Document:

Exhibit 10.10

 

SUBSCRIPTION AGREEMENT

 

This
Subscription Agreement (this “Agreement”) is made and entered into as of 1 September 2021 (the “Effective
Date”), by and between Exscientia LIMITED
(registered number 13483814), a private limited company incorporated in England and Wales whose registered office is The
Schrodinger Building, Oxford Science Park, Oxford OX4 4GE, United Kingdom, which will be re-registered as a public limited company named
Exscientia plc prior to the IPO (as defined below) (the “Company”) and Bill
 & Melinda Gates Foundation, a Washington charitable trust that is a tax-exempt private foundation organized and existing
under the laws of Washington and having its principal place of business at 500 Fifth Avenue North, Seattle, Washington 98109, United States
(the “Subscriber”).

 

BACKGROUND

 

(A)
        Whereas, the Subscriber, the Company and
Exscientia AI Limited (registered number SC428761), a private limited company incorporated under the laws of Scotland (“Exscientia”)
will enter into that certain Global Access Commitments Agreement dated on or around the date
hereof (the “Global Access Agreement”) pursuant to which the Company and Exscientia have agreed to research,
discover, and develop small molecule anti-infective therapeutics with respect to certain diseases to further significantly the accomplishment
of the Subscriber’s charitable purposes, including the relief of the poor, distressed and underprivileged and reducing the burden
of disease in developing countries, as set forth in the Global Access Agreement.

 

(B)
        Whereas, in furtherance of its charitable mission, the Subscriber desires to provide
funding to the Company to be used by the Company and Exscientia solely for the purpose of carrying out the scope of work pursuant to the
Global Access Agreement. Accordingly, the Company and the Subscriber desire to enter into this Agreement, pursuant to which the Subscriber
agrees to subscribe for US$35,000,000 of the Company’s American Depositary Shares (“ADSs”),
each ADS representing one of the ordinary shares in the capital of the Company (the “Ordinary Shares”) in a
private placement that will close concurrently with the Company’s initial public offering (“IPO”) of ADSs
as described herein.

 

AGREEMENT

 

Now,
Therefore, in consideration of the foregoing recitals and the mutual promises, warranties, and covenants hereinafter set forth
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree
as follows:

 

1.            
Subscription. Subject to the terms and conditions hereof, in the
event that the Company consummates an IPO pursuant to an effective registration statement (the “Registration
Statement”) under the U.S. Securities Act of 1933, as amended (the “Securities Act”), the Subscriber
shall, in a concurrent private placement exempt from the registration requirements of the Securities Act, subscribe for that number of
ADSs, rounded down to avoid fractional ADSs (the “Securities”), determined by dividing US$35,000,000 (thirty
five million U.S. dollars) (the “Subscription Amount”) by the price per ADS at which the ADSs are offered for
subscription to the public in the IPO, as set forth on the cover page of the final prospectus for the IPO (the “IPO Price”)
and such purchase will occur concurrently with, and be conditioned upon, the closing of the IPO.

 

2.            
Agreement To Subscribe.

 

2.1           Subscription
for the Securities. Subject to the terms and conditions hereof, the Subscriber hereby applies for and agrees to subscribe for,
and the Company accepts such application and will allot and issue to the Subscriber, in a concurrent private placement exempt from
the registration requirements of the Securities Act, the Securities at a subscription price per ADS equal to the IPO Price.

 

     

     

    

 

 

2.2          
Closing Date. The subscription for the Securities (the “Closing”) shall take place, subject to the
satisfaction or waiver of the Conditions (other than those Conditions that are to be satisfied on the Closing) simultaneously with the
closing of the IPO at such place as may be mutually agreed between the Company and the Subscriber (the date of such Closing is hereinafter
referred to as the “Closing Date”).

 

2.3          
Actions by the Subscriber and the Company at Closing. At the Closing, the Subscriber shall pay the Subscription Amount by wire
transfer of immediately available funds to an account specified in writing by the Company and provided to the Subscriber no later than
two business days prior to the Closing Date and, subject to receipt thereof, the Company will issue the Securities by (a) causing
the CREST account of the nominee of Citibank, N.A., the Company’s depositary for its ADS program (the “Depositary”),
to be credited with the Securities issued and sold hereunder, and (b) instructing the Depositary to issue restricted, uncertificated
ADSs evidencing the Securities in the name of the Subscriber, in an account of the Company’s restricted ADS facility, and provide
evidence of the same to the Subscriber, no later than five business days after the Closing Date.

 

3.            
Warranties of the Company.

 

Except as may be disclosed
in the Registration Statement or separately provided by the Company to the Subscriber prior to the date hereof, the Company hereby warrants
to the Subscriber as follows as of the date hereof and as of the Closing Date (except for the warranties that speak as of a specific date,
which shall be made as of such date):

 

3.1          
Organization; Qualification. The Company is a company duly incorporated, validly existing and in good standing under the laws
of England and Wales and has all requisite corporate power and authority to carry on its business as now conducted. The Company has at
all times complied with all provisions of its articles of association (the “Articles”) and is not in default
under, or in violation of, any such provision of the Articles. The Company is not, and has never been, a “shell company,”
as described in paragraphs (i)(1)(i) and (ii) of Rule 144 promulgated under the Securities Act.

 

3.2          
Capitalization. The issued share capital of the Company and details of the securities convertible, exercisable or exchangeable
therefor as of immediately prior to the Closing, including the holders thereof, will be disclosed in the Registration Statement.

 

3.3          
Authorization; Binding Obligations. The Company has all requisite power and authority to execute and deliver this Agreement
and any and all instruments necessary or appropriate in order to effectuate fully the terms and conditions contained herein and all related
transactions and to perform its obligations hereunder. This Agreement has been and the allotment, issuance, and delivery of the Securities
will be duly authorized by all necessary action on the part of the Company, and the Agreement has been duly executed by the Company and
constitutes the valid and legally binding obligation of the Company enforceable in accordance with its terms and conditions. The authorization,
allotment, issuance, and delivery of the Securities will be duly authorized by all requisite action of the Company’s board of directors
(the “Board”) and shareholders.

 

3.4           Valid
Issuance of the Securities; Exemption from Registration. When issued in accordance with this Agreement, the ADSs and underlying
Ordinary Shares will be (i) duly and validly issued, fully paid, free of any liens, options, encumbrances, proxies, adverse claims
or restrictions imposed by the Company except as set forth in the Companies Act 2006 or the Articles and (ii) assuming the accuracy
of the Subscriber’s warranties in this Agreement at the time of such issuance, exempt from registration and/or qualification
under the Securities Act and all applicable U.S. state securities laws, and issued in compliance with all applicable securities
laws.

 

     

     

    

 

 

3.5          
Non-Contravention. No consent, approval, notice, order or authorization of, or registration, qualification, designation, declaration
or filing with, any U.S. or UK governmental authority (other than filings required to be made in accordance with the Companies Act 2006)
on the part of the Company or the Depositary is required in connection with (i) the authorization and execution of this Agreement or (ii)
the authorization, allotment and issuance of the Securities pursuant to this Agreement. The Company is not in violation or default of
any instrument, judgment, order, writ, decree or contract to which the Company is a party or by which the Company is bound or of any provision
of any statute, rule or regulation applicable to the Company, which violation or default would materially and adversely affect the business
of the Company.

 

3.6          
Compliance with Securities Laws; No Integration. Assuming the accuracy of the Subscriber’s warranties, (i) no registration
of the Securities is required under the Securities Act or any applicable US state securities laws in connection with the allotment and
issue of the Securities to the Subscriber and (ii) the allotment and issuance of the Securities to the Subscriber will not be in violation
of the Articles, in each case when such Securities are allotted and issued in accordance with this Agreement. Neither the Company nor
its subsidiaries or any affiliates, nor any person acting on its or their behalf, has, directly or indirectly, made any offers or sales
of any ADSs or Ordinary Shares under circumstances that would adversely affect reliance by the Company on Section 4(a)(2) and Regulation
D of the Securities Act for the exemption from registration of Securities issued pursuant to a private placement, as contemplated by this
Agreement, or would otherwise require registration of the Securities under the Securities Act as an integrated offering.

 

3.7          
Investment Company. The Company is not and, immediately after giving effect to the allotment and issue of the Securities, will
not be required to register as an “investment company” as defined in the Investment Company Act of 1940, as
amended.

 

3.8          
No General Solicitation. Except with respect to the ADSs sold in the IPO, neither the Company nor its subsidiaries or any affiliates,
nor any person acting on its or their behalf, has offered or sold any of the Securities by any form of general solicitation or general
advertising.

 

3.9          
IPO Registration Statement. The IPO Registration Statement to be filed with the Securities and Exchange Commission (the “Commission”)
will conform, and the final prospectus forming a part of the Registration Statement (the “Prospectus”) and any
further amendments or supplements to the Registration Statement or the Prospectus, will conform, in all material respects, to the requirements
of the Securities Act and the rules and regulations of the Commission thereunder and will not, as of the applicable effective date as
to the Registration Statement and any amendment thereto, and as of its date as to the Prospectus and any amendment or supplement thereto,
contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading.

 

3.10       
“Bad Actor” Status. Neither the Company nor any of its Rule 506(d) Related Parties (as defined below) is a “bad
actor” within the meaning of Rule 506(d) promulgated under the Securities Act. For purposes of this Agreement, “Rule
506(d) Related Party” shall mean a person or entity covered by the “Bad Actor disqualification” provision of
Rule 506(d) of the Securities Act.

 

     

     

    

 

 

4.            
Warranties of the Subscriber. 

 

4.1          
Investment Warranties. 

 

(a)          
 The Subscriber warrants to the Company that: (i) it is an “accredited investor” as defined in Rule 501(a) of Regulation
D of the Securities Act; (ii) it has sufficient knowledge and experience in investing in companies similar to the Company in terms of
the Company’s stage of development, so as to be able to evaluate the risks and merits of its investment in the Company and it is
able financially to bear the risks thereof; (iii) it has had an opportunity to discuss the Company’s business, management and financial
affairs with the Company’s management; and (iv) its financial condition is such that it is able to bear the risk of holding the
Securities for an indefinite period of time and can bear the loss of the entire investment in such securities.

 

(b)          
This Agreement is made in reliance upon the Subscriber’s express representations that (i) the Securities being subscribed
for by the Subscriber are being acquired for the Subscriber’s own account (and not on behalf of any other person or entity) and
not with a view to, or for sale in connection with, the distribution thereof, nor with any present intention of distributing or selling
the Securities or any portion thereof; (ii) the Subscriber was not organized for the specific purpose of acquiring the Securities; and
(iii) the Securities will not be sold by the Subscriber without registration under the Securities Act and applicable state securities
laws, or an exemption therefrom.

 

(c)          
Subject to Section 7.3, the Subscriber understands that until such time as the Securities shall have been registered
under the Securities Act and applicable state securities laws or shall have been transferred in accordance with an opinion of counsel
reasonably satisfactory to the Company and the Depositary that such registration is not required, stop transfer instructions shall be
issued to the Company’s Depositary, and any certificate or certificates representing such Securities shall bear a restrictive legend
stating that such Securities have not been registered under the Securities Act and applicable state securities laws and referring to restrictions
on the transferability and sale thereof. The Subscriber further understands that its warranties hereunder will not preclude disposition
of the Securities without registration thereof, in compliance with Rule 144 promulgated under the Securities Act (“Rule 144”).

 

4.2          
Receipt of Information. The Subscriber believes it has received all the information the Subscriber considers necessary or appropriate
for deciding whether to purchase the Securities. The Subscriber has been afforded an opportunity to ask questions of and receive answers
from representatives of the Company concerning the terms and conditions of this Agreement, the subscription for the Securities, the Company’s
business, operations, market potential, capitalization, financial condition and prospects, and all other matters deemed relevant by the
Subscriber. The foregoing, however, does not limit or modify the warranties of the Company in Section 3 of this Agreement.

 

4.3          
Authorization. The Subscriber has all requisite power and authority to execute and deliver this Agreement. This Agreement constitutes
the valid and legally binding obligation of the Subscriber, enforceable against the Subscriber in accordance with its terms.

 

4.4          
“Bad Actor” Status. The Subscriber hereby warrants that neither it nor any of its Rule 506(d) Related Parties is
a “bad actor” within the meaning of Rule 506(d) promulgated under the Securities Act.

 

4.5          
Legends. The Subscriber understands and agrees that the certificates or confirmations evidencing or confirming the Securities,
or any other securities issued in respect of the Securities upon any share split, share consolidation, recapitalization, or similar event,
shall bear the restrictive legend in substantially the following form, subject to Section 7.3.

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT RELATED THERETO AND COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, A VALID
EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS OR AN OPINION OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS.”

 

     

     

    

 

 

4.6       Restricted
ADS Facility. The Subscriber agrees that it shall not, prior to the day on which the Securities
have become freely transferrable under the Securities Act and under any terms of this Agreement
including but not limited to Section 6.1 and Section 7, deposit the Securities into the unrestricted ADS facility of the Company with
the Depositary nor request the issuance by such depositary of any unrestricted ADSs or American Depositary Receipts in
respect of the Securities.

 

5.            
Conditions To Closing (the “Conditions”).

 

5.1          
Conditions to the Subscriber’s Obligations at the Closing. The obligations of the Subscriber under this Agreement are
subject to the satisfaction (or, if permitted by law, waiver in writing by the Subscriber), at or prior to the Closing Date, of the following
conditions:

 

(a)          
No Injunction, etc.  No preliminary or permanent injunction or other binding order, decree or ruling issued by a court or governmental
agency shall be in effect which shall have the effect of preventing the consummation of the transactions contemplated by this Agreement.
No action or claim shall be pending before any court or quasi-judicial or administrative agency of any federal, state, local or foreign
jurisdiction or before any arbitrator wherein an unfavorable injunction, judgment, order, decree, ruling or charge would be reasonably
likely to (i) prevent consummation of any of the transactions contemplated by this Agreement, (ii) cause any of the transactions contemplated
by this Agreement to be rescinded following consummation or (iii) have the effect of making illegal the purchase of, or payment for, any
of the Securities by the Subscriber.

 

(b)          
Warranties True. The warranties in Section 3 made by the Company shall be true and correct in all material respects
(except for such warranties that are qualified by materiality, which shall be true and correct in all respects) on and as of the Closing
Date with the same effect as though such warranties had been made on and as of such date, except to the extent expressly made as of a
specified date, which shall be true and correct as of such date.

 

(c)          
Performance. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained
in this Agreement that are required to be performed or complied with by it on or before the Closing Date.

 

(d)          
Securities Law Compliance. The offer and sale of the Securities to the Subscriber pursuant to this Agreement shall be exempt
from the registration requirements of the Securities Act and the registration and/or qualification requirements of all applicable state
securities laws.

 

(e)          
Consents, Permits, and Waivers. All consents, permits and waivers, if any, of any governmental authority or regulatory body
that are required in connection with the transactions contemplated by this Agreement shall have been duly obtained and shall be effective
on and as of the Closing.

 

(f)           
Documents. The Company shall deliver or procure the delivery to the Subscriber of the Global Access Agreement, duly executed
by the Company and Exscientia.

 

5.2          
Conditions to Obligations of the Company. The obligations of the Company under
this Agreement are subject to the satisfaction (or, if permitted by law, waiver in writing by the Company), on or prior to the Closing
Date, of the following conditions:

 

(a)           Warranties
True. The warranties in Section 4 made by the Subscriber shall be true and correct in all material respects (except for
such warranties that are qualified by materiality which shall be true and correct in all respects) on and as of the Closing with the
same effect as though such warranties had been made on and as of the Closing.

 

     

     

    

 

 

(b)          
Performance. The Subscriber shall have performed and complied with all covenants, agreements, obligations and conditions contained
in this Agreement that are required to be performed or complied with by it on or before the Closing Date.

 

(c)          
Securities Law Compliance. The offer and sale of the Securities to the Subscriber pursuant to this Agreement shall be exempt
from the registration requirements of the Securities Act and the registration and/or qualification requirements of all applicable state
securities laws.

 

(d)          
Consents, Permits, and Waivers. All consents, permits and waivers, if any, of any governmental authority or regulatory body
that are required in connection with the transactions contemplated by this Agreement shall have been duly obtained and shall be effective
on and as of the Closing.

 

(e)          
Documents. The Subscriber shall deliver or procure the delivery to the Company of the Global Access Agreement, duly executed
by the Subscriber.

 

(f)           
Lock-Up Agreement. The Subscriber shall have executed and delivered a lock-up agreement in a form reasonably acceptable to
the Company and the underwriters of the IPO, and such agreement shall be in full force and effect as of the Closing.

 

6.            
Covenants and Agreements

 

6.1          
Standstill Provision. Subject to Section 6.2 of this Agreement, during the six month period commencing on the effective
date of the IPO Registration Statement (the “Standstill Period”), without the prior written approval of the
Board, neither the Subscriber, any of the Subscriber’s controlled Affiliates nor any of the Subscriber’s representatives acting
on behalf of or in concert with the Subscriber will, in any manner, directly or indirectly:

 

(a)          
make, effect, initiate or participate in (i) any acquisition of beneficial ownership of any voting securities of the Company
(“Voting Securities”) (including derivatives thereof) or debt securities, except as a result of a share split,
share dividend or other pro rata distribution made by the Company to its shareholders and in which the Subscriber participates solely
in its capacity as a shareholder of the Company or (ii) any acquisition of all or a material portion of the assets of the Company and
its subsidiaries on a consolidated basis or (iii) any tender offer, takeover offer, exchange offer, merger, business combination, scheme
of arrangement, recapitalization, restructuring, liquidation, dissolution or extraordinary transaction involving the Company or any subsidiary
of the Company or involving any securities or assets of the Company or any securities or assets of any subsidiary of the Company (provided
that the Subscriber may tender its securities in any tender or exchange offer made by any third party provided that the Subscriber is
not in breach of Section 6.1 of this Agreement), or (iv) any “solicitation” of “proxies” (as those terms
are used in the proxy rules of the Commission) or consents with respect to the Voting Securities;

 

(b)          
form, join or participate in a “group” (as defined in the Exchange Act and the rules promulgated thereunder) with
respect to the beneficial ownership of any Voting Securities or debt securities of the Company or any subsidiary or division of the Company;

 

(c)          
act, alone or in concert with others, to seek to control or influence the management, the Board or policies of the Company;

 

(d)          
take any action that would reasonably be expected to cause the Company, the Subscriber or any other person to be required under
applicable securities laws to make a public announcement regarding any of the types of matters set forth in Subsection 6.1(a);

 

     

     

    

 

 

  

(e)          
 agree or offer to take, or knowingly encourage or propose (publicly or otherwise) the taking of, any action referred to in
Subsections 6.1(a), 6.1(b), 6.1(c), or 6.1(d);

 

(f)           
assist, induce or encourage any other Person to take any action of the type referred to in Subsections 6.1(a), 6.1(b),
6.1(c), 6.1(d) or 6.1(e) (provided that the Subscriber shall not be deemed to be in violation of this clause (f)
unless the person providing such assistance, inducement or encouragement knew or reasonably should have known at the time he or she did
so that doing so violated this Section 6.1, or knew or reasonably should have known after such time and did not attempt to halt
such actions);

 

(g)          
enter into any discussions, negotiations, arrangement or agreement with any other Person with the intent to effect any of the
foregoing (provided that the Subscriber shall not be deemed to be in violation of this clause (g) with respect to discussions or negotiations
unless the person entering into such discussions or negotiations knew or reasonably should have known at the time he or she did so that
doing so violated this Section 6.1 or knew or reasonably should have known after such time and did not attempt to halt such actions);
or

 

(h)          
request or propose (either directly or indirectly) that the Company or any of the Company’s representatives amend, waive
or consider the amendment or waiver of any provision set forth in this Section 6 (including this sub-paragraph).

 

Notwithstanding any other
provision of this Agreement to the contrary, (i) nothing in this Section 6.1 will be deemed to prohibit the Subscriber from confidentially
communicating to the Board or the Company’s senior management or external financial advisors any non-public proposals regarding
a possible transaction of any kind in such a manner as would not reasonably be expected to (x) require public disclosure thereof under
applicable law or listing standards of any securities exchange; or (y) require either the Company or the Subscriber to take any public
action under applicable law or listing standards of any securities exchange; and (ii) this Section 6.1 shall terminate upon a Fundamental
Change Event. “Fundamental Change Event” means:

 

(a) the Company enters
into, or publicly announces the intention to enter into, a definitive written agreement with any Person other than the Subscriber (or
any of its Affiliates) to consummate a merger, consolidation or similar transaction pursuant to which (1) any Person other than the Subscriber
(or any of its Affiliates) will acquire 50% or more of the issued voting share capital of the Company or (2) the Company and its subsidiaries
will sell to any Person other than the Subscriber (or any of its Affiliates) all or substantially all of the consolidated assets of the
Company and its consolidated subsidiaries;

 

(b) the Board of Directors
of the Company recommends to the shareholders of the Company any acquisition by any Person of all or more than 50% of the issued voting
share capital of the Company or all or substantially all of the consolidated assets of the Company and its consolidated subsidiaries;

 

(c) any Person or “group”
(as defined in the Exchange Act and the rules promulgated thereunder) that is or includes a company (other than the Subscriber or any
of the Subscriber’s controlled Affiliates) that is in the business of developing, marketing, selling or manufacturing human therapeutics
(such company, a “Pharmaceutical Company”) acquires, or publicly announces a proposal or intention to acquire,
Voting Securities representing 25% or more of the then outstanding Voting Securities; or

 

(d) any Person or “group”
that is or includes a Pharmaceutical Company commences a tender or exchange offer to acquire 50% or more of the issued voting share capital
of the Company.

 

     

     

    

 

Notwithstanding the foregoing,
a Fundamental Change Event shall not include any internal reorganization transactions involving only the Company, one or more of its subsidiaries
and/or any holding company formed for the purpose of such transactions. In addition, nothing contained herein shall limit the ability
of the Company to make any disclosures required by applicable law. The expiration of the Standstill Period will not terminate or otherwise
affect any other of the provisions of this Agreement. For purposes of Section 6.1, (y) “Affiliate” has
the meaning set forth in Rule 12b-2 of the regulations promulgated under the Exchange Act and (z) “Voting Securities”
shall mean at any time securities of any class of the share capital of the Company which are entitled to vote generally in the election
of directors including but not limited to ADSs and Ordinary Shares.

 

6.2          
Restrictions on Transfer. 

 

(a)          
Until the expiration or earlier termination of the Standstill Period, the Subscriber will not Transfer any Securities; provided,
however, that the Subscriber shall be permitted to Transfer any portion or all of its Securities, at any time under the following circumstances:

 

(i)           
Transfers to any of its Affiliates, but only upon notice in writing to the Company and provided the transferee agrees in writing
for the benefit of the Company (in form and substance reasonably satisfactory to the Company) to be bound by the terms and conditions
of this Agreement. Transferee and the transferor will agree for the express benefit of the Company that the transferee shall Transfer
any Securities back to the transferor at or before such time the transferee ceases to be an Affiliate of the transferor.

 

(ii)          
Transfers that have been approved in writing by the Board.

 

(iii)         
Transfers made pursuant to the Withdrawal Right (such term as is defined in the Global Access Agreement) in accordance with
the Global Access Agreement.

 

(b)          
Notwithstanding Subsection 6.2(a), the Subscriber may transfer up to 15% of the aggregate Securities held by the Subscriber
and its Affiliates in each quarterly period.

 

(c)          
In the event of any Transfer by the Subscriber of its Securities, the Subscriber shall notify the Company in writing of such
Transfer. Additionally, in the event of any Transfer by the Subscriber to an Affiliate of the Subscriber, the pledgee, transferee or donee
shall furnish the Company with a written agreement to be bound by the provisions of this Agreement, including but not limited to the provisions
applicable to the Subscriber pursuant to this Section 6 (the “Transferee Agreement”). In addition to
any other conditions set forth in this Agreement or as otherwise required by the Company, such Transfer to an Affiliate of the Subscriber
shall not be valid unless and until the Company receives the Transferee Agreement. After the effectiveness of the Transfer, such pledgee,
transferee or donee shall be treated as the “Subscriber” for purposes of this Agreement.

 

(d)          
For purposes of this Section 6.2, “Transfer” by any Person means directly or indirectly, to
sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily or involuntarily, or to enter into any
contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation
or similar disposition of, any securities beneficially owned by such Person or of any interest (including any voting interest) in any
securities beneficially owned by such Person. For the avoidance of doubt, a transfer of control of the direct or indirect beneficial ownership
of securities is a Transfer of such securities for purposes of this Agreement.

 

6.3           Registration
Rights. The Company agrees that if and to the extent that it enters into an agreement with the Investors (as defined therein) to
provide for registration rights as contemplated in its shareholders’ agreement dated 27 April 2021 (the
 “Shareholders’ Agreement”) in connection with the IPO, it shall enter into an agreement on
substantially the same terms with the Subscriber. The Subscriber acknowledges, however, that if after consultation with the
underwriters that are appointed for the registration, the total number of registrable securities requested to be included in the
registration exceeds the number of registrable securities that can be included in the registration, then the number of securities
that may be included in the registration shall be allocated to the Investors requesting inclusion of their securities in such
registration and the Subscriber on a pro rata basis in accordance with their respective percentage share of the total ADSs that will
be held by such Investors and the Subscriber immediately after the IPO.

 

     

     

    

 

7.            
Rule 144

 

7.1          
Rule 144 Reporting. With a view to making available to the Subscriber the benefits of certain rules and regulations
of the Commission which may permit the sale of the Securities to the public without registration, the Company agrees to use commercially
reasonable efforts to:

 

(A)          
make and keep public information available, as those terms are understood and defined in Rule 144(c);

 

(b)          
file or furnish with the Commission in a timely manner all reports and other documents required of the Company under
the Exchange Act; and

 

(c)          
furnish the Subscriber forthwith upon request (i) a written statement by the Company as to its compliance with the current
public information requirement of Rule 144(c), (ii) an electronic copy of the most recent periodic report of the Company, and (iii) such
other reports and documents as may be reasonably requested in availing the Subscriber of any rule or regulation of the Commission permitting
the sale of any such securities without registration.

 

7.2          
Removal of Restrictive Legend. Any ADSs representing the Securities, when issued, shall not bear the restrictive legend set
forth in Section 4.6: (i) following a sale of such Securities pursuant to a registration statement covering the resale of such Securities,
while such registration statement is effective under the Securities Act; (ii) following any sale of such Securities pursuant to Rule 144;
(iii) if such Securities are eligible for sale under Rule 144, without the requirement for the Company to be in compliance with the current
public information required under Rule 144 as to such Securities and without volume or manner-of-sale restrictions; or (iv) if such legend
is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the
staff of the Commission). The Company agrees that at such time as the restrictive legend set forth in Section 4.6 is no longer
required under this section, then no later than five (5) business days following the later of (a) delivery by the Subscriber to the Company
of customary representations regarding the facts to support the removal of the restrictive legends; and (b) delivery to the Depositary,
as the case may be, the information reasonably required by the Depositary in connection with such request, the Company shall (x) in the
event that such Securities are certificated, deliver or cause to be delivered to the Subscriber a certificate representing such Securities
that is free from such restrictive legend, or (y) cause its Depositary, as the case may be, to remove any such restrictive legend in the
Company’s records of its share capital.

 

7.3          
American Depositary Shares. For purposes of Section 6 and this Section 7, the term “Voting Securities”
shall, as the context requires, be deemed to refer to any ADSs or Ordinary Shares.

 

8.            
Miscellaneous.

 

8.1          
Withdrawal Right. The Securities to be issued pursuant to this Agreement shall be subject to the Withdrawal Right (such term
as is defined in the Global Access Agreement), and nothing in this Agreement is intended to limit, diminish or contradict the rights and
obligations of the parties in the Global Access Agreement. In the event of any inconsistency between this Agreement and the Global Access
Agreement, the Global Access Agreement shall control.

 

     

     

    

 

8.2          
 Costs and Expenses. Each Party shall bear its own costs and expenses in connection with negotiation of this Agreement. For
the avoidance of doubt, the Subscriber will be responsible for any fees of the depositary that arise regarding its Securities.

 

8.3          
Governing Law. This Agreement (and any dispute or claim relating to it or its subject matter (including non- contractual claims))
is governed by and is to be construed in accordance with English law.

 

8.4          
Jurisdiction. The parties irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle
any claim, dispute or issue (including non-contractual claims) which may arise out of or in connection with this Agreement or its enforceability.

 

8.5          
Survival. The warranties of the Company and the Subscriber contained in or made pursuant to this Agreement shall survive any
investigation made by the Subscriber, the execution and delivery of this Agreement and the Closing.

 

8.6          
Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than
the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of
this Agreement, except as expressly provided in this Agreement. Neither the Company nor the Subscriber shall have the right to assign
this Agreement without the prior written consent of the other party.

 

8.7          
Entire Agreement. This Agreement including the exhibits and schedules attached hereto, constitutes the full and entire understanding
and agreement between the parties with regard to the subjects hereof and thereof and no party shall be liable for or bound to any other
in any manner by any oral or written representations, warranties, covenants and agreements except as specifically set forth herein and
therein.

 

8.8          
Severability. In the event one or more of the provisions of this Agreement should, for any reason, be held by a court of competent
jurisdiction to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect
any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had
never been contained herein. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties
hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible
in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest
extent possible.

 

8.9          
Amendment and Waiver. This Agreement may be amended or modified, and the rights and the obligations of the Company and the
rights and obligations of the Subscriber may be waived, only upon the written consent of the Company and the Subscriber.

 

     

     

    

 

8.10       
Notices. All notices and other communications which are required or permitted hereunder will be in writing and sufficient if
delivered personally, sent by electronic mail or facsimile (and promptly confirmed by personal delivery, registered or certified mail
or overnight courier), sent by nationally-recognized overnight courier or sent by registered or certified mail, postage prepaid, return
receipt requested, addressed as follows:

 

	To the Company:	Exscientia Limited
		The Schrodinger Building, Oxford Science Park, Oxford OX4 4GE, United Kingdom
		Attention: Ben Taylor, CFO and Dan Ireland, VP, Legal
		Email: brt@exscientia.ai and legal@exscientia.co.uk
	 	 
	With a copy, which shall not constitute notice, to: 
	 	 
	 	Cooley (UK) LLP
	 	22 Bishopsgate, London EC2N 4BQ
	 	Attention: David Boles
	 	Email: dboles@cooley.com
	 	 
	To the Subscriber:	 Bill & Melinda Gates Foundation
	 	PO Box 23350
	 	Seattle, Washington
	 	United States
	 	Attention: Vidya Vasu-Devan, Director, Strategic Investment Fund and Keith Matthews, General Counsel
	 	Email: SIFPortfolio@gatesfoundation.org and
    

Keith.matthews@gatesfoundation.org
	 	 
	With a copy, which shall not constitute notice, to: 
	 
	 	Morgan, Lewis & Bockius UK LLP
	 	Condor House
	 	Condor House, 5-10 St. Paul's Churchyard
	 	London EC4M 8AL
	 	UK
	 	Attention: Jayne McGlynn
	 	Email: celia.roady@ morganlewis.com; 

karen.abesamis@morganlewis.com; 

jayne.mcglynn@morganlewis.com

 

or to such other
address as the party to whom notice is to be given may have furnished to the other party in writing in accordance herewith. Any such
notice will be deemed to have been given: (a) when delivered if personally delivered on a business day (or if delivered or sent on a
non-business day, then on the next business day); (b) on the business day of receipt if sent by overnight courier or electronic mail;
or (c) on the business day of receipt if sent by mail.

 

8.11       
Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and
are not to be considered in construing this Agreement.

 

8.12       
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of
which together shall constitute one instrument. Any or all parties may execute this Agreement by facsimile signature or scanned signature
in PDF format and any such facsimile signature or scanned signature, if identified, legible and complete, shall be deemed an original
signature and each of the parties is hereby authorized to rely thereon.

 

8.13       
Broker’s Fees. Each party hereto warrants that no agent, broker, investment banker, person or firm acting on behalf of
or under the authority of such party hereto is or will be entitled to any broker’s or finder’s fee or any other commission
directly or indirectly in connection with this Agreement or the transactions contemplated herein. Each party hereto further agrees to
indemnify each other party for any claims, losses or expenses incurred by such other party as a result of the warranties in this Section
8.13 being untrue.

 

8.14       
 Termination. The parties hereto may terminate this Agreement by mutual written agreement. This Agreement will terminate and
cease to have any effect if Closing has not occurred by 31 December 2021 (or such later date as may be agreed in writing between the Company
and the Subscriber). Any termination of this Agreement in accordance with this Section 8.14 shall be without prejudice to any accrued
rights or obligations of any party to this Agreement.

 

[THE REMAINDER OF THIS
PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

In
Witness Whereof, the parties hereto have executed this Agreement as of the date first set forth above.

  

	EXECUTED by EXSCIENTIA LIMITED acting 	)

                                                                                
	
	by a director	)	 
	 	 	 
	EXECUTED by the BILL & MELINDA GATES 	)	
	FOUNDATION acting by a duly authorized	)	 
	officer	)Exhibit 10.11

 

 

	DATED	27
                                            July	2018

   

(1)
THE OXFORD SCIENCE PARK LIMITED

  

and

  

(2)
EX SCIENTIA LIMITED

  

LEASE

  

relating
to

Part
Ground Floor, The Schrodinger Building

The
Oxford Science Park

Sandford-on-Thames

Oxford

 

Knights
plc

Festival
House

Jessop
Avenue

Cheltenham

Gloucestershire

GL50 3SH

 

     

     

    

 

CONTENTS

 

CLAUSE

 

	1.	Definitions and Interpretation	1
	 	 	 
	2.	Demise	6
	 	 	 
	3.	Tenant’s Covenants	7
	 	 	 
	4.	Landlord’s Covenants	22
	 	 	 
	5.	Energy Performance Certificates	24
	 	 	 
	6.	Miscellaneous Provisions	24
	 	 	 
	7.	New Lease	29
	 	 	 
	Schedule 1	30
	 	 	 
	Part 1 - Particulars of the Demised Premises	30
	 	 	 
	Part 2 - Easements and Rights Granted	30
	 	 	 
	Part 3 - Exceptions and Reservations	32
	 	 	 
	Part 4 - Documents Affecting Title	32
	 	 	 
	Schedule 2 - Provisions for the review
    of the principal rent	33
	 	 	 
	Schedule 3 - Provisions relating to the
    Service Charge	37
	 	 	 
	Part 1 - Services relating to the Science
    Park	37
	 	 	 
	Part 2 - Services relating to the Building	38
	 	 	 
	Part 3 - Calculation of Tenant’s
    Proportion	40
	 	 	 
	Schedule 4 - Science Park Regulations and
    Stipulations	42
	 	 	 
	Schedule 5	43
	 	 	 
	Part 1 - Surety Covenants	43
	 	 	 
	Part 2 - Form of Authorised Guarantee Agreement	46

 

     

     

    

 

PRESCRIBED
CLAUSES

 

		LR1.	Date
                                            of lease

 

27
July 2018

 

		LR2.	Title
                                            number(s)

 

		LR2.1	Landlord’s
                                            title number(s)

 

ON324755

 

		LR2.2	Other
                                            title numbers

 

ON323918

 

		LR3.	Parties
                                            to this Lease

 

Landlord

 

THE
OXFORD SCIENCE PARK LIMITED company registration number 2287341 whose registered office is at Magdalen College, High Street, Oxford
OX1 4AU (Landlord).

 

Tenant

 

EX
SCIENTIA LIMITED company registration number SC428761 whose registered office is at Dundee Incubator, James Lindsay Place, Dundee,
DD1 5JJ (Tenant).

 

Guarantor

 

None.

 

		LR4.	Property

 

In
the case of a conflict between this clause and the remainder of this Lease then, for the purposes of registration, this clause shall
prevail.

 

The
land demised by this Lease is known as Part Ground Floor, The Schrödinger Building, The Oxford Science Park, Sandford-on-Thames,
Oxford defined as the Demised Premises in clause 1.1.

 

		LR5.	Prescribed
                                            statements etc.

 

		LR5.1	Statements
                                            prescribed under rules 179 (dispositions in favour of a charity), 180 (dispositions by a
                                            charity) or 196 (leases under the Leasehold Reform, Housing and Urban Development Act 1993)
                                            of the Land Registration Rules 2003.

 

None.

 

		LR5.2	This
                                            lease is made under, or by reference to, provisions of:

 

None.

 

     

     

    

 

		LR6.	Term
                                            for which the Property is leased

 

The
term as specified in this Lease at clause 2.

 

		LR7.	Premium

 

None.

 

		LR8.	Prohibitions
                                            or restrictions on disposing of this Lease

 

This
lease contains a provision that prohibits or restricts dispositions.

 

		LR9.	Rights
                                            of acquisition etc.

 

		LR9.1	Tenant’s
                                            contractual rights to renew this Lease, to acquire the reversion or another lease of the
                                            Property, or to acquire an interest in other land

 

None.

 

		LR9.2	Tenant’s
                                            covenant to (or offer to) surrender this Lease

 

None.

 

		LR9.3	Landlord’s
                                            contractual rights to acquire this Lease

 

None.

 

		LR10.	Restrictive
                                            covenants given in this Lease by the Landlord in respect of land other than the Property

 

None.

 

		LR11.	Easements

 

		LR11.1	Easements
                                            granted by this Lease for the benefit of the Property

 

See
Schedule 1 Part 2.

 

		LR11.2	Easements
                                            granted or reserved by this Lease over the Property for the benefit of other property

 

See
Schedule 1 Part 3.

 

		LR12.	Estate
                                            rent charge burdening the Property N/A.

 

N/A

 

		LR13.	Application
                                            for standard form of restriction

 

None.

 

		LR14.	Declaration
                                            of trust where there is more than one person comprising the Tenant

 

Not
applicable.

 

     

     

    

 

THIS
LEASE is made on 27 July 2018

 

BETWEEN:

 

		(1)	THE
                                            OXFORD SCIENCE PARK LIMITED (company number 2287341) whose registered office is at Magdalen
                                            College, High Street, Oxford, OX1 4AU (Landlord); and

 

		(2)	EX
                                            SCIENTIA LIMITED (company number 07617346) whose registered office is at Dundee Incubator,
                                            James Lindsay Place, Dundee, DD1 5JJ (Tenant).

 

NOW
THIS DEED WITNESSETH as follows:

 

		1.	Definitions
                                            and Interpretation

 

		1.1.	Throughout
                                            this Lease including the Schedules the following words and expressions have the following
                                            meanings:

  

	Adjoining
    Property:	any adjoining
    or neighbouring property belonging to the Landlord from time to time.
	 	 	 
	Agreement
    for Lease:	the Agreement
    for Lease relating to the Demised Premises dated 27 July 2018 and made between The Oxford Science Park Limited (1) and Ex Scientia
    Limited (2).
	 	 	 
	Base
    Rate:	either the
    base rate of National Westminster Bank Plc for the time being in force (or such other Bank being a member of the Committee of London
    Clearing Banks as the Landlord may from time to time nominate) or if no such base rate can be ascertained then such alternative rate
    at the relevant time which the Landlord may reasonably specify in writing in substitution therefor.
	 	 	 
	Building:	the building
    known as The Schrödinger Building shown edged green on plan C annexed to this Lease.
	 	 	 
	Building
    Services:	the services
    specified in Part II of Schedule 2.
	 	 	 
	Car
    Park:	the car parking
    area within the Plot.
	 	 	 
	Commercial
    Rent Arrears Recovery:	the procedure
    by which a landlord can recover rent arrears due under a commercial lease from a tenant pursuant to the Tribunals, Courts and Enforcement
    Act 2007.
	 	 	 
	Common
    Parts:	the footpaths,
    roads, entrance ways, lift, lift shaft, staircases, courtyard, walkways and landscaped areas and other areas which are from time
    to time during the Term provided by the Landlord for the common use and enjoyment of the occupants of the Building.

 

    1

     

    

 

	Conduits:	pipes sewers
    drains soakaways channels culverts gullies watercourses sumps ducts shafts flues wires cables or any other conducting media whatsoever.
	 	 	 
	Demised
    Premises:	the land described
    in Part 1 of Schedule 1 hereto and each and every part thereof together with all additions alterations and improvements thereto (other
    than tenant’s fixtures and fittings) and all Landlord’s fixtures and fittings from time to time therein.
	 	 	 
	Environmental
    Performance:	all or any
    of the following:
	 	 	 
	 	(a)	the consumption of energy and associated generation
    of greenhouse gas emissions;
	 	 	 
	 	(b)	the consumption of water;
	 	 	 
	 	(c)	waste generation and management; and
	 	 	 
	 	(d)	any other environmental impact arising from the use
    or operation of the Demised Premises or the Science Park.
	 	 	 
	EPC:	an energy performance
    certificate and recommendation report as defined in the Energy Performance of Buildings (England and Wales) Regulations 2012 as amended
    or updated from time to time.
	 	 	 
	Event
    of Insolvency:	in respect
    of a company any one or more of the following:
	 	 	 
	 	(a)	it shall be unable to pay its debts within the meaning
    of Section 123 of the Insolvency Act 1986;
	 	 	 
	 	(b)	a proposal is made for a voluntary arrangement under
    Part I of the Insolvency Act 1986;
	 	 	 
	 	(c)	a receiver or manager (including an administrative
    receiver) or trustee or similar officer is appointed over all or any of its assets;
	 	 	 
	 	(d)	an administration order is made;
	 	 	 
	 	(e)	a provisional liquidator is appointed;

 

    2

     

    

 

	 	(f)	it goes into liquidation either
    voluntary or compulsory (other than a voluntary liquidation entered into solely for the purpose of amalgamation or reconstruction
    while solvent and with the prior consent of the Landlord);
	 	 	 
	 	 	in respect of an individual
    any one or more of the following:
	 	 	 
	 	(a)	he shall appear to be unable to pay his debts or any
    of them or appear to have no reasonable prospect of being able to pay a debt within the meaning of Section 268 of the Insolvency
    Act 1986;
	 	 	 
	 	(b)	an application is made for an interim order or a proposal
    is made for a voluntary arrangement under Part VIII of the Insolvency Act 1986;
	 	 	 
	 	(c)	a petition is presented under Part IX of the Insolvency
    Act 1986;
	 	 	 
	 	(d)	he enters into any deed of arrangement or composition
    with his creditors;
	 	 	 
	 	(e)	a receiver is appointed under the Mental Health Act
    1983.
	 	 	 
	Existing
    EPC:	a copy of the
    EPC for the Demised Premises reference number 0970-1974-0388-5630-9024.
	 	 	 
	Insured
    Risks:	loss or damage
    by fire lightning explosion (including that of boilers and heating apparatus) aircraft and other aerial devices (other than hostile
    aircraft or aerial devices) or articles dropped therefrom earthquake riot and civil commotion malicious damage storm or tempest bursting
    or overflowing of water tanks apparatus or pipes flood impact by road vehicles and against third party claims and of property owners
    liability and against the risks of breakdown and third party claims in respect of the lifts (if any) and of the plate glass (if any)
    against breakage through impact or otherwise and in addition such other insurance in respect of the Demised Premises as the Landlord
    may from time to time reasonably require to be effected hereunder subject in all cases to any excesses exclusions or limitations
    as may be imposed by the insurers or underwriters and without prejudice to the generality of the foregoing in the case of terrorism
    insofar as cover is available on reasonable terms in the London insurance market.

 

    3

     

    

 

	Landlord:	the party of
    the first part including the estate owner for the time being of the reversion immediately expectant upon the determination of the
    Term.
	 	 	 
	Landlord’s
    Surveyor:	any person
    or firm appointed by or acting for the Landlord (including an employee of the Landlord) to perform the function of a surveyor for
    any purpose of this Lease.
	 	 	 
	this
    Lease:	this Lease
    any licence or consent granted pursuant hereto and any variation hereof and any deed or instrument supplemental hereto.
	 	 	 
	Lettable
    Area:	the accommodation
    on the Science Park available for letting.
	 	 	 
	Main
    Access Road:	the road shown
    coloured brown on plan A annexed.
	 	 	 
	Permitted
    User:	within class
    B1 of the Town and Country Planning (Use Classes) Order 1987.
	 	 	 
	Planning
    Acts:	the Town and
    Country Planning Act 1990, the Planning (Listed Buildings and Conservation Areas) Act 1990, the Planning (Hazardous Substances) Act
    1990 the Planning (Consequential Provisions) Act 1990 and the Planning and Compensation Act 1991 and any other statues for the time
    being in force of a similar nature.
	 	 	 
	Plot:	the plot known
    as Plot 12, Oxford Science Park as shown edged blue on plan E annexed hereto.
	 	 	 
	Prescribed
    Rate:	the rate of
    interest which is from time to time four per centum per annum above the Base Rate;
	 	 	 
	Reinstatement
    Value:	the cost for
    the time being at the start of the year of insurance cover in question of reinstating and replacing the Building of which the Demised
    Premises form part plus a provision to cover the effect of inflation on building costs during the year of insurance and until the
    Demised Premises have been reinstated together with architects’ surveyors’ and other professional fees and incidental
    expenses and the costs of demolition and site clearance.
	 	 	 
	Rent
    Commencement Date:	27 July 2019.

 

    4

     

    

 

	Review
    Date:	27 July 2023.
	 	 	 
	Science
    Park:	the land comprised
    in title numbers ON323918 and ON324755 shown for identification purposes only edged red on plan B annexed or such larger area as
    the Landlord may designate from time to time Provided that designation of such larger area does not materially increase the amounts
    payable by the Tenant pursuant to clause 3.2 of this Lease.
	 	 	 
	Science
    Park Services:	the services
    specified in Part 1 of Schedule 3.
	 	 	 
	Superior
    Landlord:	the landlord
    for the time being of the Superior Lease.
	 	 	 
	Superior
    Lease:	the leases
    by virtue of which the Landlord holds the Science Park which are dated 31 December 2015 and 8 March 2016 respectively and made between
    (1) The President and Scholars of the College of Saint Mary Magdalen in the University of Oxford (2) The Oxford Science Park Limited.
	 	 	 
	Superior
    Rent:	the annual
    rent payable by the Landlord under clauses 7.1 and 6.1 respectively of the Superior Leases.
	 	 	 
	Tenant:	the party of
    the second part including its successors in title and in the case of an individual his personal representatives.
	 	 	 
	Term:	the term of
    years hereby created.
	 	 	 
	Term
    Commencement Date:	27 July 2018.
	 	 	 
	Value
    Added Tax:	value added
    tax under the Value Added Tax Act 1994 and any similar replacement tax and any similar additional tax.
	 	 	 
	1927
    Act:	the Landlord
    and Tenant Act 1927.
	 	 	 
	1954
    Act:	the Landlord
    and Tenant Act 1954.
	 	 	 
	1995
    Act:	the Landlord
    and Tenant (Covenants) Act 1995.

 

		1.2.	Throughout
                                            this Lease:

 

		(a)	words
                                            importing the singular number only shall include the plural number and vice versa;

 

		(b)	where
                                            a party comprises more than one person covenants and obligations of that party are to be
                                            construed as having been made by such persons jointly and severally;

 

    5

     

    

 

		(c)	any
                                            reference to any statute shall include any re-enactment consolidation and/or renewal thereof
                                            for the time being in force and any references to any statute or statutes in general shall
                                            include any order instrument plan regulation permission and direction made or issued thereunder
                                            or deriving validity therefrom.

 

		1.3.	Any
                                            covenant on the part of the Tenant not to do any act or thing includes a covenant not to
                                            suffer or permit the doing of that act or thing.

 

		1.4.	Any
                                            rights excepted or reserved to the Landlord shall be construed as also being excepted or
                                            reserved to any mortgagee of the Landlord all persons authorised by the Landlord and the
                                            Superior Landlord and any covenant by the Tenant to permit entry by the Landlord for any
                                            purpose shall be construed as permitting entry by such persons.

 

		1.5.	Whenever
                                            the consent or approval of the Landlord is required under this Lease the giving of such consent
                                            or approval shall be conditional upon the prior consent or approval of the Superior Landlord
                                            from time to time and any mortgagee of the Landlord which consent or approval the Landlord
                                            shall use all reasonable endeavours to obtain.

 

		1.6.	Any
                                            consent approval authorisation or notice required or given under this Lease Shall only take
                                            effect if given in writing.

 

		1.7.	All
                                            Schedules to this Lease shall be deemed to form part of this Lease.

 

		1.8.	The
                                            headings in this Lease are inserted for convenience only ‘end shall not affect its
                                            construction or interpretation and references to a clause Schedule or paragraph are (unless
                                            otherwise stated) to a clause in and a Schedule to this Lease and to a paragraph of the relevant
                                            Schedule.

 

		1.9.	Any
                                            reference to the “end of the Term” shall mean the expiration or earlier determination
                                            of the Term and any reference to “the last year of the Term” shall mean the twelve
                                            months ending on the expiration or earlier determination of the Term (in each case howsoever
                                            the Term may be determined).

 

		2.	Demise

 

In
consideration of the rents and covenants on the part of the Tenant hereinafter reserved and contained the Landlord HEREBY DEMISES
to the Tenant the Demised Premises TOGETHER with the rights as mentioned in Part 2 of Schedule 1 EXCEPTING AND RESERVING
as mentioned in Part 3 of Schedule 1 TO HOLD the same to the Tenant SUBJECT to all rights easements quasi-easements
and privileges to which the Demised Premises are or may be subject and to the rights covenants and other matters contained or referred
to in the documents details of which are set out in Part 4 of Schedule 1 for a term of ten years from and including the Term Commencement
Date and expiring on 26 July 2028 YIELDING AND PAYING therefor during the Term and so in proportion for any less time than a year:

 

		2.1.	the
                                            yearly rent at the rate of a peppercorn (if demanded) for the period until the Rent Commencement
                                            Date and then from and including the Rent Commencement Date at the rate of £232,560
                                            per annum (subject to review as provided for in Schedule 2) to be paid in advance (by Banker’s
                                            Order if the Landlord so requires) by equal quarterly payments on the usual quarter days
                                            in every year the first of such payments in respect of the period from the Rent Commencement
                                            Date to the day immediately before the next quarter day (both dates inclusive) to be made
                                            on the Rent Commencement Date;

 

    6

     

    

 

		2.2.	within
                                            7 days of demand an amount equal to a fair proportion of the full cost (without deduction
                                            of any agency or other commission paid or allowed to the Landlord on such amount or otherwise
                                            which the Landlord shall be entitled to retain for its own benefit free of any obligation
                                            to bring the same into account hereunder) of every premium payable including any tax which
                                            may be payable thereon and other payment properly incurred by the Landlord from time to time
                                            during the Term in effecting and maintaining insurance in accordance with the provisions
                                            of clause 4.2(a) and further amounts equal to a fair proportion of the reasonable and proper
                                            costs incurred by the Landlord of obtaining from time to time (but not more often than every
                                            2 years) professional valuations of the Demised Premises for insurance purposes;

 

		2.3.	the
                                            amounts payable to the Landlord pursuant to clause 3.2;

 

		2.4.	interest
                                            which may be payable pursuant to clause 3.3;

 

		2.5.	any
                                            Value Added Tax which may be payable pursuant to clause 3.5; and

 

		2.6.	all
                                            other sums payable by the Tenant under this Lease.

 

		3.	Tenant’s
                                            Covenants

 

The
Tenant HEREBY COVENANTS with the Landlord throughout the Term as follows:

 

		3.1.	Rent

 

To
pay the rents hereinbefore reserved at the times and in the manner aforesaid without any deduction whatsoever (whether by way of set-off,
counterclaim or otherwise).

 

		3.2.	Service
                                            Charge

 

To
pay to the Landlord by way of service charge without any deduction whatsoever a fair and reasonable proportion of the costs expenses
and outgoings paid or incurred by the Landlord in supplying and providing the services in accordance with the provisions of Schedule
2.

 

		3.3.	Interest

 

If
the rents or any other sum of money payable to the Landlord by the Tenant under this Lease shall have become due but remain unpaid for
fourteen days after the same became due or if the Landlord shall refuse to accept the tender of rents by reason of a breach of covenant
on the part of the Tenant to pay on demand to the Landlord interest thereon at the Prescribed Rate from the date when the same became
due and until they are paid to and accepted by the Landlord (as well after as before any judgment).

 

		3.4.	Outgoings

 

To
bear pay and discharge all existing and future rates taxes duties charges assessments impositions and outgoings whatsoever (whether or
not of a capital or non-recurring nature) which now are or may at any time hereafter during the Term be charged levied assessed or imposed
upon the Demised Premises or upon the owner or occupier in respect thereof save any on receipts of rent (other than Value Added Tax)
or on a disposal of the Landlord’s interest in the Demised Premises and save any payment or payments due from time to time in respect
of community infrastructure levy except any community infrastructure levy that becomes due as a result of the Tenant (or its sub-tenants
or other occupiers of the Demised Premises) carrying out any works.

 

    7

     

    

 

		3.5.	Value
                                            Added Tax

 

		(a)	Supplies
                                            made by the Landlord to the Tenant pursuant to this Lease are exclusive of Value Added Tax
                                            and if any such supplies are (or become) liable to Value Added Tax (whether or not as a result
                                            of an election by the Landlord) then notwithstanding anything contained in this Lease such
                                            Value Added Tax shall be payable by the Tenant in addition to the consideration payable for
                                            such supplies under the terms of this Lease.

 

		(b)	Where
                                            under the terms of this Lease the Tenant is obliged to pay any sum which is not consideration
                                            for a supply to him but such sum is wholly or partly attributable (directly or indirectly)
                                            to a supply which is for the time being subject to Value Added Tax then notwithstanding anything
                                            contained in this Lease such sum payable by the Tenant shall be deemed for all purposes to
                                            be increased by the amount of such Value Added Tax save to the extent that the Landlord is
                                            able to obtain credit for such Value Added Tax as input tax.

 

		(c)	The
                                            Landlord (or its managing agents) shall render a receipted tax invoice in respect of taxable
                                            supplies made pursuant to this Lease promptly upon receipt of payment for the same.

 

		(d)	For
                                            the purposes of this clause 3.5 the expressions “supply” “taxable supply”
                                            “input tax” and “tax invoice” shall bear the same meanings as they
                                            do in the Value Added Tax Act 1994.

 

		3.6.	Landlord’s
                                            Costs

 

To
pay to the Landlord (and where appropriate, the Superior Landlord) within 7 days of demand all reasonable and proper costs and , expenses
including solicitors’ surveyors’ and other professional fees) of and incidental to:

 

		(a)	the
                                            preparation and service of any notice under Section 146 of the Law of Property Act 1925 and/or
                                            incurred in or in proper contemplation of proceedings under Section 146 and/or 147 of that
                                            Act notwithstanding in any such case that forfeiture may be avoided otherwise than by relief
                                            granted by the Court unless the Court otherwise directs;

 

		(b)	the
                                            preparation and service of any notice relating to a schedule of dilapidations and of any
                                            such schedule itself by the Landlord and whether or not the same is served during or within
                                            three (3) months after the end of the Term but relating in all cases only to dilapidations
                                            which accrued prior to the end of the Term;

 

		(c)	all
                                            applications by the Tenant for any consent or approval of the Landlord or the Landlord’s
                                            Surveyor or the Superior Landlord required by this Lease or the Superior Leases including
                                            such fees and expenses actually incurred in cases where consent is refused or the application
                                            is withdrawn except when a court determines that consent was unreasonably withheld;

 

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		(d)	subject
                                            to clause 3.6(e) the recovery of rent or other monies due and payable hereunder or to the
                                            remedying of any breach of covenant on the part of the Tenant herein contained;

 

		(e)	any
                                            action for the recovery of rent arrears under Commercial Rent Arrears Recovery;

 

		(f)	making
                                            good any damage to any Adjoining Property caused by the Tenant or any employee or licensee
                                            of the Tenant.

 

		3.7.	Repair

 

To
repair and keep the Demised Premises together with all Conduits toilets heating and cooling system and boilers in or exclusively serving
the same in good and substantial repair and condition and shall rebuild and renew as necessary (damage by any of the Insured Risks always
excepted save where the payment of any of the insurance monies shall be withheld or refused by reason of any act or default of the Tenant
any undertenant or their respective servants agents or licensees).

 

		3.8.	Decoration
                                            and Maintenance

 

As
often as may be necessary but in any event in the last year of the Term to paint with at least two coats of paint of a colour which in
such last year of the Term shall previously be approved by the Landlord (such approval not. to be unreasonably withheld or delayed) and
to varnish paper plaster or otherwise treat all the external and internal parts of the Demised Premises as are usually or ought to be
varnished papered plastered or treated (as appropriate) and generally to carry out all such work with good quality materials of their
several kinds available and in accordance with good standards of workmanship.

 

		3.9.	Cleaning
                                            of Demised Premises etc.

 

		(a)	As
                                            often as shall be necessary to clean treat and/or wash in an appropriate manner to the reasonable
                                            satisfaction of the Landlord’s Surveyor all glass and other surfaces and finishes of
                                            the Demised Premises which ought normally to be so cleaned treated and/or washed.

 

		(b)	Not
                                            to store or stack any goods crates boxes or other things outside the Building save in areas
                                            designated for such purpose.

 

		(c)	Not
                                            to obstruct or interfere with the free use of any roads or highways giving access to the
                                            Building whether by the parking of vehicles or the deposit of materials thereon.

 

		(d)	To
                                            clean regularly and insofar as practicable preserve in good condition all carpets (if any)
                                            belonging to the Landlord and replace the same as often as may be necessary and in any event
                                            in the last year of the Term replace with carpet of no less a quality and of similar appearance.

 

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		3.10.	Maintenance
                                            Contracts

 

To
enter into and continue from time to time contracts with suitably qualified and experienced persons of repute for the regular maintenance
inspection care and servicing of any boilers, air-conditioning and central heating plant and apparatus hot and cold water system ventilation
plant and all installations relating to each of them, fire alarm system, smoke detector system, security system and any other mechanical
and electrical equipment from time to time in and exclusively serving the Demised Premises and to supply to the Landlord details of all
such contracts upon written request being made by the Landlord.

 

		3.11.	Entry
                                            to View

 

To
permit the Landlord during normal business hours with or without workmen and all necessary tools and appliances after giving not less
than two days’ prior notice (except in emergency) to the Tenant to enter and remain (for such reasonable period of time as may
be necessary) upon the Demised Premises:

 

		(a)	to
                                            view the state of repair and condition thereof and to take a schedule of the Landlord’s
                                            fixtures and fittings and of any dilapidations;

 

		(b)	for
                                            the purpose of rebuilding or executing repairs and alterations to any adjoining or neighbouring
                                            premises belonging to the Landlord and to clean empty repair or replace any of the Conduits
                                            belonging to the same;

 

		(c)	to
                                            ascertain whether anything has been done which constitutes a breach or non-performance
                                            of any of the covenants contained in this Lease;

 

		(d)	to
                                            exercise the rights excepted and reserved to the Landlord by this Lease;

 

		(e)	to
                                            inspect and measure the Demised Premises for all purposes connected with the operation or
                                            implementation of the provisions of Schedule 2 or for any intended or pending step under
                                            the provisions of Part II of the Landlord and Tenant Act 1954;

 

		(f)	to
                                            comply with its obligations under the Superior Leases,

 

		(g)	for
                                            any other reasonable purpose properly connected with the interest of the Landlord in the
                                            Demised Premises

 

subject
to the person exercising such rights making good any damage caused to the Demised Premises thereby as soon as is reasonably practicable
to the Tenant’s reasonable satisfaction.

 

		3.12.	Compliance
                                            with Notice

 

To
comply with any notice given by the Landlord requesting the Tenant to remedy any breach of the Tenant’s covenants within two calendar
months after the giving of such notice or sooner if requisite and if the Tenant fails to comply with any such notice it shall be lawful
(but not obligatory) for the Landlord (without prejudice to the right of re-entry hereinafter contained) to enter and remain upon the
Demised Premises with or without workmen and with all necessary tools and appliances to make good the Demised Premises at the cost of
the Tenant which cost shall be repaid by the Tenant to the Landlord within 7 days of demand together with all solicitors’ surveyors’
and other professional fees and other expenses which may be incurred by the Landlord in connection therewith together with interest thereon
at the Prescribed Rate from the date on which the said expenditure is incurred by the Landlord until the date of actual payment.

 

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		3.13.	Overloading
                                            of Demised Premises

 

Not
to suspend any heavy load from the ceilings or main structure of the Demised Premises or the Building nor to load or to use the floors
of the Demised Premises or the structure or curtilage of the Building in any manner which will in any way impose a weight or strain in
excess of that which the same are constructed to bear with due margin for safety.

 

		3.14.	User
                                            Prohibited

 

		(a)	Not
                                            to bring into the Demised Premises or to place or store in the Demised Premises any article
                                            or thing which is or may become dangerous offensive combustible inflammable radioactive or
                                            explosive other than such substances as may be stored, handled and used in accordance with
                                            the Control of Substances Hazardous to Health Regulations 2002 (as amended) in connection
                                            with the Permitted User but where any such substances are or may become dangerous offensive
                                            combustible inflammable radioactive or explosive then the Tenant will comply with all the
                                            requirements of the insurers of the Building and all statutes in relation to their supply
                                            use storage and/or disposal.

 

		(b)	Not
                                            to use the Demised Premises for any noisy offensive or dangerous trade manufacture business
                                            or occupation nor for any illegal or immoral purpose nor permit any person to reside or sleep
                                            upon the Demised Premises nor do on the Demised Premises any act matter or thing whatsoever
                                            which in the reasonable opinion of the Landlord may be or tend to become a nuisance damage
                                            or disturbance to the prejudice of the Landlord or to the owners or occupiers of any adjoining
                                            or neighbouring property or any of them Provided That the foregoing shall not prevent the
                                            use of the Demised Premises permitted by and in accordance with this Lease.

 

		(c)	Not
                                            to discharge anything into the Conduits which will or may be corrosive or harmful or which
                                            may cause any obstruction or deposit therein.

 

		(d)	Not
                                            to use the Demised Premises for any public meeting exhibition or entertainment or as a club.

 

		(e)	Not
                                            to hold any sale by auction thereon or to play or use thereon any musical instrument gramophone
                                            wireless loudspeaker or similar apparatus so as to be audible outside the Demised Premises.

 

		(f)	Not
                                            to use the Demised Premises for the purpose of any betting transactions within the meaning
                                            of the Gambling Act 2005 or for gaming within the meaning of the Gambling Act 2005 with or
                                            between persons resorting to the Demised Premises.

 

		(g)	Not
                                            to make any application for a betting office licence or a licence or registration under the
                                            Gambling Act 2005 in respect of the Demised Premises.

 

		(h)	Not
                                            to overload any structural part of the Building.

 

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		3.15.	User

 

		(a)	Not to leave the Demised Premises continuously unoccupied for more than twenty-one days without notifying
the Landlord and providing such caretaking or security arrangements as the Landlord and/or its insurers shall require (in the case of
the Landlord acting reasonably) in order to protect the Demised Premises from vandalism theft damage or unlawful occupation.

 

		(b)	Not to use or permit the use of any part of the Demised Premises other Ise than for the Permitted User:

 

		3.16.	Alterations and Additions

 

		(a)	Not to make any alteration or addition to any part of the structure of the Building or the external elevations
thereof nor to merge the Demised Premises with any adjoining premises and not to alter or change any of the architectural features (whether
external or internal) of the Demised Premises.

 

		(b)	Not without the consent of the Landlord nor otherwise than in accordance with plans approved by the Landlord
(such consent and approval not to be unreasonably withheld) and under the supervision and to the reasonable satisfaction of the Landlord’s
Surveyor to make any other alteration or addition in or to the Demised Premises or any part thereof including is particular any Conduits
electrical equipment and installations of any description Provided That:

 

		(i)	the Landlord may in its absolute discretion seek such advice as the Landlord shall require from surveyors
and other professional advisers in connection with any such application for consent;

 

		(ii)	the Landlord may as a condition of giving any such consent and approval require the Tenant to enter into
such covenants with the Landlord as the Landlord may reasonably require in regard to the execution of any such works or otherwise;

 

		(iii)	the Tenant shall if so requested by the Landlord reinstate the Demised Premises at the end or sooner determination
of the Term;

 

		(iv)	the Tenant shall not make any addition or alteration to the Demised Premises which might weaken the structure
of the Building;

 

		(v)	in the case of any works of a substantial nature if the Landlord shall so require prior to the commencement
of such works the Tenant shall provide adequate security on terms reasonably required by the Landlord in the form of a deposit of money
or the provision of a bond to ensure that any alterations which may from time to time be permitted by the Landlord shall be fully completed;

 

		(vi)	the Landlord may in its absolute discretion refuse its consent to any alteration addition or amendment
to the Demised Premises which may be visible from the exterior of the Building;

 

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		(vii)	the Landlord will not unreasonably withhold consent to non-structural internal alterations;

 

		(viii)	all proposals for any alterations or additions to the Demised Premises shall first be submitted by the
Tenant to the Landlord accompanied by all relevant detailed plans, drawings, elevations, sections and specifications and such other information
as may be reasonably required.

 

		(c)	All alterations or additions to the electrical equipment and installations of the Demised Premises shall
be carried out in accordance with the terms conditions and recommendations from time to time laid down by the Institution of Electrical
Engineers and the regulations of the electricity supply authority.

 

		(d)	Notwithstanding the foregoing not at any time to commence any development within the meaning of the Planning
Acts in relation to the Demised Premises without the Landlord’s prior consent which shall not be unreasonably withheld Provided
That it shall in any event be reasonable for the Landlord to withhold its consent unless the Landlord shall first be satisfied that the
proposed development is properly authorised by law and that the Tenant will indemnify and keep the Landlord fully and effectually indemnified
from and against any tax charge or levy for which the Landlord may become liable as a result of any such proposed development being carried
out by the Tenant.

 

		(e)	Not without the consent of the Landlord to change or make any application to change the name of the Building
from The Schrodinger Building.

 

		(f)	Not to install blinds at the Demised Premises other than blinds which are Shade Tech Beta Screen 70, colour
BS702 Charcoal/grey, without the Landlord’s consent.

 

		3.17.	Advertisements

 

Not to affix or exhibit in or upon any
part of the exterior of the Demised Premises or so as to be visible from the exterior of the Demised Premises any bill placard advertisement
flashlight or other sign except such as shall previously have been approved (as to design, size and positioning) by the Landlord.

 

		3.18.	Encroachments etc.

 

Not in any way to stop up or darken
any window or opening in the Demised Premises nor to stop up or obstruct any access of light enjoyed by the Demised Premises nor to permit
any wayleave easement privilege or encroachment to be made or acquired over against or upon the Demised Premises and forthwith upon the
Tenant becoming aware of any of the same or circumstances which may give rise to the same to give notice thereof to the Landlord and to
permit the Landlord to enter and remain upon the Demised Premises for the purpose of ascertaining the nature of any such wayleave easement
privilege or encroachment and at the joint cost of the Landlord and the Tenant to adopt such means as the Landlord may properly require
for preventing any encroachment and the acquisition or continued enjoyment of any wayleave easement or privilege.

 

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		3.19.	Rights of Light

 

Not to give to any third party any acknowledgement
that the Tenant enjoys the access of light to any window or opening in the Demised Premises by the consent of such third party nor to
pay to such third party any sum of money nor to enter into any agreement with such third party for the purpose of inducing or binding
such third party to abstain from obstructing the access of light to any such window or opening and in the event of any third party doing
or threatening to do anything which obstructs the access of light to any such window or opening to give immediate written notice thereof
to the Landlord and to permit the Landlord to bring such proceedings as it may think fit in the name of the Tenant and at the joint cost
of the Landlord and the Tenant against any such third party in respect thereof.

 

		3.20.	Claims for Destruction of Light

 

Not to bring any action or make any
claim or demand on account of any diminution of light or air to the Demised Premises or any window or opening therein in consequence of
the erection or alteration of any building on any land adjoining neighbouring or oppoe`e to the Demised Premises for which the Landlord
may give its consent pursuant to any power reserved by this Lease or in respect of any easement right or privilege granted or to be granted
by the Landlord for the benefit of any building erected or to be erected on any land adjoining neighbouring or opposite to the Demised
Premises and (if reasonably required) to concur with the Landlord at the Landlord’s expense in any consent which the Landlord may
give or any grant which the Landlord may make.

 

		3.21.	Insurance

 

		(a)	Forthwith on becoming aware of the s n to give written notice to the Landlord of any damage or destruction
to the Demised Premises or any matter in respect of which a claim may be made under any policy of insurance effected hereunder.

 

		(b)	If the Demised Premises or the Building shall be destroyed or damaged by any of the Insured Risks and
the payment of any of the insurance monies under any insurance against the same shall be withheld or refused by reason solely or in part
of any act or default of the Tenant or any undertenant or their respective servants agents or licensees then and in every such ease the
Tenant will forthwith pay to the Landlord the whole or (as the case may require) the withheld or refused portion of such insurance monies.

 

		(c)	Not to do any act or thing whereby any insurance effected in respect of the Demised Premises, the Building
or any adjoining or neighbouring property would or might be vitiated or prejudiced and not without the written consent of the Landlord
to do or omit to do anything whereby an increased or additional premium in respect of any such insurance (which shall in any event be
borne by the Tenant) may become payable.

 

		(d)	To insure and keep insured all plate glass windows and other plate glass (if any) against the Insured
Risks at the replacement cost thereof with such insurance office as the Landlord may approve (such approval not to be unreasonably withheld
or delayed) and shall product the insurance policy and the last premium receipt for inspection by the Landlord whenever the Landlord shall
reasonably require and shall apply all monies received under such policy in the reinstatement
of such plate glass windows and other plate glass and shall make good any deficiency out of the Tenant’s own money.

 

    14 

     

    

 

		(e)	If the Tenant shall become entitled to the benefit of any insurance on the Demised Premises then the Tenant
shall hold all monies received by virtue of such insurance upon trust for the Landlord for making good the loss or damage in respect of
which the same shall have been received.

 

		3.22.	Alienation Prohibited

 

		(a)	Not to charge assign transfer or underlet part only of the Demised Premises.

 

		(b)	Not to part with possession or share the occupation of the Demised Premises or any part thereof other
than by way of an assignment permitted under clause 3.23 or an underlease permitted under clause 3.24 Provided That the Tenant may share
the occupation of the Demised Premises with any company which is within the same group as the Tenant within the meaning of Section 42
of the 1954 Act so long as the Tenant previously gives prior written notice to the Landlord of the company occupying the Demised Premises
no tenancy is thereby created and such company vacates upon it ceasing to be a member of such group.

 

		(c)	Not to hold or occupy the Demised Premises or any part thereof as trustee or agent or otherwise for the
benefit of any other person.

 

		3.23.	Assignment Permitted

 

		(a)	Not to assign or transfer the whole of the Demised Premises without the prior written consent of the Landlord
such consent not to be unreasonably withheld subject to the terms contained in clauses 3.23(b) to 3.23(f) (inclusive),

 

		(b)	The Landlord may withhold its consent to a proposed assignment or transfer if any one or more of the following
circumstances (which are specified for the purpose of Section 19(1A) of the 1927 Act) exist:

 

		(i)	any sum properly due from the Tenant under this Lease remains unpaid;

 

		(ii)	in the Landlord’s reasonable opinion there is at the date of the application for consent to assign
any material outstanding breach of any of the Tenant’s covenants or other terms of this Lease;

 

		(iii)	the proposed assignee or transferee (or any guarantor required under clause 3.23(d)(ii)) has or will have
immunity from suit or legal process in relation to any breach of any covenants or conditions contained in this Lease;

 

		(iv)	the proposed assignee or transferee (or any guarantor required under clause 3.23(d)(ii)) is a corporation
registered in a jurisdiction in which there is no reciprocity of treatment for the enforcement of judgments obtained in England and Wales;

 

    15 

     

    

 

		(v)	the proposed assignee or transferee is a company which is in the same group (within the meaning of Section
42 of the 1954 Act) as the Tenant

 

		(vi)	that in the reasonable opinion of the Landlord the proposed assignee is not of sufficient financial standing
to enable it to comply with the tenant’s covenants under this Lease.

 

		(c)	Clause 3.23(b) shall operate without prejudice to the right of the Landlord to refuse such consent on
any other ground or grounds where such refusal would be reasonable;

 

		(d)	The Landlord may impose any one or more of the following conditions (which are specified for the purpose
of Section 19(1A) of the 1927 Act):

 

		(i)	a requirement that the assigning Tenant and in the event of a previous unauthorised assignment a former
tenant (as defined in Section 16(6) of the 1995 Act) each separately execute as a deed and deliver to the Landlord prior to the assignment
in question an authorised guarantee agreement in the form set out in Part 2 of Schedule 5 (to the extent permitted by law);

 

		(ii)	a requirement that (to the extent permitted byany surety for the assigning tenant is made party to
any authorised guarantee agreement entered into by the assigning tenant in order to guarantee the obligations of the assigning tenant
contained in the authorised guarantee agreement;

 

		(iii)	if the Landlord reasonably so requires a requirement that not more than two third party guarantors reasonably
acceptable to the Landlord are provided who execute in favour of the Landlord and deliver to the Landlord prior to the assignment in question
a deed of covenant in the terms of the covenants for a surety contained in Part 1 of Schedule 5;

 

		(e)	Clause 3.23(d) shall operate without prejudice to the right of the Landlord to impose further conditions
upon a grant of consent where such imposition would be reasonable.

 

		(f)	The Tenant shall give notice to the Landlord in writing within fifteen working days of the Tenant becoming
aware of the death of any individual who has covenanted with the Landlord as surety or of an Event of Insolvency arising in respect of
a surety. If so required by the Landlord at the expense of the Tenant the Tenant shall within two (2) months of such event procure that
some other individual or company acceptable to the Landlord acting reasonably shall covenant with the Landlord as surety in the terms
of clause 3.23(d)(iii) in place of such individual or company.

 

		3.24.	Underletting Permitted

 

		(a)	Not to underlet the whole of the Demised Premises without the consent of the Landlord (such consent not
to be unreasonably withheld).

 

		(b)	Prior to any such underletting to procure that the intended undertenant shall covenant direct with the
Landlord:

 

		(i)	that the undertenant will observe and perform the Tenant’s covenants and conditions contained in
this Lease (other than the covenant to pay the rents hereby reserved);

 

    16 

     

    

 

		(ii)	that the undertenant will not charge assign transfer or sub-underlet the whole or any part of the premises
to be underlet (other than by an assignment as is permitted under this clause 3.24(b));

 

		(iii)	that the undertenant will not hold or occupy the premises to be underlet or any part thereof as trustee
or agent or otherwise for the benefit of any other person.

 

		(iv)	that the undertenant will not assign the whole of the premises to be underlet without the prior written
consent of the Landlord (such consent not to be unreasonably withheld or delayed) Provided That the undertenant may share occupation of
the underlet premises with a group company of the undertenant in accordance with the terms of clause 3.22(b); and

 

		(v)	that upon any assignment of the premises to be underlet the assignee shall enter into similar direct covenants
with the Landlord as those set out in this clause 3.24(b).

 

And to procure that one or more third
party guarantors reasonably acceptable to the Landlord shall if the Landlord reasonably so requires act as surety for such undertenant
and shall jointly and severally (if appropriate) covenant with the Tenant and the Landlord in the same form mutatis mutandis as in Part
1 of Schedule 5.

 

		(c)	Not to underlet the whole of the Demised Premises except:

 

		(i)	at a rent which is not less than the rack rental value of the Demised Premises without taking a fine premium
or other consideration and at no time to release the undertenant from the obligation to pay such rent nor to commute the same (or any
part thereof) for a capital sum;

 

		(ii)	subject to Sections 24 to 28 (inclusive) of the 1954 Act (as amended) being excluded in relation thereto;

 

		(iii)	subject to obtaining the approval of the Landlord (such approval not to be unreasonably withheld or delayed)
to the form of underlease.

 

		(d)	Not at any time to release or waive or permit to be released or waived any covenants against assignment
or underletting in an underlease or permit any dealing by any such undertenant without the written consent of the Landlord (such consent
not to be unreasonably withheld or delayed) but to enforce or procure the enforcement of the performance of any such covenants by all
means in the power of the Tenant in respect thereof.

 

		(e)	To take all necessary steps at its own expense to secure the effective implementation of the provisions
for rent review contained in any underlease and shall:

 

		(i)	not agree the amount of any such rent on review without the prior consent of the Landlord (such consent
not to be unreasonably withheld or delayed) and so that for the avoidance of doubt the Landlord shall have the right (at the Landlord’s
sole discretion) to submit any representations the Landlord thinks fit to the arbitrator or expert or to incorporate such representations
in those which the Tenant shall make in connection with any such review of the rent reserved by any underlease;

 

    17 

     

    

 

		(ii)	not agree upon the appointment of a person to act as the arbitrator or expert determining the rent in
default of agreement without the approval of the Landlord (such approval not to be unreasonably withheld or delayed); and

 

		(iii)	to supply the Landlord with a copy of the determination of every rent review within 14 days of receipt
thereof together with such further details as the Landlord may reasonably require.

 

		3.25.	Disclosure of Information

 

Upon making an application for any consent
or approval which is required under this Lease the Tenant shall disclose to the Landlord such information as the Landlord may reasonably
require.

 

		3.26.	Registration

 

		(a)	Within twenty-one days after any assignment transfer underlease mortgage charge or other devolution of
this Lease or any derivative interest to give notice thereof in duplicate to the Landlord’s solicitor for registration together
with a certified copy of the deed document or instrument effecting such assignment transfer underlease mortgage charge or other devolution
and to pay or cause to be paid to the Landlord’s solicitors or as the Landlord may from time to time direct a fee of Fifty Pounds
(£50.00) or such higher fee as the Landlord may reasonably require for the registration thereof.

 

		(b)	Where a deed of transfer or deed of assignment of the Demised Premises or an underlease is registerable
at the Land Registry the Tenant shall procure the registration of such deed of transfer or deed of assignment or underlease as soon as
reasonably practicable after the date of the same and within one month of completion of the registration give notice in writing to the
Landlord.

 

		3.27.	Schedule of Underlettings etc.

 

If and when called upon by the Landlord
so to do to supply to the Landlord from time to time a schedule containing full details (including for the avoidance of doubt particulars
of rent and any review dates) of all subsisting underlettings and occupiers of the Demised Premises.

 

		3.28.	Compliance with Statutes

 

		(a)	To comply with the provisions of all statutes now or hereafter to be passed which affect the Demised Premises
or the Tenant’s user thereof including the execution of all works required to be done or executed pursuant thereto whether by the
owner and/or the landlord and/or the tenant thereof and to comply with any notices which may be served by any competent authority and
not to do on the Demised Premises any act or thing whereby the Landlord may become liable
to pay any penalty imposed by or to bear the whole or any part of any expenses incurred under any such statute.

 

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		(b)	To comply with all requirements from time to time of the appropriate authority in relation to fire precautions
and means of escape from the Demised Premises in case of fire or other emergency insofar as such escape route is located within the Demised
Premises and at the expense of the Tenant to keep the Demised Premises sufficiently supplied and equipped with fire-fighting and extinguishing
apparatus and appliances of a type to be approved from time to time by the appropriate authority and by the Landlord’s insurers
and suitable in all respects to the type of user or business or trade carried on upon the Demised Premises.

 

		3.29.	Planning Acts

 

		(a)	To obtain so often as Occasion shall require all planning permissions licences consents and approvals
as may be required under the Planning Acts for the carrying out by the Tenant of any development on the Demised Premises within the meaning
of the Planning Acts or for the continuance thereof by the Tenant but so that the Tenant shall not make any application for planning permission
or give any notice to any authority of an intention to commence or to carry Out any development without the previous consent of the Landlord
and so that the Tenant shall (if and insofar as it is lawful for the parties hereto to make such an arrangement) indemnify the Landlord
against all charges payable in respect of any such application

 

		(b)	Forthwith after the grant of any pleating permission or refusal of any application therefor made by the
Tenant to give to the Landlord full particulars in writing thereof and supply a copy thereof for the retention of the Landlord and in
the case of a refusal of such an application or a grant subject to conditions which the Landlord considers unreasonable forthwith if the
Landlord reasonably so requires at the Landlord’s expense to give notice of appeal thereof to the competent authority and to proceed
diligently with such appeal and to keep the Landlord informed of the progress thereof

 

		(c)	Without prejudice to the provisions of any other covenant by the Tenant under this Lease not to implement
any planning permission until a copy of the same has been submitted to the Landlord and acknowledged by it as satisfactory (such acknowledgement
not to be unreasonably withheld) Provided That the Landlord may refuse so to express its satisfaction with any such planning permission
on the ground that any provision or condition would in the reasonable opinion of the Landlord be or be likely to be (whether during the
Term or following its determination) prejudicial to the Landlord’s interest in the Demised Premises or the Building or any adjoining
or neighbouring property belonging to the Landlord

 

		(d)	To comply with all conditions imposed by any planning permission implemented by the Tenant during the
Term and if the Landlord reasonably so requires where a planning permission is granted subject to conditions to provide adequate security
for the compliance with such conditions on terms reasonably required by the Landlord in the form of a deposit of money or the provision
of a bond prior to the implementation by the Tenant of such planning permission.

 

    19 

     

    

 

		(e)	Unless the Landlord shall otherwise direct to carry out before the end or sooner determination of the
Term (howsoever the same may be determined) any works stipulated to be carried out to the Demised Premises by a date subsequent to such
end or sooner determination as a condition of any planning permission which may have been granted to and been implemented by the Tenant
or any person deriving title under the Tenant.

 

		(f)	If called upon so to do to produce to the Landlord all plans documents and other evidence as the Landlord
may reasonably require in order to satisfy itself that the provisions of this covenant have been complied with.

 

		(g)	Not without the consent of the Landlord to enter into any agreement under the Planning Acts.

 

		(h)	Not without the consent of the Landlord to serve any notice under Planning Acts requiring any authority
to purchase the interest of the Tenant in the Demised Premises.

 

		3.30.	Statutory Notices

 

		(a)	Within seven days of the receipt of any notice order permission refusal requisition or direction or proposal
for the same made given or issued to the Tenant by any competent authority under or by virtue of any statutory powers or forthwith upon
the happening of any occurrence which may be capable of adversely affecting the Landlord’s interest in the Demised Premises the
Tenant shall deliver full particulars thereof to the Landlord and if so required by the Landlord thereafter to produce a copy of the same
to the Landlord and without delay to take all reasonable and necessary steps to comply with the same,

 

		(b)	To make or join with the Landlord at the joint cost of the Landlord and the Tenant in making such objections
or, representations against or in respect of any such notice order permission refusal requisition or direction or proposal for the same
as the Landlord shall deem expedient

 

		3.31.	Reletting Arrangements

 

To permit the Landlord or its agents
to fix and retain in a conspicuous position on the Demised Premises a notice-board during the last six months of the Term in respect of
the reletting of the same and at any time during the Term in respect of the sale of the interest of the Landlord in the same (but not
so as to restrict or interfere unreasonably with access to or the access of light and air to the Demised Premises) and not to take down
or obscure the said notice-board and to permit all persons authorised by the Landlord or its agents to view the Demised Premises during
normal business hours after the giving of not less than twenty-four hours’ prior notice.

 

		3.32.	Defects

 

To notify the Landlord promptly upon
becoming aware of any defect in the Demised Premises which might give rise to a duty imposed by common law or statute on the Landlord
in favour of the Tenant or any other person.

 

    20 

     

    

 

		3.33.	Indemnity

 

		(a)	To indemnify and keep indemnified the Landlord against all losses costs damage and expenses (including
professional fees properly incurred by the Landlord) incurred or sustained by the Landlord as a consequence of any breach of the covenants
by the Tenant set out herein or implied Provided That such indemnity shall extend to all costs and expenses properly incurred by the Landlord
in connection with any steps which the Landlord may (at its absolute discretion but without being in any way obliged to do so) take to
remedy any such breach and shall be without prejudice to any other rights or remedies of the Landlord in respect of any such breach.

 

		(b)	To indemnify and keep indemnified the Landlord against liability in respect of any injury to or the death
of any person or damage to any property movable or immovable or the infringement disturbance or destruction of any right easement or privilege
or otherwise by reason of or arising directly or indirectly out of the repair or condition of the Demised Premises or any alteration thereto
by the Tenant or any person deriving title under the Tenant or the Permitted User and against all actions proceedings costs expenses claims
and demands of whatsoever nature in respect of any such liability or alleged liability.

 

		3.34.	Yield Up

 

At the end of the Term quietly to yield
up to the Landlord the Demised Premises in such state and condition as shall in all respects be in accordance with the covenants on the
part of the Tenant herein contained Provided That:

 

		(a)	the state and condition of the Demised Premises shall be assessed with reference to the specifications
for a Category A office premises annexed to the Agreement for Lease and for the avoidance of doubt this shall mean any Variations (as
defined in the Agreement for Lease) are to be removed;

 

		(b)	if any of the Landlord’s fixtures and fittings shall be missing broken damaged or destroyed the
Tenant shall forthwith replace them with others of a similar character and of equal value;

 

		(c)	unless released from compliance by the Landlord by notice the Tenant shall remove all tenant’s and
trade fixtures and fittings and every moulding sign writing or painting of the name or business of the Tenant or other occupiers from
the Demised Premises and to make good all damage caused to the Demised Premises by the removal of the tenant’s and trade fixtures
fittings furniture and effects

 

		(d)	if at the end of the Term the Demised Premises shall not be in such state and condition then whether the
works necessary to put the Demised Premises into such repair and condition are carried out by the Tenant or at the entire cost of the
Tenant by the Landlord there shall in addition be paid to the Landlord by the Tenant a sum equivalent to the amount of rent lost by the
Landlord in respect of the period from such end or sooner determination until all such necessary works have been completed to the satisfaction
of the Landlord such sum to be equivalent to a maximum of four months yearly rent and to be paid within seven days of the date of the
Landlord informing the Tenant that all such works have been so completed.

 

    21 

     

    

 

		3.35.	Regulations

 

To observe duly and perform the stipulations
and regulations set out in Schedule 3 and such reasonable and proper regulations and instructions as the Landlord may from time to time
make or give in connection with the management or administration of the Building and/or the Science Park.

 

		3.36.	Covenants in Documents

 

Not to breach the agreements covenants
and stipulations contained or referred to in the documents referred to in Part 4 of Schedule 1 and to indemnify the Landlord in relation
to any breach thereto attributable to the Tenant so far as they concern any act matter or thing to be done on the Demised Premises.

 

		3.37.	Superior Leases

 

Not to breach the covenants (other than
the payment of rent) on the part of the tenant contained in the Superior Leases so far as they relate to the Demised Premises and not
to do anything to put the Landlord in breach of the covenants on the part of the tenant contained in the Superior Leases so far as they
relate to the Demised Premises.

 

		4.	Landlord’s Covenants

 

The Landlord HEREBY COVENANTS
with the Tenant as follows:

 

		4.1.	Quiet Enjoyment

 

That the Tenant paying the rents hereby
reserved and observing and performing the covenants conditions and stipulations herein contained and on the part of the Tenant to be observed
and performed shall and may peaceably hold and enjoy the Demised Premises during the Term without any interruption by the Landlord or
any person rightfully claiming under or in trust for the Landlord.

 

		4.2.	Insurance

 

		(a)	To insure and keep insured at rates which are not unreasonably above the market norm for readily available
insurance for similar buildings in the London insurance market in a cost-effective manner (unless such insurance shall be vitiated by
any act or default of the Tenant any person deriving title under the Tenant or their respective servants agents or licensees) the Building,
and access to the Building for a sum being not less than the Reinstatement Value against loss or damage by the Insured Risks with some
insurance office or underwriters of repute and to insure against the loss of three years’ rent for the time being payable to the
Landlord hereunder in respect of the whole of the Demised Premises together with VAT and (if applicable) with any anticipated increase
in respect of a review of the rent payable under this Lease pursuant to the provisions of Schedule 5.

 

		(b)	As often as the Building or the Demised Premises or the access thereto shall be destroyed or damaged
                                                               subject to the payment of the policy monies not being withheld or refused in whole or in part through any act or default of the
                                                               Tenant any person deriving title under the Tenant or their
respective servants agents or licensees and subject to obtaining all necessary planning and other consents to lay out all monies received
by virtue of such insurance which are attributable to damage caused to the Building and/or the Demised Premises (making up any shortfall
from its own monies) in rebuilding repairing and reinstating the Building and/or the Demised Premises to their former state or condition
or as near thereto as circumstances may reasonably permit Provided That if the Landlord has not been able to obtain all such planning
and other consents and has not fully reinstated the Demised Premises or the access thereto within a period of three years from the date
of damage or destruction either the Landlord or the Tenant shall be entitled to terminate this Lease by giving notice to the other and
on the giving of such notice the Term shall cease and determine but without prejudice to the rights of any party hereto in respect of
any antecedent breach of covenant whereupon all monies payable pursuant to any policy of insurance effected hereunder shall belong to
the Landlord absolutely.

 

    22 

     

    

 

		(c)	To produce to the Tenant upon demand (but not more often than once in every year) a schedule setting out
relevant details of the insurance policy or policies effected pursuant to clause 4.2(a) and confirming payment of the fast premium thereon
together with written details of all relevant requirements and recommendations of such insurance policy or policies.

 

		4.3.	Services

 

Subject as otherwise herein provided
to perform the Building Services and to use reasonable endeavours to perform the Science Park Services in both cases as from time to time
necessary under the principles of good estate management Provided That:

 

		(a)	the Landlord shall not be liable to the Tenant in respect of any interruption in any of the services which
the Landlord does provide or supply by reason of any necessary inspection repair or maintenance of any plant or equipment or any damage
thereto or by reason of mechanical or other defect or breakdown or inclement weather conditions or shortage of fuel materials water or
labour or by reason of any circumstances whatever beyond the control of the Landlord provided that the Landlord shall procure that the
services will be restored as soon as reasonably practicable;

 

		(b)	the Tenant shall have no claim against the Landlord in respect of any defect or want of maintenance repair
amendment renewal or cleansing unless the Landlord has had notice thereof and has failed to remedy the same within a reasonable period
thereafter.

 

		4.4.	Superior Leases

 

To pay the rent reserved by the Superior
Leases and to observe and perform the tenant’s covenants in the Superior Leases (insofar as the Tenant is not liable for such observance
and performance) under its covenants herein contained.

 

    23 

     

    

 

		5.	Energy Performance Certificates

 

		5.1.	Tenant covenants

 

		(a)	The Tenant shall permit the Landlord at reasonable times after reasonable notice (except in emergency)
to enter the Demised Premises in order to take the measurements and carry out the calculations required for the production of an EPC in
respect of the Demised Premises or any part of them, subject to the person exercising such rights making good any damage thereby caused
to the Demised Premises.

 

		(b)	On demand the Tenant shall supply the Landlord with the information required for the production of an
EPC in respect of the Demised Premises, including without limitation information regarding energy consumption and equipment.

 

		(c)	The Tenant shall not obtain an EPC in respect of the Demised Premises or any part of them without the
prior written consent of the Landlord and if the Landlord grants such consent then:

 

		(i)	the EPC shall be obtained by the Tenant from a reputable and appropriately qualified energy assessor at
the Tenant’s own cost, and

 

		(ii)	the Tenant shall notify the Landlord in writing when an EPC has been obtained in respect of the Demised
Premises or any part of them and its notice shall include a copy of the EPC and the reference number for the EPC.

 

		(d)	If and to the extent the Existing EPC is no longer valid (as the result of the Tenant’s alterations
or any default by the Tenant) to notify the Landlord and to obtain any EPC required to be provided from a reputable and appropriately
qualified energy assessor.

 

		5.2.	Landlord covenants

 

		(a)	On demand the Landlord shall supply the Tenant with the information required for the production of an
EPC in respect of the Demised Premises, including without limitation information regarding energy consumption and equipment.

 

		(b)	The Landlord shall notify the Tenant whenever an EPC has been obtained in respect of the Demised Premises
and its notice shall include a copy of the EPC and the reference number for the EPC.

 

		6.	Miscellaneous Provisions

 

PROVIDED ALWAYS AND IT IS HEREBY
AGREED AND DECLARED as follows:

 

		6.1.	Power of Re-entry

 

		(a)	If the rents hereby reserved or any part thereof shall at any time be in arrear and unpaid for fourteen
days after the same shall have become due (whether legally demanded or not); or

 

		(b)	If there shall be any breach of any of the covenants on the part of the Tenant contained in this Lease;
or

 

		(c)	An Event of Insolvency arises in relation to the Tenant or in relation to any surety who at any time guarantees
the obligations of the Tenant under this Lease; or

 

		(d)	If the Tenant suffers any distress or execution or any modern equivalent of these remedies to be levied
on any goods including any action taken for the recovery of rent arrears from the Tenant under Commercial Rent Arrears Recovery for the
time being on the Demised Premises which is not removed within fourteen days

 

then and in any such case it shall be
lawful for the Landlord at any time thereafter to re-enter the Demised Premises or any part thereof in the name of the whole and thereupon
the Term shall absolutely cease and determine but without prejudice to any right of action of the Landlord in respect of any antecedent
breach of any of the covenants by the Tenant herein contained.

 

    24 

     

    

 

		6.2.	Cesser of Rent

 

If the Building and/or the Demised Premises
or any part thereof or the means of access thereto are destroyed or damaged by any of the Insured Risks so far as to render the Demised
Premises or any part thereof or access to them unfit for occupation and use then and so often as it happens (if at the date thereof the
payment of any of the insurance monies has not been withheld or refused by reason of any act or default of the Tenant any person deriving
title under the Tenant or their respective servants agents or licensees) the rent reserved under clause 2.1 and the Service Charge or
a fair and just proportion thereof according to the nature and extent of the damage shall be suspended for so long as the Demised Premises
or the access to them or the destroyed or damaged part thereof remain unfit for occupation and use by reason of such destruction or damage
or for three years whichever shall be the shorter and if any dispute arises between the Landlord and the Tenant in regard to the amount
or the period of the suspension of the said rent or otherwise in relation thereto it shall be referred to arbitration under the provisions
of the Arbitration Act 1996.

 

		6.3.	No Implied Rights

 

Nothing herein contained shall (except
as otherwise expressly provided) by implication of law or otherwise operate or be deemed to confer upon the Tenant any easement right
or privilege whatsoever.

 

		6.4.	Development of Adjoining Property

 

The Landlord shall have the right at
any time to make any alterations to or to pull down rebuild redevelop or otherwise deal with or use any Adjoining Property as it may deem
fit without obtaining any consent from or making any compensation to the Tenant and the Tenant will not object to any planning application
made by or on behalf of the Landlord in respect of the development or redevelopment of any Adjoining Property.

 

		6.5.	Restrictions affecting Adjoining Property

 

Nothing herein contained or implied
shall give the Tenant the benefit of or the right to enforce or to have enforced or to prevent the release or modification of any covenant
agreement or condition entered into by any purchaser from or by any lessee or occupier of the Landlord in respect of property not comprised
in this Lease or areas over which rights are granted by this Lease for the benefit of the Tenant.

 

    25 

     

    

 

		6.6.	No Warranty as to Use

 

Notwithstanding the provisions as to
the Permitted User contained in this Lease the Landlord does not hereby or in any other way give or make nor has given or made at any
other time any representation or warranty that the Permitted User is or will be or will remain a permitted use within the provisions of
the Planning Acts and notwithstanding that the Permitted User is not a permitted use as aforesaid the Tenant shall remain fully bound
and liable to the Landlord in respect of the obligations undertaken by the Tenant by virtue of this Lease without any compensation recompense
or relief of any kind whatsoever.

 

		6.7.	Exclusion of Representations

 

The Tenant acknowledges that this Lease
has not been entered in reliance wholly or partly upon any statement or representation made by or on behalf of the Landlord save insofar
as any such statement or representation is expressly set out in this Lease or has been made in writing by the Landlord’s solicitors
to the Tenant’s solicitors before the date of entry into this Lease.

 

		6.8.	Disputes

 

Any dispute arising as between the Tenant
and the tenants or occupiers of any property adjoining neighbouring or opposite to the Demised Premises belonging to the Landlord as to
any easement right or privilege in connection with the user of the Demised Premises and such property adjoining neighbouring or opposite
to the Demised Premises or as to the party or other walls separating the Demised Premises from the adjoining property or as to the amount
of any contribution towards the expenses of works to services used in common with any other property shall be decided by the Landlord’s
Surveyor whose decision shall be binding upon all parties to the dispute (save in the case of manifest error).

 

		6.9.	Removal of Tenant’s Property

 

		(a)	If at such time as the Tenant has vacated the Demised Premises at the end of the Term any property of
the Tenant shall remain in or on the Demised Premises and the Tenant shall fail to remove the same within fourteen days after being requested
in writing by the Landlord so to do then the Landlord may as the agent of the Tenant sell such property and shall then hold the proceeds
of sale after deducting the costs and expenses of removal storage and sale properly incurred by it to the order of the Tenant.

 

		(b)	The Tenant shall indemnify the Landlord against any liability incurred by it to any third party whose
property shall have been sold by the Landlord in the mistaken belief held in good faith (which shall be presumed unless the contrary be
proved) that such property belonged to the Tenant.

 

		6.10.	Surrender of Easements

 

At any time during the Term the
Tenant will at the request of the Landlord enter into a deed of variation of this Lease to give up or alter rights of access and
easements granted hereunder which are not reasonably necessary for the use and/or enjoyment of the Demised Premises or which the
Landlord reasonably requires to be varied as part of the redevelopment of the whole or part of the Science Park so long as the
alternative rights of access or other easements are no less convenient than those hereby granted and provided that the Landlord
indemnifies the Tenant in respect of any cost and expense reasonably incurred by the Tenant either relating to any such deed of
variation or with regard to the cost of any works required to the Demised Premises or the Science Park which are the result of such
request from the Landlord and which are approved by the Landlord (such approval not to be unreasonably withheld).

 

    26 

     

    

 

		6.11.	Notices

 

The provisions of Section 196 of the
Law of Property Act 1925 as amended by the Recorded Delivery Service Act 1962 shall apply to all notices required to be served hereunder.

 

		6.12.	Jurisdiction

 

Each party irrevocably agrees that the
courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this
Lease or its subject matter or formation {including non-contractual disputes or claims).

 

		6.13.	Contracts (Rights of Third Parties) Act 1999

 

A person who is not a party to this
Lease shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Lease. This does not
affect any right or remedy of a third party which exists, or is available, apart from that Act.

 

		6.14.	Break Clause

 

		(a)	In this clause the following definitions apply:

 

Break Date: 28 September 2024.

 

Break Notice: written notice to
terminate this Lease.

 

		(b)	Subject to clause 6.14(c) the Tenant may terminate this Lease by serving a Break Notice on the Landlord
at least nine months but not more than fifteen months before the Break Date.

 

		(c)	A Break Notice served by the Tenant pursuant to clause 6.14(b) shall have no effect if at the Break Date:

 

		(i)	the Tenant has not paid any part of the yearly rent or of the on-account service charge payable under
clause 3.2 of the Lease or any VAT in respect of them, which was due to have been paid;

 

		(ii)	the Tenant has not given the Demised Premises back to the Landlord free of the Tenant’s occupation
and the occupation of any other lawful occupier and without any continuing underleases;

 

		(iii)	the Tenant has not paid the Landlord the sum of ***58,140 plus (if applicable) VAT in cleared funds on
or before the Break Date which sum is due, for the avoidance of doubt, in addition to any monies due under clause 6.14(c)(i).

 

		(d)	The Break Notice shall be in writing and, for the purposes of this clause, writing does not include facsimile
transmission or email.

 

    27

     

    

 

		(e)	Subject to clause 6.14(c), following service of a Break Notice pursuant to clause 6.14(b) this Lease shall
terminate on the Break Date.

 

		(f)	Time shall be of the essence in respect of all time periods and limits in this clause.

 

		(g)	Termination of this Lease pursuant to this clause shall be without prejudice to any right or remedy of
the Landlord in respect of any antecedent breach of the covenants or conditions on the part of the Tenant in this Lease, including any
covenants expressed to be complied with before the end of the Term.

 

		(h)	If the Lease terminates at the Break Date pursuant to clause 6.14(b) the Landlord will within 10 working
days of the Break Date reimburse to the Tenant any proportion of the yearly rent and on-account service charge and any VAT on them paid
in advance by the Tenant and which relates to a period after the Break Date.

 

		6.15.	Uninsured risks

 

		(a)	In this Clause 6.15 (Uninsured Risks), an “Uninsured Risk” means any risk, or
some aspect of any risk, which would be covered by the risks itemised in the definition of “Insured Risks” but which:

 

		(i)	is excluded from being so by reason of withdrawal of cover by the insurer and which is not otherwise available
to be insured in the London insurance market; or

 

		(ii)	is withdrawn from cover by the Landlord on the grounds that in the Landlord’s reasonable opinion
cover cannot be placed in the London insurance market at reasonable commercial rates or on reasonable commercial conditions.

 

		(b)	An Insured Risk does not become an Uninsured Risk for the purposes of clause 6.15(a) by reason only of:

 

		(i)	being excluded, or partially excluded, from cover due to standard exclusion provisions on the policy;

 

		(ii)	rejection by the insurer of liability, or some part of it, due to vitiation by the Tenant; or

 

		(iii)	infringement by the Landlord of policy conditions for the maintenance of cover.

 

		(c)	The obligations of the Tenant to repair and to decorate, and to yield up in repair and decorated, the
Demised Premises do not apply to damage or destruction caused by an Uninsured Risk.

 

		(d)	The provisions of this clause 6.15 (Uninsured Risks) apply if the Building (whether or not directly
affecting the Demised Premises) is damaged or destroyed by an Uninsured Risk so as to make the Demised Premises unfit for occupation,
use or enjoyment.

 

		(e)	If the damage or destruction referred to in clause 6.15(d) occurs, the Landlord may within 12 months after the date of the damage or destruction elect to rebuild or reinstate the Demised Premises by giving notice to the Tenant to that effect and if the Landlord so elects the Landlord shall as soon as may reasonably be practicable use its reasonable endeavours to rebuild or reinstate the Building providing the cost of doing so out of its own resources.

 

    28

     

    

 

		(f)	The Landlord may at any time before it has made an election under clause 6.15(e) decide not to rebuild
or reinstate the Building and may instead terminate this Lease by giving notice to the Tenant to that effect to expire immediately.

 

		(g)	If the Landlord has not made an election under clause 6.15(e) within 12 months after the date of damage
or destruction of the Building, the Tenant may terminate this Lease by giving to the Landlord notice to that effect at any time thereafter
to expire immediately unless the Landlord has made such an election in the meantime.

 

		(h)	During the period before the Landlord makes an election under clause 6.15.(e) or terminates this Lease
under clause 6.15(f), the rent and service charge, or a fair proportion of them according to the nature and extent of the damage or destruction
sustained, are to be suspended and cease to be payable and in case of dispute the matter shall be referred to arbitration under the provisions
of the Arbitration Act 1996.

 

		(i)	If the Landlord has not commenced rebuilding or reinstating the Building within twelve months after making
the election under clause 6.15(e), the Tenant may terminate this Lease by giving to the Landlord notice to that effect at any time thereafter
to expire immediately, unless the Landlord has commenced rebuilding or reinstating the Building before the expiry of the notice.

 

		(j)	If the Landlord has not practically completed the works of rebuilding or reinstating the Building (as
evidenced by the issue of the certificate or statement of practical completion under the building contract for the works) within the period
of three years after making the election under Clause 6.15(e), then either the Landlord or the Tenant may terminate this Lease by giving
to the other not less than six months’ notice to that effect to expire at the end of that period, unless practical completion has
taken place before the expiry of the notice.

 

		(k)	On the expiry of any notice of termination given under this Clause 6.15 (Uninsured Risks), this
Lease will terminate unless provided otherwise, but without affecting any liability arising from a breach of covenant or condition which
has occurred before then.

 

		6.16.	Retention of Insurance Proceeds

 

On the termination of this Lease under
clause 6.15 (Uninsured Risks) or if this Lease is terminated by the operation of the doctrine of frustration or otherwise, the Landlord
is to be entitled to retain all of the proceeds of insurance for its exclusive benefit.

 

		7.	New Lease

 

This Lease is a new tenancy for the
purposes of the 1995 Act.

 

IN WITNESS whereof the parties to this
Lease have executed and delivered this Lease as a deed the day and year first above written.

 

    29

     

    

 

	EXECUTED as
    a DEED by THE	)	 
	OXFORD SCIENCE PARK LIMITED	)	 
	acting by one director	)	/s/
	[                                                                                                   ]	)	Director
	in the presence of:	 	 

 

	Witness signature	/s/ Philip Marsh	 

 

Witness name (BLOCK CAPITALS):             PHILIP MARSH

 

	Address: 	Midland House, West_____________  Oxford

 

	Occupation:	Solicitor

 

	EXECUTED as a DEED by	)	 
	EX SCIENTIA LIMITED	)	 
	acting by one director	)	/s/ Andrew Hopkins
	[Andrew Hopkins                          ]	)	Director
	in the presence of:	 	 

 

	Witness signature	/s/ Miroslava Pilarova	 

 

Witness name (BLOCK CAPITALS):             MIROSLAVA PILAROVA

 

	Address:	18 Church Hill Rd
	 	OX4 3_____________ Oxford

 

	Occupation:	Executive Assistant

 

    30

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