Document:

EX-10.7

 Exhibit 10.7 

RENALYTIX AI PLC 

2020 EMPLOYEE SHARE PURCHASE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS: 22
JUNE 2020 
 APPROVED BY THE SHAREHOLDERS: [
● ] JULY 2020 
  

	1.	 GENERAL; PURPOSE. 

(a) The Plan provides a means by which Eligible Employees of the Company and certain designated Related Corporations may be given an
opportunity to purchase Shares. The Plan permits the Company to grant a series of Purchase Rights to Eligible Employees under an Employee Stock Purchase Plan. 

(b) The Company, by means of the Plan, seeks to retain the services of such Employees, to secure and retain the services of new
Employees and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Related Corporations. 
  

	2.	 ADMINISTRATION. 

(a) The Board will administer the Plan. The Board may delegate administration of the Plan to a Committee or Committees, as provided in
Section 2(c). 
 (b) The Board will have the power, subject to, and within the limitations of, the express provisions of the
Plan: 
 (i) To determine when and how Purchase Rights will be granted and the provisions of each Offering (which need not be
identical). 
 (ii) To designate from time to time which Related Corporations will be eligible to participate in the Plan. 

(iii) To construe and interpret the Plan and Purchase Rights, and to establish, amend and revoke rules and regulations for the
administration of the Plan. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it deems necessary or expedient to make the Plan fully effective. 

(iv) To settle all controversies regarding the Plan and Purchase Rights. 

(v) To amend the Plan at any time as provided in Section 12. 

(vi) To suspend or terminate the Plan at any time as provided in Section 12. 

(vii) Generally, to exercise such powers and to perform such acts as it deems necessary or expedient to promote the best interests of
the Company and its Related Corporations and to carry out the intent that the Plan be treated as an Employee Stock Purchase Plan. 

 (viii) To adopt such procedures and sub-plans
as are necessary or appropriate to permit participation in the Plan by Employees who are nationals of, or employed in, a jurisdiction outside the United States. 

(c) The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration is delegated to
a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee any of the
administrative powers the Committee is authorized to exercise (and references to the Board in this Plan and in any applicable Offering Document will thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not
inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the
powers previously delegated. Whether or not the Board has delegated administration of the Plan to a Committee, the Board will have the final power to determine all questions of policy and expediency that may arise in the administration of the Plan.

 (d) All determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any
person and will be final, binding and conclusive on all persons. 
  

	3.	 SHARES SUBJECT TO THE PLAN.

 (a) Subject to Section 11(a) relating to Capitalization Adjustments, the aggregate number of Shares that
may be issued under the Plan will not exceed 850,000 Ordinary Shares (including as part of the process for the issue of new ADSs) (the “Share Reserve”). In addition, the Share Reserve will automatically increase on January
1st of the year following the year in which the Company’s shareholders approve the Plan and ending on (and including) January 1, 2030, in an amount equal to the lesser of 1% of the total number of Ordinary Shares outstanding on December
31st of the preceding calendar year and 2 million Ordinary Shares. 
 (b) If any Purchase Right terminates without having been
exercised in full, the Shares not purchased under such Purchase Right will again become available for issuance under the Plan. 
 (c)
The shares issuable under the Plan will be new Shares. 
  

	4.	 GRANT OF PURCHASE RIGHTS;
OFFERING. 

 (a) The Board may from time to time grant or provide for the grant of Purchase
Rights to Eligible Employees under an Offering (consisting of one or more Purchase Periods) on an Offering Date or Offering Dates selected by the Board. Each Offering will be in such form and will contain such terms and conditions as the Board will
deem appropriate and will comply with the requirement of Section 423(b)(5) of the Code that all Employees granted Purchase Rights will have the same rights and privileges. The terms and conditions of an Offering will be incorporated by
reference into the Plan and treated as part of the Plan. The provisions of separate Offerings need not be identical, but each Offering will include (through incorporation of the provisions of this Plan by reference in the document comprising the
Offering or otherwise) the period during which the Offering will be effective, which period will not exceed twenty-seven (27) months beginning with the Offering Date, and the substance of the provisions contained in Sections 5 through 8,
inclusive. 

  
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 (b) If a Participant has more than one Purchase Right outstanding under the Plan,
unless he or she otherwise indicates in forms delivered to the Company: (i) each form will apply to all of his or her Purchase Rights under the Plan, and (ii) a Purchase Right with a lower exercise price (or an earlier-granted Purchase
Right, if different Purchase Rights have identical exercise prices) will be exercised to the fullest possible extent before a Purchase Right with a higher exercise price (or a later-granted Purchase Right if different Purchase Rights have identical
exercise prices) will be exercised. 
 (c) The Board will have the discretion to structure an Offering so that if the Fair Market
Value of a Share on the first Trading Day of a new Purchase Period within that Offering is less than or equal to the Fair Market Value of a Share on the Offering Date for that Offering, then (i) that Offering will terminate immediately as of
that first Trading Day, and (ii) the Participants in such terminated Offering will be automatically enrolled in a new Offering beginning on the first Trading Day of such new Purchase Period. 

 

	5.	 ELIGIBILITY. 

(a) Purchase Rights may be granted only to Employees of the Company or, as the Board may designate in accordance with Section 2(b),
to Employees of a Related Corporation. Except as provided in Section 5(b), an Employee will not be eligible to be granted Purchase Rights unless, on the Offering Date, the Employee has been in the employ of the Company or the Related
Corporation, as the case may be, for such continuous period preceding such Offering Date as the Board may require, but in no event will the required period of continuous employment be equal to or greater than two (2) years. In addition, subject
to applicable law, the Board may provide that no Employee will be eligible to be granted Purchase Rights unless, on the Offering Date, such Employee’s customary employment with the Company or the Related Corporation is more than twenty
(20) hours per week and more than five (5) months per calendar year or such other criteria as the Board may determine consistent with Section 423 of the Code and applicable law. 

(b) The Board may provide that each person who, during the course of an Offering, first becomes an Eligible Employee will, on a date or
dates specified in the Offering which coincides with the day on which such person becomes an Eligible Employee or which occurs thereafter, receive a Purchase Right under that Offering, which Purchase Right will thereafter be deemed to be a part of
that Offering. Such Purchase Right will have the same characteristics as any Purchase Rights originally granted under that Offering, as described herein, except that: 

(i) the date on which such Purchase Right is granted will be the “Offering Date” of such Purchase Right for all purposes,
including determination of the exercise price of such Purchase Right; 
 (ii) the period of the Offering with respect to such Purchase
Right will begin on its Offering Date and end coincident with the end of such Offering; and 

  
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 (iii) the Board may provide that if such person first becomes an Eligible Employee
within a specified period of time before the end of the Offering, he or she will not receive any Purchase Right under that Offering. 

(c) No Employee will be eligible for the grant of any Purchase Rights if, immediately after any such Purchase Rights are granted, such
Employee owns securities possessing five percent (5%) or more of the total combined voting power or value of all classes of securities of the Company or of any Related Corporation. For purposes of this Section 5(c), the rules of
Section 424(d) of the Code will apply in determining the security ownership of any Employee, and securities which such Employee may purchase under all outstanding Purchase Rights and options will be treated as securities owned by such Employee.

 (d) As specified by Section 423(b)(8) of the Code, an Eligible Employee may be granted Purchase Rights only if such Purchase
Rights, together with any other rights granted under all Employee Stock Purchase Plans of the Company and any Related Corporations, do not permit such Eligible Employee’s rights to purchase securities of the Company or any Related Corporation
to accrue at a rate which exceeds twenty-five thousand United States Dollars ($25,000) of Fair Market Value of such securities (determined at the time such rights are granted, and which, with respect to the Plan, will be determined as of their
respective Offering Dates) for each calendar year in which such rights are outstanding at any time. 
 (e) Officers of the Company and
any designated Related Corporation, if they are otherwise Eligible Employees, will be eligible to participate in Offerings under the Plan. Notwithstanding the foregoing, the Board may provide in an Offering that Employees who are highly compensated
Employees within the meaning of Section 423(b)(4)(D) of the Code will not be eligible to participate. 
  

	6.	 PURCHASE RIGHTS; PURCHASE PRICE.

 (a) On each Offering Date, each Eligible Employee, pursuant to an Offering made under the Plan, will be
granted a Purchase Right to purchase up to that number of Shares purchasable either with a percentage or with a maximum amount (in United States Dollars), as designated by the Board, but in either case not exceeding fifteen percent (15%) of such
Employee’s earnings (as defined by the Board in each Offering) during the period that begins on the Offering Date (or such later date as the Board determines for a particular Offering) and ends on the date stated in the Offering, which date
will be no later than the end of the Offering. 
 (b) The Board will establish one (1) or more Purchase Dates during an Offering
on which Purchase Rights granted pursuant to that Offering will be exercised and Shares will be purchased in accordance with such Offering. 

(c) In connection with each Offering made under the Plan, the Board may specify (i) a maximum number of Shares that may be
purchased by any Participant pursuant to such Offering, (ii) a maximum number of Shares that may be purchased by any Participant on any Purchase Date pursuant to such Offering, (iii) a maximum aggregate number of Shares that may be
purchased by all Participants pursuant to such Offering, and/or (iv) a maximum aggregate number of Shares that may be purchased by all Participants on any Purchase Date pursuant to 

  
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such Offering. If the aggregate purchase of Shares issuable upon exercise of Purchase Rights granted under such Offering would exceed any such maximum aggregate number, then, in the absence of
any Board action otherwise, a pro rata (based on each Participant’s accumulated Contributions) allocation of the Shares available will be made in as nearly a uniform manner as will be practicable and equitable. 

(d) The purchase price of Shares acquired pursuant to Purchase Rights will be not less than the lesser of: 

(i) an amount equal to eighty-five percent (85%) of the Fair Market Value of the Shares on the Offering Date; or 

(ii) an amount equal to eighty-five percent (85%) of the Fair Market Value of the Shares on the applicable Purchase Date. 

 

	7.	 PARTICIPATION; WITHDRAWAL; TERMINATION.

 (a) An Eligible Employee may elect to authorize payroll deductions as the means of making Contributions by
completing and delivering to the Company, within the time specified in the Offering, an enrollment form provided by the Company. The enrollment form will specify the amount of Contributions not to exceed the maximum amount specified by the Board.
Each Participant’s Contributions will be credited to a bookkeeping account for such Participant under the Plan and will be deposited with the general funds of the Company except where applicable law requires that Contributions be deposited with
a third party. To the extent provided in the Offering, a Participant may begin such Contributions on or after the Offering Date. To the extent provided in the Offering, a Participant may thereafter decrease (including to zero) or increase his or her
Contributions. To the extent specifically provided in the Offering, in addition to or instead of making Contributions by payroll deductions, a Participant may make Contributions through payment by cash or check prior to a Purchase Date. 

(b) During an Offering, a Participant may cease making Contributions and withdraw from the Offering by delivering to the Company a
withdrawal form provided by the Company. The Company may impose a deadline before a Purchase Date for withdrawing. Upon such withdrawal, such Participant’s Purchase Right in that Offering will immediately terminate and the Company will
distribute to such Participant all of his or her accumulated but unused Contributions without interest. A Participant’s withdrawal from an Offering will have no effect upon his or her eligibility to participate in any other Offerings under the
Plan, but such Participant will be required to deliver a new enrollment form to participate in subsequent Offerings. 
 (c) Purchase
Rights granted pursuant to any Offering under the Plan will terminate immediately if the Participant either (i) is no longer an Employee for any reason or for no reason (subject to any post-employment participation period required by law) or
(ii) is otherwise no longer eligible to participate. The Company will distribute to such individual all of his or her accumulated but unused Contributions without interest. 

(d) Purchase Rights will not be transferable by a Participant except by will, by the laws of descent and distribution, or, if permitted
by the Company, by a beneficiary designation as described in Section 10. During a Participant’s lifetime, Purchase Rights will be exercisable only by such Participant. 

  
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 (e) Unless otherwise specified in an Offering, the Company will have no obligation to
pay interest on Contributions. 
  

	8.	 EXERCISE OF PURCHASE RIGHTS.

 (a) On each Purchase Date, each Participant’s accumulated Contributions will be applied to the purchase
of Shares, up to the maximum number of Shares permitted by the Plan and the applicable Offering, at the purchase price specified in the Offering. No fractional shares will be issued upon the exercise of Purchase Rights unless specifically provided
for in the Offering. 
 (b) If any amount of accumulated Contributions remains in a Participant’s account after the purchase
Shares and such remaining amount is less than the amount required to purchase one Share on the final Purchase Date of an Offering, then such remaining amount will be held in such Participant’s account for the purchase of Shares under the next
Offering under the Plan, unless such Participant withdraws from or is not eligible to participate in such next Offering, in which case such amount will be distributed to such Participant after the final Purchase Date without interest. If the amount
of Contributions remaining in a Participant’s account after the purchase of Shares is at least equal to the amount required to purchase one (1) whole Share on the final Purchase Date of an Offering, then such remaining amount will be
distributed in full to such Participant after the final Purchase Date of such Offering without interest. 
 (c) No Purchase Rights may
be exercised to any extent unless the Shares to be issued upon such exercise under the Plan are covered by an effective registration statement pursuant to the Securities Act and the Plan is in material compliance with all applicable federal, state,
foreign and other securities and other laws applicable to the Plan. If, on a Purchase Date, the Shares are not so registered or the Plan is not in such compliance, no Purchase Rights will be exercised on such Purchase Date, and the Purchase Date
will be delayed until the Shares are subject to such an effective registration statement and the Plan is in such compliance, except that the Purchase Date will not be delayed more than twelve (12) months and the Purchase Date will in no event
be more than twenty-seven (27) months from the Offering Date. If, on the Purchase Date, as delayed to the maximum extent permissible, the Shares are not so registered or the Plan is not in such compliance, no Purchase Rights will be exercised
and all accumulated but unused Contributions will be distributed to the Participants without interest. 
  

	9.	 COVENANTS OF THE COMPANY.

 The Company will seek to obtain from each federal, state, foreign or other regulatory commission or agency having
jurisdiction over the Plan such authority as may be required to grant Purchase Rights and issue and sell Shares thereunder. If, after commercially reasonable efforts, the Company is unable to obtain the authority that counsel for the Company deems
necessary for the grant of Purchase Rights or the lawful issuance and sale of Shares under the Plan, and at a commercially reasonable cost, the Company will be relieved from any liability for failure to grant Purchase Rights and/or to issue and sell
Shares upon exercise of such Purchase Rights. 

  
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	10.	 DESIGNATION OF BENEFICIARY. 

(a) The Company may, but is not obligated to, permit a Participant to submit a form designating a beneficiary who will receive any
Shares and/or Contributions from the Participant’s account under the Plan if the Participant dies before such shares and/or Contributions are delivered to the Participant. The Company may, but is not obligated to, permit the Participant to
change such designation of beneficiary. Any such designation and/or change must be on a form approved by the Company. 
 (b) If a
Participant dies, and in the absence of a valid beneficiary designation, the Company will deliver any Shares and/or Contributions to the executor or administrator of the estate of the Participant. If no executor or administrator has been appointed
(to the knowledge of the Company), the Company, in its sole discretion, may deliver such Shares and/or Contributions to the Participant’s spouse, dependents or relatives, or if no spouse, dependent or relative is known to the Company, then to
such other person as the Company may designate. 
  

	11.	 ADJUSTMENTS UPON CHANGES IN
CAPITALIZATION; CORPORATE TRANSACTIONS. 

 (a) In the event of a
Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a); (ii) the class(es) and number of securities subject to,
and the purchase price applicable to outstanding Offerings and Purchase Rights; and (iii) the class(es) and number of securities that are the subject of the purchase limits under each ongoing Offering. The Board will make these adjustments, and
its determination will be final, binding and conclusive. 
 (b) In the event of a Corporate Transaction, (i) any surviving or
acquiring corporation (or its parent company) may assume or continue outstanding Purchase Rights or may substitute similar rights (including a right to acquire the same consideration paid to the shareholders in the Corporate Transaction) for
outstanding Purchase Rights, or (ii) if any surviving or acquiring corporation (or its parent company) does not assume or continue outstanding Purchase Rights or does not substitute similar rights for outstanding Purchase Rights, then
the Participants’ accumulated Contributions will be used to purchase Shares within ten (10) business days prior to the Corporate Transaction under such Purchase Rights, and such Purchase Rights will terminate immediately after such
purchase. 
  

	12.	 AMENDMENT, SUSPENSION OR TERMINATION
OF THE PLAN. 

 (a) The Board may amend the Plan at any time in any
respect the Board deems necessary or advisable. However, except as provided in Section 11(a) relating to Capitalization Adjustments, shareholder approval will be required for any amendment of the Plan for which shareholder approval is required
by applicable law or listing requirements, including any amendment that either (i) materially increases the number of Shares available for issuance under the Plan, (ii) materially expands the class of individuals eligible to become
Participants and receive Purchase Rights, (iii) materially increases the benefits accruing to Participants under the Plan or materially reduces the price at which Shares may be purchased under the Plan, (iv) materially extends the term of
the Plan, or (v) expands the types of awards available for issuance under the Plan, but in each of (i) through (v) above only to the extent shareholder approval is required by applicable law or listing requirements. 

  
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 (b) The Board may suspend or terminate the Plan at any time. No Purchase Rights may
be granted under the Plan while the Plan is suspended or after it is terminated. 
 (c) Any benefits, privileges, entitlements and
obligations under any outstanding Purchase Rights granted before an amendment, suspension or termination of the Plan will not be materially impaired by any such amendment, suspension or termination except (i) with the consent of the person to
whom such Purchase Rights were granted, (ii) as necessary to comply with any laws, listing requirements, or governmental regulations (including, without limitation, the provisions of Section 423 of the Code and the regulations and other
interpretive guidance issued thereunder relating to Employee Stock Purchase Plans) including, without limitation, any such regulations or other guidance that may be issued or amended after the Adoption Date, or (iii) as necessary to obtain or
maintain favorable tax, listing, or regulatory treatment. To be clear, the Board may amend outstanding Purchase Rights without a Participant’s consent if such amendment is necessary to ensure that the Purchase Right and/or the Plan complies
with the requirements of Section 423 of the Code. 
 Notwithstanding anything in the Plan or any Offering Document to the contrary, the
Board will be entitled to: (i) establish the exchange ratio applicable to amounts withheld in a currency other than United States Dollars; (ii) permit Contributions in excess of the amount designated by a Participant in order to adjust for
mistakes in the Company’s processing of properly completed Contribution elections; (iii) establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of
Shares for each Participant properly correspond with amounts withheld from the Participant’s Contributions; (iv) amend any outstanding Purchase Rights or clarify any ambiguities regarding the terms of any Offering to enable the Purchase
Rights to qualify under and/or comply with Section 423 of the Code; and (v) establish other limitations or procedures as the Board determines in its sole discretion advisable that are consistent with the Plan. The actions of the Board
pursuant to this paragraph will not be considered to alter or impair any Purchase Rights granted under an Offering as they are part of the initial terms of each Offering and the Purchase Rights granted under each Offering. 

 

	13.	 EFFECTIVE DATE OF PLAN.

 The Plan will become effective on the Effective Date. No Purchase Rights will be exercised unless and until the Plan
has been approved by the shareholders of the Company, which approval must be within 12 months before or after the date the Plan is adopted (or if required under Section 12(a), materially amended) by the Board. 

 

	14.	 MISCELLANEOUS PROVISIONS. 

(a) Proceeds from the sale of Shares pursuant to Purchase Rights will constitute general funds of the Company. 

  
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 (b) A Participant will not be deemed to be the holder of, or to have any of the
rights of a holder with respect to, Shares subject to Purchase Rights unless and until the Participant’s Shares acquired upon exercise of Purchase Rights are recorded in the books of the Company (or its transfer agent). 

(c) The Plan and Offering do not constitute an employment contract. Nothing in the Plan or in the Offering will in any way alter the at
will nature of a Participant’s employment or be deemed to create in any way whatsoever any obligation on the part of any Participant to continue in the employ of the Company or a Related Corporation, or on the part of the Company or a Related
Corporation to continue the employment of a Participant. 
 (d) The Plan and all Purchase Rights, including any non-contractual obligations arising in connection therewith, will be governed by and interpreted in accordance with the laws of England and Wales, disregarding any jurisdiction’s
choice-of-law principles requiring the application of a jurisdiction’s laws other than that of England and Wales and the courts of England and Wales shall have
exclusive jurisdiction to hear any dispute. 
  

	15.	 DEFINITIONS. 

As used in the Plan, the following definitions will apply to the capitalized terms indicated below: 

(a) “Adoption Date” means 22 June 2020 which is the date the Plan was adopted by the Board. 

(b) “ADSs” means American Depositary Shares, representing Ordinary Shares on deposit with a U.S. banking
institution selected by the Company and which are registered pursuant to a Form F-6. 
 (c)
“Board” means the Board of Directors of the Company. 
 (d) “Capitalization
Adjustment” means a nonreciprocal transaction between the Company and its shareholders, such as a share dividend, share split, spin-off, rights offering or recapitalization through a large,
nonrecurring cash dividend, that affects the number or kind of Shares (or other Company securities) or the price of Shares (or other Company securities) and causes a change in the per share value of the Shares underlying outstanding Purchase Rights.

 (e) “Code” means the US Internal Revenue Code of 1986, as amended, including any applicable regulations and
guidance thereunder. 
 (f) “Committee” means a committee of one (1) or more members of the Board
to whom authority has been delegated by the Board in accordance with Section 2(c). 
 (g) “Company” means
Renalytix AI plc, registered in England and Wales with company number 11257655, or any successor. 

  
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 (h) “Contributions” means the payroll deductions and other
additional payments specifically provided for in the Offering that a Participant contributes to fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account if specifically provided for in the Offering,
and then only if the Participant has not already had the maximum permitted amount withheld during the Offering through payroll deductions. 

(i) “Control” has the meaning given in section 995(2) of the UK Income Tax Act 2007, unless otherwise specified.

 (j) “Corporate Transaction” means and includes each of the following: 

(i) a Sale; or 
 (ii)
a Takeover. 
 The Board shall have full and final authority, which shall be exercised in its sole discretion, to determine conclusively
whether a Corporate Transaction has occurred pursuant to the above definition, the date of the occurrence of such Corporate Transaction and any incidental matters relating thereto. 

(k) “Director” means a member of the Board. 

(l) “Effective Date” means the effective date of this Plan document, which is the date of the general meeting of
the shareholders of the Company held on [•] July 2020, provided that this Plan is approved by the Company’s shareholders at such meeting. 

(m) “Eligible Employee” means an Employee who meets the requirements set forth in the document(s) governing the
Offering for eligibility to participate in the Offering, provided that such Employee also meets the requirements for eligibility to participate set forth in the Plan. 

(n) “Employee” means any person, including an Officer or Director, who is “employed” for purposes of
Section 423(b)(4) of the Code by the Company or a Related Corporation. However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan.

 (o) “Employee Stock Purchase Plan” means a plan that grants Purchase Rights intended to be options issued
under an “employee stock purchase plan,” as that term is defined in Section 423(b) of the Code. 
 (p)
“Exchange Act” means the US Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

(q) “Fair Market Value” means, as of any date, the value of the Shares determined as follows: 

(i) If the Shares are listed on any established stock exchange or traded on any established market, the Fair Market Value of a Share
will be, unless otherwise determined by the Board, the closing sales price for such a Share as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Shares) on the date of determination, as reported
in a source the Board deems reliable. 

  
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 (ii) Unless otherwise provided by the Board, if there is no closing sales price for
the Shares on the date of determination, then the Fair Market Value will be the closing sales price on the last preceding date for which such quotation exists. 

(iii) In the absence of such markets for the Shares, the Fair Market Value will be determined by the Board in good faith in compliance
with applicable laws and in a manner that complies with Section 409A of the Code. 
 (iv) If such Fair Market Value is in a
currency other than United States Dollars, it shall be converted into United States Dollars using the exchange rate as reported in a source the Board deems reliable. 

(r) “Offering” means the grant to Eligible Employees of Purchase Rights, with the exercise of those Purchase
Rights automatically occurring at the end of one or more Purchase Periods. The terms and conditions of an Offering will generally be set forth in the “Offering Document” approved by the Board for that Offering. 

(s) “Offering Date” means a date selected by the Board for an Offering to commence. 

(t) “Officer” means a person who is an officer of the Company or a Related Corporation within the meaning
of Section 16 of the Exchange Act. 
 (u) “Ordinary Share” means an ordinary share of £0.0025 each
in the capital of the Company. 
 (v) “Participant” means an Eligible Employee who holds an outstanding
Purchase Right. 
 (w) “Plan” means this Renalytix AI plc 2020 Employee Share Purchase Plan. 

(x) “Purchase Date” means one or more dates during an Offering selected by the Board on which Purchase Rights
will be exercised and on which purchases of Shares will be carried out in accordance with such Offering. 
 (y) “Purchase
Period” means a period of time specified within an Offering, generally beginning on the Offering Date or on the first Trading Day following a Purchase Date and ending on a Purchase Date. An Offering may consist of one or more Purchase
Periods. 
 (z) “Purchase Right” means an option to purchase Shares granted pursuant to the Plan. 

(aa) “Related Corporation” means any “parent corporation” or “subsidiary corporation” of the
Company whether now or subsequently established, as those terms are defined in Sections 424(e) and (f), respectively, of the Code. 
 (bb)
“Sale” means the sale of all or substantially all of the assets of the Company. 

  
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 (cc) “Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder. 
 (dd) “Share” means an Ordinary Share or the
number of ADSs equal to a Share. 
 (ee) “Subsidiary” means any entity (other than the Company), whether
domestic or foreign, in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing at
least 50% of the total combined voting power of all classes of securities or interests in one of the other entities in such chain. 
 (ff)
“Takeover” means if any person (or a group of persons acting in concert) (the “Acquiring Person”): 

(i) obtains Control of the Company as the result of making a general offer to: 

(1) acquire all of the issued Share capital of the Company, which is made on a condition that, if it is satisfied, the Acquiring Person
will have Control of the Company; or 
 (2) acquire all of the shares in the Company which are of the same class as the Shares; or

 (ii) obtains Control of the Company as a result of a compromise or arrangement sanctioned by a court under Section 899 of the
UK Companies Act 2006, or sanctioned under any other similar law of another jurisdiction; or 
 (iii) becomes bound or entitled under
Sections 979 to 985 of the UK Companies Act 2006 (or similar law of another jurisdiction) to acquire shares of the same class as the Shares; or 

(iv) obtains Control of the Company in any other way. 

(gg) “Trading Day” means any day on which the exchange(s) or market(s) on which Shares are listed (including,
but not limited to, AIM, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market, the NYSE, or any successors thereto) is open for trading. 

  
 12EX-10.8

 Exhibit 10.8 
  

[Name of Director] 
 c/o Renalytix AI plc 

Avon House 
 19 Stanwell Road 

Penarth 
 Cardiff CF64 2EZ 

United Kingdom 
 ____ June 2020 

Dear [Name of Director], 
  

	Renalytix	 AI plc (the “Company”) and your role as a director/officer of the Company

 As you are aware the articles of association of the Company (the “Articles”) contain provisions, at Article 152,
granting an indemnity to the directors and officers of the Company from time to time. We are taking this opportunity to afford you the direct benefit of this indemnity in the form of a deed for your benefit (this “Deed”). The
arrangements contemplated by this Deed are within the scope of permitted directors’ indemnities under the Companies Act 2006 (the “Act”). For the avoidance of doubt the Company will maintain directors and officers insurance
(“D&O Cover”), which is intended to operate for your protection in addition to this indemnity. 
  

	1.	 Interpretation 

 

	1.1	 In this Deed: 

 

	 	1.1.1	 any defined terms (to the extent undefined herein) shall have the meanings given to them in the
Articles; 

  

	 	1.1.2	 any reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time; 

  

	 	1.1.3	 unless the context otherwise requires, reference to paragraphs are to paragraphs of this Deed;

  

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

  

	 	1.1.5	 other and otherwise are illustrative and shall not limit the sense of the words, description,
definition, phrase or term preceding them. 

  

	2.	 Indemnity 

  

	2.1	 Subject to paragraph 2.2, without prejudice to any indemnity to which you may otherwise be entitled
pursuant to Article 152 of the Articles, under general law or otherwise and subject to the terms of this Deed, you shall be indemnified and held harmless by the Company to the fullest extent permitted by law against all liabilities, costs, charges,
expenses, judgments, settlements, compensation and other awards, damages and losses (including any direct, indirect or consequential losses and all interest, penalties, fines, taxes and legal costs (calculated on a full indemnity basis) and all
other professional costs and expenses (“Liabilities”) incurred by you in the execution and discharge of your duties to the Company and any “Associated Company” of the Company (as defined in section 256(b) of the Act for
these purposes), including any Liability incurred by you in defending any proceedings, civil or criminal, administrative, investigative, regulatory or other proceeding whether instigated, imposed or incurred under the laws of England and Wales or
the laws of any other jurisdiction (“Proceedings”) which relate to any act done or omitted or alleged to be done or omitted by you whilst in the course of acting or purporting to act as a director or officer (or equivalent position
under the laws of any relevant jurisdiction) of the Company and/or any Associated Company or which arises by virtue of you holding or having held such a position (“Claim”). 

	2.2	 The indemnity in paragraph 2.1 shall not apply to: 

 

	 	2.2.1	 the extent prohibited by the Act or otherwise prohibited by law; 

 

	 	2.2.2	 any Liability incurred by you: 

 

	 	2.2.2.1	 in defending any criminal Proceedings in which you are convicted; 

 

	 	2.2.2.2	 in defending any civil Proceedings brought by the Company or any Associated Company in which judgement
is given against you; and 

  

	 	2.2.2.3	 in connection with any application under section 661(3) or (4) or section 1157 of the Act (a
“Relevant Application”) in which the court refuses to grant you relief on the application, 

  

	 	2.2.3	 where, in any such case, any such conviction, judgement or refusal of relief has become final (reference
in this paragraph 2.2.3 to a conviction, judgement or refusal of relief being “final” shall be construed in accordance with section 234(4) and (5) of the Act); 

 

	 	2.2.4	 any Liability incurred by you to the Company or any Associated Company; 

 

	 	2.2.5	 any fine imposed in any criminal Proceedings; 

 

	 	2.2.6	 any sum payable to a regulatory authority by way of a penalty in respect of non-compliance with any requirement of a regulatory nature (howsoever arising); or 

  

	 	2.2.7	 any Liability incurred by, or Claim made against, you which the board of directors of the Company (the
“Board”) reasonably determines arises out of your fraud or dishonesty or by you obtaining any personal profit or advantage to which you were not entitled (“Misconduct”), save that if a court, tribunal or regulatory
authority thereafter finally determines that the relevant Liability or Claim did not arise as a result of your Misconduct, you may, by notice to the Company, request payment of such amount from the Company as the Company would have been liable to
pay under this Deed had the Board not made such a determination and the Company shall make a payment to you upon satisfaction of the obligation in paragraph 2.5, 

however the D&O Cover in place is designed to provide cover for these specific areas which the Act prescribes that the indemnity cannot
extend, and for which it is possible to obtain coverage on commercial terms. 
  

	2.3	 Without prejudice and in addition to any indemnity to which you may otherwise be entitled pursuant to
Article 152 of the Articles, under general law or otherwise and subject to the terms of this Deed, you shall be indemnified and held harmless by the Company to the fullest extent permitted by law against all Liabilities incurred by you and Claims in
connection with the Company’s activities as a trustee of an occupational pension scheme (as defined by section 750(5) of the Finance Act 2004) established under a trust provided that no such indemnity shall extend to any Liability arising out
of your fraud or dishonesty or the obtaining by you of any personal profit or advantage to which you were not entitled and you shall not be entitled to be indemnified for: 

 

	 	2.3.1	 any fine imposed in any criminal proceedings; 

 

	 	2.3.2	 any sum payable to a regulatory authority by way of a penalty in respect of non-compliance with any requirement of a regulatory nature howsoever arising; and 

  

	 	2.3.3	 any amount for which you have become liable in defending any criminal proceedings in which you are
convicted and the conviction has become final (reference in this paragraph 2.3 to a conviction becoming “final” shall be construed in accordance with section 235(4) and (5) of the Act). 

	2.4	 References in paragraphs 2.1 and 2.3 to acts or omissions are to acts or omissions made or omitted to be
made before, on or after the date of this Deed, however: 

  

	 	2.4.1	 if a company ceases to be an Associated Company after the date of this Deed, the Company shall only be
liable to indemnify you in respect of Liabilities in relation to that company which were incurred before the date on which the company ceased to be an Associated Company; and 

 

	 	2.4.2	 you, as director or officer (or equivalent position under the laws of any relevant jurisdiction) of any
company which becomes an Associated Company after the date of this Deed, shall be indemnified only in respect of Liabilities incurred after the date on which that company becomes an Associated Company. 

 

	2.5	 The Company’s obligation to make any payment to you under paragraphs 2.1 and/or 2.3 depends on you
having made an application in writing to the Company supported by such documentation and evidence which, in the reasonable opinion of the Board, is satisfactory to prove that: 

 

	 	2.5.1	 the Liability suffered or incurred by you and of the date(s) on which it was suffered or incurred
and that it falls within the scope of the indemnities given in paragraphs 2.1 and/or 2.3; and 

  

	 	2.5.2	 any costs and expenses of any third party (including legal costs) which are to be reimbursed by the
Company in accordance with paragraphs 2.1 and/or 2.3 were properly incurred and reasonable in amount, 

 and to the extent
that the Company is satisfied that these conditions have been fulfilled, the Company shall make payment to you within 28 days of receipt of such application. 
  

	2.6	 The Company hereby waives (to the maximum extent permitted the provisions of the Act or by any other
provision of law) all and any claims that it may have against you as a result of, and in connection with, your tenure as a director or officer of the Company, whether actual or contingent, direct or indirect and irrevocably waives any such claims or
rights of action and releases and forever discharges you from all and any liability in respect thereof. 

  

	3.	 Defence Costs 

 

	3.1	 Subject to the Act and the provisions of this Deed, the Company will loan to you such amounts as are
required to meet the legal and other reasonable costs, charges and expenses incurred or to be incurred by you: 

  

	 	3.1.1	 in defending any criminal or civil Proceedings which relate to anything done or omitted or alleged to
have been done or omitted by you as a director and/or officer of the Company or any Associated Company of the Company or in connection with any alleged negligence, default, breach of duty or breach of trust by you in relation to the Company or an
Associated Company; or 

  

	 	3.1.2	 in connection with any Relevant Application. 

 

	3.2	 The Company shall lend any such amount as provided for in paragraph 3.1 (“Loan
Amounts”) to you within fourteen days of receiving a notice in writing from you of the amount required, together with such evidence of the costs as the Company may reasonably require. No interest shall accrue on the Loan Amounts.

	3.3	 All Loan Amounts outstanding to you in respect of particular Proceedings shall be repaid by you if:

  

	 	3.3.1	 in respect of criminal Proceedings, you are convicted; 

 

	 	3.3.2	 in respect of civil Proceedings, judgement is given against you; or 

 

	 	3.3.3	 in respect of any Relevant Application, the court refuses to grant you relief on the application,

 and such outstanding Loan Amounts shall be repaid no later than the date when the conviction, judgement or refusal of
relief becomes final (reference in this paragraph 3.3 to a conviction, judgement or refusal of relief being “final” shall be construed in accordance with section 205(3) and (4) of the Act). 

 

	3.4	 The Company shall not be required to lend any amount under paragraph 3.1, and any amounts lent shall
become immediately repayable upon demand from the Company, to the extent that the Board reasonably determines that the relevant Proceedings arose out of your Misconduct. 

 

	3.5	 In the event that the relevant Proceedings are either (i) abandoned, withdrawn or discontinued,
(ii) settled, (iii) a permanent stay is granted, or (iv) a final determination of the court is made (or Proceedings otherwise finally conclude) without any of the events referred to in paragraph 3.3 (as applicable) occurring (each such
conclusion of Proceedings being referred to hereafter as a “Favourable Conclusion”) then the indemnity provided under paragraph 2.1 shall thereafter apply with respect to all legal and other reasonable costs, charges and expenses of
those Proceedings as were incurred by you. Any liability of the Company to so indemnify you shall be set-off against any liability of you to repay to the Company any Loan Amounts outstanding in respect of
those Proceedings and shall be subject to the exclusions and limitations contained in paragraph 2.2, and paragraph 5 shall be applied (with such changes as are appropriate). 

 

	3.6	 In the event that a Favourable Conclusion is reached in relation to particular Proceedings but any Loan
Amount lent to you in relation to those Proceedings remains outstanding in circumstances where the Company is (for any reason) not liable or is no longer liable to indemnify you in relation to those Proceedings, then all such Loan Amounts which
remain outstanding shall be repayable upon demand from the Company. 

  

	4.	 Directors’ and Officers’ Liability Insurance 

The Company shall purchase and maintain D&O Cover to insure you as a director of the Company during the period of your appointment and for
a minimum of six years thereafter. The Company shall ensure that you are provided at all times with a copy, or a summary of the terms, of the Company’s current D&O Cover policy. 

 

	5.	 Notification and Conduct 

 

	5.1	 If you receive any demand relating to a Claim or become aware of any circumstances which might or may be
reasonably expected to give rise to the Company being required to indemnify you pursuant to this Deed and before incurring any costs, charges or expenses in respect of any Claim (including securing legal representation), you shall:

  

	 	5.1.1	 as soon as reasonably practicable, give written notice of the circumstances to the Company, as well as
any other information which the Company may reasonably request from time to time; 

  

	 	5.1.2	 take all reasonable actions to mitigate any Liability you suffer in respect of the circumstances giving
rise to the Claim (including any action that the Company may reasonably request to avoid, dispute, resist, appeal or defend any Claim and shall not make any admission of liability, agreement or compromise with any person in relation to any Claim
without the prior written consent of the Company); 

	 	5.1.3	 forward all documents you receive in respect of such Claim to the Company as soon as reasonably
practical following receipt; 

  

	 	5.1.4	 assist the Company as it may reasonable require in resisting, defending or settling the Claim; and

  

	 	5.1.5	 provide to the Company all such information in relation to any Claim or Liabilities as the Company may
reasonably request, and shall take all such action as the Company may reasonably request. 

  

	5.2	 Notwithstanding the provisions of paragraph 5.1, you shall not be required to provide any document or
information to the Company where doing so would result in a loss of privilege in that document or information. 

  

	5.3	 The Company or an Associated Company (as the case may be) will be entitled to take over, negotiate and
conduct in your name the defence to or settlement of any Claim or to prosecute in your name for its own behalf any proceedings relating to a Claim. 

  

	5.4	 If the Company or an Associated Company exercises its right pursuant to paragraph 5.3, the Company or
relevant Associated Company shall: 

  

	 	5.4.1	 consult with you in relation to the conduct of the Claim or Proceedings on aspects of the Claim or
Proceedings materially relevant to you and keep you reasonably information of material developments in the Claim or Proceedings, provided that the Company or Associated Company shall be under no obligation to provide any information the provision of
which is reasonably likely to adversely affect the ability of the Company or an Associated Company to claim in respect of the relevant loss under any applicable policy of insurance; 

 

	 	5.4.2	 take into account the your reasonable requests relating to the Claim or Proceedings (including any
settlement) on issues which may be reasonably likely to result in material damage to your reputation; and 

  

	 	5.4.3	 have full discretion in the conduct or settlement of the Claim or Proceedings relating to such Claim
provided you are not required to make any contribution to the settlement and the settlement contains no admission of liability by you. 

  

	6.	 Miscellaneous 

 

	6.1	 Effect of Ceasing to be a Director or Officer of the Company or any Associated Company
 

 In the event that you cease to be a director or officer (or equivalent position under the laws of any relevant
jurisdiction) of the Company or any Associated Company, this Deed shall remain in force and you will continue to be indemnified in accordance with the terms and conditions of this Deed, until such time as any relevant limitation periods for bringing
Claims against you have expired, or for so long as you remain liable for any Liabilities, notwithstanding that you may have ceased to be a director or officer (or equivalent position under the laws of any relevant jurisdiction) of the Company or any
Associated Company. 
  

	6.2	 Payments 

The Company shall, in the event that a payment is made to you under this Deed in respect of a particular Liability, be entitled to recover from
you an amount equal to any payment received by you under any policy of insurance or from any other third party source to the extent that such payment relates to the Liability, or if the payment received by you is greater than the payment made under
this Deed, a sum equal to the payment made under this Deed. You shall pay over such sum promptly on the Company’s request. 

	6.3	 Taxation 

The Company shall pay such amount to you as shall after the payment of any tax thereon leave you with sufficient funds to meet any Liability to
which this Deed applies. For the avoidance of doubt, when calculating the amount of any such tax the amount of any tax deductions, credits or reliefs which are or may be available to you in respect of the relevant payment under this Deed received by
you or any payment made by you to a third party in respect of the relevant Liability will be taken into account. In the event that any amount is paid to you under this Deed but a tax deduction, credit or relief is or becomes available to you in
respect of the relevant payment or any payment made by you to a third party in respect of the relevant Liability which was not taken into account in calculating the amount payable in respect of the relevant payment under this Deed, you shall make a
payment to the Company of such an amount as is equal to the benefit of such deduction, credit or relief which was not taken into account. 
  

	6.4	 No Double Recovery 

You shall not be entitled to recover any Liability more than once and in the event that the Company makes payment under this Deed, the Company
shall be subrogated to the extent of such payment to all of your rights of recovery against third parties (including any claim under any applicable directors’ and officers’ insurance policy) in respect of the payment and you shall do
everything that may be necessary to secure any such rights including: 
  

	 	6.4.1	 the execution of any documents necessary to enable the Company effectively to bring an action in your
name; and 

  

	 	6.4.2	 the provision of assistance as a witness. 

 

	6.5	 Assignment 

The Company may at any time assign, mortgage, charge, subcontract, delegate, declare a trust over or deal in any other manner with any or all
of its rights under this Deed, provided that it gives notice of such dealing to you. You shall not assign, transfer, mortgage, charge, subcontract, declare a trust over or deal in any other manner with any of your rights and obligations under this
Deed. 
  

	6.6	 Entire Agreement 

This Deed constitutes the entire agreement between the parties and supersedes and extinguishes all previous agreements, promises, assurances,
warranties, representations and understandings between them, whether written or oral, relating to its subject matter. 
  

	6.7	 Severance 

If any provision or part-provision of this Deed is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum
extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this paragraph
6.7 shall not affect the validity and enforceability of the rest of this Deed. If one party gives notice to the other of the possibility that any provision or part-provision of this Deed is invalid, illegal or unenforceable, the parties shall
negotiate in good faith to amend such provision so that, as amended, it is legal, valid and enforceable, and, to the greatest extent possible, achieves the intended commercial result of the original provision. 

 

	6.8	 Notices and Demands 

 

	 	6.8.1	 Any notice or demand given to a party under or in connection with this Deed: 

 

	 	6.8.1.1	 shall be in writing and in English; 

	 	6.8.1.2	 shall be signed by or on behalf of the party giving it; 

 

	 	6.8.1.3	 shall be sent by a method listed in paragraph 6.8.2; and 

 

	 	6.8.1.4	 is deemed received as set out in paragraph 6.8.2 if prepared and sent in accordance with this paragraph.

  

	 	6.8.2	 This paragraph 6.8.2 sets out the delivery methods for sending a notice to a party under this
Deed and, for each delivery method, the date and time when the notice is deemed to have been received (provided that all other requirements of this paragraph have been satisfied and subject to the provisions in paragraph 6.8.3):

  

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

  

	 	6.8.2.2	 if sent by pre-paid first class post or other next working day
delivery service, at the time recorded by the delivery service; 

  

	 	6.8.2.3	 if sent by pre-paid airmail, at the time recorded by the
delivery service; or 

  

	 	6.8.2.4	 if sent by email, at the time of transmission. 

 

	 	6.8.3	 If deemed receipt under paragraph 6.8.2 would occur outside business hours in the place of receipt, it
shall be deferred until business hours resume. In this paragraph, business hours means 9.00 a.m. to 5.00 p.m. Monday to Friday on a day that is not a public holiday in the place of receipt. 

 

	 	6.8.4	 This paragraph 6.8 does not apply to the service of any proceedings or other documents in any legal
action or, where applicable, any arbitration or other method of dispute resolution. 

  

	6.9	 Variation 

 

	 	6.9.1	 No variation of this Deed shall be effective unless it is in writing and signed by the parties (or their
authorised representatives). 

  

	 	6.9.2	 No failure or delay by a party to exercise any right or remedy provided under this Deed or by law shall
constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further
exercise of that or any other right or remedy. 

  

	6.10	 Counterparts 

 

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

  

	 	6.10.2	 Transmission of an executed counterpart of this Deed (but for the avoidance of doubt not just a
signature page) by email (in PDF, JPEG or other agreed format), shall take effect as delivery of an executed counterpart of this Deed. 

  

	 	6.10.3	 No counterpart shall be effective until each party has executed and delivered at least one counterpart.

	6.11	 Third Party Rights 

Unless this Deed expressly states otherwise, this Deed does not confer any rights on any person or party (other than the parties to this Deed
and any Associated Company) pursuant to the Contracts (Rights of Third Parties) Act 1999. 
  

	6.12	 Governing Law and Jurisdiction 

 

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

 

	 	6.12.2	 You and the Company irrevocably agree that the courts of England and Wales shall have exclusive
jurisdiction to settle any dispute or claim that arises out of or in connection with this Deed or its subject matter or formation (including non-contractual disputes or claims). 

[Deliberately left blank, signature page to follow.] 

 IN WITNESS WHEREOF, this Deed has been executed as a deed by the Company and you, or such
parties’ duly authorised attorneys on the day and year first above written. 
  

					
	EXECUTED as a DEED and delivered by	 	)	 	
	for and on behalf of	 	)	 	
	RENALYTIX AI PLC	 	)	 	  

			
	In the presence of:	 		 	
			
	Witness signature:	 		 	  

			
	Name:	 		 	  

			
	Address:	 		 	  

		 		 	  

		 		 	  

			
	Occupation:	 		 	  

			
	EXECUTED as a DEED and delivered by	 	)	 	
	[Name of Director]	 	)	 	
			
		 	)	 	  

			
	In the presence of:	 		 	
			
	Witness signature:	 		 	  

			
	Name:	 		 	  

			
	Address:	 		 	  

		 		 	  

		 		 	  

			
	Occupation:

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