Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 DATED
2 August 2018 
 UNIQUE DIAMOND INVESTMENTS LIMITED (1) 

F-PRIME CAPITAL PARTNERS HEALTHCARE FUND IV LP (2) 

F-PRIME CAPITAL PARTNERS HEALTHCARE FUND IV-A LP (3)

 SCOTTISH MORTGAGE INVESTMENT TRUST PLC (4) 

TLS BETA PTE LTD (5) 

COWEN HEALTHCARE INVESTMENTS II LP (6) 

GLAXO GROUP LIMITED (7) 

and 
 ORCHARD
THERAPEUTICS LIMITED (8) 
  
  

DEED OF AMENDMENT AND RESTATEMENT 

relating to an 
 INVESTMENT AND
SHAREHOLDERS’ AGREEMENT 
 in respect of the entire issued share capital of 

ORCHARD THERAPEUTICS LIMITED 
  

 
  

 

 EXECUTION VERSION 

 

 THIS DEED is made the 2 day of August 2018 

BETWEEN: 
  

	(1)	 UNIQUE DIAMOND INVESTMENTS LIMITED, a company incorporated in the British Virgin Islands and whose
registered office is at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110 British Virgin Islands (“ORI”); 

  

	(2)	 SCOTTISH MORTGAGE INVESTMENT TRUST PLC, a public limited company incorporated in Scotland under company
number SC007058 whose registered office is at Calton Square, 1 Greenside Row, Edinburgh EH1 3AN, acting through its agent, Baillie Gifford & Co., (“SMIT”); 

 

	(3)	 F-PRIME CAPITAL PARTNERS HEALTHCARE FUND IV LP, a Delaware
limited partnership whose principal place of business is at One Main Street, 13th Floor, Cambridge, MA 02142, United States (“F-Prime”);

  

	(4)	 F-PRIME CAPITAL PARTNERS HEALTHCARE FUND IV-A LP, a Delaware limited partnership whose principal place of business is at One Main Street, 13th Floor, Cambridge, MA 02142, United States (“F-Prime A”);  

  

	(5)	 TLS BETA PTE LTD., a Singapore company with registered number 200500368D whose office is at 60B Orchard
Road #06-18 Tower 2, The Atrium@Orchard, Singapore 238891 (“Temasek”); 

  

	(6)	 COWEN HEALTHCARE INVESTMENTS II LP, a New York limited partnership whose principal place of business is
599 Lexington Avenue, New York, NY 10022 (“Cowen”); 

  

	(7)	 GLAXO GROUP LIMITED, a company incorporated in England and Wales under company number 305979 whose
registered office is at 980 Great West Road, Brentford, Middlesex TW8 9GS (“GSK”); and 

  

	(8)	 ORCHARD THERAPEUTICS LIMITED, a company incorporated in England and Wales under company number 9759506
whose registered office is at Birchin Court, 20, Birchin Lane, London, England, EC3V 9DU (the “Company”). 

BACKGROUND: 
  

	(A)	 SMIT, F-Prime, F-Prime A, ORI,
Temasek, Cowen, GSK, certain other parties and the ordinary shareholders of the Company and the Company are parties to an investment and shareholders’ agreement in relation to the Company dated 29 March 2017 as amended on 18 August
2017, 26 October 2017 and 11 April 2018 (the “ISA”). 

  

	(B)	 Certain new and existing investors (the “Investors”) have agreed to subscribe for a new class
of series C preferred shares of £0.00001 each in the Company (the “Series C Shares”) pursuant to the terms of an investment agreement to be executed by the relevant parties immediately following the effective date of this deed
(the “Investment Agreement”) (the “Transaction”). 

  

	(C)	 Pursuant to the Transaction, and in accordance with clause 23.4.1 of the ISA, the parties have agreed to vary
the terms of the ISA on the terms set out herein. 

  
 2 

 EXECUTION VERSION 

 

 IT IS AGREED: 
  

	1.	 Terms defined in the ISA 

In this deed, capitalised expressions defined in the ISA and used in this deed have the meaning set out in the ISA. Expressions defined in the
‘Background’ section above shall have the meaning ascribed thereto. Clauses 1.2 (but not clause 1.2.4) and 1.3 of the ISA are hereby repeated and incorporated by reference into this deed mutatis mutandis. 

 

	2.	 Investor Majority Consent and Series B Investor Majority Consent 

 

	2.1	 Each of the parties hereby confirms that this deed shall constitute an Investor Majority Consent, a Series B
Investor Majority Consent and a Series B-2 Investor Majority Consent for the purposes of the ISA (including, but not limited to, clauses 23.4.1 and 9.3 and Schedule 3 thereof) in connection with the following
matters: 

  

	2.1.1	 the amendment and restatement of the ISA on the terms set out herein; 

 

	2.1.2	 the amendment to the Company’s articles of association in the form provided to the parties;

  

	2.1.3	 the creation of a new class of Series C Shares having the rights set out in the new articles of association to
be adopted as the Company’s articles of association with effect from the date of this deed; 

  

	2.1.4	 the issue and allotment of 17,421,600 Series C Shares to the Investors free of any rights of pre-emption set out in article 13 of the Company’s articles of association on the terms of the Investment Agreement; 

  

	2.1.5	 the increase in the size of the Equity Award Pool to include such number of Ordinary Shares that represent
13.5% of the Company’s issued share capital post-Transaction, calculated on a fully diluted basis; and 

  

	2.1.6	 all other matters related to or required in order to give effect to the Transaction. 

 

	3.	 Amendment and Restatement 

 

	3.1	 With effect from the date of this deed, the ISA shall be amended and restated in the form set out in Schedule 1
(the “Restated ISA”) so that the rights and obligations of the parties to the Restated ISA shall, on and from that date, be governed by and construed in accordance with the provisions of the Restated ISA. 

 

	3.2	 Save as expressly amended by this deed, the ISA and the rights and obligations of the parties thereunder shall
remain in full force and effect. In particular, the rights and obligations of the parties to the ISA arising in connection with the Warranties given by the Company under the terms of the ISA shall continue in full force and effect, subject in all
cases to any limitations applicable thereto as further described in the ISA, and this deed shall not operate to release or discharge the Company from any liability to any Series B Investor (as defined in the ISA) pursuant to clause 12 of the ISA.

  

	4.	 General 

  

	4.1	 Investment Agreement 

The Company hereby agrees and undertakes that it shall not agree to vary the terms of the Investment Agreement in a manner that creates any
rights in favour of the Investors that are additional or superior to the rights granted to such Investors pursuant to the Restated ISA. 

  
 3 

 EXECUTION VERSION 

 

	4.2	 Counterparts 

This deed may be executed in any number of duplicates, or by the parties on separate counterparts. Each executed duplicate or counterpart shall
be an original, but all the duplicates or counterparts shall together constitute one and the same instrument. 
  

	4.3	 General 

The provisions of the following clauses contained in the ISA are hereby repeated and incorporated by reference in this deed mutatis mutandis:
15; 16; 18; 19; 23.3; and 25. 
  

	5.	 Governing law 

This deed or the performance, enforcement, breach or termination hereof shall be interpreted, governed by and construed in accordance with the
laws of England, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this deed to the substantive law of another jurisdiction. 

 

	6.	 Dispute Resolution 

In relation to any legal action or proceedings arising out of or in connection with this Agreement (including any dispute relating to the
existence, validity or termination of this Agreement or any contractual or non-contractual obligation) (“Proceedings”), each of the Parties irrevocably submits to the exclusive jurisdiction of
the English courts and waives any objection to Proceedings in such courts on the grounds of venue or on the grounds that Proceedings have been brought in an inappropriate forum provided that an order or judgment of any court may be enforced in any
court of competent jurisdiction. 

  
 4 

 EXECUTION VERSION 

 

 SCHEDULE 1 

Amended and Restated ISA 

  
 5 

 FINAL FORM 
  

 DATED 29 MARCH 2017 AS AMENDED AND RESTATED ON 2 AUGUST 2018 

(1) THE SERIES C INVESTORS 

(2) THE EXISTING INVESTORS 

(3) THE ORDINARY SHAREHOLDERS 

- and – 
 (4)
ORCHARD THERAPEUTICS LIMITED 
  

 

SHAREHOLDERS’ AGREEMENT 

RELATING TO ORCHARD THERAPEUTICS LIMITED 
  

 
  

 

  

 FINAL FORM 
  

 TABLE OF CONTENTS 

 

							
		 		  	 	Page	 
			
	 1.
	 	DEFINITIONS AND INTERPRETATION	  	 	3	 
			
	 2.
	 	TRANSFER AND ISSUES OF SHARES	  	 	11	 
			
	 3.
	 	REGISTRATION RIGHTS AND IPO	  	 	11	 
			
	 4.
	 	EFFECT OF CEASING TO HOLD SHARES	  	 	12	 
			
	 5.
	 	THE BOARD	  	 	13	 
			
	 6.
	 	INFORMATION RIGHTS	  	 	16	 
			
	 7.
	 	BUSINESS CONDUCT OBLIGATIONS	  	 	18	 
			
	 8.
	 	ERISA	  	 	19	 
			
	 9.
	 	EQUITY AWARD POOL	  	 	21	 
			
	 10.
	 	COMPLIANCE WITH THE DRAG, CO-SALE AND TAG RIGHTS	  	 	22	 
			
	 11.
	 	ADHERENCE TO THIS AGREEMENT	  	 	22	 
			
	 12.
	 	CONFIDENTIALITY	  	 	22	 
			
	 13.
	 	NO PARTNERSHIP	  	 	25	 
			
	 14.
	 	AGREEMENT PREVAILS	  	 	25	 
			
	 15.
	 	BINDING NATURE OF THIS AGREEMENT	  	 	26	 
			
	 16.
	 	SEVERANCE	  	 	26	 
			
	 17.
	 	COUNTERPARTS	  	 	26	 
			
	 18.
	 	ASSIGNMENT	  	 	26	 
			
	 19.
	 	TERMINATION	  	 	27	 
			
	 20.
	 	MISCELLANEOUS	  	 	27	 
			
	 21.
	 	COSTS	  	 	29	 
			
	 22.
	 	NOTICES	  	 	29	 
			
	 23.
	 	LAW AND JURISDICTION	  	 	30	 
			
	 24.
	 	F-PRIME WAIVER	  	 	30	 
		
	 SCHEDULE 1 : DETAILS OF THE COMPANY
	  	 	32	 
		
	 SCHEDULE 2 : MATTERS REQUIRING CONSENT
	  	 	37	 
		
	 SCHEDULE 3 : DEED OF ADHERENCE
	  	 	40	 
		
	 SCHEDULE 4 : POWER OF ATTORNEY
	  	 	42	 
		
	 SCHEDULE 5 : REGISTRATION RIGHTS
	  	 	46	 
		
	 SCHEDULE 6 : IPO
	  	 	60	 

  
 2 

 FINAL FORM 
  

 THIS AGREEMENT is dated 29 March 2017 and amended and restated on 2 August 2018 and made

  

	1.	 BETWEEN: 

  

	1.	 THE SERIES C INVESTORS, whose names and addresses are set out in Part C of Schedule 1 and each of whom
has adhered to this Agreement immediately following entry into of the Deed of Amendment and Restatement (the “Series C Investors”); 

  

	2.	 THE EXISTING INVESTORS, whose names and addresses are set out in Part A of Schedule 1 (the
“Existing Investors”); 

  

	3.	 THE ORDINARY SHAREHOLDERS, whose names and addresses are set out in Part B of Schedule 1 (the
“Ordinary Shareholders”); and 

  

	4.	 ORCHARD THERAPEUTICS LIMITED, a company incorporated in England and Wales under company number 9759506
whose registered office is at 108 Cannon Street, London EC4N 6EU (the “Company”), 

 (each a
“Party” and together, the “Parties”). 
  

	2.	 WHEREAS: 

  

	A.	 The Company is a private company limited by shares, incorporated in England and Wales on
2 September 2015 under the Companies Act 2006. 

  

	B.	 The Parties have agreed to regulate their relationship in accordance with the terms of this Agreement.

  

	3.	 THE PARTIES AGREE THAT: 

 

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 Definitions 

“Act” means the Companies Act 2006; 

“Adjustment Event” means at any time following Completion (as defined in the Investment Agreement): (i) any return of capital,
bonus issue of shares or other securities by the Company by way of capitalisation of profits or reserves (other than a capitalisation issue in substitution for or as an alternative to a cash dividend which is made available to holders of Preferred
Shares); or (ii) any consolidation or sub-division, or any repurchase or redemption of Shares or any variation in the subscription price applicable to any other outstanding Shares; 

“Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled
by, or is under common control with such Person, including without limitation any general partner, managing member, limited partner, manager, member, employee, officer or director of such Person or any trust for the benefit of any of the foregoing
or any Affiliate of the foregoing or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person. For purposes of this
definition, the term “control” when used with respect to any Person means the power to direct the management or policies of such Person, directly or indirectly, whether through ownership of voting securities, by contract or otherwise, and
the terms “controlling” and “controlled” shall have meanings correlative to the foregoing; 

  
 3 

 FINAL FORM 
  

 “APA” means the asset purchase and licence agreement dated 11 April
2018 and entered into between, inter alia, the Company and GSK in connection with the GSK Transaction; 
 “Articles” means
the articles of association of the Company from time to time; 
 “As Converted Basis” in reference to any calculation or
number, means that such calculation shall be made, or number determined, on the basis that each Preferred Share is equivalent to such number of Ordinary Shares into which such Preferred Share may then be converted in accordance with the Articles;

 “Board” means the board of Directors of the Company as constituted from time to time; 

“Business” means the business of the Company and any Group Company from time to time, including, in particular, the
development and commercialisation of ex vivo gene therapy products; 
 “Business Day” means any day, other than a
Saturday, Sunday or a day that is a national or bank holiday in the United Kingdom or the United States on which banks are open for the transaction of non-automated general commercial banking business; 

“CHI” means, collectively, Cowen Healthcare Investments II LP and CHI EF II LP; 

“Co-Sale Rights” means the rights set out in article 20 of the Articles (as may be
varied, supplemented, amended or replaced by similar compulsory transfer provisions from time to time); 
 “Confidential
Information” means all proprietary information marked as being confidential or of a reasonably apparent confidential nature on the face of them, provided during the term of this Agreement, relating to the Company, disclosed to another Party
in any form, whether in writing, orally communicated, in electronic format or otherwise, and including any such information obtained through discussions with directors, officers, the management or employees of the Group; 

“Deed of Adherence” means a deed of adherence substantially in the form set out in Schedule 3 (Deed of Adherence); 

“Deerfield” means, collectively, Deerfield Special Situations Fund, L.P., Deerfield Private Design Fund III, L.P. and
Deerfield Private Design Fund IV, L.P.; 
 “Director(s)” means the directors of the Company from time to time; 

  
 4 

 FINAL FORM 
  

 “Drag Rights” means the rights set out in article 21 of the Articles (as may
be varied, supplemented, amended or replaced by similar compulsory transfer provisions from time to time); 
 “Encumbrance”
means a lien, pledge, claim, charge (whether fixed or floating), mortgage or other encumbrance or security interest of any kind or right exercisable by a third party having similar effect, including any restriction on the use, voting, transfer,
receipt of income or other exercise of any attributes of ownership, whether arising by contract or by operation of law; 
 “Equity
Award Pool” has the meaning given to it in clause 9.1; 
 “ERISA” means the regulations made under the United
States Employee Retirement Income Security Act of 1974; 
 “EU” has the meaning given to it in the APA; 

“F-Prime A” means F-Prime Capital Partners
Healthcare Fund IV-A LP; 
 “F-Prime” means,
collectively, F-Prime Capital Partners Healthcare Fund IV LP and F-Prime Capital Partners Healthcare Fund IV-A LP; 

“Founders” means Andrea Spezzi and Nicolas Koebel; 

“Group” means in respect of any undertaking, such undertaking together with its Affiliates, and references to a “Group
Company” shall be construed accordingly; 
 “GSK” means Glaxo Group Limited, a private limited company incorporated
under the laws of England and Wales under company number 00305979 having its registered office at 980 Great West Road, Brentford, Middlesex, TW8 9GS; 

“GSK Transaction” means the purchase and licence by the Company from GSK and its affiliates of certain assets in accordance
with the terms of the APA; 
 “GSK Director” means the director appointed by GSK in accordance with clause 5.2; 

“HMRC” means Her Majesty’s Revenue and Customs; 

“ICTA” means the Income and Corporation Taxes Act 1988; 

“Intellectual Property Rights” means any intellectual property rights of any nature, including, without limitation,
inventions, trade secrets and Know-How patents, trademarks, service marks, trade names, business names, copyrights, registered designs, design rights, domain names, rights in logos and get up, rights in
goodwill or to sue for passing off or unfair competition, database rights, moral rights, utility models, semi-conductor topographies, all rights of whatsoever nature in computer software and data, rights to or in confidential information, all rights
of privacy and all intangible rights and privileges of a nature similar or allied to any of the foregoing, and all other intellectual property rights in each case whether registered or unregistered, together with all applications for registration of
and rights to apply for, and renewals or extensions of such rights and all similar equivalent rights or forms of protection which subsist now or in the future in any part of the world; 

  
 5 

 FINAL FORM 
  

 “Investment Agreement” means the investment agreement entered into between
the Series C Investors and the Company on the same date as this amended and restated Agreement; 
 “Investor” means a holder
of Preferred Shares from time to time; 
 “Investor Limited Partnership” means any limited partnership vehicle of any
Investor subject (directly or indirectly) to ERISA; 
 ”Investor Majority Consent” means, subject to limbs 1 – 3 of
this definition below, the prior written consent of the holders of (i) at least sixty five per cent (65%) in nominal value of the Series A Shares; (ii) at least sixty-five per cent (65%) in nominal value of the Series B Shares and the
Series B-2 Shares voting as if they constituted one and the same class; and (iii) at least a majority in nominal value of the Series C Shares, save that: 

 

	 	1.	 in respect of limb (i) of this definition above and solely for the purposes of Schedule 2, part A,
paragraph 6 of this Agreement and any vote or written consent sought pursuant to clause 20.3 to amend this Agreement with respect to any consent or approval right granted to a Special Director and not granted to other Directors of the Company in
each case when at the relevant time F-Prime and F-Prime A hold Shares which in aggregate exceed twenty-five per cent (25%) of the Company’s issued voting share
capital at any time the threshold of Series A Shares for the purposes of Investor Majority Consent shall be amended to require the approval of holders of at least 1,000,000 of the Series A shares in issue at that time 

 

	 	2.	 in respect of limb (ii) of this definition above and solely for the purposes of Part A of Schedule 2, for
so long as GSK, together with its Permitted Transferees, holds in excess of ten per cent (10%) of the Company’s issued share capital (calculated on a fully diluted basis) and provided that GSK has not served a Restoration Notice on the Company,
the calculation of an Investor Majority Consent in respect of: 

  

	 	a.	 the matters set out in paragraphs 6, 7, 12, 18 and 19 of Part A of Schedule 2, shall not include any Series B-2 Shares held by GSK (or its Permitted Transferees); and 

  

	 	b.	 paragraph 11 of Part A of Schedule 2, shall include Series B-2 Shares
held by GSK (and its Permitted Transferees) only to the extent that the action being considered results in the sale, transfer, assignment, license, pledge or grant of any Encumbrance over Intellectual Property Rights relating to the assets divested
or licensed by GSK to the Company pursuant to the GSK Transaction; and 

  

	 	3.	 when calculating an Investor Majority Consent for any matter other than an Investor Majority Consent for those
matters set out in paragraphs (a) and (b) above, only one half (1/2) of the total number of Series B-2 Shares held by each Series B-2 Preferred Shareholder shall be
taken into account. 

 Where Series B-2 Shares are excluded from the calculation of
the “Investor Majority Consent” as set out in paragraphs 1—3 above, all remaining Preferred Shares shall be deemed to constitute the entire issued share capital of the Company; 

  
 6 

 FINAL FORM 
  

 “IPO” means the admission of all or any of the Shares or securities
representing those Shares (including without limitation depositary interests, American depositary receipts, American depositary shares and/or other instruments) to or the grant of permission by any like authority for the same to be admitted to or
traded or quoted on any Recognised Investment Exchange; 
 “Know-How” means all
information, data, know-how and methodology including all financial, commercial, trade and business secrets of whatever nature and in whatever form and information comprising or relating to any inventions,
discoveries, improvements, processes, techniques, methods, tests, component tests, instructions, drawings, diagrams, illustrations, data, specifications, lists, programs, formulae, technical information, plans, reports, manuals and all other
documents, recorded information and data whatsoever and howsoever stored; 
 “Law” or “Laws” includes all
applicable legislation, statutes, directives, regulations, judgments, decisions, decrees, orders, instruments, by-laws, and other legislative measures or decisions having the force of law, treaties,
conventions and other agreements between states, or between states and the European Union or other supranational bodies, rules of common law, customary law and equity and all civil or other codes and all other laws of, or having effect in, any
jurisdiction from time to time and whether before or after the date of this Agreement; 
 “Liquidation Event” has the
meaning given to it in the Articles; 
 “Management Accounts” means the unaudited management accounts of the Company,
comprising a balance sheet and profit and loss account to be produced by the Company at the end of every month; 
 “NASDAQ”
means the NASDAQ stock market of the NASDAQ OMX Group Inc.; 
 “Notice” has the meaning given to it in clause 22.1; 

“NYSE” means the New York Stock Exchange; 

“Observer” means an observer appointed by the Series A Investor, Temasek or CHI in accordance with clause 7.4 and
“Observers” shall be construed accordingly; 
 “Option Scheme” means the Company’s share option plan entitled
“Orchard Therapeutics Limited Employee Share Option Plan, with Non-Employee Sub-Plan and US Sub-Plan with California
Supplement”, as adopted by the Board on 14 September 2016; 
 “Ordinary Shares” means the ordinary shares of
£0.00001 each in the capital of the Company, which have the rights set out in the Articles; 
 “ORI” means Unique
Diamond Investments Limited, a company incorporated in the British Virgin Islands and whose registered office is at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110 British Virgin Islands; 

  
 7 

 FINAL FORM 
  

 “Permitted Transfer” has the meaning given to it in the Articles; 

“Permitted Transferee” has the meaning given to it in the Articles; 

“Preferred Director” means any of the Special Directors, ORI Director, GSK Director and Deerfield Director and “Preferred
Directors” shall be construed accordingly; 
 “Preferred Shares” means the Series A Shares, the Series B Shares, the
Series B-2 Shares and the Series C Shares; 
 “Proceedings” has the meaning given to
it in clause 23.2; 
 “Qualified Listing” means the legal completion of a fully underwritten listing and admission of any of
the Shares (or the shares of any holding company of the Company) to trading on, or the granting of permission for any such Shares to be dealt on, NASDAQ or the NYSE at a price per Share issued of the time of such listing not less than the price paid
per Series C Share by the Series C Investors at Completion (as defined in the Investment Agreement and subject to appropriate adjustment to reflect any Adjustment Event) and where the gross proceeds to the Company of the listing are equal to or
exceed US$50,000,000 (before the deduction of broker’s commissions, discounts and fees); 
 “Recognised Investment
Exchange” means a recognised investment exchange as defined by section 285 of the Financial Services and Markets Act 2000 and every statutory modification or re-enactment thereof for the time being in
force, together with (whether or not falling within such definition) the Official List of the UK Listing Authority, the Main Market of the London Stock Exchange plc, the AIM market of the London Stock Exchange plc, NASDAQ and the NYSE; 

“Relevant Securities” means in respect of the Company, any Share or other security in the capital of the Company from time to
time, or any other security, agreement or instrument which contains or provides for any right to subscribe or exchange for, convert into or otherwise call for any issue of any Shares or other securities in the capital of the Company from time to
time; 
 “Restoration Notice” means: a notice served on the Company by GSK requiring that (i) GSK shall cease to be
prevented from voting on items identified in limb (2) of the definition of Investor Majority Consent and/or (ii) the GSK Director shall cease to be prevented from voting on the items identified in clause 5.8; 

“Sale” means: (i) the sale or other transfer of the whole or substantially the whole of the business and assets of the
Company, including the grant by the Company to any person of an exclusive licence over all or substantially all of the Company’s commercially valuable intellectual property; or (ii) the sale of the entire issued share capital of the
Company; 
 “Series A Shares” means the series A convertible preferred shares of £0.00001 each in the capital of the
Company, which have the rights set out in the Articles; 

  
 8 

 FINAL FORM 
  

 “Series B Shares” means the series B convertible preferred shares of
£0.00001 each in the capital of the Company, which have the rights set out in the Articles; 
 “Series B-2 Investor Majority Consent” means the prior written consent of the holders of at least sixty-five per cent (65%) in nominal value of the Series B-2 Shares; 

“Series B-2 Shares” means the series B-2
convertible preferred shares of £0.00001 each in the capital of the Company, which have the rights set out in the Articles; 

“Series B Investor Majority Consent” means the prior written consent of the holders of at least sixty-five per cent (65%) in
nominal value of the Series B Shares; 
 “Series C Shares” means the series C convertible preferred shares of £0.00001
each in the capital of the Company, which have the rights set out in the Articles; 
 “Shareholder” means a holder of any of
the Company’s Shares; 
 “Shares” means the Ordinary Shares, the Series A Shares, the Series B Shares, the Series B-2 Shares and the Series C Shares (and any other classes of share (if any) comprised in the capital of the Company from time to time); 

“SMIT” means Scottish Mortgage Investment Trust plc; 

“Special Director” means a Director appointed pursuant to clause 5.2.1; 

“Tag Rights” means the rights set out in article 19 of the Articles (as may be varied, supplemented, amended or replaced by
similar compulsory transfer provisions from time to time); 
 “Temasek” means TLS Beta Pte Ltd., a Singapore company with
registered number 200500368D whose office is at 60B Orchard Road #06-18 Tower 2, The Atrium@Orchard, Singapore 238891; 

“Transaction Agreements” has the meaning given to it in clause 20.1.1; 

“US Shareholder” has the meaning given to it in clause 8.6.1; and 

“VCOC” has the meaning given to it in clause 8.5. 
  

	1.2	 Interpretation 

In this Agreement, where the context admits: 
  

	1.2.1	 clause, Schedule and paragraph headings shall not affect the interpretation of this Agreement;

  
 9 

 FINAL FORM 
  

	1.2.2	 words and phrases the definitions of which are contained or referred to in the Act shall have the meanings
thereby respectively attributed to them unless otherwise expressly defined in this Agreement; 

  

	1.2.3	 every reference to a particular statutory provision or other Law shall be construed also as a reference to all
other Laws made under the Law referred to and to all such Laws as amended, re-enacted, consolidated or replaced or as their application or interpretation is affected by other Laws from time to time and whether
before, on or after the date of this Agreement; 

  

	1.2.4	 references to “clauses” and “Schedules” are references to clauses of and
schedules to this Agreement, references to paragraphs are, unless otherwise stated, references to paragraphs of the Schedule in which the reference appears; 

  

	1.2.5	 references to the singular shall include the plural and vice versa and references to the masculine, the
feminine and the neuter shall include each other such gender; 

  

	1.2.6	 “person” or “Person” includes any individual, partnership, body corporate,
corporation sole or aggregate, limited liability company, trust or other entity, state or agency of a state, and any unincorporated association or organisation, in each case whether or not having separate legal personality; 

 

	1.2.7	 words introduced by the word “other” shall not be given a restrictive meaning because they are
preceded by words referring to a particular class of acts, matters or things; 

  

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

  

	1.2.9	 where the expressions “connected persons” and “person connected” and any
other similar expressions are used in this Agreement any question as to whether a person is connected with another shall be determined in accordance with section 993 and section 994 of the Income Tax Act 2007 (subject to the deletion of the words
from “But” to “arrangements” in sub-section (4) of the said section 993); 

  

	1.2.10	 every reference to an English legal term for any action, remedy, method or judicial proceedings legal document,
legal status, court, official, or any other legal concept shall, in respect of any jurisdiction other than England be deemed to include the legal term which most nearly approximates in that jurisdiction to the English legal term;

  

	1.2.11	 every reference to the “Parties to this Agreement”, “the Parties hereto” or
any other similar expression or like effect shall include every person who becomes party to this Agreement by entering into a Deed of Adherence; 

  

	1.2.12	 any reference to “written” or “writing” includes faxes (but not e-mail) or other transitory forms; 

  

	1.2.13	 any document expressed to be “in agreed form” means a document in a form approved by the
Parties to this Agreement; 

  

	1.2.14	 unless the context otherwise requires or unless otherwise defined in this Agreement, words and expressions
defined in the Articles shall have the same meaning when used in this Agreement; 

  
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	1.2.15	 the headings and sub-headings are inserted for convenience only and
shall not affect the construction of this Agreement; and 

  

	1.2.16	 each of the Schedules shall have effect as if set out herein. 

 

	1.3	 Several liabilities 

Save where expressly stated otherwise in this Agreement, all warranties, indemnities, covenants, agreements and obligations given or entered
into by more than one person in this Agreement are given or entered into severally. 
  

	2.	 TRANSFER AND ISSUES OF SHARES 

 

	2.1	 Transfers and no Encumbrances 

 

	2.1.1	 Notwithstanding the Articles, each Shareholder undertakes to the Series C Investors that he shall not, and
shall not agree to create any Encumbrance over, transfer or otherwise dispose of the whole or any part of his interest in or grant any option over any Shares to any person except: 

 

	 	(a)	 with Investor Majority Consent; or 

 

	 	(b)	 where required or permitted to do so by both (i) the Articles; and (ii) this Agreement.

  

	2.1.2	 Other than pursuant to clause 9, the Company shall not issue any Shares or other Relevant Securities to any
person, unless that person is a Party to this Agreement or has executed and delivered a Deed of Adherence (save where the Investors acting by Investor Majority Consent have agreed in advance that such person does not need to enter into a Deed of
Adherence). 

  

	2.1.3	 Except as expressly provided in this Agreement or where Shares are allotted to satisfy the exercise of an
option under the Equity Award Pool, the Company shall not register any transfer or issue of shares unless a Deed of Adherence is executed by the transferee or allottee (save where the Investors acting by Investor Majority Consent have agreed in
advance that such transferee or allottee does not need to enter into a Deed of Adherence). 

  

	3.	 REGISTRATION RIGHTS AND IPO 

 

	3.1	 Registration rights 

The Company grants to each of the Investors the registration rights set forth in Schedule 5. No IPO shall take place unless all Preferred
Shares are converted into Ordinary Shares and the provisions set out in the Articles are complied with. Notwithstanding anything to the contrary in this Agreement, Schedule 5 shall survive termination of this Agreement due to an IPO and, for the
avoidance of doubt, shall terminate in accordance with paragraph 14 thereof. 
  

	3.2	 Actions on a Qualified Listing 

 

	3.2.1	 Each Shareholder and the Company agrees to comply with the provisions of Schedule 6 (IPO).
Notwithstanding anything to the contrary in this Agreement, Schedule 6 shall survive termination of this Agreement due to an IPO. 

  
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	3.2.2	 In the event that a reorganisation of the Company’s issued share capital (the terms of which are supported
by Investor Majority Consent) is to be implemented prior to an IPO, the effect of which is that the Company becomes a wholly-owned subsidiary of a new holding company (the “Newco”) and the shareholders of the Newco and their
respective percentage holdings of shares in Newco are the same as the Shareholders and their respective percentage holdings of Shares prior to such reorganisation, then: 

 

	 	(a)	 the Company shall procure that the Newco shall execute a deed of adherence to this Agreement in such form as is
approved by an Investor Majority pursuant to which the Newco shall agree to be bound by and comply with the terms of this Agreement; 

  

	 	(b)	 following the due execution of the deed of adherence referred to in clause 3.2.2(a) above, any reference to
“the Company” in this Agreement shall be construed as a reference to the Newco; and 

  

	 	(c)	 the parties (other than the Company) shall continue to be bound by and comply with the terms of this
Agreement mutatis mutandis in their capacity as holders of shares in Newco as if they were holders of Shares until completion of the IPO. 

  

	3.3	 Variations to the Articles 

Each Series B-2 Preferred Shareholder hereby agrees with the other Investors that in the event there is
any variation or abrogation proposed to be made to both the Series B Shares and the Series B-2 Shares where the effect on both such classes of share is in all material respects the same, and such variation or
abrogation is approved by Series B Investor Majority Consent, then they will sign all documents, deeds and resolutions and vote in favor of any such variation or abrogation (including pursuant to clause 20.3.1(c)) and including but not limited to
passing any resolution in connection with article 12.1.1 of the Articles in respect of such variation or abrogation. 
  

	4.	 EFFECT OF CEASING TO HOLD SHARES 

 

	4.1	 Effect of ceasing to hold Shares 

In the event that any Shareholder ceases to hold any Shares or other Relevant Securities in the Company, then such Shareholder shall cease to
have any right to enforce any provision of this Agreement (including any requirement that its consent be obtained to any termination, amendment, variation, or supplement to this Agreement), provided always that nothing in this clause shall prejudice
any right or obligation of such Shareholder which accrued in respect of the period prior to the time at which it ceased to hold any such Shares or other Relevant Securities. 

  
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	5.	 THE BOARD 

  

	5.1	 Members of the Board 

The members of the Board as at the date of this amended and restated Agreement shall be: 

 

			
		
	 Mark Rothera
	  	- Chief Executive Officer
		
	 Alexander Pasteur
	  	- Special Director (non-executive)
		
	 Jonathan Ellis
	  	- GSK Director (non-executive)
		
	 Hong Fang  Song
	  	- ORI Director (non-executive)
		
	 Elise Wang
	  	- Deerfield Director (non-executive)
		
	 Hubert Gaspar
	  	- (non-executive)
		
	 Charles Rowland  Jr.
	  	- (non-executive)
		
	 James Geraghty
	  	- (non-executive)
		
	 Marc Dunoyer
	  	- (non-executive)
		
	 Joanne Beck
	  	- (non-executive)

  

	5.2	 Director appointment rights 

 

	5.2.1	 For so long as F-Prime, together with its Permitted Transferee(s),
holds Preferred Shares, F-Prime shall be entitled to appoint any two (2) persons holding office at any one time to act as Special Directors of the Company and to remove from office any person so appointed
and to appoint another person in his place. 

  

	5.2.2	 For as long as Deerfield, together with its respective Permitted Transferee(s), holds Shares representing not
less than two per cent. (2%) (calculated on a undiluted basis) of the Company’s issued share capital, Deerfield shall be entitled to appoint one person holding office at any one time to act as a director of the Company and to remove from office
any person so appointed and to appoint another person in his place. The first such person appointed from the date of this amended and restated Agreement shall be Elise Wang until such time as Deerfield and the Company identify a mutually
satisfactory replacement. 

  

	5.2.3	 For so long as ORI, together with its Permitted Transferee(s), holds Shares representing not less than two per
cent. (2%) (calculated on a undiluted basis) of the Company’s issued share capital, ORI shall be entitled to appoint one person holding office at any one time to act as a director of the Company and to remove from office any person so appointed
and to appoint another person in his place. 

  
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	5.2.4	 For so long as GSK, together with its Permitted Transferees, holds Series
B-2 Shares representing not less than five per cent. (5%) of the Company’s issued share capital (calculated on an undiluted basis), or, if longer, until the date on which in respect of at least one
(1) WAS Royalty Product (as defined in the APA) and one (1) MLD Royalty Product (as defined in the APA), in respect of which the Company has (i) obtained a marketing authorisation or biologics licence application; (ii) made the
first commercial sale for which revenue has been recognised; and (iii) obtained pricing reimbursement for such products, in each of the EU and the United States, GSK shall be entitled to appoint one person to act as a director of the Company
and to remove from office any person so appointed and to appoint another person in his or her place. 

  

	5.2.5	 The right to appoint a Director pursuant to this clause 5.2 shall be exercised by the appointing Investor(s)
serving notice on the Company, specifying the Director(s) to be appointed. The removal of a Director so appointed shall be effected by the appointing Investor(s) who requested the appointment of the relevant Director serving notice on the Company or
procuring the resignation of the relevant Director. 

  

	5.2.6	 The Preferred Directors have the right to receive notice of, and to attend, all meetings of directors and the
meetings of any committee(s) of the Board (whether in person, by telephone or otherwise). The Company will procure the provision to the Preferred Directors concurrently with the relevant directors or committee members, and in the same manner, notice
of such meetings and a copy of all materials provided to such persons. 

  

	5.2.7	 F-Prime shall have the right to appoint one (1) Special Director
(if then appointed to each committee of the Board. 

  

	5.3	 Independent director appointment rights 

The holders of Preferred Shares and Ordinary Shares (voting together as if the Preferred Shares and Ordinary Shares constitute the same class
and on an As Converted Basis) shall be entitled by notice in writing to the Company to appoint any two persons holding office at any one time to act as non-executive Directors and to remove from office by
notice to the Company any person so appointed and to appoint another person in his place. 
  

	5.4	 Observer appointment rights 

 

	5.4.1	 For so long as F-Prime, together with its Permitted Transferee(s),
holds Shares, F-Prime shall be entitled by notice to the Company to appoint, remove and replace one representative to attend as an observer at each and any meeting of the Board and at each and any committee of
the Board. 

  

	5.4.2	 For so long as Temasek, together with its Permitted Transferee(s), holds Shares, Temasek shall be entitled by
notice to the Company to appoint, remove and replace one representative to attend as an observer at each and any meeting of the Board and at each and any committee of the Board. 

 

	5.4.3	 For so long as CHI, together with their Permitted Transferee(s), holds Shares, CHI shall be entitled by notice
to the Company to appoint, remove and replace one representative to attend as an observer at each and any meeting of the Board and at each and any committee of the Board. 

  
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	5.5	 Fees and expenses 

The Company shall reimburse commercially reasonable expenses of the Preferred Directors, any other Director and any Observers for out-of-pocket costs incurred in attending meetings of the Board (or meetings of any committee thereof) and other meetings or events attended on behalf of the Company. 

 

	5.6	 Quorum at Board meetings 

 

	5.6.1	 No resolution may be passed at a meeting of the Board (or a meeting of a committee of the Board) unless the
nature of the business has been specified in an agenda circulated to all members of the Board (or all members of the committee of the Board) and all Observers at least five (5) Business Days in advance of the meeting. 

 

	5.6.2	 However, if any Director who is required for the quorum is not present within half an hour of the time at which
the meeting was due to start, the chairperson of the Board may adjourn the meeting by forty-eight (48) hours, to be held at the same time of the day and place, and shall give written notice of the same to all Directors. If the same Director is
not present within half an hour of the time at which the adjourned meeting was due to start, then the chairperson of the Board may declare a quorum present, notwithstanding that the quorum requirements set out in clause 5.6.1 have not been fully
satisfied. 

  

	5.7	 Conduct of meetings of the Board and committees 

 

	5.7.1	 Meetings of the Board shall be held as often as may be necessary but not less than four (4) times in each
calendar year (or with such lesser frequency as the Board shall agree in writing) and shall be convened in accordance with the Articles. 

  

	5.7.2	 No business shall be transacted at any meeting of the Board (or a committee of the Board) save for that
specified in the agenda referred to in clause 5.6.1. 

  

	5.7.3	 The quorum at any meeting of the Board shall be as set out in clause 5.6 and, subject to clause 7.1, clause
7.2, Schedule 4 (Matters Requiring Consent) and the Articles, decisions shall be taken by a majority vote. The chairperson of the Board shall have a casting vote in the event of a tied vote. 

 

	5.8	 GSK Director 

For so long as GSK, together with its Permitted Transferees, holds Series B-2 Shares representing ten
per cent. (10%) or more of the Company’s issued share capital (calculated on an undiluted basis), the GSK Director shall not, unless GSK has served a Restoration Notice on the Company, be permitted to vote on any matters requiring: (i) the
consent of the Board pursuant to paragraphs 4, 5, 6, 9, 12, 13, 15, 16, 17, 18, 19 and 20 of Part B of Schedule 2; and (ii) the consent of the Board pursuant to paragraphs 8 and 9 if the matter relates to any of the assets which are the subject
of the GSK Transaction. 

  
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	6.	 INFORMATION RIGHTS 

 

	6.1	 Provision of information to Investors 

Subject to clause 6.2.3, the Company undertakes to each Investor that is not an individual that: 

 

	6.1.1	 the Company shall keep the Investors informed of all material matters relating to the progress of the Business
to such extent and in such form and detail as the Investors may from time to time reasonably require and shall supply to the Investors such written particulars of any matters concerned with and arising out of the activities of the Company as the
Investors may from time to time reasonably require; 

  

	6.1.2	 the Company shall deliver, as soon as practicable, but in any event within one hundred and twenty
(120) days after the end of each financial year of the Company (i) a balance sheet as of the end of such year; (ii) statements of income and of cash flows for such year, and a comparison between (x) the actual amounts as of and
for such financial year and (y) the comparable amounts for the prior year and as included in any Budget (as defined in clause 6.1.5) for such year with an explanation of any material difference between such amounts and a schedule as to the
sources and applications of funds for such year; and (iii) a statement of shareholders’ equity as of the end of such year, all such financial statements to be audited by accountants approved by the Board; 

 

	6.1.3	 the Company shall deliver, as soon as practicable, but in any event within thirty (30) days after the end
of each of the first three quarters of each financial year of the Company, unaudited statements of income and cash flows for such financial quarter, and an unaudited balance sheet and a statement of shareholders’ equity as of the end of such
financial quarter, all prepared in accordance with UK GAAP (except that such financial statements may (i) be subject to normal year end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with
UK GAAP), as well as the Management Accounts for the relevant period along with a report providing summary details of the progress of the Company and its business and details of the Company’s expenditure throughout the course of such period;

  

	6.1.4	 the Company shall deliver, as soon as practicable, but in any event within thirty (30) days of the end of
each month, an unaudited income statement and statement of cash flows for such month, and an unaudited balance sheet and statement of shareholders’ equity as of the end of such month, all prepared in accordance with UK GAAP (except that
such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with UK GAAP), as well as the Management
Accounts for that month along with a report providing summary details of the progress of the Company and its business and details of the Company’s expenditure throughout the course of that month; 

 

	6.1.5	 the Company shall deliver, as soon as practicable, but in any event thirty (30) days before the end of
each financial year, a detailed operating and capital budget and business plan for the next financial year, which shall include a cash flow forecast for such period along with the Board’s and management’s forecasts and projections for the
Business for the next financial year (collectively, the “Budget”), approved by the Board and prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and, promptly after
prepared, any other budgets or revised budgets prepared by the Company; 

  

	6.1.6	 at the same time as audited accounts of the Company are provided pursuant to clause 6.1.2, the Company shall
provide all relevant audit and management letters and all correspondence between the Company and the auditors of the Company concerning such accounts unless doing so would, in the opinion of the Board acting reasonably, jeopardize legal privilege
between the Company and its legal advisers; 

  
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	6.1.7	 each of the Preferred Directors appointed pursuant to clause 5.2 and any Observer appointed pursuant to clause
5.4 may, from time to time, make full but confidential disclosure to its appointing Shareholder of any information relating to the Company; 

  

	6.1.8	 notwithstanding clause 12, each Investor shall be at liberty from time to time to make such disclosure:

  

	 	(a)	 to its partners, trustees, shareholders, unit holders and other participants and/or to any member of the same
Group as the Investor for the purposes of, but not limited to, reviewing existing investments and investment proposals; 

  

	 	(b)	 to any lender to the Company and/or to any shareholder of any member of the Company’s Group;

  

	 	(c)	 about any member of the Company’s Group as shall be required by law and any regulatory authority to which
the Investor is subject; 

  

	 	(d)	 to the Company’s auditors and/or any other professional advisors of the Company; and

  

	 	(e)	 to the Investor’s professional advisers and to the professional advisers of any person to whom the
Investors is entitled to disclose information pursuant to this clause, 

 in relation to the business affairs or financial
position of the Company as it may in its reasonable discretion think fit provided that any Person to whom information is disclosed is subject to an obligation of confidentiality substantially similar to the obligation of confidentiality contained in
this Agreement; and 
  

	6.1.9	 upon being given a reasonable amount of notice in writing, the Company shall permit any Investor to enter the
Company’s premises and to make reasonable inspection of its books and records and to have reasonable access to the Company’s employees and advisers for the purposes of ascertaining the progress of the Business. 

 

	6.1.10	 Subject to clause 6.2, the Company undertakes to UCLB (for so long as it together with any of its Permitted
Transferees hold not less than five per cent. (5%) in nominal value of the Shares) that it shall, upon receipt of written notice from UCLB, provide to UCLB the information set out in clauses 6.1.2—6.1.6 above at the same time as it is provided
to the Investors. 

  

	6.2	 Provision of additional information to F-Prime, SMIT, ORI, Temasek,
GSK, CHI and Deerfield 

 Subject to clause 6.2.3, the Company undertakes to
F-Prime, SMIT, ORI, Temasek, GSK, CHI and Deerfield that for so long as they (or any of their Permitted Transferees) each hold any Shares that, in addition to the information to be provided pursuant to clause
6.1 above: 
  

	 	(a)	 the Company shall deliver to F-Prime, SMIT, ORI, Temasek, GSK, CHI and
Deerfield copies of all Board materials and the agenda for meetings of the Board and, following such meetings, the final form minutes of the meeting, in each case at the same time such materials are distributed to the Directors; and

  
 17 

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	 	(b)	 the Company shall deliver to F-Prime, SMIT, ORI, Temasek, GSK, CHI and
Deerfield as soon as practicable, but in any event within forty-five (45) days after the end of each calendar quarter, an up to date capitalisation table showing (i) the number of Shares of each class and Relevant Securities convertible
into or exercisable in respect of Shares outstanding at the end of the relevant period; (ii) the Shares to be issued upon the conversion or exercise of any Relevant Securities and the exchange ratio and exercise price applicable thereto; and
(iii) the number of Ordinary Shares outstanding in the Equity Award Pool over which the Company may grant awards or options, in each case in sufficient detail as to permit F-Prime, SMIT, ORI, Temasek,
GSK, CHI and Deerfield (or any of its/or their Permitted Transferees as applicable) to calculate their percentage equity ownership in the Company and certified by the chief financial officer or chief executive officer of the Company as being true,
accurate and complete. 

  

	6.2.2	 If the Company fails to comply with any of its obligations to provide information to the Investors (that are
not individuals) pursuant to clause 6.1 or to F-Prime, SMIT, ORI, Temasek, GSK, CHI and Deerfield pursuant to clause 6.2, then the Investors (who are not individuals) (acting by Investor Majority Consent) or F-Prime, SMIT, ORI, Temasek, GSK, CHI and Deerfield (as the case may be) will be entitled to instruct a firm of accountants to prepare the relevant information and provide it to the Investors (who are not
individuals), F-Prime, SMIT, ORI, Temasek, GSK, CHI and Deerfield (as the case may be). The Company will permit full access to its books and records and its premises for this purpose. The reasonable costs of,
and incidental to, any such appointment (plus any VAT) will be paid by the Company. 

  

	6.2.3	 The Company’s obligations under clauses 6.1 and 6.2 shall not apply in respect of an Investor (other than
an Institutional Investor (as defined in the Articles)) where the Company reasonably determines that such information or materials include trade secrets or contain other proprietary information that is commercially sensitive, or in respect of any
Investor where the Company reasonably determines that such information is subject to legal privilege between the Company and its legal advisors. 

  

	7.	 BUSINESS CONDUCT OBLIGATIONS 

 

	7.1	 The Company’s undertakings 

 

	7.1.1	 The Company agrees and undertakes that, save with the prior approval of the various categories of persons as
further particularised in Schedule 2 (Matters Requiring Consent), for so long as the Investors and their Permitted Transferees hold Shares, it shall not effect or propose (by way of resolution) any of the actions referred to in Schedule 2
(Matters Requiring Consent). 

  

	7.1.2	 The Company agrees and undertakes that it will run the Business in compliance with applicable Law in all
material respects. 

  

	7.1.3	 The Company shall maintain directors and officers insurance policies for each member of the Board (and their
affiliated funds) and the officers of the Company in the amount of at least £1,000,000 and, subject to approval by the Board, will increase such coverage immediately prior to an IPO to at least £5,000,000, on terms reasonably acceptable
to F-Prime. 

  
 18 

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	7.2	 Shareholder undertakings 

Each Shareholder that is a party to this Agreement agrees and undertakes that, save with the prior approval of the various categories of
persons as further particularised in Schedule 2 (Matters Requiring Consent), for so long as the Investors and their Permitted Transferees hold Shares, it shall exercise its rights and powers under this Agreement and as a holder of Shares to
procure, in so far as it is lawfully able by the exercise of such rights and powers, that no Group Company will effect or propose (by way of resolution) any of the actions referred to in Schedule 2 (Matters Requiring Consent). 

 

	7.3	 Consents and approvals 

Any consent or approval given pursuant to Schedule 2 (Matters Requiring Consent) hereunder may be given on such terms and subject to
such conditions (if any) as such persons (acting together as a group) may in their absolute discretion determine and no such consent or approval shall be held to have been validly given unless and until all such terms and conditions have been
complied with. 
  

	8.	 ERISA 

  

	8.1	 Exercise of rights by Investor Limited Partnerships 

The Parties agree that, whatever rights an Investor Limited Partnership may have, or elect to acquire, or designate to one or more Directors,
any rights of such Investor Limited Partnership under this Agreement may be exercised by such Investor Limited Partnership acting through its respective general partner or, if any current or subsequent general partner is removed as the general
partner of such an Investor Limited Partnership, the successor or replacement general partner of that partnership. 
  

	8.2	 Directors and observers 

The investment vehicles comprising the Investors hereby agree that, insofar as such vehicles are Investor Limited Partnerships, their
respective rights (if any) to appoint and/or nominate a Director pursuant to clause 5.2 or the Articles shall be exercised by the respective general partners of such Investor Limited Partnerships. In the event that an Investor Limited Partnership
has not exercised its rights (if any) to appoint and/or nominate a Director pursuant to clause 5.2 or the Articles, then any such partnership shall have the right to appoint a representative to attend as a
non-voting observer at each meeting. The appointment and removal of such representative shall be by written notice from the relevant Investor Limited Partnership to the Company, which shall take effect on
delivery at the Company’s registered office or at any meeting of the Board or any committee thereof. 
  

	8.3	 Provision of information 

Any Investor Limited Partnership acting through their general partner shall have the right to receive on reasonable written request to the
Company: 
  

	8.3.1	 Management Accounts of the Company (and each Group Company), including a balance sheet and profit and loss
account; 

  

	8.3.2	 on an annual basis, budgets and cash flow forecasts of the Company and each Group Company; and

  
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	8.3.3	 such additional information as such Investor Limited Partnership may at any time reasonably request (including
any information provided to a Preferred Director). 

  

	8.4	 Meetings with management 

The Investor Limited Partnerships all acting through their respective general partners shall each have the right to meet on a regular basis
with such management personnel of the Company as may reasonably be designated by such partnerships, on reasonable notice to the Company, for the purpose of consulting with management, obtaining information regarding the business and prospects of the
Company or expressing the views of such partnerships and advising Company management on such matters. 
  

	8.5	 Alteration of rights 

The Parties agree that if legal counsel for any Investor Limited Partnership reasonably concludes that the rights granted to it by this clause
8 should be altered to preserve the qualifications of an Investor Limited Partnership as a “venture capital operating company” (a “VCOC”), or otherwise to ensure that the assets of such Investor Limited Partnership are not
considered “plan assets” of such Investor Limited Partnership for the purposes of ERISA, the Parties hereto will agree such amendments to this Agreement as may be reasonably required by such Investor Limited Partnership to effect such
alterations with such expense being shared by the Company and the relevant Investor Limited Partnership. 
  

	8.6	 Passive foreign investment or controlled foreign corporation 

 

	8.6.1	 Not later than forty-five (45) days after the date of this amended and restated Agreement, the Company
will determine whether it constitutes a “passive foreign investment company” (a “PFIC”) or a “controlled foreign corporation” (a “CFC”) as defined for U.S. tax purposes for the current financial
year up to the date of such determination and will so advise any Shareholder who so requires (each, a “US Shareholder”). In the event that the Company determines it constitutes a CFC, it shall provide all information available to it
that is necessary for a US Shareholder to complete IRS Form 5471 (or successor form). 

  

	8.6.2	 Not later than forty-five (45) days after the end of each financial year of the Company, the Company will
determine whether it constitutes a PFIC or a CFC as defined for U.S. tax purposes for such financial year and will so advise F-Prime and any other US Shareholder who so requires. For each financial year of the
Company, commencing with the first financial year for which it is determined to be a PFIC, the Company shall no later than 45 days after the end of such fiscal year, furnish each US Shareholder with all information necessary for such US Shareholder
to make a qualified electing fund (“QEF”) election pursuant to Section 1295(b) of the U.S. Internal Revenue Code, as amended (the “Code”) and to file its U.S. federal income tax returns in connection with such
QEF election. Without limiting the generality of the foregoing, the Company shall provide (a) a PFIC Annual Information Statement as described in Treas. Reg. 1.1295-1(g) and (b) all information
necessary for the US Shareholder to complete IRS Form 8621 (or successor form). The Company will obtain the advice of one of the “big four” accounting firms to make the determinations and provide the information and statements as described
in this paragraph. 

  
 20 

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	8.6.3	 The Company will (1) provide or cause its affiliates to provide sufficient information to enable each US
Shareholder to accurately complete its annual U.S. tax reporting and payment obligations as a 10% shareholder of the Company and each of its subsidiaries under the Code, and (2) if necessary, permit each US Shareholder (or its authorised
representatives) to examine and copy the books of account, records, and other documentation of the Company and each of its affiliates in order to verify the required information. In addition, the Company will covenant to retain all records relevant
for calculating the earnings and profits of and taxes paid by each US Shareholder and each of its subsidiaries for as long as such US Shareholder and its affiliates own in the aggregate 10% or more of the Company and will provide such information to
the relevant US Shareholder (or its authorised representative) upon such US Shareholder’s request within 30 days after the end of the Company’s financial year in which the calculation of a deemed paid foreign tax credit becomes relevant to
such US Shareholder under the Code. 

  

	8.6.4	 Any third party costs incurred by the Company in respect of its obligations under this clause 8.6 will be borne
by the Company. 

  

	9.	 EQUITY AWARD POOL 

 

	9.1	 Size and nature of Equity Award Pool 

The Company shall establish and operate a pool for the granting of equity incentives with respect to Ordinary Shares, which, for the avoidance
of doubt shall include any Ordinary Shares issued to the Founders (the “Equity Award Pool”). The number of Ordinary Shares comprised in the Equity Award Pool and the rules of any share option scheme (or other terms of grant or
arrangement) applicable in respect of the grant of options or other award of equity incentives (including if deemed appropriate share awards) from the Equity Award Pool shall be subject to approval of the Remuneration Committee (or if such committee
is not then constituted, the Board) (provided always that the size of the Equity Award Pool (including both shares and options previously issued and shares and options available to be issued thereunder) shall not exceed thirteen point five per cent.
(13.5%) (the “Equity Award Pool Cap”) of the Company’s fully diluted share capital following Completion; provided that if upon Completion (as defined in the Investment Agreement) the Company has issued Series C Shares
for aggregate subscription proceeds in excess of US$150,000,000, the Equity Award Pool Cap shall be based on Completion (as defined in the Investment Agreement) assuming the issue of Series C Shares with an aggregate subscription price of
US$150,000,000 only. Any grant of options or other award of equity incentives from the Equity Award Pool shall be in such number, at such price and otherwise on terms as may be decided by the Remuneration Committee (or if such committee is not
then constituted, the Board). 
  

	9.2	 No further consents required 

For the avoidance of doubt, Investor Majority Consent shall not be required prior to the allotment of any share or grant of any option over
shares from the Equity Award Pool or the allotment and issue of any Ordinary Shares on a valid exercise of any such option; provided that such allotment of any share or grant of any option over shares is within the Equity Award Pool Cap. If
the Company wishes to increase the size of the Equity Award Pool beyond the Equity Award Pool Cap, such increase shall require Investor Majority Consent, it being acknowledged that following Completion (as defined in the Investment Agreement) the
Board shall conduct a review of incentivisation practices of similar companies operating in the same sector as the Company (taking into account, among other factors, valuation, headcount and stage of development), and, depending on the outcome of
such review, may recommend an increase to the Equity Award Pool. For the avoidance of doubt, the Investor Majority shall be under no obligation to approve any such increase. 

  
 21 

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	9.3	 Pre-emption rights 

Each Party hereby irrevocably waives all rights of pre-emption contained in the Articles or otherwise
in respect of the grant of options or the allotment and issue of Ordinary Shares on exercise of options granted, in each case in accordance with the provisions of this clause 9 (including without limitation with respect to the Equity Award Pool
Cap). 
  

	9.4	 Power of Attorney 

Prior to issuing any Ordinary Shares following the exercise of options or other award of equity incentives from the Equity Award Pool, the
Company shall procure that the recipient enters into a power of attorney in the form set out at Schedule 4 (Power of Attorney) in respect of those Ordinary Shares. 
  

	10.	 COMPLIANCE WITH THE DRAG, CO-SALE AND TAG RIGHTS

 Each Party acknowledges that the Drag Rights, Co-Sale Rights and the Tag
Rights may result in a transfer of Shares or other Relevant Securities held by it and agrees and approves the application of the Drag Rights, Co-Sale Rights and Tag Rights in accordance with their terms. 

 

	11.	 ADHERENCE TO THIS AGREEMENT 

 

	11.1	 Provision of Deeds of Adherence 

Notwithstanding the provisions of the Articles: 
  

	11.1.1	 no Shareholder shall effect any transfer or disposal in respect of any Shares or other Relevant Securities to
any person who is not a Party to this Agreement; and 

  

	11.1.2	 the Company shall not issue any Shares or other Relevant Securities, to any person who is not a Party to this
Agreement, 

 unless in either case, such person has first executed and delivered to the Company for itself and on behalf
of the other Shareholders a Deed of Adherence. 
  

	11.2	 Service of Transfer Notices 

On each occasion when the Board is permitted to serve a Transfer Notice (as defined in and in accordance with the provisions of the Articles)
the Board shall serve such a Transfer Notice as soon as reasonably practicable after being requested to do so by the Investors acting by Investor Majority Consent. 
  

	12.	 CONFIDENTIALITY 

 

	12.1	 Confidentiality obligations 

Each of the Parties hereto (other than the Company) undertakes to the Company that unless otherwise agreed to in writing by the Company, all
Confidential Information disclosed to such Party (and its Permitted Transferees and any Preferred Director or Observer appointed by it) as well as the terms of this Agreement, the Investment Agreement and investment by the Series C Investors made
pursuant to the Investment Agreement will: 

  
 22 

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	12.1.1	 be kept strictly confidential and not disclosed to any person by such Party (other than disclosure to another
Party to this Agreement or disclosure specifically permitted herein); 

  

	12.1.2	 be used solely for the purpose of evaluating, monitoring and managing such Party’s interest in the Company
or otherwise used in the conduct of the business and affairs of the Company; 

  

	12.1.3	 be securely retained such that the Party receiving such information shall not part with the possession, custody
or control of Confidential Information provided to it unless specifically permitted herein; and 

  

	12.1.4	 be afforded a level of protection and security against unauthorised access not less than that level of
protection and security which the Party receiving such information affords to its own equivalent confidential information. 

  

	12.2	 Exclusions 

The obligations set out in clause 12.1 shall not apply: 
  

	12.2.1	 to any disclosures made by: 

 

	 	(a)	 any Party in the bona fide course of the Company’s business activities, subject to entering into an
appropriate non-disclosure agreement prior to doing so; 

  

	 	(b)	 a Party (other than an Investor) if the information disclosed relates to the Company or a member of the
Company’s Group and a Preferred Director has consented to its disclosure; 

  

	 	(c)	 an Investor (that is not an individual) to actual or prospective bona fide lenders to such Investor (or to any
person referenced in clause 12.2.6 in respect of that Investor); or 

  

	 	(d)	 a Party to its professional advisers or to the professional advisers of a member of such Party’s Group or,
where the party is an Investor, to any person referenced in clause 12.2.6 in respect of that Investor; 

  

	12.2.2	 to any information which at the time of disclosure or thereafter is generally available to or known by the
public (other than as a result of its disclosure by the relevant Party to this Agreement (or any of its Permitted Transferees or any Preferred Director or Observer appointed by it) in breach of any obligation of confidentiality);

  

	12.2.3	 to any information which was or becomes available to the relevant Party to this Agreement on a non-confidential basis from a person other than the Company (or any of its directors, employees, agents, consultants, representatives or advisers) and who is not bound by an obligation of confidentiality in respect
of such information; 

  

	12.2.4	 to any information which the Company agrees in writing is not Confidential Information; 

 

	12.2.5	 to the disclosure of information between the Preferred Directors and any Observer and the Investors to the
extent reasonably necessary; 

  
 23 

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	12.2.6	 to the disclosure of information by the Investors to their management committees, general partners, limited
partners, shareholders, professional advisors and any Permitted Transferee of such Investors, in each case provided that such recipient has agreed to receive and hold such Confidential Information subject to terms limiting the further disclosure and
use of such information no less onerous than the terms set out in this clause 12; and 

  

	12.2.7	 where information is disclosed in accordance with clause 12.3. 

 

	12.3	 Compulsory disclosure 

In the event that a Party to this Agreement (or any person acting on its behalf) becomes legally compelled to disclose any Confidential
Information (by discovery, request for documents, subpoena, civil investigation, demand, interrogatory, deposition, order or similar process or otherwise pursuant to any applicable Law, rule or regulation (including the rules of any investment
exchange or Authority regulating the issue or sale of securities to which the relevant party is subject)), the Company agrees that such Party to this Agreement (and, as relevant, its Permitted Transferees and any Preferred Director or Observer
appointed by it) may do so without liability, but provided that such Party to this Agreement agrees, so far as is reasonably practicable to do so: 
  

	12.3.1	 promptly to notify the Company prior to any such disclosure to the extent practicable; and

  

	12.3.2	 to co-operate with the Company (at the Company’s expense provided
any costs are reasonably and properly incurred) in any attempt it may make to limit the amount and extent of such disclosure or to obtain a protective order or other appropriate assurance that confidential treatment will be afforded to the
Confidential Information. 

  

	12.4	 Right to conduct activities 

 

	12.4.1	 The Company acknowledges that Baillie Gifford & Co. and
F-Prime each provides investment management and advisory services and/or is a private equity fund and, as such, neither F-Prime nor SMIT nor their respective Affiliates
shall be restricted in any way from investing in any company or entity which may be deemed as competitive with the business of the Company or any Group Company. 

 

	12.4.2	 Subject always to clause 12, the Company hereby agrees and acknowledges that its shareholders that are
Institutional Investors (as defined in the Articles), together with their respective Affiliates, (collectively, the “Fund Investors”, and each a “Fund Investor”) are professional investment funds, and as such invest
in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently proposed to be conducted). The Company hereby agrees that, to the extent permitted under applicable
law, no Fund Investor shall be liable to the Company for any claim arising out of, or based upon, (i) the investment by such Fund Investor in any entity competitive with the Company, or (ii) actions taken by any partner, officer or other
representative of such Fund Investor to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect
on the Company; provided, however, that the foregoing shall not relieve (x) any of the Fund Investors from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement,
or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

  
 24 

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The Company acknowledges that the Fund Investors are in the business of venture capital investing and therefore review the business plans and related proprietary information of many enterprises,
including enterprises which may have products or services which compete directly or indirectly with those of the Company. Nothing in this Agreement shall preclude, create an obligation or duty, or in any way restrict the Fund Investors from
evaluating or purchasing securities, including publicly traded securities, of a particular enterprise, or investing or participating in any particular enterprise, whether or not such enterprise has products or services which compete with those of
the Company. The Company acknowledges that the Fund Investors, their Affiliates, and any of their respective representatives currently may be invested in, may invest in or may consider investments in public and private companies some of which may
compete either directly or indirectly with the Company, and that the execution of this Agreement, the terms hereof and the access to confidential information hereunder shall in no way be construed to prohibit or restrict the Fund Investors, their
Affiliates, or any of their respective representatives from maintaining, making or considering such investments or from otherwise operating in the ordinary course of business. Further, the Company understands and acknowledges that the confidential
information may be used by the Fund Investors, their Affiliates, or any of their respective representatives in connection with evaluating investment opportunities, trading securities in the public markets and participating in private investment
transactions, but specifically excluding disclosing or otherwise providing confidential information (or any derivatives, extracts or summaries thereof) to anyone other than the Fund Investors, their Affiliates, or any of their respective
representatives in violation of this Agreement. 
  

	12.5	 The Company 

The Company shall keep secret and confidential and not disclose or divulge to any third party or cause any person to become aware of any
information regrinding the terms of this Agreement, the Investment Agreement and the investment made by the Series C Investors pursuant to the Investment Agreement, save where such disclosure is necessary or desirable in the bona fide course of the
Company’s business, or where such disclosure is made pursuant to any applicable Law, rule or regulation (including the rules of any investment exchange or Authority), or where the provisions of clauses 12.2.2 or 12.2.3 apply. 

 

	13.	 NO PARTNERSHIP 

Nothing in this Agreement shall be deemed to constitute a partnership between the Parties hereto. 

 

	14.	 AGREEMENT PREVAILS 

Save as expressly provided in this Agreement, in the case of any conflict between the terms of this Agreement and the provisions of the
Articles the terms of this Agreement shall prevail as between the Parties. In such circumstances, the Parties shall procure that such modifications as are necessary are made to the Articles. 

  
 25 

 FINAL FORM 
  

	15.	 BINDING NATURE OF THIS AGREEMENT 

Each Party hereto hereby warrants and undertakes to each other Party hereto that this Agreement has been duly executed by it and comprises a
valid and legally binding obligation enforceable against it in accordance with the terms of this Agreement. 
  

	16.	 SEVERANCE 

If any provision of this Agreement shall be held to be illegal, void, invalid or unenforceable under the Laws of any jurisdiction, the
legality, validity and enforceability of the remainder of this Agreement in that jurisdiction shall not be affected, and the legality, validity and enforceability of the whole of this Agreement in any other jurisdiction shall not be affected. 

 

	17.	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts and by the Parties in separate counterparts, each of which when executed and
delivered is an original and all of which together evidence one and the same agreement. Signatures provided by any photocopy and transmitted by facsimile or other electronic means will be deemed to be original signatures. 

 

	18.	 ASSIGNMENT 

  

	18.1.1	 Save as provided in this clause 18, this Agreement may not be assigned, in whole or in part, by operation of
Law or otherwise, and no Party may assign, or grant any Encumbrance or security interest over, any of its rights under this Agreement or any document referred to in it, without the prior written consent of the other Parties. 

 

	18.1.2	 Each Shareholder may assign the benefit (but not the obligations) of this Agreement (including the Warranties)
to any person to whom it may transfer any right or interest in Shares in accordance with the Articles. 

  

	18.1.3	 On an assignee or transferee of any Shares or other Relevant Securities executing a Deed of Adherence and
delivering the same to the Company for itself and on behalf of the other Shareholders, each Party hereto agrees that this Agreement shall enure for the benefit of such assignee or transferee and shall be enforceable by such assignee or transferee,
to the extent any such rights were vested in its assignor or transferor pursuant to this Agreement, as if such assignee or transferee had been a party hereto and named herein as a Shareholder and, if the definition of “Investor” or
“Series C Investor” applies to the relevant assignee or transferee, as if that assignee or transferee was named as an Investor or Series C Investor, as the case may be, herein. 

 

	18.2	 Registration of new shareholders 

The Parties hereto, other than the Company, undertake to each other that they shall, to the extent of their respective rights and the rights of
their respective nominees from time to time, vote (or procure that their respective nominees vote) as Investors, Shareholders and/or as Directors of the Company, as the case may be, so as to procure that no person is registered as holder of any
Shares (whether on transfer or transmission or by issue) in breach of the Articles or this Agreement. 

  
 26 

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	19.	 TERMINATION 

Save as set out herein, this Agreement shall terminate without liability on any party hereto immediately on the earliest of the completion of:
(i) an IPO; (ii) a Sale; or (iii) completion of the liquidation of the Company, where, in each case, the applicable provisions in the Articles have been duly complied with. 

 

	20.	 MISCELLANEOUS 

 

	20.1	 Entire agreement 

 

	20.1.1	 This Agreement together with the Shareholders’ Agreement and the Articles (together, the
“Transaction Agreements”) constitutes the whole agreement between the Parties relating to its subject matter and supersedes and extinguishes any prior drafts, agreements, and undertakings, whether in writing or oral, relating to
such subject matter, except to the extent that the same are repeated in the Transaction Agreements. 

  

	20.1.2	 Each Shareholder acknowledges that it has not been induced to enter into this Agreement by any representation,
warranty, promise or assurance by the Company or any other person save for those contained in the Transaction Agreements. 

  

	20.2	 Further assurance 

Each Party shall (at their own expense) promptly execute and deliver, or cause to be executed and delivered, all such documents and
instruments, and do all such things or cause to do all such things, as any other Party may from time to time reasonably require for the purpose of giving full effect to and the full benefit of the provisions of this Agreement. 

 

	20.3	 Variation and waiver 

 

	20.3.1	 Any variation of this Agreement is valid only if it is in writing and signed by the Company and Shareholders
comprising an Investor Majority Consent, in which event such change shall be binding against all of the Parties hereto, provided that: 

  

	 	(a)	 if such change would impose any new obligations on a Party or increase any existing obligation, the prior
written consent of the affected Party to such change shall be specifically required; and 

  

	 	(b)	 if such change would: 

 

	 	(i)	 alter or change the rights, preferences or privileges of the Series B Shares or Series C Shares in a manner
that is different than the effect on the rights, preferences or privileges of the other Preferred Shares; or 

  

	 	(ii)	 reclassify, alter or amend any existing security that is junior to or on parity with the Series B Shares or
Series C Shares, if such reclassification, alteration or amendment would render such other security senior to or on parity with the Series B Shares or Series C Shares; or 

  
 27 

 FINAL FORM 
  

	 	(iii)	 increase or decrease the authorised number of Series B Shares or Series C Shares, then prior written Series B
Investor Majority Consent to such variation or alteration shall be required in respect of the Series B Shares and prior written consent of the holders of at least a majority of the Series C Shares shall be required in respect of the Series C Shares.

  

	 	(c)	 if such change would: 

 

	 	(i)	 alter or change the rights, preferences or privileges of the Series B-2
Shares in a manner that is different than the effect on the rights, preferences or privileges of the Series B Shares; or 

  

	 	(ii)	 reclassify, alter or amend any existing security that is junior to or on parity with the Series B-2 Shares, if such reclassification, alteration or amendment would render such other security senior to or on parity with Series B Shares; or 

 

	 	(iii)	 increase or decrease the authorised number of Series B-2 Shares unless
the same increase or decrease is also being made to the number of Series B Shares, 

 then prior written Series B-2 Investor Majority Consent to such variation or alteration shall be required. 
  

	20.3.2	 Any waiver of any right, power, privilege or remedy under this Agreement is only effective if it is in writing
and it applies only to the Party to whom the waiver is addressed and to the circumstances for which it is given and shall not prevent the Party who has given the waiver from subsequently relying on the provision it has waived. 

 

	20.3.3	 A Party that waives a right, power, privilege or remedy in relation to one Party, or takes or fails to take any
action against that Party, does not affect its rights, powers, privileges or remedies in relation to any other Party. 

  

	20.3.4	 The failure to exercise or delay in exercising a right, power, privilege or remedy provided by this Agreement
or by law does not impair or constitute a waiver of the right, power, privilege or remedy or an impairment of or a waiver of other rights or remedies. No single or partial exercise of a right, power, privilege or remedy provided by this Agreement or
by Law shall prevent, preclude or impair the further exercise of the right, power, privilege or remedy or the exercise of another right, power, privilege or remedy. 

 

	20.3.5	 The rights, powers, privileges and remedies contained in this Agreement are cumulative and not exclusive of
rights or remedies provided by Law. 

  

	20.4	 Investor Restrictions 

The Parties acknowledge and agree that in the event of a Sale or IPO, each Investor shall not be required to give any warranties, indemnities
or covenants other than warranties as to title to the Shares held by them and capacity to enter into legally binding documentation. For the avoidance of doubt there shall be no obligation on the Investors to give any
non-solicitation or non-competition covenants in the event of a Sale. 

  
 28 

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	20.5	 Legal Representation 

Each Party to this Agreement acknowledges that Cooley (UK) LLP (“Cooley”), the Company’s Solicitors, has in the past
performed and is or may now or in the future represent one or more Shareholders or their affiliates in matters unrelated to the transactions contemplated by this Agreement (the “Financing”), including representation of such
Shareholders or their affiliates in matters of a similar nature to the Financing. The applicable rules of professional conduct require that Cooley inform the parties hereunder of this representation and obtain their consent. Cooley has
served as outside general counsel to the Company and has negotiated the terms of the Financing solely on behalf of the Company. The Company and each Shareholder hereby (a) acknowledge that they have had an opportunity to ask for and have
obtained information relevant to such representation, including disclosure of the reasonably foreseeable adverse consequences of such representation; (b) acknowledge that with respect to the Financing, Cooley has represented solely the Company,
and not any Shareholder or any stockholder, director or employee of the Company or any Shareholder; and (c) gives its informed consent to Cooley’s representation of the Company in the Financing. 

 

	21.	 COSTS 

Each Party shall bear their own costs arising out of or in connection with the preparation, negotiation and implementation of this Agreement.

  

	22.	 NOTICES 

  

	22.1	 Manner in which to give notice 

A notice or other communication under or in connection with this Agreement (a “Notice”) shall be in writing and shall be
delivered personally or sent by first class post (and air mail if overseas) or by fax or by email to the Party due to receive the Notice to the registered office address set out in: 

 

	22.1.1	 Part A of Schedule 1 (Details of the Company) in the case of the Existing Investors;

  

	22.1.2	 Part B of Schedule 1 (Details of the Company) in the case of the Ordinary Shareholders;

  

	22.1.3	 Part C of Schedule 1 (Details of the Company) in the case of the Company; and 

 

	22.1.4	 The Investment Agreement in the case of the Series C Investors, 

or, in each case, to such fax number or email address that is supplied by the Party to the other Parties hereto for the purpose of giving
Notice to the Party or to an alternative address, person, fax number or email address specified by that Party by not less than five (5) Business Days’ written notice to the other Party received before the Notice was dispatched. 

 

	22.2	 Deemed delivery of notice 

Unless there is evidence that it was received earlier, a Notice is deemed given if: 

 

	22.2.1	 delivered personally, when left at the address referred to in clause 22.1; 

 

	22.2.2	 sent by mail, except air mail, two (2) Business Days after posting it; 

 

	22.2.3	 sent by air mail, six (6) Business Days after posting it; 

 

	22.2.4	 sent by fax, when confirmation of its transmission has been recorded by the sender’s fax machine; or

  
 29 

 FINAL FORM 
  

	22.2.5	 sent by email, when the sender receives an email acknowledging receipt of the sender’s email.

  

	23.	 LAW AND JURISDICTION 

 

	23.1	 English law 

This Agreement and any disputes and/or claims 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 English law. 
  

	23.2	 Jurisdiction 

In relation to any legal action or proceedings arising out of or in connection with this Agreement (including any dispute relating to the
existence, validity or termination of this Agreement or any contractual or non-contractual obligation) (“Proceedings”), each of the Parties irrevocably submits to the exclusive jurisdiction of
the English courts and waives any objection to Proceedings in such courts on the grounds of venue or on the grounds that Proceedings have been brought in an inappropriate forum provided that an order or judgment of any court may be enforced in any
court of competent jurisdiction. 
  

	23.3	 Contracts (Rights of Third Parties) Act 1999 

 

	23.3.1	 Except pursuant to clause 23.3.2, a person who is not a Party to this Agreement shall not have any right under
the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement. 

  

	23.3.2	 The general partner of an Investor or the management company authorised from time to time to act on behalf of
that Investor or another person or persons nominated by that Investor, shall be entitled to enforce all of that Investor’s rights and benefits under this Agreement at all times as if it or they were a party to this Agreement.

  

	24.	 F-PRIME WAIVER 

 

	24.1	 In the event that F-Prime and
F-Prime A retain Shares which in aggregate exceed twenty five per cent (25%) (the “Threshold”) of the Company’s issued voting share capital at the relevant time, each of F-Prime and F-Prime A irrevocably waive any right to vote (whether at a meeting, pursuant to a written consent or otherwise) in respect to the portion of such Shares which
exceed the Threshold in respect of the following: 

  

	24.1.1	 any matter relating to clause 5.3 of this Agreement; 

 

	24.1.2	 any matter relating to Schedule 3 Part A, paragraph 6 of this Agreement; 

 

	24.1.3	 pursuant to clause 20.3, to amend this Agreement with respect to clause 5.3 or Schedule 3, Part A, paragraph 6
of this Agreement; and 

  

	24.1.4	 any future provision of this Agreement or any other governing document of the Company that grants new rights to
the holders of Shares with respect to matters relating to membership on and /or the size of the Board. 

  
 30 

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	24.2	 Clause 24.1 is irrevocable and may not be waived or amended. Clause 24.1 shall survive termination of this
Agreement. 

  

	24.3	 Each of F-Prime and F-Prime A
agree and confirm that the provisions of 24.1 shall apply on a pro rata basis as between F-Prime and F-Prime A at the relevant time according to the number of Shares
held by each of them and their respective Affiliates to whom any Shares may be transferred after the date of this Agreement. 

  

	24.4	 F-Prime and F-Prime A hereby
notify the Company that they will not seek to exercise their right to appoint the second of their two Special Directors unless the total number of Directors changes such that having a second Special Director would result in the total number of
Special Directors representing 25% or less of the total number of Directors. For as long as F-Prime and F-Prime A do not exercise their right to appoint two Special
Directors because having a second Special Director would result in the total number of Special Directors representing more than 25% of the total number of Directors, F-Prime will have the right to appoint one
additional Observer. This clause 24.4 is irrevocable and may not be waived or amended. 

  
 31 

 SCHEDULE 1: DETAILS OF THE COMPANY 

Part A: The Existing Investors 
  

			
	 Name
	  	 Address

	4B-P01 Ltd.	  	Georgiou Katsounotou 6, 3036, Limassol, Cyprus
		
	Agent Capital Fund I LP	  	204 Drakes Drum Drive, Bryn Mawr, PA 19010, United States
		
	CHI EF II LP	  	599 Lexington Avenue, New York City, NY 10022, United States
		
	Cowen Healthcare Investments II LP	  	599 Lexington Avenue, New York City, NY 10022, United States
		
	F-Prime Capital Partners Healthcare Fund IV LP	  	One Main Street, 13th Floor, Cambridge, MA 02142, United States
		
	F-Prime Capital Partners Healthcare Fund IV-A LP	  	One Main Street, 13th Floor, Cambridge, MA 02142, United States
		
	Glaxo Group Limited	  	980 Great West Road, Brentford, Middlesex TW8 9GS
		
	Highfly Global Investments Limited	  	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110 British Virgin Islands
		
	Juda Capital Inc.	  	Start Chambers, Wickham’s Cay II, PO Box 2221, Road Town, Tortola, British Virgin Islands
		
	Pav Investments Pte. Ltd.	  	3 Fraser Street, #10-23, Duo Tower, Singapore 189352
		
	RTW Innovation Master Fund, Ltd.	  	250 West 55th Street, 16th Floor Suite A, New York City, NY 10019, United States
		
	RTW Master Fund, Ltd.	  	250 West 55th Street, 16th Floor Suite A, New York City, NY 10019, United States
		
	Scottish Mortgage Investment Trust plc (acting through its agent, Baillie Gifford & Co)	  	Calton Square, 1 Greenside Row, Edinburgh EH1 3AN
		
	TLS Beta Pte Ltd.	  	60B Orchard Road #06-18 Tower 2, The Atrium@Orchard, Singapore 23889
		
	UCL Technology Fund LP	  	1 Kings Arms Yard, London EC2R 7AF
		
	Unique Diamond Investments Limited	  	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110 British Virgin Islands

  
 32 

			
	Adam Seymour	  	41a West Street, Oundle, Peterborough
		
	Adrien Lemoine	  	Flat 7, 4 Acton Street, London WC1X 9NA
		
	Andrea Spezzi	  	Angel Southside, Flat 9, 1 Owen Street, London EC1V 7JW
		
	Mark Rothera	  	42 Cambridge Street, London SW17 4QH
		
	Tom Abbey	  	The Rectory, Croft Lane, Newton Kyme LS24 9LR

  
 33 

 Part B: The Ordinary Shareholders 

 

			
	 Name
	  	 Address

	Central Manchester University Hospitals NHS Foundation Trust	  	Central Manchester University Hospitals NHS Foundation Trust
		
	Children’s Medical Center Corporation (aka Boston Children’s Hospital)	  	300 Longwood Avenue, Boston, MA 02115, United States
		
	F-Prime Capital Partners Healthcare Fund IV LP	  	One Main Street, 13th Floor, Cambridge, MA 02142, United States
		
	F-Prime Capital Partners Healthcare Fund IV-A LP	  	One Main Street, 13th Floor, Cambridge, MA 02142, United States
		
	Généthon	  	1 bis, rue de l’internationale, 91002 Evry, Cedex, France
		
	Oxford BioMedica (UK) Limited	  	Windrush Court, Transport Way, Oxford OX4 6LT
		
	The University of Manchester	  	c/o UMI3 Ltd., CTF, 46 Grafton Street, Manchester M13 9NT
		
	UCL Business plc	  	The Network Building, 97 Tottenham Court Road, London W1T 4TP
		
	Adrian Thrasher	  	Blaysworth Manor, Colmworth, Bedfordshire MK44 2LD
		
	Andrea Spezzi	  	Angel Southside, Flat 9, 1 Owen Street, London EC1V 7JW
		
	Brian Bigger	  	104 Manchester Road, Manchester M27 5FQ
		
	Hubert Gasper	  	5 Ardburg Road, London SE24 9JL
		
	Kristopher Wood	  	333 1st Street, Unit 1501, San Francisco, CA 94105, United States
		
	Nicolas Koebel	  	5 Warwick House, Windsor Way, London W14 0UQ
		
	Robert Wynn	  	c/o Central Manchester University Hospitals NHS Foundation Trust, Trust Headquarters, Cobbett House, Manchester Royal Infirmary, Oxford Road, Manchester, M13 9WL
		
	Simon Jones	  	127 Blackburn Road. Haslingdon, Lancashire BB4 5HN
		
	Sue Wraith	  	Flat 1, 26 Sandwich Road, Ellesmere Park, Eccles M30 9DX

  
 34 

 Part C: The Series C Investors 

 

			
	 Name
	  	 Address

	Deerfield Special Situations Fund, L.P.	  	c/o Deerfield Management Company, Attn: General Counsel, 780 Third Avenue, 37th Floor, New York, NY 10017, United States
		
	Deerfield Private Design Fund III, L.P.	  	c/o Deerfield Management Company, Attn: General Counsel, 780 Third Avenue, 37th Floor, New York, NY 10017, United States
		
	Deerfield Private Design Fund IV, L.P.	  	c/o Deerfield Management Company, Attn: General Counsel, 780 Third Avenue, 37th Floor, New York, NY 10017, United States
		
	RA Capital Healthcare Fund, L.P.	  	20 Park Plaza, Suite 1200, Boston, MA 02116, United States
		
	Baker Brothers Life Sciences, L.P.	  	860 Washington Street, 3rd Floor, New York, NY 10014, United States
		
	667, L.P.	  	860 Washington Street, 3rd Floor, New York, NY 10014, United States
		
	Scottish Mortgage Investment Trust plc	  	Calton Square, 1 Greenside Row, Edinburgh EH1 3AN
		
	TLS Beta Pte Ltd.	  	60B Orchard Road #06-18 Tower 2, The Atrium@Orchard, Singapore 238891
		
	Cowen Healthcare Investments II LP	  	599 Lexington Avenue, New York, NY 10022, United States
		
	CHI EF II LP	  	599 Lexington Avenue, New York, NY 10022, United States
		
	Agent Capital Fund I LP	  	204 Drakes Drum Drive, Bryn Mawr, PA 19010, United States
		
	Pav Investments Pte. Ltd.	  	3 Fraser Street, #10-23, Duo Tower, Singapore 189352
		
	RTW Innovation Master Fund, Ltd.	  	250 West 55th Street, 16th Floor Suite A, New York City, NY 10019, United States

  
 35 

			
	RTW Master Fund, Ltd.	  	250 West 55th Street, 16th Floor Suite A, New York City, NY 10019, United States
		
	Venrock Healthcare Capital Partners III, L.P.	  	7 Bryant Park, 23rd Floor, New York, NY 10018, United States
		
	VHCP Co-Investment Holdings III, LLC	  	7 Bryant Park, 23rd Floor, New York, NY 10018, United States
		
	Foresite Capital Fund IV, L.P.	  	600 Montgomery St., Suite 4500, San Francisco, CA 94111, United States
		
	Perceptive Life Sciences Master Fund LTD	  	51 Astor Place 10th Floor, New York, NY 10003, United States
		
	Adage Capital Partners, LP	  	200 Clarendon St, 52nd Floor, Boston, MA 02116, United States
		
	Cormorant Private Healthcare Fund I, LP	  	200 Clarendon St, 52nd Floor, Boston, MA 02116, United States
		
	Cormorant Global Healthcare Master Fund, LP	  	200 Clarendon St, 52nd Floor, Boston, MA 02116, United States
		
	Meridian Small Cap Growth Fund	  	100 Fillmore Street, Suite 325, Denver, CO 80206, United States
		
	ArrowMark Life Science Fund, LP	  	100 Fillmore Street, Suite 325, Denver, CO 80206, United States
		
	Sphera Global Healthcare Master Fund	  	C/o Sphera Global Healthcare Management, 21 Ha’arbaa street, 4th floor, Tel Aviv, Israel
		
	NR 2 SP, a Segregated Portfolio of North Rock SPC	  	Maples Corporate Services Limited, Ugland House, P.O. Box 309, Grand Cayman KY1-1104, Cayman Islands
		
	Ghost Tree Master Fund, LP	  	Maples Corporate Services Limited, Ugland House, P.O. Box 309, Grand Cayman KY1-1104, Cayman Islands
		
	Medison Ventures Ltd.	  	Hashiloach 10, Petach Tikva, 4917002, Israel
		
	Driehaus Event Driven Fund, A Series of Driehaus Mutual Funds	  	 Driehaus Event Driven Fund, 25 East Erie Street, Chicago, IL 60611, United States

  
 36 

 SCHEDULE 2: MATTERS REQUIRING CONSENT 

Part A: Investor Consents 
 Investor Majority Consent
shall be required for any action which: 
  

	4.	 creates or reclassifies any new or existing class or series of shares having rights, preferences or privileges
senior to or on a parity with the Preferred Shares; 

  

	5.	 increases or decreases the authorised number of Ordinary Shares or Preferred Shares or the number of shares
reserved for issuance under the Equity Award Pool, unless (in the case of Shares reserved for issuance under the Equity Award Pool) approved by the Board; 

  

	6.	 results in any material amendment to or adoption of new share option scheme rules relating to the Equity Award
Pool, unless approved by the Board; 

  

	7.	 results in any public offering (other than a Qualified Listing, which, for the avoidance of doubt, shall not
require Investor Majority Consent), merger, licence or sale of all or substantially all assets, intellectual property or other corporate reorganisation or acquisition of the Company; 

 

	8.	 results in the redemption or repurchase of any Ordinary Shares or Preferred Shares (other than a repurchase of
Shares held by a Leaver pursuant to the Articles); 

  

	9.	 increases or decreases the authorised size of the Board (unless approved by the Board); 

 

	10.	 results in the payment or declaration of any dividend on any Ordinary Shares or Preferred Shares, or any other
distribution (as defined under sections 209, 418 and 419 of ICTA); 

  

	11.	 results in any liquidation or dissolution of the Company; 

 

	12.	 alters, varies or otherwise changes the rights attaching to the Preferred Shares; 

 

	13.	 adopts new, or amends the then current, Articles or waives any provision of the Articles in a manner adverse to
the holders of Preferred Shares; 

  

	14.	 results in the sale, transfer, assignment, license, pledge or grant of any Encumbrance over any of the
Company’s material Intellectual Property Rights; 

  

	15.	 results in the factoring of any of its debts, borrowing monies, accepting credit (other than normal trade
credit) or otherwise incurring indebtedness in excess of £500,000 in any one transaction or series of related transactions; 

  

	16.	 results in any capital expenditures in excess of £750,000 or series of capital expenditures in excess of
£2,000,000 for any fiscal year (calculated on a cumulative and aggregated basis during such fiscal year) that are not otherwise contemplated by the Company’s then applicable business plan, unless approved by the Board;

  

	17.	 results in the incorporation of subsidiary undertaking, the entry into of a partnership or joint venture;

  

	18.	 requires any material change in the Company’s lines of business or business model; 

 

	19.	 other than where expressly contemplated by this Agreement, the entry into or variation of any transaction or
arrangement with, or for the benefit of any of its directors or shareholders or any other person who is a “connected person” with any of its directors or shareholders (save where such transaction or arrangement has a value of less than
£400,000); 

  
 37 

	20.	 results in the allotment and/or issuance of any Shares or other securities, or grant or entry into any
arrangement (including any warrant, option or other right) conferring on any person any right (whether or not conditional) to acquire any interest in any Shares or other securities, except as set out in clause 9.2; 

 

	21.	 results in the acquisition or disposal by the Company of any securities issued by any person, or any business
or undertaking of any person or the entry into or withdrawal from any partnership, consortium, joint venture or any other unincorporated association; 

  

	22.	 results in the capitalisation of any of the Company’s reserves or application of any amount thereof for
any purpose; 

  

	23.	 any material change to jurisdiction in which the Business is managed and controlled; and 

 

	24.	 the entry into any transaction or the making of any payment other than on an arm’s length basis for the
benefit of the Company. 

 Part B: Board Consents 

In addition to any Investor Majority Consent required, the Company shall require the consent of the Board acting by simple majority for: 

 

	1.	 the making of any loan or advance to any person or entity, or acquisition of any stock or other securities of
any entity unless it is wholly-owned by the Company; 

  

	2.	 incorporation of any subsidiary undertaking; 

 

	3.	 the guarantee, directly or indirectly, of any indebtedness or obligations except for trade accounts of a
subsidiary arising in the ordinary course of business; 

  

	4.	 the factoring of any of its debts, borrowing monies or accepting credit (other than normal trade credit);

  

	5.	 the entry into of any business arrangement that exceeds £750,000; 

 

	6.	 the establishment of any new branch, agency, trading establishment or business or closing of any such branch,
agency, trading establishment or business; 

  

	7.	 any act or thing outside the ordinary course of the business carried on by it; 

 

	8.	 the execution of any document, undertaking of any action, or approval of any matter which is material to the
business, assets and/or affairs of the Company; 

  

	9.	 any change to: 

  

	 	(i)	 its lawyers; 

  

	 	(ii)	 its auditors; 

  

	 	(iii)	 its bankers or the terms of the mandate given to such bankers; 

 

	 	(iv)	 its accounting reference date or accounting policies (other than as recommended by the Company’s
auditors); or 

  

	 	(v)	 any budget approved by the Investors; 

  
 38 

	10.	 any change to any budget approved by the Investors; 

 

	11.	 the engagement of a financial advisor in connection with a potential, proposed or actual public offering or
Sale; 

  

	12.	 the engagement of any employee or consultant on terms that either his contract cannot be terminated by three
(3) months’ notice or less or his emoluments and/or commissions or bonuses are or are likely to be at the rate of £175,000 per annum or more or the increase of the emoluments and/or commissions or bonuses of any employee or
consultant to more than £80,000 per annum or the variation of the terms of employment of any employee earning (or so that after such variation he will, or is likely to earn) more than £175,000 per annum; 

 

	13.	 the variation or making of any binding decisions on the terms of employment and service of any director or
company secretary of the Company earning (or after such variation will or is likely to earn) more than £175,000 per annum, the increase or variation of the salary or other benefits of any such director or company secretary, or the appointment
or dismissal of any such director or company secretary; 

  

	14.	 the mortgage or charge or the creation of or the suffering to subsist any mortgage or fixed or floating charge,
lien (other than a lien arising by operation of law) or other Encumbrance over the whole or any part of its undertaking, property or assets; 

  

	15.	 the making of any loan or advance or the giving of any credit (other than in the ordinary course of business)
to any person or the acquisition of any loan capital of any corporate body (wherever incorporated); 

  

	16.	 save in connection with the appointment of any Special Director, the appointment of any person as a CEO or a
Director; 

  

	17.	 the creation of any committee of the Board, or subcommittees thereof, and delegation of matters to such
committees and subcommittees; 

  

	18.	 conducting any litigation material to the Company, save for the collection of debts arising in the ordinary
course of the business carried on by the Company or any application for an interim injunction or other application or action (including interim defence) which is urgently required in the best interests of the Company in circumstances in which it is
not reasonably practicable to obtain prior consent as aforesaid; 

  

	19.	 the taking, agreement to take or disposal of any leasehold interest in or licence over any real property; and

  

	20.	 the making of any gifts or charitable donations provided that these are not or could not reasonably be
construed or otherwise interpreted to be in breach of any applicable Laws. No gifts or charitable donations shall be permitted to be made by the Company in any other circumstances. 

  
 39 

 SCHEDULE 3: DEED OF ADHERENCE 

THIS DEED is dated [•] 20[•] 
 WHEREAS:

  

	A.	 This Deed is entered into in compliance with and is supplemental to the Investment and
Shareholders’ Agreement dated 29 March 2017 as amended and restated on [•] 2018 and made between [•] (the “Investment and Shareholders’ Agreement”); and

  

	B.	 [Name] of [Address] [a company incorporated in England and Wales (registered
[•])] (the “New Shareholder”) has agreed to execute this Deed in accordance with clause [•] of the Investment and Shareholders’ Agreement, pursuant to which it shall adhere to and be bound by the Investment and
Shareholders’ Agreement. 

 IT IS AGREED as follows: 
  

	1.	 Terms and expressions defined in the Investment and Shareholders’ Agreement shall have the same meanings
in this Deed unless the context otherwise expressly requires. The “Effective Date” means the date of this Deed. 

  

	2.	 The New Shareholder acknowledges, undertakes and covenants with each of the parties to the Investment and
Shareholders’ Agreement that with effect from Effective Date the New Shareholder shall be bound by and will observe and perform all the terms and conditions and obligations of and included in the Investment and Shareholders’ Agreement as
if the New Shareholder had been a Party and was named in the Investment and Shareholders’ Agreement as an Investor or Shareholder, as the case may be. 

  

	3.	 The provisions of this Deed are made for the benefit of and shall be enforceable by each of the parties to the
Investment and Shareholders’ Agreement and any other person or persons who may after the date of the Investment and Shareholders’ Agreement (and whether or not prior to the Effective Date) assume any rights or obligations under the
Investment and Shareholders’ Agreement and be permitted to do so by the terms thereof and this Deed shall, subject to clause [•] of the Investment and Shareholders’ Agreement, be irrevocable without the written consent of the Company.

  

	4.	 The Investment and Shareholders’ Agreement shall enure for the benefit of the New Shareholder and shall be
enforceable by the New Shareholder, to the extent any such rights are vested in the New Shareholder pursuant to the Investment and Shareholders’ Agreement, as if it had been a Party thereto. 

 

	5.	 This Deed shall be governed by and construed in accordance with the laws of England. 

 

	6.	 None of the Investors: 

 

	 	(a)	 make any representation or warranty or assume any responsibility with respect to the legality, validity,
effectiveness adequacy or enforceability of the Investment and Shareholders’ Agreement (or any agreement entered into pursuant thereof); or 

  

	 	(b)	 make any representation or warranty or assume any responsibility with respect to the content of any information
regarding the Company or any Group Company or otherwise relating to the [acquisition/subscription] of Shares; or 

  
 40 

	 	(c)	 assume any responsibility for the financial condition of the Company or any Group Company or any other party to
the Investment and Shareholders’ Agreement or any other document or for the performance and observance by the Company or any other party to the Investment and Shareholders’ Agreement or any other document (save as may be expressly provided
therein); 

 and any and all conditions and warranties, whether express or implied by law or otherwise, are excluded. 

IN WITNESS WHEREOF this Deed has been executed and delivered as a deed on the date first before written. 

 

					
	 EXECUTED and DELIVERED
 as a DEED
by
 [New Shareholder]
	  	 )
 )

)
	  	
			
	 Acknowledged and received by
 ORCHARD
THERAPEUTICS LIMITED
	  	 )
 )
	  	

  
 41 

 SCHEDULE 4: POWER OF ATTORNEY 

 

	To:	 The Directors 

Orchard Therapeutics Limited (the “Company”) 

108 Cannon Street 
 London EC4N
6EU 
 [Date] 
 Dear Sirs 

Deed of Power of Attorney 
  

	1.	 I refer to the [•] ordinary shares of £0.00001 each in the Company held by me and to all further
shares in the capital of the Company held by me on or after the date of this deed (collectively, the “Shares”). 

  

	2.	 I hereby irrevocably appoint any director from time to time of the Company as my attorney and agent (the
“Attorney”) with full power and authority in my name or otherwise, and on my behalf to do and perform all acts and things and to approve, execute or sign and deliver in my name all deeds, documents, resolutions, consents, forms or
agreements which the Attorney in his absolute discretion considers necessary or desirable in connection with: 

  

	2.1	 the entering into of an election under section 431 of the Income Tax Earnings and Pension Act 2003 election (a
“section 431 election”) or under section 83(b) of the United States Internal Revenue Code (a “section 83(b) election”) in respect of any Shares; 

 

	2.2	 the sale of all or any of my Shares as part of a proposed sale of more than 50% of the issued share capital of
the Company; 

  

	2.3	 any admission of shares in the capital of the Company or securities representing such shares (including without
limitation depositary interests, American depositary receipts, American depositary shares and/or other instruments) to the Nasdaq National Stock Market of the NASDAQ OMX Group Inc., to the New York Stock Exchange or to the Official List of the UK
Listing Authority and to trading on the Main Market of the London Stock Exchange plc. and such admission becoming effective, or the grant of permission for any shares in the capital of the Company or securities representing such shares to be dealt
with on any recognised investment exchange (as defined in section 285 Financial Services and Markets Act 2000) or any other public securities market, and such permission becoming effective; or 

 

	2.4	 any other reorganisation of the Company or any of its parent or subsidiary undertakings which the Attorney
considers in his sole discretion should involve the transfer, sale, re-designation, consolidation or cancellation of the Shares, 

(2.2, 2.3 and 2.4 together with all matters ancillary to such a transaction (an “Exit”), where the holders of
a majority of the issued share capital of the Company have agreed to such proposed Exit). 
  

	3.	 Without limiting the generality of paragraph 2 above, the Attorney shall have power: 

  
 42 

	3.1	 to appoint any person(s) as their attorney to exercise any one or more of the powers given to the Attorney by
me under this deed; 

  

	3.2	 to give any warranties in respect of my Shares; 

 

	3.3	 to agree the form and content of, negotiate, vary or approve, and execute deliver and sign in my name or
otherwise and on my behalf any document or deed relating to any Exit, including: 

  

	 	3.3.1	 a share purchase agreement, share exchange agreement, reorganisation agreement or any other agreement governing
or otherwise relating to the sale and/or transfer of my Shares; 

  

	 	3.3.2	 any other agreements, consents, resolutions, deeds or documents whatsoever which may have to be executed by me
in connection with the Exit or any other arrangements to be made in connection with the Exit (including any arrangement regarding vesting or other restrictions prior to, at the time of or after the Exit in relation to my Shares);

  

	3.4	 in relation to any shares in the Company registered in my name or in respect of which I am otherwise able to
procure such action: 

  

	 	3.4.1	 to consent on my behalf to the holding of any general meeting or class meeting of the Company at short notice
and complete and return any proxy cards; 

  

	 	3.4.2	 to receive notice of, attend and vote on my behalf in favour of any resolution proposed at any general meeting
or class meeting, and all or any adjournments of such meetings of the Company or to receive and sign any written resolution of the Company; and 

  

	 	3.4.3	 to deal with and give directions as to any moneys, securities, benefits, documents, notices or other
communications (in whatever form) arising by right of the Shares or received in connection with the Shares from the Company or any other person, 

in each case in which the Attorney in their absolute discretion considers necessary or desirable. 

 

	4.	 I undertake that, where any proposed Exit is in the form of a reorganisation as contemplated by paragraph 2.4
above, I will execute a deed on the same terms as this deed in respect of any shares or other securities issued to me in the capital of any new company to which my shareholding is transferred. 

 

	5.	 The authority given by me shall be by way of security and shall be irrevocable in accordance with section 4 of
the Powers of Attorney Act 1971. 

  

	6.	 The Attorney is authorised to deliver on my behalf at the appropriate time to the relevant party all deeds and
other documents signed or executed by him on my behalf. 

  

	7.	 I undertake to: 

  
 43 

	7.1	 ratify and confirm anything that the Attorney does or lawfully causes to be done in good faith in my name or on
my behalf under the powers contained in this deed; 

  

	7.2	 to indemnify the Attorney on demand against all liabilities, losses, claims, costs, and expenses which the
Attorney may suffer and incur arising from or in connection with anything done or omitted to be done in good faith under this authority (including any cost incurred in enforcing this indemnity); 

 

	7.3	 to act promptly in accordance with the Attorney’s instructions in relation to any rights exercisable or
anything received by me in my capacity as registered holder of the Shares; and 

  

	7.4	 not to exercise any rights attaching to the Shares or exercisable in my capacity as registered holder of the
Shares without the Attorney’s prior written consent 

  

	8.	 In any case where the Company or any subsidiary or other person is obliged to account for Employee Taxation as
a result of or in respect of the following: 

  

	8.1	 the acquisition of the Shares; or 

 

	8.2	 the entering into of a section 431 election or a section 83(b) election in respect of the Shares; or

  

	8.3	 any actual or deemed action, event or thing done following the acquisition of Shares which gives rise to a
liability to Employee Taxation in respect of the Shares including without limitation any Exit, any element of a reorganisation or a reconstruction or anything giving rise to a charge to Employee Taxation pursuant to any section of Income Tax
(Earnings and Pensions) Act 2003 (or equivalent legislation), or 

  

	8.4	 any failure by me to reimburse the Company (or any subsidiary or other person) for any amount of Employee
Taxation within any particular time frame regardless of whether due amount has been demanded or not, 

  

	9.	 I agree that such company or person may recover the Employee Taxation from me in such manner as the Company
shall think fit and (without limitation to the foregoing) that such company or person may, to the extent permitted by law, recover the Employee Taxation via deductions from future payments (including but not limited to salary or bonuses) and that,
to the extent that such deductions or proceeds are insufficient to cover the Employee Taxation, I shall pay to such company or person the balance within 5 working days following receipt of a demand in writing. 

 

	10.	 For the purposes of this paragraph 8 “Employee Taxation” means the amount for which any Group Company
becomes liable to account to HM Revenue & Customs (or equivalent authority) under Pay As You Earn in respect of income tax and primary class 1 (employees’) national insurance contributions (or equivalent charges outside of the UK)
together with any corresponding amount of interest or penalties. 

  
 44 

	11.	 This deed (and any dispute, claim or matter of whatever nature arising out of or in any way relating to this
deed or its formation) shall be governed by and construed in accordance with the law of England and Wales. The Attorney and I each irrevocably submit to the exclusive jurisdiction of the courts of England and Wales over any dispute, claim or matter
of whatever nature arising out of or in any way relating to this deed or its formation. 

  

					
	 IN WITNESS WHEREOF this power of attorney has been EXECUTED as a deed

and DELIVERED
	  	 )
 )

)
	  	
			
	By [                    ]	  	)	  	
			
	in the presence of:	  		  	
			
	Witness’s  	  		  	
			
	Signature                                    
                               	  		  	
			
	Print
Name                                        
                       	  		  	
			
	Address                                    
                                  	  		  	
			
	                                     
                                         
       	  		  	
			
	Occupation                                    
                           	  		  	

  
 45 

 SCHEDULE 5: REGISTRATION RIGHTS 

Applicability of Rights: 
 The Investors shall be
entitled to the following rights and shall be subject to the following restrictions with respect to any potential public offering of the Company’s Shares in the United States. Unless waived by Investor Majority Consent, in the event that the
Company undertakes a public offering of its Shares outside of the United States in a jurisdiction where registration rights are issued in connection with a public offering, the Company shall apply this Schedule 5 mutatis mutandis to such
public offering, subject always to applicable law. 
  

	1.	 Definitions 

For the purposes of this Schedule 5: 
  

	1.1	 “Applicable Definitive Documents” means this Agreement, together with any ancillary documents
or agreements required to give effect to the transactions contemplated hereby and thereby. 

  

	1.2	 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, or any
similar successor federal statute, and the rules and regulations of the SEC thereunder, all as the same shall be in effect at the time; 

  

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

  

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

  

	1.5	 “Form F-3” means such respective form under the
Securities Act as is in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed
by the Company with the SEC; 

  

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

  

	1.7	 “Form S-3” means such form under the Securities Act as
in effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the
Company with the SEC; 

  

	1.8	 “Holder” means, for purposes of this Schedule 5, any person owning Registrable Securities or
any permitted assignee of record of such Registrable Securities to whom rights under this Schedule 5 have been duly assigned in accordance with this Agreement; 

 

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

  
 46 

	1.10	 “Registration”, “register”, “registered” or
“registration” refer to a registration effected by preparing and filing a registration statement which is in a form which complies with, and is declared effective by the SEC in accordance with, the Securities Act;

  

	1.11	 “Registrable Securities” means: (i) the Series A Shares; (ii) the Series B Shares;
(iii) the Series B-2 Shares; (iv) the Series C Shares; (v) any Ordinary Shares issued on conversion of Series A Shares, Series B Shares, Series B-2 Shares
or Series C Shares; and (vi) the Ordinary Shares. Notwithstanding the foregoing, “Registrable Securities” shall exclude any Registrable Securities sold by a person in a transaction in which rights under this Schedule 5 are not
assigned in accordance with this Agreement, and any Registrable Securities which are sold in a registered public offering under the Securities Act or analogous statute of another jurisdiction, or sold pursuant to Rule 144 promulgated under the
Securities Act or analogous rule of another jurisdiction; 

  

	1.12	 “Registrable Securities Then Outstanding” means the number of Ordinary Shares that are
Registrable Securities and are then issued and outstanding or issuable upon conversion of the Preferred Shares then issued and outstanding; 

  

	1.13	 “Registration Expenses” means all expenses incurred by the Company in complying with
paragraphs 2, 3 and 4 hereof, including, without limitation, all registration and filing fees, printing expenses, Financial Industry Regulatory Authority fees, fees and disbursements of counsel for the Company, reasonable fees and disbursements of
counsel for the Holders (not to exceed US$100,000 per registration), Blue Sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the
Company which shall be paid in any event by the Company); 

  

	1.14	 “SEC” means the U.S. Securities and Exchange Commission; 

 

	1.15	 “SEC Rule 144” means Rule 144 promulgated under the SEC by the Securities Act;

  

	1.16	 “SEC Rule 145” means Rule 145 promulgated under the SEC by the Securities Act;

  

	1.17	 “Securities Act” means the United States Securities Act of 1933, as amended, or any similar
successor federal statute, and the rules and regulations of the SEC thereunder, all as the same shall be in effect at the time; and 

  

	1.18	 “Selling Expenses” means all underwriting discounts, selling commissions and stock transfer
taxes applicable to the sale of Registrable Securities pursuant to paragraphs 2, 3 and 4 hereof, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of counsel for the Holders selling Registrable Securities
borne and paid by the Company as provided in Section 5.1 of this Schedule 5. 

  

	2.	 Demand Registration 

 

	2.1	 Request by Holders. Subject to the conditions of this paragraph 2.1, if the Company shall receive at any time
after the earlier of: (i) five (5) years after the date of this Agreement; or (ii) one hundred eighty (180) days following its IPO, a written request from the Holders of at least a majority or more of the Registrable Securities then
outstanding that the Company shall file a registration statement covering the registration of all or some of the Registrable Securities (a “Demand Notice”) in accordance with this paragraph 2.1, then the Company shall, as soon as
practicable, and in any event within sixty (60) days after the date such request is given, effect such a registration statement. Within ten (10) business days of the receipt of a Demand Notice, the Company shall give written notice of such
proposed registration to all Holders (a “Request Notice”) and shall offer to include in such proposed registration any Registrable Securities requested to be included in such proposed registration by such Holders who respond in
writing to the Company’s notice within thirty (30) days after delivery of such 

  
 47 

	 	
notice (which response shall specify the number of Registrable Securities proposed to be included in such registration). The Company shall use its commercially reasonable efforts to effect, as
soon as practicable, but in any event within sixty (60) days from the date of such request, such registration on an appropriate form under the Securities Act of the Registrable Securities which the Company has been so requested to register;
provided, however, that the Company shall not be obligated to effect any registration under the Securities Act except in accordance with the following provisions: 

 

	 	(A)	 The Company shall not be obligated to effect more than two (2) such demand registrations pursuant to this
paragraph 2; and 

  

	 	(B)	 The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to
Subsection 2.1 on Form S-1 or Form F-1 during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending
on a date that is one hundred eighty (180) days after the effective date of, a Company-initiated registration; provided, that the Company is actively employing in good faith commercially reasonable efforts to cause such registration
statement to become effective; provided, further, that if the Company does not effect such registration statement, the Company shall effect the registration pursuant to Subsection 2.1 on Form S-1
on the sixty-first (61st) day after its notice to the Holders describing the delay in this subparagraph B of this paragraph 2.1. 

  

	2.2	 Underwriting. If the Holders initiating the registration request under this paragraph 2 (the
“Initiating Holders”) intend to distribute the Registrable Securities covered by their request by means of an underwriting, then they shall so advise the Company as a part of their Demand Notice and the Company shall include such
information in the Request Notice. In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such
Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the managing
underwriter or underwriters selected for such underwriting by the Holders of a majority of the Registrable Securities being registered and reasonably acceptable to the Company. Notwithstanding any other provision of this paragraph 2, if the
underwriter(s) advise(s) the Company in writing that marketing factors require a limitation of the number of securities to be underwritten, then the Company shall so advise all Holders of Registrable Securities which would otherwise be registered
and underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be reduced as required by the underwriter(s) and allocated among the Holders of Registrable Securities on a pro rata
basis according to the number of Registrable Securities Then Outstanding held by each Holder requesting registration (including the Initiating Holders); provided, however, that the number of shares of Registrable Securities to be included in
such underwriting and registration shall not be reduced unless all other securities are first entirely excluded from the underwriting and registration including, without limitation, all shares that are not Registrable Securities and are held by any
other person, including, without limitation, any person who is an employee, officer or director of the Company or any subsidiary of the Company. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw
therefrom by written notice to the Company and the underwriter(s), delivered at least ten (10) business days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting
shall be excluded and withdrawn from the registration. For purposes of the provision in this Subsection 2.3 concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the partners, members,
retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and family members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing persons,
shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all persons included in such
“selling Holder,” as defined in this sentence. 

  
 48 

	2.3	 Deferral. Notwithstanding the foregoing, if the Company shall furnish to Holders requesting registration
pursuant to this paragraph 2, a certificate signed by the President or Chief Executive Officer of the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such
registration statement to be filed because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of
material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the
right to defer such filing for a period of not more than sixty (60) days after receipt of the Demand Notice; provided, however, that the Company may not utilise this right more than once in any twelve (12) month period; and
provided, further, that the Company shall not register any securities for its own account or that of any other stockholder during such sixty (60) day period, other than an Excluded Registration. 

 

	2.4	 Effectiveness of Demand Registration. 

 

	 	(A)	 A registration shall not be counted as “effected” for purposes of this paragraph 2 until such time as
the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, in which case such withdrawn registration
statement shall be counted as “effected” for the purposes of this paragraph 2 and as such the Holders shall forfeit their right to one demand registration statement pursuant to this paragraph 2 provided, that if such withdrawal is during a
period the Company has deferred taking action to file a registration statement, then the Initiating Holders may withdraw their request for registration and such registration statement will not be counted as effected. 

 

	 	(B)	 A registration shall not be counted as “effected” if, as a result of an exercise of the
underwriter’s cutback provisions in paragraph 2.2, fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in such registration statement are actually included. 

  

	3.	 Piggyback Registrations  

 

	3.1	 Offering by Company. The Company shall notify all Holders of Registrable Securities in writing at least thirty
(30) days prior to filing any registration statement under the Securities Act for purposes of effecting a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of
securities of the Company, but excluding Excluded Registrations), and shall afford each such Holder an opportunity to include in such registration statement all or any part of the Registrable Securities then held by such Holder. Each Holder desiring
to include in any such registration statement all or any part of the Registrable Securities held by it shall within twenty (20) days after receipt of the above described notice from the Company, so notify the Company in writing, and in such
notice shall inform the Company of the number of Registrable Securities such Holder wishes to include in such registration statement. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed
by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its
securities, all upon the terms and conditions set forth herein. The Company shall have the right to terminate or withdraw any registration initiated by it under this paragraph 3 before the effective date of such registration, whether or not any
Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with paragraph 5. 

  
 49 

	3.2	 Underwriting. If a registration statement under which the Company gives notice under this paragraph 3 is for an
underwritten offering, then the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder’s Registrable Securities to be included in a registration pursuant to this paragraph 3 shall be
conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities
through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of this Agreement, if the managing
underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares from the registration and the underwriting, and the number of
shares that may be included in the registration and the underwriting shall be allocated among the Holders of Registrable Securities on a pro rata basis according to the number of Registrable Securities Then Outstanding held by each Holder
requesting registration; provided, however, that the number of shares of Registrable Securities held by the Holders to be included in such underwriting and registration shall not be reduced unless all other securities are first entirely
excluded from the underwriting and registration including, without limitation, all shares that are not Registrable Securities and are held by any other person, including, without limitation, any person who is an employee, officer or director of the
Company or any subsidiary of the Company. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s), delivered at least ten (10) business
days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For purposes of the provision in this Subsection 3.2
concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and family
members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such
“selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all persons included in such “selling Holder,” as defined in this sentence. A registration shall not be counted as “effected”
if, as a result of an exercise of the underwriter’s cutback provisions in this paragraph 3.2, fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in such registration statement
are actually included. 

  

	3.3	 Not Demand Registration. Registration pursuant to this paragraph 3 shall not be deemed to be a demand
registration as described in paragraph 2 above. There shall be no limit on the number of times the Holders may request registration of Registrable Securities under this paragraph 3. 

 

	4.	 Form F-3 and Form S-3
Registration  

 If at any time when it is eligible to use a Form F-3 or S-3 registration statement, the Company receives a request from Holders of at least 20% of all Registrable Securities then outstanding a written request or requests that the Company effect a registration on Form F-3 or Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, then the Company will:

  
 50 

	4.1	 Notice. Promptly give written notice of the proposed registration and the Holder’s or Holders’
request therefor, and any related qualification or compliance, to all other Holders of Registrable Securities; and 

  

	4.2	 Registration. As soon as practicable and in any event within forty-five (45) days after the date the
written request is delivered to the Company, effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders or
Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within twenty
(20) days after the Company provides the notice contemplated by paragraph 4.1 provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this paragraph 4:

  

	 	(A)	 if Form F-3 or Form S-3 is not
available for such offering by the Holders; 

  

	 	(B)	 if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such
registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than US$5,000,000; 

  

	 	(C)	 if the Company shall furnish to the Holders a certificate signed by the President or Chief Executive Officer of
the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such Form F-3 or Form S-3
Registration to be effected because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material
information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, in which event the Company shall have the
right to defer the filing of the Form F-3 or Form S-3 registration statement no more than once during any twelve (12) month period for a period of not more than
sixty (60) days after receipt of the request of the Holder or Holders under this paragraph 4; provided that the Company shall not register any of its other shares during such sixty (60) day period other than an Excluded
Registration; or 

  

	 	(D)	 during the period that is thirty (30) days before the Company’s good faith estimate of the date of
filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration; provided, that the Company is actively employing in good faith commercially reasonable efforts to cause such
registration statement to become effective; provided, further, that if the Company does not effect such registration statement, the Company shall effect such registration on the thirty-first (31st) day after its notice to the Holders
describing the delay in this paragraph 4.2. 

  

	4.3	 Not Demand Registration. Form F-3 or Form S-3 registrations shall not be deemed to be demand registrations as described in paragraph 2 above. Except as otherwise provided herein, there shall be no limit on the number of times the Holders may request
registration of Registrable Securities under this paragraph 4; provided that the Company shall not be required to file more than two (2) Form F-3 or Form S-3
registration statements in any twelve (12) month period. 

  

	4.4	 Underwriting. If the Holders of Registrable Securities requesting registration under this paragraph 4 intend to
distribute the Registrable Securities covered by their request by means of an underwriting, the provisions of paragraph 2.2 shall apply to such registration. 

  
 51 

	5.	 Expenses 

  

	5.1	 All Registration Expenses incurred in connection with any registration pursuant to paragraphs 2, 3 or 4,
including in connection with filings, qualification fees, printers’ fees and accounting fees (but excluding Selling Expenses and expenses for the special counsel of the selling Holders that exceed US$100,000) shall be borne by the Company. Each
Holder participating in a registration pursuant to paragraphs 2, 3 or 4 shall bear such Holder’s proportionate share (based on the total number of shares sold in such registration other than for the account of the Company or persons or entities
that are not Holders) of all Selling Expenses or other amounts payable to underwriter(s) or brokers, in connection with such offering by the Holders. 

  

	6.	 Obligations of the Company 

 

	6.1	 Whenever required to effect the registration of any Registrable Securities under this Agreement the Company
shall, as expeditiously as reasonably possible: 

  

	 	(A)	 Registration Statement. Prepare and file with the SEC a registration statement with respect to such Registrable
Securities and use its best efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a
period of up to one hundred twenty (120) days or, in the case of Registrable Securities registered under Form F-3 or Form S-3 in accordance with Rule 415 under the
Securities Act or a successor rule, for a period of up to one hundred and twenty (120) days; provided, however, that: (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period any Holder
refrains from selling any securities included in such registration at the request of the underwriter(s); and (ii) in the case of any registration of Registrable Securities on Form F-3 or Form S-3 which are intended to be offered on a continuous or delayed basis, such one hundred and twenty (120) day period shall be extended, if necessary, to keep the registration statement effective until all such
Registrable Securities are sold. 

  

	 	(B)	 Amendments and Supplements. Prepare and file with the SEC such amendments and supplements to such registration
statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement.

  

	 	(C)	 Prospectuses. Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus,
in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such registration.

  

	 	(D)	 Blue Sky. Use its best efforts to register and qualify the securities covered by such registration statement
under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to
file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act. 

 

	 	(E)	 Underwriting. In the event of any underwritten public offering, enter into and perform its obligations under an
underwriting agreement in usual and customary form (including without limitation in respect of comfort letter(s) and legal opinion(s)), with the managing underwriter(s) of such offering. 

  
 52 

	 	(F)	 Notification. Notify each Holder of Registrable Securities covered by such registration statement of:
(i) the time when such registration statement has been declared effective; (ii) after such registration statement becomes effective, of any request by the SEC that the Company amend or supplement such registration statement or prospectus;
(iii) when a prospectus relating to a registration statement is required to be delivered under the Securities Act, the time when a supplement to any prospectus forming a part of such registration statement has been filed; (iv) the issuance
of any stop order by the SEC in respect of such registration statement; and (v) the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. 

 

	 	(G)	 Listing. Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities
exchange on which similar securities issued by the Company are then listed. 

  

	 	(H)	 CUSIP Number. Provide a transfer agent and registrar for all Registrable Securities registered pursuant
hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 

  

	 	(I)	 Inspection. Promptly make available for inspection by the selling Holders, any underwriter(s) participating in
any registration of Registrable Securities made under this Agreement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents,
and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such Holder, underwriter, attorney, accountant, or agent, in each case, as
necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith. 

 

	 	(J)	 Withdrawal of Suspensions. Use its reasonable best efforts to obtain the withdrawal of any order suspending the
effectiveness of any registration statement, or the lifting of any suspension of the qualification or exemption from qualification of any Registrable Securities for sale in any jurisdiction in in which such securities are qualified;

  

	 	(K)	 Opportunity to Comment. Before filing a registration statement or prospectus or any amendments or supplements
thereto, to the extent the Company is reasonably able to do so, furnish copies of such documents to each participating Holder, any underwriter(s) or other distributor(s) identified by any Holder and counsel for the Holders and for such
underwriter(s) or distributor(s) a reasonable period prior to filing and consider in good faith any comments provided by any such persons. 

  

	6.2	 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action
pursuant to paragraphs 2, 3 or 4 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to
timely effect the Registration of their Registrable Securities. 

  

	6.3	 10b5-1 Trading Program. The Company shall ensure that, at all times
after any registration statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program
under Rule 10b5-1 of the Exchange Act. 

  
 53 

	7.	 Indemnification 

In the event any Registrable Securities are included in a registration statement under paragraphs 2, 3 or 4: 

 

	7.1	 By the Company. To the extent permitted by law, the Company will indemnify and hold harmless each Holder, its
partners, members, stockholders, officers, directors, legal counsel, investment advisors, accountants, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the
meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act, or applicable securities law, insofar as such
losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): 

 

	 	(A)	 any untrue statement or alleged untrue statement of a material fact contained in such registration statement,
including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; 

  

	 	(B)	 the omission or alleged omission to state therein a material fact required to be stated therein, or necessary
to make the statements therein not misleading; or 

  

	 	(C)	 any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any United States
federal or state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any United States federal or any applicable securities laws in connection with the offering covered by such registration statement;

 and the Company will reimburse each such Holder, its partner, member, stockholder, officer, director, legal counsel,
investment advisor, accountants, underwriter or controlling person for any legal or other expenses reasonably incurred by them, as incurred, in connection with investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the indemnity agreement contained in this paragraph 7.1 shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the
Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in
reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, or any partner, member, stockholder, officer, director, legal counsel, investment advisor, accountant,
underwriter or controlling person of such Holder. 
  

	7.2	 By Selling Holders. To the extent permitted by law, each selling Holder will, severally and not jointly, if
Registrable Securities held by such Holder are included in the securities as to which such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, each of its officers who has
signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s
partners, directors, officers, legal counsel or any person who controls such Holder within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such
director, officer, legal counsel, controlling person, underwriter or other such Holder, partner or director, officer or controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or other applicable
securities law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and
in conformity with written information furnished by such 

  
 54 

	 	
Holder expressly for use in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer,
controlling person, underwriter or other Holder, partner, officer, director or controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that
the indemnity agreement contained in this paragraph 7.2 shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be
unreasonably withheld; and provided, further, that in no event shall any indemnity under this paragraph 7.2 exceed the net proceeds received by such Holder in the registered offering out of which the applicable Violation arises, except in the
case of fraud or wilful misconduct by such Holder. 

  

	7.3	 Notice. Promptly after receipt by an indemnified party under this paragraph 7 of notice of the commencement of
any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this paragraph 7, deliver to the indemnifying party a written notice of the commencement
thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defence thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees
and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential conflict of interests between such indemnified party
and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of liability to
the indemnified party under this paragraph 7 to the extent the indemnifying party is prejudiced as a result thereof, but the omission to so deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any
indemnified party otherwise than under this paragraph 7. 

  

	7.4	 Contribution. In order to provide for just and equitable contribution to joint liability under the Securities
Act in any case in which either: (i) any indemnified party makes a claim for indemnification pursuant to this paragraph 7 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the
expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this paragraph 7 provides for indemnification in such case; or (ii) contribution
under the Securities Act may be required on the part of any indemnified party in circumstances for which indemnification is provided under this paragraph 7; then, and in each such case, the indemnified party and the indemnifying party will
contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified
party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party
and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case: (A) no
Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, except in the case of fraud or wilful misconduct by
such Holder; and (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to 

  
 55 

	 	
contribution from any person or entity who was not guilty of such fraudulent misrepresentation, and provided further that in no event shall a Holder’s liability pursuant to any of the
paragraphs 7, exceed the proceeds from the offering received by such Holder, except in the case of fraud or wilful misconduct by such Holder 

  

	7.5	 Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained
in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. Unless otherwise superseded by an underwriting
agreement entered into in connection with the underwritten public offering, the obligations of the Company and Holders under this paragraph 7 shall survive the completion of any offering of Registrable Securities in a registration, and otherwise
shall survive the termination of this Agreement. 

  

	7.6	 Survival; Consents to Judgments and Settlements. The obligations of the Company and Holders under this
paragraph 7 shall survive the completion of any offering of Registrable Securities in a registration statement, regardless of the expiration of any statutes of limitation or extensions of such statutes. No indemnifying party, in the defence of any
such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect to such claim or litigation. In addition, if any settlement contains any statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified
party, then the consent of such indemnified party is required prior to entry into such settlement. 

  

	8.	 No Registration Rights to Third Parties 

From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of [a majority] of the
Registrable Securities Then Outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would (i) allow such holder or prospective holder to include such securities in any registration
unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the number of the Registrable Securities of
the Holders that are included; or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective holder; provided that this limitation shall not apply to Registrable
Securities acquired by any additional Holder that becomes a party to this Agreement in accordance with the terms hereof. 
  

	9.	 Market Stand-Off  

Each Holder agrees that, so long as it holds any voting securities of the Company, upon request by the Company or the underwriters managing the
Company’s IPO, it will not sell or otherwise transfer or dispose of any securities of the Company (other than those permitted to be included in the registration and other transfers to affiliates permitted by law) or enter into any hedging or
similar transaction with the same economic effect as a sale of securities, in each case held by such Holder immediately before the effective date of the registration statement for the Company’s IPO without the prior written consent of the
Company or such underwriters, as the case may be, for a period of time specified by the representative of the underwriters not to exceed one hundred and eighty (180) days from the effective date of the registration statement covering such IPO.
The foregoing provision of this paragraph 9 shall not apply to the sale of any securities of the Company to an underwriter pursuant to any underwriting agreement, and shall only be applicable to the Holders if all officers, directors and holders of
one per cent (1%) or more of the Company’s outstanding share capital enter into similar agreements, and if the Company with Investor Majority Consent or any 

  
 56 

 
underwriter releases any officer, director or holder of one per cent (1%) or more of the Company’s outstanding share capital from his or her sale restrictions so undertaken, then each Holder
shall be notified prior to such release and shall itself be simultaneously released to the same proportional extent. The foregoing provisions of this paragraph 9 shall only apply to the first such registration statement of the Company which covers
securities to be sold on its behalf to the public in an underwritten offering but not to Registrable Securities sold pursuant to such registration statement. The Company shall require all future acquirers of the Company’s securities holding at
least one per cent (1%) of the then outstanding share capital of the Company to execute prior to its initial public offering a market stand-off agreement containing substantially similar provisions as those
contained in this paragraph 9. 
  

	10.	 Transfer of Registration Rights 

The rights to cause the Company to register Registrable Securities pursuant to this Agreement may be assigned by a Holder to a transferee or
assignee of such securities that: (i) is an Affiliate, nominee, subsidiary, parent, partner, limited partner, retired partner, retired limited partner, employee, member, retired member, shareholder or related party of a Holder; (ii) is a
Holder’s family member or trust for the benefit of an individual Holder; or (iii) after such assignment or transfer, holds at least 250,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock
dividends, combinations and other recapitalisations), provided that the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to
which such registration rights are being assigned, and, provided further, that such transferee agrees to become a signatory to the Applicable Definitive Documents. 
  

	11.	 Rule 144 Reporting  

With a view to making available to the Holders the benefits of certain rules and regulations of the SEC which may at any time permit the sale
of the Registrable Securities to the public without registration or pursuant to a registration on Form F-3 or Form S-3, after such time as a public market exists for the
Ordinary Shares, the Company agrees to: 
  

	11.1	 Make and keep adequate public information available, as those terms are understood and defined in Rule 144
under the Securities Act, at all times after the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 

 

	11.2	 File with the SEC in a timely manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and 

  

	11.3	 So long as a Holder owns any Registrable Securities, to furnish to such Holder forthwith upon request:
(i) a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the Company’s IPO), the Securities Act and the Exchange Act (at
any time after it has become subject to such reporting requirements), or its qualification as a registrant whose securities may be resold pursuant to Form F-3 or Form
S-3 (at any time after it so qualifies); (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such other
reports, documents and information regarding the Company as a Holder may reasonably request in availing itself of any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to Form F-3 or Form S-3. 

  
 57 

	12.	 Restrictions on Transfer 

 

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

  

	12.2	 Each certificate, instrument, or book entry representing (i) the Registrable Securities and (ii) any
other securities issued in respect of the Registrable Securities, upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event ((i) and (ii) together, the “Restricted Securities”), shall
(unless otherwise permitted by the provisions of paragraph 12.3) be notated with a legend substantially in the following form: 

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

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.” 
 The Holders consent to the Company making a notation in its records
and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this paragraph 12. 
  

	12.3	 The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects
with the provisions of this Schedule 5. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder thereof
shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably
requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the
effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without
registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or
transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the
terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction in which
such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this paragraph 12. Each certificate, instrument, or book entry
representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in paragraph 12.2, except that such certificate
instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act.

  
 58 

	13.	 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise
delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Schedule 5. 

 

	14.	 Termination of Registration Rights 

The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to paragraphs 2, 3 and 4
herein, shall terminate on the earlier to occur of: (i) the closing of a Liquidation Event, as such term is defined in the Articles other than a Liquidation Event undertaken in connection with effecting an IPO; and (ii) the fifth (5th)
anniversary of an IPO. 

  
 59 

 SCHEDULE 6 : IPO 

 

	1.	 Structural considerations 

At any time prior to, and in contemplation of, an IPO, with, in the case of an IPO that is a Qualified Listing, the consent of the Board and,
in the case of an IPO that is not a Qualified Listing, with the consent of the Board and upon receipt of an Investor Majority Consent in accordance with the requirements of clause 7.1 and Part A of Schedule 2, the Company may carry out any actions
as may be necessary, appropriate or desirable to liquidate, dissolve or wind up, merge, reorganise, recapitalise or otherwise restructure any member of its Group, in each case, so as to optimise the corporate structure of its Group as is appropriate
in light of tax, legal or other considerations provided that any such Restructuring does not (i) abrogate any Shareholder’s rights provided for in this Agreement or the Articles or (ii) result in any material adverse tax impact upon
any Investor. 
  

	2.	 Determination of structure and participation 

The Company, acting by decision of the Board and in consultation with the investment bank advising the Company in respect of the IPO, shall
approve the selection of the managing underwriters. 
  

	3.	 Co-operation 

 

	3.1	 The Company shall, and shall procure that each other member of the Group from time to time shall, take all
steps reasonably necessary, appropriate or desirable to effect the IPO and to expedite or facilitate the disposition of all securities included therein, including cooperation in the preparation of any offering document, providing access to the books
and records of the Group, Group’s auditors and management, and participation in road shows and other marketing efforts as determined by the Board. If, at any time after determining to pursue an IPO and prior to the completion of such IPO, such
IPO is terminated or otherwise not completed, the Company shall give written notice of such termination or failure to complete to each Investor, but none of the Shareholders shall be relieved from their obligations in respect of another IPO as set
out in this schedule. 

  

	3.2	 In the event of an IPO, each Shareholder shall fully cooperate with the Company, including coordination with
respect to any applicable laws or regulations in any relevant jurisdiction relating to publicly listed or traded securities. 

  

	3.3	 Each Shareholder shall take, and shall instruct its representative(s), nominee(s) or designee(s), as the case
may be, on the Board or any other board (or any committee thereof) to take any and all action within its power and in accordance with applicable law as may be necessary, appropriate or desirable to effect, and to cause the Company and each other
member of its Group to take any and all action as may be necessary, appropriate or desirable to effect, the transactions described in this schedule. 

  

	3.4	 Subject to, in respect of a Qualified Listing, the prior consent of the Board and, in respect of an IPO that is
not a Qualified Listing, receipt of Investor Majority Consent and the prior consent of the Board, the parties agree to amend, supplement or otherwise modify this Agreement as may be necessary to comply with the laws, regulations and rules of the
relevant regulatory authority and the rules of the securities exchange in connection with an IPO. 

  
 60 

	4.	 Execution of underwriting agreement and lock-up agreement

 In the event of an IPO, each Shareholder agrees that it would have to execute a customary underwriting agreement with
the managing underwriters of such offering (taking into account market practice at the time of the IPO), which, in the case of a Qualified Listing, is approved by the Board and in the case of an IPO that is not a Qualified Listing, is approved by
the Board and Investor Majority Consent. The parties acknowledge and agree that, in connection with any such agreement, the same terms and shall apply to each Shareholder equally. The parties agree that in connection with such underwriting agreement
they will also agree to be subject to a market standoff agreement according to the terms of Schedule 5 of this Agreement. 
 IN WITNESS whereof this
Agreement has been executed and delivered as a Deed on the date first before written. 

  
 61 

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

							
	 EXECUTED and DELIVERED as a 

DEED by ORCHARD THERAPEUTICS
 LIMITED acting
by a director
	 	 )
 )

)
	 		 	 /s/ Mark Rothera

		 	)	 		 	
	In the presence of:	 		 		 	Director
				
	Signature of witness:	 		 	    	 	 /s/ John Ilett

	  
 Name of witness:
	 		 		 	  
 John Ilett

				
	Address of witness:	 		 		 	108 Cannon Street, London, EC4N6EU
				
	Occupation of witness:	 		 		 	Solicitor

  
 62 

							
	EXECUTED and DELIVERED as a
DEED by SCOTTISH MORTGAGE
INVESTMENT TRUST PLC acting
through its agent BAILLIE GIFFORD &	 	 )
 )

)
 )
	 	    	 	
	 CO. by
  
	 	)	 	
	In the presence of:	 		 	 /s/ Tom Slatter

		 		 	Name: Tom Slatter
			
	Signature of Witness:	 		 	 /s/ Christopher Smith

	  
 Name of Witness:
	 		 	  
 Christopher Smith

			
	Address of Witness:	 		 	Baillie Gifford and Co., Calton Square
			
		 		 	1 Greenside Row, Edinburgh EH13AN, UK
			
	Occupation of Witness:	 		 	Corporate Lawyer

  
 63 

							
	EXECUTED and DELIVERED as a
DEED by F-PRIME CAPITAL
PARTNERS HEALTHCARE FUND IV LP	 	 )
 )

)
 )
	 	     
 
	 	
	 By: F-Prime Capital Partners Healthcare

Advisors Fund IV LP, its General Partner
	 	 )
 )

)
	 		 	
		 	)	 		 	
	By: Impresa Holdings LLC, its General Partner	 	 )
 )
	 		 	
	By: Impresa Management LLC, its Managing	 	)	 	
	Member	 	)	 	
			
	In the presence of:	 		 	 /s/ Mary Pendergast

		 		 	Mary Pendergast, Vice President
			
	Signature of Witness:	 		 	 /s/ Allan S. Galper

	  
 Name of Witness:
	 		 	  
 Allan S. Galper

			
	Address of Witness:	 		 	One Main Street, 13th Floor
			
		 		 	Cambridge, MA 02142 USA
			
	Occupation of Witness:	 		 	Attorney

  
 64 

							
	 EXECUTED and DELIVERED as a
DEED by F-PRIME CAPITAL
PARTNERS HEALTHCARE FUND IV-A

LP
	 	 )
 )

)
 )

)
	 	     

	 	
	 By: F-Prime Capital Partners Healthcare

Advisors Fund IV-A LP, its General Partner
	 	 )
 )

)
 )
	 		 	
		 	)	 		 	
	By: Impresa Holdings LLC, its General Partner	 	 )
 )
	 		 	
		 	)	 		 	
	By: Impresa Management LLC, its Managing	 	)	 	
	Member	 		 	
			
	In the presence of:	 		 	 /s/ Mary Pendergast

		 		 	Mary Pendergast, Vice President
			
	Signature of Witness:	 		 	 /s/ Allan S. Galper

	  
 Name of Witness:
	 		 	  
 Allan S. Galper

			
	Address of Witness:	 		 	One Main Street, 13th Floor
			
		 		 	Cambridge, MA 02142 USA
			
	Occupation of Witness:	 		 	Attorney

  
 65 

					
	EXECUTED and DELIVERED as a
DEED by UNIQUE DIAMOND
INVESTMENTS LIMITED acting by a
director	  	 )
 )

)
	  	 /s/ Simone Song

		  		  	Authorised Signatory
			
	In the presence of:	  		  	
			
	Signature of Witness:	  		  	 /s/ Alice Wong

	  
 Name of Witness:
	  		  	  
 Alice Wong

			
	Address of Witness:	  		  	Rooms 5028-5032, Sun Hung Kai Centre,
			
		  		  	30 Harbour Rd., Wan Chai, Hong Kong
			
	Occupation of Witness:	  		  	Company Secretary

  
 66 

					
	 EXECUTED and DELIVERED as a

DEED by TLS BETA PTE LTD acting by a Director
	  	 )
 )

)
	  	 /s/ Christina Choo

		  		  	Director
	In the presence of:	  		  	
			
	Signature of Witness:	  		  	 /s/ Yvette Chen Yuefei

	  
 Name of Witness:
	  		  	  
 Yvette Chen Yuefei

			
	Address of Witness:	  		  	60B Orchard Road #06-18 Tower 2
			
		  		  	The Atrium at Orchard Singapore 238891
			
	Occupation of Witness:	  		  	Witness

  
 67 

							
	 EXECUTED and DELIVERED as a DEED by COWEN HEALTHCARE INVESTMENTS II LP

By: Cowen Healthcare Investments II GP
LLC, its General Partner

By: Kevin Raidy, Managing Partner
	  	 )
 )

)
 )

)
 )

)
	  	  
  
  

 
  

/s/ Kevin Raidy

			
	Signature of Witness:	  		  	 /s/ Michael Baxter

	  
 Name of Witness:
	  		  	  
 Michael Baxter

			
	Address of Witness:	  		  	599 Lexington Ave., 19th Fl
			
		  		  	New York, NY 10022 USA
			
	Occupation of Witness:	  		  	Attorney

  
 68 

							
	 EXECUTED and DELIVERED as a

DEED by GLAXO GROUP LIMITED

acting by a director / authorised signatory
	  	 )
 )

)
	  	     

		  		  	 /s/ Sarah Ghinn

		  		  	Director / Authorised Signatory
				
	In the presence of:	  		  		  	
			
	Signature of Witness:	  		  	 /s/ Raman Kaur

	  
 Name of Witness:
	  		  	  
 Raman Kaur

			
	Address of Witness:	  		  	980 Great West Road
			
		  		  	Brentford, TW89GS UK
			
	Occupation of Witness:	  		  	Company Secretary

  
 69 

					
	 Dated
	  	19 October	  	2018

 THE SEVERAL PERSONS LISTED IN SCHEDULE 1 

THE COMPANY 
 DEED OF
VARIATION 
 relating to a 

SHAREHOLDERS’ AGREEMENT RELATING TO 

ORCHARD THERAPEUTICS LIMITED DATED 29 MARCH 2017 AS AMENDED AND RESTATED ON 2 AUGUST 2018 

  
 

 

 THIS DEED (the or this “Deed”) is made on 19 October 2018 

BETWEEN: 
  

	(1)	 THE SEVERAL PERSONS whose names and addresses are set out in Schedule 1, together constituting an
Investor Majority Consent (as defined under the Shareholders’ Agreement); and 

  

	(2)	 ORCHARD THERAPEUTICS LIMITED, a private limited liability company incorporated in England and Wales with
registered number 09759506 and whose registered office is at 108 Cannon Street, London, EC4N 6EU (the “Company”), 

  

	 	 (each a “Party” and together, the “Parties”).

 WHEREAS: 
  

	(A)	 The Series C Investors, the Existing Investors, the Ordinary Shareholders (each as defined therein) and the
Company executed a shareholders’ agreement relating to the Company dated 29 March 2017, as amended and restated on 2 August 2018 (the “Shareholders’ Agreement”). 

 

	(B)	 Pursuant to Section 3 of Schedule 5 of the Shareholders’ Agreement, the holders of Registrable
Securities (as defined therein) have certain rights of notice to and rights to include for registration their Registrable Securities (such rights, the “Registration Rights”). 

 

	(C)	 Orchard Rx Limited, a company incorporated in England and Wales (the “Holding Company”), is in
the process of registering ordinary shares, represented by American depositary shares with the United States Securities and Exchange Commission in connection with its proposed initial public offering (the “IPO”). In connection with
and prior to the completion of the IPO, (i) all of the outstanding equity interests in the Company will be exchanged for the same number and classes of shares in the Holding Company, such that the holders of ordinary shares of the Company will
hold ordinary shares of the Holding Company and (ii) the Holding Company will enter into a deed of adherence to the Shareholders’ agreement in accordance with clause 3.2.2 of the Shareholders’ Agreement. 

 

	(D)	 The Parties wish to vary the Shareholders’ Agreement such that the Registration Rights, including, without
limitation, any and all rights of notice and rights of registration, in connection with the IPO, do not apply to this contemplated IPO. 

  

	(E)	 In accordance with clause 20.3.1 of the Shareholders’ Agreement, the Shareholders’ Agreement may be
varied if such variation is in writing and signed by the Company and shareholders comprising an Investor Majority Consent, in which event such changes shall be binding against all the parties to the Shareholders’ Agreement.

 IT IS AGREED as follows: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 In this Deed: 

  

	 	(a)	 capitalised terms used and not expressly defined herein shall bear their respective meaning in the
Shareholders’ Agreement; and 

  

	 	(b)	 clauses 1.2.1 to 1.2.16 of the Shareholders’ Agreement shall be incorporated into this Deed as if set out
in full in this Deed and as if references to “this Agreement” were references to “this Deed”. 

	2.	 VARIATION 

  

	2.1	 In order to give effect to the variation set out in paragraph (D) above, the Parties, representing
an Investor Majority Consent as required under clause 20.3.1 of the Shareholders’ Agreement, hereby agree that the Shareholders’ Agreement shall be varied as follows: 

 

					
	(a)	  	Clause 1.1	  	this definition is inserted into the agreement:
			
		  		  	“NASDAQ IPO” means the proposed initial public offering of the ordinary shares of Orchard Rx Limited (a newly incorporated holding company of the Company) in the form of American depositary shares on the NASDAQ
Stock Market, such initial public offering to be completed on or before 31 December 2018;
			
	(b)	  	Para. 3.4 of	  	this paragraph is inserted into the agreement:
		  	Schedule 5	  	
			
		  		  	3.4 The rights granted under paragraphs 3.1 and 3.2 shall not apply in the context of the NASDAQ IPO.

  

	2.2	 Except as set out in clause 2.1, the Shareholders’ Agreement shall continue in full force and effect.

  

	2.3	 References in the Shareholders’ Agreement to the “Agreement”, “hereof”,
“hereunder” and expressions of similar import shall be deemed to be references to the Varied Shareholders’ Agreement as varied by this Deed 

  

	3.	 FURTHER ASSURANCE 

Each Party shall from time to time, at the reasonable request of another Party, as soon as reasonable practicable do all such acts and things,
and execute and deliver all documents, in either case, necessary or desirable to give effect to the amendments effected or to be effected pursuant to this Deed. 
  

	4.	 THIRD PARTY RIGHTS 

A person who is not a Party shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit
of any term of this Deed. 
  

	5.	 MISCELLANEOUS 

The provisions of clauses 22 (Notices) and 23 (Law and Jurisdiction) of the Shareholders’ Agreement shall be incorporated
into this Deed as if set out in full in this Deed and as if references to “this Agreement” were references to this Deed. 
  

  
 [Intentionally left
blank, Schedules 1 and the signature pages follow.] 

 SCHEDULE 1 

 

			
	 (1)

Name
	 	 (2)

Address

	F-Prime Capital Partners Healthcare Fund IV LP	 	One Main Street, 13th Floor, Cambridge, MA 02142, United States
		
	F-Prime Capital Partners Healthcare Fund IV-A LP	 	One Main Street, 13th Floor, Cambridge, MA 02142, United States
		
	Glaxo Group Limited	 	980 Great West Road, Brentford, Middlesex TW8 9GS
		
	Scottish Mortgage Investment Trust Plc	 	Calton Square, 1 Greenside Row, Edinburgh EH1 3AN
		
	Unique Diamond Investments Limited	 	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110 British Virgin Islands
		
	Cowen Healthcare Investments II LP	 	599 Lexington Avenue, New York City, NY 10022, United States
		
	CHI EF II LP	 	599 Lexington Avenue, New York City, NY 10022, United States
		
	TLS Beta Pte Ltd.	 	60B Orchard Road #06-18 Tower 2, The Atrium@Orchard, Singapore 23889
		
	Deerfield Special Situations Fund, L.P.	 	c/o Deerfield Management Company, Attn: General Counsel, 780 Third Avenue, 37th Floor New York, NY 10017, United States
		
	Deerfield Private Design Fund III, L.P	 	c/o Deerfield Management Company, Attn: General Counsel, 780 Third Avenue, 37th Floor New York, NY 10017, United States
		
	Deerfield Private Design Fund IV, L.P.	 	c/o Deerfield Management Company, Attn: General Counsel, 780 Third Avenue, 37th Floor New York, NY 10017, United States

 THIS DEED has been duly executed and delivered as a deed on the date stated above. 

 

					
	EXECUTED as a DEED and delivered by	  	)	  	
	F-PRIME CAPITAL PARTNERS HEALTHCARE	  	)	  	
	FUND IV LP	  	)	  	
		  	)	  	
	By: F-Prime Capital Partners Healthcare Advisors	  	)	  	
	Fund IV LP, its General Partner	  	)	  	
		  	)	  	
	By: Impresa Holdings LLC, its General Partner	  	)	  	
		  	)	  	
	By: Impresa Management LLC, its Managing Member	  	)	  	 /s/ Mary Pendergast

		  		  	Mary Pendergast, Vice President
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Debbie Griffin

			
	Name of Witness:	  		  	Debbie Griffin
			
	Address of Witness:	  		  	25 Sackville St
		  		  	Charlestown, MA 02129
			
	Occupation of Witness:	  		  	VP of Finance

					
	EXECUTED as a DEED and delivered by	  	)	  	
	F-PRIME CAPITAL PARTNERS HEALTHCARE	  	)	  	
	FUND IV-A LP	  	)	  	
		  	)	  	
	By: F-Prime Capital Partners Healthcare Advisors	  	)	  	
	Fund IV-A LP, its General Partner	  	)	  	
		  	)	  	
	By: Impresa Holdings LLC, its General Partner	  	)	  	
		  	)	  	
	By: Impresa Management LLC, its Managing Member	  	)	  	 /s/ Mary Pendergast

		  		  	Mary Pendergast, Vice President
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Debbie Griffin

			
	Name of Witness:	  		  	Debbie Griffin
			
	Address of Witness:	  		  	25 Sackville St
		  		  	Charlestown, MA 02129
			
	Occupation of Witness:	  		  	VP of Finance

					
	EXECUTED as a DEED and delivered by	  	)	  	
	GLAXO GROUP LIMITED	  	)	  	
	acting by an authorised signatory	  	)	  	
		  		  	 /s/ Sarah Ghinn

		  		  	Director/Authorised Signatory
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Raman Kaur

			
	Name of Witness:	  		  	Raman Kaur
			
	Address of Witness:	  		  	980 Great West Road
		  		  	Brentford,TW89GS UK
			
	Occupation of Witness:	  		  	Company Secretary

					
	EXECUTED as a DEED and delivered by	  	)	  	
	SCOTTISH MORTGAGE INVESTMENT TRUST PLC	  	)	  	
	acting through its agent BAILLIE GIFFORD & CO.	  	)	  	
		  	)	  	
		  		  	 /s/ Tom Slater

		  		  	Name: Tom Slater
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ C.D. Smith

			
	Name of Witness:	  		  	Christopher Smith
			
	Address of Witness:	  		  	Baillie Gifford & Co.
		  		  	Calton Square, 1 Greenside Row
		  		  	Edinburgh, EH1 3AN
			
	Occupation of Witness:	  		  	Corporate Lawyer

					
	EXECUTED as a DEED and delivered by	  	)	  	
	UNIQUE DIAMOND INVESTMENTS LIMITED	  	)	  	
	acting by a director	  	)	  	
		  	)	  	
		  		  	 /s/ Simone Song

		  		  	Authorised Signatory
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Alice Wong

			
	Name of Witness:	  		  	Alice Wong
			
	Address of Witness:	  		  	Rooms 5028-5032, Sun Hung Kai Centre,.
		  		  	30 Harbour Rd, Wan Chai, Hong Kong
			
	Occupation of Witness:	  		  	Company Secretary

					
	EXECUTED as a DEED and delivered by	  	)	  	
	COWEN HEALTHCARE INVESTMENTS II LP	  	)	  	
		  	)	  	
	By: Cowen Healthcare Investments II GP LLC, its	  	)	  	
	General Partner	  		  	
		  		  	 /s/ Kevin Raidy

		  		  	Name: Kevin Raidy
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Michael Baxter

			
	Name of Witness:	  		  	Michael Baxter
			
	Address of Witness:	  		  	c/o Cowen Investment Management
		  		  	599 Lexington Avenue, 19th Floor
		  		  	New York, NY USA
			
	Occupation of Witness:	  		  	Attorney

					
	EXECUTED as a DEED and delivered by	  	)	  	
	CHI EF II LP	  	)	  	
		  	)	  	
	By: Cowen Healthcare Investments II GP LLC,	  		  	
	       Its General Partner	  	)	  	
			
		  		  	 /s/ Kevin Raidy

		  		  	Name: Kevin Raidy
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Michael Baxter

			
	Name of Witness:	  		  	Michael Baxter
			
	Address of Witness:	  		  	c/o Cowen Investment Management
		  		  	599 Lexington Avenue, 19th Floor
		  		  	New York, NY USA
			
	Occupation of Witness:	  		  	Attorney

					
	EXECUTED as a DEED and delivered by	  	)	  	
	TLS BETA PTE LTD acting by a director	  	)	  	
		  	)	  	
		  		  	 /s/ Christina Choo

		  		  	Name: Christina Choo
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Chan Yan Wei

			
	Name of Witness:	  		  	Chan Yan Wei
			
	Address of Witness:	  		  	60B Orchard Road
		  		  	#60-18 Tower 2, The Atrium at Orchard
		  		  	Singapore 238891
			
	Occupation of Witness:	  		  	Investment Associate

					
	EXECUTED as a DEED and delivered by	  	)	  	
	DEERFIELD PRIVATE DESIGN FUND III, L.P.	  	)	  	
		  	)	  	
	By: Deerfield Mgmt III, L.P., its General Partner	  	)	  	
	By: J.E. Flynn Capital III, LLC, its General Partner	  	)	  	
		  		  	 /s/ David J. Clark

		  		  	Name: David J. Clark
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Lawrence Atinsky

			
	Name of Witness:	  		  	Lawrence Atinsky
			
	Address of Witness:	  		  	780 3rd Avenue, 37th Floor
		  		  	New York, NY 10017
			
	Occupation of Witness:	  		  	Attorney

					
	EXECUTED as a DEED and delivered by	  	)	  	
	DEERFIELD PRIVATE DESIGN FUND IV, L.P.	  	)	  	
		  	)	  	
	By: Deerfield Mgmt IV, L.P., its General Partner	  	)	  	
	By: J.E. Flynn Capital IV, LLC, its General Partner	  	)	  	
		  		  	 /s/ David J. Clark

		  		  	Name: David J. Clark
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Lawrence Atinsky

			
	Name of Witness:	  		  	Lawrence Atinsky
			
	Address of Witness:	  		  	780 3rd Avenue, 37th Floor
		  		  	New York, NY 10017
			
	Occupation of Witness:	  		  	Attorney

					
	EXECUTED as a DEED and delivered by	  	)	  	
	DEERFIELD SPECIAL SITUATIONS FUND, L.P.	  	)	  	
		  	)	  	
	By: Deerfield Mgmt, L.P., its General Partner	  	)	  	
	By: J.E. Flynn Capital, LLC, its General Partner	  	)	  	
		  		  	 /s/ David J. Clark

		  		  	Name: David J. Clark
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Lawrence Atinsky

			
	Name of Witness:	  		  	Lawrence Atinsky
			
	Address of Witness:	  		  	780 3rd Avenue, 37th Floor
		  		  	New York, NY 10017
			
	Occupation of Witness:	  		  	Attorney

							
	EXECUTED and DELIVERED as a DEED by	  	)	  	
			
	ORCHARD THERAPEUTICS LIMITED
acting by a director	  	)	  	 /s/ Mark Rothera

			
	in the presence of	  		  	
			
	Witness:	  		  	

  

					
	Signature:	  	 /s/ John Ilett
	  	
			
	Name:	  	John Ilett	  	
			
	Address:	  	108 Cannon Street	  	
		  	London EC4N 6EU	  	
			
	Occupation:	  	Solicitor	  	

 Dated 31 May 2019 

THE SEVERAL PERSONS LISTED IN SCHEDULE 1 

THE COMPANY 
 DEED OF
VARIATION 
 relating to a 

SHAREHOLDERS’ AGREEMENT RELATING TO 

ORCHARD THERAPEUTICS PLC 

DATED 29 MARCH 2017 

AS AMENDED AND RESTATED ON 2 AUGUST 2018 

AND AS VARIED AND ADHERED TO BY THE COMPANY ON 19 OCTOBER 2018 

  
 

 

 THIS DEED (the or this “Deed”) is made on 31 May 2019 

BETWEEN: 
  

	(1)	 THE SEVERAL PERSONS whose names and addresses are set out in Schedule 1, together constituting an
Investor Majority Consent (as defined under the Shareholders’ Agreement); and 

  

	(2)	 ORCHARD THERAPEUTICS PLC a private limited liability company incorporated in England and Wales with
registered number 11494381 and whose registered office is at 108 Cannon Street, London, EC4N 6EU (the “Company”), 

  

	 	 (each a “Party” and together, the “Parties”).

 WHEREAS: 
  

	(A)	 The Series C Investors, the Existing Investors, the Ordinary Shareholders (each as defined therein) and Orchard
Therapeutics Limited executed a shareholders’ agreement relating to Orchard Therapeutics PLC dated 29 March 2017, as amended and restated on 2 August 2018 and as varied and adhered to by the Company on 19 October 2018 (the
“Shareholders’ Agreement”). 

  

	(B)	 The Parties wish to vary the Shareholders’ Agreement (i) to amend and restate paragraph 14 of
Schedule 5 of the Shareholders’ Agreement as set forth herein, (ii) in connection with such amendment, to amend the definition of “Registrable Securities” as set out in paragraph 1.11 of Schedule 5 of the Shareholders’
Agreement, and (iii) to remove the thresholds for exercising registration rights. 

  

	(C)	 In accordance with clause 20.3.1 of the Shareholders’ Agreement, the Shareholders’ Agreement may be
varied if such variation is in writing and signed by the Company and shareholders comprising an Investor Majority Consent, in which event such changes shall be binding against all the parties to the Shareholders’ Agreement.

 IT IS AGREED as follows: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 In this Deed: 

  

	 	(a)	 capitalised terms used and not expressly defined herein shall bear their respective meaning in the
Shareholders’ Agreement; and 

  

	 	(b)	 clauses 1.2.1 to 1.2.16 of the Shareholders’ Agreement shall be incorporated into this Deed as if set out
in full in this Deed and as if references to “this Agreement” were references to “this Deed”. 

  

	2.	 VARIATION 

  

	2.1	 In order to give effect to the variation set out in paragraph (B) above, the Parties,
representing an Investor Majority Consent as required under clause 20.3.1 of the Shareholders’ Agreement, hereby agree that the Shareholders’ Agreement shall be varied as follows: 

 

					
	(a)	  	Para. 1.11 of	  	this paragraph is hereby deleted in its entirety and amended and restated as follows:
		  	Schedule 5	  	
		  	“Registrable Securities” means: (i) the Series A Shares; (ii) the Series B Shares; (iii) the Series B-2 Shares; (iv) the Series C
Shares; (v) any Ordinary Shares issued on conversion of Series A Shares, Series B Shares, Series B-2 Shares or Series C Shares; and (vi) the Ordinary Shares. Notwithstanding the
foregoing, “Registrable

					
		  		  	Securities” shall exclude (i) any Registrable Securities sold by a person in a transaction in which rights under this Schedule 5 are not assigned in accordance with this Agreement, (ii) any Registrable Securities
sold in a registered public offering under the Securities Act or analogous statute of another jurisdiction, (iii) any Registrable Securities sold pursuant to Rule 144 promulgated under the Securities Act or analogous rule of another
jurisdiction, and (iv) any securities previously deemed to be Registrable Securities and held by a person for which or for whom the right to request registration or inclusion of Registrable Securities in any registration pursuant to paragraphs
2, 3 and 4 herein has terminated pursuant to Paragraph 14 of this Schedule 5;
			
	(b)	  	 Para. 2.1 of Schedule 5
	  	The phrase “a written request from the Holders of at least a majority or more of the Registrable Securities then outstanding” in the first sentence of paragraph 2.1 shall be replaced with the phrase “a written request
from any Holder of Registrable Securities then outstanding”.
			
	(c)	  	Para. 4 of Schedule 5	  	The phrase “a request from Holders of at least 20% of all Registrable Securities then outstanding” in the first sentence of paragraph 4 shall be replaced with the phrase “a request from any Holder of Registrable
Securities then outstanding”.
			
	(d)	  	Para. 14 of Schedule 5	  	this paragraph is hereby deleted in its entirety and amended and restated as follows:
		  	  
 14. Termination of Registration Rights

			
		  		  	The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to paragraphs 2, 3 and 4 herein, shall terminate on the earliest to occur of: (i) the closing of a Liquidation
Event, as such term is defined in the Articles other than a Liquidation Event undertaken in connection with effecting an IPO; (ii) the fifth (5th) anniversary of an IPO; and (iii) such time as SEC Rule 144 under the
Securities Act or another similar exemption under the Securities Act is available for the sale of all of such Holder’s shares without limitation during a three-month period without registration.

  

	2.2	 References in the Shareholders’ Agreement to the “Agreement”, “hereof”,
“hereunder” and expressions of similar import shall be deemed to be references to the Varied Shareholders’ Agreement as varied by this Deed 

  

	3.	 BINDING AGREEMENT 

Except as expressly amended, modified, supplemented or waived hereby, the provisions of Schedule 5 of the Shareholders’ Agreement are and
will remain in full force and effect. 

	4.	 FURTHER ASSURANCE 

Each Party shall from time to time, at the reasonable request of another Party, as soon as reasonably practicable do all such acts and things,
and execute and deliver all documents, in either case, necessary or desirable to give effect to the amendments effected or to be effected pursuant to this Deed. 
  

	5.	 THIRD PARTY RIGHTS 

A person who is not a Party shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit
of any term of this Deed. 
  

	6.	 COUNTERPARTS 

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

	7.	 GOVERNING LAW AND JURISDICTION 

 

	7.1	 This Deed 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. 

 

	7.2	 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 this Deed or its subject matter or formation (including non-contractual disputes or claims). 

[Intentionally left blank, Schedules 1 and the signature pages follow.] 

 SCHEDULE 1 

 

			
	 (1)

Name
	 	 (2)

Address

	F-Prime Capital Partners Healthcare Fund IV LP	 	One Main Street, 13th Floor, Cambridge, MA 02142, United States
		
	F-Prime Capital Partners Healthcare Fund IV-A LP	 	One Main Street, 13th Floor, Cambridge, MA 02142, United States
		
	Glaxo Group Limited	 	980 Great West Road, Brentford, Middlesex TW8 9GS
		
	Scottish Mortgage Investment Trust Plc	 	Calton Square, 1 Greenside Row, Edinburgh EH1 3AN
		
	Unique Diamond Investments Limited	 	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110 British Virgin Islands
		
	Cowen Healthcare Investments II LP	 	599 Lexington Avenue, New York City, NY 10022, United States
		
	CHI EF II LP	 	599 Lexington Avenue, New York City, NY 10022, United States
		
	Deerfield Special Situations Fund, L.P.	 	c/o Deerfield Management Company, Attn: General Counsel,
780 Third Avenue, 37th Floor New York, NY 10017, United States
		
	Deerfield Private Design Fund III, L.P	 	c/o Deerfield Management Company, Attn: General Counsel,
780 Third Avenue, 37th Floor New York, NY 10017, United States
		
	Deerfield Private Design Fund IV, L.P.	 	c/o Deerfield Management Company, Attn: General Counsel,
780 Third Avenue, 37th Floor New York, NY 10017, United States
		
	RA Capital Healthcare Fund, L.P.	 	20 Park Plaza, Suite 1200, Boston, MA 02116, United States

 THIS DEED has been duly executed and delivered as a deed on the date stated above. 

 

					
	EXECUTED as a DEED and delivered by	  	)	  	
	F-PRIME CAPITAL PARTNERS HEALTHCARE	  	)	  	
	FUND IV LP	  	)	  	
		  	)	  	
	By: F-Prime Capital Partners Healthcare Advisors	  	)	  	
	Fund IV LP, its General Partner	  	)	  	
		  	)	  	
	By: Impresa Holdings LLC, its General Partner	  	)	  	
		  	)	  	
	By: Impresa Management LLC, its Managing Member	  	)	  	 /s/ Mary F. Pendergast

		  		  	Name: Mary F. Pendergast
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Allan S. Galper.

			
	Name of Witness:	  		  	Allan S. Galper
			
	Address of Witness:	  		  	One Main Street, 13th Floor
		  		  	Cambridge, MA 02142
		  		  	USA
			
	Occupation of Witness:	  		  	Attorney

  
  

  
 

 

					
	EXECUTED as a DEED and delivered by	  	)	  	
	F-PRIME CAPITAL PARTNERS HEALTHCARE	  	)	  	
	FUND IV-A LP	  	)	  	
		  	)	  	
	By: F-Prime Capital Partners Healthcare Advisors	  	)	  	
	Fund IV-A LP, its General Partner	  	)	  	
		  	)	  	
	By: Impresa Holdings LLC, its General Partner	  	)	  	
		  	)	  	
	By: Impresa Management LLC, its Managing Member	  	)	  	 /s/ Mary F. Pendergast

		  		  	Name: Mary F. Pendergast
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Allan S. Galper.

			
	Name of Witness:	  		  	Allan S. Galper
			
	Address of Witness:	  		  	One Main Street, 13th Floor
		  		  	Cambridge, MA 02142
		  		  	USA
			
	Occupation of Witness:	  		  	Attorney

					
	EXECUTED as a DEED and delivered by	  	)	  	
	GLAXO GROUP LIMITED	  	)	  	
	acting by an authorised signatory	  	)	  	
		  		  	 /s/ John Sadler

		  		  	Name: John Sadler
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Thomas Goodman

			
	Name of Witness:	  		  	Thomas Goodman
			
	Address of Witness:	  		  	980 Great West Road
		  		  	Brentford, Middlesex, TW89GS
			
	Occupation of Witness:	  		  	Corporate Secretariat Associate

					
	EXECUTED as a DEED and delivered by	  	)	  	
	SCOTTISH MORTGAGE INVESTMENT TRUST PLC	  	)	  	
	acting through its agent BAILLIE GIFFORD & CO.	  	)	  	
		  	)	  	
		  		  	 /s/ John MacDougall

		  		  	Name: John MacDougall
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Eilidh Gillanders

			
	Name of Witness:	  		  	Eilidh Gillanders
			
	Address of Witness:	  		  	Calton Square, 1 Greenside Row
		  		  	Edinburgh, EH1 3AN, UK
			
	Occupation of Witness:	  		  	Solicitor

					
	EXECUTED as a DEED and delivered by	  	)	  	
	UNIQUE DIAMOND INVESTMENTS LIMITED	  	)	  	
	acting by a director	  	)	  	
		  	)	  	
		  		  	 /s/ Song Hong Fang

		  		  	Name: Song Hong Fang
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Dicky To

			
	Name of Witness:	  		  	Dicky To
			
	Address of Witness:	  		  	Room 5028-5032
		  		  	Sun Hung Kai Centre
		  		  	30 Harbour Road, Wan Chai, Hong Kong
			
	Occupation of Witness:	  		  	Director

					
	EXECUTED as a DEED and delivered by	  	)	  	
	COWEN HEALTHCARE INVESTMENTS II LP	  	)	  	
		  	)	  	
	By: Cowen Healthcare Investments II GP LLC, its	  	)	  	
	       General Partner	  		  	
			
		  		  	 /s/ Michael Benwitt

		  		  	Name: Michael Benwitt
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Michael Baxter

			
	Name of Witness:	  		  	Michael Baxter
			
	Address of Witness:	  		  	c/o Cowen Advisors
		  		  	599 Lexington Ave, 19th Floor
		  		  	New York, NY 10022
			
	Occupation of Witness:	  		  	Attorney

					
	EXECUTED as a DEED and delivered by	  	)	  	
	CHI EF II LP	  	)	  	
		  	)	  	
	By:	  	)	  	
		  		  	 /s/ Michael Benwitt

		  		  	Name: Michael Benwitt
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Michael Baxter

			
	Name of Witness:	  		  	Michael Baxter
			
	Address of Witness:	  		  	c/o Cowen Advisors
		  		  	599 Lexington Ave, 19th Floor
		  		  	New York, NY 10022
			
	Occupation of Witness:	  		  	Attorney

					
	EXECUTED as a DEED and delivered by	  	)	  	
	DEERFIELD PRIVATE DESIGN FUND III, L.P.	  	)	  	
		  	)	  	
	By: Deerfield Mgmt III, L.P., its General Partner	  	)	  	
	By: J.E. Flynn Capital III, LLC, its General Partner	  	)	  	
		  		  	 /s/ David J. Clark

		  		  	Name: David J. Clark, Authorized Signatory
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Robert Snetiker

			
	Name of Witness:	  		  	Robert Snetiker
			
	Address of Witness:	  		  	780 Third Avenue, 37th Floor
		  		  	New York, NY 10017
		  		  	USA
			
	Occupation of Witness:	  		  	Attorney

					
	EXECUTED as a DEED and delivered by	  	)	  	
	DEERFIELD PRIVATE DESIGN FUND IV, L.P.	  	)	  	
		  	)	  	
	By: Deerfield Mgmt IV, L.P., its General Partner	  	)	  	
	By: J.E. Flynn Capital IV, LLC, its General Partner	  	)	  	
		  		  	 /s/ David J. Clark

		  		  	Name: David J. Clark, Authorized Signatory
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Robert Snetiker

			
	Name of Witness:	  		  	Robert Snetiker
			
	Address of Witness:	  		  	780 Third Avenue, 37th Floor
		  		  	New York, NY 10017
		  		  	USA
			
	Occupation of Witness:	  		  	Attorney

					
	EXECUTED as a DEED and delivered by	  	)	  	
	DEERFIELD SPECIAL SITUATIONS FUND, L.P.	  	)	  	
		  	)	  	
	By: Deerfield Mgmt, L.P., its General Partner	  	)	  	
	By: J.E. Flynn Capital, LLC, its General Partner	  	)	  	
		  		  	 /s/ David J. Clark

		  		  	Name: David J. Clark, Authorized Signatory
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Robert Snetiker

			
	Name of Witness:	  		  	Robert Snetiker
			
	Address of Witness:	  		  	780 Third Avenue, 37th Floor
		  		  	New York, NY 10017
		  		  	USA
			
	Occupation of Witness:	  		  	Attorney

					
	EXECUTED as a DEED and delivered by	  	)	  	
	RA CAPITAL HEALTHCARE FUND, L.P.	  	)	  	
		  	)	  	
	By: RA Capital Management, LLC	  	)	  	
	Its: General Partner	  	)	  	
		  	)	  	
		  		  	 /s/ James Schneider

		  		  	Name: James Schneider
		  		  	Title: Authorised Signatory
			
	In the presence of:	  		  	
			
	Witness signature:	  		  	 /s/ Natasha Kassin

			
	Name of Witness:	  		  	Natasha Kassin
			
	Address of Witness:	  		  	c/o 20 Park Plaza
		  		  	Suite 1200
		  		  	Boston, MA 02116
			
	Occupation of Witness:	  		  	General Counsel and Chief Compliance Officer

							
	EXECUTED and DELIVERED as a DEED by	  	)	  	
			
	ORCHARD THERAPEUTICS PLC
acting by a director	  	)	  	 /s/ Mark Rothera

			
	in the presence of	  		  	
			
	Witness:	  		  	

  

					
	Signature:	  	 /s/ Linda Lauren Deleon
	  	
			
	Name:	  	Linda Lauren Deleon	  	
			
	Address:	  	2 Seaport Lane, 8th Floor	  	
		  	Boston, MA 02210	  	
			
	Occupation:	  	Executive Assistant.Exhibit 10.1

 

GLOBAL
MEDICAL REIT INC.

 

2016 EQUITY INCENTIVE PLAN

(as amended through May 29, 2019)

  

Table of Contents

 

	 	 	Page
	 	 	 
	Article I DEFINITIONS	4
	 	 	 
	1.01.	Affiliate	4
	1.02.	Agreement	4
	1.03.	Award	4
	1.04.	Board	4
	1.05.	Change in Control	4
	1.06.	Code	5
	1.07.	Committee	5
	1.08.	Common Stock	6
	1.09.	Company	6
	1.10.	Control Change Date	6
	1.11.	Corresponding SAR	6
	1.12.	Dividend Equivalent Right	6
	1.13.	Effective Date	6
	1.14.	Exchange Act	6
	1.15.	Fair Market Value	6
	1.16.	Incumbent Directors	7
	1.17.	Incentive Award	7
	1.18.	Initial Value	7
	1.19.	LTIP Unit	7
	1.20.	Manager	7
	1.21.	Non-Employee Director	7
	1.22.	Operating Partnership	8
	1.23.	Option	8
	1.24.	Other Equity-Based Award	8
	1.25.	Participant	8
	1.26.	Performance Award	8
	1.27.	Performance Goal	8
	1.28.	Person	9
	1.29.	Plan	9
	1.30.	REIT	9
	1.31.	Restricted Stock	9
	1.32.	Restricted Stock Unit	9
	1.33.	SAR	9
	1.34.	Section 162(m) Award	10
	1.35.	Stock Award	10
	1.36.	Substitute Award	10
	1.37.	Ten Percent Shareholder	10

  

    	 	1	 

     

    

 

	Article II PURPOSES	10
	 	 
	Article III ADMINISTRATION	10
	 	 
	Article IV ELIGIBILITY	11
	 	 
	Article V COMMON STOCK SUBJECT TO PLAN	11
	 	 	 
	5.01.	Common Stock Issued	11
	5.02.	Aggregate Limit	11
	5.03.	Reallocation of Shares	11
	5.04.	Individual Limitations	12
	 	 	 
	Article VI OPTIONS	12
	 	 	 
	6.01.	Award	12
	6.02.	Option Price	12
	6.03.	Maximum Option Period	12
	6.04.	Transferability	12
	6.05.	Employee Status	13
	6.06.	Exercise	13
	6.07.	Payment	13
	6.08.	Stockholder Rights	13
	6.09.	Disposition of Shares	13
	 	 	 
	Article VII SARS	14
	 	 	 
	7.01.	Award	14
	7.02.	Maximum SAR Period	14
	7.03.	Transferability	14
	7.04.	Exercise	14
	7.05.	Employee Status	14
	7.06.	Settlement	14
	7.07.	Stockholder Rights	14
	7.08.	Disposition of Shares	15
	 	 	 
	Article VIII STOCK AWARDS	15
	 	 	 
	8.01.	Award	15
	8.02.	Vesting	15
	8.03.	Employee Status	15
	8.04.	Stockholder Rights	15
	8.05.	Disposition of Shares	16
	 	 	 
	Article IX RESTRICTED STOCK UNITS	16
	 	 	 
	9.01.	Award	16
	9.02.	Terms and Conditions	16
	9.03.	Payment or Settlement	16
	9.04.	Employee Status	16
	9.05.	Stockholder Rights	17
	9.06.	Disposition of Shares	17

 

    	 	2	 

     

    

 

	Article X PERFORMANCE AWARDS	17
	 	 	 
	10.01.	Award	17
	10.02.	Earning the Award	17
	10.03.	Section 162(m) Awards	17
	10.04.	Payment	18
	10.05.	Stockholder Rights	18
	10.06.	Transferability	18
	10.07.	Employee Status	18
	10.08.	Disposition of Shares	19
	 	 	 
	Article XI OTHER EQUITY–BASED AWARDS	19
	 	 	 
	11.01.	Award	19
	11.02.	Terms and Conditions	19
	11.03.	Payment or Settlement	19
	11.04.	Employee Status	19
	11.05.	Stockholder Rights	20
	11.06.	Disposition of Shares	20
	 	 	 
	Article XII INCENTIVE AWARDS	20
	 	 	 
	12.01.	Award	20
	12.02.	Terms and Conditions	20
	12.03.	Nontransferability	20
	12.04.	Employee Status	20
	12.05.	Settlement	20
	12.06.	Stockholder Rights	20
	12.07.	Disposition of Shares	20
	 	 	 
	Article XIII SUBSTITUTE AWARDS	21
	 	 
	Article XIV ADJUSTMENT UPON CHANGE IN COMMON STOCK	21
	 	 
	Article XV COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES	21
	 	 
	Article XVI GENERAL PROVISIONS	22
	 	 	 
	16.01.	Effect on Employment and Service	22
	16.02.	Unfunded Plan	22
	16.03.	Rules of Construction	22
	16.04.	Withholding Taxes	23
	16.05.	Fractional Shares	23
	16.06.	REIT Status	23
	16.07.	Governing Law	23
	16.08.	Clawback	23
	16.09.	Elections Under Section 83(b)	24
	 	 	 
	Article XVII CHANGE IN CONTROL	24
	 	 	 
	17.01.	Impact of Change in Control.	24
	17.02.	Assumption Upon Change in Control.	24
	17.03.	Cash-Out Upon Change in Control.	24
	17.04.	Limitation of Benefits	24
	 	 	 
	Article XVIII AMENDMENT	26
	 	 
	Article XIX DURATION OF PLAN	26
	 	 
	Article XX EFFECTIVENESS OF PLAN	26

 

    	 	3	 

     

    

 

ARTICLE
I

DEFINITIONS

 

		1.01.	Affiliate

 

“Affiliate”
means, with respect to any entity, any other entity, whether now or hereafter existing, which controls, is controlled by, or is
under common control with, the first entity (including, but not limited to, joint ventures, limited liability companies and partnerships).
For this purpose, the term “control” (including the correlative meanings of the terms “controlled by” and
 “under common control with”) shall mean ownership, directly or indirectly, of more than 50% of the total combined voting
power of all classes of voting securities issued by such entity, or the possession, directly or indirectly, of the power to direct
the management and policies of such entity, by contract or otherwise. Notwithstanding the foregoing, (i) the Manager shall be deemed
an Affiliate of the Company for purposes of the Plan for so long as the Manager serves as the external manager of the Company and
(ii) the Operating Partnership shall be deemed an Affiliate of the Company for purposes of the Plan for so long as the Company
or a wholly-owned subsidiary of the Company serves as the sole general partner of the Operating Partnership.

 

		1.02.	Agreement

 

“Agreement”
means a written agreement (including any amendment or supplement thereto) between the Company and a Participant specifying the
terms and conditions of an Award.

 

		1.03.	Award

 

“Award”
means any Option, SAR, Stock Award, award of Restricted Stock Units, Performance Award, Other Equity-Based Award (including LTIP
Units), Incentive Award, or Substitute Award, together with any other right or interest, granted to a Participant.

 

		1.04.	Board

 

“Board”
means the Board of Directors of the Company.

   

		1.05.	Change in Control

 

“Change in Control”
means and includes each of the following:

 

(a)         The
acquisition, either directly or indirectly, by any individual, entity or group (within the meaning of Sections 13(d) and 14(d)(2)
of the Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act), of more than 50% of either
(i) the then outstanding shares of Common Stock, taking into account as outstanding for this purpose such shares of Common Stock
issuable upon the exercise of options or warrants, the conversion of convertible shares or debt, and the exercise of any similar
right to acquire such Common Stock (the “Outstanding Company Common Stock”) or (ii) the combined voting power
of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”); provided, however, that the following acquisitions shall not constitute
a Change in Control (i) any acquisition by the Company or any of its subsidiaries, (ii) any acquisition by a trustee or other fiduciary
holding the Company’s securities under an employee benefit plan sponsored or maintained by the Company or any of its Affiliates,
(iii) any acquisition by an underwriter, initial purchaser or placement agent temporarily holding the Company’s securities
pursuant to an offering of such securities or (iv) any acquisition by an entity owned, directly or indirectly, by the stockholders
of the Company in substantially the same proportions as their ownership of the then Outstanding Company Common Stock.

 

    	 	4	 

     

    

 

(b)         Individuals
who constitute Incumbent Directors at the beginning of any two-consecutive-year period, together with any new Incumbent Directors
who become members of the Board during such two-year period, cease to be a majority of the Board at the end of such two-year period.

 

(c)         The
consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving
the Company that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities
in the transaction (a “Business Combination”), in each case, unless following such Business Combination:

 

(i)          the
individuals and entities who were the beneficial owners of the Outstanding Company Voting Securities immediately prior to such
Business Combination, beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of members of the board of directors (or the analogous governing body)
of the entity resulting from such Business Combination (the “Successor Entity”) (or, if applicable, the ultimate
parent entity that directly or indirectly has beneficial ownership of sufficient voting securities to elect a majority of the members
of the board of directors (or the analogous governing body) of the Successor Entity (the “Parent Company”));

 

(ii)          no
Person beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, more than 50% of the
combined voting power of the then outstanding voting securities entitled to vote generally in the election of members of the board
of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Successor Entity);
and

 

(iii)          at
least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there
is no Parent Company, the Successor Entity) following the consummation of the Business Combination were Incumbent Directors at
the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination;

  

 

(d)         The
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken
as a whole, to any Person that is not a subsidiary of the Company.

 

In addition, if a Change
in Control (as defined in clauses (a) through (d) above) constitutes a payment event with respect to any Award that provides for
the deferral of compensation and is subject to Section 409A of the Code, no payment will be made under that Award on account of
a Change in Control unless the event described in subsection (a), (b), (c) or (d) above, as applicable, constitutes a “change
in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5).

 

		1.06.	Code

 

“Code”
means the Internal Revenue Code of 1986, and any amendments thereto.

 

		1.07.	Committee

 

“Committee”
means the Compensation Committee of the Board. Unless otherwise determined by the Board, the Committee shall consist solely of
two or more non-employee members of the Board, each of whom is intended to qualify as a “non-employee director” as
defined by Rule 16b-3 of the Exchange Act or any successor rule, an “outside director” for purposes of Section 162(m)
of the Code (if awards under this Plan are subject to the deduction limitation of Section 162(m) of the Code) and an “independent
director” under the rules of any exchange or automated quotation system on which the Common Stock is listed, traded or quoted; provided,
however, that any action taken by the Committee shall be valid and effective, whether or not the members of the Committee at
the time of such action are later determined not to have satisfied the foregoing requirements or otherwise provided in any charter
of the Committee. If there is no Compensation Committee, then “Committee” means the Board; and provided further that
with respect to awards made to a member of the Board who is not an employee of the Company, the Manager or the Operating Partnership
or one of their respective Affiliates, “Committee” means the Board.

 

    	 	5	 

     

    

 

		1.08.	Common Stock

 

“Common Stock”
means the common stock of the Company, $0.001 par value per share.

 

		1.09.	Company

 

“Company”
means Global Medical REIT Inc., a Maryland real estate investment trust.

  

		1.10.	Control Change Date

 

“Control Change
Date” means the date on which a Change in Control occurs. If a Change in Control occurs on account of a series of transactions,
the “Control Change Date” is the date of the last of such transactions on which the Change in Control occurs.

 

		1.11.	Corresponding SAR

 

“Corresponding
SAR” means an SAR that is granted in relation to a particular Option and that can be exercised only upon the surrender
to the Company, unexercised, of that portion of the Option to which the SAR relates.

 

		1.12.	Dividend Equivalent Right

 

“Dividend Equivalent
Right” means the right, subject to the terms and conditions prescribed by the Committee, of a Participant to receive
(or have credited) cash, securities or other property in amounts equivalent to the cash, securities or other property dividends
declared on shares of Common Stock with respect to specified Restricted Stock Units, Performance Awards, Other Equity-Based Awards
or Incentive Awards of units denominated in shares of Common Stock or other Company securities, as determined by the Committee,
in its sole discretion. Dividend Equivalent Rights payable on a Restricted Stock Unit award, a Performance Award, an Other Equity-Based
Award or an Incentive Award that does not become non-forfeitable solely on the basis of continued employment or service shall be
accumulated and distributed, without interest, only when and to the extent that, the underlying award is vested and earned. The
Committee may provide that Dividend Equivalent Rights (if any) shall be automatically reinvested in additional shares of Common
Stock or otherwise reinvested, applied to the purchase of additional Awards under the Plan or deferred without interest to the
date of vesting of the associated Award.

 

		1.13.	Effective Date

 

“Effective Date”
means June 30, 2016.

 

		1.14.	Exchange Act

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

		1.15.	Fair Market Value

 

“Fair Market Value”
means, on any given date, the reported “closing” price of a share of Common Stock on the New York Stock Exchange for
such date or, if there is no closing price for a share of Common Stock on the date in question, the closing price for a share of
Common Stock on the last preceding date for which a quotation exists. If, on any given date, the Common Stock is not listed for
trading on the New York Stock Exchange, then Fair Market Value shall be the “closing” price of a share of Common Stock
on such other exchange on which the Common Stock is listed for trading for such date (or, if there is no closing price for a share
of Common Stock on the date in question, the closing price for a share of Common Stock on the last preceding date for which such
quotation exists) or, if the Common Stock is not listed on any exchange, the amount determined by the Committee using any reasonable
method in good faith and in accordance with the regulations under Section 409A of the Code.

  

    	 	6	 

     

    

 

		1.16.	Incumbent Directors

 

“Incumbent Directors”
means individuals elected to the Board (either by a specific vote or by approval of the proxy statement of the Company in which
such person is named as a nominee for Director without objection to such nomination) and whose election or nomination for election
to the Board was approved by a vote of at least two-thirds of the directors serving on the Board at the time of the election or
nomination, as applicable, shall be an Incumbent Director. No individual designated to serve as a director by a person who shall
have entered into an agreement with the Company to effect a transaction described in Section 1.05(a) or Section 1.05(c) and no
individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest
with respect to directors shall be an Incumbent Director.

 

		1.17.	Incentive Award

 

“Incentive Award”
means an award awarded under Article XII which, subject to the terms and conditions prescribed by the Committee, entitles the Participant
to receive a payment in cash from the Company or an Affiliate of the Company.

 

		1.18.	Initial Value

 

“Initial Value”
means, with respect to a Corresponding SAR, the option price per share of the related Option and, with respect to an SAR granted
independently of an Option, the price per share of Common Stock as determined by the Committee on the date of grant;provided,
however, that the price shall not be less than the Fair Market Value on the date of grant (or 110% of the Fair Market Value
on the date of grant in the case of a Corresponding SAR that relates to an incentive stock option granted to a Ten Percent Shareholder).
Except as provided in Article XIV, without the approval of stockholders (i) the Initial Value of an outstanding SAR may not be
reduced (by amendment, cancellation and new grant or otherwise) and (ii) no payment shall be made in cancellation of an SAR if,
on the date of amendment, cancellation, new grant or payment, the Initial Value exceeds Fair Market Value.

 

		1.19.	LTIP Unit

 

“LTIP Unit”
means an “LTIP Unit” as defined in the Operating Partnership’s partnership agreement, as amended from time to
time. An LTIP Unit granted under this Plan represents the right to receive the benefits, payments or other rights in respect of
an LTIP Unit set forth in that partnership agreement, subject to the terms and conditions of the applicable Agreement and that
partnership agreement.

 

		1.20.	Manager

 

“Manager”
means Inter-American Management LLC, the Company’s external manager or any entity that becomes the Company’s external
manager.

  

		1.21.	Non-Employee Director

 

“Non-Employee
Director” means a member of the Board who is not an employee or officer of the Company or an Affiliate.

 

    	 	7	 

     

    

 

		1.22.	Operating Partnership

 

“Operating Partnership”
means Global Medical REIT L.P., a Delaware limited partnership, the Company’s operating partnership or any entity that becomes
the Company’s operating partnership.

 

		1.23.	Option

 

“Option”
means a stock option that entitles the holder to purchase from the Company a stated number of shares of Common Stock at the price
set forth in an Agreement.

 

		1.24.	Other Equity-Based Award

 

“Other Equity-Based
Award” means any Award other than an Incentive Award, Option, SAR, Stock Award, award of Restricted Stock Units or Performance
Award, which, subject to such terms and conditions as may be prescribed by the Committee, entitles a Participant to receive shares
of Common Stock or rights or units valued in whole or in part by reference to, or otherwise based on, shares of Common Stock (including
securities convertible into Common Stock) or other equity interests, including LTIP Units.

 

		1.25.	Participant

 

“Participant”
means an employee or officer of the Company or an Affiliate of the Company, a member of the Board, or an individual who provides
services to the Company or an Affiliate of the Company (including an individual who provides services to the Company or an Affiliate
of the Company by virtue of employment with, or providing services to, the Manager or the Operating Partnership or an Affiliate
of the Manager or Operating Partnership), and who satisfies the requirements of Article IV and is selected by the Committee to
receive one or more Awards.

 

		1.26.	Performance Award

 

“Performance Award”
means an Award granted to a Participant that is based upon Performance Goals specified by the Committee.

  

		1.27.	Performance Goal

 

“Performance Goal”
means a performance objective that is stated with reference to one or more of the following, alone or in combination: (i) FFO or
FFO per share; (ii) adjusted FFO or adjusted FFO per share; (iii) earnings before interest, taxes, depreciation and amortization
(“EBITDA”); (iv) adjusted EBITDA; (v) return on equity; (vi) return on capital or invested capital; (vii) total earnings;
(viii) earnings per share; (ix) earnings growth; (x) Fair Market Value; (xi) volume weighted average Fair Market Value; (xii) appreciation
in Fair Market Value; (xiii) net asset value; (xiv) appreciation in net asset value; (xv) total return or total shareholder return;
(xvi) revenues; (xvii) cash flow or cash flow per share; (xviii) operating income; (xix) operating margins; (xx) gross or net profit;
(xxi) dividends paid or payable; (xxii) cash or funds available for distribution, including on an adjusted or on a per share basis;
(xxiii) level of expenses, including capital expenses or corporate overhead expenses; (xxiv) achievement of savings from business
improvement projects; (xxv) capital projects deliverables; (xxvi) human resources management targets, including medical cost reductions
and time to hire; (xxvii) satisfactory internal or external audits; and (xxviii) any of the above goals determined pre-tax or post-tax,
on an absolute or relative basis, as a ratio with other business criteria, or as compared to the performance of a published or
special index deemed applicable by the Committee, including but not limited to, the Standard & Poor’s 500 Stock Index,
the Morgan Stanley REIT Index, another index or a group of comparable companies. The terms above are used as applied under U.S.
generally accepted accounting principles, as applicable.

 

    	 	8	 

     

    

 

A Performance Goal or objective
may be expressed with respect to the Company, on a consolidated basis, and/or for one or more Affiliates, one or more business
or geographical units or one or more properties. A Performance Goal or objective may be expressed on an absolute basis or relative
to the performance of one or more similarly situated companies or a published index. When establishing Performance Goals and objectives,
the Committee may exclude the impact of specified events during the relevant performance period, which may mean excluding the impact
of any or all of the following events or occurrences for such performance period: (a) the charges or costs associated with restructurings
of the Company; (b) discontinued operations; (c) any unusual or nonrecurring items as described in the Accounting Standards Codification
Topic 225, as the same may be amended or superseded from time to time; (d) asset write-downs or impairments to assets; (e) litigation,
claims, judgments or settlements; (f) the effect of changes in tax law or other such laws or regulations affecting reported results;
(g) accruals for reorganization and restructuring programs; (h) any change in accounting principles as described in the Accounting
Standards Codification Topic 250, as the same may be amended or superseded from time to time; (i) any loss from a discontinued
operation as described in the Accounting Standards Codification Topic 360, as the same may be amended or superseded from time to
time; (j) goodwill impairment charges; (k) operating results for any business acquired during the calendar year; (l) third party
expenses associated with any investment or acquisition by the Company or any subsidiary; (m) any amounts accrued by the Company
or its subsidiaries pursuant to management bonus plans or cash profit sharing plans and related employer payroll taxes for the
fiscal year; (n) any discretionary or matching contributions made to a savings and deferred profit-sharing plan or deferred compensation
plan for the fiscal year; (o) interest, expenses, taxes, depreciation and depletion, amortization and accretion charges; and (p)
marked-to-market adjustments for financial instruments. To the extent permitted under Section 162(m) of the Code, the Committee
may adjust the Performance Goals and objectives as it deems equitable in recognition of the events described in this paragraph;
provided that with respect to Section 162(m) Awards, such adjustments shall only be made to the extent that it would not cause
a Section 162(m) Award to fail to qualify as “performance-based compensation” under Section 162(m) of the Code.

  

		1.28.	Person

 

“Person”
means any firm, corporation, partnership, or other entity. “Person” also includes any individual, firm corporation,
partnership, or other entity as defined in sections 13(d)(3) and 14(d)(2) of the Exchange Act. Notwithstanding the preceding sentence,
the term “Person” does not include (i) the Company or any of its subsidiaries, (ii) any trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any Affiliate, (iii) any underwriter temporarily holding securities
pursuant to an offering of such securities or (iv) any corporation owned, directly or indirectly, by the shareholders of the Company
in substantially the same proportions as their ownership of the Common Stock.

 

		1.29.	Plan

 

“Plan”
means this Global Medical REIT Inc. 2016 Equity Incentive Plan, as amended from time to time.

 

		1.30.	REIT

 

“REIT”
means a real estate investment trust within the meaning of Sections 856 through 860 of the Code.

 

		1.31.	Restricted Stock

 

“Restricted Stock”
means Common Stock granted to a Participant that is subject to certain restrictions and a risk of forfeiture.

 

		1.32.	Restricted Stock Unit

 

“Restricted Stock
Unit” means a right granted to a Participant to receive Common Stock, cash or a combination thereof at the end of a specified
deferral period.

 

		1.33.	SAR

 

“SAR”
means a stock appreciation right that in accordance with the terms of an Agreement entitles the holder to receive, with respect
to each share of Common Stock encompassed by the exercise of the SAR, the excess, if any, of the Fair Market Value at the time
of exercise over the Initial Value. References to “SARs” include both Corresponding SARs and SARs granted independently
of Options, unless the context requires otherwise.

 

    	 	9	 

     

    

 

		1.34.	Section 162(m) Award

 

“Section 162(m)
Award” means a Performance Award to a “covered employee” (within the meaning of Section 162(m) of the Code)
that is intended to satisfy the requirements for “performance-based compensation” within the meaning of Section 162(m)
of the Code.

  

		1.35.	Stock Award

 

“Stock Award”
means Restricted Stock or unrestricted shares of Common Stock awarded to a Participant under Article VIII.

 

		1.36.	Substitute Award

 

“Substitute Award”
means an Award granted in substitution for a similar award as a result of certain business transactions.

 

		1.37.	Ten Percent Shareholder

 

“Ten Percent Shareholder”
means any individual owning more than ten percent (10%) of the total combined voting power of all classes of stock of the Company
or of a “parent corporation” or “subsidiary corporation” (as such terms are defined in Section 424 of the
Code) of the Company. An individual shall be considered to own any voting shares owned (directly or indirectly) by or for his or
her brothers, sisters, spouse, ancestors or lineal descendants and shall be considered to own proportionately any voting shares
owned (directly or indirectly) by or for a corporation, partnership, estate or trust of which such individual is a stockholder,
partner or beneficiary.

 

ARTICLE
II

PURPOSES

 

This Plan is intended to
assist the Company and its Affiliates in recruiting and retaining employees, members of the Board and other individuals who provide
services to the Company, the Manager, the Operating Partnership or an Affiliate of the Company, the Manager or the Operating Partnership
with ability and initiative by enabling such persons to participate in the future success of the Company and its Affiliates and
to associate their interests with those of the Company and its stockholders. This Plan is intended to permit the grant of both
Options qualifying under Section 422 of the Code (“incentive stock options”) and Options not so qualifying, and
the grant of SARs, Stock Awards, awards of Restricted Stock Units, Performance Awards, Other Equity-Based Awards (including LTIP
Units), Incentive Awards, and Substitute Awards in accordance with this Plan and any procedures that may be established by the
Committee. No Option that is intended to be an incentive stock option shall be invalid for failure to qualify as an incentive stock
option.

 

ARTICLE
III

ADMINISTRATION

 

This Plan shall be administered
by the Committee except to the extent the Board elects to administer the Plan, in which case, references herein to the “Committee”
shall be deemed to include references to the “Board.” The Committee shall have authority to grant Awards upon such
terms (not inconsistent with the provisions of this Plan), as the Committee may consider appropriate. Such terms may include conditions
(in addition to those contained in this Plan), on the transferability, forfeitability and exercisability of all or any part of
an Award. In addition, the Committee shall have complete authority to interpret all provisions of this Plan; to prescribe the form
of Agreements; to adopt, amend, and rescind rules and regulations pertaining to the administration of this Plan (including rules
and regulations that require or allow Participants to defer the payment of benefits under this Plan); and to make all other determinations
necessary or advisable for the administration of this Plan.

 

    	 	10	 

     

    

 

The Committee’s determinations
under this Plan (including without limitation, determinations of the individuals to receive Awards, the form, amount and timing
of Awards, the terms and provisions of Awards and the Agreements) need not be uniform and may be made by the Committee selectively
among individuals who receive, or are eligible to receive, Awards, whether or not such persons are similarly situated. The express
grant in this Plan of any specific power to the Committee with respect to the administration or interpretation of this Plan shall
not be construed as limiting any power or authority of the Committee with respect to the administration or interpretation of this
Plan. Any decision made, or action taken, by the Committee in connection with the administration of this Plan shall be final and
conclusive. The members of the Committee shall not be liable for any act done in good faith with respect to this Plan or any Agreement
or Award. All expenses of administering this Plan shall be borne by the Company.

 

ARTICLE
IV

ELIGIBILITY

 

Any officer or employee
of the Company or an Affiliate of the Company (including a trade or business that becomes an Affiliate of the Company after the
adoption of this Plan) and any member of the Board is eligible to participate in this Plan. In addition, any other individual who
provides services to the Company or an Affiliate of the Company (including an individual who provides services to the Company or
an Affiliate of the Company by virtue of employment with, or providing services to, the Manager or the Operating Partnership or
an Affiliate of the Manager or the Operating Partnership) is eligible to participate in this Plan if the Committee, in its sole
reasonable discretion, determines that the participation of such individual is in the best interest of the Company.

 

ARTICLE
V

COMMON STOCK SUBJECT TO PLAN

 

		5.01.	Common Stock Issued

 

Upon the grant, exercise
or settlement of an Award, the Company may deliver to the Participant shares of Common Stock from its authorized but unissued Common
Stock.

 

		5.02.	Aggregate Limit

 

Subject to adjustment as
provided under Article XIV, the maximum aggregate number of shares of Common Stock that may be delivered with respect to Awards
under the Plan is a number of shares equal to 1,762,803. Other Equity-Based Awards that are LTIP Units shall reduce the maximum
aggregate number of shares of Common Stock that may be issued under this Plan on a one-for-one basis (i.e., each LTIP Unit shall
be treated as an award of a share of Common Stock).

  

		5.03.	Reallocation of Shares

 

If any Award (including
LTIP Units) expires, is forfeited or is terminated without having been exercised or is paid in cash without a requirement for the
delivery of Common Stock, then any shares of Common Stock covered by such lapsed, cancelled, expired, unexercised or cash-settled
portion of such award or grant and any forfeited, lapsed, cancelled or expired LTIP Units shall be available for the grant of other
Awards under this Plan. Any shares of Common Stock tendered or withheld to satisfy the grant or exercise price or tax withholding
obligation pursuant to any Award shall not be available for future grants or awards. If shares of Common Stock are issued in settlement
of an SAR granted under this Plan, the number of shares of Common Stock available under this Plan shall be reduced by the number
of shares of Common Stock for which the SAR was exercised rather than the number of shares of Common Stock issued in settlement
of the SAR. To the extent permitted by applicable law or the rules of any exchange on which the Common Stock is listed for trading,
shares of Common Stock issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form
of combination by the Company or any Affiliate of the Company shall not reduce the number of shares of Common Stock available for
issuance under this Plan.

 

    	 	11	 

     

    

 

		5.04.	Individual Limitations

 

Subject to adjustment as
provided in Article XIV, no Participant may, in any calendar year, be granted or awarded (i) to the extent intended to comply with
the performance-based exception under Section 162(m) of the Code, Awards (other than Awards designated to be paid only in cash
or the settlement of which is not based on a number of shares of Common Stock) relating more than 50,000 shares of Common Stock
or LTIP Units in the aggregate; or (ii) to the extent intended to comply with the performance-based exception under Section 162(m)
of the Code, Awards designated to be paid only in cash, or the settlement of which is not based on a number of shares of Common
Stock or LTIP Units, having a value determined on the date of grant in excess of $1,000,000 in the aggregate. Each of the limitations
in the preceding sentence shall be multiplied by two with respect to Awards granted to a Participant (other than a Non-Employee
Director) during the calendar year in which the Participant first commences employment with the Company or an Affiliate. Notwithstanding
the preceding sentences, subject to adjustment as provided in Article XIV, no Participant who is a Non-Employee Director may, in
any calendar year, be granted Awards (other than Awards designated to be paid only in cash or the settlement of which is not based
on a number of shares of Common Stock) relating more than 50,000 shares of Common Stock or LTIP Units.

 

In applying the limitations
of this Section 5.04, an Option and Corresponding SAR shall be treated as a single Award.

  

ARTICLE
VI

OPTIONS

 

		6.01.	Award

 

In accordance with the
provisions of Articles III and IV, the Committee will designate each individual to whom an Option is to be granted and will specify
the number of shares of Common Stock covered by such awards and the terms and conditions of such awards.

 

		6.02.	Option Price

 

The price per share of
Common Stock purchased on the exercise of an Option shall be determined by the Committee on the date of grant, but shall not be
less than the Fair Market Value on the date the Option is granted. Notwithstanding the preceding sentence, the price per share
of Common Stock purchased on the exercise of any Option that is an incentive stock option granted to an individual who is a Ten
Percent Shareholder on the date such option is granted, shall not be less than one hundred ten percent (110%) of the Fair Market
Value on the date the Option is granted. Except as provided in Article XIV, the price per share of Common Stock of an outstanding
Option may not be reduced (by amendment, cancellation and new grant or otherwise) without the approval of stockholders. In addition,
no payment shall be made in cancellation of an Option without the approval of stockholders if, on the date of cancellation, the
Option Price exceeds Fair Market Value.

 

		6.03.	Maximum Option Period

 

The maximum period in which
an Option may be exercised shall be determined by the Committee on the date of grant except that no Option shall be exercisable
after the expiration of ten years from the date such Option was granted. In the case of an incentive stock option granted to a
Participant who is a Ten Percent Shareholder on the date of grant, such Option shall not be exercisable after the expiration of
five years from the date of grant. The terms of any Option may provide that it is exercisable for a period less than such
maximum period.

 

		6.04.	Transferability

 

Any rights or restrictions
with respect to the ability of the holder of any Option granted under this Plan to transfer such Option shall be set forth in the
Agreement relating to such grant; provided, however, that (a) an Option may be transferred by will or the laws of descent
and distribution and (b) an Option that is an incentive stock option may be transferred only by will or laws of descent and distribution.

 

    	 	12	 

     

    

 

		6.05.	Employee Status

 

Incentive stock options
may only be granted to employees of the Company or its “parent” and “subsidiaries” (as such terms are defined
in Section 424 of the Code). For purposes of determining the applicability of Section 422 of the Code (relating to incentive stock
options), or in the event that the terms of any Option provide that it may be exercised only during employment or continued service
or within a specified period of time after termination of employment or continued service, the Committee may decide to what extent
leaves of absence for governmental or military service, illness, temporary disability, or other reasons shall not be deemed interruptions
of continuous employment or service.

  

		6.06.	Exercise

 

Subject to the provisions
of this Plan and the applicable Agreement, an Option may be exercised in whole at any time or in part from time to time at such
times and in compliance with such requirements as the Committee shall determine; provided, however, that incentive
stock options (granted under this Plan and all plans of the Company and its “parents” and “subsidiaries”
(as such terms are defined in Section 424 of the Code)) may not be first exercisable in a calendar year for Common Stock having
a Fair Market Value (determined as of the date an Option is granted) exceeding $100,000. An Option granted under this Plan may
be exercised with respect to any number of whole shares of Common Stock less than the full number for which the Option could be
exercised. A partial exercise of an Option shall not affect the right to exercise the Option from time to time in accordance with
this Plan and the applicable Agreement with respect to the remaining shares of Common Stock subject to the Option. The exercise
of an Option shall result in the termination of any Corresponding SAR to the extent of the number of shares of Common Stock with
respect to which the Option is exercised.

 

		6.07.	Payment

 

Subject to rules established
by the Committee and unless otherwise provided in an Agreement, payment of all or part of the Option price may be made in cash,
certified check, by tendering shares of Common Stock, by attestation of ownership of shares of Common Stock, by a broker-assisted
cashless exercise or in such other form or manner acceptable to the Committee. If shares of Common Stock are used to pay all or
part of the Option price, the sum of the cash and cash equivalent and the Fair Market Value (determined on the date of exercise)
of the Common Stock so surrendered or other consideration paid must not be less than the Option price of the shares for which the
Option is being exercised.

 

		6.08.	Stockholder Rights

 

No Participant shall have
any rights as a stockholder with respect to shares of Common Stock subject to an Option until the date of exercise of such Option.

 

		6.09.	Disposition of Shares

 

A Participant may not sell
or dispose of more than fifty percent of the shares of Common Stock acquired under an Option before the earlier of (i) the first
anniversary of the date on which the Option was exercised and (ii) the date that the Participant is no longer employed by, or providing
services to, the Company or an Affiliate. A Participant shall notify the Company of any sale or other disposition of shares of
Common Stock acquired pursuant to an Option that was an incentive stock option if such sale or disposition occurs (i) within
two years of the grant of an Option or (ii) within one year of the issuance of the Common Stock to the Participant. Such notice
shall be in writing and directed to the Secretary of the Company.

 

    	 	13	 

     

    

 

ARTICLE
VII

SARS

 

		7.01.	Award

 

In accordance with the
provisions of Articles III and IV, the Committee will designate each individual to whom SARs are to be granted and will specify
the number of shares of Common Stock covered by such awards and the terms and conditions of such awards. No Participant may be
granted Corresponding SARs (under this Plan and all plans of the Company and its “parents” and “subsidiaries”
(as such terms are defined in Section 424 of the Code)) that are related to incentive stock options which are first exercisable
in any calendar year for shares of Common Stock having an aggregate Fair Market Value (determined as of the date the related Option
is granted) that exceeds $100,000.

 

		7.02.	Maximum SAR Period

 

The term of each SAR shall
be determined by the Committee on the date of grant, except that no SAR shall have a term of more than ten years from the date
of grant. In the case of a Corresponding SAR that is related to an incentive stock option granted to a Participant who is a Ten
Percent Shareholder on the date of grant, such Corresponding SAR shall not be exercisable after the expiration of five years from
the date of grant. The terms of any SAR may provide that it has a term that is less than such maximum period.

 

		7.03.	Transferability

 

Any rights or restrictions
with respect to the ability of the holder of any SAR granted under this Plan to transfer such SAR shall be set forth in the Agreement
relating to such grant; provided, however, that (a) an SAR may be transferred by will or the laws of descent and distribution
and (b) a Corresponding SAR that relates to an incentive stock option may be transferred only by will or the laws of descent and
distribution.

 

		7.04.	Exercise

 

Subject to the provisions
of this Plan and the applicable Agreement, an SAR may be exercised in whole at any time or in part from time to time at such times
and in compliance with such requirements as the Committee shall determine; provided, however, that a Corresponding
SAR that is related to an incentive stock option may be exercised only to the extent that the related Option is exercisable and
only when the Fair Market Value exceeds the option price of the related Option. An SAR granted under this Plan may be exercised
with respect to any number of whole shares less than the full number for which the SAR could be exercised. A partial exercise of
an SAR shall not affect the right to exercise the SAR from time to time in accordance with this Plan and the applicable Agreement
with respect to the remaining shares of Common Stock subject to the SAR. The exercise of a Corresponding SAR shall result in the
termination of the related Option to the extent of the number of shares of Common Stock with respect to which the SAR is exercised.

 

		7.05.	Employee Status

 

If the terms of any SAR
provide that it may be exercised only during employment or continued service or within a specified period of time after termination
of employment or continued service, the Committee may decide to what extent leaves of absence for governmental or military service,
illness, temporary disability or other reasons shall not be deemed interruptions of continuous employment or service.

 

		7.06.	Settlement

 

At the Committee’s
discretion, the amount payable as a result of the exercise of an SAR may be settled in cash, shares of Common Stock, or a combination
of cash and Common Stock.

 

		7.07.	Stockholder Rights

 

No Participant shall, as
a result of receiving an SAR, have any rights as a stockholder of the Company or any Affiliate of the Company until the date that
the SAR is exercised and then only to the extent that the SAR is settled by the issuance of Common Stock.

 

    	 	14	 

     

    

 

		7.08.	Disposition of Shares

 

A Participant may not sell
or dispose of more than fifty percent of any shares of Common Stock acquired under an SAR before the earlier of (i) the first anniversary
of the date the SAR was exercised and (ii) the date that the Participant is no longer employed by, or providing services to, the
Company or an Affiliate.

  

ARTICLE
VIII

STOCK AWARDS

 

		8.01.	Award

 

In accordance with the
provisions of Articles III and IV, the Committee will designate each individual to whom a Stock Award (either in the form of Restricted
Stock or unrestricted Common Stock) is to be made and will specify the number of shares of Restricted Stock or Common Stock covered
by such Stock Award and the terms and conditions of such Stock Award.

 

		8.02.	Vesting

 

The Committee, on the date
of the Stock Award, may prescribe that a Participant’s rights in a Stock Award shall be forfeitable or otherwise restricted
for a period of time or subject to such conditions as may be set forth in the Agreement. By way of example and not of limitation,
the Committee may prescribe that a Participant’s rights in a Stock Award shall be forfeitable or otherwise restricted subject
to continued employment or service, the attainment of performance objectives, including objectives stated with reference to one
or more Performance Goals, or both.

  

		8.03.	Employee Status

 

In the event that the terms
of any Stock Award provide that shares may become transferable and non-forfeitable thereunder only after completion of a specified
period of employment or continuous service, the Committee may decide in each case to what extent leaves of absence for governmental
or military service, illness, temporary disability, or other reasons shall not be deemed interruptions of continuous employment
or service.

 

		8.04.	Stockholder Rights

 

Unless otherwise specified
in accordance with the applicable Agreement, while the shares of Restricted Stock granted pursuant to the Stock Award may be forfeited
or are non-transferable, a Participant will have all rights of a stockholder with respect to a Stock Award, including the right
to receive dividends (in respect of which the Committee may allow a Participant to elect, or may require, that any cash dividends
paid on a share of Restricted Stock be automatically reinvested in additional shares of Restricted Stock, applied to the purchase
of additional Awards under the Plan or deferred without interest to the date of vesting of the associated Award of Restricted Stock,
provided that any such election is intended to comply with Section 409A of the Code) and vote the shares of Common Stock; provided,
however, that, unless otherwise specified in accordance with the applicable Agreement, dividends payable on shares of Restricted
Stock subject to a Stock Award that does not become non-forfeitable solely on the basis of continued employment or service shall
be accumulated and paid, without interest, when and to the extent that the underlying Stock Award becomes non-forfeitable; and provided
further, that during the period that the Stock Award may be forfeited or is non-transferable (i) a Participant may not sell,
transfer, pledge, exchange, hypothecate, or otherwise dispose of shares of Restricted Stock granted pursuant to a Stock Award,
(ii) the Committee may postpone the distribution of dividends until and to the extent that the Stock Award becomes transferable
and non-forfeitable, (iii) the Company shall retain custody of any certificates representing shares of Restricted Stock granted
pursuant to a Stock Award, and (iv) the Participant will deliver to the Company a stock power, endorsed in blank, with respect
to each Stock Award. The limitations set forth in the preceding sentence shall not apply after the shares of Restricted Stock granted
under the Stock Award are transferable and are no longer forfeitable.

 

    	 	15	 

     

    

 

		8.05.	Disposition of Shares

 

A Participant may not sell
or dispose of more than fifty percent of the shares of Common Stock acquired under a Stock Award before the earlier of (i) the
first anniversary of the date that the Stock Award becomes non-forfeitable and (ii) the date the Participant is no longer employed
by or providing services to the Company or an Affiliate.

  

ARTICLE
IX

RESTRICTED STOCK UNITS

 

		9.01.	Award

 

In accordance with the
provisions of Articles III and IV, the Committee will designate each individual to whom an award of Restricted Stock Units is to
be made and specify the number of Restricted Stock Units covered by such awards and the terms and conditions of such awards. The
Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with the award of Restricted Stock Units.

 

		9.02.	Terms and Conditions

 

The Committee, at the time
an award of Restricted Stock Units is made, shall specify the terms and conditions which govern the award. The terms and conditions
of an award of Restricted Stock Units may prescribe that a Participant’s rights in the Restricted Stock Units shall be forfeitable,
non-transferable or otherwise restricted for a period of time, which may lapse at the expiration of the deferral period or at earlier
specified times, or may be subject to such other conditions as may be determined by the Committee, in its discretion and set forth
in the Agreement. By way of example and not of limitation, the Committee may prescribe that a Participant’s rights in an
award of Restricted Stock Units shall be forfeitable or otherwise restricted subject to continued employment or service, the attainment
of performance objectives, including objectives stated with respect to one or more Performance Goals, or both. An award of Restricted
Stock Units may be granted to Participants, either alone or in addition to other awards granted under this Plan, and an award of
Restricted Stock Units may be granted in the settlement of other Awards granted under this Plan.

 

		9.03.	Payment or Settlement

 

Settlement of an award
of Restricted Stock Units shall occur upon expiration of the deferral period specified for each Restricted Stock Unit by the Committee
(or, if permitted by the Committee, as elected by the Participant). Restricted Stock Units shall be satisfied by the delivery of
(a) a number of shares of Common Stock equal to the number of Restricted Stock Units vesting on such date or (b) an amount in cash
equal to the Fair Market Value of a specified number of shares of Common Stock covered by the vesting Restricted Stock Units, or
a combination thereof, as determined by the Committee at the date of grant or thereafter.

 

		9.04.	Employee Status

 

If the terms of any award
of Restricted Stock Units provides that it may be earned or exercised only during employment or continued service or within a specified
period of time after termination of employment or continued service, the Committee may decide to what extent leaves of absence
for governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous
employment or service.

  

    	 	16	 

     

    

 

		9.05.	Stockholder Rights

 

A Participant, as a result
of receiving an award of Restricted Stock Units, shall not have any rights as a stockholder until, and then only to the extent
that, the award of Restricted Stock Units is earned and settled in shares of Common Stock (to the extent applicable).

 

		9.06.	Disposition of Shares

 

To the extent applicable,
a Participant may not sell or dispose of more than fifty percent of the shares of Common Stock acquired under an award of Restricted
Stock Units before the earlier of (i) the first anniversary of the date that the award of Restricted Stock Units becomes non-forfeitable
and (ii) the date the Participant is no longer employed by or providing services to the Company or an Affiliate.

 

ARTICLE
X

PERFORMANCE AWARDS

 

		10.01.	Award

 

In accordance with the
provisions of Articles III and IV, the Committee will designate each individual to whom a Performance Award is to be made and specify
the number of shares of Common Stock or other securities or property covered by such awards and the terms and conditions of such
awards. The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with the Performance Award.

 

		10.02.	Earning the Award

 

The Committee, on the date
of the grant of an award, shall prescribe that the Performance Award will be earned, and the Participant will be entitled to receive
payment pursuant to the Performance Award, subject to continued employment or service and/or the satisfaction of performance objectives,
including objectives stated with respect to one or more Performance Goals. The performance period applicable to any Performance
Award shall be set by the Committee in its discretion but shall not exceed ten years.

 

		10.03.	Section 162(m) Awards

 

(a) Generally. If
the Committee determines that a Performance Award granted to a “covered employee” (within the meaning of Section 162(m)
of the Code) is intended to qualify as a Section 162(m) Award, the grant, exercise, vesting and/or settlement of such Performance
Award shall be contingent upon achievement of a pre-established Performance Goal(s) and other terms set forth in this Section 10.03; provided, however,
that nothing in this Section 10.03 or elsewhere in the Plan shall be interpreted as preventing the Committee from granting Performance
Awards to covered employees that are not intended to constitute Section 162(m) Awards or from determining that it is no longer
necessary or appropriate for a Section 162(m) Award to qualify as such.

  

(b) Timing. No
later than 90 days after the beginning of any performance period applicable to a Section 162(m) Award, or at such other date as
may be required or permitted for “performance-based compensation” under Section 162(m) of the Code, the Committee shall
establish (i) the Participants who will be granted Section 162(m) Awards, and (ii) the objective formula used to calculate the
amount of cash or stock payable, if any, under such Section 162(m) Awards, based upon the level of achievement of Performance Goal(s)
(which must be “substantially uncertain” at the time the Committee actually establishes the Performance Goal(s)).

 

(c) Settlement
or Payout. Except as otherwise permitted under Section 162(m) of the Code, after the end of each performance period and before
any Section 162(m) Award is settled or paid, the Committee shall certify the level of performance achieved with regard to each
Performance Goal established with respect to each Section 162(m) Award and shall determine the amount of cash or Common Stock,
if any, payable to each Participant with respect to each Section 162(m) Award. The Committee may, in its discretion, reduce the
amount of a payment or settlement otherwise to be made in connection with a Section 162(m) Award, but may not exercise discretion
to increase any such amount payable to a covered employee in respect of a Section 162(m) Award.

 

    	 	17	 

     

    

 

(d) Written Determinations. With
respect to each Section 162(m) Award, all determinations by the Committee as to (i) the establishment of Performance Goals and
performance period with respect to the selected business criteria, (ii) the establishment of the objective formula used to calculate
the amount of cash or Common Stock payable, if any, based on the level of achievement of such Performance Goals, and (iii) the
certification of the level of performance achieved during the performance period with regard to each Performance Goal selected,
shall each be made in writing. When taking any action with respect to Section 162(m) Awards, the Committee shall be made up entirely
of “outside directors” (within the meaning of Section 162(m) of the Code). Further, the Committee may not delegate
any responsibility relating to a Section 162(m) Award that would cause the Section 162(m) Award to fail to so qualify.

 

(e) Options and
SARs. Notwithstanding the foregoing provisions of this Section 10.03, Options and SARs with an exercise price or grant
price not less than the Fair Market Value on the date of grant awarded to covered employees are intended to be Section 162(m) Awards
even if not otherwise contingent upon achievement of a pre-established Performance Goal.

 

(f) Status of Section
162(m) Awards. The terms governing Section 162(m) Awards shall be interpreted in a manner consistent with Section 162(m)
of the Code and the regulations thereunder, in particular the prerequisites for qualification as “performance-based compensation,”
and, if any provision of this Plan as in effect on the date of adoption of any Agreements relating to Performance Awards that are
designated as Section 162(m) Awards does not comply or is inconsistent with the requirements of Section 162(m) of the Code and
the regulations thereunder, such provision shall be construed or deemed amended to the extent necessary to conform to such requirements.
Notwithstanding anything to the contrary in this Section 10.03 or elsewhere in this Plan, the Company intends to rely on the transition
relief set forth in Treasury Regulation §1.162-27(f), and hence the deduction limitation imposed by Section 162(m) of the
Code will not be applicable to the Company until the earliest to occur of (i) the material modification of the Plan within the
meaning of Treasury Regulation §1.162-27(h)(1)(iii); (ii) the delivery of the number of shares of Common Stock set forth in
Section 5.02; or (iii) the first meeting of shareholders of the Company at which directors are to be elected that occurs after
December 31, 2019 (the "Transition Period"), and during the Transition Period, Awards to covered employees shall
only be required to comply with the transition relief described in Treasury Regulation §1.162-27(f).

  

		10.04.	Payment

 

In the discretion of the
Committee, the amount payable when a Performance Award is earned may be settled in cash, by the issuance of shares of Common Stock,
by the delivery of other securities or property or a combination thereof.

 

		10.05.	Stockholder Rights

 

A Participant, as a result
of receiving a Performance Award, shall not have any rights as a stockholder until, and then only to the extent that, the Performance
Award is earned and settled in shares of Common Stock (to the extent applicable). After a Performance Award is earned and settled
in Common Stock, a Participant will have all the rights of a stockholder of the Company.

 

		10.06.	Transferability

 

Any rights or restrictions
with respect to the ability of the holder of a Performance Award granted under this Plan to transfer such Performance Award shall
be set forth in the Agreement relating to such grant; provided, however, that a Performance Award may be transferred
by will or the laws of descent and distribution.

 

		10.07.	Employee Status

 

In the event that the terms
of a Performance Award provide that no payment will be made unless the Participant completes a stated period of employment or continued
service, the Committee may decide to what extent leaves of absence for government or military service, illness, temporary disability,
or other reasons shall not be deemed interruptions of continuous employment or service.

 

    	 	18	 

     

    

 

		10.08.	Disposition of Shares

 

To the extent applicable,
a Participant may not sell or dispose of more than fifty percent of the shares of Common Stock acquired under a Performance Award
before the earlier of (i) the first anniversary of the date that the Performance Award is earned or (ii) the date the Participant
is no longer employed by or providing services to the Company or an Affiliate, the Manager or the Operating Partnership.

 

ARTICLE
XI

OTHER EQUITY–BASED AWARDS

 

		11.01.	Award

 

In accordance with the
provisions of Articles III and IV, the Committee will designate each individual to whom an Other Equity-Based Award is to be made
and will specify the number of shares of Common Stock or other equity interests (including LTIP Units) covered by such awards and
the terms and conditions of such awards; provided, however, that the grant of LTIP Units must satisfy the requirements
of the partnership agreement of the Operating Partnership as in effect on the date of grant. The Committee also will specify whether
Dividend Equivalent Rights are granted in conjunction with the Other Equity-Based Award.

 

		11.02.	Terms and Conditions

 

The Committee, at the time
an Other Equity-Based Award is made, shall specify the terms and conditions which govern the award. The terms and conditions of
an Other Equity-Based Award may prescribe that a Participant’s rights in the Other Equity-Based Award shall be forfeitable,
non-transferable or otherwise restricted for a period of time or subject to such other conditions as may be determined by the Committee,
in its discretion and set forth in the Agreement. By way of example and not of limitation, the Committee may prescribe that a Participant’s
rights in an Other Equity-Based Award shall be forfeitable or otherwise restricted subject to continued employment or service,
the attainment of performance objectives, including objectives stated with respect to one or more Performance Goals, or both. Other
Equity-Based Awards may be granted to Participants, either alone or in addition to other awards granted under this Plan, and Other
Equity-Based Awards may be granted in the settlement of other Awards granted under this Plan.

 

		11.03.	Payment or Settlement

 

Other Equity-Based Awards
valued in whole or in part by reference to, or otherwise based on, Common Stock, shall be payable or settled in shares of Common
Stock, cash or a combination of Common Stock and cash, as determined by the Committee in its discretion; provided, however,
that any shares of Common Stock that are issued on account of the conversion of LTIP Units into shares of Common Stock shall not
reduce the number of shares of Common Stock available for issuance under the Plan. Other Equity-Based Awards denominated as equity
interests other than shares of Common Stock may be paid or settled in shares or units of such equity interests or cash or a combination
of both as determined by the Committee in its discretion.

 

		11.04.	Employee Status

 

If the terms of any Other
Equity-Based Award provides that it may be earned or exercised only during employment or continued service or within a specified
period of time after termination of employment or continued service, the Committee may decide to what extent leaves of absence
for governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous
employment or service.

  

    	 	19	 

     

    

 

		11.05.	Stockholder Rights

 

A Participant, as a result
of receiving an Other Equity-Based Award, shall not have any rights as a stockholder until, and then only to the extent that, the
Other Equity-Based Award is earned and settled in shares of Common Stock.

 

		11.06.	Disposition of Shares

 

To the extent applicable,
a Participant may not sell or dispose of more than fifty percent of the shares of Common Stock acquired under an Other Equity-Based
Award before the earlier of (i) the first anniversary of the date that the Other Equity-Based Award becomes non-forfeitable and
(ii) the date the Participant is no longer employed by or providing services to the Company or an Affiliate.

 

ARTICLE
XII

INCENTIVE AWARDS

 

		12.01.	Award

 

In accordance with the
provisions of Articles III and IV, the Committee will designate each individual to whom an Incentive Award is to be made and will
specify the terms and conditions of such award. The Committee also will specify whether Dividend Equivalent Rights are granted
in conjunction with the Incentive Award.

 

		12.02.	Terms and Conditions

 

The Committee, at the time
an Incentive Award is made, shall specify the terms and conditions that govern the award.

 

		12.03.	Nontransferability

 

Except to the extent otherwise
provided in the applicable Agreement, Incentive Awards granted under this Plan shall, so long as such Incentive Awards are subject
to vesting or forfeiture restrictions, be non-transferable except by will or by the laws of descent and distribution.  No
right or interest of a Participant in an Incentive Award shall be liable for, or subject to, any lien, obligation, or liability
of such Participant.

 

		12.04.	Employee Status

 

If the terms of an Incentive
Award provide that a payment will be made thereunder only if the Participant completes a stated period of employment or continued
service the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability
or other reasons shall not be deemed interruptions of continuous employment or service.

  

		12.05.	Settlement

 

An Incentive Award that
is earned shall be settled with a single lump sum payment which may be in cash, shares of Common Stock or a combination of cash
and Common Stock, as determined by the Committee.

 

		12.06.	Stockholder Rights

 

No Participant shall, as
a result of receiving an Incentive Award, have any rights as a stockholder of the Company or an Affiliate of the Company until
the date that the Incentive Award is settled and then only to the extent that the Incentive Award is settled by the issuance of
shares of Common Stock.

 

		12.07.	Disposition of Shares

 

A Participant may not sell
or dispose of more than fifty percent of any shares of Common Stock acquired under an Incentive Award before the earlier of (i)
the first anniversary of the date that the Incentive Award was earned and (ii) the date the Participant is no longer employed by
or providing services to the Company or an Affiliate.

 

    	 	20	 

     

    

 

ARTICLE
XIII

SUBSTITUTE AWARDS

 

Awards may be granted in
substitution or exchange for any other Award granted under the Plan or under another plan of the Company or any other right of
a Participant to receive payment from the Company. Awards may be also be granted under the Plan in substitution for similar awards
held by individuals who become Participants as a result of a merger, consolidation or acquisition of another entity or the assets
of another entity by or with the Company or an Affiliate of the Company. Notwithstanding anything contained in the Plan to the
contrary, such Substitute Awards referred to in the immediately preceding sentence that are Options or SARs may have an exercise
price that is less than the Fair Market Value of a share of Stock on the date of the substitution if such substitution complies
with Section 409A of the Code and other applicable laws and exchange rules. Except as provided in this Article XIII or in Articles
XIV or XVII hereof, the terms of outstanding Awards may not be amended to reduce the exercise price or grant price of outstanding
Options or SARs or to cancel outstanding Options and SARs in exchange for cash, other Awards or Options or SARs with an exercise
price or grant price that is less than the exercise price or grant price of the original Options or SARs without the approval of
the stockholders of the Company.

 

ARTICLE
XIV

ADJUSTMENT UPON CHANGE IN COMMON STOCK

 

The maximum number of shares
of Common Stock as to which Awards may be granted under this Plan, the individual grant limitations of Section 5.04 and the terms
of outstanding Awards granted under this Plan shall be adjusted as the Board determines is equitably required in the event that
(i) the Company (a) effects one or more nonreciprocal transactions between the Company and its stockholders such as a stock dividend,
extra-ordinary cash dividend, stock split, subdivision or consolidation of Common Stock that affects the number or kind of shares
of Common Stock (or other securities of the Company) or the Fair Market Value (or the value of other Company securities) and causes
a change in the Fair Market Value of the shares of Common Stock subject to outstanding Awards or (b) engages in a transaction to
which Section 424 of the Code applies or (ii) there occurs any other event which, in the judgment of the Board necessitates such
action. Any determination made under this Article XIV by the Board shall be nondiscretionary, final and conclusive.

 

 

The issuance by the Company
of any class of Common Stock, or securities convertible into any class of Common Stock, for cash or property, or for labor or services,
either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of Common Stock or
obligations of the Company convertible into such Common Stock or other securities, shall not affect, and no adjustment by reason
thereof shall be made with respect to, the maximum number of shares of Common Stock as to which Awards may be granted under this
Plan, the individual grant limitations of Section 5.04 or the terms of outstanding Awards under this Plan.

 

The Committee may make
Awards under this Plan in substitution for performance shares, phantom shares, share awards, stock options, stock appreciation
rights, or similar awards held by an individual who becomes an employee of the Company or an Affiliate of the Company in connection
with a transaction described in the first paragraph of this Article XIV. Notwithstanding any provision of this Plan, the terms
of such substituted Awards granted under this Plan shall be as the Committee, in its discretion, determines is appropriate.

 

ARTICLE
XV

COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES

 

No Option or SAR shall
be exercisable, no Common Stock shall be issued, no certificates for shares of Common Stock shall be delivered, and no payment
shall be made under this Plan except in compliance with all applicable federal, state and foreign laws and regulations (including,
without limitation, withholding tax requirements), any listing agreement to which the Company is a party, and the rules of all
stock exchanges on which the Common Stock may be listed. The Company shall have the right to rely on an opinion of its counsel
as to such compliance. Any certificate issued to represent Common Stock when an Award is granted, settled or exercised may bear
such legends and statements as the Committee may deem advisable to assure compliance with federal, state and foreign laws and regulations.
No Award shall be granted, settled or exercised until the Company has obtained such consent or approval as the Committee may deem
advisable from regulatory bodies having jurisdiction over such matters.

 

    	 	21	 

     

    

 

ARTICLE
XVI

GENERAL PROVISIONS

 

		16.01.	Effect on Employment and Service

 

Neither the adoption of
this Plan, its operation, the grant of any Award, nor any documents describing or referring to this Plan (or any part thereof),
shall confer upon any individual or entity any right to continue in the employ or service of the Company or an Affiliate of the
Company or in any way affect any right and power of the Company or an Affiliate of the Company to terminate the employment or service
of any individual or entity at any time with or without assigning a reason therefor.

 

		16.02.	Unfunded Plan

 

This Plan, insofar as it
provides for grants, shall be unfunded, and the Company shall not be required to segregate any assets that may at any time be represented
by grants under this Plan. Any liability of the Company to any person with respect to any grant under this Plan shall be based
solely upon any contractual obligations that may be created pursuant to this Plan. No such obligation of the Company shall be deemed
to be secured by any pledge of, or other encumbrance on, any property of the Company.

 

		16.03.	Rules of Construction

 

Headings are given to the
articles and sections of this Plan solely as a convenience to facilitate reference. The reference to any statute, regulation, or
other provision of law shall be construed to refer to any amendment to or successor of such provision of law.

 

All Awards are intended
to comply with, or otherwise be exempt from, Section 409A of the Code (“Section 409A”), after giving effect to the
exemptions in Treasury Regulation sections 1.409A-1(b)(3) through (b)(12). This Plan and all Agreements shall be administered,
interpreted and construed in a manner consistent with that intent. Nevertheless, the tax treatment of the benefits provided under
this Plan or any Agreement is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective directors or
trustees, officers, employees or advisors (other than in his or her individual capacity as a Participant with respect to his or
her individual liability for taxes, interest, penalties or other monetary amounts) shall be held liable for any taxes, interest,
penalties or other monetary amounts owed by any Participant or any other taxpayer as a result of the Plan or any Agreement. If
any provision of this Plan or any Agreement is found not to comply with, or otherwise not be exempt from, the provisions of Section
409A, it shall be modified and given effect, in the sole discretion of the Committee and without requiring the Participant’s
consent, in such manner as the Committee determines to be necessary or appropriate to comply with, or effectuate an exemption from,
Section 409A. Each payment under an award granted under this Plan shall be treated as a separate identified payment for purposes
of Section 409A.

 

If a payment obligation
under an Award or an Agreement arises on account of the Participant’s termination of employment and such payment obligation
constitutes “deferred compensation” (as defined under Treasury Regulation section 1.409A-1(b)(1), after giving effect
to the exemptions in Treasury Regulation sections 1.409A-1(b)(3) through (b))12)), it shall be payable only after the Participant’s
 “separation from service” (as defined under Treasury Regulation section 1.409A-1(h)); provided, however,
that if the Participant is a “specified employee” (as defined under Treasury Regulation section 1.409A-1(i)) then,
subject to any permissible acceleration of payment by the Committee under Treasury Regulation Section 1.409A-3(j)(4)(ii) (domestic
relations orders), Treasury Regulation Section 1.409A-3(j)(4)(iii) (conflicts of interest) or Treasury Regulation Section 1.409A-3(j)(4)(iv)
(payment of employment taxes) any such payment that is scheduled to be paid within six months after such separation from service
shall accrue without interest and shall be paid on the first day of the seventh month beginning after the date of the Participant’s
separation from service or, if earlier, within fifteen days after the appointment of the personal representative or executor of
the Participant’s estate following the Participant’s death.

  

    	 	22	 

     

    

 

		16.04.	Withholding Taxes

 

Each Participant shall
be responsible for satisfying any income, employment and other tax withholding obligations attributable to participation in this
Plan. Unless otherwise provided by the Agreement, any such withholding tax obligations may be satisfied in cash (including from
any cash payable in settlement of an Award) or a cash equivalent acceptable to the Committee. Except to the extent prohibited by
Treasury Regulation Section 1.409A-3(j), any minimum statutory federal, state, district, city or foreign withholding tax obligations
also may be satisfied (a) by surrendering to the Company shares of Common Stock previously acquired by the Participant; (b) by
authorizing the Company to withhold or reduce the number of shares of Common Stock otherwise issuable to the Participant upon the
grant, vesting, settlement and/or exercise of an Award; or (c) by any other method as may be approved by the Committee. If shares
of Common Stock are used to pay all or part of such withholding tax obligation, the Fair Market Value of the Common Stock surrendered,
withheld or reduced shall be determined as of the date of surrender, withholding or reduction and the number of shares of Common
Stock which may be withheld, surrendered or reduced shall be limited to the number of shares of Common Stock which have a Fair
Market Value on the date of withholding, surrender or reduction equal to the aggregate amount of such liabilities based on the
greatest statutory withholding rates for federal, state, foreign and/or local tax purposes, including payroll taxes, that may be
utilized without creating adverse accounting treatment with respect to such Award, as determined by the Committee.

 

		16.05.	Fractional Shares

 

No fractional shares of
Common Stock shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine in its sole discretion
whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional shares of Common Stock
or whether such fractional shares of Common Stock or any rights thereto shall be canceled, terminated, or otherwise eliminated
with or without consideration.

 

		16.06.	REIT Status

 

This Plan shall be interpreted
and construed in a manner consistent with the Company’s status as a REIT. No award shall be granted or awarded, and with
respect to any award granted under this Plan, such award shall not vest, be exercisable or be settled (i) to the extent that the
grant, vesting, exercise or settlement could cause the Participant or any other person to be in violation of the share ownership
limit or any other limitation on ownership or transfer prescribed by the Company’s charter, or (ii) if, in the discretion
of the Committee, the grant, vesting, exercise or settlement of the award could impair the Company’s status as a REIT.

  

		16.07.	Governing Law

 

All questions arising with
respect to the provisions of the Plan and Awards shall be determined by application of the laws of the State of Maryland, without
giving effect to any conflict of law provisions thereof, except to the extent Maryland law is preempted by federal law. The obligation
of the Company to sell and deliver Common Stock hereunder is subject to applicable federal and state laws and to the approval of
any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Common Stock.

 

		16.08.	Clawback

 

The Plan is subject to
any written clawback policies that the Company, with the approval of the Board, may adopt. Any such policy may subject a Participant’s
Awards and amounts paid or realized with respect to Awards under the Plan to reduction, cancelation, forfeiture or recoupment if
certain specified events or wrongful conduct occur, including but not limited to an accounting restatement due to the Company’s
material noncompliance with financial reporting regulations or other events or wrongful conduct specified in any such clawback
policy adopted to conform to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and rules promulgated thereunder
by the Securities and Exchange Commission and that the Company determines should apply to the Plan.

 

    	 	23	 

     

    

 

		16.09.	Elections Under Section 83(b)

 

No Participant may make
an election under Section 83(b) of the Code with respect to the grant of any Award, the vesting of any Award, the settlement of
any Award or the issuance of Common Stock under the Plan without the consent of the Company, which the Company may grant or withhold
in its sole discretion.

 

ARTICLE
XVII

CHANGE IN CONTROL

 

		17.01.	Impact of Change in Control.

 

If an Award is not assumed
or replaced with a substitute award in accordance with Section 17.02, except to the extent provided in an agreement between the
Company or an Affiliate, on the one hand, and the Participant, on the other hand, with respect to the Award, (i) immediately prior
to a Change in Control, all outstanding Options and SARs shall be fully vested and exercisable and (ii) upon a Change in Control,
all other Awards shall be deemed earned, transferable and non-forfeitable in their entirety.

 

		17.02.	Assumption Upon Change in Control.

 

In the event of a Change
in Control, the Committee, in its discretion and without the need for a Participant’s consent, may provide that an outstanding
Award shall be assumed by, or a substitute award shall be granted by, the Successor Entity (or, if applicable, the Parent Company)
in the Change in Control. Such assumed or substituted award shall be of the same type of award as the original Award being assumed
or substituted. The assumed or substituted award shall have a value (or the difference between the Fair Market Value and the option
price or Initial Value in the case of Options and SARs), as of the Control Change Date, that is substantially equal to the value
of the original award (or the difference between the Fair Market Value and the option price or Initial Value in the case of Options
and SARs) as the Committee determines is equitably required and such other terms and conditions as may be prescribed by the Committee.

 

		17.03.	Cash-Out Upon Change in Control.

 

If an Award is not assumed
or replaced with a substitute award in accordance with Section 17.02, upon a Change in Control, the Committee, in its discretion
and without the need of a Participant’s consent, may provide that each Award shall be cancelled in exchange for a payment.
The payment may be in cash, Common Stock or other securities or consideration received by stockholders in the Change in Control
transaction. The amount of the payment shall be an amount that is substantially equal to (a) if the Award is denominated or to
be settled in cash, the entire amount that can be paid under the Award or (b) (i) the amount by which the price per share received
by stockholders in the Change in Control for each share of Common Stock exceeds the option price or Initial Value in the case of
an Option and SAR, or (ii) for each share of Common Stock subject to an Award denominated in Common Stock or valued in reference
to Common Stock, the price per share received by stockholders or (iii) for each other Award denominated in other securities or
property, the value of such other securities or property. If the option price or Initial Value exceeds the price per share received
by stockholders in the Change in Control transaction, the Option or SAR may be cancelled under this Section 17.03 without any payment
to the Participant.

 

		17.04.	Limitation of Benefits

 

The benefits that a Participant
may be entitled to receive under this Plan and other benefits that a Participant is entitled to receive under other plans, agreements
and arrangements (which, together with the benefits provided under this Plan, are referred to as “Payments”), may constitute
Parachute Payments that are subject to Code Sections 280G and 4999. As provided in this Section 17.04, the Parachute Payments will
be reduced pursuant to this Section 17.04 if, and only to the extent that, a reduction will allow a Participant to receive a greater
Net After Tax Amount than a Participant would receive absent a reduction.

 

    	 	24	 

     

    

 

The Accounting Firm will
first determine the amount of any Parachute Payments that are payable to a Participant. The Accounting Firm also will determine
the Net After Tax Amount attributable to the Participant’s total Parachute Payments.

 

The Accounting Firm will
next determine the largest amount of Payments that may be made to the Participant without subjecting the Participant to tax under
Code Section 4999 (the “Capped Payments”). Thereafter, the Accounting Firm will determine the Net After Tax
Amount attributable to the Capped Payments.

 

The Participant will receive
the total Parachute Payments or the Capped Payments, whichever provides the Participant with the higher Net After Tax Amount. If
the Participant will receive the Capped Payments, the total Parachute Payments will be adjusted by first reducing the amount of
any benefits under this Plan or any other plan, agreement or arrangement that are not subject to Section 409A of the Code (with
the source of the reduction to be directed by the Participant) and then by reducing the amount of any benefits under this Plan
or any other plan, agreement or arrangement that are subject to Section 409A of the Code (with the source of the reduction to be
directed by the Participant) in a manner that results in the best economic benefit to the Participant (or, to the extent economically
equivalent, in a pro rata manner). The Accounting Firm will notify the Participant and the Company if it determines that the Parachute
Payments must be reduced to the Capped Payments and will send the Participant and the Company a copy of its detailed calculations
supporting that determination.

 

As a result of the uncertainty
in the application of Code Sections 280G and 4999 at the time that the Accounting Firm makes its determinations under this Article
XVII, it is possible that amounts will have been paid or distributed to the Participant that should not have been paid or distributed
under this Section 17.04 (“Overpayments”), or that additional amounts should be paid or distributed to the Participant
under this Section 17.04 (“Underpayments”). If the Accounting Firm determines, based on either the assertion
of a deficiency by the Internal Revenue Service against the Company or the Participant, which assertion the Accounting Firm believes
has a high probability of success or controlling precedent or substantial authority, that an Overpayment has been made, the Participant
must repay the Overpayment to the Company, without interest; provided, however, that no amount will be payable by the
Participant to the Company unless, and then only to the extent that, the repayment would either reduce the amount on which the
Participant is subject to tax under Code Section 4999 or generate a refund of tax imposed under Code Section 4999. If the Accounting
Firm determines, based upon controlling precedent or substantial authority, that an Underpayment has occurred, the Accounting Firm
will notify the Participant and the Company of that determination and the amount of that Underpayment will be paid, without interest,
to the Participant promptly by the Company.

 

For purposes of this Section
17.04, the term “Accounting Firm” means the independent accounting firm engaged by the Company immediately before the
Control Change Date. For purposes of this Article XV, the term “Net After Tax Amount” means the amount of any Parachute
Payments or Capped Payments, as applicable, net of taxes imposed under Code Sections 1, 3101(b) and 4999 and any State or local
income taxes applicable to the Participant on the date of payment. The determination of the Net After Tax Amount shall be made
using the highest combined effective rate imposed by the foregoing taxes on income of the same character as the Parachute Payments
or Capped Payments, as applicable, in effect on the date of payment. For purposes of this Section 17.04, the term “Parachute
Payment” means a payment that is described in Code Section 280G(b)(2), determined in accordance with Code Section 280G and
the regulations promulgated or proposed thereunder.

 

This Section 17.04 shall
not limit or otherwise supersede the provisions of any other agreement or plan which provides that a Participant cannot receive
Payments in excess of the Capped Payments.

 

    	 	25	 

     

    

ARTICLE
XVIII

AMENDMENT

 

The Board may amend or
terminate this Plan at any time; provided, however, that no amendment may adversely impair the rights of Participants
with respect to outstanding Awards. In addition, an amendment will be contingent on approval of the Company’s stockholders
if such approval is required by law or the rules of any exchange on which the Common Stock is listed or if the amendment would
materially increase the benefits accruing to Participants under this Plan, materially increase the aggregate number of shares of
Common Stock that may be issued under this Plan (except as provided in Article XIV) or materially modify the requirements as to
eligibility for participation in this Plan. For the avoidance of doubt, the Board may not (except pursuant to Article XIV) without
the approval of shareholders (a) reduce the option price per share of an outstanding Option or the Initial Value of an outstanding
SAR, (b) make a payment to cancel an outstanding Option or SAR when the option price or Initial Value, as applicable, exceeds the
Fair Market Value or (c) take any other action with respect to an outstanding Option or SAR that may be treated as a repricing
of the award under the rules and regulations of the principal securities exchange on which the Common Stock is listed for trading.

  

ARTICLE
XIX

DURATION OF PLAN

 

No Award may be granted
under this Plan on and after the tenth anniversary of the Effective Date. Awards granted before such date shall remain valid in
accordance with their terms.

 

ARTICLE
XX

EFFECTIVENESS OF PLAN

 

Awards may be granted under
this Plan on and after the Effective Date.

 

    	 	26

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