 to verify the accuracy of the statements 

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

provided pursuant to Clause 9.5. UC3 shall procure that such accountant enters into a confidentiality agreement with NuCana in terms of which he/ she agrees to keep confidential all information obtained from such inspection and to disclose such information solely to UC3. All fees, expenses and other payments payable to such chartered accountant in connection with any such inspection shall be borne by UC3 unless such inspection reveals an underpayment of royalties in respect of any Royalty Period of at least [***] percent ([***]%) in which case such costs shall be borne by NuCana and, if such costs have already been incurred by UC3, NuCana shall (subject to UC3 providing receipts or other proof that such  costs have been incurred) reimburse such costs to UC3 immediately upon demand.     

 

	
10
	
Force majeure

If the performance by any Party of any of its obligations under this Agreement (other than an obligation to make payment) shall be prevented by circumstances beyond its reasonable control, then the that Party shall (provided it has notified the other Parties of the relevant circumstances) be excused from performance of that obligation for the duration of the relevant event.

 

	
11
	
Term and Termination

	
 
	
11.1
	
This Agreement shall be deemed to have commenced on the Effective Date and shall continue in full force and effect until expiry of the Project Period unless terminated earlier pursuant to the provisions of Clause 11.2.

	
 
	
11.2
	
This Agreement may be terminated by any Party for any material breach of the obligations set out in this Agreement by any of the other Parties, by giving [***] written notice to the other Parties of its intention to terminate.  The notice shall include a detailed statement describing the nature of the breach.  If the breach is capable of being remedied and is remedied within the [***] notice period, then the termination shall not take effect.

  If the breach is not remedied within the [***] notice period, then the termination shall take effect at the end of the [***] notice period. Failure to make the payments set out in Clauses 2.1, 8.6 or 9 within [***] following the due date for such payment shall constitute a material breach for the purposes of this Clause 11.2.  

	
 
	
11.3
	
Upon expiry or termination of this Agreement all rights and obligations of the Parties shall, subject to the provisions of Clause 11.4, immediately cease without prejudice to any rights of action then accrued hereunder or at law.

	
 
	
11.4
	
Unless stated otherwise in this Agreement:

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

	
 
	
11.4.1
	
 the following provisions shall survive expiry (but not termination of this Agreement pursuant to Clause 11.2): Clauses 2.1, 2.2, 3.2, 4, 5, 6, 7, 8, 9, 10, 11.3, 12, 13, 14, 15, 16, 17 and this Clause 11.4;

	
 
	
11.4.2
	
 the following provisions shall survive termination of this Agreement pursuant to Clause 11.2: Clauses 2.1 and 2.2 (but only in relation to any outstanding payments due as at the date of termination),2.4, 3.2, 4,  6, 7, 8.3, 9, 10, 12, 13, 14, 15, 16, 17 and this Clause 11.4.

 

	
12
	
Publicity

No Party shall use the name of either of the others in any press release or product advertising, or for any other commercial purpose, without that other Party’s prior written consent; provided, however, that publication of the sums received from NuCana in the University’s annual report and similar publications shall not be regarded as a breach of this Clause 12.

 

	
13
	
Assignment

No Party shall assign any of its rights and obligations under this Agreement without the prior written consent of each of the other Parties.

 

	
14
	
Notices

	
 
	
14.3
	
The University’s representative for the purpose of receiving payments shall until further notice be:

 [***]

	
 
	
14.4
	
The University’s representative for the purpose of receiving reports shall until further notice be:

[***]                                                                                                                                                                

	
 
	
14.5
	
The University’s representative for the purpose of receiving all other notices shall until further notice be:

[***] 

	
 
	
14.6
	
UC3’s representative for the purpose of receiving all notices shall until further notice be:

[***] 

	
 
	
14.7
	
NuCana’s representative for the purpose of receiving invoices, reports and other notices shall until further notice be:

Hugh S Griffith, Chief Executive Officer, NuCana plc, 3 Lochside Way, Edinburgh, EH12 9DT.

	
15
	
General

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

	
 
	
15.1
	
Nothing in this Agreement shall create, imply or evidence any partnership or joint venture between the Parties or the relationship between any of them of either principal and agent or employer and employee.

	
 
	
15.2
	
This Agreement, and its Schedules (which are incorporated into and made a part of this Agreement), together constitute the entire agreement between the Parties for the Project.  Any variation shall be in writing and signed by all Parties or by their authorised signatories.

	
 
	
15.3
	
This Agreement shall be governed by English and Welsh law. The English and Welsh courts shall have exclusive jurisdiction to deal with any dispute which has arisen or may arise out of or in connection with this Agreement.

	
 
	
15.4
	
Headings are for convenience only and shall not affect the construction or interpretation of this Agreement; and references to Clauses are to clauses of this Agreement.

 

	
16
	
Third parties

The Parties do not intend that the terms of this Agreement create any right enforceable by any person who is not a party to it ('Third Party') under the Contracts (Rights of Third Parties) Act 1999 (the “Act”).

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

	
17
	
Definitions

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

		
	
“Affiliate”
	
means any corporation or non-corporate entity that controls, is controlled by, or is under common control with a party to this agreement.  A corporation or non-corporate  entity is to be regarded as in control of a corporation if it owns, or directly or indirectly controls, at least fifty percent (50%) of the voting stock of the other corporation, or (i) in the absence of the ownership of at least fifty percent (50%) of the voting stock of a corporation or (ii) in the case of a non-corporate business entity, or non-profit corporation, if it possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such corporation or non-corporate entity, as applicable; 

	
“Assignee”
	
means any person or entity obtaining an assignment of the Foreground Intellectual Property or part thereof from NuCana or from any Affiliate of NuCana other than an Affiliate of NuCana;

	
“Assignment Deed”
	
means the Deed between UC3 and [***] (thereafter acquired by [***]) dated [***]; 

	
“Background IP”
	
means any Intellectual Property owned or controlled by any Party at the date of this Agreement together with any and all rights therein or which shall at any time thereafter become so owned or controlled and in the case of the University includes the Protides IP;

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

		
		
	
“Confidential Information”
	
shall have the meaning set out in Clause 6.1;

	
“Compounds”
	
means the compounds comprised within each Nucleoside Family which the University has been requested to conduct work on by NuCana as part of the Project or under the 2009 Agreement;

	
“Disclosing Party”
	
means a Party to this Agreement that discloses Confidential Information to one or both of the other Parties;

	
“Effective Date”
	
means 1 January 2017;

	
“Evaluation Testing”
	
means testing such as [***]; 

 

	
“Extended Licence Period”
	
means the period referred to in Clause 8.5 above;

	
“Foreground Intellectual Property”
	
means any Intellectual Property arising from the Project;

	
“Further Extended Licence Period”
	
means the period referred to in Clause 8.6 above; 

	
“Information”
	
means specifications, drawings, circuit diagrams, tapes, discs and other computer-readable media, documents, information, techniques and know-how;

	
“Initial Project Period”
	
means the period of [***] commencing on the Effective Date;

	
“Intellectual Property”
	
means all and any rights in or to [***]; and all similar or equivalent rights arising or subsisting in any part of the world;

	
 
	
 

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

		
	
“Insolvency”
	
(i)a petition is presented, a resolution is passed or an order is made for the winding up or dissolution of a party;

 

(ii)an application, petition or order is made for any of the following to be appointed over a party or any of its assets, or such an 

appointment is made: receiver, administrative receiver, receiver and manager, administrator or sequestrator;

 

(iii)a party enters into, or there is proposed, a compromise or arrangement or voluntary arrangement, or a scheme or composition in satisfaction or composition of its debts with all or any of the creditors or members of a party or steps are taken to obtain a moratorium;

 

(iv)any creditor takes possession of, or levies distress, enforcement or some other process upon, all or any of a party’s assets or undertaking;

 

(v)a party is deemed unable to pay its debts, or is unable, or admits its inability, to pay its debts as they fall due; or

 

(vi)a party ceases to carry on the whole or a substantial part of its business;

 

and the term “Insolvent” shall be construed accordingly;

 

 

	
“Licensee”
	
means any person or entity (other than an Affiliate of NuCana) entering into a license with NuCana or a sublicense with an Affiliate of NuCana of the Results or Foreground Intellectual Property or part thereof;

	
“"Net Sales"
	
means the gross proceeds received by NuCana or its Affiliates from the sale of Products by NuCana or its Affiliates after deduction of costs relating to [***];

 

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

		
	
“Nucleoside Families”

 
	
means those nucleoside families as set out in Schedule 1 and Nucleoside Family shall be construed accordingly;

 

	
"Other Income"
	
means the gross proceeds received by NuCana or its Affiliates:(i) from Licensees in connection with a licence or sub-licence of the Results or Foreground Intellectual Property, including but not limited to, [***]; 

 

and/or

 

(ii) from Assignees in connection with assignation of the Results or Foreground Intellectual Property, other than any assignation of the Results or Foreground Intellectual Property as part of the sale of all or substantially all of the business and assets of NuCana to a third party and as part of which sale NuCana's rights and obligations under this Agreement are also being transferred to the relevant third party;

	
“[***]”
	
means a [***] engaged by the University on the Project;

 

		
	
"Product"
	
means any pharmaceutical products developed, manufactured, marketed, distributed and/or sold by NuCana or its Affiliates which incorporate a compound which is comprised within the Results;

	
“Project”
	
shall have the meaning set out in Schedule 1;

	
“Project Period”
	
the Initial Project Period and  any extension or extensions thereto agreed by the Parties pursuant to Clause 1.4; 

	
“Project Fee”
	
means the fees set out at Clause 2.1 above;

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

		
	
"ProTides Agreement"
	
means the licence and collaboration agreement to be entered into between NuCana and [***];

	
“Protides IP”
	
means the Intellectual Property owned or controlled by the University at the date of the 2009 Agreement relating to [***] nucleoside phosphoramidate prodrugs and any and all rights therein or which shall any time thereafter become so owned or controlled; 

	
“Principal Investigators”
	
means [***] or such successor as may be appointed;

	
“Receiving Party”
	
means a Party to this Agreement that receives Confidential Information from one or both of the other Parties;

	
“Results”
	
means the results generated by the Principal Investigators, [***],[***] and/or any other persons engaged on the Project arising from the research conducted by the Principal Investigators, [***] and/or any other persons in performing the Project;

 

		
	
"Research Agreement"
	
means the terms of agreement between the University and [***] for the conduct of research by the University relating to the discovery and development of  new anti cancer nucleosides and nucleotides;  and

 

	
 “2009 Agreement”
	
means the Research, Collaboration and Licence Agreement entered into by the Parties on 21 August 2009 (as subsequently amended and extended pursuant to amendments signed by the Parties dated 30 Sept 2010, 25 July 2011, 26 October 2011, 3 July 2012, 9 December 2013, 8 October 2014, 17 March 2015, 5 October 2015 and 22 November 2016.

	
 
	
 

 

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

AGREED by the Parties through their authorised signatories:

 

			
	
For and on behalf of 

CARDIFF UNIVERSITY

 
	
 
	
For and on behalf of

NUCANA PLC 

 

	
[***]
	
 
	
/s/ Hugh S Griffith

	
signed
	
 
	
Signed

	
[***]
	
 
	
Hugh S Griffith

	
print name
	
 
	
 

	
Deputy Director and Head of Research Governance and Contracts

Research Innovation Services
	
 
	
Chief Executive Officer

	
title
	
 
	
 

	
21/12/17
	
 
	
21/12/17

	
date
	
 
	
 

	
 

 

For and on behalf of 

University  College Cardiff Consultants Ltd 
	
 

	
 
	
 

	
signed    [***]
	
 

	
 
	
 

	
print name  [***]
	
 

	
 
	
 

	
title  Deputy Director and Head of              Commercial Development

Research  Innovation          Services
	
 

	
 
	
 

	
date  21/12/17
	
 

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

SCHEDULE ONE

[***]

 

 SCHEDULE TWO

 

[***]

 

The University or UC3 as applicable will charge VAT in addition where appropriate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research, Collaboration and Licence Agreement   December 2017

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

Amendment No.1

This Amendment, effective as of 21 December 2017, is made: 

BETWEEN:

	
 
	
(1)
	
CARDIFF UNIVERSITY, whose administrative offices are at 30-36 Newport Road, Cardiff, CF24 ODE, U.K. (the “University”);

	
 
	
(2)
	
UNIVERSITY COLLEGE CARDIFF CONSULTANTS LTD, a company incorporated under the laws of England and Wales (company number 1477909) whose registered office is at 30-36 Newport Road, Cardiff, United Kingdom, CF24 0DE (“UC3”); and

	
 
	
(3)
	
NUCANA PLC, a company incorporated under the laws of England and Wales (company number 3308778) whose registered office is at 77 / 78 Cannon Street, London, England, EC4N 6AF (“NuCana”),

together the “Parties” and each a “Party”. 

RECITAL:

The Parties entered into a Research, Collaboration and License Agreement dated 21 December 2017 for a research project (the “Agreement”).  The Parties wish to amend the Agreement as set forth in this Amendment.

IT IS AGREED AS FOLLOWS:

1.Status and Purpose of this Amendment

This Amendment is supplemental to the Agreement.  Except as expressly set forth in this Amendment, the Agreement shall remain in full force and effect.

2.Amendments to the Agreement

The Parties agree that, with effect from 21 December 2017, the terms of the Agreement shall be amended as follows:

The reference to “1 January 2017” in the definition of “Effective Date” in Clause 17 shall be amended to “1 January 2018”.

The reference to “[***]” in Clause 9.5 shall be amended to “[***]”. 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their authorized officers or representatives on the date indicated below.

Signed on behalf of

Cardiff University /s/ [***]Date 01.02.2018

Signed on behalf of

University College Cardiff

Consultants Ltd /s/ [***]Date 01.02.2018

Signed on behalf of

Nucana PLC /s/ H. GriffithDate 01.02.2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

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