Document:

Exhibit
10.1

 

 

 

RULES

 

of
the

 

TC
Biopharm EMI Rules

 

 

 

Adopted
by Resolution of the Board on 16 December 2014

and
amended by the Board on [●] 2021

 

    	 

     

    

 

Contents

 

	 	Clause	 	Page
	 	 	 	 
	1	Definitions	 	1
	2	Grant
    of Options	 	5
	3	Other
    territories	 	6
	4	Option
    Exercise Price	 	7
	5	Variations	 	7
	6	Rights
    of exercise	 	8
	7	Manner
    of exercise of Options	 	11
	8	Lapse
    of Options	 	12
	9	Suspension
    of Option and continuation of Exercise Period	 	13
	10	Indemnity	 	13
	11	Miscellaneous	 	14
	12	Amendment
    and termination	 	17
	13	Statutory
    compliance	 	17
	14	Governing
    law	 	17
	15	Establishment
    of the Plan	 	17
	 	 	 	 
	The
    Appendix
	 	TC
    Biopharm Limited Enterprise Management Incentive Plan 2014 (Plan) 

 

    	 

     

    

 

Rules

 

of
the

 

TC
Biopharm Limited

 

Enterprise
Management Incentive Plan 2014

 

	1	Definitions
	 	 
	1.1	In
    these Rules the following words and expressions shall, unless the context otherwise requires, have the meanings set opposite them:
	 	 
	 	Acquiring
    Company means a company which obtains Control of the Company (including, on an Internal Reorganisation of the Group, any new
    holding company)
	 	 
	 	Acting
    in Concert has the meaning given to that expression in The City Code on Takeovers and Mergers in its present form or as amended
    from time to time
	 	 
	 	Articles
    or Articles of the Company means the Articles of Association of the Company from time to time
	 	 
	 	Asset
    Sale means the sale to one or more persons (other than another company within the Group) of 90% or more of (i) the business assets
    or undertaking of the Company and its Subsidiaries or (ii) the business assets or undertaking of one or more Subsidiaries where the
    business of those Subsidiaries accounts for 90% or more of the business assets or undertaking of the Group
	 	 
	 	Auditors
    means the auditors of the Company from time to time
	 	 
	 	Business
    Day means a day on which the Company is open for business (excluding Saturdays, Sundays and public holidays)
	 	 
	 	Committed
    Time has the meaning given in paragraph 26 of Schedule 5
	 	 
	 	Company
    means TC BioPharm Limited, registered in Scotland with number SC453579 and having its registered office at Pentlands Science
    Park, Bush Loan, Penicuik, Midlothian EH26 0PZ
	 	 
	 	Connected
    Person(s) has the same meaning as in section 993 ITA 2007
	 	 
	 	Control
    has the same meaning as in section 995 of ITA 2007
	 	 
	 	CSOP
    Option means a share option granted by the Company under a company share option plan which is a Schedule 4 CSOP Scheme under
    Schedule 4 ITEPA and which remains a Schedule 4 CSOP Scheme
	 	 
	 	Date
    of Grant means in relation to an Option, the date on which the Option is, was or is to be granted under the Plan pursuant to
    Rule 2
	 	 
	 	Directors
    means the board of directors of the Company from time to time or a duly constituted committee thereof, including the remuneration
    committee, or, on and after the occurrence of a corporate event as described in Rules 6.2, 6.4 or 6.5 the board of directors of the
    Company or a duly constituted committee thereof (including the remuneration committee) as constituted immediately before such event
    occurs, and references in these Rules to the Board shall mean the Directors

 

    	1

     

    

 

	 	Disqualifying
    Event has the meaning given in paragraph 59 of Schedule 5
	 	 
	 	Election
    means the election referred to in Rule 6.8 to disapply in full the restricted securities provisions of Part 7, chapter 2 of ITEPA
    (known as a section 431(1) election)
	 	 
	 	Employment
    means employment by a member of the Group and ceasing to be in employment shall be construed as ceasing to be employed
    by all such companies
	 	 
	 	Eligible
    Employee means a director or employee of the Company or its Subsidiaries who does not have a material interest in terms of paragraphs
    28 to 33 of Schedule 5 and whose Committed Time amounts to:
	 	 	 
	 	(a)	at
    least 25 hours a week or
	 	 	 
	 	(b)	if
    less, 75% of his Working Time
	 	 	 
	 	EMI
    code means the code constituted by:
	 	 	 
	 	(a)	sections
    527-541 of ITEPA
	 	 	 
	 	(b)	Schedule
    5 and
	 	 	 
	 	(c)	Part
    4 of Schedule 7D to the Taxation of Chargeable Gains Act 1992
	 	 	 
	 	Employees’
    Share Scheme has the meaning ascribed thereto by section 1166 of the Companies Act 2006 and includes the Plan
	 	 
	 	Employing
    Company such member of the Group as is the Option Holder’s employer or, if he has ceased to be employed by a member of
    the Group, was his employer, or such other member of the Group or other person as is obliged to account to HMRC or any other appropriate
    tax authorities under the PAYE regulations (as defined in section 684 of ITEPA) or any other regulations for an amount of, or representing,
    income tax and employee’s national insurance contributions, employers’ national insurance contributions or social security
    contributions or any other tax charge, levy or other sum which may arise in relation to the grant and/or exercise of an Option pursuant
    to this Plan
	 	 
	 	Exercise
    Condition(s) means the condition(s) set out in the Schedule which must be satisfied or waived before an Option can be exercised
	 	 
	 	Exit
    Event means an Asset Sale, Share Sale or a Listing
	 	 
	 	Exit
    Notice has the meaning ascribed to it in Rule 6.2(a)
	 	 
	 	Group
    means the Company and all Subsidiaries of the Company
	 	 
	 	HMRC
    means Her Majesty’s Revenue & Customs
	 	 
	 	Internal
    Reorganisation means any event, scheme or arrangement whereby another company obtains Control of the Company and immediately
    afterwards at least 90% of the issued ordinary share capital of such company is owned directly or indirectly by the same persons
    as held ordinary shares in the Company immediately prior to such event, scheme or arrangement

 

    	2

     

    

 

	 	Investment
    Agreement means the investment agreement entered into with the Company, Medinet Co Limited, Dr Michael Leek, Mrs Angela Scott,
    Mr Atholl Haas and Dr Joseph Fell dated 15 February 2014
	 	 
	 	ITA
    2007 means the Income Taxes Act 2007
	 	 
	 	ITEPA
    means the Income Tax (Earnings and Pensions) Act 2003
	 	 
	 	Listing
    means the admission of any of the Company’s ordinary shares
	 	 
	 	(a)	to
    the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s market for listed securities, or
	 	 	 
	 	(b)	to
    trading on the Alternative Investment Market of the London Stock Exchange or
	 	 	 
	 	(c)	to
    listing on a recognised stock exchange within the meaning of sections 1005(3) and 1005(4) of ITA 2007
	 	 	 
	 	Market
    Value has the meaning ascribed thereto in paragraph 55 of Schedule 5
	 	 
	 	New
    Option means a new Option granted pursuant to Rule 6.6(b)
	 	 
	 	Old
    Option means an old Option released pursuant to Rule 6.6(b)
	 	 
	 	Option
    means a right to subscribe for or acquire Shares (or shares in an Acquiring Company if Rule 6.6 is invoked) granted (or to be
    granted) pursuant to Rule 2 of the Plan, which has neither lapsed nor been fully exercised
	 	 
	 	Option
    Certificate means the certificate documenting an Option, substantially in the form set out in the attached Schedule, which is
    entered into by an Eligible Employee and the Company and which complies with the requirements of Rule 2.3
	 	 
	 	Option
    Exercise Date means the date when an Option is exercised pursuant to Rule 7
	 	 
	 	Option
    Exercise Period means the period during which an Option may be exercised which shall be specified in the Option Certificate and
    which shall end no later than midnight on the day prior to the tenth anniversary of the Date of Grant
	 	 
	 	Option
    Exercise Price means the amount to be paid for a Share on exercise of an Option being the Market Value of a Share at the Date
    of Grant as agreed by the Company and H.M. Revenue and Customs or such other amount as may be determined by the Board, but being
    not less than the nominal value of a Share in respect of any Option to be satisfied on exercise by the issue or reissue of Shares
	 	 
	 	Option
    Holder means an individual to whom an Option has been granted under the Plan, including, where the context so admits, his executors
    or personal representatives
	 	 
	 	Option
    Shares means Shares which are the subject of an Option which has not been cancelled, surrendered or lapsed
	 	 
	 	Personal
    Data means the name, home address, telephone number, e-mail address, date of birth and National Insurance or other individual
    reference number of an Option Holder or other employee information, including details of all rights to acquire Shares or other securities
    granted to the Option Holder and of Shares issued or transferred to the Option Holder pursuant to the Plan and any other personal
    information which could identify the Option Holder and is necessary for the administration of the Plan

 

    	3

     

    

 

	 	Plan
    means this Plan known as the “TCB EMI 2014” as constituted in accordance with the Rules
	 	 
	 	Plan
    Shares means Shares which have been issued or transferred on exercise of an Option
	 	 
	 	Qualifying
    Option means an Option which satisfies the requirements of Schedule 5 and which has been notified to HMRC in accordance with
    the provisions of Part 7 of Schedule 5
	 	 
	 	Restricted
    Shares and Restrictions shall have the meanings given thereto in paragraph 37(5) of Schedule 5
	 	 
	 	Rules
    means the rules of this Plan as they may be amended from time to time
	 	 
	 	Schedule
    means any schedule attached to an Option Certificate setting out when and over what number of Shares the Option can be exercised
	 	 
	 	Schedule
    5 means Schedule 5 to ITEPA
	 	 
	 	Share
    means an O ordinary share of £1 in the capital of the Company
	 	 
	 	Share
    Sale means the acquisition on an arm’s length basis by any third party together with Connected Person(s) or persons with
    whom they are Acting in Concert of Shares which, when aggregated with Shares already held by that person, represent a holding of
    Shares which equals 90% or more of the Company’s issued ordinary share capital (except as part of an Internal Reorganisation)
	 	 
	 	Subsidiary
    has the meaning given thereto in section 1159(1) Companies Act 2006
	 	 
	 	Tax
    Liability means, in relation to an Option Holder, any liability of the Option Holder’s Employing Company to account to
    HMRC or any other appropriate tax authorities under the PAYE regulations (as defined in section 684 of ITEPA) or any other regulations
    for an amount of, or representing, income tax and employee’s national insurance contributions, employers’ national insurance
    contributions or social security contributions or any other tax charge, levy or other sum which may arise in relation to the grant
    and/or exercise of an Option pursuant to this Plan
	 	 
	 	Vest
    means the crystallisation of an Option Holder’s right to exercise an Option during the Option Exercise Period pursuant
    to the terms of the Rules and the Schedule (and Vesting and Vested shall be construed accordingly)
	 	 
	 	Working
    Time has the meaning given in paragraph 27 of Schedule 5
	 	 
	1.2	In these Rules unless the context otherwise requires:
	 	 	 
	 	(a)	words
    denoting the singular shall include the plural and vice versa;
	 	 	 
	 	(b)	words
    denoting the masculine gender shall include the feminine gender;
	 	 	 
	 	(c)	any
    reference to any enactment shall be construed as a reference to that enactment as from time to time amended, extended or re-enacted.

 

    	4

     

    

 

	2	Grant
    of Options
	 	 
	2.1	Grant
    of Options
	 	 
	 	(a)	The
    Directors may at any time by resolution grant an Option to acquire Shares at the Option Exercise Price to such Eligible Employees
    as they in their absolute and uncontrolled discretion may determine. No Eligible Employee shall be entitled as of right to be granted
    an Option under the Plan.
	 	 	 
	 	(b)	The
    number of Shares to be included in any Option granted shall be determined by the Directors in their absolute and uncontrolled discretion
    subject to the limitations set out in these Rules. Any Option intended to be a Qualifying Option shall comply with the limits specified
    in paragraphs 5 to 7 of Schedule 5.
	 	 	 
	 	(c)	Options
    can only be granted for commercial reasons in order to recruit or retain Eligible Employees and not as part of a scheme or arrangement
    the main purpose, or one of the main purposes, of which is the avoidance of tax.
	 	 	 
	 	(d)	An
    Option granted over Shares which, together with Shares which are subject to any
	 	 	 	 
	 	 	(i)	previously
    awarded Qualifying Options which are unexercised;
	 	 	 	 
	 	 	(ii)	unexercised
    CSOP Options; or
	 	 	 	 
	 	 	(iii)	options
    granted under another Employees’ Shares Scheme adopted by the Company pursuant to Schedule 5 of ITEPA which remain qualifying
    options for the purposes of paragraph 1(2) of Schedule 5
	 	 	 	 
	 	 	has
    a Market Value, as at the Date of Grant, in excess of the limits specified in paragraphs 5 to 7 of Schedule 5, shall to the extent
    of such excess be an unapproved option and not a Qualifying Option.
	 	 	 	 
	2.2	Exercise
    Condition(s)
	 	 	 	 
	 	(a)	Options
    may be granted so that their exercise may be subject to such objective Exercise Condition(s) as the Directors may think fit and/or
    so that such Options may lapse to the extent that they are not exercised by a specified date or dates.
	 	 	 
	 	(b)	The
    Directors may vary or waive any Exercise Condition(s) pursuant to the provisions of Rule 12 as they apply to the whole or any specified
    part of the Option.
	 	 	 	 
	2.3	Option
    Certificate
	 	 	 	 
	 	(a)	The
    Company shall issue an Option Certificate to each Eligible Employee selected pursuant to Rule 2.1(a) which shall take effect only
    when it has been signed by both parties.
	 	 	 
	 	(b)	Each
    Option Certificate shall constitute an Option granted by the Company in favour of the Eligible Employee to acquire Shares, shall
    comply at the Date of Grant with the requirements of the EMI code where it is intended that the Option shall be a Qualifying Option,
    and shall, inter alia:
	 	 	 	 
	 	 	(i)	state
    the date on which the Option is granted;

 

    	5

     

    

 

	 	 	(ii)	state
    that the Option is granted under the provisions of Schedule 5 (where it is intended that the Option shall be a Qualifying Option);
	 	 	 	 
	 	 	(iii)	specify
    the maximum number of Shares that may be acquired on exercise of the Option;
	 	 	 	 
	 	 	(iv)	specify
    the Option Exercise Price;
	 	 	 	 
	 	 	(v)	specify
    the Option Exercise Period;
	 	 	 	 
	 	 	(vi)	state
    the time and method of exercise;
	 	 	 	 
	 	 	(vii)	state
    the conditions, including Exercise Conditions, if any, which affect the terms of or the extent of the rights under the Option (or
    confirmation that there are none);
	 	 	 	 
	 	 	(viii)	if
    the shares are Restricted Shares, contain details of the Restrictions; and
	 	 	 	 
	 	 	(ix)	be
    in writing and signed by the Company and the Eligible Employee.
	 	 	 	 
	 	(c)	The
    Option Certificate shall be broadly in the form set out in the Appendix to these Rules. If any such Option Certificate shall be worn
    out, defaced, destroyed or lost, it may be renewed on such evidence being provided and on such terms as the Directors may reasonably
    require.
	 	 	 	 
	2.4	No
    consideration
	 	 
	 	No
    consideration shall be payable by an Eligible Employee for the grant of an Option.
	 	 
	2.5	Restrictions
    on sale and assignation
	 	 
	 	Except
    for the transmission of an Option on the death of an Option Holder to his executors or personal representatives, neither Options
    nor any rights in respect thereof may be sold, transferred, assigned or otherwise disposed of, charged, pledged or otherwise encumbered
    by an Option Holder to any other person, and if an Option Holder shall so sell, transfer, assign or dispose of, charge, pledge or
    encumber any such Options or rights, or attempt to do so, whether voluntarily or involuntarily, then the relevant Option shall immediately
    lapse.
	 	 
	2.6	Lapse
    of Option on bankruptcy etc.
	 	 
	 	On
    an Option Holder becoming bankrupt or sequestrated or on executing a trust deed for creditors or making a composition, contract or
    arrangement with creditors or anything similar to any of the foregoing in any jurisdiction or on being otherwise deprived of ownership
    of his Options by operation of law, then his Options shall immediately lapse.
	 	 
	3	Other
    territories
	 	 
	3.1	The
    Directors may determine that any grant and/or exercise of Options shall be subject to such additional and/or modified terms and conditions
    relating to its grant and/or exercise as may be necessary to comply with or take account of any securities, exchange control or tax
    laws, regulations or other requirements, changes in legislation or practice of any territory which may have application to the relevant
    Eligible Employee, Option Holder or any other member of the Group.

 

    	6

     

    

 

	3.2	In
    exercising its discretion under Rule 3.1 the Directors may:
	 	 	 	 
	 	(a)	require
    an Eligible Employee or Option Holder to make such declarations or take such other action (if any) as may be required for the purpose
    of any securities, exchange control, tax or other laws of any territory which may be applicable to him at the Date of Grant and/or
    Option Exercise Date; and/or
	 	 	 
	 	(b)	adopt
    any supplemental rules or procedures governing the grant and/or exercise of Options or the issue or transfer of Shares upon exercise
    thereof as may be required for the purpose of any securities, exchange control, tax or other laws of any territory which may be applicable
    to an Eligible Employee or Option Holder including (without prejudice to the generality of the foregoing) taking such steps as may
    be necessary so as to ensure that any withholding tax or social security or similar payments required to be paid or administered
    by the Company or any other member of the Group (as the case may be) in connection with such Option (whether on grant, exercise or
    otherwise) is paid or administered in accordance with the laws or rules applicable.
	 	 	 	 
	3.3	Irrespective
    of any other provision of the Plan the Directors may amend the Plan and the terms of an Option as they consider necessary or desirable
    to take account of, or to mitigate or comply with, relevant overseas tax, securities or exchange control laws but the terms of such
    Options (as amended) must not overall be more favourable than the terms of Options granted to other Eligible Employees.
	 	 	 	 
	4	Option
    Exercise Price
	 	 	 	 
	 	The
    Option Exercise Price (which shall be subject to future adjustment as provided in Rule 5) shall be stated in the Option Certificate
    and shall be such amount as the Directors may determine (being, where the Option is to be satisfied on exercise by the issue of new
    Shares, not less than the nominal value of the Shares placed under Option).
	 	 
	5	Variations
	 	 
	5.1	In
    the event of any variation to the issued ordinary share capital of the Company in consequence of a capitalisation or rights issue,
    sub-division, consolidation, conversion or reduction of share capital or other event affecting the issued ordinary share capital
    of the Company, the number or nominal value of Shares comprised in each Option and/or the Option Exercise Price may be adjusted in
    such manner and with effect from such date as the Directors may deem appropriate; provided that,
	 	 	 	 
	 	(a)	where
    Options are to be satisfied by the issue of Shares, no adjustment shall be made to the Option Exercise Price which would result in
    it being a price per Share less than the nominal value of such Share; and
	 	 	 
	 	(b)	in
    respect of any Option intended to be or to continue to be a Qualifying Option:
	 	 	 	 
	 	 	(i)	no
    adjustment shall take effect until the Auditors have confirmed the adjustment to be fair and reasonable in their opinion;
	 	 	 	 
	 	 	(ii)	no
    adjustment shall take effect if it would constitute a Disqualifying Event for the purposes of the EMI code; and
	 	 	 	 
	 	 	(iii)	following
    the adjustment the Shares continue to satisfy the conditions specified in paragraph 35 of Schedule 5.

 

    	7

     

    

 

	5.2	Notice
    of any adjustment made pursuant to this Rule 5 shall be given to all Option Holders.
	 	 
	5.3	For
    the avoidance of doubt, the Directors may adjust an Option (in accordance with Rule 5.1) which has been exercised but in respect
    of which Shares have not yet been issued or transferred (as the case may be).
	 	 	 	 
	6	Rights
    of exercise
	 	 
	6.1	General
    Subject to Rules 6.2, 6.3, 6.4, 6.5 and 7 an Option may only be exercised during the Option Exercise Period and on the occurrence
    of an Exit Event.
	 	 	 	 
	6.2	Exit
    Event
	 	 	 	 
	 	(a)	If
    the Directors believe that an Exit Event is likely to occur then they shall as soon as practicable issue a notice to every Option
    Holder accordingly advising them of this (Exit Notice).
	 	 	 
	 	(b)	Where
    an Exit Notice is issued an Option may be exercised, subject to Rule 6.2(c), either:
	 	 	 	 
	 	 	(i)	immediately
    before the Exit Event is expected to occur (but only if the Board has resolved that it is in the Company’s best interests that
    the Option shall be so exercisable ); or
	 	 	 	 
	 	 	(ii)	conditionally,
    subject to the Exit Event occurring.
	 	 	 	 
	 	 	The
    Exit Notice shall specify whether the Option shall be exercisable pursuant to Rule 6.2(b)(i) or Rule 6.2(b)(ii).
	 	 	 	 
	 	(c)	Options
    may be exercised pursuant to Rule 6.2(b) to the extent that any Exercise Condition(s) have been satisfied or waived by the Directors
    pursuant to Rule 2.2(b)
	 	 	 
	 	(d)	Subject
    to Rule 6.6, to the extent that an Option has not been exercised immediately before or conditionally upon the Exit Event in all cases
    other than on a Listing the Option shall, unless the Exit Notice specifies otherwise, lapse 60 days after the occurrence of the Exit
    Event.
	 	 	 
	 	(e)	If
    an Option had been conditionally exercised pursuant to Rule 6.2(b)(ii) and the Exit Event does not occur, the Option shall continue
    to subsist.
	 	 	 	 
	6.3	Winding-up
	 	 
	 	Subject
    to Rule 6.6, Rule 7 and Rule 8, if notice is given of a general meeting of the Company at which a resolution will be proposed for
    the winding-up of the Company, each Option Holder shall be informed of the same and shall be entitled at any time prior to mid-day
    on the Business Day immediately preceding such general meeting to exercise his Option to the extent that any Exercise Condition(s)
    have been satisfied or waived by the Directors pursuant to Rule 2.2(b). Subject thereto, all Options shall lapse on the commencement
    of such winding-up.

 

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	6.4	Scheme
    of arrangement or amalgamation
	 	 
	 	(a)	Subject
    to Rule 2.2, Rule 6.6, Rule 7 and Rule 8, an Option may be exercised to the extent that any Exercise Condition(s) have been satisfied
    or waived by the Directors pursuant to Rule 2.2(b) within one month after any person obtains Control of the Company as a result of
    the court sanctioning a compromise or arrangement proposed for the purposes of or in connection with a plan for the reconstruction
    of the Company or its amalgamation pursuant to sections 895 to 901 of the Companies Act 2006, unless the relevant compromise or arrangement
    includes appropriate provisions for:
	 	 	 	 
	 	 	(i)	the
    replacement of Options; or
	 	 	 	 
	 	 	(ii)	other
    compensation for Option Holders for the loss of Options; which the Directors in their reasonable opinion considers to be fair.
	 	 	 	 
	 	(b)	Any
    Option to which this Rule 6.4 applies shall lapse at the end of such one month period unless before then it is exercised or released
    under Rule 6.6.
	 	 	 	 
	6.5	Compulsory
    acquisition
	 	 
	 	Subject
    to Rule 6.6, Rule 7 and Rule 8, if any person becomes bound or entitled to acquire Shares by exercising rights of compulsory acquisition
    under sections 979 to 982 of the Companies Act 2006 the Board shall notify each Option Holder of the same as soon as it becomes aware
    of the circumstances and an Option Holder shall be entitled to exercise his Options to the extent that any Exercise Condition(s)
    have been satisfied or waived by the Directors pursuant to Rule 2.2(b) at any time during the period beginning with the date on which
    the person is entitled to serve a notice under section 979 of the Companies Act 2006 and ending seven clear days before the date
    on which the person is no longer entitled to serve such a notice or during the period while that person remains bound to acquire
    shares under section 983 of the Companies Act 2006. If not so exercised, the unexercised Options shall cease to be exercisable and
    shall lapse on the date when such person ceases to be so entitled to serve such a notice or ceases to be so bound to acquire the
    shares, unless the Board determines otherwise in which case the Options shall continue to subsist in accordance with such determination.
	 	 
	6.6	Release
    of Options
	 	 	 	 
	 	(a)	Application
	 	 	 	 
	 	 	This
    Rule 6.6 applies where an Acquiring Company:
	 	 	 	 
	 	 	(i)	obtains
    Control of the Company as a result of a Share Sale; or
	 	 	 	 
	 	 	(ii)	obtains
    Control of the Company in pursuance of a compromise or arrangement sanctioned by the court under section 899 of the Companies Act
    2006; or
	 	 	 	 
	 	 	(iii)	otherwise
    obtains Control of the Company as a result of an Internal Reorganisation.
	 	 	 	 
	 	(b)	Release
    of Option
	 	 	 	 
	 	 	Subject
    to the conditions referred to in Rule 6.6(c), where this Rule 6.6 applies, an Option Holder may, within the period referred to in
    Rule 6.6(d), by agreement with the Acquiring Company release his Old Option in consideration of the grant to him of a New Option
    over shares in the Acquiring Company.

 

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	 	(c)	The
    Conditions
	 	 	 	 
	 	 	The
    conditions referred to in Rule 6.6(b) are as follows:
	 	 	 	 
	 	 	(i)	the
    total market value (determined in accordance with the provisions of section 272(1) of the Taxation of Chargeable Gains Act 1992)
    of the Shares subject to the Old Option immediately before the release must be (as nearly as possible without giving rise to fractional
    entitlements) equal to the market value (as so determined) immediately after the grant of the New Option of the shares in respect
    of which the New Option is granted;
	 	 	 	 
	 	 	(ii)	the
    aggregate exercise price payable by the Option Holder upon the exercise in full of his New Option must be equal as nearly as practicable
    to the aggregate Option Exercise Price which would have been payable by him had he exercised in full his Old Option in respect of
    the total number of Shares subject to the Old Option at the time of the release; and
	 	 	 	 
	 	 	(iii)	unless
    the Acquiring Company agrees otherwise, any additional conditions which require to be satisfied before an Option may be exercised
    shall remain applicable to the New Option;
	 	 	 	 
	 	 	The
    Auditors shall be required to confirm that conditions 6.6(c)(i) and 6.6(c)(ii) are satisfied, in their opinion.
	 	 	 	 
	 	(d)	Period
    for substitution
	 	 	 	 
	 	 	The period referred to in Rule 6.6(b) is:
	 	 	 	 
	 	 	(i)	in
    a case falling within Rule 6.6(a)(i), 60 days beginning with the time when the Acquiring Company obtains Control of the Company ;
    and
	 	 	 	 
	 	 	(ii)	in
    a case falling within Rule 6.6(a)(ii), 60 days commencing on the date the court sanctions the compromise or arrangement; and
	 	 	 	 
	 	 	(iii)	in
    a case falling with Rule 6.6(a)(iii), 60 days beginning on such date as the Directors advise the Option Holder of such Internal Reorganisation
	 	 	 	 
	 	 	subject
    in all cases to such period being within the 90 day period referred to in Rule 8.1(f), where relevant, and ending no later than 90
    days following the Internal Reorganisation.
	 	 	 	 
		(e)	Consequence
    of substitution
	 	 
	 		Where an Option Holder is granted a New Option in return for
the release of his Old Option in accordance with this Rule 6.6, then:
	 	 	 	 
	 	 	(i)	the
    New Option shall be exercisable in the same manner and at the same time as the Old Option;
	 	 	 	 
	 	 	(ii)	the
    New Option shall be subject to the provisions of the Plan as it had effect in relation to the Old Option immediately before the release;
    and
	 	 	 	 
	 	 	(iii)	with
    effect from the date of release and grant, Rules 1, 2.2, 2.5, 2.6, and 3 to 14 (inclusive) shall, in relation to the New Option,
    be construed as if references to the Company and Shares were references to the Acquiring Company and shares in the Acquiring Company
    or, as the case may be, the other company in respect of whose shares the New Option is granted.

 

    	10

     

    

 

	6.7	Priority
	 	 	 
	 	In
    the event of any conflict between any of the provisions of this Rule 6, the provision which results in the earliest lapsing of the
    Option in question shall prevail.
	 	 
	6.8	Election
	 	 
	 	By
    his acceptance of an Option, the Option Holder undertakes that he shall, if requested by the Company, enter into an Election within
    14 days of the date of exercise of the Option.
	 	 
	6.9	Deed
    of Adherence to Investment Agreement
	 	 
	 	By
    his execution of an Option Certificate, the Option Holder undertakes that he shall, if requested by the Company, sign a deed of adherence
    to the Investment Agreement.
	 	 
	7	Manner
    of exercise of Options
	 	 
	7.1	Method
	 	 
	 	In
    order for the exercise of an Option to be effective, the Option Holder must deposit the following during the Option Exercise Period
    at the Company’s registered office (or at such other place as the Directors may determine and notify to Option Holders):
	 	 	 
	 	(a)	a
    written notice addressed to the Directors of the Company (which may be endorsed on or attached to the Option Certificate) exercising
    the Option and signed by or on behalf of the Option Holder and specifying the number of Shares in respect of which the Option is
    being exercised;
	 	 	 
	 	(b)	Option
    Certificate(s) sufficient to cover the number of Shares in respect of which the Option is being exercised (provided that if the Option
    Certificate(s) have been lost, damaged or destroyed, the Directors may require an indemnity to be signed in a form acceptable to
    the Directors);
	 	 	 
	 	(c)	payment
    in full of the Option Exercise Price for the total number of Shares in respect of which the Option is exercised (or, if the Directors
    so permit, an undertaking to pay that amount, including by way of deduction from sale proceeds upon a sale of the Shares); and
	 	 	 
	 	(d)	where
    applicable, payment relating to the Tax Liability pursuant to Rule 10 or an agreement or arrangement to secure that such a payment
    is made to the satisfaction of the Board, including by way of deduction from sale proceeds upon a sale of the Shares.
	 	 	 
	 	Subject
    to Rules 6.2 to 6.5, the date the Company receives all of the foregoing or the first Business Day following receipt (unless the directors
    resolve otherwise) shall constitute the Option Exercise Date.
	 	 	 
	7.2	Share
    Certificate
	 	 	 
	 	(a)	Subject
    to Rule 7.4, the Directors shall allot or procure the transfer of Shares in respect of the Option which has been exercised within
    30 days of the Option Exercise Date, and within 14 days after the date of allotment or transfer despatch or procure the despatch
    by the Company (free of charge) of a certificate for such Shares.

 

    	11

     

    

 

	 	(b)	Subject
    to Rule 7.4, in the case of an allotment to be made upon exercise of an Option as provided in Rule 6.3, the allotment or transfer
    shall be made not later than the close of business on the day immediately preceding the date of the meeting so held and the relevant
    entry made in the register of members of the Company.
	 	 	 
	7.3	Ranking
	 	 
	 	Subject
    to Rule 11.8, Shares issued on exercise of an Option shall rank pari passu in all respects with the Shares in issue on the
    Option Exercise Date.
	 	 	 
	7.4	Consents
	 	 	 
	 	(a)	Where
    the Directors are unable to issue new Shares to satisfy an Option upon its exercise because of the provisions of the Articles, the
    Directors will endeavour to amend the Articles and/or to obtain such consents as are necessary so as to enable the Shares to be issued
    as soon as is practicable after the exercise of the Option.
	 	 	 
	 	(b)	All
    allotments and issues of Shares on the exercise of Options will be subject to any necessary consents under any relevant enactments
    or regulations for the time being in force in the United Kingdom or elsewhere, and it shall be the responsibility of the Option Holder
    to comply with any requirements to be fulfilled by him in order to obtain or obviate the necessity for any such consent.
	 	 	 
	8	Lapse
    of Options
	 	 
	8.1	An
    Option shall lapse upon the earliest of the following:
	 	 	 
	 	(a)	the
    day prior to the tenth anniversary of the Date of Grant;
	 	 	 
	 	(b)	twelve
    months after the date of an Option Holder’s death;
	 	 	 
	 	(c)	other
    than on a Listing and subject to Rule 6.2(b)(ii) to the extent that an Option has not been exercised immediately before or conditionally
    upon the Exit Event, unless the Exit Notice specifies otherwise, 60 days after the date on which an Exit Event occurs unless the
    Option Holder has, in accordance with Rule 6.6, released his Old Option in consideration of the grant to him of a New Option over
    shares in the Acquiring Company in which case the provisions of Rule 6.6 shall apply with regard to release or lapse of the Old Option;
	 	 	 
	 	(d)	any
    date specified in the Schedule to an Option Certificate as the date upon which an Option shall lapse;
	 	 	 
	 	(e)	the
    expiry of the Option Exercise Period;
	 	 	 
	 	(f)	in
    the case of an Option Holder who ceases to be in Employment for any reason (excluding death), and only to the extent that the Option
    has not Vested because any Exercise Condition(s) have not been satisfied, either the date which is 90 days following the date of
    cessation of Employment or such other date as the Directors shall decide pursuant to Rule 9;
	 	 	 
	 	(g)	the
    date on which an Option lapses pursuant to Rule 2.5, 2.6 or Rule 6 (unless Rule 6.6 applies).

 

    	12

     

    

 

	9	Suspension
    of Option and continuation of Exercise Period
	 	 
	9.1	An
    Option, but only to the extent that the Option has not Vested because any Exercise Condition(s) have not been satisfied, cannot be
    exercised
	 	 	 	 
	 	(a)	while
    an Option Holder’s employment is suspended on the grounds of suspected gross misconduct; or
	 	 	 
	 	(b)	where
    the Option Holder has given or is under notice of termination of his employment; or
	 	 	 
	 	(c)	where
    the Option Holder is subject to any formal disciplinary procedure including, without limitation, being the subject of any warning
    which has not expired or is otherwise in force; or
	 	 	 
	 	(d)	in
    the 90 day period after cessation of Employment unless, subject to Rule 9.2, the Directors resolve, during such 90 day period, that
    the Option shall become exercisable in accordance with:
	 	 	 	 
	 	 	(i)	the
    terms of the Rules; and/or
	 	 	 	 
	 	 	(ii)	any
    such other terms and conditions as the Directors, in their absolute discretion shall determine.
	 	 	 	 
	9.2	If
    the Directors make a resolution pursuant to Rule 9.1(d), and if an event occurs thereafter which, had the Option Holder not ceased
    Employment, would have meant that the Option would otherwise have lapsed, the Option shall immediately lapse and shall no longer
    be exercisable unless the Directors shall, in their absolute discretion, otherwise determine.
	 	 
	10	Indemnity
	 	 
	10.1	By
    his acceptance of a grant of an Option the Option Holder agrees to indemnify the Employing Company against any and all Tax Liabilities.
	 	 
	10.2	Notwithstanding
    the exercise of an Option, the indemnity in terms of Rule 10.1 shall continue to subsist and remain in force against an Option Holder
    who shall, following a written demand to him by the Employing Company, be required to deposit with the Employing Company a bank draft
    covering all amounts payable under Rule 10.1 by no later than seven days prior to the date the Employing Company has to account for
    such amount to HMRC or other appropriate authorities.
	 	 
	10.3	An
    Employing Company may require an Option Holder to place the Employing Company in funds to meet all liabilities covered by the indemnity
    in Rule 10.1. If the Employing Company chooses to exercise its right under this Rule 10.3 it shall notify the Option Holder as soon
    as reasonably practicable and make such arrangements as it may deem necessary.
	 	 
	10.4	If
    the Company has not requested payment by the Option Holder of a sum in respect of the Option Holder’s liabilities in accordance
    with Rule 10.3, the Company or any of its Subsidiaries may arrange for the sale at the best price which it can reasonably obtain
    of such number of Shares which would otherwise be issued or transferred to the Option Holder following the exercise of the Option,
    as will provide the Company or Employing Company with an amount equal to the Tax Liability. By his acceptance of the grant of an
    Option the Option Holder agrees that he is deemed to have given prior consent for the sale of the Shares as aforesaid.

 

    	13

     

    

 

	10.5	By
    his execution of the Option Certificate the Option Holder agrees for the purposes of paragraph 3A of Schedule 1 to the Social Security
    Contributions and Benefits Act 1992 that any liability of the Employing Company to pay employer’s national insurance contributions
    in respect of the exercise of the Option shall be transferred to the Option Holder and that the Company may recover any such amounts
    not paid by the Option Holder by deduction or otherwise. The Company, upon request by the Employing Company, may require, but subject
    to Rule 10.6, that the Option may not be exercised until the Option Holder has first entered into an election for the purpose of
    paragraph 3B of Schedule 1 to the Social Security Contributions and Benefits Act 1992 in terms of which the liability to pay secondary
    class 1 national insurance contributions in respect of the exercise of the Option is transferred to the Option Holder.
	 	 	 	 
	10.6	The
    Company may at its discretion procure that any election entered into pursuant to Rule 10.5 is varied or revoked.
	 	 
	10.7	The
    Company shall have no liability to compensate the Option Holder for any increase in the amount or change in the nature of the taxation
    to which he may be liable or for any other loss which he may sustain as a result of any event or circumstance which occurs after
    the Date of Grant as a result of which the taxation consequences of the grant or exercise of the Option are different from those
    which would have applied in the absence of the event or circumstances.
	 	 
	11	Miscellaneous
	 	 
	11.1	Notices
	 	 
	 	(a)	Any notice, communication or other document required to be given hereunder or in connection with the Plan shall, in the case of a notice or communication or other document, be in writing and may be given either by personal delivery or by sending the same by first class post,
	 	 	 	 
	 	 	(i)	in
    the case of the Directors to the Company’s registered office (or at such other place as the Directors might determine and notify
    to the Option Holders) addressed to the Directors; and
	 	 	 	 
	 	 	(ii)	in
    the case of an Eligible Employee and/or Option Holder to his last known address or to the address of the place of business at which
    he performs the whole or substantially the whole of the duties of his office or employment.
	 	 	 	 
	 	(b)	Where
    a notice, communication or other document is given by personal delivery it shall be deemed to have been received the day on which
    it was left at the relevant address.
	 	 	 
	 	(c)	Where
    a notice, communication or other document is sent by post it shall be deemed to have been received at 12 noon on the day following
    the day it was put into the post properly addressed and stamped.
	 	 	 	 
	11.2	Unissued
    Shares
	 	 
	 	The
    Company shall keep available for issue sufficient unissued Shares to satisfy all rights from time to time subsisting in respect of
    Options granted by the Directors.
	 	 
	11.3	Directors’
    Decisions Final and Binding
	 	 
	 	The
    decision of the Directors in any dispute or disagreement relating to an Option or a matter relating to the Plan (including the interpretation
    of the Rules) shall be final and conclusive and binding upon all persons.

 

    	14

     

    

 

	11.4	Cost
    of Establishing Plan
	 	 
	 	The
    costs of introducing and operating the Plan shall be borne by the Company and its Subsidiaries in such proportions as the Directors
    shall determine.
	 	 
	11.5	Administration
    of the Plan and regulations
	 	 
	 	The
    Directors shall have power from time to time to make or vary such rules and regulations and establish such procedures for the administration
    and implementation of the Plan as they think fit provided that the same are not inconsistent with these Rules.
	 	 
	11.6	Limitation
    on contracts of employment
	 	 	 	 
	 	(a)	The
    rights and obligations of any Option Holder under the terms of his office or employment with the Company (or any member of the Group
    or former member of the Group) shall not be affected by being an Option Holder.
	 	 	 
	 	(b)	The
    value of any benefit realised under the Plan by Option Holders shall not form part of his remuneration from any member of the Group
    and shall not be taken into account in determining any pension or similar entitlements.
	 	 	 
	 	(c)	Option
    Holders and Eligible Employees shall have no rights to compensation or damages on account of any loss in respect of Options or the
    Plan where such loss arises (or is claimed to arise), in whole or in part, from:
	 	 	 	 
	 	 	(i)	termination
    of office or employment with; or
	 	 	 	 
	 	 	(ii)	notice
    to terminate office or employment given by or to,
	 	 	 	 
	 	 	the
    Company, any member of the Group or any former member of the Group. This exclusion of liability shall apply however termination of
    office or employment, or the giving of notice, is caused and however compensation or damages may be claimed.
	 	 	 	 
		(d)	An Eligible Employee shall not have any right to receive Options,
whether or not he has previously been granted any.
	 	 
	11.7	No
    compensation
	 	 
	 	(a)	Option
    Holders and Eligible Employees shall have no rights to compensation or damages from the Company, any member of the Group or any former
    member of the Group on account of any loss in respect of Options or the Plan where such loss arises (or is claimed to arise), in
    whole or in part, from:
	 	 	 	 
	 	 	(i)	any
    company ceasing to be a member of the Group; or
	 	 	 	 
	 	 	(ii)	the
    transfer of any business from a member of the Group to any person which is not a member of the Group.
	 	 	 	 
	 	 	This
    exclusion of liability shall apply however the change of status of the relevant company, or the transfer of the relevant business,
    is caused, and however compensation or damages may be claimed.

 

    	15

     

    

 

		(b)	Neither the Company nor any Subsidiary shall have any liability
to compensate an Option Holder for any increase in the amount or change in the nature of the taxation to which he may be liable or for
any other loss which he may sustain as a result if:
	 	 	 	 
	 	 	(i)	the
    Option is not or does not become or ceases to be a Qualifying Option under Schedule 5; or
	 	 	 	 
	 	 	(ii)	a
    Disqualifying Event occurs or is treated as occurring in relation to the Option; or
	 	 	 	 
	 	 	(iii)	any
    other event or circumstance occurs after the Date of Grant as a result of which the taxation consequences of the grant or exercise
    of the Option are different from those which would have applied in the absence of the event or circumstances; or
	 	 	 	 
	 	 	(iv)	a
    court or tribunal of competent jurisdiction has determined, or the Company or the relevant Subsidiary has expressly admitted in writing,
    that such Option Holder has been constructively or wrongfully or unfairly dismissed; or
	 	 	 	 
	 	 	(v)	a
    court or tribunal of competent jurisdiction has determined, or the Company or the relevant Subsidiary has expressly admitted in writing,
    that such Option Holder’s employment with the Company or with any Subsidiary has been terminated by virtue of a repudiatory
    breach by the Company or such Subsidiary of his contract of employment.
	 	 
	11.8	Rights
    of Shares allotted
	 	 
	 	If
    a resolution is passed or an announcement is made by the Company that a dividend or other distribution of profits is to be or is
    proposed to be paid to the holders of Shares on the Company’s register of members on a date prior to the Option Holder becoming
    the registered holder of such Shares then the following shall apply:
	 	 	 	 
	 	(a)	any
    Shares issued or to be issued upon exercise of such Option will not rank for such dividend or distribution of profits; and
	 	 	 
	 	(b)	if
    Shares are to be transferred upon exercise of the Option, any such dividend or distribution of profits will be paid to the transferor
    of such Shares.
	 	 	 	 
	11.9	Information
    and notification
	 	 
	 	The
    Company shall not be obliged to:
	 	 	 	 
	 	(a)	provide
    Option Holders with copies of any materials sent to holders of Shares; or
	 	 	 
	 	(b)	notify
    any Option Holder if an Option is due to lapse or expire.
	 	 	 	 
	11.10	Data
    Protection Act 1998
	 	 
	 	By
    his execution of the Option Certificate, the Option Holder agrees and consents to:
	 	 	 	 
	 	(a)	the
    collection, use, processing and transfer of his Personal Data by any company within the Group and any third party administrator of
    the Plan;
	 	 	 
	 	(b)	any
    company within the Group and any third party administrator of the Plan transferring the Option Holder’s Personal Data amongst
    themselves for the purposes of implementing, administering and managing the Plan and/or the grant of Options and/or the acquisition
    of Shares pursuant to the exercise of Options;
	 	 	 
	 	(c)	the
    use of Personal Data by any such person for any such purposes; and

 

    	16

     

    

 

	 	(d)	the
    transfer to and retention of Personal Data by third parties (whether or not any such third party is situated outside the European
    Economic Area) for or in connection with such purposes.
	 	 
	11.11	Priority
    of Rules
	 	 
	 	If
    there is any conflict between the Rules and any other document or documents, the Rules and the terms and conditions set out herein
    shall take precedence over such other document or documents unless specified to the contrary herein.
	 	 
	12	Amendment
    and termination
	 	 
	12.1	Amendments
	 	 
	 	Subject
    to Rule 12.2, the Directors may, from time to time in their absolute discretion, make such amendments to each (and any of) the Plan,
    Option Certificates and any Options in writing as they deem desirable including retrospective amendments.
	 	 
	12.2	No
    amendment to prejudicially affect Option Holders in relation to Options
	 	 
	 	No
    amendments to the Plan, Option Certificates or any Options shall be made which would have the effect of altering in any prejudicial
    manner any of the Options granted prior to the amendment being made without the prior written consent of the Option Holders.
	 	 
	12.3	Power
    to terminate Plan
	 	 
	 	The
    Directors may terminate the Plan at any time by a resolution of the Board, but Options granted prior to such termination shall continue
    to be valid and exercisable in accordance with these Rules.
	 	 
	13	Statutory
    compliance
	 	 
	 	The
    Company shall comply with all statutory and any other requirements in connection with the reporting of the acquisition of Shares
    or rights to acquire Shares pursuant to the Plan.
	 	 
	14	Governing
    law
	 	 
	 	The
    Plan, the Rules, any Option Certificates and all other documents relating to the Plan shall be governed by and construed in accordance
    with Scottish Law.
	 	 
	15	Establishment
    of the Plan
	 	 
	 	The
    Plan shall be established and shall come into operation from the date on which the Plan is approved and adopted by the Board.

 

    	17

     

    

 

The
Appendix

 

TC
Biopharm Limited Enterprise Management Incentive Plan 2014 (Plan)

 

Option
Certificate

 

	Name
    and address of Option Holder	 	 
	Grantor	 	TC
    Biopharm Limited
	Date
    of Grant	 	The
    date on which the Option Certificate is signed by both parties.
	Number
    of 0 Ordinary Shares of £1 under Option	 	 
	Option
    Exercise Price	 	£
    ♦ per Option Share
	Option
    Exercise Period	 	The
    Date of Grant to midnight on the day prior to the tenth anniversary of the Date of Grant
	Exercise
    Conditions	 	See
    Schedule
	Option
    Holder to sign an Election on exercise of the Option (YIN)	 	 
	Restrictions	 	Y/N
    [If Yes, details required]

 

This
is to certify that the above-mentioned Option Holder is hereby granted an option by TC Biopharm Limited (Company) to acquire
at the above-mentioned Option Exercise Price per Share the number of O Ordinary Shares of £1 in the Company specified above (Option),
subject to the Rules of the Plan and to the Articles of Association of the Company (as may be amended from time to time) including any
conditions specified in the Schedule. The Option is personal to the Option Holder named in this Certificate and is not transferable.
The Option is granted under the provisions of Schedule 5, Income Tax (Earnings and Pensions) Act 2003.

 

This
Option may be exercised subject to and within the Option Exercise Period specified above by completing the Notice of Exercise of
Option attached to this Certificate and sending or delivering it to the Directors of the Company at ♦ (or at such other place
as the Company may subsequently notify to the Option Holder).

 

This
Option Certificate contains the only and entire agreement between the Company and the Option Holder relating to the Option. All parties
acknowledge that they have not, in executing this Certificate, relied on any written or oral representation or undertaking except as
expressly stated herein and that this Certificate supersedes any previous contract or arrangement between them relating to the Option.
The Option Holder, by his or her execution of this Option Certificate, agrees to the terms and conditions set out in this Certificate
and the Rules of the Plan.

 

If
there is any conflict between the terms of this Option Certificate and the Rules of the Plan, the Rules and the terms and conditions
set out therein shall take precedence over the terms of this Option Certificate unless specified to the contrary herein.

 

    	 

     

    

 

In
witness whereof these presents consisting of these [2] pages together with the Schedule are executed as follows:

 

	Signed
by 

                                                                     

                                                                     
	)	 	 
	♦ Limited/plc	)	
	acting by [name], director in the presence of 	)	Director
	 	 	 	 	
		 	 	 
	Signature
    of witness	 	 	 
	 	 	 	 	 
	Name
    		 	 	 
	 	 	 	 	 
	Address
    		 	 	 
	 	 	 	 	 
		 	 	 
	 	 	 	 	 
	Occupation		 	Date:
    	
	 	 	 	 	 

 

	Signed
    by 	)	 	 
	[Option
    Holder]	)	
	acting
    by [name], director in the presence of 	)	Director
		 	 	 	 
		 	 	 
	Signature
    of witness	 	 	 
	 	 	 	 	 
	Name
    		 	 	 
	 	 	 	 	 
	Address
    		 	 	 
	 	 	 	 	 
		 	 
	 	 	 	 	 
	Occupation		 	Date:
    	

 

Terms
defined in the Rules of the Plan shall have the same meanings in this Option Certificate.

 

THIS
CERTIFICATE IS IMPORTANT AND SHOULD BE KEPT IN A SAFE PLACE.

 

    	 

     

    

 

Schedule
to Option Certificate

 

Exercise
Conditions

 

[Details
to be inserted/None]

 

    	 

     

    

 

TC
Biopharm Limited Enterprise Management Incentive Plan 2014 (Plan)

 

Notice
of Exercise of Option

 

	To:	The
    Directors TC Biopharm Limited
	 	Pentlands
    Science Park,
	 	Bush
    Loan,
	 	Penicuik,
	 	Midlothian,
	 	EH26
    0PZ

 

[Date]

 

I,
______________________, being the holder of the Option represented by the enclosed Option Certificate1,
hereby:

 

	1	exercise
    the Option in respect of                       2 O Ordinary Shares of £1 each (My Shares) of TC Biopharm Limited
    (Company) at the Option Exercise Price stated in the Option Certificate;
	 	 
	2	enclose
a remittance for £                         3
in payment in full for My Shares calculated at the Option Exercise Price;
	 	 
	3	require
    My Shares on allotment or transfer to be registered in my name and agree to accept My Shares, subject to the Articles of Association
    of the Company;
	 	 
	4	declare
    that I am acquiring My Shares as beneficial owner and not as the trustee(s) or nominee(s) for any other person; and
	 	 
	5	request
    you to enter my name in the Register of Members of the Company and to issue a Share Certificate in respect of My Shares, and agree
    to the despatch of such Share Certificate (and a balance Option Certificate as appropriate) by ordinary post at my risk to the following
    address:

 

I
declare that there are no laws or regulations in the relevant jurisdictions that would prevent or prohibit me from exercising the Option
and having My Shares allotted or transferred to me and registered in my name and I confirm that in allotting My Shares to me and anything
else contemplated under the Plan the Company and its Directors will not be in breach of any such laws or regulations.

 

	 	Option
    Holder	 
	 	 	 
	 	Date
    of Signing	 

 

 

		1	If
                                            you have lost the Option Certificate you will need to contact the Company and you may be
                                            asked to sign an indemnity for lost option certificate before you will be able to exercise
                                            your Option.

	2	Insert
                                            number of Ordinary Shares you wish to exercise your Option over. This must not exceed the
                                            number set out in the relevant Option Certificate.

	3	Insert
                                            an amount equal to the Option Exercise Price per Share multiplied by the number of Ordinary
                                            Shares you are exercising your Option over.Exhibit
10.2

 

 

TC
BioPharm (Holdings) PLC

 

 

 

TC
BioPharm (Holdings) plc

2021
Share Option Scheme

 

 

 

Adopted
by the Board of the Company on [DATE]

 

Approved
by shareholders of the Company in general meeting on [DATE]

 

Notes:

 

	1	This
    EMI Plan must be registered by the Company with HMRC’s Employment Related Securities (ERS) service (which is part of the PAYE
    Online for employers service).
	 	 
	2	In
    addition to registering the EMI Plan, EMI options will only be qualifying options and benefit from the tax advantages associated
    with qualifying EMI options if the Company notifies HMRC of the grant within 92 days.

 

    	 

     

    

 

Contents

 

	 	Clause	 	Page
	1	Definitions
    and interpretation	 	1
	2	Eligibility	 	4
	3	Grant
    of Options	 	5
	4	Vesting
    and Performance Conditions	 	7
	5	Limits	 	8
	6	Vesting
    and Exercise of Options	 	9
	7	Ceasing
    employment or providing services	 	11
	8	Corporate
    events	 	13
	9	Lapse
    and suspension of Options	 	15
	10	Variation
    of share capital	 	16
	11	Malus
    and clawback	 	17
	12	Amendments	 	18
	13	Administration	 	18
	14	Data
    protection	 	19
	15	Employment
    rights	 	19
	16	Third
    party rights	 	20
	17	Notices	 	20
	18	Governing
    law	 	21

 

Schedule
1

 

	 	Incentive
    Stock Option	22

 

    	 

     

    

 

	1	Definitions
    and interpretation
	 	 
	1.1	In
    this Plan, unless the context otherwise requires:

 

Acting
In Concert has the meaning set out in the City Code on Takeovers and Mergers

 

Adoption
Date means the date on which the Plan is adopted by the Board

 

Articles
means the Company’s articles of association from time to time

 

Asset
Sale means the disposal by the Company or any other member of the Group of all, or substantially all, of the business and assets
of the Group to a Third Party Purchaser

 

Bad
Leaver mean any Participant who ceases to be an Eligible Employee, Employee or Consultant as a result of such Participant:

 

	 	(a)	acting
    fraudulently or dishonestly; or
	 	 	 
	 	(b)	committing
    an act of gross misconduct; or
	 	 	 
	 	(c)	acting
    in a manner which the Board considers has or could substantially impair the reputation, value and goodwill of the Company

 

Board
means the board of directors of the Company or a duly authorised committee or person of the board

 

Change
of Control means the acquisition (by any means) by one or more Third Party Purchaser(s) of any interest in any Shares if, upon completion
of that acquisition, the Third Party Purchaser(s) together with any person Connected with or Acting In Concert with the Third Party Purchaser(s)
would be entitled to exercise more than 50% of the total voting rights normally exercisable at any general meeting of the Company

 

Clawback
Amounts means the amount which the Board may require a Participant to settle in accordance with Rule 11

 

Committed
Time has the meaning given by Paragraph 26(2) of Schedule 5 (requirement as to commitment of Working Time)

 

Company
means TC BioPharm (Holdings) plc, a company incorporated in Scotland with registered number SC713098

 

Consultant
means an individual who provides consultancy or advisory services to, the Company or any member of the Group

 

Connected
has the meaning set out in Section 1122 of the Corporation Tax Act 2010

 

Date
of Cessation means the date on which a Participant is treated as ceasing to be an employee or director of any Group Company in accordance
with Rule 7.4

 

Deed
of Acceptance means a deed executed by the Participant confirming their acceptance of the Option, which shall be annexed to each
Option Certificate

 

Eligible
Employee means any person who is eligible to participate in the Plan and be granted a Qualifying Option in accordance with Rule 2

 

    	1

     

    

 

Employee
means any person who is an employee, executive director or non-executive director of any Group Company

 

Exercise
Date means, in relation to Rule 8.1, the date and/or time when an Option can be exercised

 

Exercise
Price means, subject to any adjustment under Rule 10, the price per Share at which a Participant may acquire Shares on the exercise
of an Option, as determined by the Board in accordance with Rule 3.4 and stated in the corresponding Option Certificate in accordance
with Rule 3.3

 

Exit
Notice means a letter or written notice of a proposed Sale specifying any terms and conditions on which the Option may be exercised

 

Good
Leaver means any Participant who ceases to be an Eligible Employee, Employee, or Consultant and is not a Bad Leaver

 

Grant
Date means the date on which an Option is granted

 

Group
has the meaning given by Paragraph 58 of Schedule 5 (Minor definitions) and Group Company shall be construed accordingly

 

HMRC
means HM Revenue & Customs

 

Incentive
Stock Option means an option or portion thereof intended to meet the requirements of an incentive stock option as defined in US Code
Section 422, subject to the provisions of Schedule 1 to these Rules and designated as an Incentive Stock Option in the applicable Option
Certificate, and if the Board does not designate an Option as an Incentive Stock Option in the Option Certificate, the terms of the Option
Certificate for such Option hereby provide that the Option will not be treated as an Incentive Stock Option under US Code Section 422

 

ITEPA
means the Income Tax (Earnings and Pensions) Act 2003

 

Material
Interest has the meaning given by Paragraph 29 of Schedule 5 (Meaning of “material interest”)

 

Option
means a Qualifying Option, an Unapproved Option or an Incentive Stock Option

 

Option
Certificate means a document setting out the terms of an Option, issued under Rule 3.3

 

Option
Shares means, in respect of any Option, the Shares in respect of which that Option subsists

 

Participant
means a person who holds an Option or where applicable, their personal representatives

 

Performance
Condition means any condition set under Rule 4 that:

 

	 	(a)	must
    be met before an Option can be exercised at all; and/or
	 	 	 
	 	(b)	provides
    that the extent to which an Option becomes capable of exercise shall be determined by reference to performance over a certain period
    measured against specified targets in accordance with the terms of Rule 4

 

    	2

     

    

 

Plan
means the TC BioPharm (Holdings) plc 2021 Share Option Scheme as amended from time to time

 

Qualifying
Option means a right to acquire Shares granted under the Plan that satisfies the requirements of Schedule 5 and has neither lapsed
nor been fully exercised

 

Qualifying
Subsidiary means a subsidiary of the Company satisfying the requirements of Paragraph 11 of Schedule 5 (Meaning of “qualifying
subsidiary”)

 

Relevant
Restriction means any provision included in any contract, agreement, arrangement or condition to which any of sections 423(2), 423(3)
and 423(4) of ITEPA 2003 would apply if references in those sections to employment-related securities were references to Shares

 

Rule
means a rule of the Plan

 

Sale
means a Share Sale or an Asset Sale

 

Schedule
4 means Schedule 4 to ITEPA

 

Schedule
5 means Schedule 5 to ITEPA

 

Share
Sale means the making of one or more agreements (whether conditional or not but which agreement(s) become(s) unconditional) for the
transfer of any interest in Shares which results in a Change of Control

 

Shares
means fully paid ordinary shares (of whatever class) in the capital of the Company

 

Tax
Liability means:

 

	 	(a)	any
    amount of tax, employees’ national insurance contributions, or any like sum (including health and social care levy) for which
    a Participant would or may be liable and
	 	 	 
	 	(b)	unless
    the Company specified otherwise in the Option Certificate, any amount of class 1 secondary (employer’s) National Insurance
    contributions or any like sum (including apprenticeship levy, health and social care levy) for which any Group Company or former
    Group Company would or may be liable,

 

which
arises in connection with an Option and for which any Group Company or former Group Company would or may be obliged to (or would or may
suffer a disadvantage if it were not to) account to any relevant authority, together with any related fines, penalties and interest

 

Third
Party Purchaser means any person (whether an individual, body corporate or otherwise and including any person who is not a shareholder)
who at the date of the relevant event for which this definition is used, together with any person Connected with them, would not be entitled
to exercise more than 50% of the total voting rights normally exercisable at any general meeting of the Company

 

Unapproved
Option means a right to acquire Shares granted under the Plan that does not satisfy the requirements of Schedule 5, is not an Incentive
Stock Option and has neither lapsed nor been fully exercised

 

Vest
means an Option (or parts of an Option) becoming exercisable following satisfaction of time based and/or performance based criteria
as set out in the relevant Option Certificate and the word Vested and Vesting shall be construed accordingly

 

    	3

     

    

 

Vesting
Period means the period ending on the last date/event specified in the Vesting Schedule

 

Vesting
Schedule means a timetable set by the Board, as set out in the Option Certificate, which sets dates and/or events the occurrence
of which may (subject to the provisions of Rule 6) permit the Option (or part of the Option) to be exercised

 

Vested
Option means the part of an Option that is Vested at any time

 

Working
Time has the meaning given by Paragraph 27 of Schedule 5 (Meaning of “working time”).

 

	1.2	Expressions
    in italics and headings are for guidance only and do not form part of the Plan.
	 	 
	1.3	Unless
    the context otherwise requires, words in the singular include the plural and vice versa and words importing either gender include
    all genders.
	 	 
	1.4	Any
    reference in the Plan to any enactment includes a reference to that enactment as from time to time modified, extended or re-enacted.
	 	 
	1.5	Any
    words or expressions not defined in the Plan shall where relevant and appropriate have the same meaning as in the Articles and any
    words or expressions defined in the Plan shall be interpreted in accordance with the Plan, notwithstanding that they are referred
    to in the Articles.
	 	 
	2	Eligibility
	 	 
	2.1	General
    rule on eligibility for Qualifying Options

 

Subject
to Rule 2.3, an individual is eligible to be granted a Qualifying Option only if they are an Eligible Employee as defined in Rule 2.2.

 

	2.2	Individuals
    eligible for Qualifying Options

 

For
the purposes of Rule 2.1 an individual will be an Eligible Employee if they are:

 

	 	(a)	an
    employee of the Company or a Qualifying Subsidiary; and
	 	 	 
	 	(b)	their
    Committed Time amounts to at least 25 hours a week or if less, 75% of their Working Time.

 

	2.3	Individuals
    not eligible for Qualifying Options

 

An
individual is not eligible to be granted a Qualifying Option at any time when they have a Material Interest in any Group Company.

 

	2.4	General
    rule on eligibility for Unapproved Options

 

An
individual is eligible to be granted an Unapproved Option if they are an Employee or Consultant.

 

	2.5	General
    rules on eligibility of Incentive Stock Options

 

An
individual who is subject to US Code Section 409A will not qualify to be granted with an Incentive Stock Option unless they are an employee
of the Company or a qualifying subsidiary in which the Company has a “controlling interest” (for purposes of US Code Section
409A).

 

    	4

     

    

 

	3	Grant
    of Options
	 	 
	3.1	Terms
    of grant

 

Subject
to Rule 3.2 and Rule 4, the Board may resolve that an Option should be granted:

 

	 	(a)	on
    the terms set out in the Plan;
	 	 	 
	 	(b)	over
    such class of Shares as is specified in the Option Certificate;
	 	 	 
	 	(c)	on
    such additional terms (whether a Performance Condition and/or any other terms) as the Board may specify in the Option Certificate
    (including any “lock-in period” pursuant to Rule 6.1(d));
	 	 	 
	 	(d)	as
    a Qualifying Option to any person who is eligible to be granted a Qualifying Option under Rule 2;
	 	 	 
	 	(e)	as
    an Unapproved Option to any Employee or Consultant;
	 	 	 
	 	(f)	as
    an Incentive Stock Option to any person who is eligible to be granted an Incentive Stock Option under Rule 2.5 and Schedule 1 in
    which case any such Incentive Stock Options shall be granted subject to the terms of this Plan as amended or supplemented by Schedule
    1.

 

		3.2	Timing
                                            of grant

 

Options
may not be granted:

 

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

 

	 	(i)	law;
  or
	 	 	 
	 	(ii)	listing
  requirement of any exchange on which the ordinary shares are listed; or
	 	 	 
	 	(iii)	any
  other regulation with the force of law; or

 

		(b)	before
                                            the Adoption Date; or

 

		(c)	after
                                            the tenth anniversary of the Adoption Date.

 

		3.3	Method
                                            of grant

 

		(a)	Subject
                                            to Rule 3.3(c), an Option shall be granted by the Company unilaterally executing an Option
                                            Certificate as a deed, in a form approved by the Board. Each Option Certificate shall be
                                            sent to the relevant Participant and shall specify (without limitation):

 

	 	(i)	the
  Grant Date of the Option and that the Option shall lapse if the Deed of Acceptance (which shall be attached to the Option Certificate)
  is not signed and returned to the Company within 30 days of the Grant Date;
	 	 	 
	 	(ii)	the
  number and class of the Shares over which the Option is granted;
	 	 	 
	 	(iii)	the
  Exercise Price or the method for calculating the Exercise Price;

 

    	5

     

    

 

	 	(iv)	the
  date(s) after which the Option, or part of the Option, may be exercised (including any applicable “lock-in period” pursuant
  to Rule 6.1(d)), unless an earlier event occurs to cause the Option to lapse or to become exercisable, in whole or in part;
	 	 	 
	 	(v)	the
  date when the Option will lapse, assuming that the Option is not exercised earlier and no event occurs to cause the Option to lapse
  earlier. This date must not be later than the tenth anniversary of the Grant Date;
	 	(vi)	any
  Performance Conditions and the method by which the Performance Conditions may be varied or waived;
	 	(vii)	whether
                                            or not the Shares are subject to any Relevant Restrictions and, if so, the nature of the
                                            Relevant Restrictions;

		(viii)	any
                                            waiver of the Participant’s liability for class 1 secondary (employer’s) national
                                            insurance contributions; and

 

		(ix)	any
                                            additional term as the Board may specify.

 

		(b)	No
                                            amount shall be paid for the grant of an Option.

 

		(c)	If
                                            a Participant fails to sign the Deed of Acceptance within 30 days of the Grant Date, their
                                            Option shall lapse.

 

		3.4	Exercise
                                            Price

 

The
Board shall confirm the Exercise Price before an Option is granted and the Exercise Price shall not be less than the nominal value of
a Share if the Shares are to be subscribed for.

 

		3.5	Method
                                            of satisfying Options

 

Unless
specified to the contrary by the Board on the Grant Date, an Option may be satisfied:

 

		(a)	by
                                            the allotment and issue of new Shares; and/or

 

		(b)	by
                                            the transfer of Shares held by the Company as treasury shares; and/or

 

		(c)	by
                                            the transfer of Shares from an employee trust established by the Company or from such other
                                            transferor as the Board shall decide.

 

The
Board may decide to change the way in which it is intended that an Option may be satisfied after it has been granted.

 

		3.6	Non-transferability
                                            and bankruptcy

 

An
Option granted to any Participant:

 

		(a)	other
                                            than upon death, shall not be transferred, assigned, charged or otherwise disposed of and
                                            shall lapse immediately on any attempt to do so (unless the Board determines otherwise);
                                            and

 

		(b)	shall
                                            lapse immediately if they are declared bankrupt (unless the Board, acting fairly and reasonably,
                                            determines otherwise).

 

    	6

     

    

 

		3.7	Company’s
                                            liability in respect of Qualifying Options

 

Nothing
(including anything in the Option Certificate or any contract of employment between the Participant and the Company or any Group Company)
shall give rise to or imply any duty or obligation owed to the Participant by any such Group Company or the Company in respect of any
act or omission (by any such Group Company or the Company or otherwise) which:

 

		(a)	gives
                                            rise to a Disqualifying Event (such term having the meaning given to it in Sections 533 to
                                            536 of ITEPA);

 

		(b)	otherwise
                                            causes the Option not to be, or to cease to be, a Qualifying Option;

 

		(c)	amounts
                                            to a failure to notify the Participant or any person of the happening of a Disqualifying
                                            Event.

 

		4	Vesting
                                            and Performance Conditions

 

		4.1	On
                                            the Grant Date of any Option, the Company:

 

		(a)	subject
                                            to the remaining provisions of this Rule 4 shall specify the timing and basis upon which
                                            the Option shall Vest, to be expressed as a Vesting Schedule within or appended to the Option
                                            Certificate;

 

		(b)	may
                                            specify one or more Performance Conditions for the Option which would need to be satisfied
                                            in order for the Option to Vest; and

 

		(c)	may
                                            specify, for any Performance Condition:

 

		(i)	any
                                            restrictions that will apply to variation or waiver of that Performance Condition under Rule
                                            4.4; or

 

		(ii)	that
                                            there may be no such variation or waiver.

 

		4.2	A
                                            Performance Condition may be specified to apply only to part of an Option.

 

		4.3	Any
                                            Performance Condition shall be measured against such objective criteria as the Board shall
                                            in its absolute discretion acting fairly and reasonably determine which may include, amongst
                                            other factors, criteria relating to the relevant Participant’s performance evaluations
                                            or Company’s corporate milestones.

 

		4.4	Subject
                                            to any restrictions on variation or waiver specified by the Company under Rule 4.1(c), the
                                            Board may vary or waive any Performance Condition if events occur that cause:

 

		(a)	an
                                            Option to become exercisable before the end of the period over which the original Performance
                                            Condition was to be assessed, if the original Performance Condition cannot reasonably be
                                            applied to the shortened time period; or

 

		(b)	the
                                            Board to decide the Performance Condition is no longer an appropriate measure of performance,

 

but
any varied Performance Condition must be (in the reasonable opinion of the Board):

 

		(c)	no
                                            more difficult to satisfy than the original Performance Condition was at the Grant Date;
                                            and

 

    	7

     

    

 

		(d)	not
                                            materially easier to satisfy than the original Performance Condition was at Grant Date.

 

Under
this Rule 4.4, the Board shall exercise its discretion in a manner that is fair and reasonable.

 

		4.5	The
                                            Board shall determine whether, and to what extent, Performance Conditions have been satisfied
                                            at the end of the Vesting Period. To the extent that any Performance Condition has not been
                                            satisfied, either in whole or in part, by the end of the Vesting Period, the Board shall
                                            determine in its absolute discretion whether and the extent to which that Option shall vest,
                                            lapse or continue to subsist save that in no circumstances may the Option subsist beyond
                                            tenth anniversary of the Grant Date.

 

		4.6	If
                                            an Option is subject to any Performance Condition, the Board shall notify the Participant
                                            (and the Company) within a reasonable time after the Board becomes aware of the relevant
                                            information:

 

		(a)	whether
                                            (and if relevant, to what extent) the Performance Condition has been satisfied;

 

		(b)	when
                                            that Performance Condition has become incapable of being satisfied, in whole or in part;
                                            and

 

		(c)	of
                                            any waiver or variation of that Performance Condition under Rule 4.4.

 

		5	Limits

 

		5.1	HMRC
                                            – individual limit

 

No
person shall be granted a Qualifying Option which would, at the time it is granted, cause the total unrestricted market value of the
Shares (calculated as set out in Paragraph 5(7) of Schedule 5) which they may acquire as a result of options granted to them (and not
exercised) under:

 

		(a)	the
                                            Plan as Qualifying Options; and

 

		(b)	any
                                            company share option plan approved under Schedule 4 and established by the Company or by
                                            any Group Company,

 

to
exceed £249,999 (or such other limit as may from time to time be imposed by Schedule 5 less £1). An Option may be validly
granted under the Plan in excess of this limit, but the excess shall not be a Qualifying Option.

 

		5.2	HMRC
                                            – overall limit

 

The
maximum unrestricted market value of Shares over which Qualifying Options may subsist at any one time will be limited by the amount prescribed
in Paragraph 7 of Schedule 5 (Maximum value of options in respect of relevant company’s shares) (as at the Adoption Date this is
£3 million).

 

		5.3	Effect
                                            of HMRC limits

 

Any
Qualifying Option shall be limited and take effect so that the limits in this Rule 5 are complied with.

 

    	8

     

    

 

		6	Vesting
                                            and Exercise of Options

 

		6.1	Exercise
                                            event

 

		(a)	Subject
                                            to Rule 9, this Rule 6.1, Rule 7 and Rule 7.5, a Vested Option may be exercised at any time
                                            following the end of the Vesting Period as set out in the Option Certificate.

 

		(b)	No
                                            Option may be exercised when its exercise is prohibited by, or would be a breach of, any
                                            law or regulation with the force of law.

 

		(c)	If
                                            an Option Vests in part (for example because Performance Conditions are partly met) the Option
                                            shall lapse upon the end of the Vesting Period to the extent not Vested (unless the Board
                                            determines in its discretion otherwise).

 

		(d)	The
                                            Board may, in its discretion, specify in an Option Certificate an additional period of up
                                            to 24 months after Vesting which must pass before the Option may be exercised.

 

		6.2	Restrictions
                                            on exercise: tax and compliance issues

 

Options
may not be exercised unless the following conditions are satisfied:

 

		(a)	the
                                            Participant agrees to pay to the Company or to their employer or former employer (as appropriate)
                                            the amount of any Tax Liability or enter into arrangements acceptable to the Board to secure
                                            that payment is made (whether pursuant to Rule 6.9 or otherwise) or a deduction from their
                                            salary or other amounts due to them is made. If the Participant does not fulfil their obligations
                                            arising in this Rule 6.2 the Board may decide that such Tax Liability may be satisfied by
                                            the sale of Shares pursuant to Rule 6.9; and

 

		(b)	where
                                            the Board requires, the Participant has entered into or agreed to enter into, a valid election
                                            under Part 7 of ITEPA (Employment income: elections to disapply tax charge on restricted
                                            securities) or equivalent legislation outside the United Kingdom.

 

		6.3	Restrictions
                                            on exercise: dealing with Shares

 

The
Board may, at its absolute discretion, require a Participant to enter into arrangements (Post-Exercise Arrangements) in respect
of:

 

		(a)	the
                                            Shares acquired by the Participant on the exercise of an Option; or

 

		(b)	the
                                            proceeds of any sale of such Shares due to a Participant following the exercise of an Option
                                            and subsequent sale of Shares

 

on
such terms and subject to such conditions as the Board determines are fair and reasonable.

 

If
the Board does determine, on or prior to the exercise of an Option, that the Participant should enter into Post-Exercise Arrangements,
the Option may not be exercised unless the Participant has entered into or agreed, to the satisfaction of the Board, to enter into the
Post-Exercise Arrangements on or following the exercise of the Option.

 

		6.4	Long
                                            stop date for exercise

 

An
Option may not in any circumstances (and regardless of any other Rule) be exercised after the expiry of 10 years beginning with the Grant
Date (or such shorter period beginning with the Grant Date as the Board may have decided before the grant of that Option and set out
in the Option Certificate) and if not exercised shall lapse at the end of such period.

 

    	9

     

    

 

		6.5	Exercise
                                            in part

 

Subject
to the remaining provisions of this Rule 6.5 and Rule 6.6 below, a Participant may exercise their Option over such number of Shares (up
to the maximum extent permitted in accordance with the Rules at the time of exercise) as the Participant, in their absolute discretion
decides at the time of exercise, provided that the Participant does not exercise their Option over less than the lower of the following
number of Shares:

 

		(a)	3,000
                                            Shares; or

 

		(b)	10%
                                            of the total number of Shares granted to the Participant pursuant to the Option on the Grant
                                            Date,

 

save
that, if after such exercise, the Participant holds less than 3,000 Option Shares, such Participant can exercise their Option in full
in respect of the remaining Option Shares without breaching this Rule 6.5.

 

		6.6	Method
                                            of exercise

 

The
exercise of any Option shall be effected in the form and manner prescribed by the Board. Unless the Board determines otherwise, any notice
of exercise shall, subject to Rules 6.2 and 6.3, take effect only when the Company receives it, together with:

 

		(a)	payment
                                            of the relevant (aggregate) Exercise Price at which Shares can be acquired under the Option
                                            (or, if the Board so permits, an undertaking to pay that amount); and

 

		(b)	where
                                            applicable, the Company receives payment relating to the Tax Liability in accordance with
                                            Rule 6.2 or an agreement to secure that such a payment is made under arrangements acceptable
                                            to the Board.

 

		6.7	Allotment
                                            and transfer timetable

 

Within
30 days of an Option having been exercised by a Participant, the Board shall, at its discretion and in relation to the number of Shares
in respect of which an Option has been exercised:

 

		(a)	allot
                                            the Shares to them;

 

		(b)	allot
                                            the Shares to a nominee for them so that the beneficial interest passes to them but the legal
                                            title is held by the nominee;

 

		(c)	transfer
                                            or procure the transfer to them of the Shares;

 

		(d)	transfer
                                            or procure the transfer to a nominee for them of the Shares; or

 

		(e)	procure
                                            the transfer of the beneficial interest in the Shares to them where the legal title remains
                                            with the transferor.

 

    	10

     

    

 

		6.8	Share
                                            rights

 

All
Shares allotted under the Plan shall rank equally in all respects with the other shares of the same class then in issue, except for any
rights attaching to such Shares (or other class of shares) by reference to a record date before the date of allotment.

 

Where
Shares are transferred under the Plan after the exercise of an Option, Participants will be entitled to any rights attaching to such
Shares by reference to a record date on or after the date of such transfer.

 

		6.9	Payment
                                            of Tax Liability

 

The
Participant shall indemnify and keep indemnified (on an after tax basis) any relevant Group Company or former Group Company against any
Tax Liability and the Participant shall pay the relevant Group Company a sum equal to any Tax Liability immediately upon receiving notice
of the amount outstanding.

 

The
Participant authorises the Company and any nominee to sell or procure the sale of sufficient Shares on or following the exercise of their
Option on their behalf to ensure that any relevant Group Company or former Group Company, receives the amount required to discharge the
Tax Liability which arises on such exercise, except to the extent that the Board decides that all or part of the Tax Liability shall
be funded in a different manner.

 

		7	Ceasing
                                            employment or providing services

 

		7.1	Cessation
                                            of employment or providing services: Good Leavers

 

Subject
to Rule 7.2, if a Participant ceases to be an Eligible Employee, Employee or Consultant, the Option shall immediately be suspended for
a period of 30 days from the Date of Cessation (the Suspension
Period), during which the Board shall determine whether the Participant is, or whether the Participant
should be treated as, a Good Leaver or a Bad Leaver. If the Board confirms that the Participant is a Good Leaver:

 

		(a)	the
                                            Option shall cease to be suspended (either at the end of the Suspension Period, or such earlier
                                            date as the Board may specify) to the extent Vested and shall be exercisable to the extent
                                            Vested for a period of three years following the Date of Cessation and the Option will lapse
                                            at the end of the three year period to the extent not exercised unless the Board determines
                                            that an alternative period shall apply; and

 

		(b)	the
                                            Option shall lapse on the expiry of the Suspension Period to the extent not Vested, unless
                                            the Board determines otherwise, in its absolute discretion during the Suspension Period.

 

		7.2	Cessation
                                            of employment or providing services: Death

 

If
a Participant dies before their Option has been exercised or lapsed:

 

		(a)	the
                                            Option shall be exercisable by the personal representatives of the Participant to the extent
                                            Vested for a period of 12 months from the date of death and shall lapse at the end of the
                                            12 month period to the extent not exercised; and

 

		(b)	the
                                            Option shall lapse immediately upon the date of death to the extent not Vested, unless the
                                            Board determines otherwise, in its absolute discretion.

 

    	11

     

    

 

		7.3	Cessation
                                            of employment or providing services: Bad Leavers

 

If
a Participant ceases to be an Eligible Employee, Employee or Consultant as a Bad Leaver or gives or receives notice of such cessation
in circumstances where they will be a Bad Leaver, any Option granted to them may not be exercised at all and shall lapse immediately
on the expiry of the Suspension Period (or upon such earlier date upon which the Board confirms that the Participant is a Bad Leaver).

 

		7.4	Meaning
                                            of ceasing employment or providing services

 

For
the purposes of this Rule 7.4 a Participant who is:

 

		(a)	an
                                            Eligible Employee shall not be treated as ceasing to be an Eligible Employee until they are
                                            no longer an Eligible Employee, regardless of whether they hold any other office or consultancy
                                            position with the Company or any Group Company, unless the Board determines otherwise;

 

		(b)	an
                                            Employee (but not an Eligible Employee or non-executive director or other office hold) shall
                                            not be treated as ceasing to be an Employee until they are no longer an Employee, regardless
                                            of whether they hold any other office or consultancy position with the Company or any Group
                                            Company, unless the Board determines otherwise;

 

		(c)	a
                                            non-executive director or other office holder shall not be treated as ceasing to be an Employee
                                            until they are no longer hold that office, regardless of whether they hold any other office
                                            or consultancy position with the Company or any Group Company, unless the Board determines
                                            otherwise;

 

		(d)	ceasing
                                            to be a Consultant shall not be treated as ceasing to be a Consultant until they are no longer
                                            a Consultant.

 

Any
Participant who ceases to be such an Eligible Employee, Employee or Consultant before exercising an Option by reason of any applicable
legislation in circumstances where they retain a statutory right to return to work shall be treated as not having ceased to be such an
Eligible Employee, Employee or Consultant until such time (if at all) as they cease to have such a right.

 

		7.5	Suspension
                                            of Options

 

Where
an Option is suspended pursuant to Rule 7.1, this means it shall cease to Vest and shall not be exercisable until such time as it ceases
to be suspended and does not lapse.

 

		7.6	Board
                                            discretion as to Vesting

 

Where
a Participant is to retain their Vested Options pursuant to this Rule 7, the Board shall reserve the right, in its discretion to, in
exceptional circumstances, treat more of the Option as being Vested for the purpose of this Rule 7.

 

		7.7	Tax
                                            impact for Qualifying Options

 

It
is acknowledged that, to the extent a Qualifying Option is retained pursuant to this Rule 7 for more than 90 days following leaving (or
such alternative period as provided in section 532 of ITEPA, or any equivalent or replacement legislation) that Option shall cease to
accrue further tax relief following the expiry of that 90 day period.

 

    	12

     

    

 

		8	Corporate
                                            events

 

		8.1	Sale

 

		(a)	Unless
                                            stated otherwise in the relevant Option Certificate, an Option will be exercisable to the
                                            extent Vested if there is a Sale. However, the Board may determine in its absolute discretion
                                            to permit an Option to Vest in full or over a different number of Shares that are Vested
                                            at the time of a Sale, if it deems it appropriate and regardless of whether any applicable
                                            Performance Conditions have been satisfied.

 

		(b)	Subject
                                            to Rule 8.3. if a Sale is expected by the Company to imminently occur, the Board shall as
                                            soon as reasonably practicable issue Participants with an Exit Notice specifying inter alia:

 

		(i)	the
                                            general nature of the Sale;

 

		(ii)	the
                                            anticipated date(s) and timings of the Sale;

 

		(iii)	the
                                            extent to which their Option will Vest as a result of the Sale (in accordance with Rule 8.1(a)
                                            above); and

 

		(iv)	the
                                            proposed Exercise Date,

 

and
all Options shall lapse on the day immediately after the Exercise Date (or such other lapse date that they have not been exercised.

 

If
the Sale does not occur, then the Exercise Date specified in the Exit Notice shall not take effect and all Options shall continue to
subsist.

 

		8.2	Winding-up

 

Subject
to Rule 8.3, in the event that:

 

		(a)	the
                                            Company passes a resolution for a voluntary winding-up of the Company; or

 

		(b)	an
                                            order is made for the compulsory winding-up of the Company,

 

Options
may, subject to Rules 6.2, 6.3, 6.4, Rule 7, Rules 8.6 and 8.7 and the satisfaction of any additional terms imposed on the Options in
accordance with Rule 3.1, be exercised within one month of such event to the extent Vested at that time. To the extent that an Option
is not exercised within that period, it shall (regardless of any other provision of the Plan), lapse at the end of that period.

 

		8.3	Cash
                                            alternative

 

		(a)	Where
                                            an Unapproved Option or Incentive Stock Option is exercised pursuant to Rule 8.1 and 8.2
                                            and Shares have not yet been issued or transferred to the Participant, the Board may determine
                                            that, in substitution for their right to acquire such number of Shares as the Board may decide
                                            (but in full and final satisfaction of their right to acquire those Shares) they shall be
                                            paid a sum equal to the cash equivalent (as defined in Rule 8.3(c)) of that number of Shares
                                            less the Exercise Price payable for such Shares, in accordance with the following provisions
                                            of this Rule 8.3.

 

    	13

     

    

 

		(b)	This
                                            Rule 8.3 shall not apply in relation to:

 

		(i)	EMI
                                            Options; or

 

		(ii)	Unapproved
                                            Options or Incentive Stock Options made in relation to any jurisdiction where the presence
                                            of this Rule would cause:

 

		(A)	the
                                            operation of this Rule 8.3 to be unlawful or for it to fall outside any applicable securities
                                            law exemption; or

 

		(B)	adverse
                                            tax consequences for the Participant or any Group Company as determined by the Board.

 

		(c)	For
                                            the purpose of this Rule 8.3, the cash equivalent of a Share is the Market Value of a Share
                                            on:

 

		(i)	the
                                            day notice is validly given to exercise such Unapproved Option or Incentive Stock Option
                                            in accordance with the Rules; or

 

		(ii)	such
                                            other date as the Board may in its discretion determine,

 

each
such date being a Relevant Date.

 

		(d)	As
                                            soon as reasonably practicable after the Relevant Date the Company shall pay to the Participant
                                            or procure the payment to them of the sum payable under Rule 8.3(c), and any Exercise Price
                                            already paid by the Participant shall be returned to them.

 

		(e)	There
                                            shall be deducted from any payment under this Rule 8.3 such amounts (on account of tax or
                                            similar liabilities) as may be required by law or as the Board may reasonably consider to
                                            be necessary or desirable.

 

		8.4	Option
                                            rollover: general provisions

 

For
the purposes of this Rule 8.38.4 and Rule 8.6 Control means control within the meaning of Section 719 of ITEPA.

 

If
any company (Acquiring Company):

 

		(a)	obtains
                                            Control of the Company as a result of making a general offer;

 

		(b)	obtains
                                            Control of the Company as a result of a compromise or arrangement sanctioned by the Court
                                            under Section 899 of the Companies Act 2006;

 

		(c)	becomes
                                            bound or entitled to acquire shares in the Company under Sections 979 to 982 of the Companies
                                            Act 2006; or

 

		(d)	obtains
                                            all the Shares of the Company as a result of a qualifying exchange of Shares as defined in
                                            Paragraph 40 of Schedule 5 (Meaning of “qualifying exchange of shares”),

 

any
Participant may, at any time within the relevant period specified under Paragraph 42 of Schedule 5, by agreement with the Acquiring Company,
release any Option granted under the Plan in consideration of the grant to them of an Option (New Option) which satisfies the
requirements of Paragraphs 41 to 43 of Schedule 5.

 

    	14

     

    

 

		8.5	Option
                                            rollover: interpretation of Rules

 

Where
a New Option is granted under Rule 8.4 save for the purposes of the definition of Group Company in Rule 1, the terms of the Plan
shall, in relation to the New Option, be construed as if the expression the Company were defined as “a company whose shares
may be acquired by the exercise of Options granted under the Plan”.

 

		8.6	Internal
                                            reorganisations: general provisions

 

In
the event that:

 

		(a)	a
                                            company (the New Company) acquires Control of the Company, whether as a result of
                                            a making a general offer, a compromise or arrangement sanctioned by the Court under Section
                                            899 of the Companies Act 2006 or otherwise;

 

		(b)	at
                                            least 75% of the shares in the New Company immediately following the acquisition of Control
                                            of the Company are held by substantially the same persons who immediately before the acquisition
                                            of Control were shareholders in the Company,

 

(an
Internal Reorganisation)

 

then
an Option shall not become exercisable under Rule 8.1 or Rule 8.2 unless the Board, at its absolute discretion, determines that the Option
shall be exercisable (either in whole or in part).

 

		8.7	Internal
                                            reorganisations: rollover

 

In
the event that:

 

		(a)	an
                                            Internal Reorganisation takes place; and

 

		(b)	the
                                            Board and the New Company agree that this Rule 8.7 should apply,

 

then
an Option (Original Option) shall be surrendered within the relevant period specified in Paragraph 42 of Schedule 5 in consideration
of the grant of a new Option which, for the purposes of Paragraph(s) 41 to 43 of Schedule 5, is equivalent to the Original Option but
relates to shares in the New Company and Rule 8.5 will apply.

 

		9	Lapse
                                            and suspension of Options

 

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

 

		(b)	An
                                            Option shall lapse on the earliest of the following:

 

		(i)	the
                                            expiry of 30 days from the Grant Date if Participant fails to execute a Deed of Acceptance;
                                            or

 

		(ii)	any
                                            attempted action by the Participant falling within Rule 9(a); or

 

		(iii)	where
                                            the whole of an Option becomes incapable of exercise due to a Performance Condition becoming
                                            incapable of being met, the date on which the Board determines that the Performance Condition
                                            is incapable of being met; or

 

    	15

     

    

 

		(iv)	the
                                            date on which the Option shall lapse, as specified in the Option Certificate; or

 

		(v)	the
                                            first anniversary of the Participant’s death; or

 

		(vi)	the
                                            expiry of the applicable time limits in Rule 7 and Rule 7.5; or

 

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

 

		(viii)	the
                                            tenth anniversary of the Grant Date.

 

		9.2	Part
                                            of an Option shall lapse where only part of an Option has Vested, in which case the unvested
                                            part shall lapse upon the end of the Vesting Period or upon the occurrence of an event pursuant
                                            to Rule 7.5 as applicable, unless the Board specifies otherwise pursuant to Rule 4.5.

 

		10	Variation
                                            of share capital

 

		10.1	General
                                            rule

 

In
the event of any variation of the share capital of the Company, the Board may make such adjustment as it considers appropriate under
Rule 10.2.

 

		10.2	Method
                                            of adjustment

 

An
adjustment made under this Rule shall be to one or more of the following:

 

		(a)	the
                                            number or class of Shares over which any Option may be exercised;

 

		(b)	subject
                                            to Rule 10.3, the Exercise Price; and

 

		(c)	where
                                            any Option has been exercised but no Shares have been allotted or transferred after such
                                            exercise, the number of Shares which may be so allotted or transferred and the price at which
                                            they may be acquired.

 

		10.3	Adjustment
                                            below nominal value

 

An
adjustment under Rule 10.2 may reduce the price at which Shares may be subscribed for on the exercise of an Option to less than their
nominal value, but only if and to the extent that the Board is authorised to:

 

		(a)	capitalise
                                            from the reserves of the Company a sum equal to the amount by which the nominal value of
                                            the Shares in respect of which the Option is exercised and which are to be allotted after
                                            such exercise, exceeds the price at which the Shares may be subscribed for; and

 

		(b)	to
                                            apply that sum in paying up such amount on such Shares,

 

so
that on the exercise of any Option in respect of which a reduction has been made, the Board shall capitalise that sum (if any) and apply
it in paying up that amount.

 

    	16

     

    

 

		11	Malus
                                            and clawback

 

		11.1	A
                                            malus or clawback adjustment under Rule 11.2 or 11.3 (as applicable) may take place in the
                                            following circumstances, including, but not limited to if, in the reasonable opinion of the
                                            Board and following consultation with the relevant employing Group company;

 

		(a)	a
                                            Participant’s actions amount to serious misconduct, fraud, breach of fiduciary duty
                                            or dishonesty which causes significant financial loss for the Group and/or the Participant’s
                                            business unit;

 

		(b)	the
                                            Company has reasonable evidence of fraud or material dishonesty by the Participant;

 

		(c)	the
                                            Participant has materially failed to meet appropriate standards of fitness and propriety
                                            and as a consequence the Group or the Participants business unit incurs a significant loss
                                            of reputation;

 

		(d)	the
                                            Company has become aware of any material wrongdoing on the part of the Participant; or

 

		(e)	the
                                            Participant is in breach of a fiduciary duty owed to any Group Company.

 

		11.2	Notwithstanding
                                            any other Rule of the Plan where, before the exercise of an Option, the Board determines
                                            that an event described in Rule 11.1 has occurred the Board may in its absolute discretion
                                            resolve that the provisions of Rule 11 will be applied in respect of any Option (as applicable)
                                            to:

 

		(a)	reduce
                                            the amount of the Option that is capable of Vesting and being exercised (including, if appropriate,
                                            to zero);

 

		(b)	cancel
                                            the participation of the Participant in the Plan; or

 

		(c)	impose
                                            further conditions on the exercise of the Option.

 

		11.3	Notwithstanding
                                            any other Rule of the Plan where, after the exercise of an Option, the Board determines that
                                            an event described in Rule 11.1(a) has occurred in relation to or relevant to that Option
                                            the Board may determine a Clawback Amount in relation
                                            to the exercised Option.

 

		11.4	Subject
                                            to Rule 11.5, the Clawback Amount shall be such monetary amount as the Board considers to
                                            be fair and reasonable, taking account of all circumstances that the Board considers to be
                                            relevant, but shall not be more than the greater of:

 

		(a)	the
                                            Market Value of the Shares in respect of which the Option was exercised; and

 

		(b)	the
                                            Market Value of the Shares measured on the date of the determination minus the Exercise Price.

 

		11.5	If
                                            the Participant has paid or is liable to pay any income tax or National Insurance contributions
                                            in relation to the Option or the Shares and which cannot be recovered from or repaid by HMRC,
                                            the Board may in its discretion decide to reduce the Clawback Amount to take account of this
                                            amount.

 

    	17

     

    

 

		11.6	The
                                            Participant shall reimburse the Company for the Clawback Amount, in any way acceptable to
                                            the Board, on or as soon as possible after the Board determines a Clawback Amount in relation
                                            to the Option. If the Participant fails to reimburse the Company within 30 days after the
                                            determination, the Company shall obtain reimbursement from the Participant in any (or any
                                            combination) of the following ways:

 

		(a)	by
                                            reducing or cancelling any Options that the Participant has not exercised;

 

		(b)	by
                                            reducing or cancelling any cash bonus payable to the Participant by any Constituent Company;

 

		(c)	by
                                            reducing or cancelling any future or existing award made or option granted to the Participant
                                            under any other share incentive scheme or bonus scheme operated by any Constituent Company;

 

		(d)	by
                                            requiring the Participant to make a cash payment to a Constituent Company;

 

		(e)	by
                                            requiring the Participant to transfer Shares to any party nominated by the Board for no consideration;

 

		(f)	by
                                            reducing the Participant’s salary.

 

		11.7	In
                                            all cases, the decision of the Board as to whether any of the circumstances set out in Rule
                                            11.1 exist shall be conclusive and final.

 

		11.8	If
                                            the Board exercises its discretion in accordance with this Rule 11, it will confirm this
                                            in writing to the Participant.

 

		12	Amendments

 

		12.1	Subject
                                            to Rule 12.2 and Rule 12.3 below, the Board may amend the Plan from time to time.

 

		12.2	No
                                            material amendment may be made to the Plan or Options granted before the amendment was made
                                            without the prior approval by ordinary resolution of the members of the Company in general
                                            meeting.

 

		12.3	No
                                            material adverse amendment may apply to Options granted before the amendment was made without
                                            the consent of the Participant.

 

		13	Administration

 

		13.1	The
                                            Plan shall be administered by the Board.

 

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

 

		13.3	The
                                            Company shall ensure that at all times:

 

		(a)	if
                                            it has restricted the number of Shares it can issue in its Articles, it has sufficient Shares
                                            available, taking into account any other obligations of the Company to issue Shares; and/or

 

		(b)	arrangements
                                            are in place for any third party to transfer issued Shares,

 

to
satisfy the exercise of all Options.

 

    	18

     

    

 

		13.4	The
                                            Board shall determine any question of interpretation and settle any dispute arising under
                                            the Plan. In such matters, the Board’s decision shall be final. The exercise of any
                                            power or discretion by the Board shall not be open to question by any person and a Participant
                                            or former Participant shall have no rights in relation to the exercise or omission to exercise
                                            any such power or discretion.

 

		13.5	The
                                            Company shall not be obliged to notify any Participant if an Option is due to lapse.

 

		13.6	The
                                            Company shall not be obliged to provide a Participant with copies of any materials sent to
                                            the holders of Shares.

 

		14	Data
                                            protection

 

As
part of the Plan, the Company will process personal data about Participants from time to time. The Company will process such personal
data in accordance with applicable data protection legislation and in accordance with its Employee Privacy Policy (as amended from time
to time) and/or Privacy Notices issued to Employees.

 

		15	Employment
                                            rights

 

		15.1	The
                                            rights and obligations of any Participant under the terms of their office or employment with
                                            the Company (or any Group Company or former Group Company) shall not be affected by being
                                            a Participant. Nothing in this Plan confers upon the Participant any right to continue in
                                            the employment of the Company (or any Group Company or former Group Company), or will affect
                                            the right of the Company (or any Group Company or former Group Company) to terminate the
                                            employment of the Participant.

 

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

 

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

 

		(a)	termination
                                            of office or employment with; or

 

		(b)	notice
                                            to terminate office or employment given by or to,

 

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

 

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

 

		(a)	any
                                            company ceasing to be a Group Company; or

 

		(b)	the
                                            transfer of any business from a Group Company to any person that is not a Group Company.

 

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

 

    	19

     

    

 

		15.5	The
                                            granting of an Option on a particular basis or to a particular Employee in any year does
                                            not create any right or expectation of the grant of Options on the same basis, or at all,
                                            or to any particular Employee in that or any subsequent year.

 

		16	Third
                                            party rights

 

		16.1	A
                                            person who is not a party to an Option has no rights under or in connection with it as a
                                            result of the Contracts (Rights of Third Parties) Act 1999 except where such rights arise
                                            under any rule of the Plan for any employer or former employer of the Participant or for
                                            any other Group Company which is not a party or for the personal representatives of a Participant
                                            who has died. The exclusion of third party rights under this Rule 16.1 will not affect any
                                            right or remedy of a third party which exists, or is available, apart from that Act.

 

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

 

		17	Notices

 

		17.1	Any
                                            notice or other communication required or made in connection with any Option or otherwise
                                            under this Plan shall be in writing and shall be:

 

		(a)	delivered
                                            personally; or

 

		(b)	sent
                                            by recorded delivery post; or

 

		(c)	sent
                                            by commercial courier; or

 

		(d)	sent
                                            by e-mail (but e-mail communications shall only be treated as validly sent if an appropriate
                                            report of receipt has been returned to the sender by the e-mail system).

 

		17.2	Communications
                                            made in accordance with Rule 17.1 above shall be addressed to the parties interested in the
                                            Plan as specified below:

 

		(a)	in
                                            the case of communications to any Employee or Participant, to:

 

		(i)	their
                                            work address; or

 

		(ii)	their
                                            home address, meaning that most recently notified to the sender; or

 

		(iii)	their
                                            work e-mail address; or

 

		(iv)	if
                                            one has been notified to the sender, their private e-mail address; and

 

		(b)	in
                                            the case of communications to a Participant who has died (where the sender has notice of
                                            the death), to:

 

		(i)	the
                                            Participant’s home address, meaning that most recently notified to the sender; or

 

		(ii)	any
                                            address (marked for the attention of any specified person) or any e-mail address that the
                                            Participant’s personal representatives have notified to the Company for such communications;
                                            and

 

    	20

     

    

 

		(c)	in
                                            the case of communications to the Company, to:

 

		(i)	its
                                            registered office, marked for the attention of the Company Secretary; or

 

		(ii)	any
                                            other address (marked for the attention of any specified person) that may have been notified
                                            by the Company to the sender; or

 

		(iii)	any
                                            e-mail address that may have been notified by the Company to the sender.

 

		17.3	Communications
                                            made to any Employee, Participant or Participant’s personal representatives shall be
                                            deemed to have been duly received:

 

		(a)	if
                                            delivered personally, when left at the relevant address; or

 

		(b)	if
                                            sent by pre-paid first class post or recorded delivery post, at 12 noon on the second business
                                            day after posting; or

 

		(c)	if
                                            sent by commercial courier, at the time specified on the signed delivery receipt;

 

		(d)	if
                                            sent by e-mail, at the time specified in the relevant report of receipt returned to the sender.

 

		17.4	Communications
                                            sent to the Company shall:

 

		(a)	be
                                            duly made only if actually received in accordance with this Rule 17.4; and

 

		(b)	shall
                                            be treated as made at the time they are received for all purposes of the Plan.

 

		17.5	This
                                            Rule 17.5 shall not apply to the service of any proceedings or other documents in any legal
                                            action.

 

		18	Governing
                                            law

 

		18.1	The
                                            rules of the Plan and any dispute or claim arising out of or in connection with the Plan
                                            or any Option or its subject matter or formation (including a non-contractual dispute or
                                            claim) shall be governed by, and interpreted in accordance with, the laws of England and
                                            Wales.

 

		18.2	The
                                            courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim
                                            (including a non-contractual dispute or claim) arising out of or in connection with:

 

		(a)	the
                                            Plan or its subject matter; and

 

		(b)	any
                                            Option or its subject matter or formation.

 

    	21

     

    

 

Schedule
1

 

Incentive
Stock Option

 

UNITED
STATES SUB-PLAN TO THE TC BIOPHARM (HOLDINGS) PLC SHARE OPTION PLAN

 

		1	The
                                            terms and conditions of this sub-plan (this “Sub-Plan”) shall apply to
                                            Incentive Stock Options granted to Option Holders subject to taxation in the United States
                                            (“US Participants”). The terms and conditions provided herein shall apply
                                            in addition to, or instead of where inconsistent with, the terms and conditions of the Plan.

 

		2	Capitalized
                                            terms used but not defined in this Sub-Plan shall have the meanings set forth in the Plan.

 

		3	For
                                            purpose of this Sub-Plan, the following terms shall have the meanings set forth below:

 

		3.1	“Fair
                                            Market Value” means, on any given date (i) if the Shares are listed on any established
                                            stock exchange or a national market system, including without limitation the NASDAQ Global
                                            Market, the NASDAQ Global Select Market or the NASDAQ Capital Market, the closing sales price
                                            for such Shares as quoted on such exchange or system on the day of determination, as reported
                                            in a source as the Board deems reliable (or, if no closing sales price was reported on that
                                            date, on the last trading date such closing sales price was reported); (ii) if (i) does not
                                            apply, then if the Shares are regularly quoted by a recognized securities dealer but selling
                                            prices are not reported, the mean between the high bid and low asked prices for the Shares
                                            on the day of determination (or, if no bids and asks were reported on that date, on the last
                                            trading date such bids and asks were reported); or (iii) if (i) and (ii) do not apply, such
                                            value as the Board in its discretion may in good faith determine in accordance with Section
                                            409A of the US Code and the regulations thereunder (and, with respect to Incentive Stock
                                            Options, in accordance with Section 422 of the US Code and the regulations thereunder).

 

		3.2	“Ten
                                            Percent Shareholder” means an individual who on the grant date of an Incentive
                                            Stock Option, either directly or indirectly (taking into account the attribution rules contained
                                            in US Code Section 424(d)), stock possessing more than 10% of the total combined voting power
                                            of all classes of stock of the Company or a “parent” or “subsidiary”
                                            company (within the meaning of US Code Section 424).

 

		3.3	“US
                                            Code” means the US Internal Revenue Code of 1986, as amended, and the rules and
                                            regulations promulgated thereunder.

 

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

 

		4	Options.
                                            The Exercise Price per Share for an Incentive Stock Option shall not be less than the Fair
                                            Market Value of a Share underlying the Option on the grant date and the maximum number of
                                            Shares issuable to any US Participant upon the exercise of an Option shall not exceed 5,000,000
                                            Shares in any fiscal year, subject to adjustment as provided in Rule 10 of the Plan. The
                                            “Date of Grant” of an Option granted to a US Participant shall be the date on
                                            which such Option was approved by the Board.

 

		5	Incentive
                                            Stock Options. The following conditions apply to awards of Incentive Stock Options in
                                            addition to or, where inconsistent, in lieu of those described in the Plan:

 

		5.1	Eligibility.
                                            Incentive Stock Options may be granted only to US Participants who are standard employees
                                            of the Company or any of its “parent” or “subsidiary” companies (within
                                            the meaning of US Code Section 424). For clarity, Incentive Stock Options may not be granted
                                            to executive or non-executive directors, advisors, consultants or corporate, partnership
                                            or similar entities.

 

    	22

     

    

 

		5.2	Exercise
                                            Price. In the case of a Ten Percent Shareholder, the price at which a Share may be purchased
                                            upon exercise of an Incentive Stock Option shall not be less than 110% of the Fair Market
                                            Value of such Share on the grant date.

 

		5.3	Certain
                                            Maximum Limits. The maximum number of Shares issuable upon the exercise of Incentive
                                            Stock Options at any time shall not exceed 5,000,000 Shares, subject to adjustment as provided
                                            in Rule 10 of the Plan. The maximum term of an Incentive Stock Option is 10 years from the
                                            grant date, but 5 years for Incentive Stock Options granted to Ten Percent Shareholder.

 

		5.4	Term
                                            of Options. In the case of a Ten Percent Shareholder, the term of an Incentive Stock
                                            Option shall be no greater than five years. Additionally, any vested Incentive Stock Option
                                            must be exercised within 3 months after termination of employment other than a termination
                                            due to disability or death.

 

		5.5	Notice.
                                            Each US Participant awarded an Incentive Stock Option under the Plan shall notify the Company
                                            in writing immediately after the date he or she makes a “disqualifying disposition”
                                            (as defined in US Code Section 421(b)) of any Shares acquired pursuant to the exercise of
                                            such Incentive Stock Option. The Company may, if determined by the Board and in accordance
                                            with procedures established by it, retain possession of any Shares acquired pursuant to the
                                            exercise of an Incentive Stock Option as agent for the applicable US Participant until the
                                            end of any period during which a disqualifying disposition could occur, subject to complying
                                            with any instructions from such US Participant as to the sale of such Shares.

 

		5.6	Certain
                                            Dollar Limitations. The aggregate Fair Market Value, determined as of the grant date,
                                            for Options granted under the Plan (or any other stock option scheme required to be taken
                                            into account under US Code Section 422(d)) that are intended to be Incentive Stock Options
                                            which are first exercisable by the US Participant during any calendar year shall not exceed
                                            $100,000. To the extent an Option purporting to be an Incentive Stock Option exceeds the
                                            limitation in the previous sentence, the portion of the Option in excess of such limit shall
                                            be an Unapproved Option.

 

		5.7	Limits
                                            on Transferability. Notwithstanding anything in the Plan to the contrary, no Incentive
                                            Stock Option shall be pledged, encumbered, or hypothecated to, or in favor of, or subject
                                            to any lien, obligation, or liability of a US Participant to, any party, other than the Company
                                            or any Subsidiary, or assigned or transferred by a US Participant otherwise than by will
                                            or the laws of descent and distribution, and such Incentive Stock Options and rights shall
                                            be exercisable during the lifetime of the US Participant only by the US Participant or his
                                            or her guardian or legal representative.

 

		6	Replacement
                                            Options. The provisions of Rule 8.4 to 8.7 of the Plan regarding the granting of a replacement
                                            Option shall apply to Incentive Stock Options held by US Participants, provided that any
                                            such replacement Option shall satisfy the requirements of US Code Section 409A (and to the
                                            extent applicable, US Code Section 422).

 

		7	Variation
                                            of Capital. Any adjustment under Rule 10 of the Plan to an Option held by a US Participant
                                            shall be done in accordance with US Code Section 409A (and to the extent applicable, US Code
                                            Section 422).

 

		8	Tax
                                            Withholding. The Company and its subsidiaries shall be entitled to withhold from any
                                            payments or vesting or exercise of Options under the Plan any amount of federal, state and
                                            local tax withholding determined by the Board to be required by law (including, without limitation,
                                            in their sole discretion, withholding Shares that otherwise would be acquired upon the exercise
                                            of an Option and/or withholding from any payroll or other amounts otherwise due to a US Participant).

 

    	23

     

    

 

		9	US
                                            Code Section 409A. With respect to US Participants, the Plan, this Sub-Plan and all Incentive
                                            Stock Options are intended to comply with, or be exempt from, US Code Section 409A and all
                                            regulations, guidance, compliance programs and other interpretative authority thereunder,
                                            and all provisions of the Plan, this Sub-Plan and related agreements shall be applied and
                                            interpreted in a manner consistent therewith. Notwithstanding anything contained herein to
                                            the contrary, in the event any Option is subject to US Code Section 409A, the Board or the
                                            Company’s Chief Financial Officer may, in their sole discretion and without a US Participant’s
                                            prior consent, amend the Plan, this Sub-Plan and/or any Option, adopt policies and procedures,
                                            or take any other actions as deemed appropriate by the Board or the Company’s Chief
                                            Financial Officer to (i) exempt the Scheme, this Sub-Plan and/or any Option from the application
                                            of US Code Section 409A, (ii) preserve the intended tax treatment of any such Option or (iii)
                                            comply with the requirements of US Code Section 409A. Neither the Company nor any of its
                                            Subsidiaries shall be held liable for any taxes, interest, penalties or other amounts owed
                                            by a US Participant under US Code Section 409A. In the event that a US Participant is a “specified
                                            employee” within the meaning of US Code Section 409A, and a payment or benefit provided
                                            for under the Plan or this Sub-Plan would be subject to additional tax under US Code Section
                                            409A if such payment or benefit is paid within six (6) months after such US Participant’s
                                            separation from service (within the meaning of US Code Section 409A), then such payment or
                                            benefit shall not be paid (or commence) during the six (6) month period immediately following
                                            such US Participant’s separation from service except as provided in the immediately
                                            following sentence. In such an event, any payments or benefits that would otherwise have
                                            been made or provided during such six (6) month period and which would have incurred such
                                            additional tax under US Code Section 409A instead shall be paid to the US Participant in
                                            a lump-sum, without interest, on the earlier of (i) the first business day of the seventh
                                            month following such US Participant’s separation from service or (ii) the tenth business
                                            day following such US Participant’s death. Any provision of the Plan or this Sub-Plan
                                            that violates US Code Section 409A shall be deemed null and void with respect to any US Participant.

 

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