Document:

Exhibit 4.29

 

 

RULES of the ADAPTIMMUNE LIMITED 2014 SHARE OPTION SCHEME
 (INCORPORATING ENTERPRISE MANAGEMENT

INCENTIVE OPTIONS)

 

 

Adopted by the Company on 11 April 2014

 

Amended on 13 January 2016

 

 

CONTENTS

 

	
1.
    	
DEFINITIONS
    	
3
    
	
2.
    	
ELIGIBILITY FOR EMI   OPTIONS
    	
9
    
	
3.
    	
GRANT OF OPTIONS
    	
9
    
	
4.
    	
OPTION PRICE
    	
11
    
	
5.
    	
VESTING SCHEDULE AND   PERFORMANCE TARGETS
    	
11
    
	
6.
    	
LIMITS
    	
12
    
	
7.
    	
EXERCISE AND LAPSE OF   OPTIONS
    	
13
    
	
8.
    	
MANNER OF EXERCISE OF   OPTIONS
    	
14
    
	
9.
    	
TAX LIABILITIES
    	
16
    
	
10.
    	
NON-TRANSFERABILITY OF   OPTIONS
    	
17
    
	
11.
    	
TAKEOVERS
    	
17
    
	
12.
    	
QUALIFYING EXCHANGE OF   SHARES
    	
18
    
	
13.
    	
SALE
    	
18
    
	
14.
    	
LISTING
    	
19
    
	
15.
    	
VARIATION OF SHARE   CAPITAL
    	
19
    
	
16.
    	
RELATIONSHIP WITH   EMPLOYMENT CONTRACT
    	
20
    
	
17.
    	
VARIATIONS AND   TERMINATION
    	
20
    
	
18.
    	
HMRC REQUESTS
    	
21
    
	
19.
    	
EMI
    	
21
    
	
20.
    	
GENERAL
    	
21
    
	
21.
    	
GOVERNING LAW AND   JURISDICTION
    	
23
    

 

2

 

RULES OF THE ADAPTIMMUNE LIMITED 2014 SHARE OPTION SCHEME

(INCORPORATING ENTERPRISE MANAGEMENT INCENTIVE OPTIONS)

 

1.                                      DEFINITIONS

 

1.1                               In these Rules, unless the context otherwise requires, the following words and expressions have the meanings set opposite them:

 

	
“Auditors”
    	
 
    	
the auditors for the time being of the Company or in   the event of there being joint auditors such one of them as the Board shall   select;
    
	
 
    	
 
    	
 
    
	
“Board”
    	
 
    	
the board of directors from time to time of the   Company (or the directors present at a duly convened meeting of such board)   or a duly authorised committee of directors appointed by that board of   directors to carry out any of its functions under this Scheme, or, in   relation to any matter relating to a Rollover Option, the board of directors   from time to time of the Parent Company (or the directors present at a duly   convened meeting of such board) or a duly authorised committee of directors   appointed by that board of directors to carry out any of its functions under   this Scheme;
    
	
 
    	
 
    	
 
    
	
“Company”
    	
 
    	
Adaptimmune Limited, a company incorporated and   registered in England with number 6456741;
    
	
 
    	
 
    	
 
    
	
“Connected”
    	
 
    	
means that the relevant individual is an employee or   a director of a Group Company;
    
	
 
    	
 
    	
 
    
	
“control”
    	
 
    	
except as otherwise provided, has the meaning given   in Section 719 of ITEPA 2003;
    
	
 
    	
 
    	
 
    
	
“Date of Grant”
    	
 
    	
the date on which an Option is granted as provided   in Rule 3.6;
    
	
 
    	
 
    	
 
    
	
“Disqualifying Event”
    	
 
    	
has the meaning given in sections 533 to 539 of   ITEPA 2003;
    
	
 
    	
 
    	
 
    
	
“Eligible Person”
    	
 
    	
in relation to the grant of an Option which is not   an EMI Option, any employee or director of a Group Company and in relation to   the grant of an EMI Option, any employee of a Group Company who satisfies the   eligibility criteria set out in Rule 2;
    
	
 
    	
 
    	
 
    
	
“EMI Notice”
    	
 
    	
a notice of an option which must be given to HMRC   for that Option to be an EMI Option and which complies with the requirements   of paragraph 44 of Schedule 5 to ITEPA 2003;
    
	
 
    	
 
    	
 
    
	
“EMI Option”
    	
 
    	
an Option which is a “qualifying   option” as defined in paragraph 1(2) of Schedule 5 to ITEPA   2003;
    

 

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“Employer NICs”
    	
 
    	
any secondary class 1 (employer) national insurance   contributions (or any similar liability for social security contribution in   any jurisdiction) that the Option Holder’s Employer is liable to pay as a   result of any Taxable Event (or which such person would be liable to pay in   the absence of an election of the type referred to in Rule 9.2(b)) and   which may be lawfully recovered from the Option Holder.
    
	
 
    	
 
    	
 
    
	
“Existing Share Option”
    	
 
    	
a right to acquire Shares that are already in issue,   at the Option Price, pursuant to and in accordance with the Rules, which has   neither lapsed nor been fully exercised;
    
	
 
    	
 
    	
 
    
	
“Grantor”
    	
 
    	
the person granting an Option pursuant to the   Rules of this Scheme which may be:

(a)                                 the Company; or

 

(b)                                 the   trustees of an employee benefit trust authorised by the Board to grant   Options at the relevant time, subject to Rule 3.7; or

 

(c)                                     any other person authorised by the Board to grant Options at the relevant   time, subject to Rule 3.7;
    
	
 
    	
 
    	
 
    
	
“the Group”
    	
 
    	
the Company and its subsidiaries from time to time;
    
	
 
    	
 
    	
 
    
	
“Group Company”
    	
 
    	
a company which is a member of the Group and   includes the Company, whether or not it has any subsidiaries at the relevant   time;
    
	
 
    	
 
    	
 
    
	
“HMRC”
    	
 
    	
HM Revenue & Customs;
    
	
 
    	
 
    	
 
    
	
“ITEPA 2003”
    	
 
    	
the Income Tax (Earnings and Pensions) Act 2003;
    
	
 
    	
 
    	
 
    
	
“Listing”
    	
 
    	
the listing of the securities of the Company on the   London Stock Exchange plc (including for the avoidance of doubt the AIM   Market) or any recognised investment exchange (as defined in section 285 of   the Financial Services and Market Act 2000) including NASDAQ and NASDAQ   Europe and their respective share dealing markets and the Listing shall be   treated as occurring on the day on which trading in the securities of the   Company begins;
    
	
 
    	
 
    	
 
    
	
“New Share Option”
    	
 
    	
a right to subscribe for Shares at the Option Price   pursuant to and in accordance with these Rules which has neither lapsed   nor been fully exercised;
    
	
 
    	
 
    	
 
    
	
“N.I. Regulations”
    	
 
    	
the laws, regulations and practices from time to   time in force relating to liability for and the collection of National   Insurance contributions;
    

 

4

 

	
“Option”
    	
 
    	
a New Share Option or an Existing Share Option;
    
	
 
    	
 
    	
 
    
	
“Option Agreement”
    	
 
    	
a written agreement executed in respect of the grant   of an Option pursuant to Rule 3.4;
    
	
 
    	
 
    	
 
    
	
“Option Holder”
    	
 
    	
a person holding an Option, including, where   applicable, his Personal Representatives;
    
	
 
    	
 
    	
 
    
	
“Option Holder’s Employer”
    	
 
    	
such Group Company as is the Option Holder’s   employer or, if he has ceased to be employed within the Group, was his   employer or such other Group Company, or other person as, under the PAYE   Regulations or, as the case may be, the N.I. Regulations, or any other   statutory or regulatory enactment (whether in the United Kingdom or   otherwise), is obliged to account for any Tax Liability;
    
	
 
    	
 
    	
 
    
	
“Option Price”
    	
 
    	
the price, as from time to time determined by the   Board (with the prior consent of the Grantor, where appropriate), at which   each Share subject to an Option may be acquired on the exercise of that   Option which, if Shares are to be newly issued to satisfy the exercise of the   Option, shall not be less than the nominal value of a Share;
    
	
 
    	
 
    	
 
    
	
“Option Shares”
    	
 
    	
the Shares over which an Option subsists;
    
	
 
    	
 
    	
 
    
	
“ordinary share capital”
    	
 
    	
all the issued share capital (by whatever name   called) of the Company other than capital the holders whereof have a right to   a dividend at a fixed rate but have no other right to share in the profits of   the Company;
    
	
 
    	
 
    	
 
    
	
“Parent Company”
    	
 
    	
Adaptimmune Therapeutics plc, a company incorporated   and registered in England with number 9338148;
    
	
 
    	
 
    	
 
    
	
“PAYE Regulations”
    	
 
    	
the regulations made under section 684 of ITEPA   2003;
    
	
 
    	
 
    	
 
    
	
“Performance Option”
    	
 
    	
an Option the exercise of which is subject to   attainment of a Performance Target;
    
	
 
    	
 
    	
 
    
	
“Performance Period”
    	
 
    	
in relation to a Performance Option, the period (as   determined by the Board) over which the performance of the Company and/or any   other condition is to be measured for the purposes of determining whether and   to what extent the Performance Target is met;
    
	
 
    	
 
    	
 
    
	
“Performance Target”
    	
 
    	
the condition or conditions imposed on the exercise   of an Option pursuant to Rule 5 as amended and varied from time to time   in accordance with these 
    

 

5

 

	
 
    	
 
    	
Rules;
    
	
 
    	
 
    	
 
    
	
“Personal Data”
    	
 
    	
any personal information which could identify an   Option Holder, including but not limited to, the Option Holder’s:

 

(a)                                 date   of birth;

 

(b)                                 home   address;

 

(c)                                  telephone   number;

 

(d)                                 e-mail   address;

 

(e)                                  National   Insurance number (or equivalent); or

 

(f)                                   Options   under the Scheme or any other employee share scheme operated by the Company.
    
	
 
    	
 
    	
 
    
	
“Personal Representatives”
    	
 
    	
in relation to an Option Holder, the personal   representatives of the Option Holder (being either the executors of his will   to whom a valid grant of probate has been made or, if he dies intestate, the   duly appointed administrator(s) of his estate) who have produced to the   Company evidence of their appointment as such;
    
	
 
    	
 
    	
 
    
	
“Qualifying Subsidiary”
    	
 
    	
a subsidiary which satisfies the conditions of   paragraph 11 of Schedule 5 to ITEPA 2003;
    
	
 
    	
 
    	
 
    
	
“Relevant Restriction”
    	
 
    	
a provision included in any contract, agreement,   arrangement or condition (including the articles of association of the   Company) to which any of sections 423(2), 423(3) or 423(4) of ITEPA   2003 would apply if references in them to employment related securities were   references to Shares;
    
	
 
    	
 
    	
 
    
	
“Rollover Option”
    	
 
    	
an option granted by the Parent Company in exchange   for the release of an Option granted by the Company;
    
	
 
    	
 
    	
 
    
	
“Sale”
    	
 
    	
an unconditional agreement being entered into for   the sale to a person other than a Group Company of the whole, or   substantially the whole, of the business and assets of the Company;
    
	
 
    	
 
    	
 
    
	
“Scheme”
    	
 
    	
this share option scheme as constituted and governed   by these Rules, as from time to time amended in accordance with these Rules;
    
	
 
    	
 
    	
 
    
	
“Shares”
    	
 
    	
fully paid irredeemable shares in the ordinary share   capital of the Company. For these purposes, shares:

 

(a)         will not be fully   paid-up if there is any
    

 

6

 

	
 
    	
 
    	
undertaking to pay cash   to the Company at a future date for those Shares; and

(b)         shall be treated as   redeemable if they may become so at a future date;
    
	
 
    	
 
    	
 
    
	
“subsidiary”
    	
 
    	
a company which is a subsidiary of the Company   within the meaning of Section 1159 of the Companies Act 2006, except   that any company that is a subsidiary under section 1159(1)(b) or   section 1159(c) shall not cease to be a subsidiary for the purposes of   these Rules (in particular, the definitions of Group, Group Company,   Qualifying Subsidiary and Eligible Person) when shares in that subsidiary   held by the Company (or by another subsidiary) are registered in the name of:

 

(a)                                 another   person (or its nominee) solely by way of security or in connection with the   taking of security; or

 

(b)                                 the   Company’s (or another subsidiary’s) nominee;
    
	
 
    	
 
    	
 
    
	
“Sufficient Shares”
    	
 
    	
the smallest number of Shares which, when sold at   the best price which can reasonably be expected to be obtained at the time of   sale, will produce an amount at least equal to the relevant Tax Liability   (after deduction of brokerage and any other charges or taxes on the sale);
    
	
 
    	
 
    	
 
    
	
“Takeover”
    	
 
    	
the Company coming under the control of a person or   persons as mentioned in Rule 11;
    
	
 
    	
 
    	
 
    
	
“Taxable Event”
    	
 
    	
any event or circumstance that gives rise to a   liability for the Option Holder to pay income tax and National Insurance   contributions or either of them (or their equivalents in any jurisdiction) in   respect of:

 

(a)                                 the   Option, including its exercise, its assignment or surrender for   consideration, or the receipt of any benefit in connection with it;

 

(b)                                 any Shares (or other   securities or assets):

 

(i)                                     earmarked   or held to satisfy the Option;

 

(ii)                                  acquired   on exercise of the Option;

 

(iii)                               acquired   as a result of holding the Option; or

 

(iv)                              acquired   in consideration of the 
    

 

7

 

	
 
    	
 
    	
assignment or surrender   of the Option; or

 

(c)                                  any   securities (or other assets) acquired or earmarked as a result of holding   Shares (or other securities or assets) mentioned in (b); or

 

(d)                                 any   amount due under PAYE in respect of securities or assets within (a) to   (c) above, including any failure by the Option Holder to make good such   an amount within the time limit specified in section 222 of the ITEPA 2003.
    
	
 
    	
 
    	
 
    
	
“Tax Liability”
    	
 
    	
the total of:

 

(a)                                 any   income tax and primary class 1 (employee) National Insurance contributions   (or their equivalents in any jurisdiction) for which the Option Holder’s   Employer may be liable to account (or reasonably believes it is or may be   liable to account) as a result of any Taxable Event; and

 

(b)                                 any   Employer National Insurance contributions that any employer (or former   employer) of the Option Holder is or may be liable to pay (or reasonably   believes it is or may be liable to pay) as a result of any Taxable Event   which can be recovered lawfully from the Option Holder;
    
	
 
    	
 
    	
 
    
	
“Vested Shares”
    	
 
    	
Shares which, subject to the following rules of   this Scheme, may be acquired by the exercise of an Option in accordance with   these Rules either immediately or at some future time in consequence of   either:

 

(a)                                 the   time that has elapsed since the Date of Grant; or

 

(b)                                 one   or more Performance Targets having been met.
    
	
 
    	
 
    	
 
    
	
“Vesting Schedule”
    	
 
    	
such one or more time-based conditions as may be   specified by the Board in the Option Agreement as mentioned in Rules 5.1   and 5.2.
    

 

1.2                               Where the context so admits or requires, the singular includes the plural and the masculine includes the feminine and neuter and vice versa.

 

1.3                               References to Rules are to Rules of this Scheme as from time to time amended in accordance with their provisions.

 

1.4                               A reference to a statute or statutory provision is a reference to it as in force at the relevant time, taking account of any amendment, extension or re-enactment

 

8

 

and includes any subordinate legislation in force and made under it.

 

1.5                               References to “writing” and “written” includes faxes, email and other forms of electronic communication which can be read.

 

1.6                               A reference to a “person” includes any individual, firm, body corporate, unincorporated association, partnership, joint venture, government or state or agency of state (whether or not having a separate legal personality).

 

1.7                               Headings shall not affect the interpretation of these Rules.

 

2.                                      ELIGIBILITY FOR EMI OPTIONS

 

2.1                               A person is eligible to be granted an EMI Option if (and only if) he is an employee of the Company or a Qualifying Subsidiary and his committed time to the relevant company amounts to at least 25 hours a week, or if less, 75% of his “working time” (as that expression is defined by paragraph 27(1) of Schedule 5 to ITEPA 2003), and which includes time which the employee would have been required to so spend but for injury, ill health, disability, pregnancy, childbirth, maternity, paternity or parental leave, reasonable holiday entitlement or not being required to work during a period of notice of termination, in compliance with paragraph 26 of Schedule 5 to ITEPA 2003.

 

2.2                               A person is not eligible to be granted an EMI Option at any time when he is not eligible to participate in the Scheme by virtue of paragraph 28 of Schedule 5 to ITEPA 2003 (no material interest requirement).

 

3.                                      GRANT OF OPTIONS

 

3.1                               Subject to the limitations and conditions of this Scheme, in its absolute discretion, any Grantor may, on such dates as it shall determine, grant Options (whether or not intended to be EMI Options) to such Eligible Persons as it may in its absolute discretion select.

 

3.2                               Options:

 

3.2.1                                             may not be granted at any time when such grant would be prohibited by, or in breach of, any law or regulation with the force of law; or

 

3.2.2                                             which are intended to be EMI Options shall only be granted when the Company is a qualifying company as defined in paragraph 8 of Schedule 5 to ITEPA 2003.

 

3.3                               The Grantor may impose a condition preventing the exercise of an Option unless the Option Holder shall have entered into a Deed of Adherence (in such form as may be required by the Company) with the Company and all persons who at the date of exercise of the Option are holders of shares in the capital of the Company whereby the Option Holder becomes a party to any Shareholders’ Agreement or other document having a similar effect which is in force between the Company and all persons who at the date of exercise of the Option are holders of shares in the capital of the Company.

 

3.4                               An Option shall be granted by the Grantor and the Option Holder executing as a deed an agreement, in such form as the Board may from time to time determine. Each Option Agreement shall:

 

3.4.1                                             if such be the case, specify that the Option is intended to be an EMI Option and is granted in accordance with the provisions of Chapter 9 of

 

9

 

Part 7 of and Schedule 5 to ITEPA 2003;

 

3.4.2                                             specify the Date of Grant;

 

3.4.3                                             identify the Grantor;

 

3.4.4                                             specify the number and class of Shares over which the Option is granted;

 

3.4.5                                             specify the Option Price;

 

3.4.6                                             specify any Performance Target and Performance Period imposed pursuant to Rule 5 (and any restrictions that apply to the variation or waiver of any such Performance Target) and any condition imposed under Rule 3.3;

 

3.4.7                                             specify the Vesting Schedule applicable to the Option;

 

3.4.8                                             specify the last date on which the Option may be exercised (subject to Rule 7.1) and assuming that the Option is not exercised earlier and no event occurs to cause the Option to lapse earlier;

 

3.4.9                                             specify how the Option may be exercised;

 

3.4.10                                      specify details of any Relevant Restrictions attaching to the Option Shares;

 

3.4.11                                      specify that the Option is subject to these Rules;

 

3.4.12                                      include the terms required by Rule 9.1, Rule 9.2 and Rule 9.7;

 

3.4.13                                      include the power of attorney required by Rule 10.8; and

 

3.4.14                                      include a term giving effect to Rule 3.9.

 

3.5                               No amount shall be paid by an Eligible Employee for the grant of an Option.

 

3.6                               The date of the agreement executed pursuant to Rule 3.4 shall be taken for all purposes of this Scheme as the Date of Grant in respect of the relevant Option.

 

3.7                               An Option shall not be granted by any person other than the Company without the prior approval of the Board and such person will only be authorised to grant Options after it has entered into as irrevocable undertaking to the Company for the benefit of the Company and an Option Holder’s Employer that such person will fulfil its obligations as Grantor under these Rules.

 

3.8                               In the case of an EMI Option, within 30 days after the Date of Grant, the Option Holder shall correctly complete, sign and date the relevant EMI Notice and return it to the Option Holder’s Employer.

 

3.9                               If an Option Holder granted an EMI Option does not correctly complete, sign and date the relevant EMI Notice and return it to the Option Holder’s Employer within 60 days after the Date of Grant the relevant Option shall automatically lapse at the end of that period.

 

3.10                        The Option Holder’s Employer shall, in respect of any Option intended to be an EMI Option:

 

10

 

3.10.1                                      send an original of the duly completed EMI Notice so as to be received by the Small Company Enterprise Centre of HMRC within the period of 92 days after the relevant Date of Grant (or such other period as may be specified by paragraph 44 of Schedule 5 to ITEPA 2003 at the relevant time); and

 

3.10.2                                      keep each Option Agreement available for inspection by HMRC at any time.

 

3.11                        The Option Agreement shall serve as evidence of the grant of the Option and accordingly no certificates shall be issued to the Option Holder.

 

4.                                      OPTION PRICE

 

4.1                               Subject to Rule 3.4 and any adjustment being made pursuant to Rule 15, the Option Price shall be determined by the Board (with the prior consent of the Grantor, where appropriate).

 

4.2                               In the case of a New Share Option, the Option Price shall not be less than the nominal value of a Share.

 

5.                                      VESTING SCHEDULE AND PERFORMANCE TARGETS

 

5.1                               An Option may be granted subject to either, or both, a Vesting Schedule and Performance Targets as the Board shall determine.

 

5.2                               An Option may be granted on terms that different proportions of the Option Shares shall respectively become Vested Shares if the Option Holder holds continuous employment within the Group throughout such different periods, beginning with the Date of Grant, as the Board shall specify in the Option Agreement.

 

5.3                               An Option may be granted on terms that the extent to which the Option Shares become Vested Shares shall depend upon the extent to which one or more Performance Targets specified in the Option Agreement is attained (so that if and insofar as any such Performance Target is not attained, the Option shall then lapse and cease to be exercisable in respect of the proportion of Option Shares which does not then become Vested Shares).

 

5.4                               A Performance Target may be specified to apply to the whole or part only of an Option.

 

5.5                               After an Option has been granted the Board may (with the consent of the Grantor, where appropriate) amend a Vesting Schedule so as to bring forward the time at which any Option Shares shall become Vested Shares or vary any Performance Target imposed pursuant to Rule 5.1 PROVIDED THAT no such variation shall be made unless an event has occurred or events have occurred in consequence of which the Board reasonably considers that the terms of the existing Performance Targets should be so varied for the purpose of ensuring that either the objective criteria against which the performance of the Group and/or any Group Company and/or any division and/or the Option Holder will then be measured will be, in the reasonable opinion of the Board, a fairer measure of such performance or that any varied Performance Target will afford a more effective incentive to Option Holders and will be no more difficult to satisfy than was the Performance Target when first set.

 

5.6                               After an Option has been granted the Board may (with the consent of the

 

11

 

Grantor, where appropriate), waive in whole or in part any requirement that a Performance Target be met as a condition of exercise of an Option PROVIDED THAT no such waiver shall be made unless an event or events have occurred in consequence of which the Board reasonably considers that the terms of the existing Performance Target no longer afford an effective incentive to the Option Holder.

 

5.7                               The Board shall determine whether, and to what extent, any Performance Targets have been satisfied.

 

5.8                               If an Option is subject to any Performance Target, the Board shall notify the Option Holder (and the Grantor, if not the Company) within a reasonable time after the Board becomes aware of the relevant information:

 

5.8.1                                             whether (and, if relevant, to what extent) the Performance Target has been satisfied and the relevant Option has therefore vested;

 

5.8.2                                             of any subsequent change in whether, or the extent to which, the Performance Target has been satisfied;

 

5.8.3                                             when that Performance Target has become incapable of being satisfied, in whole or in part; and

 

5.8.4                                             of any waiver or variation of that Performance Target under Rule 5.5 or 5.6.

 

5.9                               The number of Shares in respect of which an Option shall become vested on any occasion shall be rounded to the nearest whole number.

 

5.10                        If, in consequence of a Performance Target being met, an Option becomes vested in respect of some but not all of the Option Shares, it shall thereupon lapse and cease to be exercisable in respect of the balance of the Option Shares if such Performance Target is incapable of being met in respect of the balance of such Option Shares.

 

6.                                      LIMITS

 

6.1                               Unless permitted by Schedule 5 to ITEPA 2003 or such other legislation as may from time to time govern the granting of EMI Options, no person shall be granted EMI Options which would, at the time they are granted, result in that person exceeding the £250,000 maximum entitlement as prescribed in paragraph 5 of Schedule 5 to ITEPA 2003 (or such other amount as may be specified by Schedule 5 to ITEPA 2003 at the relevant time).

 

6.2                               Unless permitted by Schedule 5 to ITEPA 2003 or such other legislation as may from time to time govern the granting of EMI Options, no person shall be granted EMI Options which would, at the time that they are granted, result in the Company exceeding the £3,000,000 maximum value of shares prescribed in paragraph 7 of Schedule 5 to ITEPA 2003 (or such other amount as may be specified by Schedule 5 to ITEPA 2003 at the relevant time).

 

6.3                               A Grantor may only grant EMI Options whilst the requirements of Schedule 5 to ITEPA 2003 are met and if any of the requirements are not met, the Option shall continue to subsist but not as an EMI Option.

 

6.4                               For the avoidance of doubt, the limitations under this Rule 6 do not apply to Options which are not EMI Options.

 

12

 

7.                                      EXERCISE AND LAPSE OF OPTIONS

 

7.1                               An Option shall not in any event be exercised later than 5.00 pm GMT on the day immediately preceding the tenth anniversary of the Date of Grant or such earlier date as may be specified in the relevant Option Agreement and shall lapse if not exercised by such date.

 

7.2                               Subject to Rules 7.43, 7.54, 7.5, 11.2 and 13.2, an Option may only be exercised (if at all) after the earliest of the occurrence of:-

 

7.2.1                                             a Takeover;

 

7.2.2                                             a Sale;

 

7.2.3                                             a Listing; or

 

7.2.4                                             the expiry of the period of one hundred and fourteen months commencing on the first day of the month in which the Date of Grant occurs.

 

7.3                               Subject to Rules 11.2 and 13.2 an Option may only ever be exercised in respect of Vested Shares or such greater proportion of the Option Shares as may be notified in writing to the Option Holder by the Board before or within 14 days after the date on which the Option becomes exercisable in accordance with Rule 7.2 or Rule 7.5.

 

7.4                               Except as mentioned in Rules 7.6, 11 and 13 or as otherwise provided in the relevant Option Agreement an Option may not be exercised unless the Option Holder is at the time of exercise Connected with a Group Company.

 

7.5                               Notwithstanding the provisions of Rule 7.2 the Board may in its absolute discretion, by notice in writing to the relevant Option Holder (or, where appropriate, his Personal Representatives), allow an Option to be exercised in the absence of a Takeover, a Sale or a Listing and, in such notice, shall specify the period within which that Option may be exercised and may specify alternative conditions which must be satisfied before the Option may be exercised.

 

7.6                               If an Option Holder ceases to be Connected with any member of the Group then an Option granted to him may only be exercised (if at all) in relation to such proportion of the Option Shares, and (subject to Rule 7.1) within such period, as the Board shall (with the consent of the Grantor, where appropriate) determine and notify to the Option Holder ( or, where appropriate, his Personal Representatives ) and shall otherwise lapse and cease to be exercisable on the date of cessation PROVIDED THAT unless such determinations are made by the Board prior to the expiry of the period of three months beginning with the date on which the Option Holder ceases to be so Connected then such Option may not be exercised and shall be deemed to have lapsed and ceased to be exercisable as from the date of such cessation.

 

7.7                               Save for the express requirements of Rules 7.5 and 7.6 there are absolutely no restrictions (or implied restrictions) under these Rules or otherwise on the Board’s freedom to make whatever decision it wishes (or no decision at all) under Rules 7.5 and 7.6.  In doing so, the Board may take into account (or disregard) whatever factors it wishes.  An Option Holder shall have no entitlement to, and m not claim, compensation or damages (or any other remedy) from any Group Company or any former Group Company in respect of any Board decision under

 

13

 

Rules 7.5 or Rule 7.6 (or any failure by the Board to consider making a decision).

 

7.8                               An Option shall immediately lapse and cease to be exercisable:

 

7.8.1                                             if, in the case of an EMI Option, within the period of 60 days commencing on the Date of Grant, the Option Holder does not correctly complete, sign and return the relevant EMI Notice and return it to the Option Holder’s Employer;

 

7.8.2                                             subject to Rules 7.6, 11 and 12, if the Option Holder ceases to be Connected with any member of the Group for any reason (including death);

 

7.8.3                                             if the Board shall have exercised its discretion pursuant to Rule 7.5 and the relevant Option shall not have been validly exercised within the period allowed for exercise as specified by the Board pursuant to Rule 7.5, at the end of that period;

 

7.8.4                                             if the Board shall have exercised its discretion pursuant to Rule 7.6 and the relevant Option shall not have been validly exercised within the period allowed for exercise and specified by the Board pursuant to Rule 7.6, at the end of that period;

 

7.8.5                                             at 5.00pm GMT on the day preceding the tenth anniversary of the Date of Grant;

 

7.8.6                                             if the Option (or any rights under it) is transferred or assigned (other than to the Personal Representatives of the Option Holder on the death of the Option Holder), mortgaged, charged or any other security interest created over it or otherwise disposed of by the Option Holder or the Option Holder attempts to do any such thing;

 

7.8.7                                             if the Option Holder is adjudged bankrupt under Part IX of the Insolvency Act 1986, or applies for an interim order under Part VIII of the Insolvency Act 1986, or proposes or makes a voluntary arrangement under Part VIII of the Insolvency Act 1986, or takes similar steps, or is similarly affected under the laws of any jurisdiction that correspond to those provisions of the Insolvency Act 1986;

 

7.8.8                                             at the end of the 40 day period referred to in Rule 11.1 or, if earlier, at the end of any period specified by the Board pursuant to Rule 11.2;

 

7.8.9                                             at the end of the 40 day period referred to in Rule 13.1 or, if earlier, at the end of any period specified by the Board pursuant to Rule 13.2;

 

7.8.10                                      if any Performance Target to which the Option is subject becomes incapable of being attained by the end of the relevant Performance Period.

 

8.                                      MANNER OF EXERCISE OF OPTIONS

 

8.1                               An Option shall be exercised in whole or in part by the Option Holder (or, as the case may be, his Personal Representatives) delivering to the Company (acting as agent of the Grantor) a written exercise notice (in such form prescribed by the Board from time to time, which can, without limitation, be in electronic form) specifying the number of Shares in respect of which the Option is being exercised.  Such notice shall be accompanied by the payment of an amount equal to the

 

14

 

Exercise Price multiplied by the number of Shares specified in the exercise notice in respect of which the Option is exercised and by any payment required under Rule 9 and/or any documentation relating to arrangements or agreements required under Rule 9 (save to the extent the Option Holder enters into other arrangements satisfactory to the Company for the payment of any such sum in relation to the Exercise Price and/or any sum required to be paid under Rule 9).

 

8.2                               Where an Option is exercised in part only the balance of the Option not thereby exercised shall continue to be exercisable in accordance with these Rules and the relevant Option Agreement.

 

8.3                               Any exercise notice shall be invalid:

 

8.3.1                                             to the extent that it is inconsistent with the Option Holder’s rights under these Rules and/or the Option Agreement; and

 

8.3.2                                             if any of the requirements of Rule 8.1 are not met; or

 

8.3.3                                             if any payment referred to in Rule 8.1 is made by a cheque that is not honoured on first presentation or in any other manner which fails to transfer the expected value to the Company.

 

8.4                               A notice to exercise an Option by an Option Holder will be invalid:

 

8.4.1                                             when any Group Company has begun disciplinary proceedings against the relevant Option Holder which have not been concluded; or

 

8.4.2                                             while any Group Company is investigating the relevant Option Holder’s conduct and may as a result begin disciplinary proceedings; or

 

8.4.3                                             while there is a breach of the relevant Option Holder’s contract of employment which entitles any Group Company to dismiss the Option Holder (whether or not the Group Company is aware of that breach); or

 

8.4.4                                             at any time when the relevant Option Holder is no longer employed by a Group Company but the Option remains capable of exercise, if there was a material breach of the Option Holder’s employment contract:

 

(a)                                 of which no Group Company was aware (or not fully aware) until after:

 

(i)                                     the time when the Option Holder ceased employment; and

 

(ii)                                  the time when the Board decided to permit the exercise of the Option following the Option Holder’s cessation of employment (if such permission has been granted); and

 

(b)                                 which would have prevented the grant or exercise of the Option, had any Group Company been aware (or fully aware) of that breach at the relevant time.

 

8.5                               The Board shall treat Option Holders fairly and reasonably when making decisions or taking steps under Rule 8.4.

 

8.6                               The Company may permit the Option Holder to correct any defect referred to in

 

15

 

Rule 8.3.2 or 8.3.3 (but shall not be obliged to do so). The date of any corrected exercise notice shall be the date of the correction rather than the original notice date for all other purposes of the Scheme.

 

8.7                               The Company shall be entitled to satisfy any New Share Option in whole or in part by procuring that the relevant number of Shares are transferred to the Option Holder upon the exercise of his Option.

 

8.8                               Subject to the other Rules of this Scheme, as soon as practicable and in any event not more than 30 days after receipt by the Company of a valid notice exercising a New Share Option, the Shares in respect of which the New Share Option has been exercised and in respect of which the Company has not exercised its rights pursuant to Rule 8.6 shall be allotted and issued by the Company.

 

8.9                               Subject to the other Rules of this Scheme, as soon as practicable and in any event not more than 30 days after receipt by the Grantor of a notice exercising an Existing Share Option or (where the Company is exercising its rights pursuant to Rule 8.7) by the Company of a valid notice exercising a New Share Option, the person transferring shares to the Option Holder shall lodge with the Company a transfer of the number of Shares which are to be transferred to the Option Holder pursuant to the exercise of his Option together with the share certificate(s) covering such Shares (if applicable) and the Company shall register such transfer. Shares transferred in satisfaction of the exercise of an Option shall be transferred free of any lien, charge or other security interest, and with all rights attaching to them, other than any rights determined by reference to a date before the date of transfer.

 

8.10                        The Company shall be responsible for any stamp duty payable by an Option Holder in respect of the transfer of any Shares to him pursuant to the exercise of an Option.

 

8.11                        Except for any rights determined by reference to a date before the date of allotment, Shares allotted and issued in satisfaction of the exercise of an Option shall rank equally in all respects with the other shares of the same class in issue at the date of allotment.

 

8.12                        If Shares are at the date of exercise of an Option listed on any stock exchange, the Company shall at its own expense apply to the appropriate body for the Shares allotted pursuant to the exercise of such Option to be listed and/or admitted to trading on that exchange.

 

9.                                      TAX LIABILITIES

 

9.1                               Each Option Agreement shall include the Option Holder’s irrevocable agreement to:

 

(a)                                 pay to the Option Holder’s Employer the amount of any Tax Liability; or

 

(b)                                 enter into arrangements to the satisfaction of the Option Holder’s Employer for payment of any Tax Liability.

 

9.2                               Unless the Option Holder’s Employer directs that it shall not, each Option Agreement shall include the Option Holder’s irrevocable agreement that:

 

(a)                                 the Option Holder’s Employer may recover the whole or any

 

16

 

part of any Employer NICs from the Option Holder; and

 

(b)                                 at the request of the Option Holder’s Employer, the Option Holder shall elect (using a form approved by HMRC) that the whole or any part of the liability for Employer NICs shall be transferred to the Option Holder.

 

9.3                               The Board may decide to release the Option Holder from, or not to enforce any part of the Option Holder’s obligations in respect of Employer NICs under Rule 9.1 and 9.2.

 

9.4                               If an Option Holder does not fulfil his obligations under either Rule 9.1(a) or Rule  9.1(b) in respect of any Tax Liability arising from the exercise of an Option within seven days after the date of exercise and Shares are readily saleable at that time, the Grantor shall withhold Sufficient Shares from the Shares which would otherwise be delivered to the Option Holder.  From the net proceeds of sale of those withheld Shares, the Granter shall pay to the Option Holder’s Employer an amount equal to the Tax Liability and shall pay any balance to the Option Holder.  The Option Holder’s obligations under Rule 9.1(a) and Rule 9.1(b) shall not be affected by any failure of the Company to withhold Shares under this Rule 9.4.

 

9.5                               Option Holders shall have no rights to compensation or damages on account of any tax or national insurance contributions liability which arises or is increased (or is claimed to arise or be increased) in whole or in part because of:

 

(a)                                 any decision of HMRC that an Option does not meet the requirements of Schedule 5 ITEPA 2003 and is therefore not an EMI Option, however that decision may arise;

 

(b)                                 any Disqualifying Event, however that event may be caused; or

 

(c)                                  the timing of any decision by the Board to permit the exercise of an Option under Rule 7.5 or Rule 7.6.

 

9.6                               Each Option Agreement shall include the Option Holder’s irrevocable agreement to enter into a joint election, under section 431(1) or section 431(2) of ITEPA 2003, in respect of the Shares to be acquired on exercise of the relevant Option, if required to do so by the Company or Option Holder’s Employer, on or before any date of exercise of the Option.

 

9.7                               Each Option Agreement shall include a power of attorney appointing the Company as the Option Holder’s agent and attorney for the purposes of Rule 9.4 and Rule 9.6.

 

10.                               NON-TRANSFERABILITY OF OPTIONS

 

10.1                        During his lifetime, only the individual to whom an Option is granted may exercise that Option.  Options (and any rights arising under them) may not be transferred or assigned or have any charge or other security interest created over them.

 

11.                               TAKEOVERS

 

11.1                        Subject to Rules 7.1, 11.2, and 12, if any person (“the Controller”) acquires control of the Company as a result of:

 

11.1.1                                      making an offer to acquire the whole of the issued share capital of the

 

17

 

Company which is made on a condition such that, if it is satisfied, the Controller will (on its own account or acting together with others) have control of the Company; or

 

11.1.2                                      making an offer to acquire all the shares in the Company which are of the same class as the Shares (on its own account or acting together with others); or

 

11.1.3                                      entering into a share sale and purchase agreement which will result in the Controller obtaining Control of the Company upon completion (on its own account or acting together with others);

 

the Option Holder shall, whether or not he subsequently or in consequence of the change in control ceases to be Connected with any Group Company for any reason but subject to the provisions of Rules 7.1, 7.2 and 7.3, be entitled to exercise his Option in whole or in part within the period of 40 days beginning with the date when the Controller has obtained control of the Company and (if relevant) any condition subject to which the offer is made has been satisfied and to the extent that the Option is not exercised within such period it shall lapse and cease to be exercisable.

 

11.2                        Notwithstanding Rule 11.1, if a person makes such an offer as is referred to in Rule 11.1.1 or 11.1.2 or negotiates a share sale and purchase agreement with the shareholders of the Company which will result in a change in control, the Board may, in its absolute discretion and by notice in writing to all Option Holders, declare all outstanding Options to be exercisable in respect of all Option Shares which would become Vested Shares upon such change of control in anticipation of the change in control during a reasonable limited period specified by the Board in the notice (which period shall end immediately before the Controller obtains control of the Company, if it has not already ended).  If the Board so declares, all outstanding Options may be exercised at any time during such period.  If not exercised, the Options shall lapse immediately upon the expiry of such period.

 

12.                               QUALIFYING EXCHANGE OF SHARES

 

12.1                        The provisions of Rule 12.2 shall have effect, and Rule 11.1 shall not apply if another company obtains all the shares of the Company as a result of a “qualifying exchange of shares” (falling within paragraph 40 of Schedule 5 to ITEPA 2003) and the Option Holder is invited to release his rights under his Option in consideration of the grant to him of rights (the “Replacement Option”) which are equivalent but relate to shares in the acquiring company and the requirements of paragraphs 42 and 43 of Schedule 5 to ITEPA 2003 would be met in relation to the Replacement Option.

 

12.2                        If the Option Holder does not agree to release his rights under his Option in consideration of the grant to him of such Replacement Option then his Option shall lapse and cease to be exercisable at the end of the period within which the Option Holder could have accepted such invitation.

 

13.                               SALE

 

13.1                        In the event of a Sale, Options may be exercised in respect of Vested Shares whether or not the relevant Option Holder shall have ceased to be Connected with a Group Company subsequently to or in consequence of that Sale within the period of 40 days beginning with the date of the Sale and shall lapse and cease to be exercisable at the end of that period.

 

18

 

13.2                        If the Board anticipates that a Sale may occur, the Board may invite Option Holders to exercise Options in respect of Option Shares which would become Vested Shares upon such Sale within such period preceding such Sale as the Board may specify and, if an Option is not then exercised, it shall, unless the Board otherwise determines, lapse and cease to be exercisable at the end of that period.

 

14.                               LISTING

 

14.1                        In the event of a Listing, Options may be exercised in respect of Vested Shares within such one or more periods after the Listing as the Board shall determine and notify to Option Holders before the Listing PROVIDED THAT:

 

14.1.1                                      no such period shall be less than 7 days long; and

 

14.1.2                                      the first such period shall begin within the period of 14 days beginning with the date of Listing; and

 

14.1.3                                      if no exercise period has been specified by the Board, Options may be exercised after the Listing; and

 

14.1.4                                      if more than one exercise period has been specified by the Board, Options shall in any event be exercisable in respect of not less than one-third of the Vested Shares at any time within the first such period; and

 

14.1.5                                      the Board shall specify in writing to the Option Holders, at the same time as issuing notice of the first exercise period, the number and dates of any further exercise periods.

 

14.2                        Subject to Rule 14.3 if, pursuant to Rule 14.1 an Option becomes exercisable in consequence of a Listing, then the Company shall have the right not to issue and allot Shares upon the exercise of such Option unless the Option Holder has first agreed with the Company (in such form as the Board shall determine) that the Option Holder shall not sell or otherwise dispose of the Shares acquired upon the exercise of such Option within such period or periods (not extending beyond the second anniversary of the date of Listing) as the Board may specify in a notice in writing to the Option Holder.

 

14.3                        No such agreement as is mentioned in Rule 14.2 shall prevent an Option Holder from immediately disposing of such number of the Shares so acquired (by way of sale for a consideration in cash which is not less than the best consideration which may be obtained at the time of sale) as is sufficient to enable the Option Holder (after deduction of costs and expenses of sale) to recover the cost of the aggregate Option Price paid and any income tax and National Insurance contributions due in consequence of such exercise of such Option.

 

15.                               VARIATION OF SHARE CAPITAL

 

15.1                        If there is any variation of the share capital of the Company (whether that variation is a capitalisation issue (other than a scrip dividend), rights issue, consolidation, subdivision or reduction of capital or otherwise) which affects (or may affect) the value of Options to Option Holders, the Board may adjust the number and description of Shares subject to each Option and/or the Exercise Price of each Option in a manner which the Board, in its reasonable opinion, considers to be fair and appropriate. However:

 

15.1.1                                      the amendment of any Option granted by a Grantor other than the

 

19

 

Company shall require the consent of that Grantor (which shall not be unreasonably withheld);

 

the Board should note that the amendment of an EMI Option:

 

(a)                                 may be a Disqualifying Event;

 

(b)                                 may be regarded by HMRC as the release of the Option and the grant of a replacement share option which lacks EMI tax advantages; and

 

(c)                                  it is possible to consult the Small Company Enterprise Centre of HMRC before any amendment proposed to be made under this Rule 15 and obtain their informal confirmation that they do not consider that the amendment would fall within either (i) or (ii)  above;

 

15.1.2                                      the total amount payable on the exercise of any Option in full shall not be increased; and

 

15.1.3                                      the Option Price for a Share to be newly issued on the exercise of any Option shall not be reduced below its nominal value (unless the Board resolves to capitalise, from reserves, an amount equal to the amount by which the total nominal value of the relevant Shares exceeds the total adjusted Option Price, and to apply such amount to pay-up the relevant Shares in full).

 

16.                               RELATIONSHIP WITH EMPLOYMENT CONTRACT

 

16.1                        This Scheme shall not form part of any contract of employment or letter of appointment between any Eligible Person and any Group Company and shall not confer on any Eligible Person any legal or equitable rights whatsoever against any such company nor give rise to any claim or cause of action at common law under statute or in equity.

 

16.2                        The grant of an option shall not form part of the Option Holder’s entitlement to remuneration or benefits pursuant to his contract of employment or letter of appointment or count as wages or remuneration for pension purposes nor does the existence of a contract of employment or a letter of appointment between any person and any Group Company give such person any right or entitlement to have an Option granted to him in respect of any number of Shares or any expectation that an Option might be granted to him whether subject to any conditions or at all.

 

16.3                        The rights and obligations of an Option Holder under the terms of his contract of employment or letter of appointment shall not be affected by the grant of an Option or his participation in this Scheme.

 

16.4                        The rights granted to an Option Holder upon the grant of an Option shall not afford the Option Holder any rights or additional rights to compensation or damages in consequence of the loss or termination of his office or employment with any Group Company for any reason whatsoever (whether or not in circumstances giving rise to a claim for wrongful or unfair dismissal).

 

17.                               VARIATIONS AND TERMINATION

 

17.1                        The Board may from time to time in its absolute discretion, subject to Rules 17.2

 

20

 

and 17.3, amend, delete or add to the Rules of this Scheme in any respect as they deem desirable.

 

17.2                        No amendment, deletion or addition shall be made which would adversely affect in any way any subsisting rights of Option Holders under the Scheme unless it is made:

 

17.2.1                                      with the prior written consent of such number of Option Holders as hold Options under the Scheme to acquire 75 per cent of the Shares which would be issued or transferred if all Options granted and subsisting under the Scheme were at that time exercised; or

 

17.2.2                                      by a resolution at a meeting of Option Holders passed by not less than 75 per cent of the Option Holders who attend and vote either in person or by proxy, and for the purposes of this Rule 17.2 the Option Holders shall be treated as a separate class of share capital and the provisions  of the Articles of Association of the Company relating to class meetings shall apply mutatis mutandis.

 

17.3                        This Scheme may be terminated at any time by a resolution of the Board or of the Company in general meeting.  On termination, no further Options shall be granted, but Options granted prior to such termination shall continue to be valid and exercisable in accordance with these Rules.

 

18.                               HMRC REQUESTS

 

18.1                        The Company shall provide to HMRC (within such time limit as the HMRC directs) any information in relation to this Scheme or the grant of Options under it and an Option Holder shall:

 

18.1.1                                      promptly provide to the Company such information as it may reasonably request; and

 

18.1.2                                      consent to the Company providing such information concerning him to HMRC for the purpose of complying with such request from HMRC.

 

19.                               EMI

 

19.1                        Except as described in this Rule, the Rules of this Scheme shall apply to EMI Options in exactly the same way as they apply to other Options.

 

19.2                        No warranty, representation or undertaking of any nature is given to the holder of an EMI Option that the EMI Option is a qualifying option for the purposes of ITEPA 2003 or that a disqualifying event will not occur in relation to an EMI Option.  Neither the Board, the Company nor any other person shall be liable to the Option Holder for any loss of whatsoever nature resulting from the failure for any reason of an Option granted as an EMI Option to meet the conditions of Schedule 5 to ITEPA 2003, whether such failure results from the inadvertent or deliberate act of the Board, the Company or any other person or for any other reason whatsoever.

 

20.                               GENERAL

 

20.1                        Any notice or other communication under or in connection with this Scheme may be given in such manner as the Board determines to be appropriate. Items sent by post shall be sent by pre-paid first-class post and shall be deemed to have been received at 12 noon on the second business day after posting.  This Rule 20.1 shall not apply to the service of any proceedings or other documents in any 

 

21

 

legal action.

 

20.2                        The Company shall at all times ensure that the Board is authorised to satisfy all rights from time to time subsisting under Options granted pursuant to this Scheme, taking account of any other obligations of the Company to allot and issue unissued Shares.

 

20.3                        The Board’s decision on any matter relating to this Scheme including any disputes relating to an Option shall be final and binding.

 

20.4                        The costs of introducing and administering this Scheme shall be borne by the Company.

 

20.5                        The Scheme shall be administered by the Board and the Board shall have power from time to time to make or vary regulations for the administration and operation of this Scheme provided that such regulations are not inconsistent with these Rules.

 

20.6                        Notwithstanding Rule 20.5, or anything else to the contrary in these Rules, any matter to be determined in relation to a Rollover Option granted to, or held by, the Parent Company’s chief executive officer or its other executive officers must be determined or recommended to the full board of the Parent Company for determination either by:

 

20.6.1                                      independent directors constituting a majority of the Parent Company’s board’s independent directors in a vote in which only independent directors participate; or

 

20.6.2                                      a compensation committee comprised solely of independent directors.

 

This Rule 20.6 shall be interpreted in accordance with the NASDAQ Listing Rules, save that “independent director” shall mean a person who is both an independent director within the meaning of the NASDAQ Listing Rules and a non-employee director within the meaning of Rule16b-3 under the Securities Exchange Act of 1934 of the United States (the “Exchange Act”).

 

20.7                        Subject always to Rule 20.6, the Board may delegate its powers to such person or persons as it determines, and on such terms as it determines, provided that the Board may not delegate its power and authority to the Chief Executive Officer or other executive officer of the Parent Company with regard to decisions concerning the timing, pricing or amount of a Rollover Option granted to or held by an officer, director or other person subject to Section 16 of the Exchange Act.

 

20.8                        The Company and any other Grantor shall not be obliged to provide Option Holders with copies of any materials sent to the holders of Shares.

 

20.9                        The Contracts (Rights of Third Parties) Act 1999 shall not apply to this Scheme nor to any Option granted under it and no person other than the parties [referred to in these Rules including, without prejudice to the generality of the foregoing, the relevant Option Holder’s Employer and the parties to an Option Agreement shall have any rights under it nor shall it be enforceable under that Act by any person other than the parties to it.

 

20.10                 No individual shall have any claim against any member of the Group arising out of his not being admitted to participation in the Scheme which is entirely within the discretion of the Board.

 

22

 

20.11                 In the case of the partial exercise of an Option, the Board may call in or endorse or cancel and reissue as it thinks fit, any certificate for the balance of Shares over which the Option was granted.

 

20.12                 Neither the Company nor any Grantor shall be obliged to notify any Option Holder if an Option is due to lapse.

 

21.                               GOVERNING LAW AND JURISDICTION

 

21.1                        These Rules and all Options granted hereunder shall be governed by and construed in accordance with English law.

 

21.2                        The courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim (including a non-contractual dispute or claim) that arises out of or in connection with these Rules, the Scheme or its subject matter and any Option or its subject matter or formation.

 

23Exhibit 4.30

 

	
 
    	
 
    	
 
    
	
 
    	
 

ADAPTIMMUNE LIMITED

 

Company Share Option Plan
   Adopted by the Company on 16 December 2014
   Amended on 13 January 2016

 
    	
 
    

 

 

Table of Contents

 

	
Clause
    	
 
    	
Subject Matter
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
1.
    	
 
    	
Interpretation
    	
 
    	
3
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
2.
    	
 
    	
Grant of Options
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
3.
    	
 
    	
Vesting Schedule and   Performance Conditions
    	
 
    	
10
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
4.
    	
 
    	
Individual Limits on   Grants
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
5.
    	
 
    	
Lapse and Suspension Of   Options
    	
 
    	
13
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
6.
    	
 
    	
Exercise of Options
    	
 
    	
15
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
7.
    	
 
    	
Manner of Exercise Of   Options
    	
 
    	
18
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
8.
    	
 
    	
Tax Liabilities
    	
 
    	
20
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
9.
    	
 
    	
Relationship with   Employment Contract
    	
 
    	
21
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
10.
    	
 
    	
Takeovers
    	
 
    	
22
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
11.
    	
 
    	
Rollover of Options
    	
 
    	
23
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
12.
    	
 
    	
Sale
    	
 
    	
24
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
13.
    	
 
    	
Listing
    	
 
    	
24
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
14.
    	
 
    	
Variation of Share   Capital
    	
 
    	
25
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
15.
    	
 
    	
Notices
    	
 
    	
26
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
16.
    	
 
    	
Administration and   Amendment
    	
 
    	
27
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
17.
    	
 
    	
Governing Law
    	
 
    	
29
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
18.
    	
 
    	
Jurisdiction
    	
 
    	
29
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
19.
    	
 
    	
Third Party Rights
    	
 
    	
30
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
20.
    	
 
    	
Data Protection
    	
 
    	
30
    

 

 

Rules of the Adaptimmune Limited Company Share Option Plan

 

1.                                      Interpretation

 

1.1                               The following definitions and rules of interpretation apply in the Plan.

 

	
Adoption Date

    	
 
    	
the date of the adoption of the Plan by the Company;
    
	
Aim Rules
    	
 
    	
means London Stock Exchange PLC’s   rules relating to AIM as in force at the date of this Plan or, where the   context requires, as amended or modified after the date of this agreement;
    
	
 
    	
 
    	
 
    
	
Associate
    	
 
    	
has the meaning given in paragraph 12 of Schedule 4;
    
	
 
    	
 
    	
 
    
	
Associated Company
    	
 
    	
has the meaning given in paragraph 35 of Schedule 4;
    
	
 
    	
 
    	
 
    
	
Board
    	
 
    	
the board of directors of the Company or a committee   of directors appointed by that board to carry out any of its functions under   the Plan, or, in relation to any matter relating to a Rollover Option, the   board of directors of the Parent Company or a committee of directors   appointed by that board to carry out any of its functions under the Plan;
    
	
 
    	
 
    	
 
    
	
Business Day
    	
 
    	
a day other than a Saturday, Sunday or public holiday   in England when banks in London are open for business;
    
	
 
    	
 
    	
 
    
	
Company
    	
 
    	
Adaptimmune Limited incorporated and registered in   England and Wales with number 06456741;
    
	
 
    	
 
    	
 
    
	
Connected
    	
 
    	
has the meaning given in section 718 of ITEPA 2003;
    
	
 
    	
 
    	
 
    
	
Constituent Company
    	
 
    	
any of the following:

(a)   the   Company; and

(b)   any   Eligible Company nominated by the Board to be a Constituent Company at the   relevant time.
    
	
 
    	
 
    	
 
    
	
Control
    	
 
    	
has the meaning given in section 719 of ITEPA 2003.
    
	
 
    	
 
    	
 
    
	
Date of Grant
    	
 
    	
the date on which an Option is granted under the   Plan.
    

 

 

	
Eligible Company
    	
 
    	
any Subsidiary of the Company of which the Company   has Control.
    
	
 
    	
 
    	
 
    
	
Eligible Employee
    	
 
    	
any Employee who:

 

(a)         does not have a   Material Interest (either on his own or together with one or more of his   Associates), and has not had such an interest in the last 12 months; and

 

(b)         has no Associate or   Associates that has or (taken together) have a Material Interest, or had such   an interest in the last 12 months; and

 

(c)          is either:

 

(i)  not a   director of any Constituent Company; or

 

(ii)  a director   of a Constituent Company who is required to devote at least 25 hours per week   (excluding meal breaks) to his duties.
    
	
 
    	
 
    	
 
    
	
Employee
    	
 
    	
a bona fide employee of a Constituent Company;
    
	
 
    	
 
    	
 
    
	
Employer NICs
    	
 
    	
Secondary class 1 (employer) NICs (or any similar   liability for social security contributions in any jurisdiction) that are   included in any Tax Liability (or that would be included in any Tax Liability   if an election of the type referred to in rule 8.2.2 had not been made)   and that may be lawfully recovered from the Option Holder;
    
	
 
    	
 
    	
 
    
	
Exercise Price
    	
 
    	
the price at which each Share subject to an Option   may be acquired on the exercise of that Option, which (subject to   rule 14):

 

(a)         if Shares are to be   newly issued to satisfy the exercise of the Option, may not be less than the   nominal value of a Share;

 

(b)         may not be less than   the Market Value of a Share on the Date of Grant.
    
	
 
    	
 
    	
 
    
	
Existing CSOP Options
    	
 
    	
all:

   (a)         Options;   and

 

(b)         options granted under   any other Schedule 4 CSOP that has been established by the Company or any of   its Associated Companies, that can still be exercised;
    

 

 

	
Existing EMI Options
    	
 
    	
all qualifying options (as defined in section 527 of   ITEPA 2003) that have been granted as a result of employment with the Company   (or any other member of a group of companies to which the Company belongs)   that can still be exercised;
    
	
 
    	
 
    	
 
    
	
Existing Option
    	
 
    	
an option or any other right to acquire or receive   Shares granted under any Share Incentive Scheme (including the Plan), that   remains capable of exercise, or in the case of options or rights that do not   require exercise, remains capable of satisfaction;
    
	
 
    	
 
    	
 
    
	
Grantor
    	
 
    	
the person granting an Option, that may be:

 

(a)         the Company; or

 

(b)         the trustees of an   employee benefit trust authorised by the Board to grant Options at the   relevant time; or

 

(c)          any other person so authorised
    
	
 
    	
 
    	
 
    
	
Group
    	
 
    	
the Company and any other Constituent Companies from   time to time;
    
	
 
    	
 
    	
 
    
	
HMRC
    	
 
    	
HM Revenue & Customs;
    
	
 
    	
 
    	
 
    
	
ITEPA 2003
    	
 
    	
the Income Tax (Earnings and Pensions) Act 2003;
    
	
 
    	
 
    	
 
    
	
Key Feature
    	
 
    	
any provision of the Plan that is necessary to meet   the requirements of Schedule 4;
    
	
 
    	
 
    	
 
    
	
Listing
    	
 
    	
the listing of the securities of the Company on the London   Stock Exchange (including the AIM Market) or any recognised investment   exchange (as defined in section 285 of the financial Services and Market Act   2000) including NASDAQ and NASDAQ Europe and their respective share dealing   markets and the Listing shall be treated as occurring on the day on which   trading of the securities of the Company begins;
    
	
 
    	
 
    	
 
    
	
Listing Rules
    	
 
    	
the Listing Rules issued by the United Kingdom   Listing Authority, as amended from time to time;
    
	
 
    	
 
    	
 
    
	
Market Value
    	
 
    	
market value determined in accordance with the   applicable provisions of Part 8 of the Taxation of Chargeable Gains Act   1992, provided that if Shares are subject to a Relevant Restriction, Market   Value of those Shares shall be determined as if they were not subject to a Relevant   Restriction;
    
	
 
    	
 
    	
 
    
	
Material Interest
    	
 
    	
has the meaning given in paragraph 10 of 
    

 

 

	
 
    	
 
    	
Schedule 4;
    
	
 
    	
 
    	
 
    
	
Model Code
    	
 
    	
the model code on dealings in shares set out in the   Listing Rules.
    
	
 
    	
 
    	
 
    
	
Option
    	
 
    	
a right to acquire Shares granted under the Plan;
    
	
 
    	
 
    	
 
    
	
Option Certificate
    	
 
    	
a certificate setting out the terms of an Option,   issued under rule 2.3 which shall be substantially in the form set out   in Appendix 1 to the rules or in such other form as approved by the   Board from time to time.
    
	
 
    	
 
    	
 
    
	
Option Holder
    	
 
    	
an individual who holds an Option or, where   applicable, his personal representatives;
    
	
 
    	
 
    	
 
    
	
Option Shares
    	
 
    	
the Shares over which an Option subsists;
    
	
 
    	
 
    	
 
    
	
Parent Company
    	
 
    	
Adaptimmune Therapeutics plc, a company incorporated   and registered in England with number 9338148;
    
	
 
    	
 
    	
 
    
	
Performance Condition
    	
 
    	
any condition set under rule 3 that:

 

(a)         must be met before an Option can be   exercised at all; and/or

 

(b)         provides that the   extent to which an Option becomes capable of exercise shall be determined by   reference to performance over a certain period measured against specified   targets.
    
	
 
    	
 
    	
 
    
	
Personal Data
    	
 
    	
any personal information which could identify an   Option Holder including Options held under the Plan or under any other   employee share scheme operated by the Company;
    
	
 
    	
 
    	
 
    
	
Personal Representatives
    	
 
    	
in relation to an Option Holder, the personal   representatives of the Option Holder (being either the executors of his will   to whom a valid grant of probate has been made or, if he dies intestate, the   duly appointed administrator(s) of his estate) who have produced to the   Company evidence of their appointment as such;
    
	
 
    	
 
    	
 
    
	
Plan
    	
 
    	
the employee share option plan constituted and   governed by these rules, as amended from time to time;
    
	
 
    	
 
    	
 
    
	
Qualifying Shares
    	
 
    	
Shares which satisfy the conditions specified in   paragraphs 16 to 18 and 20 of Schedule 4;
    
	
 
    	
 
    	
 
    
	
Reorganisation
    	
 
    	
the obtaining of Control of the Company after the   Date of Grant by a company owned substantially 
    

 

 

	
 
    	
 
    	
by the same persons after the obtaining of Control   as owned the Company prior to the change of Control
    
	
 
    	
 
    	
 
    
	
Relevant CSOP Options
    	
 
    	
all Options granted under the Plan (and any other   Schedule 4 CSOP as a result of employment with the Company (or any other   member of a group of companies to which the Company belongs) that can still   be exercised;
    
	
 
    	
 
    	
 
    
	
Relevant Event
    	
 
    	
has the meaning given in paragraph 25A(7C) of   Schedule 4;
    
	
 
    	
 
    	
 
    
	
Relevant Offer
    	
 
    	
either:

 

(a)         a general offer to acquire the whole of the   issued share capital of the Company which is either unconditional or which is   made on a condition such that if it is satisfied the person making the offer   will have Control of the Company; or

 

(b)         a general offer to acquire all the Shares,

 

and for these purposes the reference to the “whole   of the issued share capital” and “all the Shares” shall not be taken to   include any capital or Shares held by the person making the offer or a person   Connected with that person, and it does not matter whether the offer is made   to different shareholders by different means;
    
	
 
    	
 
    	
 
    
	
Relevant Restriction
    	
 
    	
any provision included in any contract, agreement,   arrangement or condition to which any of sections 423(2), 423(3) and   423(4) of ITEPA 2003 would apply if references in those sections to   employment-related securities were references to Shares;
    
	
 
    	
 
    	
 
    
	
Rollover Option
    	
 
    	
an Option granted by the Parent Company in exchange   for an Option granted by the Company (under paragraph 26 of Schedule 4,   rule 11)
    
	
 
    	
 
    	
 
    
	
Rollover Period
    	
 
    	
any period during which Options may be exchanged for   options over shares in another company (under paragraph 26 of Schedule 4,   rule 11);
    
	
 
    	
 
    	
 
    
	
Sale
    	
 
    	
an unconditional agreement being entered into for   the sale to a person other than a Constituent Company, of the whole, or   substantially the whole, of the business and assets of the Company;
    
	
 
    	
 
    	
 
    
	
Schedule 4
    	
 
    	
Schedule 4 to ITEPA 2003.
    

 

 

	
Schedule 4 CSOP
    	
 
    	
a share plan that meets the requirements of Schedule   4 to ITEPA 2003;
    
	
 
    	
 
    	
 
    
	
Share Incentive Scheme
    	
 
    	
any arrangement to provide employees and/or   directors with shares;
    
	
 
    	
 
    	
 
    
	
Shares
    	
 
    	
£0.0001 ordinary shares in the Company (subject to   rules 11 and 14);
    
	
 
    	
 
    	
 
    
	
Subsidiary
    	
 
    	
has the meaning given in section 1159 of the   Companies Act 2006
    
	
 
    	
 
    	
 
    
	
Sufficient Shares
    	
 
    	
the smallest number of Shares that, when sold, will   produce an amount at least equal to the relevant Tax Liability (after   deduction of brokerage and any other charges or taxes on the sale);
    
	
 
    	
 
    	
 
    
	
Takeover
    	
 
    	
the company coming under the Control of a person or   persons as mentioned in rule 10.1;
    
	
 
    	
 
    	
 
    
	
Tax Liability
    	
 
    	
the total of:

 

(a)         any PAYE income tax and   primary class 1 (employee) national insurance contributions (or any similar   liability to withhold amounts in respect of income tax or social security   contribution in any jurisdiction) that any employer (or former employer) of   an Option Holder is liable to account for as a result of the exercise of an   Option; and

 

(b)         if the relevant Option   includes the requirement specified in rule 8.2 any Employer NICs that   any employer (or former employer) of an Option Holder is liable to pay as a   result of the exercise of an Option.
    
	
 
    	
 
    	
 
    
	
United Kingdom Listing Authority
    	
 
    	
the Financial Conduct Authority (or any successor   body carrying out the same functions), acting in its capacity as the   competent authority for the purposes of Part VI of the Financial   Services and Markets Act 2000.
    
	
 
    	
 
    	
 
    
	
Vested Shares
    	
 
    	
Shares which, subject to the following rules of   the Plan, may be acquired by the exercise of an Option in accordance with   these rules either immediately or at some future time in consequence of   either:

 

(a)         the time that has elapsed since the Date of   Grant; or

 

(b)         one or more Performance Conditions having   been met.; and
    

 

 

	
Vesting Schedule
    	
 
    	
such one or more time-based conditions as may be   specified by the Board in the Option Certificate as mentioned in   rules 3.1 and 3.2.
    

 

1.2                               Rule headings shall not affect the interpretation of the Plan.

 

1.3                               Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the singular.

 

1.4                               Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.

 

1.5                               A reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time.

 

1.6                               A reference to a statute or statutory provision shall include all subordinate legislation made from time to time under that statute or statutory provision.

 

1.7                               A reference to writing or written includes faxes, email and other forms of electronic communication which can be read.

 

1.8                               Any obligation on a party not to do something includes an obligation not to allow that thing to be done.

 

1.9                               A reference to the Plan or to any other agreement or document referred to in the Plan is a reference to the Plan or such other agreement or document as varied or novated (in each case, other than in breach of the provisions of the Plan) from time to time.

 

1.10                        References to rules are to the rules of the Plan.

 

1.11                        Any words following the terms including, include, in particular, for example or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms.

 

2.                                      Grant of Options

 

2.1                               Subject to the rules of the Plan, any Grantor may grant Options to any Eligible Employee it chooses at its absolute discretion.

 

2.2                               Options may not be granted:

 

2.2.1                                        at any time when that grant would be prohibited by, or in breach of any:

 

(a)              law; or

 

(b)              regulation with the force of law; or

 

 

(c)               rule of an investment exchange on which Shares are listed or traded, part of the Model Code or any other non-statutory rule with a purpose similar to any part of the Model Code that binds the Company or with which the Board has resolved to comply; or

 

2.2.2                                        at any time when Shares are not Qualifying Shares.

 

2.3                               An Option shall be granted by the Grantor executing an Option Certificate. Each Option Certificate shall be sent to the relevant Option Holder and shall specify (without limitation):

 

2.3.1                                        the Date of Grant of the Option;

 

2.3.2                                        the number and class of the Shares over which the Option is granted;

 

2.3.3                                        the Exercise Price;

 

2.3.4                                        the date(s) after which the Option, or part of the Option, may be exercised, unless an earlier event occurs to cause the Option to lapse or to become exercisable, in whole or in part.

 

2.3.5                                        the date when the Option will lapse, assuming that the Option is not exercised earlier and no event occurs to cause the Option to lapse earlier.

 

2.3.6                                        any Performance Conditions , and the method by which the Performance Conditions may be varied or waived;

 

2.3.7                                        a statement that:

 

(a)              the Option is subject to these rules, Schedule 4 and any other legislation applying to Schedule 4 CSOPs; and

 

(b)              the provisions listed in rule 2.3.7(a) shall prevail over any conflicting statement relating to the Option’s terms; and

 

2.3.8                                        whether or not the shares are subject to any Relevant Restrictions and, if so, the nature of the Relevant Restrictions.

 

2.4                               No amount shall be paid for the grant of an Option.

 

3.                                      Vesting Schedule and Performance Conditions

 

3.1                               An Option may be granted subject to either, or both, a Vesting Schedule and Performance Conditions as the Board shall determine.

 

 

3.2                               An Option may be granted on terms that different proportions of the Option Shares shall respectively become Vested Shares if the Option Holder holds continuous employment within the Group throughout such different periods, beginning with the Date of Grant, as the Board shall specify in the Option Certificate.

 

3.3                               An Option may be granted on terms that the extent to which the Option Shares become Vested Shares shall depend upon the extent to which one or more Performance Conditions specified in the Option Certificate is attained (so that if and insofar as any such Performance Condition is not attained, the Option shall then lapse and cease to be exercisable in respect of the proportion of Option Shares which does not then become Vested Shares).

 

3.4                               A Performance Condition may be specified to apply to the whole or part only of an Option.

 

3.5                               After an Option has been granted the Board may (with the consent of the Grantor, where appropriate) amend a Vesting Schedule so as to bring forward the time at which any Option Shares shall become Vested Shares or vary any Performance Condition imposed pursuant to rule 3.1 PROVIDED THAT no such variation shall be made unless an event has occurred or events have occurred in consequence of which the Board reasonably considers that the terms of the existing Performance Conditions should be so varied for the purpose of ensuring that either the objective criteria against which the performance of the Group and/or any Constituent Company and/or any division and/or the Option Holder will then be measured will be, in the reasonable opinion of the Board, a fairer measure of such performance or that any varied Performance Condition will afford a more effective incentive to Option Holders and will be no more difficult to satisfy than was the Performance Condition when first set.

 

3.6                               After an Option has been granted the Board may (with the consent of the Grantor, if appropriate), waive in whole or in part any requirement that a Performance Condition be met as a condition of exercise of an Option PROVIDED THAT no such waiver shall be made unless an event or events have occurred in consequence of which the Board reasonably considers that the terms of the existing Performance Condition no longer afford an effective incentive to the Option Holder.

 

3.7                               The Board shall determine whether, and to what extent, any Performance Conditions have been satisfied.

 

 

3.8                               If an Option is subject to any Performance Condition, the Board shall notify the Option Holder (and the Grantor, if not the Company) within a reasonable time after the Board becomes aware of the relevant information:

 

3.8.1                                        whether (and, if relevant, to what extent) the Performance Condition has been satisfied and the relevant Option has therefore vested;

 

3.8.2                                        of any subsequent change in whether, or the extent to which, the Performance Condition has been satisfied;

 

3.8.3                                        when that Performance Condition has become incapable of being satisfied in whole or in part; and

 

3.8.4                                        of any waiver or variation of that Performance Condition under rule 3.5 or rule 3.6.

 

3.8.5                                        the number of Shares in respect of which an Option shall become vested on any occasion shall be rounded to the nearest whole number.

 

3.8.6                                        If, in consequence of a Performance Condition being met, an Option becomes vested in respect of some but not all of the Option Shares, it shall thereupon lapse and cease to be exercisable in respect of the balance of the Option Shares if such Performance Condition is incapable of being met in respect of the balance of such Option Shares.

 

4.                                      Individual Limits on Grants

 

4.1                               References to Market Value in this rule 4 are to the Market Value on the date on which the relevant option was granted.

 

4.2                               If the grant of any share option intended to be an Option (referred to in this rule 4.2 as the Excess Option) would cause the total Market Value of shares subject to:

 

4.2.1                                        the Excess Option; and

 

4.2.2                                        all Existing CSOP Options held by the relevant Eligible Employee,

 

to exceed £30,000 (or any other amount specified in paragraph 6 of Schedule 4 at the relevant time), the whole of that Excess Option shall take effect as a share option granted outside the Plan (but subject to the same terms and conditions as if it were an Option) and without the tax advantages available for Options.

 

4.3                               If the grant of any share option intended to be an Option (referred to in this rule 4.3 as the Excess Option) would cause the total Market Value of shares subject to:

 

 

4.3.1                                        the Excess Option; and

 

4.3.2                                        all Relevant CSOP Options held by the relevant Eligible Employee; and

 

4.3.3                                        all Existing EMI Options held by the relevant Eligible Employee, 

 

to exceed £250,000 (or any other amount specified in section 536(1)(e) of ITEPA 2003 at the relevant time), the whole of that Excess Option shall take effect as a share option granted outside the Plan (but subject to the same terms and conditions as if it were an Option) and without the tax advantages available for Options.

 

5.                                      Lapse and Suspension Of Options

 

5.1                               Options may not be transferred or assigned or have any charge or other security interest created over them. An Option shall lapse if the relevant Option Holder attempts to do any of those things. But, the transfer of an Option to an Option Holder’s Personal Representatives on the death of the Option Holder will not cause an Option to lapse.

 

5.2                               Subject to rule 6.11, an Option shall lapse on the earliest of the following:

 

5.2.1                                        any attempted action by the Option Holder falling within rule 5.1; or

 

5.2.2                                        when a Performance Condition applying to the whole Option becomes incapable of being met, as a result of which no part of the Option can be exercised; or

 

5.2.3                                        the date on which the Option shall lapse, as specified in the Option Certificate; or

 

5.2.4                                        the first anniversary of the Option Holder’s death; or

 

5.2.5                                        the expiry of any time limit for the exercise of an Option specified in rule 6;

 

5.2.6                                        if rule 5.4 applies, the earliest applicable event specified in rule 5.8; or

 

5.2.7                                        if the Board shall have exercised its discretion under rule 6.4, the expiry of the period allowed for exercise of an Option and specified by the Board pursuant to that rule; or

 

5.2.8                                        if rule 10 or rule 12 applies, the time specified for the lapse of the Option under the relevant rule;

 

5.2.9                                        if a New Option is offered in exchange for an Old Option in accordance with rule 11 where the Acquiring Company obtains Control of the Company

 

 

pursuant to a Reorganisation, the Old Option shall lapse 40 days from the later of the date of the Reorganisation or the date the New Option is offered; or

 

5.2.10                                 when the Option Holder becomes bankrupt under Part IX of the Insolvency Act 1986, or applies for an interim order under Part VIII of the Insolvency Act 1986, or proposes or makes a voluntary arrangement under Part VIII of the Insolvency Act 1986, or takes similar steps, or is similarly affected, under laws of any jurisdiction that correspond to those provisions of the Insolvency Act.

 

5.3                               Part of an Option shall lapse where:

 

5.3.1                                        a Performance Condition set for that Option has been met in such a way that the Option has become, and shall remain, exercisable only in part; or

 

5.3.2                                        a Performance Condition set for part of that Option becomes incapable of being met, as a result of which that part of the Option cannot be exercised; or

 

5.3.3                                        Rule 5.4 applies and the Board has determined under rule 6.5 that the Option may be exercised, but only in part.

 

5.4                               Subject to rules 5.6, 6.5 and 6.11, an Option (in this rule 5.4, the Suspended Option) cannot be exercised under any rule of the Plan after the Option Holder has ceased employment with any Eligible Company for any reason unless:

 

5.4.1                                        the Option Holder becomes (or remains) an employee of another Eligible Company at (or about) the same time; or

 

5.4.2                                        the Board decides to permit exercise of the Suspended Option under rule 6.5.

 

5.5                               The Board shall notify the relevant Grantor (if the Grantor is not the Company) of any Option to which rule 5.4 applies, within a reasonable time after the Board becomes aware of that fact.

 

5.6                               If:

 

5.6.1                                        notice to terminate employment is given by or to an Option Holder; and

 

5.6.2                                        that termination falls within rule 5.4,

 

 

the time the notice is given shall be treated under rule 5.4 (but not rule 5.8.2(a)) as the time at which the relevant employment ends. If this rule 5.6 applies, an Option Holder will not be able to exercise his Option after the giving of notice by or to him, subject to rule 6.5.

 

5.7                               A Suspended Option shall not become exercisable under these rules unless the Board decides to permit its exercise under rule 6.5.

 

5.8                               Unless it lapses earlier under rule 5.2, a Suspended Option shall lapse:

 

5.8.1                                        if the Board has decided that the Suspended Option may be exercised in whole or in part under rule 6.5, at the end of the period during which it may be exercised under that Board decision; or

 

5.8.2                                        if the Board has not decided that the Suspended Option may be exercised in whole or in part under rule 6.5, on the earlier of:

 

(a)              the date falling 90 days after the relevant cessation of employment; or

 

(b)              any date on which the Board determines that it will not allow exercise of the Suspended Option under rule 6.5.

 

6.                                      Exercise of Options

 

6.1                               Subject to rule 6.11, an Option may not in any event be exercised after the tenth anniversary of the Date of Grant.

 

6.2                               Subject to rule 6.3, 6.4, 6.11, 10.2 and 12.2, an Option may only be exercised (if at all) after the earliest to occur of the following:

 

6.2.1                                        A Takeover (other than a Reorganisation);

 

6.2.2                                        The court sanctioning a compromise or arrangement as mentioned in Rule 10.3

 

6.2.3                                        A Sale;

 

6.2.4                                        A Listing; or

 

6.2.5                                        The expiry of the period of one hundred and fourteen months commencing on the first day of the month in which the Date of Grant occurs

 

6.3                               Subject to rules 10.2 and 12.2 an Option may only ever be exercised in respect of Vested Shares or such greater proportion of the Option Shares as may be notified in

 

 

writing to the Option Holder by the Board before or within 14 days after the date on which the Option becomes exercisable in accordance with rule 6.2 or rule 6.4.

 

6.4                               Notwithstanding the provisions of rule 6.2 the Board may in its absolute discretion, by notice in writing to the relevant Option Holder (or where appropriate, his Personal Representatives) allow an Option to be exercised in the absence of a Takeover, Sale or a Listing and, in such notice, may, acting reasonably and not so as to cause any requirement of Schedule 4 not to be met, specify alternative conditions which must be satisfied before the Option may be exercised pursuant to this rule 6.4.

 

6.5                               If rule 5.4 applies:

 

6.5.1                                        At any time during the 90 days after the relevant cessation of employment, the Board may decide that all or any part of a Suspended Option (as defined in rule 5.4) may be exercised. Any such decision, and whether to consider making such a decision, shall be entirely at the discretion of the Board.

 

6.5.2                                        The Board may specify a period for the exercise of a Suspended Option under this rule 6.5 that begins and/or ends before the period for exercise specified in the Option Certificate.

 

6.5.3                                        Any period specified by the Board for the exercise of a Suspended Option under this rule 6.5 may not end later than:

 

(a)              the latest date on which that Option could have been exercised under the Option Certificate if it had not become a Suspended Option; and

 

(b)              the date falling 12 months after the relevant cessation of employment if the reason for the cessation is the death of the Option Holder.

 

6.5.4                                        An Option to which this rule 6.5 applies:

 

(a)              may be exercised in accordance with the terms of any decision of the Board to permit its exercise under this rule 6.5, subject to rule 5.8; and

 

(b)              shall lapse according to rule 5.3.3 (if applicable) and rule 5.8.

 

6.5.5                                        Unless otherwise specified by the Board exercise of an Option to which this rule 6.5 applies shall continue to be subject to rules 6.2 and 6.3.

 

6.5.6                                        The Board shall notify the relevant Option Holder (and the relevant Grantor, if not the Company) of any decision made under this rule 6.5,

 

 

including any decision not to permit the exercise of a Suspended Option, within a reasonable time after making it.

 

6.6                               No Option may be exercised when its exercise is prohibited by, or would be a breach of, any of the following that then apply:

 

6.6.1                                        the Model Code; or

 

6.6.2                                        the AIM rules; or

 

6.6.3                                        any other rule, code or set of guidelines (such as a personal dealing code adopted by the Company) with a similar purpose and effect to any part of the Model Code; or

 

6.6.4                                        any law or regulation with the force of law.

 

6.7                               No Option may be exercised at any time when the Option Holder:

 

6.7.1                                        has a Material Interest (any interests of the Option Holder’s Associates being treated as belonging to the Option Holder for this purpose); or

 

6.7.2                                        had a Material Interest in the 12 months before that time (any interests of the Option Holder’s Associates being treated as having belonged to the Option Holder for this purpose).

 

6.8                               Exercise of the Option is conditional upon the Option Holder executing, if so required by the Company, a deed of adherence (in such form as may be required by the Company) with the Company and all persons who are holders of shares in the capital  of the Company at the date of exercise of the Option whereby the Option Holder becomes a party to any shareholders’ agreement or other document having a similar effect which is in force between the Company and all persons who, at the date of exercise of the Option, are holders of shares in the capital of the Company.

 

6.9                               An Option may only be exercised to the extent that any Performance Conditions have been met.

 

6.10                        An Option may only be exercised if the Option Holder has:

 

6.10.1                                 confirmed his agreement to rule 8 in writing (this confirmation may be included in the exercise notice); and

 

6.10.2                                 made any arrangements, or entered into any agreements, required under rule 8.

 

 

6.11                        If an Option Holder dies before the lapse of his Option, the Option may be exercised by his Personal Representatives at any time during the period of 12 months after the date of death, notwithstanding any contrary provision in the Plan save to the extent that contrary provision would not breach paragraph 25 of Schedule 4.

 

6.12                        Subject to Rule 6.13, no Option may be exercised at any time when the Shares to which the Option relates are not Qualifying Shares.

 

6.13                        If, in consequence of a Relevant Event, the Shares to which an Option are no longer Qualifying Shares, Options may be exercised under Rule 10 no later than 20 days after the day on which the Relevant Event occurs, notwithstanding that the Shares no longer meet those conditions (but not at any time when exercise would not be permitted under Rule 10, even if those conditions were met).

 

6.14                        Options may be granted on terms requiring the Option Holder to be bound by such restrictions on sale or other disposition of the Shares acquired on exercise of the Option as the Board may require in relation to the Company’s first underwritten public offering of Shares under the US Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (or any such offering of a company which acquires the Company pursuant to a Reorganisation).

 

7.                                      Manner of Exercise Of Options

 

7.1                               Where an Option is exercised in part, the remainder of the Option shall remain exercisable, subject to and in accordance with the terms of the Option and these rules.

 

7.2                               An Option shall be exercised by the Option Holder giving a written exercise notice (which may be given by electronic means) to the Company (acting as agent for the Grantor if the Grantor is not the Company), that shall:

 

7.2.1                                        set out the number of Shares over which the Option Holder wishes to exercise the Option. If that number exceeds the number over which the Option may be validly exercised at the time:

 

(a)              the Option shall be treated as exercised only in respect of that lesser number; and

 

(b)              any excess amount paid to exercise the Option or meet any Tax Liability shall be refunded; and

 

7.2.2                                        be made using a form that the Board will approve;

 

 

7.2.3                                        appoint the Company as the Option Holder’s agent for the purposes of rule 8.2.2, rule 8.4 and rule 8.6 (if and to the extent required by the Company); and

 

7.2.4                                        include the confirmation required under rule 6.10.1 (unless this has been provided separately).

 

7.3                               Any exercise notice shall be accompanied by:

 

7.3.1                                        payment of an amount equal to the Exercise Price multiplied by the number of Shares specified in the notice; and

 

7.3.2                                        any payment required under rule 8; and/or

 

7.3.3                                        any documents relating to arrangements or agreements required under rules 6.8, 6.14 and 8.

 

Notwithstanding rules 7.3.1 and 7.3.2, the Option Holder may enter into other arrangements (not inconsistent with Schedule 4) satisfactory to the Company for the payment of those amounts.

 

7.4                               Any exercise notice shall be invalid:

 

7.4.1                                        to the extent that it is inconsistent with the Option Holder’s rights under these rules and the Option Certificate; or

 

7.4.2                                        if any of the requirements of rule 7.2 or rule 7.3 are not met; or

 

7.4.3                                        if any payment referred to in rule 7.3 is made by a cheque that is not honoured on first presentation or in any other manner that fails to transfer the expected value to the Grantor.

 

The Grantor may permit the Option Holder to correct any defect referred to in rule 7.4 (but shall not be obliged to do so). The date of any corrected exercise notice shall be the date of the correction rather than the original notice date for all other purposes of the Plan.

 

7.5                               Shares shall be allotted and issued (or transferred, as appropriate) within 30 days after a valid Option exercise, subject to the other rules of the Plan.

 

7.6                               Except for any rights determined by reference to a date before the date of allotment, Shares allotted and issued in satisfaction of the exercise of an Option shall rank equally in all respects with the other shares of the same class in issue at the date of allotment.

 

 

7.7                               If the Shares are listed or traded on any stock exchange, the Company shall apply to the appropriate body for any newly issued Shares allotted on exercise of an Option to be admitted to trading on that exchange.

 

8.                                      Tax Liabilities

 

8.1                               Each Option shall include a requirement that the Option Holder irrevocably agrees to:

 

8.1.1                                        pay to the Company, his employer or former employer (as appropriate) the amount of any Tax Liability; or

 

8.1.2                                        enter into arrangements to the satisfaction of the Company, his employer or former employer (as appropriate) for payment of any Tax Liability.

 

8.2                               Unless the Constituent Company that employs the relevant Eligible Employee directs that it shall not, each Option shall include a requirement that the Option Holder irrevocably agrees that:

 

8.2.1                                        the Company, his employer or former employer (as appropriate) may recover the whole or any part of any Employer NICs from the Option Holder; or

 

8.2.2                                        at the request of the Company, the Option Holder shall elect (using a form approved by HMRC) that the whole or any part of the liability for Employer NICs shall be transferred to the Option Holder.

 

8.3                               The Board may decide to release the Option Holder from, or not to enforce, any part of the Option Holder’s obligations in respect of Employer NICs under rule 8.1 and rule 8.2.

 

8.4                               If an Option Holder does not fulfil his obligations under either rule 8.1.1 or rule 8.1.2 in respect of any Tax Liability arising from the exercise of an Option within seven days after the date of exercise and Shares are readily saleable at that time, the Grantor shall withhold Sufficient Shares from the Shares that would otherwise be delivered to the Option Holder. From the net proceeds of sale of those withheld Shares, the Grantor shall pay to the Company, employer or former employer an amount equal to the Tax Liability and shall pay any balance to the Option Holder.

 

8.5                               Option Holders shall have no rights to compensation or damages on account of any loss in respect of Options or the Plan where such loss arises (or is claimed to arise), in whole or in part, from the Plan ceasing to be a Schedule 4 CSOP.

 

 

8.6                               Each Option shall include a requirement that the Option Holder irrevocably agrees to enter into a joint election under section 431(1) or section 431(2) of ITEPA 2003, if required to do so by the Company on or before the date of exercise of the Option.

 

9.                                      Relationship with Employment Contract

 

9.1                               The rights and obligations of any Option Holder under the terms of his office or employment with the Company (or any Eligible Company or former Eligible Company) shall not be affected by being an Option Holder.

 

9.2                               The value of any benefit realised under the Plan by Option Holders shall not be taken into account in determining any pension or similar entitlements.

 

9.3                               Option Holders and Employees shall have no rights to compensation or damages on account of any loss in respect of Options or the Plan where such loss arises (or is claimed to arise), in whole or in part, from:

 

9.3.1                                        termination of office or employment with; or

 

9.3.2                                        notice to terminate office or employment given by or to, 

 

the Company, any Eligible Company or any former Eligible Company. This exclusion of liability shall apply however termination of office or employment, or the giving of notice, is caused and however compensation or damages may be claimed.

 

9.4                               Option Holders and Employees shall have no rights to compensation or damages from the Company, any Constituent Company or any former Constituent Company on  account of any loss in respect of Options or the Plan where such loss arises (or is claimed to arise), in whole or in part, from:

 

9.4.1                                        any company ceasing to be a Constituent Company; or

 

9.4.2                                        the transfer of any business from a Constituent Company to any person that is not a Constituent Company.

 

This exclusion of liability shall apply however the change of status of the relevant Constituent Company, or the transfer of the relevant business, is caused, and however compensation or damages may be claimed.

 

9.5                               An Employee shall not have any right to receive Options, whether or not he has previously been granted any.

 

 

10.                               Takeovers

 

10.1                        Subject to rules 6.1 and 10.2, if any person (“the Controller”) acquires Control of the Company as a result of a Relevant Offer, or entering into a share sale and purchase agreement which will result in the Controller obtaining Control of the Company upon completion (on its own account or acting together with others); the Option Holder shall, whether or not he subsequently or in consequence of the change in control ceases to be employed by any Constituent Company for any reason but subject to the provisions of rules 6.3 and 6.4, be entitled to exercise his Option in relation to Vested Shares within the period of 40 days beginning with the date when the Controller has obtained Control of the Company and (if relevant) any condition subject to which the offer is made has been satisfied and to the extent that the Option is not exercised within such period it shall lapse and cease to be exercisable.  This clause 10 shall not apply where the Controller acquires Control of the Company as a result of a Reorganisation.

 

10.2                        Notwithstanding rule 10.1, if a person makes a Relevant Offer or negotiates a share sale and purchase agreement with the shareholders of the Company which will result in a change in Control, the Board may, in its absolute discretion and by notice in writing to all Option Holders, declare all outstanding Options to be exercisable in respect of all Option Shares which would become Vested Shares upon such change of Control in anticipation of the change in Control during a reasonable limited period specified by the Board in the notice (which period shall end immediately before the Controller obtains Control of the Company if it has not already ended). If the Board so declares, all outstanding Options may be exercised at any time during such period. If not exercised, the Options shall lapse immediately upon expiry of such period.

 

10.3                        Subject to rule 6.1 if under s899 Companies Act the court sanctions a compromise or arrangement (other than in connection with a Reorganisation) applicable to or affecting:

 

10.3.1                                 all the ordinary share capital of the Company, or all the Shares; or

 

10.3.2                                 all the ordinary share capital of the Company, or all the Shares, which are held by a class of shareholders identified otherwise than by reference to their employment or directorships or their participation in a Schedule 4 CSOP Scheme,

 

the Option Holder shall, whether or not he subsequently or in consequence of the compromise or arrangement ceases to be employed by any Constituent Company for

 

 

any reason but subject to the provisions of rules 6.3 and 6.4, be entitled to exercise his Option in whole or in part within the period of 40 days beginning with the date the court sanctions the arrangement and to the extent that the Option is not exercised within such period it shall lapse and cease to be exercisable.

 

10.4                        In this rule 10 a person shall be deemed to have obtained Control of a company if he, and others acting with him, have obtained Control of it together.

 

11.                               Rollover of Options

 

11.1                        If a company has obtained Control of the Company as a result of company reorganisation (within the meaning of paragraph 26 of Schedule 4) affecting the Company, each Option Holder may, by agreement with that company (Acquiring Company) within the Rollover Period, release each Option (Old Option) for a replacement option (New Option). A New Option shall:

 

11.1.1                                 be over shares that satisfy the requirements of paragraphs 16 to 20 of Schedule 4 in the Acquiring Company (or some other company falling within paragraph 27(2)(b) of Schedule 4); and

 

11.1.2                                 be a right to acquire such number of those shares as have, immediately after grant of the New Option, a total Market Value substantially the same as the total Market Value of the shares subject to the Old Option immediately before its release (and for these purposes Market Value shall be determined using a methodology agreed by HMRC); and

 

11.1.3                                 have an exercise price per share such that the total price payable on complete exercise of the New Option is substantially the same as the total  price that would have been payable on complete exercise of the Old Option; and

 

11.1.4                                 be exercisable in the same manner as the Old Option as it had effect immediately before the Old Option’s release.

 

11.2                        Any Rollover Period shall have the same duration as the applicable appropriate period defined in paragraph 26(3) of Schedule 4.

 

11.3                        Any New Option granted under rule 11 shall be treated as having been acquired at the same time as the relevant Old Option for all other purposes of the Plan.

 

11.4                        The Plan shall be interpreted in relation to any New Options as if references to:

 

 

11.4.1                                 the Company (except for those in the definitions of Constituent Company and Eligible Company) were references to the Acquiring Company (or to any other company whose shares are subject to the New Options, as the context may require); and

 

11.4.2                                 the Shares were references to the shares subject to the New Options.

 

11.5                        The Company will remain the scheme organiser of the Plan (as defined in paragraph 2(2) of Schedule 4) following the release of Options and the grant of New Options under rule 11.

 

11.6                        The Acquiring Company shall issue (or procure the issue of) an Option Certificate for each New Option.

 

12.                               Sale

 

12.1                        In the event of a Sale, Options may be exercised in respect of Vested Shares whether or not the relevant Option Holder shall have ceased to be employed by a Constituent Company subsequently to or in consequence of that Sale within the period of 40 days beginning with the date of the Sale and shall lapse and cease to be exercisable at the end of that period.

 

12.2                        If the Board anticipates that a Sale may occur, it may invite Option Holders to exercise Options in respect of Option Shares which would become Vested Shares upon such Sale within such period preceding such Sale as the Board may specify and, if an Option is not then exercised, it shall, unless the Board otherwise determines, lapse and cease to be exercisable at the end of that period.

 

13.                               Listing

 

13.1                        In the event of a Listing, Options may be exercised in respect of Vested Shares within such one or more periods after the Listing as the Board shall determine and notify to Option Holders before the Listing PROVIDED THAT:

 

13.1.1                                 no such period shall be less than 7 days long; and

 

13.1.2                                 the first such period shall begin within the period of 14 days beginning with the date of Listing; and

 

13.1.3                                 if no exercise period has been specified by the Board, Options may be exercised after the Listing; and

 

 

13.1.4                                 if more than one exercise period has been specified by the Board, Options shall in any event be exercisable in respect of not less than one-third of the Vested Shares at any time within the first such period; and

 

13.1.5                                 the Board shall specify in writing to the Option Holders, at the same time as issuing notice of the first exercise period, the number and dates of any further exercise periods.

 

13.2                        Subject to rule 13.3 if, pursuant to rule 13.1 an Option becomes exercisable in consequence of a Listing, then the Company shall have the right not to issue and allot Shares upon the exercise of such Option unless the Option Holder has first agreed with the Company (in such form as the Board shall determine) that the Option Holder shall not sell or otherwise dispose of the Shares acquired upon the exercise of such Option within such period or periods (not extending beyond the second anniversary of the date of Listing) as the Board may specify in a notice in writing to the Option Holder.

 

13.3                        No such agreement as is mentioned in rule 13.2 shall prevent an Option Holder from immediately disposing of such number of the Shares so acquired (by way of sale for a consideration in cash which is not less than the best consideration which may be obtained at the time of sale) as is sufficient to enable the Option Holder (after deduction of costs and expenses of sale) to recover the cost of the aggregate Option Price paid and any income tax and National Insurance contributions due in consequence of such exercise of such Option.

 

14.                               Variation of Share Capital

 

14.1                        If there is any variation of the share capital of the Company (whether that variation is a capitalisation issue (other than a scrip dividend), rights issue, consolidation, subdivision or reduction of capital or otherwise) that affects (or may affect) the value  of Options to Option Holders, the Board may adjust the number and description of Shares subject to each Option and/or the Exercise Price of each Option in a manner that the Board, in its reasonable opinion, considers to be fair and appropriate. However:

 

14.1.1                                 such adjustments may only be made in accordance with the provisions of paragraph 22 of Schedule 4;

 

14.1.2                                 the amendment of any Option granted by a Grantor other than the Company shall require the consent of that Grantor (which shall not be unreasonably withheld);

 

 

14.1.3                                 the Exercise Price for a Share to be newly issued on the exercise of any Option shall not be reduced below its nominal value (unless the Board resolves to capitalise, from reserves, an amount equal to the amount by which the total nominal value of the relevant Shares exceeds the total adjusted Exercise Price, and to apply such amount to pay-up the relevant Shares in full).

 

15.                               Notices

 

15.1                        Any notice or other communication given under or in connection with the Plan shall be in writing and shall be:

 

15.1.1                                 delivered by hand or by pre-paid first-class post or other next working day delivery service at the appropriate address;

 

For the purposes of this rule 15, the appropriate address means:

 

(a)              in the case of the Company, its registered office, provided the notice is marked for the attention of the Company Secretary;

 

(b)              in the case of an Option Holder, his home address;

 

(c)               if the Option Holder has died, and notice of the appointment of personal representatives has been given to the Company, any contact address they have specified in such notice; and

 

(d)              in the case of any other Grantor, its registered office or such other address as has been notified in writing by the Grantor to the sender, provided the notice is marked for the attention of the person notified in writing to the sender,

 

15.1.2                                 sent by fax to the fax number notified in writing by the recipient to the sender; or

 

15.1.3                                 sent by email to the appropriate email address.

 

For the purposes of this rule 15, appropriate email address means:

 

(a)              in the case of the Company, the Company Secretary (margaret.henry@adaptimmune.com);

 

(b)              in the case of the Option Holder, if he is permitted to receive personal emails at work, his work email address; and

 

 

(c)               in the case of any other Grantor, any email address notified in writing by the Grantor to the sender.

 

15.2                        Any notice or other communication given under this rule 15 shall be deemed to have been received:

 

15.2.1                                 if delivered by hand, on signature of a delivery receipt, or at the time the notice is left at the proper address;

 

15.2.2                                 if sent by pre-paid first-class post or other next working day delivery service, at 9.00am on the second Business Day after posting, or at the time recorded by the delivery service;

 

15.2.3                                 if send by fax, at 9.00am on the next Business Day after transmission; and

 

15.2.4                                 if sent by email, at 9.00am on the next Business Day after sending.

 

15.3                        This rule 15 does not apply to:

 

15.3.1                                 the service of any notice of exercise pursuant to rule 7.2; and

 

15.3.2                                 the service of any proceedings or other documents in any legal action or, where applicable, any arbitration or other method of dispute resolution.

 

16.                               Administration and Amendment

 

16.1                        The Plan shall be administered by the Board.

 

16.2                        Notwithstanding Rule 16.1, or anything else to the contrary in these Rules, any matter to be determined in relation to a Rollover Option granted to, or held by, the Parent Company’s chief executive officer or its other executive officers must be determined or recommended to the full board of the Parent Company for determination either by:

 

16.2.1                                 independent directors constituting a majority of the Parent Company’s board’s independent directors in a vote in which only independent directors participate; or

 

16.2.2                                 a compensation committee comprised solely of independent directors.

 

This Rule 16.2 shall be interpreted in accordance with the NASDAQ Listing Rules, save that “independent director” shall mean a person who is both an independent director within the meaning of the NASDAQ Listing Rules and a non-employee director within the meaning of Rule16b-3 under the Securities Exchange Act of 1934

 

 

of the United States (the “Exchange Act”).

 

16.3                        Subject always to Rule 16.2, the Board may delegate its powers to such person or persons as it determines, and on such terms as it determines, provided that the Board may not delegate its power and authority to the Chief Executive Officer or other executive officer of the Parent Company with regard to decisions concerning the timing, pricing or amount of a Rollover Option granted to or held by an officer, director or other person subject to Section 16 of the Exchange Act.

 

16.4                        The Board may amend the Plan from time to time, but:

 

16.4.1                                 no amendment may be made to a Key Feature of the Plan if, as a result of the amendment, the Plan would no longer be a Schedule 4 CSOP;

 

16.4.2                                 no material amendment may apply to Options granted before the amendment was made:

 

(a)              if the Grantor is not the Company, without the consent of the Grantor (which shall not be unreasonably withheld); and

 

(b)              if the amendment will have a material adverse impact on  the rights of the Option Holder:

 

(i)                  without the prior written consent of such number of Option Holders as hold Option under the Plan to acquire 75 per cent of the Shares which would be issued or transferred if all Options granted and subsisting under the Plan were at that time exercised; or

 

(ii)               Without a resolution at a meeting of Option Holders passed by not less than 75 per cent of the Option Holders who attend and vote either in person or by proxy, and for the purposes of this rule 16.4.2(b)(ii) the Option Holders shall be treated as a separate class of share capital and the provisions of the articles of  association of the Company relating to class meetings shall apply mutatis mutandis.

 

16.4.3                                 no amendment may be made without the prior approval of the Company in general meeting if it would:

 

(a)              make the terms on which Options may be granted materially more generous; or

 

 

(b)              increase any of the limits specified in rule 4; or

 

(c)               change the definition of Eligible Employee to expand the class of potential Option Holders,

 

unless it is a minor amendment to benefit the administration of the Plan, to take account of a change in legislation or to obtain or maintain favourable tax, exchange control or regulatory treatment for Option Holders or for the Company or any Eligible Company;

 

16.5                        The cost of setting up and operating the Plan shall be borne by the Constituent Companies in proportions determined by the Board.

 

16.6                        Each Grantor other than the Company shall at all times:

 

16.6.1                                 keep sufficient issued Shares available; and/or

 

16.6.2                                 hold sufficient enforceable rights to subscribe for Shares, or to acquire issued Shares,

 

to satisfy the exercise of all Options granted by that Grantor.

 

16.7                        The Board shall determine any question of interpretation and settle any dispute arising under the Plan. In such matters, the Board’s decision shall be final.

 

16.8                        The Company and any other Grantor shall not be obliged to notify any Option Holder of any vesting of an Option or if an Option becomes exercisable or if an Option is due to lapse.

 

16.9                        The Company, any other Grantor shall not be obliged to provide Option Holders with copies of any materials sent to the holders of Shares.

 

17.                               Governing Law

 

The Plan and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.

 

18.                               Jurisdiction

 

18.1                        Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with

 

 

the Plan or its subject matter or formation (including non-contractual disputes or claims).

 

18.2                        Each party irrevocably consents to any process in any legal action or proceedings under rule 18.1 above being served on it in accordance with the provisions of the Plan relating to service of notices. Nothing contained in the Plan shall affect the right to serve process in any other manner permitted by law.

 

19.                               Third Party Rights

 

19.1                        A person who is not a party to the Option shall not have any rights under or in connection with it as a result of the Contracts (Rights of Third Parties) Act 1999 except where such rights arise under any provision of the Plan for any employer or former employer of the Option Holder which is not a party.

 

This does not affect any right or remedy of a third party which exists, or is available, apart from that Act.

 

19.2                        The rights of the parties to an Option to surrender, terminate or rescind it, or agree any variation, waiver or settlement of it, are not subject to the consent of any person that is not a party to the Option as a result of the Contracts (Rights of Third Parties) Act 1999.

 

20.                               Data Protection

 

20.1                        In accepting the grant of an Option each Option Holder consents to the collection, holding, processing and transfer of his Personal Data by the Company, any Grantor or any Constituent Company for all purposes connected with the operation of the Plan.

 

20.2                        The purposes of the Plan referred to in rule 20.1 include, but are not limited to:

 

20.2.1                                 holding and maintaining details of the Option Holder’s Options;

 

20.2.2                                 transferring the Option Holder’s Personal Data to the trustee of an employee benefit trust, the Company’s registrars or brokers or any administrators of the Plan; and

 

20.2.3                                 transferring the Option Holder’s Personal Data to a bona fide prospective buyer of the Company or the Option Holder’s employer company or business unit (or the prospective buyer’s advisers), provided that the prospective buyer, and its advisers, irrevocably agree to use the Option

 

 

                                                                   Holder’s Personal Data only in connection with the proposed transaction and in accordance with the data protection principles set out in the Data Protection Act 1998; and

 

20.2.4                                 transferring the Option Holder’s Personal Data under rule 20.2.2 or rule 20.2.3 to a person who is resident in a country or territory outside the European Economic Area that may not provide the same statutory protection for the information as countries within the European Economic Area.

 

 

Appendix 1

 

	
Dated                                                                                                               201[*]
    

 

 

OPTION CERTIFICATE

 

 

 

THIS DEED dated             [DATE]

 

This is a deed of Adaptimmune Limited incorporated and registered in England and Wales with company number 06456741 whose registered office is at 91 Milton Park, Abingdon, Oxon, OX14 4RY (the Company).

 

Background:

 

A.                                    The Company has adopted the Adaptimmune Limited Company Share Option Plan (Plan).

 

B.                                    The Plan is a Schedule 4 CSOP scheme (as defined in paragraph 1(A1) of Schedule 4 to the Income Tax (Earnings and Pensions) Act 2003).

 

C.                                    The Company wishes to grant an option under the Plan to [NAME OF EMPLOYEE] of [ADDRESS OF EMPLOYEE] (Option Holder), on the terms specified in this Deed (Option Certificate).

 

1.                                      Interpretation

 

1.1                               Terms defined in the rules of the Plan (but not defined in this Option Certificate) shall have the same meaning in this Option Certificate as in the rules of the Plan, unless the context requires otherwise. The rules of interpretation in the Plan also apply to the Option Certificate.

 

1.2                               A copy of the rules of the Plan may be obtained from the intranet of the Company.

 

1.3                               Terms in the Option Certificate such as you or your refer to and address the Option Holder.

 

2.                                      Grant Of Option

 

2.1                               Subject to the other terms of the Option Certificate and the rules of the Plan, the Company grants You an option (Option) to acquire [NUMBER OF SHARES] Ordinary Shares (Option Shares) in the Company.

 

2.2                               The Date of Grant of the Option is the date of execution of this Deed.

 

2.3                               The Exercise Price of the Option is £[x] per Option Share.

 

3.                                      Vesting Dates

 

3.1                               The Shares subject to your Option will vest and become Vested Shares as follows:

 

 

3.2                               The Shares subject to your Option will vest and become Vested Shares as follows:

 

3.2.1                                        in respect of [•] Shares (being 25% of the Option Shares rounded down to the nearest whole number), on the first anniversary of the Date of Grant;

 

3.2.2                                        in respect of a further [•] Shares (being 1/36 of the remainder rounded down to the nearest whole number) at the end of each of the 35 months following the first anniversary of the Date of Grant;

 

3.2.3                                        in respect of a further [•] Shares (being the remainder of the Option Shares) on the fourth anniversary of the Date of Grant;

 

3.2.4                                        provided that no further vesting shall occur after you have ceased to be an Employee.

 

3.3                               You may lose the ability to exercise the Option and/or the Option may lapse before any date specified in clause 3.1 if certain events occur, in accordance with the rules of the Plan.

 

4.                                      First Exercise Date

 

4.1                               You may only exercise the Option on the occurrence of a Sale, Listing, Takeover (other than a Reorganisation) or other event referred to in rule 6.1 in accordance with the rules of the Plan unless the Board exercises its discretion to allow you to exercise prior to one of these events pursuant to rule 6.3 or rule 6.5.

 

4.2                               If you exercise the Option before the date which is three years from the Date of Grant other than in certain defined events, You may not benefit from the special tax treatment for CSOP options. It is Your responsibility to take Your own tax advice in relation to any exercise of the Option.

 

5.                                      Latest Exercise Date

 

5.1                               You may not exercise the Option after 5:00pm on the day immediately preceding the tenth anniversary of the Date of Grant and it will lapse on that date if it has not lapsed or been exercised in full before then.

 

5.2                               You may lose the ability to exercise the Option and/or the Option may lapse before the date specified in clause 5.1 if certain events occur, in accordance with the rules of the Plan.

 

 

6.                                      Restrictions Applying To The Option Shares

 

The Option Shares are subject to the Relevant Restrictions in Schedule 1.

 

7.                                      Terms of Option

 

7.1                               The Option is subject to:

 

7.1.1                                        Schedule 4 to the Income Tax (Earnings and Pensions) Act 2003 (Schedule 4);

 

7.1.2                                        any other legislation applying to Schedule 4 CSOP schemes; and

 

7.1.3                                        the rules of the Plan.

 

7.2                               The provisions referred to in clause 7.1 shall take precedence over any conflicting statement about the terms of the Option.

 

7.3                               Without limitation clause 3.3, clause 5.2, clause 8, clause 9, clause 10, clause 11 and clause 12 are included only as a summary of certain important provisions of the Plan, to draw these to your attention.

 

8.                                      Restrictions on Transfer and Charging

 

8.1                               You may not transfer the Option and it will lapse if You attempt to do so. However, the Option will not lapse if and when it passes to your personal representatives on your death.

 

8.2                               You may not make the Option subject to a charge or any other security interest. For example, You cannot use the Option as security for a loan. The Option will lapse if You attempt to do so.

 

8.3                               The Option will lapse if You are declared bankrupt.

 

9.                                      Exercise After Cessation Of Employment

 

9.1                               After You cease holding office or employment with the Company or any other company of which the Company has control, You may only exercise the Option if, and to the extent that, exercise is then permitted under the rules of the Plan.

 

9.2                               In certain circumstances, after You give or receive notice to terminate employment with the Company or any other company of which the Company has Control, You

 

 

                                                may only exercise the Option if, and to the extent that, exercise is then permitted under the rules of the Plan.

 

10.                               Terms of Your Employment

 

10.1                        The grant and existence of the Option shall not affect the terms of your employment with the Company or any other company of which the Company has (or had) Control.

 

10.2                        You shall have no rights to compensation or damages on account of any loss concerning the Option or the Plan that arises (or is claimed to arise), in whole or in part, from:

 

10.2.1                                 the termination of any office or employment held by You; or

 

10.2.2                                 any notice to terminate office or employment given by or to You; or

 

10.2.3                                 any company ceasing to be a Constituent Company of the Plan; or

 

10.2.4                                 the transfer of any business to a person which is not a Constituent Company of the Plan; or

 

10.2.5                                 a determination by HMRC that the Plan is no longer a Schedule 4 CSOP scheme.

 

This clause 10.2 applies however the relevant circumstances are caused and however damages or compensation may be claimed.

 

10.3                        The grant of the Option does not give You any right to receive further options under the Plan, or any other share incentives or bonuses.

 

10.4                        The value of any benefit realised from the Option shall not be taken into account in determining your entitlement to any pension or similar benefit.

 

11.                               Income Tax And National Insurance Contributions

 

11.1                        Depending on the circumstances, on exercise of the Option You may have an income tax liability under PAYE and You may be required to pay national insurance contributions (NICs). If so, then:

 

11.1.1                                 the Company or your employer may require You to pay amounts in respect of your PAYE and NICs liability, or enter into some other arrangement specified by the Company for the payment of these amounts;

 

11.1.2                                 You may be required to:

 

 

(a)              pay; or

 

(b)              enter into a joint election to transfer; or

 

(c)               enter into an arrangement or agreement for the payment of

 

some or all of your employer’s secondary class 1 NICs liability arising from exercise of the Option; and

 

11.1.3                                 in some circumstances, the Company may withhold the number of Option Shares required to meet your liabilities in respect of PAYE, and primary (employee) class 1 NICs and secondary (employer) class 1 NICs.

 

11.2                        The Option may only be exercised if You:

 

11.2.1                                 confirm (in writing) that You agree to the requirements of the Plan relating to PAYE and NICs (Rule 8). This may be done at the time of exercise; and

 

11.2.2                                 make any arrangements, or enter into any agreements, that may be required under Rule 8.

 

12.                               Lock Up Agreement

 

The Company may require you as a condition of exercise to enter into a lock up agreement substantially similar to the requirements of subsection 2.11 of the Investors’ Rights Agreement in relation to the Company dated 23 September 2014, a copy of which Investors’ Rights Agreement will be supplied to you.

 

13.                               Exercise Of Option

 

13.1                        To exercise the Option, you should fill in and sign an exercise notice and submit it to the Company.

 

13.2                        You may also be required to enter into a deed of adherence, as referred to in rule 6.8 of the Plan, and a lock up agreement in accordance with clause 12.

 

13.3                        An exercise notice form is attached to this Option Certificate.

 

This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

 

 

Schedule 1

 

Relevant Restrictions

 

(A)                 Articles of Association

 

There are Relevant Restrictions contained in the Company’s Articles of Association. The details of these restrictions are set out below. In addition You will be provided with a copy of the Articles of Association so that You can refer to the full provisions containing these Relevant Restrictions.

 

Articles 7 to 11

 

Under the provisions of Article 7 to 10 of the Articles of Association of the Company, there is a general prohibition on transfers of Ordinary Shares other than to a Privileged Relation or a Family Trust. The definitions for these permitted transfers are copied below. This prohibition is subject to the provisions in Article 11 which allows a transfer to take place provided that the shares are first offered to the existing shareholders.

 

Privileged Relation:

 

in relation to an individual member or deceased or former individual member, means the husband or wife or the widower or widow of such member and all the lineal descendants and ascendants in direct line of such member and the brothers and sisters of such member and their lineal descendants and a husband or wife or widower or widow of any of the above persons and for the purposes aforesaid a step-child or adopted child or illegitimate child of any person shall be deemed to be his or her lineal descendant;

 

Family Trust:

 

as regards any particular individual member or deceased or former individual member, means a trust (whether arising under a settlement, declaration of trust or other instrument by whomsoever or wheresoever made or under a testamentary disposition or on an intestacy) under which no immediate beneficial interest in any of the Shares in question is for the time being vested in any person other than that individual and/or Privileged Relations of that individual; and so that for this purpose a person shall be considered to be beneficially interested in a Share if such Share or the income thereof is or may become liable to be transferred or paid or applied or appointed to or for the benefit of such person or any voting or other rights attaching thereto are or may become liable to be exercisable by or as directed by such person pursuant to the terms of the relevant trust or in consequence of an exercise of a power or discretion conferred thereby on any person or persons;

 

Article 12

 

If a holder of Ordinary Shares wishes to sell those shares in accordance with the terms of Article 11, they must first notify the Major Investors (as defined in the articles), who then have the right to elect to sell some of their shares on the relevant terms in lieu of a proportion of the shares to be sold by the original selling holder.

 

Article 13

 

Compulsory transfer (forfeiture) provisions apply where the individual is adjudicated bankrupt, if shares are not voluntarily transferred within a year of the individual’s death, or if the employee ceases to be employed by the Company. Fair value will be paid for a transfer arising under this Article and there is a mechanism for determining fair value in Article 13.

 

 

Article 14

 

No transfer of shares to a Non-Financial Buyer (as defined in the Articles) will be registered if it would result in the transferee (together with persons connected with it) holding or beneficially owning shares which give it more than 50% of the voting rights of the Company unless the transferee offers to buy the other shares at a specified price.

 

Article 15

 

In a case where shareholders are proposing to sell shares holding at least 75% of the voting rights in the Company, Article 14 enables them to force the minority to sell their shares for consideration specified in Article 14.

 

(B)                 Shareholders’ Agreement

 

There is a provision in rule 6.8 of the Plan pursuant to which you may be required on exercise of the Option to enter into a deed of adherence to a shareholders’ agreement entered into between the shareholders of the Company, under which you would agree to be bound by that agreement as though you were a party to it.  It is possible that such an agreement could contain Relevant Restrictions.  Details of certain restrictions on transfer set out in the existing shareholders’ agreement are set out below.  In addition, on request You will be provided with a copy of the relevant sections of the existing shareholders’ agreement so that You can refer to the full provisions containing these Relevant Restrictions.

 

Clause 7

 

No party to the shareholders’ agreement may transfer shares:

 

·                  unless the transferee enters into a deed of adherence;

 

·                  if the transferee is a competitor of the Company (unless pursuant to an offer under Article 15 of the Articles of Association of the Company).

 

(C)                 Lock Up Agreement

 

The Shares may be subject to restrictions contained in a lock up agreement as referred to in clause 12 of the Option Certificate if You are required to enter into such an agreement, which would, inter alia, restrict Your ability to sell the Shares during certain periods in connection with the Company’s first underwritten public offering of Shares under the US Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (or any such offering of a company which acquires the Company pursuant to a Reorganisation).

 

 

	
Executed as a deed by Adaptimmune Limited acting by:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[SIGNATURE OF FIRST DIRECTOR]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Director 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[SIGNATURE OF SECOND DIRECTOR OR SECRETARY]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[Director OR Secretary]
    

 

 

DATED                                                                      201[*]

 

 

ADAPTIMMUNE LIMITED

COMPANY SHARE OPTION PLAN - NOTICE OF 

EXERCISE OF OPTION

 

 

 

THIS DEED dated              [DATE]              is made by:

 

This notice is given by me,                                                 (write your full name here) (Option Holder).

 

14.                               Option Exercise

 

I wish to exercise the option (Option) granted to me on                                                           (write date of grant here) by Adaptimmune Limited (Company) under the rules of the Adaptimmune Limited Company Share Option Plan (Plan).  I agree to the terms of the Plan and my Option Certificate in relation to the Option.

 

15.                               Number Of Shares To Be Acquired

 

I wish to exercise the Option to acquire:

 

·                  All

 

·                                         (if exercising only in part, write number of shares here)

 

(Delete one of the bullet points above, as appropriate.)

 

of the shares subject to the Option (the Shares) and I request that the Shares be allotted or transferred to me under the Plan and the articles of association of the Company.

 

(Note that you may exercise the Option in whole or in part)

 

16.                               Agreements About My Tax Liabilities

 

16.1                        I irrevocably agree to:

 

16.1.1                                 pay to the Company, my employer or former employer amounts equal to any PAYE income tax and primary class 1 (employee) National Insurance contributions (NICs) (or any similar liability for tax or social security contribution arising in any jurisdiction outside the United Kingdom) for which the Company, my employer or former employer is liable to account on the exercise of the Option or the sale of any Shares (or any other taxable event in relation to the Shares); or

 

16.1.2                                 enter into arrangements satisfactory to the Company to secure the payment of the amounts specified in clause 16.1.1.

 

 

16.2                        I irrevocably agree:

 

16.2.1                                 to pay to the Company, my employer or former employer amounts equal to any secondary class 1 (employer) NICs (or any similar liability for social security contribution arising in any jurisdiction outside the United Kingdom) which the Company, my employer or former employer is liable to pay on the exercise of the Option or the sale of any Shares (or any other taxable event in relation to the Shares) and which may be lawfully recovered from me;

 

16.2.2                                 to enter into arrangements satisfactory to the Company to secure the payment of the amounts specified in clause 16.2.1; or

 

16.2.3                                 if requested to do so by the Company, my employer or former employer, to enter into a joint election to transfer to me liability for the whole or any part of the amounts specified in clause 16.2.1.

 

16.3                        I understand and agree that, if I do not fulfil any obligation I then have under clause 16.1 and clause 16.2 within seven days after the date of this exercise, the Company may retain and sell enough of the Shares to satisfy my liabilities under clause 16.1 and clause 16.2, together with any costs arising from that sale. I shall be entitled to any balance of the sale proceeds.

 

16.4                        I irrevocably agree to enter into a joint election in respect of the Shares under section 431(1) or section 431(2) of the Income Tax (Earnings and Pensions) Act 2003, if required to do so by the Company, my employer or former employer at any time up to the date falling 14 days after I acquire the Shares.

 

16.5                        I appoint the Company (acting by any of its directors from time to time) as my agent and attorney to:

 

16.5.1                                 sell Shares and deal with the proceeds of sale as specified in clause 3.3  (if relevant, as modified by my direction in clause 17); and,

 

16.5.2                                 execute joint elections of the types specified in clause 16.2.3 and clause 16.4, 

 

in my name and on my behalf.

 

The Company may appoint one or more persons to act as substitute agent(s) and attorney(s) for me and to exercise one or more of the powers conferred on the Company by this power of attorney, other than the power to appoint a substitute attorney. The Company may subsequently revoke any such appointment.

 

 

This power of attorney shall be irrevocable, except with the consent of the Company, and is given by way of security to secure the interest of the Company (for itself and as  trustee under the Option on behalf of any employer or former employer of mine) as a person liable to account for or pay any relevant PAYE or NICs liability.

 

I declare that a person who deals in good faith with the Company or any substitute attorney as my attorney appointed under this Deed may accept a written statement signed by that person to the effect that this power of attorney has not been revoked as conclusive evidence of that fact.

 

17.                               Directions About My Tax And NICs Liabilities

 

(The Option was granted as an tax-advantaged CSOP option. As a result, income tax and NICs liabilities will only arise on exercise if certain limited circumstances.

 

If you have any doubt as to whether tax and NICs will be due on exercise, you should ask the Company Secretary to confirm the position before you exercise the Option.)

 

PAYE income tax and NICs (as specified in clause 16.1 and clause 16.2) (Tax Liability) may arise on this exercise. If a Tax Liability arises, I wish to pay my Tax Liability by the following method:

 

·                  I authorise my employer to deduct the Tax Liability under PAYE from my next salary payment.

 

·                  I have included payment for the Tax Liability in the enclosed cheque.

 

·                  I wish the Company to retain and sell enough Shares to meet the Tax Liability, as specified in clause 3.3 (but without being required to wait until seven days after this exercise before doing so).

 

·                  I have entered into other arrangements (which are satisfactory to the Company) to meet the Tax Liability.

 

Delete all but one of the bullet points above, as appropriate. If you do not select a method of settling your Tax Liability, the Company will sell a number of shares to meet your Tax Liability, as specified in clause 3.3.

 

18.                               Payment

 

18.1                        I enclose a cheque for                                           (write amount here) which includes:

 

·                  The aggregate exercise price payable under the Option for the Shares.

 

 

·                  The amount due in respect of my PAYE and NICs liabilities (as specified in clause 16.1 and clause 16.2) arising on exercise. (Delete this bullet point, if it does not apply.)

 

18.2                        I enclose completed documentation relating to other arrangements (which are satisfactory to the Company) to meet my PAYE and NICs liabilities arising on exercise (as specified in clause 16.1 and clause 16.2). (Delete this clause, if it does not apply.)

 

18.3                        I enclose a completed deed of adherence in accordance with rule 6.8 of the Plan. (Delete this clause if it does not apply.)

 

18.4                        I enclose a completed lock up agreement as referred to in the Option Certificate (Delete this clause if it does not apply.)

 

This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

 

 

	
Signed as a deed by [NAME OF OPTION HOLDER] in the presence of:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[SIGNATURE OF OPTION HOLDER]
    
	
 
    	
 
    
	
[SIGNATURE OF WITNESS]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
[NAME, ADDRESS [AND OCCUPATION] OF WITNESS]
    	
 
    
			

 

 

18.4.1

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