Document:

Exhibit 4.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	PARTIES	 	 	 
	RECITALS	 	 	 
	 	 	 	 
	Section 1.	 	Certain Definitions	1
	           (a)	 	ADR Register	1
	           (b)	 	ADRs; Direct Registration ADRs	1
	           (c)	 	ADS	1
	           (d)	 	Custodian	1
	           (e)	 	Deliver, execute, issue et al.	2
	           (f)	 	Delivery Order	2
	           (g)	 	Deposited Securities	2
	           (h)	 	Direct Registration System	2
	           (i)	 	Holder	2
	           (j)	 	Securities Act of 1933	2
	           (k)	 	Securities Exchange Act of 1934	2
	           (l)	 	Shares	2
	           (m)	 	Transfer Office	3
	           (n)	 	Withdrawal Order	3
	Section 2.	 	Form of ADRs	3
	Section 3.	 	Deposit of Shares	3
	Section 4.	 	Issue of ADRs	4
	Section 5.	 	Distributions on Deposited Securities	5
	Section 6.	 	Withdrawal of Deposited Securities	5
	Section 7.	 	Substitution of ADRs	5
	Section 8.	 	Cancellation and Destruction of ADRs	5
	Section 9.	 	The Custodian	6
	Section 10.	 	Lists of Holders 	6
	Section 11.	 	Depositary’s Agents	6
	Section 12. 	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary	7
	Section 13. 	 	Reports	8
	Section 14.	 	Additional Shares	8
	Section 15.	 	Indemnification	8
	Section 16.	 	Notices	9
	Section 17.	 	Counterparts	10
	Section 18.	 	No Third Party Beneficiaries; Holders and Beneficial Owners as Parties; Binding Effect	10
	Section 19.	 	Severability	10
	Section 20.	 	Consent to Jurisdiction; Appointment of Agent for Service of Process	10
	Section 21.	 	Appointment	11
	Section 22.	 	Waiver of Immunity 	12
	Section 23.	 	Waiver of Jury Trial	12
	TESTIMONIUM	 	 	13
	SIGNATURES	 	 	13

 

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	 	 	 	Page
	 	 	 	 
	 	EXHIBIT A	 	 
	 	 	 	 
	FORM OF FACE OF ADR	 	A-1
	 	 	 	 
	Introductory Paragraph	 	A-1
	 	 	 	 
	(1)	Issuance of ADSs	 	A-2
	(2)	Withdrawal of Deposited Securities	 	A-3
	(3)	Transfers of ADRs	 	A-3
	(4)
	Certain Limitations	 	A-3
	(5)
	Liability of Holder for Taxes, Duties and Other Charges	 	A-4
	(6)	Disclosure of Interests	 	A-5
	(7)	Charges of Depositary	 	A-6
	(8)	Available Information	 	A-8
	(9)	Execution	 	A-8
	 	 	 	 
	Signature of Depositary	 	A-8
	 	 	 	 
	Address of Depositary’s Office 	 	A-8
	 	 	 	 
	FORM OF REVERSE OF ADR	 	A-9
	 	 	 	 
	(10)	Distributions on Deposited Securities	 	A-9
	(11)	Record Dates	 	A-10
	(12) 	Voting of Deposited Securities	 	A-10
	(13) 	Changes Affecting Deposited Securities	 	A-11
	(14)	Exoneration	 	A-12
	(15)	Resignation and Removal of Depositary; the Custodian	 	A-14
	(16)	Amendment	 	A-15
	(17)	Termination	 	A-15
	(18)	Appointment	 	A-16
	(19)	Waiver	 	A-16
	(20)	Elective Distributions in Cash or Shares	 	A-16

 

    – ii –

     

    

 

 

DEPOSIT
AGREEMENT dated as of [DATE] , 2018 (the “Deposit Agreement”) among TIZIANA LIFE SCIENCES PLC and its successors
(the “Company”), JPMORGAN CHASE BANK, N.A., as depositary hereunder (the “Depositary”), and all holders
from time to time of American Depositary Receipts issued hereunder (“ADRs”) evidencing American Depositary Shares
(“ADSs”) representing deposited Shares (defined below). The Company hereby appoints the Depositary as depositary
for the Deposited Securities and hereby authorizes and directs the Depositary to act in accordance with the terms set forth in
this Deposit Agreement. All capitalized terms used herein have the meanings ascribed to them in Section 1 or elsewhere in this
Deposit Agreement. The parties hereto agree as follows:

 

1.
Certain Definitions.

 

(a) “ADR
Register” is defined in paragraph (3) of the form of ADR (Transfers, Split-Ups and Combinations of ADRs).

 

(b) “ADRs”
mean the American Depositary Receipts executed and delivered hereunder. ADRs may be either in physical certificated form or Direct
Registration ADRs (as hereinafter defined). ADRs in physical certificated form, and the terms and conditions governing the Direct
Registration ADRs, shall be substantially in the form of Exhibit A annexed hereto (the “form of ADR”). The term
“Direct Registration ADR” means an ADR, the ownership of which is recorded on the Direct Registration System.
References to “ADRs” shall include certificated ADRs and Direct Registration ADRs, unless the context otherwise requires.
The form of ADR is hereby incorporated herein and made a part hereof; the provisions of the form of ADR shall be binding upon
the parties hereto.

 

(c) Subject
to paragraph (13) of the form of ADR, (Changes Affecting Deposited Securities) each “ADS” evidenced by
an ADR represents the right to receive, and to exercise the beneficial ownership interests in, the number of Shares specified
in the form of ADR attached hereto as Exhibit A (as amended from time to time) that are on deposit with the Depositary and/or
the Custodian and a pro rata share in any other Deposited Securities, subject, in each case, to the terms of this Deposit Agreement
and the ADSs. The ADS(s)-to-Share(s) ratio is subject to amendment as provided in the form of ADR (which may give rise to fees
contemplated in paragraph (7) thereof).

 

(d) “Custodian”
means the agent or agents of the Depositary (singly or collectively, as the context requires) and any additional or substitute
Custodian appointed pursuant to Section 9.

 

    	 	1	 

     

    

 

 

(e) The
terms “deliver”, “execute”, “issue”, “register”, “surrender”,
“transfer” or “cancel”, when used with respect to Direct Registration ADRs, shall refer to an
entry or entries or an electronic transfer or transfers in the Direct Registration System, and, when used with respect to ADRs
in physical certificated form, shall refer to the physical delivery, execution, issuance, registration, surrender, transfer or
cancellation of certificates representing the ADRs.

 

(f) “Delivery
Order” is defined in Section 3.

 

(g) “Deposited
Securities” as of any time means all Shares at such time deposited under this Deposit Agreement and any and all other
Shares, securities, property and cash at such time held by the Depositary or the Custodian in respect or in lieu of such deposited
Shares and other Shares, securities, property and cash. Deposited Securities are not intended to, and shall not, constitute proprietary
assets of the Depositary, the Custodian or their nominees. Beneficial ownership in Deposited Securities is intended to be, and
shall at all times during the term of the Deposit Agreement continue to be, vested in the holders of the beneficial interests
in the ADSs representing such Deposited Securities.

 

(h) “Direct
Registration System” means the system for the uncertificated registration of ownership of securities established by The
Depository Trust Company (“DTC”) and utilized by the Depositary pursuant to which the Depositary may record the
ownership of ADRs without the issuance of a certificate, which ownership shall be evidenced by periodic statements issued by the
Depositary to the Holders entitled thereto. For purposes hereof, the Direct Registration System shall include access to the Profile
Modification System maintained by DTC which provides for automated transfer of ownership between DTC and the Depositary.

 

(i) “Holder”
means the person or persons in whose name an ADR is registered on the ADR Register.

 

(j) “Securities
Act of 1933” means the United States Securities Act of 1933, as from time to time amended.

 

(k) “Securities
Exchange Act of 1934” means the United States Securities Exchange Act of 1934, as from time to time amended.

 

(l) “Shares”
mean the ordinary shares of the Company, and shall include the rights to receive Shares specified in paragraph (1) of the form
of ADR (Issuance of ADSs).

 

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(m) “Transfer
Office” is defined in paragraph (3) of the form of ADR (Transfers, Split-Ups and Combinations of ADRs).

 

(n) “Withdrawal
Order” is defined in Section 6.

 

2.
Form of ADRs.

 

(a)
Direct Registration ADRs. Notwithstanding anything in this Deposit Agreement or in the form of ADR to the contrary, ADSs
shall be evidenced by Direct Registration ADRs, unless certificated ADRs are specifically requested by the Holder.

 

(b)
Certificated ADRs. ADRs in certificated form shall be printed or otherwise reproduced at the discretion of the Depositary
in accordance with its customary practices in its American depositary receipt business, or at the request of the Company typewritten
and photocopied on plain or safety paper, and shall be substantially in the form set forth in the form of ADR, with such changes
as may be required by the Depositary or the Company to comply with their obligations hereunder, any applicable law, regulation
or usage or to indicate any special limitations or restrictions to which any particular ADRs are subject. ADRs may be issued in
denominations of any number of ADSs. ADRs in certificated form shall be executed by the Depositary by the manual or facsimile
signature of a duly authorized officer of the Depositary. ADRs in certificated form bearing the facsimile signature of anyone
who was at the time of execution a duly authorized officer of the Depositary shall bind the Depositary, notwithstanding that such
officer has ceased to hold such office prior to the delivery of such ADRs.

 

(c)
Binding Effect. Holders shall be bound by the terms and conditions of this Deposit Agreement and of the form of ADR, regardless
of whether their ADRs are Direct Registration ADRs or certificated ADRs.

 

3.
Deposit of Shares.

 

(a) Requirements.
In connection with the deposit of Shares hereunder, the Depositary or the Custodian may require the following in a form satisfactory
to it:

 

(i) a
written order directing the Depositary to issue to, or upon the written order of, the person or persons designated in such order
a Direct Registration ADR or ADRs evidencing the number of ADSs representing such deposited Shares (a “Delivery Order”);

 

(ii) proper
endorsements or duly executed instruments of transfer in respect of such deposited Shares;

 

    	 	3	 

     

    

 

 

(iii)
 instruments assigning to the Depositary, the Custodian or a nominee of either any distribution
on or in respect of such deposited Shares or indemnity therefor; and

 

(iv) proxies
entitling the Custodian to vote such deposited Shares

 

(b) Registration
of Deposited Securities. As soon as practicable after the Custodian receives Deposited Securities pursuant to any such deposit
or pursuant to paragraph (10) (Distributions on Deposited Securities) or (13) (Changes Affecting Deposited Securities)
of the form of ADR, the Custodian shall present such Deposited Securities for registration of transfer into the name of the Depositary,
the Custodian or a nominee of either, in each case for the benefit of Holders, to the extent such registration is practicable,
at the cost and expense of the person making such deposit (or for whose benefit such deposit is made) and shall obtain evidence
satisfactory to it of such registration. Deposited Securities shall be held by the Custodian for the account and to the order
of the Depositary for the benefit of Holders of ADRs (to the extent not prohibited by law) at such place or places and in such
manner as the Depositary shall determine. Notwithstanding anything else contained herein, in the form of ADR and/or any outstanding
ADSs, the Depositary, the Custodian and their respective nominees are intended to be, and shall at all times during the term of
the Deposit Agreement be, the record holder(s) only of the Deposited Securities represented by the ADSs for the benefit of the
Holders. The Depositary, on its own behalf and on behalf of the Custodian and their respective nominees, disclaims any beneficial
ownership interest in the Deposited Securities held on behalf of the Holders.

 

(c) Delivery
of Deposited Securities. Deposited Securities may be delivered by the Custodian to any person only under the circumstances
expressly contemplated in this Deposit Agreement. To the extent that the provisions of or governing the Shares make delivery of
certificates therefor impracticable, Shares may be deposited hereunder by such delivery thereof as the Depositary or the Custodian
may reasonably accept, including, without limitation, by causing them to be credited to an account maintained by the Custodian
for such purpose with the Company or an accredited intermediary, such as a bank, acting as a registrar for the Shares, together
with delivery of the documents, payments and Delivery Order referred to herein to the Custodian or the Depositary.

 

4.
Issue of ADRs. After any such deposit of Shares, the Custodian shall notify the Depositary of such deposit and of the information
contained in any related Delivery Order by letter, first class airmail postage prepaid, or, at the request, risk and expense of
the person making the deposit, by SWIFT, cable, telex or facsimile transmission. After receiving such notice from the Custodian,
the Depositary, subject to this Deposit Agreement, shall properly issue at the Transfer Office, to or upon the order of any person
named in such notice, an ADR or ADRs registered as requested and evidencing the aggregate ADSs to which such person is entitled.

 

    	 	4	 

     

    

 

 

5.
Distributions on Deposited Securities. To the extent that the Depositary determines in its discretion that any distribution
pursuant to paragraph (10) of the form of ADR (Distributions on Deposited Securities) is not practicable with respect to
any Holder, the Depositary may make such distribution as it so deems practicable, including the distribution of foreign currency,
securities or property (or appropriate documents evidencing the right to receive foreign currency, securities or property) or
the retention thereof as Deposited Securities with respect to such Holder’s ADRs (without liability for interest thereon or the
investment thereof).

 

6.
Withdrawal of Deposited Securities. In connection with any surrender of an ADR for withdrawal of the Deposited Securities
represented by the ADSs evidenced thereby, the Depositary may require proper endorsement in blank of such ADR (or duly executed
instruments of transfer thereof in blank) and the Holder’s written order directing the Depositary to cause the Deposited Securities
represented by the ADSs evidenced by such ADR to be withdrawn and delivered to, or upon the written order of, any person designated
in such order (a “Withdrawal Order”). Directions from the Depositary to the Custodian to deliver Deposited Securities
shall be given by letter, first class airmail postage prepaid, or, at the request, risk and expense of the Holder, by SWIFT, cable,
telex or facsimile transmission. Delivery of Deposited Securities may be made by the delivery of certificates (which, if required
by law shall be properly endorsed or accompanied by properly executed instruments of transfer or, if such certificates may be
registered, registered in the name of such Holder or as ordered by such Holder in any Withdrawal Order) or by such other means
as the Depositary may deem practicable, including, without limitation, by transfer of record ownership thereof to an account designated
in the Withdrawal Order maintained either by the Company or an accredited intermediary, such as a bank, acting as a registrar
for the Deposited Securities.

 

7.
Substitution of ADRs. The Depositary shall execute and deliver a new Direct Registration ADR in exchange and substitution
for any mutilated certificated ADR upon cancellation thereof or in lieu of and in substitution for such destroyed, lost or stolen
certificated ADR, unless the Depositary has notice that such ADR has been acquired by a bona fide purchaser, upon the Holder thereof
filing with the Depositary a request for such execution and delivery and a sufficient indemnity bond and satisfying any other
reasonable requirements imposed by the Depositary.

 

8.
Cancellation and Destruction of ADRs. All ADRs surrendered to the Depositary shall be cancelled by the Depositary. The
Depositary is authorized to destroy ADRs in certificated form so cancelled in accordance with its customary practices.

 

    	 	5	 

     

    

 

 

9.
The Custodian.

 

(a) Rights
of the Depositary. Any Custodian in acting hereunder shall be subject to the directions of the Depositary and shall be responsible
solely to it. The Depositary reserves the right to add, replace or remove a Custodian. The Depositary will give prompt notice
of any such action, which will be advance notice if practicable. The Depositary may discharge any Custodian at any time upon notice
to the Custodian being discharged.

 

(b) Rights
of the Custodian. Any Custodian may resign from its duties hereunder by providing at least 30 days’ prior written notice to
the Depositary. The Depositary may discharge any Custodian at any time upon notice to the Custodian being discharged. Any Custodian
ceasing to act hereunder as Custodian shall deliver, upon the instruction of the Depositary, all Deposited Securities held by
it to a Custodian continuing to act. Notwithstanding anything to the contrary contained in this Deposit Agreement (including the
ADRs) and subject to the penultimate sentence of paragraph (14) of the form of ADR (Exoneration), the Depositary shall
not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part
of the Custodian except to the extent that any Holder has incurred liability directly as a result of the Custodian having (i)
committed fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable
care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the
jurisdiction in which the Custodian is located.

 

10.
Lists of Holders. The Company shall have the right to inspect transfer records of the Depositary and its agents and the
ADR Register, take copies thereof and require the Depositary and its agents to supply copies of such portions of such records
as the Company may request. The Depositary or its agent shall furnish to the Company promptly upon the written request of the
Company, a list of the names, addresses and holdings of ADSs by all Holders as of a date within seven days of the Depositary’s
receipt of such request.

 

11.
Depositary’s Agents. The Depositary may perform its obligations under this Deposit Agreement through any agent appointed
by it, provided that the Depositary shall notify the Company of such appointment and shall remain responsible for the performance
of such obligations as if no agent were appointed, subject to paragraph (14) of the form of ADR (Exoneration).

 

    	 	6	 

     

    

 

 

12.
Resignation and Removal of the Depositary; Appointment of Successor Depositary.

 

(a) Resignation
of the Depositary. The Depositary may at any time resign as Depositary hereunder by written notice of its election to do so
delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of
such appointment as hereinafter provided.

 

(b) Removal
of the Depositary. The Depositary may at any time be removed by the Company by providing no less than 60 days’ prior written
notice of such removal to the Depositary, such removal to take effect the later of (i) the 60th day after such notice
of removal is first provided and (ii) the appointment of a successor depositary and its acceptance of such appointment as hereinafter
provided. Notwithstanding the foregoing, if upon the resignation or removal of the Depositary a successor depositary is not appointed
within the applicable 45-day period (in the case of resignation) or 60-day period (in the case of removal) as specified in paragraph
(17) of the form of ADR (Termination), then the Depositary may elect to terminate this Deposit Agreement and the ADR and
the provisions of said paragraph (17) shall thereafter govern the Depositary’s obligations hereunder.

 

(c) Appointment
of Successor Depositary. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall
use its reasonable best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in
the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and to
the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any
further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor
depositary, only upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an
instrument transferring to such successor all rights and powers of such predecessor hereunder (other than its rights to indemnification
and fees owing, each of which shall survive any such removal and/or resignation), (ii) duly assign, transfer and deliver
all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the
Holders of all outstanding ADRs(including the name, address and number of ADSs registered in the ADR Register in the name of each
such Holder). Any such successor depositary shall promptly mail notice of its appointment to such Holders. Any bank or trust company
into or with which the Depositary may be merged or consolidated, or to which the Depositary shall transfer substantially all its
American depositary receipt business, shall be the successor of the Depositary without the execution or filing of any document
or any further act.

 

    	 	7	 

     

    

 

 

13.
Reports. On or before the first date on which the Company makes any communication available to holders of Deposited Securities
or any securities regulatory authority or stock exchange, by publication or otherwise, the Company shall transmit to the Depositary
a copy thereof in English or with an English translation or summary. The Company has delivered to the Depositary, the Custodian
and any Transfer Office, a copy of all provisions of or governing the Shares and any other Deposited Securities issued by the
Company or any affiliate of the Company and, promptly upon any change thereto, the Company shall deliver to the Depositary, the
Custodian and any Transfer Office, a copy (in English or with an English translation) of such provisions as so changed. The Depositary
and its agents may rely upon the Company’s delivery of all such communications, information and provisions for all purposes of
this Deposit Agreement and the Depositary shall have no liability for the accuracy or completeness of any thereof.

 

14.
Additional Shares. The Company agrees with the Depositary that neither the Company nor any company controlling, controlled
by or under common control with the Company shall (i) issue additional Shares, (ii) rights to subscribe for Shares, (iii) securities
convertible into or exchangeable for Shares or (iv) rights to subscribe for any such securities or shall deposit any Shares under
this Deposit Agreement, except under circumstances complying in all respects with the Securities Act of 1933. At the reasonable
request of the Depositary where it deems necessary, the Company will furnish the Depositary with legal opinions, in forms and
from counsels reasonably acceptable to the Depositary, dealing with such issues requested by the Depositary as are customary and
reasonable in the circumstances. The Depositary will use reasonable efforts to comply with written instructions of the Company
not to accept for deposit hereunder any Shares identified in such instructions at such times and under such circumstances as may
reasonably be specified in such instructions in order to facilitate the Company’s compliance with the requirements of the securities
laws, rules and regulations in the United States.

 

15.
Indemnification.

 

(a)Indemnification
by the Company. The Company shall indemnify, defend and save harmless each of the Depositary, the Custodian and their respective
directors, officers, employees, agents and affiliates against any loss, liability or expense (including reasonable fees and expenses
of counsel) which may arise out of acts performed or omitted, in connection with the provisions of this Deposit Agreement and
of the ADRs, as the same may be amended, modified or supplemented from time to time in accordance herewith (i) by either the Depositary
or a Custodian or their respective directors, officers, employees, agents and affiliates, except for any liability or expense
directly arising out of the negligence, or willful misconduct of the Depositary or its directors, officers or affiliates acting
in their capacities as such hereunder; provided however that, with respect to the acts and omissions to act of a Custodian, the
Custodian shall not be entitled to be indemnified hereunder for any liability or expense directly arising out of (a) the Custodian
having committed fraud or willful misconduct in the provision of custodial services to the Depositary or (b) the Custodian having
failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards
prevailing in the jurisdiction in which the Custodian is located, or (ii) by the Company or any of its directors, officers, employees,
agents and affiliates.

 

The
indemnities set forth in the preceding paragraph shall also apply to any liability or expense which may arise out of any misstatement
or alleged misstatement or omission or alleged omission in any registration statement, proxy statement, prospectus (or placement
memorandum), or preliminary prospectus (or preliminary placement memorandum) relating to the offer, issuance, withdrawal or sale
of ADSs or the deposit of Shares in connection therewith, except to the extent any such liability or expense arises out of (i)
information relating to the Depositary or its agents (other than the Company), as applicable, furnished in writing by the Depositary
expressly for use in any of the foregoing documents and not changed or altered by the Company or (ii) if such information is provided,
the failure to state a material fact necessary to make the information provided not misleading.

 

(b)
Indemnification by the Depositary. Subject to the limitations provided for in Section 15(c) below, the Depositary shall
indemnify, defend and save harmless the Company against any direct loss, liability or expense (including reasonable fees and expenses
of counsel) incurred by the Company in respect of this Deposit Agreement to the extent such loss, liability or expense is due
to the negligence or willful misconduct of the Depositary.]

 

(c)
 Damages or Lost Profits. Notwithstanding any other provision of this Deposit Agreement or the ADRs to the contrary,
neither the Depositary nor any of its agents shall be liable for any indirect, special, punitive or consequential damages (including,
without limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity, whether
or not foreseeable and regardless of the type of action in which such a claim may be brought.

 

Any
person seeking indemnification hereunder (an “indemnified person”) shall notify the person from whom it is seeking indemnification
(the “indemnifying person”) of the commencement of any indemnifiable action or claim promptly after such indemnified
person becomes aware of such commencement (provided that the failure to make such notification shall not affect such indemnified
person’s rights to indemnification except and only to the limited extent the indemnifying person is materially prejudiced by such
failure) and shall consult in good faith with the indemnifying person as to the conduct of the defense of such action or claim
that may give rise to an indemnity hereunder, which defense shall be reasonable under the circumstances. No indemnified person
shall compromise or settle any indemnifiable action without the prior written consent of the indemnifying person ((which consent
shall not unreasonably (from the point of view of the person seeking indemnification)) be withheld or delayed) unless (i) there
is no finding or admission of any violation of law and no effect on any other claims that may be made against such indemnifying
person and (ii) the sole relief provided is monetary damages that are paid in full by the indemnified person (without indemnification
hereunder by the indemnifying person) seeking such compromise or settlement.

 

    	 	8	 

     

    

 

 

(d)Survival.The
obligations set forth in this Section 15 shall survive the termination of this Deposit Agreement and the succession or substitution
of any indemnified person.

 

16.
Notices.

 

(a) Notice
to Holders. Notice to any Holder shall be deemed given when first mailed, first class postage prepaid, to the address of such
Holder on the ADR Register or received by such Holder. Failure to notify a Holder or any defect in the notification to a Holder
shall not affect the sufficiency of notification to other Holders or to the beneficial owners of ADSs held by such other Holders.

 

(b)
 Notice to the Depositary or the Company. Notice to the Depositary or the Company
shall be deemed given when first received by it at the address or facsimile transmission number set forth in (a) or (b), respectively,
or at such other address or facsimile transmission number as either may specify to the other by written notice:

 

		(i)	JPMorgan
                                         Chase Bank, N.A.

383
Madison Avenue, Floor 11

New
York, New York, 10179

Attention:
Depositary Receipts Group

Fax:
(302) 220-4591

 

		(ii)	Tiziana
                                         Life Sciences plc

55
Park Lane

London
W1K 1NA

England

Attention:
[CONTACT PERSON] 

Fax:
[FACSIMILE]

 

    	 	9	 

     

    

 

 

17.
Counterparts. This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original
and all of which shall constitute one instrument. Delivery of an executed signature page of this Deposit Agreement by facsimile
or other electronic transmission (including “.pdf”, “.tif” or similar format) shall be effective as delivery
of a manually executed counterpart hereof.

 

18.
No Third-Party Beneficiaries; Holders and Beneficial Owners as Parties; Binding Effect. This Deposit Agreement is for the
exclusive benefit of the Company, the Depositary, the Holders, and their respective successors hereunder, and, except to the extent
specifically set forth in Section 15 of this Deposit Agreement, shall not give any legal or equitable right, remedy or claim whatsoever
to any other person. The Holders and owners of interests in ADRs from time to time shall be parties to this Deposit Agreement
and shall be bound by all of the provisions hereof.

 

19.
Severability. If any such provision is invalid, illegal or unenforceable in any respect, the remaining provisions shall
in no way be affected thereby.

 

20.
Governing Law; Consent to Jurisdiction.

 

(a) The
Deposit Agreement, the ADSs and the ADRs shall be governed by and construed in accordance with the internal laws of the State
of New York without giving effect to the application of the conflict of law principles thereof.

 

(b)By
the Company.The Company irrevocably agrees that any legal suit, action or proceeding against the Company brought by the
Depositary or any Holder, arising out of or based upon this Deposit Agreement, the ADSs or the ADRs or the transactions contemplated
hereby or thereby, may be instituted in any state or federal court in New York, New York, and irrevocably waives any objection
which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive
jurisdiction of such courts in any such suit, action or proceeding. The Company also irrevocably agrees that any legal suit, action
or proceeding against the Depositary brought by the Company, arising out of or based upon this Deposit Agreement or the transactions
contemplated hereby, may only be instituted in a state or federal court in New York, New York.

 

(c) By
Holders and Owners etc. By holding an ADS or an interest therein, Holders and owners of interests in ADSs each irrevocably
agree that any legal suit, action or proceeding against or involving the Company or the Depositary, arising out of or based upon
this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein or hereby, may only be instituted
in a state or federal court in New York, New York, and by holding an ADS or an interest therein each irrevocably waives any objection
which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction
of such courts in any such suit, action or proceeding.

 

    	 	10	 

     

    

 

 

(d) Notwithstanding
the foregoing, any action against the Company based on this Deposit Agreement, the ADSs or the ADRs or the transactions contemplated
hereby or thereby, may be instituted by the Depositary in any competent court in the United Kingdom and/or the United States.

 

21.
Agent for Service.

 

(a) Appointment.
The Company has appointed _________________________, New York, New York, as its authorized agent (the “Authorized Agent”)
upon which process may be served in any such action arising out of or based on this Deposit Agreement or the transactions contemplated
hereby which may be instituted in any state or federal court in New York, New York by the Depositary or any Holder, and waives
any other requirements of or objections to personal jurisdiction with respect thereto. Subject to the Company’s rights to
replace the Authorized Agent with another entity in the manner required were the Authorized Agent to have resigned, such appointment
shall be irrevocable.

 

(b) Agent
for Service of Process. The Company represents and warrants that the Authorized Agent has agreed to act as said agent for
service of process, and the Company agrees to take any and all action, including the filing of any and all documents and instruments,
that may be necessary to continue such appointment in full force and effect as aforesaid. The Company further hereby irrevocably
consents and agrees to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding
against the Company, by service by mail of a copy thereof upon the Authorized Agent (whether or not the appointment of such Authorized
Agent shall for any reason prove to be ineffective or such Authorized Agent shall fail to accept or acknowledge such service),
with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 16(b)
hereof. The Company agrees that the failure of the Authorized Agent to give any notice of such service to it shall not impair
or affect in any way the validity of such service or any judgment rendered in any suit, action or proceeding based thereon. If,
for any reason, the Authorized Agent named above or its successor shall no longer serve as agent of the Company to receive service
of process in New York, the Company shall promptly appoint a successor that is a legal entity with offices in New York, New York,
so as to serve and will promptly advise the Depositary thereof.

 

    	 	11	 

     

    

 

 

(c) Waiver
of Personal Service of Process. In the event the Company fails to continue such designation and appointment in full force
and effect, the Company hereby waives personal service of process upon it and consents that any such service of process may be
made by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices
hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed.

 

22.
Waiver of Immunities. To the extent that the Company or any of its properties, assets or revenues may have or may hereafter
be entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action,
suit or proceeding, from the giving of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of
any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment,
or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any
judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities
or other matters under or arising out of or in connection with the Shares or Deposited Securities, the ADSs, the ADRs or this
Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees
not to plead or claim, any such immunity and consents to such relief and enforcement.

 

23.
Waiver of Jury Trial. EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL
OWNER OF, AND/OR HOLDER OF INTERESTS IN, ADSS OR ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT
OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW
OR ANY OTHER THEORY).

 

    	 	12	 

     

    

 

 

IN
WITNESS WHEREOF, TIZIANA LIFE SCIENCES PLC and JPMORGAN CHASE BANK, N.A. have duly executed this Deposit Agreement as of the day
and year first above set forth and all holders of ADRs shall become parties hereto upon acceptance by them of ADRs issued in accordance
with the terms hereof.

 

	 	TIZIANA
    LIFE SCIENCES PLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title	 
	 	 	 
	 	JPMORGAN
    CHASE BANK, N.A.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	Executive Director

 

    	 	13	 

     

    

 

 

EXHIBIT
A

ANNEXED
TO AND INCORPORATED IN

DEPOSIT
AGREEMENT 

 

[FORM
OF FACE OF ADR]

 

	____	No. of ADSs:
	Number	 
	 	 
	 	Each ADS represents
	 	Five Shares
	 	 
	 	CUSIP:

 

AMERICAN
DEPOSITARY RECEIPT

 

evidencing

 

AMERICAN
DEPOSITARY SHARES

 

representing

 

ORDINARY
SHARES

 

of

 

TIZIANA
LIFE SCIENCES PLC

 

(Incorporated
under the laws of England and Wales)

 

JPMORGAN
CHASE BANK, N.A., a national banking association organized under the laws of the United States of America, as depositary
hereunder (the “Depositary”), hereby certifies that ______ is the registered owner (a
“Holder”) of American Depositary Shares (“ADSs”), each (subject to paragraph (13)
(Changes Affecting Deposited Securities)) representing five ordinary shares (including the rights to receive Shares
described in paragraph (1) (Issuance of ADSs), “Shares” and, together with any other securities,
cash or property from time to time held by the Depositary in respect or in lieu of deposited Shares, the “Deposited
Securities”), of Tiziana Life Sciences plc, a corporation organized under the laws of England and Wales (the
“Company”), deposited under the Deposit Agreement dated as of [DATE], 2018 (as amended from time to time, the
“Deposit Agreement”) among the Company, the Depositary and all Holders from time to time of
American Depositary Receipts issued thereunder (“ADRs”), each of whom by accepting an ADR becomes a party
thereto. The Deposit Agreement and this ADR (which includes the provisions set forth on the reverse hereof) shall be governed
by and construed in accordance with the internal laws of the State of New York without giving effect to the application of
the conflict of law principles thereof. All capitalized terms used herein, and not defined herein, shall have the meanings
ascribed to such terms in the Deposit Agreement.

 

    	 	A-1	 

     

    

 

 

(1)
Issuance of ADSs.

 

(a)
Issuance. This ADR is one of the ADRs issued under the Deposit Agreement. Subject to the other provisions hereof, the Depositary
may so issue ADRs for delivery at the Transfer Office (as hereinafter defined) only against deposit of: (i) Shares in a form satisfactory
to the Custodian; or (ii) rights to receive Shares from the Company or any registrar, transfer agent, clearing agent or other
entity recording Share ownership or transactions.

 

(b)
Lending. In its capacity as Depositary, the Depositary shall not lend Shares or ADSs.

 

(c)
Representations and Warranties of Depositors. Every person depositing Shares under the Deposit Agreement represents and
warrants that:

 

		(i)	such
                                         Shares and the certificates therefor are duly authorized, validly issued and outstanding,
                                         fully paid, nonassessable and legally obtained by such person,

 

		(ii)	all
                                         pre-emptive and comparable rights, if any, with respect to such Shares have been validly
                                         waived or exercised,

 

		(iii)	the
                                         person making such deposit is duly authorized so to do,

 

		(iv)	the
                                         Shares presented for deposit are free and clear of any lien, encumbrance, security interest,
                                         charge, mortgage or adverse claim and

 

		(v)	such
                                         Shares (A) are not “restricted securities” as such term is defined in Rule
                                         144 under the Securities Act of 1933 (“Restricted Securities”) unless
                                         at the time of deposit the requirements of paragraphs (c), (e), (f) and (h) of Rule 144
                                         shall not apply and such Shares may be freely transferred and may otherwise be offered
                                         and sold freely in the United States or (B) have been registered under the Securities
                                         Act of 1933. To the extent the person depositing Shares is an “affiliate” of
                                         the Company as such term is defined in Rule 144, the person also represents and warrants
                                         that upon the sale of the ADSs, all of the provisions of Rule 144 which enable the Shares
                                         to be freely sold (in the form of ADSs) will be fully complied with and, as a result
                                         thereof, all of the ADSs issued in respect of such Shares will not be on the sale thereof,
                                         Restricted Securities

 

    	 	A-2	 

     

    

 

 

Such
representations and warranties shall survive the deposit and withdrawal of Shares and the issuance and cancellation of ADSs in
respect thereof and the transfer of such ADSs.

 

(d) The
Depositary may refuse to accept for such deposit any Shares identified by the Company in order to facilitate compliance with the
requirements of the Securities Act of 1933 or the Rules made thereunder.

 

(2)
Withdrawal of Deposited Securities. Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.) and
(5) (Liability of Holder for Taxes, Duties and Other Charges), upon surrender of (a) a certificated ADR in a form satisfactory
to the Depositary at the Transfer Office or (b) proper instructions and documentation in the case of a Direct Registration ADR,
the Holder hereof is entitled to delivery at, or to the extent in dematerialized form from, the Custodian’s office of the Deposited
Securities at the time represented by the ADSs evidenced by this ADR. At the request, risk and expense of the Holder hereof, the
Depositary may deliver such Deposited Securities at such other place as may have been requested by the Holder. Notwithstanding
any other provision of the Deposit Agreement or this ADR, the withdrawal of Deposited Securities may be restricted only for the
reasons set forth in General Instruction I.A.(1) of Form F-6 (as such instructions may be amended from time to time) under the
Securities Act of 1933.

 

(3)
Transfers, Split-Ups and Combinations of ADRs.

 

(a)
Transfer Office. The Depositary or its agent will keep, at a designated transfer office (the “Transfer Office”),
(i) a register (the “ADR Register”) for the registration, registration of transfer, combination and split-up
of ADRs, and, in the case of Direct Registration ADRs, shall include the Direct Registration System, which at all reasonable times
will be open for inspection by Holders and the Company for the purpose of communicating with Holders in the interest of the business
of the Company or a matter relating to the Deposit Agreement and (ii) facilities for the delivery and receipt of ADRs. The term
ADR Register includes the Direct Registration System. Title to this ADR (and to the Deposited Securities represented by the ADSs
evidenced hereby), when properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper
instruments of transfer, is transferable by delivery with the same effect as in the case of negotiable instruments under the laws
of the State of New York; provided that the Depositary, notwithstanding any notice to the contrary, may treat the person
in whose name this ADR is registered on the ADR Register as the absolute owner hereof for all purposes and neither the Depositary
nor the Company will have any obligation or be subject to any liability under the Deposit Agreement to any holder of an ADR, unless
such holder is the Holder thereof. Subject to paragraphs (4) and (5), this ADR is transferable on the ADR Register and may be
split into other ADRs or combined with other ADRs into one ADR, evidencing the aggregate number of ADSs surrendered for split-up
or combination, by the Holder hereof or by duly authorized attorney upon surrender of this ADR at the Transfer Office properly
endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer and duly
stamped as may be required by applicable law; provided that the Depositary may close the ADR Register or any portion thereof
at any time or from time to time when deemed expedient by it, and it may also close the issuance book portion of the ADR Register
when reasonably requested by the Company solely in order to enable the Company to comply with applicable law. At the request of
a Holder, the Depositary shall, for the purpose of substituting a certificated ADR with a Direct Registration ADR, or vice versa,
execute and deliver a certificated ADR or a Direct Registration ADR, as the case may be, for any authorized number of ADSs requested,
evidencing the same aggregate number of ADSs as those evidenced by the certificated ADR or Direct Registration ADR, as the case
may be, substituted.

 

(4)
Certain Limitations to Registration, Transfer etc. Prior to the issue, registration, registration of transfer, split-up
or combination of any ADR, the delivery of any distribution in respect thereof, or, subject to the last sentence of paragraph
(2) (Withdrawal of Deposited Securities), the withdrawal of any Deposited Securities, and from time to time in the case
of clause (b)(ii) of this paragraph (4), the Company, the Depositary or the Custodian may require:

 

(a)
payment with respect thereto of (i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration
fees in effect for the registration of transfers of Shares or other Deposited Securities upon any applicable register and (iii)
any applicable charges as provided in paragraph (7) (Charges of Depositary) of this ADR;

 

(b)
the production of proof satisfactory to it of (i) the identity of any signatory and genuineness of any signature and (ii) such
other information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial
ownership of any securities, compliance with applicable law, regulations, provisions of or governing Deposited Securities and
terms of the Deposit Agreement and this ADR, as it may deem necessary or proper; and

 

    	 	A-3	 

     

    

 

 

(c)
compliance with such regulations as the Depositary may establish consistent with the Deposit Agreement.

 

The
issuance of ADRs, the acceptance of deposits of Shares, the registration, registration of transfer, split-up or combination of
ADRs or, subject to the last sentence of paragraph (2) (Withdrawal of Deposited Securities), the withdrawal of Deposited
Securities may be suspended, generally or in particular instances, when the ADR Register or any register for Deposited Securities
is closed or when any such action is deemed advisable by the Depositary.

 

(5)
Liability of Holder for Taxes, Duties and Other Charges. If any tax or other governmental charges (including any penalties
and/or interest) shall become payable by or on behalf of the Custodian or the Depositary with respect to this ADR, any Deposited
Securities represented by the ADSs evidenced hereby or any distribution thereon, such tax or other governmental charge shall be
paid by the Holder hereof to the Depositary and by holding or having held an ADR the Holder and all prior Holders hereof, jointly
and severally, agree to indemnify, defend and save harmless each of the Depositary and its agents in respect thereof. The Depositary
may refuse to effect any registration, registration of transfer, split-up or combination hereof or, subject to the last sentence
of paragraph (2) (Withdrawal of Deposited Securities), any withdrawal of such Deposited Securities until such payment is
made. The Depositary may also deduct from any distributions on or in respect of Deposited Securities, or may sell by public or
private sale for the account of the Holder hereof any part or all of such Deposited Securities (after attempting by reasonable
means to notify the Holder hereof prior to such sale), and may apply such deduction or the proceeds of any such sale in payment
of such tax or other governmental charge, the Holder hereof remaining liable for any deficiency, and shall reduce the number of
ADSs evidenced hereby to reflect any such sales of Shares. In connection with any distribution to Holders, the Company will remit
to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or
agency by the Company; and the Depositary and the Custodian will remit to the appropriate governmental authority or agency all
amounts (if any) required to be withheld and owing to such authority or agency by the Depositary or the Custodian. If the Depositary
determines that any distribution in property other than cash (including Shares or rights) on Deposited Securities is subject to
any tax that the Depositary or the Custodian is obligated to withhold, the Depositary may dispose of all or a portion of such
property in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes, by public or
private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after
deduction of such taxes to the Holders entitled thereto. Each Holder of an ADR or an interest therein agrees to indemnify the
Depositary, the Company, the Custodian and any of their respective officers, directors, employees, agents and affiliates against,
and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties
or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained which obligations
shall survive any transfer or surrender of ADSs or the termination of the Deposit Agreement.

 

    	 	A-4	 

     

    

 

 

(6)
Disclosure of Interests.

 

(a) General.
To the extent that the provisions of or governing any Deposited Securities may require disclosure of or impose limits on
beneficial or other ownership of, or interests in, Deposited Securities, other Shares and other securities and may
provide for blocking transfer, voting or other rights to enforce such disclosure or limits, Holders and all persons holding
ADRs agree to comply with all such disclosure requirements and ownership limitations and to comply with any reasonable
Company instructions in respect thereof. The Company reserves the right to instruct Holders to deliver their ADSs for
cancellation and withdrawal of the Deposited Securities so as to permit the Company to deal directly with the Holder thereof
as a holder of Shares and Holders agree to comply with such instructions. The Depositary agrees to cooperate with the Company
in its efforts to inform Holders of the Company’s exercise of its rights under this paragraph and agrees to consult with, and
provide reasonable assistance without risk, liability or expense on the part of the Depositary, to the Company on the manner
or manners in which it may enforce such rights with respect to any Holder.

 

Notwithstanding
any provision of the Deposit Agreement or of the ADRs and without limiting the foregoing, by being a Holder, each such Holder
agrees to provide such information as the Company may request in a disclosure notice (a “Disclosure Notice”) given pursuant
to the United Kingdom Companies Act 2006 (as amended from time to time and including any statutory modification or re-enactment
thereof, the “Companies Act”) or the Articles of Association of the Company. By accepting or holding an ADR, each Holder
acknowledges that it understands that failure to comply with a Disclosure Notice may result in the imposition of sanctions against
the holder of the Shares in respect of which the non-complying person is or was, or appears to be or has been, interested as provided
in the Companies Act and the Articles of Association which currently include, the withdrawal of the voting rights of such Shares
and the imposition of restrictions on the rights to receive dividends on and to transfer such Shares. In addition, by accepting
or holding an ADR each Holder agrees to comply with the provisions of the United Kingdom Disclosure Guidance and Transparency
Rules (as amended from time to time, the “DTRs”) with regard to the notification to the Company of interests in Shares
and certain financial instruments, which currently provide, inter alia, that a Holder must notify the Company of the percentage
of its voting rights he holds as shareholder or holds or is deemed to hold through his direct or indirect holding of certain financial
instruments (or a combination of such holdings) if the percentage of those voting rights (i) reaches, exceeds or falls below 3%,
4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% as a result of an acquisition or disposal of Shares or
certain financial instruments, or (ii) reaches, exceeds or falls below such applicable thresholds as a result of events changing
the breakdown of voting rights and on the basis of information disclosed by the Company in accordance with the DTRs. The notification
must be effected as soon as possible, but not later than two trading days after the Holder (a) learns of the acquisition or disposal
or of the possibility of exercising voting rights, or on which, having regard to the circumstances, should have learned of it,
regardless of the date on which the acquisition, disposal or possibility of exercising voting rights takes effect, or (b) is informed
of the event mentioned in (ii) above.

 

    	 	A-5	 

     

    

 

 

(7)
Charges of Depositary.

 

(a)
Rights of the Depositary. The Depositary may charge, and collect from, (i) each person to whom ADSs are issued, including,
without limitation, issuances against deposits of Shares, issuances in respect of Share Distributions, Rights and Other
Distributions (as such terms are defined in paragraph (10) (Distributions on Deposited Securities)), issuances pursuant
to a stock dividend or stock split declared by the Company, or issuances pursuant to a merger, exchange of securities or
any other transaction or event affecting the ADSs or the Deposited Securities, and (ii) each person surrendering ADSs for
withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason U.S.$5.00 for each 100 ADSs (or
portion thereof) issued, delivered, reduced, cancelled or surrendered, or upon which a Share Distribution or elective distribution
is made or offered (as the case may be). The Depositary may sell (by public or private sale) sufficient securities and property
received in respect of Share Distributions, Rights and Other Distributions prior to such deposit to pay such charge.

 

(b)
Additional charges by the Depositary. The following additional charges shall also be incurred by the Holders, by any party
depositing or withdrawing Shares or by any party surrendering ADSs and/or to whom ADSs are issued (including, without limitation,
issuances pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the ADSs or the
Deposited Securities or a distribution of ADSs pursuant to paragraph (10) (Distributions on Deposited Securities), whichever
is applicable:

 

		(i)	a
                                         fee of U.S.$0.05 or less per ADS held for any Cash distribution made, or for any elective
                                         cash/stock dividend offered, pursuant to the Deposit Agreement,

 

		(ii)	a
                                         fee of U.S.$1.50 per ADR or ADRs for transfers made pursuant to paragraph (3) hereof,

 

		(iii)	a
                                         fee for the distribution or sale of securities pursuant to paragraph (10) hereof, such
                                         fee being in an amount equal to the fee for the execution and delivery of ADSs referred
                                         to above which would have been charged as a result of the deposit of such securities
                                         (for purposes of this paragraph (7) treating all such securities as if they were Shares)
                                         but which securities or the net cash proceeds from the sale thereof are instead distributed
                                         by the Depositary to Holders entitled thereto,

 

		(iv)	an
                                         aggregate fee of U.S.$0.05 or less per ADS per calendar year (or portion thereof) for
                                         services performed by the Depositary in administering the ADRs (which fee may be charged
                                         on a periodic basis during each calendar year and shall be assessed against Holders as
                                         of the record date or record dates set by the Depositary during each calendar year and
                                         shall be payable at the sole discretion of the Depositary by billing such Holders or
                                         by deducting such charge from one or more cash dividends or other cash distributions),
                                         and

 

		(v)	a
                                         fee for the reimbursement of such fees, charges and expenses as are incurred by the Depositary
                                         and/or any of its agents (including, without limitation, the Custodian and expenses incurred
                                         on behalf of Holders in connection with compliance with foreign exchange control regulations
                                         or any law or regulation relating to foreign investment) in connection with the servicing
                                         of the Shares or other Deposited Securities, the sale of securities (including, without
                                         limitation, Deposited Securities), the delivery of Deposited Securities or otherwise
                                         in connection with the Depositary’s or its Custodian’s compliance with applicable law,
                                         rule or regulation (which fees and charges shall be assessed on a proportionate basis
                                         against Holders as of the record date or dates set by the Depositary and shall be payable
                                         at the sole discretion of the Depositary by billing such Holders or by deducting such
                                         charge from one or more cash dividends or other cash distributions).

 

    	 	A-6	 

     

    

 

 

(c)
Obligations of the Company. The Company will pay all other charges and expenses of the Depositary and any agent of the
Depositary (except the Custodian) pursuant to agreements from time to time between the Company and the Depositary, except:

 

		(i)	stock
                                         transfer or other taxes and other governmental charges (which are payable by Holders
                                         or persons depositing Shares);

 

		(ii)	SWIFT,
                                         cable, telex and facsimile transmission and delivery charges incurred at the request
                                         of persons depositing, or Holders delivering Shares, ADRs or Deposited Securities (which
                                         are payable by such persons or Holders);

 

		(iii)	transfer
                                         or registration fees for the registration or transfer of Deposited Securities on any
                                         applicable register in connection with the deposit or withdrawal of Deposited Securities
                                         (which are payable by persons depositing Shares or Holders withdrawing Deposited Securities;
                                         there are no such fees in respect of the Shares as of the date of the Deposit Agreement),
                                         and

 

		(iv)	in
                                         connection with the conversion of foreign currency into U.S. dollars, JPMorgan Chase
                                         Bank, N.A. (“JPMorgan”) shall deduct out of such foreign currency the fees,
                                         expenses and other charges charged by it and/or its agent (which may be a division, branch
                                         or affiliate) so appointed in connection with such conversion. JPMorgan and/or its agent
                                         may act as principal for such conversion of foreign currency. Such charges may at any
                                         time and from time to time be changed by agreement between the Company and the Depositary.
                                         For further details see https://www.adr.com.

 

(d)
Disclosure of Potential Depositary Payments. The Depositary anticipates reimbursing the Company for certain expenses incurred
by the Company that are related to the establishment and maintenance of the ADR program upon such terms and conditions as the
Company and the Depositary may agree from time to time.  The Depositary may make available to the Company a set amount or
a portion of the Depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as the Company
and the Depositary may agree from time to time. 

 

(e)
The right of the Depositary to receive payment of fees, charges and expenses as provided above shall survive the termination of
the Deposit Agreement. As to any Depositary, upon the resignation or removal of such Depositary, such right shall extend for those
fees, charges and expenses incurred prior to the effectiveness of such resignation or removal.

 

    	 	A-7	 

     

    

 

 

(8)
Available Information. The Deposit Agreement, the provisions of or governing Deposited Securities and any written communications
from the Company, which are both received by the Custodian or its nominee as a holder of Deposited Securities and made generally
available to the holders of Deposited Securities, are available for inspection by Holders at the offices of the Depositary and
the Custodian, at the Transfer Office or on the U.S. Securities and Exchange Commission’s website. The Depositary will distribute
copies of such communications (or English translations or summaries thereof) to Holders when furnished by the Company. The Company
is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and accordingly files certain reports
with the United States Securities and Exchange Commission (the “Commission”). Such reports and other information may
be inspected and copied through the Commission’s EDGAR system or at public reference facilities maintained by the Commission
located at the date hereof at 100 F Street, NE, Washington, DC 20549.

 

(9)
Execution. This ADR shall not be valid for any purpose unless executed by the Depositary by the manual or facsimile signature
of a duly authorized officer of the Depositary.

 

Dated:

 

	 	JPMORGAN CHASE BANK, N.A., as Depositary
	 	 
	 	By 	             
	 	Authorized Officer

 

The
Depositary’s office is located at 383 Madison Avenue, Floor 11, New York, New York 10179.

 

    	 	A-8	 

     

    

 

 

[FORM
OF REVERSE OF ADR]

 

(10)
Distributions on Deposited Securities. Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.)
and (5) (Liability of Holder for Taxes, Duties and other Charges), to the extent practicable, the Depositary will distribute
as soon as reasonably practicable to each Holder entitled thereto on the record date set by the Depositary therefor at such Holder’s
address shown on the ADR Register, in proportion to the number of Deposited Securities (on which the following distributions on
Deposited Securities are received by the Custodian) represented by ADSs evidenced by such Holder’s ADRs:

 

(a)
Cash. Any U.S. dollars available to the Depositary resulting from a cash dividend or other cash distribution or the net
proceeds of sales of any other distribution or portion thereof authorized in this paragraph (10) (“Cash”), on
an averaged or other practicable basis, subject to (i) appropriate adjustments for taxes withheld, (ii) such distribution being
impermissible or impracticable with respect to certain Holders, and (iii) deduction of the Depositary’s and/or its agents’ fees
and expenses in (1) converting any foreign currency to U.S. dollars by sale or in such other manner as the Depositary may determine
to the extent that it determines that such conversion may be made on a reasonable basis, (2) transferring foreign currency or
U.S. dollars to the United States by such means as the Depositary may determine to the extent that it determines that such transfer
may be made on a reasonable basis, (3) obtaining any approval or license of any governmental authority required for such conversion
or transfer, which is obtainable at a reasonable cost and within a reasonable time and (4) making any sale by public or private
means in any commercially reasonable manner.

 

(b)
Shares. (i) Additional ADRs evidencing whole ADSs representing any Shares available to the Depositary resulting from a
dividend or free distribution on Deposited Securities consisting of Shares (a “Share Distribution”) and (ii)
U.S. dollars available to it resulting from the net proceeds of sales of Shares received in a Share Distribution, which Shares
would give rise to fractional ADSs if additional ADRs were issued therefor, as in the case of Cash.

 

(c)
Rights. (i) Warrants or other instruments in the discretion of the Depositary representing rights to acquire additional
ADRs in respect of any rights to subscribe for additional Shares or rights of any nature available to the Depositary as a result
of a distribution on Deposited Securities (“Rights”), to the extent that the Company timely furnishes to the
Depositary evidence satisfactory to the Depositary that the Depositary may lawfully distribute the same (the Company has no obligation
to so furnish such evidence), or (ii) to the extent the Company does not so furnish such evidence and sales of Rights are practicable,
any U.S. dollars available to the Depositary from the net proceeds of sales of Rights as in the case of Cash, or (iii) to the
extent the Company does not so furnish such evidence and such sales cannot practicably be accomplished by reason of the nontransferability
of the Rights, limited markets therefor, their short duration or otherwise, nothing (and any Rights may lapse).

 

    	 	A-9	 

     

    

 

 

(d)
Other Distributions. (i) Securities or property available to the Depositary resulting from any distribution on Deposited
Securities other than Cash, Share Distributions and Rights (“Other Distributions”), by any means that the Depositary
may deem equitable and practicable, or (ii) to the extent the Depositary deems distribution of such securities or property not
to be equitable and practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Other Distributions
as in the case of Cash. The Depositary reserves the right to utilize a division, branch or affiliate of JPMorgan Chase Bank, N.A.
to direct, manage and/or execute any public and/or private sale of securities hereunder. Such division, branch and/or affiliate
may charge the Depositary a fee in connection with such sales, which fee is considered an expense of the Depositary contemplated
above and/or under paragraph (7) (Charges of Depositary). Any U.S. dollars available will be distributed by checks drawn
on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with
by the Depositary in accordance with its then current practices. All purchases and sales of securities will be handled by the
Depositary in accordance with its then current policies, which are currently set forth in the “Depositary Receipt Sale and
Purchase of Security” section of https://www.adr.com/Investors/FindOutAboutDRs, the location and contents of which the Depositary
shall be solely responsible for.

 

(11)
Record Dates. The Depositary may, after consultation with the Company if practicable, fix a record date (which, to the
extent applicable, shall be as near as practicable to any corresponding record date set by the Company) for the determination
of the Holders who shall be responsible for the fee assessed by the Depositary for administration of the ADR program and for any
expenses provided for in paragraph (7) hereof as well as for the determination of the Holders who shall be entitled to receive
any distribution on or in respect of Deposited Securities, to give instructions for the exercise of any voting rights, to receive
any notice or to act in respect of other matters and only such Holders shall be so entitled or obligated.

 

(12)
Voting of Deposited Securities.

 

(a)
Notice of any Meeting or Solicitation. Subject to the next sentence, as soon as practicable after receipt of notice of
any meeting at which the holders of Shares are entitled to vote, or of solicitation of consents or proxies from holders of Shares
or other Deposited Securities, the Depositary shall fix the ADS record date in accordance with paragraph (11) above in respect
of such meeting or solicitation of consent or proxy. The Depositary shall, if requested by the Company in writing in a timely
manner (the Depositary having no obligation to take any further action if the request shall not have been received by the Depositary
at least 30 days prior to the date of such vote or meeting) and at the Company’s expense and provided no legal prohibitions exist,
distribute to Holders a notice stating (i) such information as is contained in such notice and any solicitation materials, (ii)
that each Holder on the record date set by the Depositary therefor will, subject to any applicable provisions of English law,
be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities
represented by the ADSs evidenced by such Holder’s ADRs and (iii) the manner in which such instructions may be given, including
instructions to give a discretionary proxy to a person designated by the Company. There is no guarantee that Holders generally
or any Holder in particular will receive the notice described above with sufficient time to enable such Holder to return any voting
instructions to the Depositary in a timely manner.

 

    	 	A-10	 

     

    

 

 

(b)
Voting of Deposited Securities. Upon actual receipt by the ADR department of the Depositary of instructions of a Holder
on such record date in the manner and on or before the time established by the Depositary for such purpose, the Depositary shall
endeavor insofar as practicable and permitted under the provisions of or governing Deposited Securities to vote or cause to be
voted the Deposited Securities represented by the ADSs evidenced by such Holder’s ADRs in accordance with such instructions. The
Depositary will not itself exercise any voting discretion in respect of any Deposited Securities. Notwithstanding anything contained
in the Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by law or regulations, or by the requirements
of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection
with any meeting of, or solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Holders a
notice that provides Holders with, or otherwise publicizes to Holders, instructions on how to retrieve such materials or receive
such materials upon request (i.e., by reference to a website containing the materials for retrieval or a contact for requesting
copies of the materials). Holders are strongly encouraged to forward their voting instructions as soon as possible. Voting instructions
will not be deemed received until such time as the ADR department responsible for proxies and voting has received such instructions
notwithstanding that such instructions may have been physically received by JPMorgan Chase Bank, N.A., as Depositary, prior to
such time.

 

(13)
Changes Affecting Deposited Securities.

 

(a)
Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.) and (5) (Liability of Holder to Taxes,
Duties and Other Charges), the Depositary may, in its discretion, and shall if reasonably requested by the Company, amend
this ADR or distribute additional or amended ADRs (with or without calling this ADR for exchange) or cash, securities or property
on the record date set by the Depositary therefor to reflect any change in par value, split-up, consolidation, cancellation or
other reclassification of Deposited Securities, any Share Distribution or Other Distribution not distributed to Holders or any
cash, securities or property available to the Depositary in respect of Deposited Securities from (and the Depositary is hereby
authorized to surrender any Deposited Securities to any person and, irrespective of whether such Deposited Securities are surrendered
or otherwise cancelled by operation of law, rule, regulation or otherwise, to sell by public or private sale any property received
in connection with) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale
of all or substantially all the assets of the Company.

 

    	 	A-11	 

     

    

 

 

(b)
To the extent the Depositary does not so amend this ADR or make a distribution to Holders to reflect any of the foregoing, or
the net proceeds thereof, whatever cash, securities or property results from any of the foregoing shall constitute Deposited Securities
and each ADS evidenced by this ADR shall automatically represent its pro rata interest in the Deposited Securities as then constituted.

 

(c)
Promptly upon the occurrence of any of the aforementioned changes affecting Deposited Securities, the Company shall notify the
Depositary in writing of such occurrence and as soon as practicable after receipt of such notice from the Company, may instruct
the Depositary to give notice thereof, at the Company’s expense, to Holders in accordance with the provisions hereof. Upon receipt
of such instruction, the Depositary shall give notice to the Holders in accordance with the terms thereof, as soon as reasonably
practicable.

 

(14)
Exoneration.

 

(a)
The Depositary, the Company, and each of their respective directors, officers, employees, agents and affiliates and each of them
shall: (i) incur no liability to Holders or beneficial owners of ADSs (A) if any present or future law, rule, regulation, fiat,
order or decree of the United States, England, Wales or any other country or jurisdiction, or of any governmental or regulatory
authority or any securities exchange or market or automated quotation system, the provisions of or governing any Deposited Securities,
any present or future provision of the Company’s articles of association, any act of God, war, terrorism, nationalization, expropriation,
currency restrictions, work stoppage, strike, civil unrest, revolutions, rebellions, explosions, computer failure or circumstance
beyond its direct and immediate control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal
penalty in connection with, any act which the Deposit Agreement or this ADR provides shall be done or performed by it or them
(including, without limitation, voting pursuant to paragraph (12) hereof), or (B) by reason of any exercise or failure to exercise
any discretion given it in the Deposit Agreement or this ADR (including, without limitation, any failure to determine that any
distribution or action may be lawful or reasonably practicable); (ii) assume no liability to Holders or beneficial owners of ADSs
except to perform its obligations to the extent they are specifically set forth in this ADR and the Deposit Agreement without
gross negligence or willful misconduct; (iii) in the case of the Depositary and its agents, be under no obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or this ADR; (iv) in the case
of the Company and its agents hereunder be under no obligation to appear in, prosecute or defend any action, suit or other proceeding
in respect of any Deposited Securities or this ADR, which in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may
be required; and (v) not be liable to Holders or beneficial owners of ADSs for any action or inaction by it in reliance upon the
advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, or any other person
believed by it to be competent to give such advice or information. The Depositary shall not be liable for the acts or omissions
made by, or the insolvency of, any securities depository, clearing agency or settlement system.

 

(b)
The Depositary. The Depositary shall not be responsible for, and shall incur no liability in connection with or arising
from, the insolvency of any Custodian that is not a branch or affiliate of JPMorgan Chase Bank, N.A. The Depositary shall not
have any liability for the price received in connection with any sale of securities, the timing thereof or any delay in action
or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the
part of the party so retained in connection with any such sale or proposed sale. Notwithstanding anything to the contrary contained
in the Deposit Agreement (including the ADRs), subject to the penultimate sentence of this paragraph (14), the Depositary shall
not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part
of the Custodian except to the extent that any Holder has incurred liability directly as a result of the Custodian having (i)
committed fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable
care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the
jurisdiction in which the Custodian is located.

 

(c)
The Depositary, its agents and the Company may rely and shall be protected in acting upon any written notice, request, direction,
instruction or document believed by them to be genuine and to have been signed, presented or given by the proper party or parties.

 

    	 	A-12	 

     

    

 

 

(d)
The Depositary shall be under no obligation to inform Holders or any other holders of an interest in any ADSs about the requirements
of the laws, rules or regulations or any changes therein or thereto of any country or jurisdiction or of any governmental or regulatory
authority or any securities exchange or market or automated quotation system.

 

(e)
The Depositary and its agents will not be responsible for any failure to carry out any instructions to vote any of the Deposited
Securities, for the manner in which any such vote is cast or for the effect of any such vote.

 

(f)
The Depositary may rely upon instructions from the Company or its counsel in respect of any approval or license required for any
currency conversion, transfer or distribution.

 

(g)
The Depositary and its agents may own and deal in any class of securities of the Company and its affiliates and in ADRs.

 

(h)
Notwithstanding anything to the contrary set forth in the Deposit Agreement or an ADR, the Depositary and its agents may fully
respond to any and all demands or requests for information maintained by or on its behalf in connection with the Deposit Agreement,
any Holder or Holders, any ADR or ADRs or otherwise related hereto or thereto to the extent such information is requested or required
by or pursuant to any lawful authority, including without limitation laws, rules, regulations, administrative or judicial process,
banking, securities or other regulators

 

(i)
None of the Depositary, the Custodian or the Company shall be liable for the failure by any Holder or beneficial owner to obtain
the benefits of credits or refunds of non-U.S. tax paid against such Holder’s or beneficial owner’s income tax liability.

 

(j)
The Depositary and the Company shall not incur any liability for any tax or tax consequences that may be incurred by Holders and
beneficial owners, or any of them, on account of their ownership or disposition of the ADRs or ADSs.

 

(k)
The Depositary shall not incur any liability for the content of any information submitted to it by or on behalf of the Company
for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring
an interest in the Deposited Securities, for the validity or worth of the Deposited Securities, for the credit-worthiness of any
third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any
notice from the Company.

 

    	 	A-13	 

     

    

 

 

(m)
The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous
act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary.

 

(n) By
holding an ADS or an interest therein, Holders and owners of ADSs each irrevocably agree that any legal suit, action or proceeding
against or involving the Company or the Depositary, arising out of or based upon the Deposit Agreement, the ADSs or the transactions
contemplated herein, therein or hereby, may only be instituted in a state or federal court in New York, New York, and by holding
an ADS or an interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue
of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.

 

(o)
 The Company has agreed to indemnify the Depositary and its agents under certain circumstances
and the Depositary has agreed to indemnify the Company under certain circumstances.

 

(p) Neither
the Depositary nor any of its agents shall be liable to Holders or beneficial owners of interests in ADSs for any indirect, special,
punitive or consequential damages (including, without limitation, legal fees and expenses) or lost profits, in each case of any
form incurred by any person or entity, whether or not foreseeable and regardless of the type of action in which such a claim may
be brought.

 

(q)
No disclaimer of liability under the Securities Act of 1933 is intended by any provision hereof.

 

(15)
Resignation and Removal of Depositary; the Custodian.

 

(a)
Resignation. The Depositary may resign as Depositary by written notice of its election so to do delivered to the Company,
such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as
provided in the Deposit Agreement.  

 

(b)
Removal. The Depositary may at any time be removed by the Company by no less than 60 days’ prior written notice of such
removal, to become effective upon the later of (i) the 60th day after delivery of the notice to the Depositary and (ii) the appointment
of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement.

 

    	 	A-14	 

     

    

 

 

(c)
The Custodian. The Depositary may appoint substitute or additional Custodians and the term “Custodian”
refers to each Custodian or all Custodians as the context requires.

 

(16)
Amendment. Subject to the last sentence of paragraph (2) (Withdrawal of Deposited Securities), the ADRs and the
Deposit Agreement may be amended by the Company and the Depositary, provided that any amendment that imposes or increases
any fees or charges (other than stock transfer or other taxes and other governmental charges, transfer or registration fees, SWIFT,
cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that shall otherwise prejudice any substantial
existing right of Holders, shall become effective 30 days’ after notice of such amendment shall have been given to the Holders.
Every Holder of an ADR at the time any amendment to the Deposit Agreement so becomes effective shall be deemed, by continuing
to hold such ADR, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event
shall any amendment impair the right of the Holder of any ADR to surrender such ADR and receive the Deposited Securities represented
thereby, except in order to comply with mandatory provisions of applicable law. Any amendments or supplements which (i) are reasonably
necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities
Act of 1933 or (b) the ADSs or Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose
or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders. Notwithstanding
the foregoing, if any governmental body or regulatory body should adopt new laws, rules or regulations which would require amendment
or supplement of the Deposit Agreement or the form of ADR to ensure compliance therewith, the Company and the Depositary may amend
or supplement the Deposit Agreement and the ADR at any time in accordance with such changed laws, rules or regulations. Such amendment
or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement
is given to Holders or within any other period of time as required for compliance. Notice of any amendment to the Deposit Agreement
or form of ADRs shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the
specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice
given to the Holders identifies a means for Holders to retrieve or receive the text of such amendment (i.e., upon retrieval from
the Commission’s, the Depositary’s or the Company’s website or upon request from the Depositary).

 

(17)
Termination. The Depositary may, and shall at the written direction of the Company, terminate the Deposit Agreement and
this ADR by mailing notice of such termination to the Holders at least 30 days prior to the date fixed in such notice for such
termination; provided, however, if the Depositary shall have (i) resigned as Depositary hereunder, notice of such termination
by the Depositary shall not be provided to Holders unless a successor depositary shall not be operating hereunder within 45 days
of the date of such resignation, or (ii) been removed as Depositary hereunder, notice of such termination by the Depositary shall
not be provided to Holders unless a successor depositary shall not be operating hereunder on the 60th day after the
Company’s notice of removal was first provided to the Depositary. Notwithstanding anything to the contrary herein, the Depositary
may terminate the Deposit Agreement without notice to the Company, but subject to giving 30 days’ notice to the Holders,
under the following circumstances: (i) in the event of the Company’s bankruptcy or insolvency, (ii) if the Shares cease
to be listed on an internationally recognized stock exchange, (iii) if the Company effects (or will effect) a redemption of all
or substantially all of the Deposited Securities, or a cash or share distribution representing a return of all or substantially
all of the value of the Deposited Securities, or (iv) there occurs a merger, consolidation, sale of assets or other transaction
as a result of which securities or other property are delivered in exchange for or in lieu of Deposited Securities.

 

After
the date so fixed for termination, the Depositary and its agents will perform no further acts under the Deposit Agreement and
this ADR, except to receive and hold (or sell) distributions on Deposited Securities and deliver Deposited Securities being withdrawn.
As soon as practicable after the expiration of six months from the date so fixed for termination, the Depositary shall use its
reasonable efforts to sell the Deposited Securities and shall thereafter (as long as it may lawfully do so) hold in an account
(which may be a segregated or unsegregated account) the net proceeds of such sales, together with any other cash then held by
it under the Deposit Agreement, without liability for interest, in trust for the pro rata benefit of the Holders of ADRs
not theretofore surrendered. After making such sale, the Depositary shall be discharged from all obligations in respect of the
Deposit Agreement and this ADR, except to account for such net proceeds and other cash and for any indemnification obligations
it may have to the Company with respect to acts or omissions prior to such termination. After the date so fixed for termination,
the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary
and its agents.

 

    	 	A-15	 

     

    

 

 

(18)
Appointment; Acknowledgements and Agreements. Each Holder and each owner or person holding an interest in ADSs or ADRs,
upon acceptance of any ADSs or ADRs (or any interest in any of them) issued in accordance with the terms and conditions of the
Deposit Agreement shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and the
applicable ADR(s), (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take
any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary
to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate
to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive
determinant of the necessity and appropriateness thereof, and (c) acknowledge and agree that (i) nothing in the Deposit Agreement
or any ADR shall give rise to a partnership or joint venture among the parties thereto nor establish a fiduciary or similar relationship
among such parties, (ii) the Depositary, its divisions, branches and affiliates, and their respective agents, may from time to
time be in the possession of non-public information about the Company, Holders, owners of ADSs and/or their respective affiliates,
(iii) the Depositary and its divisions, branches and affiliates may at any time have multiple banking relationships with the Company,
Holders, owners of ADSs and/or the affiliates of any of them, (iv) the Depositary and its divisions, branches and affiliates may,
from time to time, be engaged in transactions in which parties adverse to the Company or the Holders or owners of ADSs may have
interests, (v) nothing contained in the Deposit Agreement or any ADR(s) shall (A) preclude the Depositary or any of its divisions,
branches or affiliates from engaging in such transactions or establishing or maintaining such relationships, or (B) obligate the
Depositary or any of its divisions, branches or affiliates to disclose such transactions or relationships or to account for any
profit made or payment received in such transactions or relationships, and (vi) the Depositary shall not be deemed to have knowledge
of any information held by any branch, division or affiliate of the Depositary.

 

(19)
Waiver. EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR
HOLDER OF INTERESTS IN, ADSS OR ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

 

(20)
Elective Distributions in Cash or Shares. Whenever the Company intends to distribute a dividend payable at the election
of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30
days prior to the proposed distribution stating whether or not it wishes such elective distribution to be made available to Holders.
Upon receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders, the Depositary
shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful
and reasonably practicable to make such elective distribution available to the Holders. The Depositary shall make such elective
distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution is available
to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iii) the Depositary
shall have received satisfactory documentation within the terms of Section 14 of the Deposit Agreement including, without limitation,
any legal opinions of counsel in any applicable jurisdiction that the Depositary in its reasonable discretion may request, at
the expense of the Company. If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute
to the Holders, on the basis of the same determination as is made in the local market in respect of the Shares for which no election
is made, either (x) cash or (y) additional ADSs representing such additional Shares. If the above conditions are satisfied, the
Depositary shall establish a record date and establish procedures to enable Holders to elect the receipt of the proposed dividend
in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary.
Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective dividend in Shares
(rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity
to receive elective distributions on the same terms and conditions as the holders of Shares.

 

 

A-16Exhibit 4.3 

 

Form
of Representative’s Warrant

 

THE
REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE
WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN,
PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW)
TO ANYONE OTHER THAN (I) Laidlaw & COMPANY (UK) LTD. Or
AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF LAIDLAW
& COMPANY (UK) LTD. OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS
PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [________________] [DATE THAT IS SIX MONTHS FROM THE EFFECTIVE DATE]. VOID
AFTER 5:00 P.M., EASTERN TIME, [___________________] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE].

 

ORDINARY
SHARES PURCHASE WARRANT

 

For
the Purchase of [_____] Ordinary Shares

of

Tiziana
Life Sciences plc

 

1. Purchase
Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of Laidlaw & Company (UK) Ltd. (“Holder”),
as registered owner of this Purchase Warrant, to Tiziana Life Sciences plc, a public limited company incorporated in England and
Wales (the “Company”), Holder is entitled, at any time or from time to time from [________________] [DATE
THAT IS SIX MONTHS FROM THE EFFECTIVE DATE] (the “Commencement Date”), and at or before 5:00 p.m., Eastern
time, [____________] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE] (the “Expiration Date”),
but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to [____] [2% of the number of Ordinary
Shares underlying American Depositary Shares sold in the Offering] Ordinary Shares of nominal value 3 pence each in the capital
of the Company (the “Shares”), subject to adjustment as provided in Section 6 hereof. If the Expiration Date
is a day on which banking institutions are authorized by law to close, then this Purchase Warrant may be exercised on the next
succeeding day which is not such a day in accordance with the terms herein. This Purchase Warrant is initially exercisable at
$[___] per Share [120% of the per share price of the Ordinary Shares underlying American Depositary Shares sold in the Offering],
subject to adjustment as provided herein. The term “Exercise Price” shall mean the initial exercise price or
the adjusted exercise price, depending on the context. The term “Effective Date” shall mean [____], the date
on which the Registration Statement on Form F-1 (File No. 333-226368) of the Company was declared effective by the Securities
and Exchange Commission (the “Registration Statement”).

 

    -1-

     

    

 

2. Exercise.

 

2.1 Exercise
Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and
delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased,
payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check
or official bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time,
on the Expiration Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented
hereby shall cease and expire.

 

2.2 Cashless
Exercise.  If at any time after the Commencement Date there is no effective registration statement registering, or no
current prospectus available for, the resale of the Shares by the Holder, then in lieu of exercising this Purchase Warrant by
payment of cash or check payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number
of Shares equal to the value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase
Warrant to the Company, together with the exercise form attached hereto, in which event the Company shall issue to Holder Shares
in accordance with the following formula:

 

	X	=	Y(A-B)	 
	A	 
	Where,	 	 	 
	 	X	=	The
    number of Shares to be issued to Holder;
	 	Y	=	The
    number of Shares for which this Purchase Warrant is being exercised;
	 	A	=	The
    fair market value of one Share; and
	 	B	=	The
        Exercise Price.

        

	 	 	 	 	 	 	 

For
purposes of this Section 2.2, the fair market value of a Share is defined as follows:

 

		(i)	if
                                         the Company’s American Depositary Shares are traded on a national securities exchange,
                                         the value shall be deemed to be the closing price on such exchange prior to the exercise
                                         form being submitted in connection with the exercise of this Purchase Warrant; or
	 	 	 

		(ii)	if
                                         the Company’s American Depositary Shares are actively traded on the over-the-counter
                                         market, the value shall be deemed to be the closing bid prior to the exercise form being
                                         submitted in connection with the exercise of this Purchase Warrant; if there is no active
                                         public market, the value shall be the fair market value thereof, as determined in good
                                         faith by the Company’s Board of Directors.

 

    -2-

     

    

 

2.3
 Legend. Each certificate for the securities purchased under this Purchase Warrant
shall bear a legend as follows, unless such securities have been registered under the Securities Act of 1933, as amended (the
“Securities Act”):

 

“The
securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise
transferred except pursuant to an effective registration statement under the Securities Act, or pursuant to an exemption from
registration under the Securities Act and applicable state law which, in the opinion of counsel to the Company, is available.”

 

3. Transfer.

 

3.1 General
Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder
will not: (a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant for a period of one hundred eighty (180) days
following the Effective Date to anyone other than: (i) Laidlaw & Company (UK) Ltd. (“Laidlaw”) or an Underwriter
or a selected dealer in connection with the sale of securities of the Company pursuant to the terms of that certain Underwriting
Agreement, by and between Laidlaw and the other underwriters named on Schedule I thereto (collectively, the “Underwriters”)
and the Company, dated as of [___________], 2018 (the “Underwriting Agreement”), or (ii) a bona fide officer
or partner of Laidlaw or of any such Underwriter or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(g)(1),
or (b) cause this Purchase Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative,
put or call transaction that would result in the effective economic disposition of this Purchase Warrant or the securities hereunder,
except as provided for in FINRA Rule 5110(g)(2). On and after 180 days after the Effective Date, transfers to others may be made
subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder
must deliver to the Company the assignment form attached hereto duly executed and completed, together with this Purchase Warrant
and payment of all transfer taxes, if any, payable in connection therewith. Subject to the other provisions of this Section 3.1,
the Company shall within five (5) Business Days transfer this Purchase Warrant on the books of the Company and shall execute and
deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right
to purchase the aggregate number of Shares purchasable hereunder or such portion of such number as shall be contemplated by any
such assignment.

 

3.2
 Restrictions Imposed by the Securities Act. The securities evidenced by this
Purchase Warrant shall not be transferred unless and until: (a) the Company has received the opinion of counsel for the Holder
that the securities may be transferred pursuant to an exemption from registration under the Securities Act and applicable state
securities laws, the availability of which is established to the reasonable satisfaction of the Company (the Company hereby agreeing
that the opinion of Sheppard, Mullin, Richter & Hampton LLP shall be deemed satisfactory evidence of the availability of an
exemption), or (b) a registration statement or a post-effective amendment to a registration statement relating to the offer and
sale of such securities has been filed by the Company and declared effective by the U.S. Securities and Exchange Commission (the “Commission”)
and compliance with applicable state securities law has been established.

 

    -3-

     

    

 

4. Registration
Rights.

 

4.1 Demand
Registration.

 

4.1.1 Grant
of Right. The Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51% of the
Purchase Warrants and/or the underlying Shares, agrees to register, on one occasion, all or any portion of the Shares underlying
this Purchase Warrant (collectively, the “Registrable Securities”). On such occasion, the Company will file
a registration statement with the Commission covering the Registrable Securities within sixty (60) days after receipt of a Demand
Notice and use its reasonable best efforts to have the registration statement declared effective promptly thereafter, subject
to compliance with any review by the Commission; provided, however, that the Company shall not be required to comply
with a Demand Notice if the Company has filed a registration statement with respect to which the Holder is entitled to piggy-back
registration rights pursuant to Section 4.2 hereof and either: (a) the Holder has elected to participate in the offering covered
by such registration statement or (b) if such registration statement relates to an underwritten primary offering of securities
of the Company, until the offering covered by such registration statement has been withdrawn or until thirty (30) days after such
offering is consummated. The demand for registration may be made at any time during a period of four and one-half (4.5) years
beginning on the Commencement Date. The Company covenants and agrees to give written notice of its receipt of any Demand Notice
by any Holder(s) to all other registered Holders of the Registrable Securities (as listed on the Company’s warrant ledger)
within ten (10) days after the date of the receipt of any such Demand Notice. Notwithstanding the foregoing, the Company shall
not be required to register any Registrable Securities pursuant to this Section 4.1.1 that are the subject of a then-effective
registration statement.

 

4.1.2
 Terms. The Company shall bear all fees and expenses attendant to the registration
of the Registrable Securities pursuant to Section 4.1.1, but the Holders shall pay any and all underwriting commissions and the
expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities.
The Company agrees to use its commercially reasonable efforts to cause the filing required herein to become effective promptly
and to qualify or register the Registrable Securities in such states as are reasonably requested by the Holder(s); provided,
however, that in no event shall the Company be required to register the Registrable Securities in a state in which such
registration would cause the Company to be obligated to register or license to do business in such state or submit to general
service of process in such state. The Company shall cause any registration statement filed pursuant to the demand right granted
under Section 4.1.1 to remain effective until the earlier of: (i) the one (1) year anniversary of the effective date of such registration
statement or (ii) the date when all Registrable Securities covered by such registration statement have been sold. The Holders
shall only use the prospectuses provided by the Company to sell the shares covered by such registration statement, and will immediately
cease to use any prospectus furnished by the Company if the Company advises the Holder that such prospectus may no longer be used
due to a material misstatement or omission. Notwithstanding the provisions of this Section 4.1.2, the Holder shall be entitled
to a demand registration under this Section 4.1.2 on only one (1) occasion and such demand registration right shall terminate
on the fifth anniversary of the Effective Date, in accordance with FINRA Rule 5110(f)(2)(G)(iv).

 

    -4-

     

    

 

4.2
“Piggy-Back” Registration.

 

4.2.1 Grant
of Right. The Holder shall have the right, for a period of no more than seven (7) years from the Effective Date, in accordance
with FINRA Rule 5110(f)(2)(G)(v), to include all or any portion of the Registrable Securities as part of any other registration
of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under
the Securities Act or pursuant to Form S-4 or Form S-8 or any equivalent form); provided, however, that if, solely
in connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof
shall, in its reasonable discretion, impose a limitation on the number of shares of Ordinary Shares which may be included in the
registration statement because, in such underwriter’s judgment, marketing or other factors dictate such limitation is necessary
to facilitate public distribution, then the Company shall be obligated to include in such registration statement only such limited
portion of the Registrable Securities with respect to which the Holder requested inclusion hereunder as the underwriter shall
reasonably permit. To the extent there are multiple holders of Registrable Securities, any exclusion of Registrable Securities
shall be made pro-rata among the holders seeking to include Registrable Securities in proportion to the number of Registrable
Securities sought to be included by such holders; provided, however, that the Company shall not exclude any Registrable
Securities unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion
of such securities in such registration statement or are not entitled to pro-rata inclusion with the Registrable Securities. Notwithstanding
the foregoing, the Company shall not be required to register any Registrable Securities pursuant to this Section 4.2.1 that are
the subject of a then-effective registration statement.

 

4.2.2
 Terms. The Company shall bear all fees and expenses attendant to registering
the Registrable Securities pursuant to Section 4.2.1 hereof, but the Holder shall pay any and all underwriting commissions and
the expenses of any legal counsel selected by the Holder to represent it in connection with the sale of the Registrable Securities.
If there is not an effective registration statement covering all of the Registrable Securities held by the Holder at the time
of such a proposed registration, the Company shall furnish the Holder with not less than fifteen (15) days written notice prior
to the proposed date of filing of such registration statement. Notice of such a proposed registration shall continue to be given
to the Holder for each registration statement filed by the Company until such time as all of the Registrable Securities held by
the Holder have been sold. The Holder shall exercise the “piggy-back” rights provided for herein by giving written
notice within five (5) days of the receipt of the Company’s notice of its intention to file a registration statement. Except
as otherwise provided in this Purchase Warrant, there shall be no limit on the number of times the Holder may request registration
under this Section 4.2.2; provided, however, that such registration rights shall terminate on the seventh anniversary
of the Effective Date.

 

4.3 General
Terms.

 

4.3.1 Indemnification.
The Company shall indemnify the Holder of the Registrable Securities to be sold pursuant to any registration statement hereunder
and each person, if any, who controls the Holder within the meaning of Section 15 of the Securities Act or Section 20(a) of the
Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability
(including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending
against any claim whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act or otherwise,
arising from a registration statement registering for resale the Registrable Securities, but only to the same extent and with
the same effect as the provisions pursuant to which the Company has agreed to indemnify the Underwriters contained in Section
7(a) of the Underwriting Agreement. Holder and its successors and assigns, shall severally, and not jointly, indemnify the Company
and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act, each director of the Company, and each officer of the Company who signs the registration statement registering for
resale Registrable Securities, against all loss, claim, damage, expense or liability (including all reasonable attorneys’
fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which the
Company may become subject under the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on
behalf of Holder, or its successors or assigns, in writing, for specific inclusion in a registration statement registering for
resale Registrable Securities, to the same extent and with the same effect as the provisions contained in Section 7(b) of the
Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify the Company.

 

    -5-

     

    

 

4.3.2
 Exercise of Purchase Warrant. Nothing contained in this Purchase Warrant shall
be construed as requiring the Holder to exercise its Purchase Warrant prior to or after the initial filing of any registration
statement or the effectiveness thereof.

 

4.3.3
 Documents to be Delivered by Holder. At least 10 Trading Days prior to the first
anticipated filing date of a registration statement registering for resale the Registrable Securities under this Section 4, the
Company will notify the Holder of the information the Company requires from the Holder, if any, which such information shall be
delivered to the Company promptly upon request and, in any event, within five Trading Days prior to the applicable anticipated
filing date. If the Holder returns a request for information after its deadline, the Company shall use its commercially reasonable
efforts to take such actions as are required to name such Holder as a selling security holder in the registration statement or
any pre-effective or post-effective amendment thereto and to include (to the extent not theretofore included) in the registration
statement the Registrable Securities identified in such late request for information. The Holder acknowledges and agrees that
the information in any request for information as described in this Section 4.3.3 will be used by the Company in the preparation
of the registration statement registering for resale the Registrable Securities and hereby consents to the inclusion of such information
in such registration statement.

 

5. New
Purchase Warrants to be Issued.

 

5.1 Partial
Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned
in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for
cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or
transfer tax if exercised pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge
a new Purchase Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to
purchase the number of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

 

5.2
 Lost Certificate. Upon receipt by the Company of evidence satisfactory to it
of the loss, theft, destruction or mutilation of this Purchase Warrant and of reasonably satisfactory indemnification or the posting
of a bond, the Company shall execute and deliver a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant
executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation
on the part of the Company.

 

    -6-

     

    

 

6. Adjustments.

 

6.1 Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying this Purchase Warrant shall
be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1 Share
Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Ordinary Shares of the Company is increased by a stock dividend payable in shares of Ordinary Shares of the Company or by a split
up of Ordinary Shares of the Company or other similar event, then, on the effective date thereof, the number of Shares purchasable
hereunder shall be increased in proportion to such increase in outstanding Ordinary Shares of the Company, and the Exercise Price
shall be proportionately decreased.

 

6.1.2
 Aggregation of Shares. If, after the date hereof, and subject to the provisions
of Section 6.3 below, the number of outstanding Ordinary Shares of the Company is decreased by a consolidation, combination or
reclassification of Ordinary Shares of the Company or other similar event, then, on the effective date thereof, the number of
Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Ordinary Shares of the Company,
and the Exercise Price shall be proportionately increased.

 

6.1.3
 Replacement of Securities upon Reorganization, etc. In case of any reclassification
or reorganization of the outstanding Ordinary Shares of the Company other than a change covered by Section 6.1.1 or 6.1.2 hereof,
or in the case of any share reconstruction or merger, amalgamation or consolidation of the Company with or into another corporation
(other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation and which
does not result in any reclassification or reorganization of the outstanding Ordinary Shares of the Company), or in the case of
any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety
in connection with which the Company is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until
the expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate
Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of stock or other securities or
property (including cash) receivable upon such reclassification, reorganization, share reconstruction or merger, amalgamation,
or consolidation, or upon a dissolution following any such sale or transfer, by a holder of the number of Ordinary Shares of the
Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification also results
in a change in the outstanding Ordinary Shares of the Company covered by Section 6.1.1 or 6.1.2, then such adjustment shall be
made pursuant to Section 6.1.1, Section 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply
to successive reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

6.1.4
 Changes in Form of Purchase Warrant. This form of Purchase Warrant need not be
changed because of any change pursuant to this Section 6.1, and Purchase Warrants issued after such change may state the same
Exercise Price and the same number of Shares as are stated in this Purchase Warrant. The acceptance by Holder of the issuance
of new Purchase Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring
after the Commencement Date or the computation thereof.

 

    -7-

     

    

 

6.2
 Substitute Purchase Warrant. In case of any merger or consolidation of the Company
with, or share reconstruction or amalgamation of the Company with or into, another corporation (other than a consolidation or
share reconstruction or merger or amalgamation which does not result in any reclassification or change of the outstanding Ordinary
Shares of the Company), the corporation formed by such merger or consolidation or share reconstruction or amalgamation shall execute
and deliver to the Holder a supplemental Purchase Warrant providing that the Holder shall have the right thereafter (until the
stated expiration of this Purchase Warrant) to receive, upon exercise of this Purchase Warrant, the kind and amount of shares
of stock and other securities and property receivable upon such merger or consolidation or share reconstruction or amalgamation,
by a holder of the number of Ordinary Shares of the Company for which this Purchase Warrant might have been exercised immediately
prior to such merger or consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Purchase Warrant
shall provide for adjustments which shall be identical to the adjustments provided for in this Section 6. The above provision
of this Section 6 shall similarly apply to successive consolidations or share reconstructions or amalgamations.

 

6.3
 Elimination of Fractional Interests. The Company shall not be required to issue
certificates representing fractions of Shares upon the exercise of this Purchase Warrant, nor shall it be required to issue scrip
or pay cash in lieu of any fractional interests, it being the intent of the parties that all fractional interests shall be eliminated
by rounding any fraction up or down, as the case may be, to the nearest whole number of Shares or other securities, properties
or rights.

 

6.4 Notice
of Change in Exercise Price. Upon the occurrence of each adjustment to the Exercise Price pursuant to this Section 6, the
Company at its expense will promptly compute such adjustment, in good faith, in accordance with the terms of this Purchase Warrant,
and prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number
or type of Shares or other securities issuable upon exercise of this Purchase Warrant (as applicable), describing the transactions
giving rise to such adjustments and showing in reasonable detail the facts upon which such adjustments are based. The Company
will promptly deliver a copy of each such certificate to the Holder and to the Company’s transfer agent.

 

7.
 Reservation and Listing. The Company shall at all times reserve and keep available
out of its authorized Ordinary Shares, solely for the purpose of issuance upon exercise of this Purchase Warrant, such number
of Ordinary Shares or other securities, properties or rights as shall be issuable upon the exercise hereof. The Company covenants
and agrees that, upon exercise of this Purchase Warrant and payment of the Exercise Price, in accordance with the terms hereby,
all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and
not subject to preemptive rights of any shareholder. The Company further covenants and agrees that upon exercise of the Purchase
Warrants and payment of the exercise price therefor, all Shares and other securities issuable upon such exercise shall be duly
and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. As long as this Purchase
Warrant shall be outstanding, the Company shall use its commercially reasonable efforts to cause all Shares issuable upon exercise
of this Purchase Warrant to be listed (subject to official notice of issuance) on all national securities exchanges (or, if applicable,
on the OTCQB or higher platform of the OTC Markets, Inc. or any successor trading market) on which the Shares issued to the public
in the Offering may then be listed and/or quoted.

 

    -8-

     

    

 

8. Certain
Notice Requirements.

 

8.1 Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holder the right to vote or consent or to
receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder
of the Company. If, however, at any time prior to the expiration of this Purchase Warrant and its exercise, any of the events
described in Section 8.2 shall occur, then, in the case of the occurrence of one or more of said events, the Company shall give
written notice of such event at least ten days prior to the date fixed as a record date or the date of closing the transfer books
for the determination of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription
rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale; provided that, the Company shall
not be required to provide such notice if such notice and the contents thereof shall be deemed to constitute material non-public
information. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be.
Notwithstanding the foregoing, the failure to deliver such notice or any defect therein shall not affect the validity of the corporate
action required to be described in such notice.

 

8.2
 Events Requiring Notice. The Company shall be required to give the notice described
in this Section 8 upon the occurrence of one or more of the following events: (a) if the Company shall take a record of the holders
of its outstanding Ordinary Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise than
in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting treatment
of such dividend or distribution on the books of the Company, (b) the Company shall offer to all the holders of its outstanding
Ordinary Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares
of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (c) a dissolution, liquidation or winding
up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale of all or
substantially all of its property, assets and business shall be proposed.

 

8.3
 Transmittal of Notices. All notices, requests, consents and other communications
under this Purchase Warrant shall be in writing and shall be deemed to have been duly made when hand delivered, or mailed by express
mail or private courier service: (a) if to the registered Holder of this Purchase Warrant, to the address of the Holder as shown
on the books of the Company, or (b) if to the Company, to the following address or to such other address as the Company may designate
by notice to the Holder:

 

If
to the Holder:

 

Laidlaw
& Company (UK) Ltd.

546 Fifth Avenue, 5th Floor

New York, New York 10036

Attn: Attention: Hugh Regan, Executive Director

Fax
No.: (212) 297-0670

 

    -9-

     

    

 

with
a copy (which shall not constitute notice) to:

 

Sheppard, Mullin, Richter & Hampton LLP

30
Rockefeller Plaza, 38th Floor

New
York, NY 10112

Attn:
Jeffrey Fessler

Fax
No.: 212-634-3067

 

If
to the Company:

 

Tiziana
Life Sciences plc

3rd
Floor,

11-12
St James’s Square

London
SW1 4LB

United
Kingdom

Attention:
Tiziano Lazzaretti

 

with
a copy (which shall not constitute notice) to:

 

Cooley
(UK) LLP

Dashwood,
69 Old Broad Street

London EC2M 1QS

Fax
No: +44(0)20 7760 6478

 

9. Miscellaneous.

 

9.1 Amendments.
The Company and Laidlaw may from time to time supplement or amend this Purchase Warrant without the approval of the Holder in
order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with
any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and Laidlaw may deem necessary or desirable and that the Company and Laidlaw deem shall not adversely affect the interest of the
Holder. All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement
of the modification or amendment is sought.

 

9.2
 Headings. The headings contained herein are for the sole purpose of convenience
of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this
Purchase Warrant.

 

9.3.
 Entire Agreement. This Purchase Warrant (together with the other agreements and
documents being delivered pursuant to or in connection with this Purchase Warrant) constitutes the entire agreement of the parties
hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral
and written, with respect to the subject matter hereof.

 

9.4
 Binding Effect. This Purchase Warrant shall inure solely to the benefit of and
shall be binding upon, the Holder and the Company and their permitted assignees, respective successors, legal representative and
assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect
of or by virtue of this Purchase Warrant or any provisions herein contained.

 

    -10-

     

    

 

9.5
 Governing Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant
shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to
conflict of laws principles thereof. The Company hereby agrees that any action, proceeding or claim against it arising out of,
or relating in any way to, this Purchase Warrant shall be brought and enforced in the New York Supreme Court, County of New York,
or in the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which
jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof by registered
or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 8.3 hereof.
Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.
The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other
party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection
with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its shareholders
and affiliates) and the Holder hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right
to trial by jury in any legal proceeding arising out of or relating to this Purchase Warrant or the transactions contemplated
hereby.

 

9.6
 Waiver, etc. The failure of the Company or the Holder to at any time enforce
any of the provisions of this Purchase Warrant shall not be deemed or construed to be a waiver of any such provision, nor to in
any way affect the validity of this Purchase Warrant or any provision hereof or the right of the Company or the Holder to thereafter
enforce each and every provision of this Purchase Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of
the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument executed by the party or parties
against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment
shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

 

9.7
 Execution in Counterparts. This Purchase Warrant may be executed in one or more
counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but
all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts
has been signed by each of the parties hereto and delivered to each of the other parties hereto. Such counterparts may be delivered
by facsimile transmission or other electronic transmission.

 

9.8
 Exchange Agreement. As a condition of the Holder’s receipt and acceptance
of this Purchase Warrant, Holder agrees that, at any time prior to the complete exercise of this Purchase Warrant by Holder, if
the Company and Laidlaw enter into an agreement (the “Exchange Agreement”) pursuant to which they agree that
this Purchase Warrant will be exchanged for securities or cash or a combination of both, then Holder shall agree to such exchange
and become a party to the Exchange Agreement.

 

[Signature
Page Follows]

 

    -11-

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the ___ day of
_____________, 2018.

 

	Tiziana Life Sciences plc	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

 

    -12-

     

    

 

[Form
to be used to exercise Purchase Warrant]

 

Date:
__________________, 20______

 

The
undersigned hereby elects irrevocably to exercise the Purchase Warrant for ______ Ordinary Shares of nominal value 3 pence each
(the “Shares”) in the capital of Tiziana Life Sciences plc, a public limited company incorporated in England
and Wales (the “Company”), and hereby makes payment of $____ (at the rate of $____ per Share) in payment of
the Exercise Price pursuant thereto. Please issue the Shares as to which the Purchase Warrant is exercised in accordance with
the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which the Purchase
Warrant has not been exercised.

 

or

 

The
undersigned hereby elects irrevocably to convert its right to purchase ___ Ordinary Shares of the Company under the Purchase Warrant
for ______ Shares, as determined in accordance with the following formula:

 

	X	=	Y(A-B)	 
	A	 
	Where,	 	 	 
	 	X	=	The
number of Shares to be issued to Holder;
	 	Y	=	The
    number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The
    fair market value of one Share is equal to $_____; and
	 	B	=	The
    Exercise Price which is equal to $______ per Share.

        

	 	 	 	 	 	 	 

The
undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement
with respect to the calculation shall be resolved by the Company in its sole discretion.

 

Please
issue the Shares as to which the Purchase Warrant is exercised in accordance with the instructions given below and, if applicable,
a new Purchase Warrant representing the number of Shares for which the Purchase Warrant has not been converted.

 

	Signature		 

 

	Signature Guaranteed	 	 

 

    -13-

     

    

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

	Name:	 	 
	 	(Print in Block Letters)	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by
a firm having membership on a registered national securities exchange.

 

    -14-

     

    

 

[Form
to be used to assign Purchase Warrant]

 

ASSIGNMENT

 

(To
be executed by the registered Holder to effect a transfer of the within Purchase Warrant):

 

FOR
VALUE RECEIVED, _________________ does hereby sell, assign and transfer unto ______________ the right to purchase the Ordinary
Shares of nominal value 3 pence each in the capital of Tiziana Life Sciences plc, a public limited company incorporated in England
and Wales (the “Company”), evidenced by the Purchase Warrant and does hereby authorize the Company to transfer
such right on the books of the Company.

 

Dated:
__________, 20_____

 

	Signature	 	 

 

	Signature Guaranteed	 	 

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration
or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or
by a firm having membership on a registered national securities exchange.

 

 

-15-

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