Document:

EX-10.4

 Exhibit 10.4 

Abcam plc 
  

The Abcam plc 

Annual Bonus Plan 
  

Adoption Date: 18th September 2012 

Amendment Date: 22nd November 2013 

Amendment Date: 25th July 2014 

Amendment Date: 3rd November 2014 

Amendment Date: 11th September 2015 

 THE ABCAM PLC ANNUAL BONUS PLAN 
  

 Table of Contents 
  

							
	1	 	 Making of Awards at the start of the Annual Bonus Plan
	  	 	1	 
	1.1	 	 Awards made by Remuneration Committee
	  	 	1	 
	1.2	 	 Terms of Awards
	  	 	1	 
	1.3	 	 Procedure for making of Awards and Award Date
	  	 	1	 
	1.4	 	 Contents of Award Certificate
	  	 	1	 
	1.5	 	 When Awards can be made
	  	 	1	 
	1.6	 	 Who can be made Awards
	  	 	1	 
	1.7	 	 Maximum Bonus Potential
	  	 	1	 
	2	 	 Performance Target
	  	 	2	 
	2.1	 	 Setting of Performance Target
	  	 	2	 
	2.2	 	 Statement of Performance Target
	  	 	2	 
	3	 	 Testing of Performance Target and Vesting of Awards after the end of the Financial Year
	  	 	2	 
	3.1	 	 Testing of Performance Target
	  	 	2	 
	3.2	 	 Determination of Award capable of Vesting
	  	 	2	 
	3.3	 	 Vesting of Cash Award
	  	 	3	 
	3.4	 	 Grant of Deferred Share Award
	  	 	3	 
	3.5	 	 Vesting of Deferred Share Award
	  	 	3	 
	3.6	 	 Exercise of Nil Cost Option
	  	 	3	 
	3.7	 	 No Vesting or Exercise while Dealing Restrictions apply
	  	 	3	 
	3.8	 	 Effect of Cessation of Relevant Employment
	  	 	4	 
	3.9	 	 Issue or transfer of Plan Shares
	  	 	4	 
	3.10	 	 Cash Settling
	  	 	4	 
	4	 	 Plan Limits
	  	 	4	 
	5	 	 Malus and Clawback
	  	 	5	 
	6	 	 Vesting of Awards in Special Circumstances
	  	 	5	 
	7	 	 Takeover, Reconstruction, Amalgamation or Winding-up of
Company
	  	 	6	 
	7.1	 	 Takeover
	  	 	6	 
	7.2	 	 Compulsory acquisition of Company
	  	 	6	 
	7.3	 	 Reconstruction or amalgamation of Company
	  	 	6	 
	7.4	 	 Winding-up of Company
	  	 	6	 
	7.5	 	 Demergers and Other Events
	  	 	6	 
	7.6	 	 Meaning of “obtains Control of the Company”
	  	 	6	 
	7.7	 	 Notification of Award Holders
	  	 	6	 
	7.8	 	 Vesting of Deferred Share Awards and corporation tax deduction
	  	 	7	 

 THE ABCAM PLC ANNUAL BONUS PLAN 
  

							
	8	 	 Exchange of Deferred Share Awards
	  	 	7	 
	8.1	 	 Where Exchange applies
	  	 	7	 
	8.2	 	 Terms of Exchange
	  	 	7	 
	9	 	 Adjustment of Deferred Share Awards on Reorganisation
	  	 	7	 
	9.1	 	 Power to adjust Deferred Share Awards
	  	 	7	 
	9.2	 	 Notification of Award Holders
	  	 	7	 
	10	 	 Issue and Listing of Plan Shares
	  	 	8	 
	10.1	 	 Rights attaching to Plan Shares
	  	 	8	 
	10.2	 	 Listing of Plan Shares
	  	 	8	 
	11	 	 Accounting for Taxes and Other Statutory Costs and Deductions
	  	 	8	 
	11.1	 	 Deductions
	  	 	8	 
	11.2	 	 Execution of Document by Award Holder
	  	 	8	 
	12	 	 Relationship of Plan to Contract of Employment
	  	 	8	 
	12.1	 	 Contractual Provisions
	  	 	8	 
	12.2	 	 Deemed Agreement
	  	 	9	 
	12.3	 	 Meaning of ceasing to be in Relevant Employment
	  	 	9	 
	13	 	 Lapse of Awards
	  	 	9	 
	14	 	 Administration of Plan
	  	 	9	 
	14.1	 	 Awards non-transferable
	  	 	9	 
	14.2	 	 Responsibility for administration
	  	 	9	 
	14.3	 	 Remuneration Committee’s decision final and binding
	  	 	9	 
	14.4	 	 Discretionary nature of Awards
	  	 	9	 
	14.5	 	 Provision of information
	  	 	10	 
	14.6	 	 Cost of Plan
	  	 	10	 
	14.7	 	 Data protection
	  	 	10	 
	14.8	 	 Third party rights
	  	 	10	 
	15	 	 Amendment of Plan
	  	 	10	 
	15.1	 	 Power to amend Plan
	  	 	10	 
	15.2	 	 Rights of existing Award Holders
	  	 	10	 
	16	 	 Notices
	  	 	10	 
	16.1	 	 Notice by Company
	  	 	10	 
	16.2	 	 Notice to Company
	  	 	10	 
	17	 	 Governing Law and Jurisdiction
	  	 	11	 

 THE ABCAM PLC ANNUAL BONUS PLAN 
  

							
	17.1	 	 Plan governed by English law
	  	 	11	 
	17.2	 	 English courts to have jurisdiction
	  	 	11	 
	17.3	 	 Jurisdiction agreement for benefit of Company
	  	 	11	 
	17.4	 	 Award Holder deemed to submit to such jurisdiction
	  	 	11	 
	18	 	 Interpretation
	  	 	11	 
	18.1	 	 Definitions
	  	 	11	 
	18.2	 	 Interpretation
	  	 	13	 

 THE ABCAM PLC ANNUAL BONUS PLAN 
  

	1	 Making of Awards at the start of the Annual Bonus Plan 

 

	1.1	 Awards made by Remuneration Committee 

Subject to Rules 1.5 and 1.6, the Remuneration Committee may from time to time make Awards to Eligible Employees. 

 

	1.2	 Terms of Awards 

Subject to the Rules, the Remuneration Committee will in its absolute discretion decide whether or not any Awards are made at any particular time and, if they
are, who they are made to and the terms of such Awards. 
  

	1.3	 Procedure for making of Awards and Award Date 

An Award shall be made by the Remuneration Committee passing a resolution. The Award Date shall be the date on which the Remuneration Committee passes the
resolution or such later date as specified in the resolution and allowed by Rule 1.5. An Award Certificate shall be issued to each Award Holder as soon as practicable following the making of the Award. 

 

	1.4	 Contents of Award Certificate 

An Award Certificate shall state: 
  

	 	1.	 the proportion of the Award that is a Cash Award and the proportion of the Award that is a Provisional Deferred
Share Award; 

  

	 	2.	 the Maximum Bonus Potential; 

 

	 	3.	 the Performance Target; and 

 

	 	4.	 any further conditions of the Award. 

 

	1.5	 When Awards can be made 

The Remuneration Committee may make Awards at any time but not more than ten years of the date the Plan is adopted by the Board of directors of the Company.
For the avoidance of doubt, the Remuneration Committee may make Awards on more than one occasion in the Financial Year. 
  

	1.6	 Who can be made Awards 

An Award may not be made to an individual who is not an Eligible Employee at the Award Date. Unless the Remuneration Committee decides otherwise, an Award will
not be made to an Eligible Employee who on or before the Award Date has given or received notice of termination of employment (whether or not lawful). 
  

	1.7	 Maximum Bonus Potential 

For Eligible Employees the Cash Award and Deferred Share Award shall be at the discretion of the Remuneration Committee, however the total award shall not
exceed 150% of Annual Remuneration. 

  
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 THE ABCAM PLC ANNUAL BONUS PLAN 
  

	2	 Performance Target 

 

	2.1	 Setting of Performance Target 

The Vesting of an Award and the extent to which it Vests will be subject to the satisfaction of the Performance Target and any other conditions set by the
Remuneration Committee. The Performance Target shall be set before or as soon as practicable after the beginning of the Financial Year and must be measured in relation to the Financial Year, based where appropriate on the audited financial results.

  

	2.2	 Statement of Performance Target 

The Performance Target and any further condition imposed under Rule 2.1 shall be set out in, or attached in the form of a schedule to, the Award Certificate.

  

	3	 Testing of Performance Target and Vesting of Awards after the end of the Financial Year

  

	3.1	 Testing of Performance Target 

As soon as practicable after the end of the Financial Year, the Remuneration Committee shall determine whether and the extent to which the Performance Target
and any further condition imposed under Rule 2.1 have been satisfied, and accordingly the proportion of the Award that is capable of Vesting. 
  

	3.2	 Determination of Award capable of Vesting 

In determining the proportion of the Award which is capable of Vesting, the Remuneration Committee will have regard to the following: 

 

	•	 	 the outcome of the determination referred to in Rule 3.1; 

 

	•	 	 whether the payment due under a Cash Award is affordable without threatening the Group’s ability to fund its
operations. 

 Where the Remuneration Committee is of the opinion that the Group is facing severe cashflow restraints that threaten the
Group’s ability to fund its operations, it can reduce the proportion of a Cash Award which is capable of Vesting or determine that the Cash Award may be settled in Plan Shares, in whole or in part. 

In exceptional circumstances, the Remuneration Committee can, in its discretion, determine that the proportion of the Award which is capable of Vesting should
be reduced if it reasonably considers that there is a significant misalignment between the attainment of the Performance Target and the underlying sustainable performance improvement of the Company in the period. 

Furthermore, in relation to any Award granted following 1 July 2015, the Remuneration Committee can, in its discretion, determine that the proportion of
the Award which is capable of Vesting should be reduced (including to nil) if it reasonably considers that there has been serious under-performance of any constituent element of the Performance Target, and/or that there has been under-performance on
the part of the Award-Holder, during the period. 
 Following these determinations the Remuneration Committee shall notify Award Holders of the proportion
of the Award which is capable of Vesting (if any), which shall not be more than 100% of the Maximum Bonus Potential. 

  
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 THE ABCAM PLC ANNUAL BONUS PLAN 
  

	3.3	 Vesting of Cash Award 

Following the Remuneration Committee’s determinations under Rules 3.1 and 3.2 and subject to Rule 11, the 

Vested Cash Award shall be paid in cash to the Award Holder as soon as practicable through the payroll following deductions of employee taxes and other
statutory deductions. 
  

	3.4	 Grant of Deferred Share Award 

Following their determinations under Rules 3.1 and 3.2, the Remuneration Committee shall take the following steps: 

 

	1.	 Take the proportion of the Provisional Deferred Share Award that is capable of Vesting, and divide by the
Closing Market Value (Closing Market Value meaning the average Market Value of a Plan Share over the Pricing Period) ; 

  

	2.	 Grant a Deferred Share Award over that number of Plan Shares; 

 

	3.	 Determine whether the Deferred Share Award should take the form of a Conditional Share Award or a Nil Cost
Option; 

  

	4.	 In relation to a Nil Cost Option, determine the price (if any) that the Award Holder must pay in order to
exercise it and the date on which it will lapse (which must not be later than the ninth anniversary of the end of the Financial Year in which it is granted); 

  

	5.	 Issue a revised Award Certificate for the Conditional Share Award or a Nil Cost Option as the case may be,
stating the matters referred to in this Rule. 

  

	3.5	 Vesting of Deferred Share Award 

Subject to Rules 3.7, 5, 6 and 7, a Deferred Share Award shall Vest, if at all, on the second anniversary of the Dealing Day immediately following the period
of ten Dealing Days beginning on the day on which the Company announces its preliminary results for a particular Financial Year. 
 Subject to the Rules,
and in particular subject to Rule 11, the effect of a Deferred Share Award Vesting shall be that: 
 If the Deferred Share Award is a Conditional Share
Award, the Award Holder shall become entitled to a transfer of the Plan Shares or If the Deferred Share Award is a Nil Cost Option, the Award Holder shall become entitled to exercise the Nil Cost Option. 

 

	3.6	 Exercise of Nil Cost Option 

A Nil Cost Option shall be exercised by the Award Holder delivering to the Company a duly completed notice of exercise in the form from time to time prescribed
by the Company, specifying the number of Plan Shares in respect of which the Nil Cost Option is being exercised, and either accompanied by such price (if any) as is stated in the Award Certificate or confirmation of arrangements satisfactory to the
Company for the payment of such price, together with any payment and/or documentation required under Rule 11 and, if required, the Award Certificate. 
  

	3.7	 No Vesting or Exercise while Dealing Restrictions apply 

During a period in which Dealing Restrictions apply, the Award Holder may not exercise a Nil Cost Option, and Plan Shares may not be issued or transferred to
an Award Holder under a Conditional Share Award. Where the application of Dealing Restrictions affects the exercise or settlement of a Deferred Share Award, subject to Rule 3.9, such event shall take place as soon as reasonably practicable after the
lifting of the Dealing Restriction. 

  
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 THE ABCAM PLC ANNUAL BONUS PLAN 
  

	3.8	 Effect of Cessation of Relevant Employment 

Subject to Rule 6, an Award shall Vest (and a Nil Cost Option may be exercised) only while the Award Holder is in Relevant Employment. If an Award Holder
ceases to be in Relevant Employment, any Unvested Award or unexercised Nil Cost Option granted to him shall lapse on cessation. This Rule 3.8 shall apply where the Award Holder ceases to be in Relevant Employment in any circumstances (including, in
particular, but not by way of limitation, where the Award Holder is dismissed unfairly, wrongfully, in breach of contract or otherwise). 
 Subject to Rule
6, an Award held by an Award Holder who has given or received notice of termination of employment (whether or not lawful) shall not Vest during any period when the notice is effective. 

 

	3.9	 Issue or transfer of Plan Shares 

Subject to Rules 3.10 and 11 and to any necessary consent and to compliance by the Award Holder with the Rules, the Remuneration Committee shall, as soon as
practicable and in any event not later than thirty days after the Vesting of a Conditional Share Award or the exercise of a Nil Cost Option, arrange for the issue or transfer to the Award Holder of the number of Plan Shares subject to the Deferred
Share Award. 
  

	3.10	 Cash Settling 

Subject to Rule 11, the Remuneration Committee may on the Vesting of a Conditional Share Award or exercise of a Nil Cost Option make a cash payment to the
Award Holder equal to the Market Value of the Plan Shares in respect of which the Conditional Share Award has Vested or the Nil Cost Option is exercised. 

Where the Remuneration Committee settles a Deferred Share Award in the manner described in this Rule 3.10, this shall be in full and final satisfaction of the
Award Holder’s rights under the Deferred Share Award. 
  

	4	 Plan Limits 

An Award may not be made if the result of making the Award would be that the aggregate number of Plan Shares issued or committed to be issued in the preceding
ten year period under 
  

	•	 	 Awards under the Plan; or 

 

	•	 	 options or awards granted under any other Employees’ Share Scheme (whether or not discretionary) operated by
the Group 

 would exceed ten per cent of the Company’s issued ordinary share capital at that time. 

For the purpose of this limit: 
  

	•	 	 for as long as required by the Investment Association treasury shares shall be included in the limit as if they
were new issue shares; 

  

	•	 	 there shall be disregarded any Plan Shares where the right to acquire the Plan Shares has lapsed or been
renounced or is incapable of Vesting. 

  

	•	 	 there shall be disregarded any Plan Shares which the Trustees have purchased, or determined that they will
purchase, in order to satisfy an Award or the exercise of an option or the vesting of other rights of an employee under any other employees’ share scheme operated by the Group; and 

 

	•	 	 any Plan Shares issued in relation to an Award, or on the exercise of an option or the vesting of other rights of
an employee under any other employees’ share scheme operated by the Group shall be taken into account once only (when the Award is made or the option is granted or the right awarded) and shall not fall out of account when the Award Vests, the
option is exercised or other rights vest. 

  
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 THE ABCAM PLC ANNUAL BONUS PLAN 
  

	5	 Malus and Clawback 

Notwithstanding any other provision of the Rules, the Remuneration Committee may: 
  

	 	•	 	 require an Award Holder to forfeit the whole or part of any Cash Award not yet paid; or 

 

	 	•	 	 reduce or cancel any Unvested Deferred Share Award or any unexercised Vested Nil Cost Option, or, in relation to
any Award granted following 1 July 2015, any exercised Vested Nil Cost Option or Vested Conditional Share Award in respect of which Plan Shares have not yet been transferred to the Award Holder 

if: 
  

	•	 	 there has been a material adverse adjustment to the audited consolidated accounts of the Company for any
accounting period ending before the Vesting of the Award; and/or 

  

	•	 	 there is reasonable evidence of fraud or other gross misconduct and, in relation to any Award granted following
1 July 2015, material dishonesty, material failure of risk management, and/or material wrongdoing on the part of or by the Award Holder. 

When taking any step under this Rule 5, the Remuneration Committee shall act in good faith and treat all Award Holders fairly, reasonably and equitably and
shall notify any affected Award Holder as soon as possible. 
 The Remuneration Committee may in its discretion make any alteration or amendment to this
Rule 5 as is necessary or desirable to take account of local laws affecting any Group Member or any Award Holder . 
  

	6	 Vesting of Awards in Special Circumstances 

If an Award Holder dies or ceases to be in Relevant Employment by reason of: 
  

	•	 	 ill health or permanent disability; 

 

	•	 	 redundancy within the meaning of the Employment Rights Act 1996; 

 

	•	 	 retirement by agreement with the company by which he is employed; 

 

	•	 	 the Award Holder being employed by a company which ceases to be a Group Member; 

 

	•	 	 the Award Holder being employed in an undertaking or part of an undertaking which is transferred to a person who
is not a Group Member; or 

  

	•	 	 any other circumstances if the Remuneration Committee decides in any particular case; 

 

	 	•	 	 any Deferred Share Award shall not lapse but shall (subject to any adjustment pursuant to Rule 5) Vest in full in
accordance with Rule 3.5 on the second anniversary of the date of grant, unless the Remuneration Committee determines that his Deferred Share Award shall Vest in full as soon as practicable after the date on which he ceases to be in Relevant
Employment. Where Vested Deferred Share Awards are in the form of Nil Cost Options, the Award Holder shall become entitled to exercise the Nil Cost Options for a period of 12 months from the date on which his Award Vests, after which time any
unexercised Nil Cost Options shall lapse. For the avoidance of doubt, the Award Holder’s right to exercise is subject to Rule 3.7 (No Vesting or Exercise while Dealing Restrictions apply); and 

 

	 	•	 	 the Remuneration Committee may, in its absolute discretion, determine that any Award which has not yet been
subject to its determination in accordance with Rule 3.2 shall not lapse in accordance with Rule 3.8, but instead shall continue. Where such a determination is made, the proportion of the Award which is capable of Vesting shall still be determined
pursuant to Rule 3.2 but be reduced by the Remuneration Committee to reflect the period of time that the Award Holder has been in Relevant Employment during the particular Financial Year (or such shorter period as the Remuneration Committee
determines). 

  
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 THE ABCAM PLC ANNUAL BONUS PLAN 
  

 The Remuneration Committee may determine that only the Cash Award shall Vest in accordance
with Rule 3.3 and no Deferred Share Award shall be granted. Alternatively the Remuneration Committee may determine that a Deferred Share Award shall be granted pursuant to Rule 3.4, in which case paragraph (0) shall apply. 

 

	7	 Takeover, Reconstruction, Amalgamation or Winding-up of Company

  

	7.1	 Takeover 

Subject to Rule 8, where a person obtains Control of the Company, Deferred Share Awards shall (subject to any adjustment pursuant to Rule 5) Vest in full on
the date the person obtains Control. 
  

	7.2	 Compulsory acquisition of Company 

Subject to Rule 8, if a person becomes entitled or bound to acquire shares in the Company under section 979 of the Companies Act 2006, the Deferred Share
Awards shall (subject to any adjustment pursuant to Rule 5) Vest in full. 
  

	7.3	 Reconstruction or amalgamation of Company 

Subject to Rule 8, if a person proposes to obtain Control of the Company in pursuance of a compromise or arrangement sanctioned by the court under section 899
of the Companies Act 2006, Deferred Share Awards will (subject to any adjustment pursuant to Rule 5) Vest in full on the date of the court sanction. 
  

	7.4	 Winding-up of Company 

Subject to Rule 8, if notice is given of a resolution for the voluntary winding-up of the Company Deferred Share Awards
will (subject to any adjustment pursuant to Rule 5) Vest in full on the date notice is given. 
  

	7.5	 Demergers and Other Events 

Subject to Rule 8, the Remuneration Committee may determine that Deferred Share Awards Vest, and the proportion which does (subject to any adjustment pursuant
to Rule 5) Vest, if it becomes aware that the Company will be affected by a demerger, distribution (which is not an ordinary dividend) or other transaction not otherwise covered by the Rules. 

 

	7.6	 Meaning of “obtains Control of the Company” 

For the purpose of Rule 7 a person shall be deemed to have obtained Control of the Company if he and others Acting In Concert with him have together obtained
Control of it. 
  

	7.7	 Notification of Award Holders 

The Remuneration Committee shall, as soon as reasonably practicable, notify each Award Holder of the occurrence of any of the events referred to in this Rule 7
and explain how this affects their position under the Plan. 

  
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 THE ABCAM PLC ANNUAL BONUS PLAN 
  

	7.8	 Vesting of Deferred Share Awards and corporation tax deduction 

Where the Remuneration Committee is aware that an event is likely to occur under Rule 7 in respect of which Deferred Share Awards will Vest in circumstances
where the conditions for relief under Part 12 of the Corporation Tax Act 2009 may not be satisfied, the Remuneration Committee may determine that the Deferred Share Awards Vest (subject to any adjustment pursuant to Rule 5), in accordance with Rule
7, immediately prior to the event taking place. 
 Where Vested Deferred Share Awards are in the form of a Nil Cost Options, the Award Holder shall become
entitled to exercise the Nil Cost Options for a period of three months from the date of the occurrence of the relevant event after which any unexercised Nil Cost Options shall lapse. For the avoidance of doubt, the Award Holder’s right to
exercise is subject to Rule 3.7 (No Vesting or Exercise while Dealing Restrictions apply). 
  

	8	 Exchange of Deferred Share Awards 

 

	8.1	 Where Exchange applies 

A Deferred Share Award will not Vest under Rule 7 but will be exchanged for a new award (“New Award”) under this Rule to the extent that: 

 

	•	 	 an offer to exchange the Deferred Share Award for a New Award is made and accepted by the Award Holder; or

  

	•	 	 the Remuneration Committee, if relevant, with the consent of the persons acquiring Control, decide that Deferred
Share Awards will be automatically exchanged for New Awards. 

  

	8.2	 Terms of Exchange 

The following applies in respect of the New Award: 
  

	•	 	 The Award Date of the New Award shall be deemed to be the same as the Award Date of the Deferred Share Award.

  

	•	 	 The New Award will be in respect of the shares in a company determined by the Remuneration Committee.

  

	•	 	 In the application of the Plan to the New Award, where appropriate, references to “Company” and
“Plan Shares” shall be read as if they were references to the company to whose shares the New Award relates. 

  

	•	 	 The New Award must be equivalent to the Deferred Share Award and it will (subject to any adjustment pursuant to
Rule 5)Vest at the same time and in the same manner as the Deferred Share Award. 

  

	9	 Adjustment of Deferred Share Awards on Reorganisation 

 

	9.1	 Power to adjust Deferred Share Awards 

In the event of a Reorganisation, the number of Plan Shares subject to a Deferred Share Award, the description of the Plan Shares, or any one or both of these,
shall be adjusted in such manner as the Remuneration Committee shall determine. 
  

	9.2	 Notification of Award Holders 

The Remuneration Committee shall, as soon as reasonably practicable, notify each Award Holder of any adjustment made under this Rule 9 and explain how this
affects their position under the Plan. 

  
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 THE ABCAM PLC ANNUAL BONUS PLAN 
  

	10	 Issue and Listing of Plan Shares 

 

	10.1	 Rights attaching to Plan Shares 

All Plan Shares issued and/or transferred under the Plan shall, as to voting, dividend, transfer and other rights, including those arising on a liquidation of
the Company, rank equally in all respects and as one class with the shares of the same class in issue at the date of issue or transfer save as regards any rights attaching to such Plan Shares by reference to a record date prior to the date of such
issue or transfer. 
  

	10.2	 Listing of Plan Shares 

If and so long as Plan Shares are listed on the Official List and traded on the London Stock Exchange, or are traded on the Alternative Investment Market of
the London Stock Exchange, the Company will apply for the listing or admission to trading of any Plan Shares issued under the Plan as soon as practicable. 
  

	11	 Accounting for Taxes and Other Statutory Costs and Deductions 

 

	11.1	 Deductions 

The Company or any Group Member (as the case may be) may withhold such amount, or make such other arrangements as it may determine appropriate, for example to
sell or withhold Plan Shares, to meet any employer or employee liability to taxes or other statutory costs in respect of Awards. 
  

	11.2	 Execution of Document by Award Holder 

The Remuneration Committee may require an Award Holder to execute a document in order to bind himself contractually to any such arrangement as is referred to
in Rule 11.1 and return the executed document to the Company by a specified date. It shall be a condition of Vesting of the Award that the executed document be returned by the specified date unless the Remuneration Committee determines otherwise.

  

	12	 Relationship of Plan to Contract of Employment 

 

	12.1	 Contractual Provisions 

Notwithstanding any other provision of the Plan: 
  

	•	 	 the Plan shall not form part of any contract of employment between any Group Company and an Eligible Employee;

  

	•	 	 unless expressly so provided in his contract of employment, an Eligible Employee has no right to be made an Award
and the receipt of an Award in one year is no indication that the Award Holder will be made any subsequent Awards; 

  

	•	 	 the Plan does not entitle any Award Holder to the exercise of any discretion in their favour;

  

	•	 	 the benefit to an Eligible Employee of participation in the Plan (including, in particular but not by way of
limitation, any Awards held by him) shall not form any part of his remuneration or count as his remuneration for any purpose other than for tax purposes and shall not be pensionable; and 

 

	•	 	 if an Eligible Employee ceases to be in Relevant Employment for any reason, he shall not be entitled to
compensation for the loss or diminution in value of any right or benefit or prospective right or benefit under the Plan (including, in particular but not by way of limitation, any Awards held by him which lapse by reason of his ceasing to be in
Relevant Employment) whether by way of damages for unfair dismissal, wrongful dismissal, breach of contract or otherwise. 

  
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 THE ABCAM PLC ANNUAL BONUS PLAN 
  

	12.2	 Deemed Agreement 

By accepting the making of an Award, an Award Holder is deemed to have agreed to the provisions of these Rules, including this Rule 12. 

 

	12.3	 Meaning of ceasing to be in Relevant Employment 

For the purposes of the Plan, an Award Holder shall not be treated as ceasing to be in Relevant Employment until he no longer holds any office or employment
with any Group Member. 
  

	13	 Lapse of Awards 

Notwithstanding any other provision of the Rules, an Award shall lapse on the earliest of: 

 

	•	 	 the Remuneration Committee determining that the Performance Target or any further condition imposed under Rule
2.1 has not been satisfied either in whole nor in part in respect of the Award and can no longer be satisfied in whole or in part in which case the Award shall lapse either in whole or as to such part in relation to which the Performance Target or
other conditions imposed under Rule 2.1 can no longer be satisfied; 

  

	•	 	 subject to Rule 6, the Award Holder ceasing to be in Relevant Employment; 

 

	•	 	 the cancellation of the (whole or any part of the) Award under Rule 5; 

 

	•	 	 in relation to a Nil Cost Option, the date determined in accordance with paragraph 4 of Rule 3.4;

  

	•	 	 any date provided for under these Rules; or 

 

	•	 	 the date on which the Award Holder becomes bankrupt or enters into a compromise with his creditors generally.

  

	14	 Administration of Plan 

 

	14.1	 Awards non-transferable 

An Award shall be personal to the Award Holder and, except in the case of the death of an Award Holder, shall not be capable of being transferred, charged or
otherwise alienated and shall lapse immediately if the Award Holder purports to transfer, charge or otherwise alienate the Award. 
  

	14.2	 Responsibility for administration 

The Remuneration Committee shall be responsible for, and shall have the conduct of, the administration of the Plan. The Remuneration Committee may from time to
time make, amend or rescind regulations for the administration of the Plan provided that such regulations shall not be inconsistent with the Rules. 
  

	14.3	 Remuneration Committee’s decision final and binding 

The decision of the Remuneration Committee shall be final and binding in all matters relating to the Plan, including but not limited to the resolution of any
dispute concerning, or any inconsistency or ambiguity in the Rules or any document used in connection with the Plan. 
  

	14.4	 Discretionary nature of Awards 

All Awards shall be made entirely at the discretion of the Remuneration Committee. 

  
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 THE ABCAM PLC ANNUAL BONUS PLAN 
  

	14.5	 Provision of information 

The Award Holder shall provide to the Company as soon as reasonably practicable such information as the Company reasonably requests for the purpose of
complying with its obligations under section 421J of the Income Tax (Earnings and Pensions) Act 2003 or other similar legislation in other jurisdictions. 
  

	14.6	 Cost of Plan 

The cost of introducing and administering the Plan shall be met by the Company. The Company shall be entitled, if it wishes, to charge an appropriate part of
such cost to a Subsidiary. 
  

	14.7	 Data protection 

By accepting the making of an Award, an Award Holder is deemed to consent to the holding, processing and transfer of personal data in relation to the Award
Holder by or to the Company, any Group Member, any third party broker, registrar or administrator or any future purchaser of the Company or relevant Group Member employing the Award Holder for all purposes relating to the operation of the Plan. 

 

	14.8	 Third party rights 

Nothing in these Rules confers any benefit, right or expectation on a person who is not an Award Holder. No such third party has any rights under the Contracts
(Rights of Third Parties) Act 1999 to enforce any terms of these Rules. 
  

	15	 Amendment of Plan 

 

	15.1	 Power to amend Plan 

The Remuneration Committee may from time to time amend the Rules (including, for the purposes of establishing a
sub-plan for the benefit of employees located overseas). 
  

	15.2	 Rights of existing Award Holders 

An amendment may not adversely affect the rights of an existing Award Holder except where the Award Holder has approved the amendment. 

 

	16	 Notices 

  

	16.1	 Notice by Company 

Save as provided for by law, any notice, document or other communication given by, or on behalf of, the Remuneration Committee to any person in connection with
the Plan shall be deemed to have been duly given if delivered to him at his place of work, if he is in Relevant Employment if sent by e-mail to such e-mail address as
may be specified by him from time to time, or sent through the post in a pre-paid envelope to the postal address last known to the Company to be his address and, if so sent, shall be deemed to have been duly
given on the date of posting. 
  

	16.2	 Notice to Company 

Save as provided for by law any notice, document or other communication given to the Company in connection with the Plan shall be delivered by hand or sent by
email, fax or post to the Company Secretary at the Company’s registered office or such other e-mail or postal address as may from time to time be notified to Award Holders but shall not in any event be
duly given unless it is actually received at the registered office or such e-mail or postal address. 

  
 10 

 THE ABCAM PLC ANNUAL BONUS PLAN 
  

	17	 Governing Law and Jurisdiction 

 

	17.1	 Plan governed by English law 

The formation, existence, construction, performance, validity and all aspects whatsoever of the Plan, any term of the Plan and any Award made under it shall be
governed by English law. 
  

	17.2	 English courts to have jurisdiction 

The English courts shall have jurisdiction to settle any dispute which may arise out of, or in connection with, the Plan. 

 

	17.3	 Jurisdiction agreement for benefit of Company 

The jurisdiction agreement contained in this Rule 17 is made for the benefit of the Company only, which accordingly retains the right to bring proceedings in
any other court of competent jurisdiction. 
  

	17.4	 Award Holder deemed to submit to such jurisdiction 

By accepting the making of an Award, an Award Holder is deemed to have agreed to submit to such jurisdiction. 

 

	18	 Interpretation 

 

	18.1	 Definitions 

In this Plan, unless the context otherwise requires, the following words and expressions have the following meanings: 

Acting In Concert has the meaning given to that expression in The City Code on Takeovers and Mergers in its present form or as amended from time to
time; 
 Annual Remuneration means the higher of: 

(a) the basic salary excluding any election for salary sacrifice made by an Eligible Employee paid by the Group expressed as an annual rate as
at the Award Date; 
 (b) basic salary excluding any election for salary sacrifice made by an Eligible Employee paid by the Group for the
period of 12 months ending on the last day of the month immediately preceding the month in which the Award is made; 
 Award means an Award granted
under the Plan being either a Cash Award or a Deferred Share Award; 
 Award Certificate means a statement in a form determined by the Company
setting out details of the Award as set out in Rule 1.4; 
 Award Date means the date on which an Award is made in accordance with Rule 1.3; 

Award Holder means an individual who holds an Award or, where the context permits, his legal personal representatives; 

Cash Award means, subject to Rule 3.2, a right to receive a cash amount subject to the satisfaction of the Performance Target; 

  
 11 

 THE ABCAM PLC ANNUAL BONUS PLAN 
  

 Company means Abcam plc incorporated in England and Wales under company number 3509322; 

Conditional Share Award means a conditional right under the Plan to acquire Plan Shares; 

Control has the meaning given to it by section 995 of ITA 2007; 

Dealing Day means any day on which the London Stock Exchange is open for the transaction of business; 

Dealing Restrictions means restrictions on dealings imposed by statute, order or regulation or Government directive, or by the Model Code or any code
adopted by the Company based on the Model Code; 
 Deferred Share Award means a Conditional Share Award or a Nil Cost Option; 

Eligible Employee means an individual who at the Award Date devotes substantially the whole of his or her working hours to the business of the Group
and is either an Executive Director or an employee of a Group Member; 
 Executive Director means a director of the Company who is employed under a
contract of employment; 
 Financial Year means the accounting reference period of the Company as defined in section 391 of the Companies Act 2006;

 Group means the Company and its Subsidiaries from time to time and Group Member shall be interpreted accordingly; 

ITA 2007 means the Income Tax Act 2007; 
 London Stock
Exchange means the London Stock Exchange plc or any successor body; 
 Market Value on any day means 

if at the relevant time Plan Shares are listed in the Daily Official List of the London Stock Exchange (or any other recognised stock exchange within the
meaning of section 1005 of ITA 2007 or the Alternative Investment Market of the London Stock Exchange),the middle market quotation (as derived from that List) on the preceding Dealing Day; or where Plan Shares are not so listed, the market value of
a Plan Share calculated as described in the Taxation of Chargeable Gains Act 1992. 
 Maximum Bonus Potential means the maximum amount payable
pursuant to an Award expressed as a percentage of Annual Remuneration; 
 Model Code means the Model Code on directors’ dealings in securities
as set out in Listing Rule 9, Annex 1 of the Listing Rules issued by the Financial Conduct Authority in its present form and as amended from time to time; 

Nil Cost Option means a right to acquire Plan Shares for no payment or (if so determined by the Remuneration Committee and stated in the Award
Certificate, for payment of the nominal value of the Plan Shares subject to the Nil Cost Option); 
 Performance Target means a performance target,
which may be made up of one or more constituent elements (for example, but not exclusively, financial, strategic and personal criteria) imposed as a condition of the Vesting of an Award under Rule 2.1; 

Plan means the Abcam plc Annual Bonus Plan as amended from time to time; 

Plan Shares means ordinary shares in the capital of the Company (or any shares representing them); 

  
 12 

 THE ABCAM PLC ANNUAL BONUS PLAN 
  

 Pricing Period means the ten Dealing Days beginning on the Dealing Day on which the Company announces
its preliminary results for a particular Financial Year, save where the Company announces its results during a period in which Dealing Restrictions apply, in which case the Pricing Period will be the ten Dealing Days beginning on the day on which
such Dealing Restrictions are lifted; 
 Provisional Deferred Share Award means a Deferred Share Award that has been granted in accordance with Rule
1.1 but where the number of Plan Shares has not yet been calculated in accordance with Rule 3.4; 
 Relevant Employment means employment with any
Group Member; 
 Remuneration Committee means the duly appointed Remuneration Committee of the Board of directors of the Company; 

Reorganisation means any variation in the share capital of the Company, including but without limitation a capitalisation issue, rights issue, demerger
or other distribution, a special dividend or distribution, rights offer or bonus issue and a sub-division, consolidation or reduction in the capital of the Company; 

Rules mean the rules of the Plan; 
 Subsidiary has
the meaning set out in section 1159 of the Companies Act 2006; 
 Trustees means the trustees of any trust created by a Group Member; and 

Vest means an Award Holder becoming entitled to receive a cash payment in respect of a Cash Award and an Award Holder becoming entitled to have Plan
Shares transferred to him in relation to a Deferred Share Award. 
  

	18.2	 Interpretation 

In the Plan, unless otherwise specified: 
  

	•	 	 save as provided for by law a reference to writing includes any mode of reproducing words in a legible form and
reduced to paper or electronic format or communication including, for the avoidance of doubt, correspondence via e-mail; 

 

	•	 	 references to the male gender include the female gender; and 

 

	•	 	 the Interpretation Act 1978 applies to the Plan in the same way as it applies to an enactment.

  
 13 

 THE ABCAM PLC ANNUAL BONUS PLAN 
  

 SCHEDULE 1 

The rules of the Abcam plc Annual Bonus (“Plan”) will apply to Awards held by Participants, who are or who may become, subject to any US tax or
social security contributions liability in connection with an Award, except as set out in this Schedule 1. Where there is any conflict between the rules of the Plan and this Schedule 1, the terms of this Schedule 1 will prevail. 

 

	1	 DEFINITIONS AND INTERPRETATION 

 

	 	1.1	 Deferred Share Award means a Conditional Share Award and the rules of the Plan, as amended by this
Schedule 1, will be construed accordingly; 

  

	2	 PROCEDURE FOR MAKING AWARDS AND AWARD DATE 

 

	 	2.1	 The following wording will be added to the end of Rule 1.3: 

“The proportion of the Award that is a Cash Award and the proportion of the Award that is a Provisional Deferred Share Award referred to
in paragraph 1 of rule 1.4 must be decided at least 6 months before the end of the Financial Year to which the Performance Target relates.” 
  

	3	 SETTING OF PERFORMANCE TARGET 

 

	 	3.1	 Rule 2.1 will be deleted and replaced with the following wording: 

The Vesting of an Award and the extent to which it Vests will be subject to the satisfaction of the Performance Target and any other conditions
set by the Remuneration Committee. The Performance Target shall be set before or as soon as practicable after the beginning of the Financial Year, and in any event no later than 90 days beginning on the first day of the Financial Year to which they
relate, and must be measured in relation to the Financial Year, based where appropriate on the audited financial results. 
  

	4	 VESTING OF CASH AWARD 

 

	 	4.1	 The following wording will be added after the words “as soon as practicable” in Rule 3.3:

 “,and in any event not later than 15th March following the end of the calendar year in which the Cash Award
Vests,” 
  

	5	 ISSUE OR TRANSFER OF PLAN SHARES 

 

	 	5.1	 Rule 3.9 will be deleted and replaced with the following wording: 

Subject to Rules 3.7, 3.10 and 11 and to any necessary consent and to compliance by the Award Holder with the Rules, the Remuneration Committee
shall, as soon as practicable, and in any event, by the later of: 
  

	 	i.	 31 December of the calendar year in which the Conditional Share Award Vests; and 

  
 14 

 THE ABCAM PLC ANNUAL BONUS PLAN 
  

	 	ii.	 the 15th day of the third month of the Financial Year following the Financial Year in which the Conditional
Share Award Vests1 

 transfer (or arrange for the transfer) to the
Award Holder the number of Plan Shares subject to the Deferred Share Award. 
  

	6	 VESTING OF AWARDS IN SPECIAL CIRCUMSTANCES 

 

	 	6.1	 Rule 6 will be deleted and replaced with the following wording: 

“If an Award Holder dies or ceases to be in Relevant Employment by reason of: 

 

	 	•	 	 ill health or permanent disability; 

 

	 	•	 	 redundancy within the meaning of the Employment Rights Act 1996; 

 

	 	•	 	 the Award Holder being employed by a company which ceases to be a Group Member; 

 

	 	•	 	 the Award Holder being employed in an undertaking or part of an undertaking which is transferred to a person who
is not a Group Member; or 

  

	 	•	 	 any other circumstances if the Remuneration Committee decides in any particular case; 

 

	 	•	 	 any Deferred Share Award shall not lapse but shall Vest in full in accordance with Rule 3.5 as soon as
practicable after the date on which he ceases to be in Relevant Employment; and 

 the Remuneration Committee may, in its
absolute discretion, determine that any Award which has not yet been subject to its determination in accordance with Rule 3.2 shall not lapse in accordance with Rule 3.8, but instead shall continue. Where such a determination is made, the proportion
of the Award which is capable of Vesting shall still be determined pursuant to Rule 3.2 but be reduced by the Remuneration Committee to reflect the period of time that the Award Holder has been in Relevant Employment during the particular Financial
Year (or such shorter period as the Remuneration Committee determines). 
 The Remuneration Committee may determine that only the Cash Award
shall Vest in accordance with Rule 3.3 and no Deferred Share Award shall be granted. Alternatively the Remuneration Committee may determine that a Deferred Share Award shall be granted pursuant to Rule 3.4, in which case paragraph (a) shall
apply.” 
  
  

	1 	 For example if the Conditional Share Award is granted in 1 October 2015 then it would normally vest on the
2nd anniversary of grant, being 1 October 2017, The Plan Shares would need to be transferred to the Award Holder by 15 September 2018 (September being the 3rd month of the Financial Year). 

  
 15EX-10.5

 Exhibit 10.5 

ABCAM PLC 
 RULES

 OF 
 THE ABCAM
PLC COMPANY SHARE OPTION PLAN 2009 
 Approved by a board on: 5th November 2009 

Approved by HM Revenue & Customs on: 6th November 2009 

HM Revenue & Customs reference no: X105353 

PricewaterhouseCoopers LLP 

1 Embankment Place 

London WC2N 6RH 
 Tel:
020 7583 5000 
 Fax: 020 7822 4652 

Ref: MP/OA/SH/EP6 

 CONTENTS 
  

									
	 Rule
	 	 	  	Page
Number	 
	 1.
	 		 	INTERPRETATION	  	 	1	 
				
		 	1.1.	 	 Definitions
	  	 	1	 
				
		 	1.2.	 	 Interpretation
	  	 	4	 
				
	2.	 		 	GRANT OF OPTIONS	  	 	4	 
				
		 	2.1.	 	 Options granted by Company
	  	 	4	 
				
		 	2.2.	 	 Grant of Options determined by Board
	  	 	4	 
				
		 	2.3.	 	 Procedure for grant of Options and Grant Date
	  	 	4	 
				
		 	2.4.	 	 Contents of Option Certificate
	  	 	4	 
				
		 	2.5.	 	 Duration of Plan
	  	 	5	 
				
		 	2.6.	 	 Persons to whom Options may be granted
	  	 	5	 
				
		 	2.7.	 	 Right to renounce Options
	  	 	5	 
				
		 	2.8.	 	 Options non-transferable
	  	 	5	 
				
	3.	 		 	LIMIT ON AGGREGATE NUMBER OF PLAN SHARES PLACED UNDER OPTION	  	 	5	 
				
		 	3.1.	 	 General
	  	 	5	 
				
		 	3.2.	 	 Computation
	  	 	5	 
				
		 	3.3.	 	 Scaling down
	  	 	6	 
				
	4.	 		 	LIMIT ON NUMBER OF PLAN SHARES OVER WHICH OPTIONS MAY BE GRANTED TO ELIGIBLE EMPLOYEE	  	 	6	 
				
		 	4.1.	 	 HM Revenue & Customs limit (£30,000)
	  	 	6	 
				
		 	4.2.	 	 Computation
	  	 	6	 
				
		 	4.3.	 	 Scaling down
	  	 	6	 
				
	5.	 		 	EXERCISE PRICE	  	 	6	 
				
	6.	 		 	PERFORMANCE TARGET	  	 	7	 
				
		 	6.1.	 	 Imposition of Performance Target
	  	 	7	 
				
		 	6.2.	 	 Nature of Performance Target
	  	 	7	 
				
		 	6.3.	 	 Performance Target can no longer be satisfied
	  	 	7	 
				
		 	6.4.	 	 Substitution, variation or waiver of Performance Target
	  	 	7	 
				
		 	6.5.	 	 Notification of Option Holders
	  	 	7	 
				
	7.	 		 	EXERCISE OF OPTIONS	  	 	7	 
				
		 	7.1.	 	 Earliest date for exercise of Options
	  	 	7	 
				
		 	7.2.	 	 Latest date for exercise of Options
	  	 	8	 
				
		 	7.3.	 	 Persons who may exercise Options
	  	 	8	 
				
		 	7.4.	 	 Options may not be exercised during Close Period
	  	 	8	 
				
		 	7.5.	 	 Material Interest
	  	 	8	 
				
		 	7.6.	 	 Options may be exercised in whole or in part
	  	 	8	 
				
		 	7.7.	 	 Procedure for exercise of Options
	  	 	8	 
				
		 	7.8.	 	 Issue or transfer of Plan Shares on exercise of Options
	  	 	9	 
				
	8.	 		 	EXERCISE OF OPTIONS IN SPECIAL CIRCUMSTANCES	  	 	9	 
				
		 	8.1.	 	 Death
	  	 	9	 
				
		 	8.2.	 	 Ill-health redundancy, retirement etc
	  	 	9	 
				
		 	8.3.	 	 Other special circumstances
	  	 	10	 
				
		 	8.4.	 	 Meaning of ceasing to be in Relevant Employment
	  	 	10	 
				
		 	8.5.	 	 Interaction of Rules
	  	 	10	 
				
	9.	 		 	TAKEOVER, RECONSTRUCTION, AMALGAMATION OR WINDING-UP	  	 	11	 
				
		 	9.1.	 	 General offer for, or acquisition of Company
	  	 	11	 
				
		 	9.2.	 	 Compulsory acquisition of Company
	  	 	11	 
				
		 	9.3.	 	 Power to declare Options exercisable
	  	 	11	 
				
		 	9.4.	 	 Reconstruction or amalgamation of Company
	  	 	12	 
				
		 	9.5.	 	 Winding-up of Company
	  	 	12	 
				
		 	9.6.	 	 Shares subject to Options ceasing to be Plan Shares
	  	 	13	 
				
		 	9.7.	 	 Meaning of “obtains Control of the Company”
	  	 	13	 
				
		 	9.8.	 	 Notification of Option Holders
	  	 	13	 

									
	 10.
	 		 	 EXCHANGE OF OPTIONS
	  	 	13	 
				
		 	 10.1.
	 	 Circumstances in which Exchange can occur
	  	 	13	 
				
		 	 10.2.
	 	 Period allowed for exchange of Options
	  	 	14	 
				
		 	 10.3.
	 	 Meaning of “equivalent”
	  	 	14	 
				
		 	 10.4.
	 	 Grant Date of New Option
	  	 	14	 
				
		 	 10.5.
	 	 Application of Plan to New Option
	  	 	14	 
				
	 11.
	 		 	 LAPSE OF OPTIONS
	  	 	14	 
				
	 12.
	 		 	 ADJUSTMENT OF OPTIONS ON REORGANISATION
	  	 	15	 
				
		 	 12.1.
	 	 Power to adjust Options
	  	 	15	 
				
		 	 12.2.
	 	 Exercise Price
	  	 	15	 
				
		 	 12.3.
	 	 Capitalisation of reserves
	  	 	15	 
				
		 	 12.4.
	 	 HM Revenue & Customs approval
	  	 	15	 
				
		 	 12.5.
	 	 Notification of Option Holders
	  	 	16	 
				
	 13.
	 		 	 ACCOUNTING FOR PAYE AND NATIONAL INSURANCE CONTRIBUTIONS
	  	 	16	 
				
		 	 13.1.
	 	 Deductions
	  	 	16	 
				
		 	 13.2.
	 	 Transfer of Employer’s NIC
	  	 	16	 
				
		 	 13.3.
	 	 Execution of Option Certificate by Option Holder
	  	 	16	 
				
	 14.
	 		 	 ISSUE AND AVAILABILITY OF PLAN SHARES
	  	 	17	 
				
		 	 14.1.
	 	 Rights attaching to Plan Shares
	  	 	17	 
				
	 15.
	 		 	 RELATIONSHIP OF PLAN TO CONTRACT OF EMPLOYMENT
	  	 	17	 
				
		 	 15.1.
	 	 Contractual Provisions
	  	 	17	 
				
		 	 15.2.
	 	 Deemed Agreement
	  	 	17	 
				
	 16.
	 		 	 ADMINISTRATION OF PLAN
	  	 	17	 
				
		 	 16.1.
	 	 Responsibility for administration
	  	 	17	 
				
		 	 16.2.
	 	 Board’s decision final and binding
	  	 	17	 
				
		 	 16.3.
	 	 Discretionary nature of grant of Options
	  	 	18	 
				
		 	 16.4.
	 	 Provision of information
	  	 	18	 
				
		 	 16.5.
	 	 Cost of Plan
	  	 	18	 
				
	 17.
	 		 	 AMENDMENT OF PLAN
	  	 	18	 
				
		 	 17.1.
	 	 Power to amend Plan prior to HM Revenue & Customs approval
	  	 	18	 
				
		 	 17.2.
	 	 Power to amend Plan
	  	 	18	 
				
		 	 17.3.
	 	 HM Revenue & Customs approval of amendments
	  	 	18	 
				
		 	 17.4.
	 	 Rights of existing Option Holders
	  	 	18	 
				
		 	 17.5.
	 	 Notification of Option Holders
	  	 	18	 
				
	 18.
	 		 	 NOTICES
	  	 	19	 
				
		 	 18.1.
	 	 Notice by Board
	  	 	19	 
				
		 	 18.2.
	 	 Deceased Option Holders
	  	 	19	 
				
		 	 18.3.
	 	 Notice to Board
	  	 	19	 
				
		 	 18.4.
	 	 Option Certificate
	  	 	19	 
				
	 19.
	 		 	 GOVERNING LAW AND JURISDICTION
	  	 	19	 
				
		 	 19.1.
	 	 Plan governed by English law
	  	 	19	 
				
		 	 19.2.
	 	 English courts to have jurisdiction
	  	 	19	 
				
		 	 19.3.
	 	 Jurisdiction agreement for benefit of Company
	  	 	19	 
				
		 	 19.4.
	 	 Option Holder deemed to submit to such jurisdiction
	  	 	20	 

	1.	 INTERPRETATION 

 

	1.1.	 Definitions 

In this Plan, unless the context otherwise requires, the following words and expressions have the following meanings: 

 

	1.1.1.	 Acquiring Company means a company (including a New Holding Company) which obtains Control of the Company
in the circumstances referred to in Rule 9.1, 9.2 or 9.4 (reading the reference in Rule 9.4 to “proposes to obtain” as “obtains”); 

  

	1.1.2.	 Acting In Concert has the meaning given to that expression in The City Code on Takeovers and Mergers in
its present form or as amended from time to time; 

  

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

 

	1.1.4.	 Any Other Share Scheme means any Employees’ Share Scheme” (other than this Plan) which
provides for the subscription of Shares by or on behalf of employees of the Company, or any Associated Company (within the meaning of Section 416 of the Income and Corporation Taxes Act 1988); 

 

	1.1.5.	 Approval Date means the date on which the Plan is approved by HM Revenue & Customs under
Schedule 4; 

  

	1.1.6.	 Associated Company has the meaning given to that expression by paragraph 35(1) of Schedule 4;

  

	1.1.7.	 Board means the board of directors of the Company or a duly authorised committee thereof;

  

	1.1.8.	 Close Company has the meaning given to that expression by section 989 of ITA 2007, and paragraph 9(4) of
Schedule 4; 

  

	1.1.9.	 Close Period means such time as Eligible Employees of the Company are prohibited from dealing in Plan
Shares for whatever reason, in accordance with the rule 21 of the Alternative Investment Market Rules or the relevant provision in any regulations governing an Exchange (as replaced, amended or re-enacted from
time to time) and/or such code as the Company may have established from time to time or such other statutory, regulatory or other prohibition from dealing in Plan Shares or rights over Plan Shares; 

 

	1.1.10.	 Company means Abcam plc incorporated in England and Wales under company number 03509322, being the
scheme organiser for the purposes of paragraph 2(2) of Schedule 4; 

  

	1.1.11.	 Consortium has the meaning given to that word by paragraph 36(2) of Schedule 4; 

 

	1.1.12.	 Constituent Company means the Company or a company which is a Subsidiary and which has been nominated by
the Board to participate in the Plan from time to time; 

  

	1.1.13.	 Control has the meaning given to that word by section 719 of ITEPA 2003; 

 

	1.1.14.	 Eligible Employee means an individual who is: 

 

	 	(a)	 an employee (other than a director) of a Constituent Company; or 

  
 1 

	 	(b)	 a director of a Constituent Company who is contracted to work at least 25 hours per week for the Group
(exclusive of meal breaks); 

 and who, in either case: 

 

	 	(i)	 is not eligible solely by reason that he is a non-executive director of
a Constituent Company; 

  

	 	(ii)	 has earnings in respect of his office or employment which are (or would be if there were any) general earnings
to which section 15, 22 or 26 of ITEPA 2003 applies; 

  

	 	(iv)	 has not given or been given notice to terminate his employment within the Group; and 

 

	 	(v)	 does not have at the Grant Date, and has not had during the preceding twelve months, a Material Interest in a
Close Company which is the Company or a company which has Control of the Company or a member of a Consortium which owns the Company; 

  

	1.1.15.	 Employees’ Share Scheme has the meaning set out in section 1166 of the Companies Act 2006;

  

	1.1.16.	 Employer Company means the Group Member which employs the Option Holder; 

 

	1.1.17.	 Employer’s NIC means employer’s national insurance contributions liability;

  

	1.1.18.	 Exchange means the Alternative Investment Market or any other recognised exchange on which the
Company’s Share are listed from time to time ; 

  

	1.1.19.	 Exercise Price means the amount per Plan Share payable on the exercise of an Option determined in
accordance with Rule 5; 

  

	1.1.20.	 Grant Date means the date on which an Option is granted to an Eligible Employee determined in accordance
with Rule 2.3; 

  

	1.1.21.	 Group means the Company and all Subsidiaries and Associated Companies of the Company and “Group
Member” shall be construed accordingly; 

  

	1.1.22.	 ITA 2007 means the Income Tax Act 2007; 

 

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

 

	1.1.24.	 Key Feature means a provision of the Plan which is necessary in order to meet the requirements of
Schedule 4; 

  

	1.1.25.	 Market Value means 

 

	 	(a)	 in respect of a listed Share on any dealing day means an amount equal to the middle market quotation on the
Exchange; 

  

	 	(b)	 in respect of an unlisted share on any day, the market value of such Share determined in accordance with the
provisions of Part VIII of the Taxation of Chargeable Gains Act 1992 and agreed in advance with Shares and Assets Valuation of HM Revenue & Customs; or 

 

	 	(c)	 in the case of an option granted or award made under any other Employees’ Share Scheme, the market value
of an ordinary share in the capital of the Company determined under the rules of such scheme for the purpose of the grant of the option or the making of the award 

  
 2 

	1.1.26.	 Material Interest has the meaning given to that expression by paragraphs 9 to 14 of Schedule 4;

  

	1.1.27.	 New Holding Company means a company which obtains Control of the Company where 90% or more of the New
Holding Company’s ordinary shares are held in substantially the same proportions by substantially the same persons who previously held the Company’s ordinary shares; 

 

	1.1.28.	 New Option means an option granted by way of exchange under Rule 10.1; 

 

	1.1.29.	 New Plan Shares means the shares subject to a New Option; 

 

	1.1.30.	 Notice of Exercise means the notice given in respect of the exercise of an Option under Rule 7.7;

  

	1.1.31.	 Option means a right to acquire Plan Shares granted under the Plan; 

 

	1.1.32.	 Option Certificate means the deed or statement under which an Option is granted in accordance with Rule
2.3; 

  

	1.1.33.	 Option Holder means an individual who holds an Option or, where the context permits, his legal personal
representatives; 

  

	1.1.34.	 Participating Company means the Company or a Subsidiary; 

 

	1.1.35.	 Performance Target means a performance target imposed as a condition of the exercise of an Option under
Rule 6.1 and as substituted or varied in accordance with Rule 6.4; 

  

	1.1.36.	 Plan means The Abcam plc Company Share Option Plan 2009 in its present form or as amended from time to
time; 

  

	1.1.37.	 Plan Shares means ordinary shares in the capital of the Company which satisfy the conditions in
paragraphs 16 to 20 of Schedule 4; 

  

	1.1.38.	 Qualifying Option means an option which satisfies the requirements of Schedule 5 of ITEPA 2003;

  

	1.1.39.	 Relevant Employment means employment with any Group Member; 

 

	1.1.40.	 Reorganisation means any variation in the share capital of the Company, including but without limitation
a capitalisation issue, rights issue, rights offer or bonus issue and a sub-division, consolidation or reduction in the capital of the Company but excluding a capitalisation issue in substitution for or as an
alternative to a cash dividend; 

  

	1.1.41.	 Rules mean the rules of the Plan; 

 

	1.1.42.	 Schedule 4 means Schedule 4 to ITEPA 2003; 

 

	1.1.43.	 Specified Age means 60 years; and 

 

	1.1.44.	 Subsidiary means a company which is a subsidiary of the Company within the meaning of section 1159 of
the Companies Act 2006 over which the Company has Control. 

  
 3 

	1.2.	 Interpretation 

In the Plan, unless otherwise specified: 
  

	1.2.1.	 the contents and rule headings are inserted for ease of reference only and do not affect the interpretation of
the Plan; 

  

	1.2.2.	 a reference to a Rule is a reference to a rule of the Plan; 

 

	1.2.3.	 save as provided for by law and subject to Rule 18.4 a reference to writing includes any mode of reproducing
words in a legible form and reduced to paper or electronic format or communication including, for the avoidance of doubt, correspondence via e-mail; 

 

	1.2.4.	 the singular includes the plural and vice versa and the masculine includes the feminine;

  

	1.2.5.	 a reference to a statutory provision includes any statutory modification, amendment or re-enactment thereof; and 

  

	1.2.6.	 the Interpretation Act 1978 applies to the Plan in the same way as it applies to an enactment.

  

	2.	 GRANT OF OPTIONS 

 

	2.1.	 Options granted by Company 

The Board may from time to time grant Options to Eligible Employees at any time except during a Close Period. 

 

	2.2.	 Grant of Options determined by Board 

Subject to the Rules, the Eligible Employees to whom Options are granted and the terms of such Options shall be determined by the Board in its absolute
discretion. 
  

	2.3.	 Procedure for grant of Options and Grant Date 

The Board shall grant an Option by passing a resolution. The Grant Date shall be the date on which the Board passes the resolution or such later date as is
specified in the resolution. The grant of an Option or Options shall be evidenced by a deed executed by or on behalf of the Board. The deed or a statement providing details of the grant shall be issued to each Eligible Employee who has been granted
an Option as soon as reasonably practicable following the grant of the Option. 
  

	2.4.	 Contents of Option Certificate 

An Option Certificate shall be in such form of document as the Board may determine from time to time, and shall state all of the following: 

 

	 	(a)	 the Grant Date; 

  

	 	(b)	 the number of Plan Shares subject to the Option or how that number may be calculated; 

  
 4 

	 	(c)	 the Exercise Price or the method by which the Exercise Price will be determined; 

 

	 	(d)	 when the Option will ordinarily become exercisable, and the number of Plan Shares over which the Option may
then be exercised; 

  

	 	(e)	 how the Option may be exercised; 

 

	 	(f)	 any Performance Target or other conditions applicable to the Option. 

 

	2.5.	 Duration of Plan 

An Option may not be granted 
  

	2.5.1.	 earlier than the Approval Date; nor 

 

	2.5.2.	 more than ten years after the Adoption Date. 

 

	2.6.	 Persons to whom Options may be granted 

No Option may be granted to an individual who is not an Eligible Employee on the Grant Date. 

 

	2.7.	 Right to renounce Options 

An Eligible Employee to whom an Option is granted may, by notice in writing to the Board at any time prior to exercise of an Option and, if available,
accompanied by the Option Certificate, renounce in whole or in part his rights under the Option. In such a case, the Option shall to that extent be treated, for the purpose of the Plan, as never having been granted. No consideration shall be due
from the Company for any such renunciation. 
  

	2.8.	 Options non-transferable 

An Option shall be personal to the Eligible Employee to whom it is granted and, subject to Rule 8.1, shall not be capable of being transferred, charged or
otherwise alienated and shall lapse immediately if the Option Holder purports to transfer, charge or otherwise alienate the Option. 
  

	3.	 LIMIT ON AGGREGATE NUMBER OF PLAN SHARES PLACED UNDER OPTION 

 

	3.1.	 General 

The aggregate number of Plan Shares which may be placed under Option under the Plan shall be limited as agreed from time to time. 

 

	3.2.	 Computation 

For the purpose of the limits contained in this Rule 3: 
  

	3.2.1.	 there shall be disregarded any ordinary shares subject to an option or other rights of an employee under the
Plan and/or any other Employees’ Share Scheme operated by the Group which have lapsed, been renounced or otherwise become incapable of being exercised or vesting; 

  
 5 

	3.2.2.	 any ordinary shares issued on the exercise of an option or the vesting of other rights of an employee under the
Plan and/or any other Employees’ Share Scheme operated by the Group shall be taken into account once only (when the option is granted or the right awarded) and shall not fall out of account when the option is exercised or other rights vest.

  

	3.3.	 Scaling down 

If the grant of an Option would cause the limit in this Rule 3 to be exceeded, such Option shall take effect as an Option over the maximum number of Plan
Shares which does not cause the limit to be exceeded. If more than one Option is granted on the same Grant Date, the number of Plan Shares which would otherwise be subject to each Option shall be reduced pro rata. 

 

	4.	 LIMIT ON NUMBER OF PLAN SHARES OVER WHICH OPTIONS MAY BE GRANTED TO ELIGIBLE EMPLOYEE

  

	4.1.	 HM Revenue & Customs limit (£30,000) 

An Option may not be granted to an Eligible Employee if the result of granting the Option would be that the aggregate Market Value of the shares subject to all
outstanding Qualifying Options granted by the Company, an Associated Company or Subsidiary or outstanding options granted to him under the Plan or any other share option scheme established by the Company, an Associated Company or Subsidiary and
approved by HM Revenue & Customs under Schedule 4 would exceed £30,000 or such other limit as may from time to time be specified in paragraph 6 of Schedule 4. 
  

	4.2.	 Computation 

For the purpose of the limit contained in Rule 4.1, Plan Shares subject to an Option which has been exercised, lapsed, renounced or otherwise become incapable
of being exercised shall be disregarded. 
  

	4.3.	 Scaling down 

If the grant of an Option would cause the limit in this Rule 4 to be exceeded, such Option shall take effect as an Option over the maximum number of Plan
Shares which does not cause the limit to be exceeded. If more than one Option is granted on the same Grant Date, the number of Plan Shares which would otherwise be subject to each Option shall be reduced pro rata. 

 

	5.	 EXERCISE PRICE 

The Exercise Price shall be determined by the Board and may be any price but shall not be less than the higher of: 

 

	(a)	 the Market Value of a Plan Share on the Grant Date; or 

 

	(b)	 in the case of any Option which the Board has determined will be satisfied by the issue of new shares directly
to the Option Holder, the nominal value of a Plan Share. 

  
 6 

	6.	 PERFORMANCE TARGET 

 

	6.1.	 Imposition of Performance Target 

On the grant of an Option, the Board may impose a Performance Target and may impose any further condition on the exercise of the Option that the Board
determines to be appropriate. 
  

	6.2.	 Nature of Performance Target 

A Performance Target and any further condition imposed under Rule 6.1 shall be: 
  

	6.2.1.	 objective; 

  

	6.2.2.	 capable of being fulfilled within the period of ten years from the Grant Date; and 

 

	6.2.3.	 such that, once satisfied, the exercise of the Option is not subject to the discretion of any person; and

  

	6.2.4.	 set out in, or attached in the form of a schedule to, the Option Certificate. 

 

	6.3.	 Performance Target can no longer be satisfied 

If the Board determines that the Performance Target or any further condition imposed under Rule 6.1 has not been satisfied either in whole or in part in
relation to an Option and can no longer be satisfied either in whole or in part, the Option shall lapse immediately as to the proportion in relation to which the Performance Target has not been satisfied. 

 

	6.4.	 Substitution, variation or waiver of Performance Target 

If an event occurs which causes the Board to consider that the Performance Target or any further condition imposed under Rule 6.1 subject to which an Option
has been granted is no longer appropriate, the Board may substitute, vary or waive the Performance Target or the condition in such manner as: 
  

	6.4.1.	 is reasonable in the circumstances; and 

 

	6.4.2.	 except in the case of waiver, produces a fairer measure of performance and is not materially more nor less
difficult to satisfy 

 and the Option shall then take effect subject to the Performance Target or the condition as so substituted, varied
or waived. 
  

	6.5.	 Notification of Option Holders 

The Board shall, as soon as reasonably practicable, notify each Option Holder concerned of any substitution, variation or waiver of the Performance Target or a
condition made by it under Rule 6.4 and explain how it affects his position under the Plan. 
  

	7.	 EXERCISE OF OPTIONS 

 

	7.1.	 Earliest date for exercise of Options 

Subject to Rules 8 and 9, an Option may not be exercised earlier than the later of: 

  
 7 

	7.1.1.	 in relation to the Plan Shares in respect of which the Option is being exercised, the relevant date specified
in the Option Certificate under Rule 2.4; and 

  

	7.1.2.	 the date on which the Board determines that any Performance Target and any further condition imposed under Rule
6.1, in their original form or as substituted or varied from time to time, have been satisfied or waived. 

  

	7.2.	 Latest date for exercise of Options 

Notwithstanding any other provision in the Rules, an Option may not be exercised later than the tenth anniversary of the Grant Date and, to the extent not
exercised by that time, the Option shall lapse immediately. 
  

	7.3.	 Persons who may exercise Options 

Subject to Rule 8, an Option may be exercised only while the Option Holder is in Relevant Employment and if an Option Holder ceases to be in Relevant
Employment, any Option granted to him shall lapse immediately. This Rule 7.3 shall apply where the Option Holder ceases to be in Relevant Employment in any circumstances (including, in particular, but not by way of limitation, where the Option
Holder is dismissed unfairly, wrongfully, in breach of contract or otherwise). 
 An Option Holder may not exercise an Option if he has given or been given
notice of termination of employment such that he will cease to be in Relevant Employment at the end of the notice period. 
  

	7.4.	 Options may not be exercised during Close Period 

An Option may not be exercised during a Close Period except in circumstances where this is permitted under the the Company’s own code on insider dealing
or other such code as the Company may have established from time to time 
  

	7.5.	 Material Interest 

An Option may not be exercised if the Option Holder then has, or has had within the preceding twelve months, a Material Interest in a Close Company which is
the Company or which is a company which has Control of the Company or which is a member of a Consortium which owns the Company. 
  

	7.6.	 Options may be exercised in whole or in part 

An Option may, to the extent it has become exercisable, be exercised in whole or in part. If exercised in part, the unexercised part of the Option shall not
lapse and shall remain exercisable unless the Rules specify otherwise except that where exercised in part, such exercise shall be in respect of a minimum of 100 shares or the remaining balance of the Option if less. 

 

	7.7.	 Procedure for exercise of Options 

 

	7.7.1.	 An Option shall be exercised by the Option Holder delivering to the Board a duly completed Notice of Exercise
in the form from time to time prescribed by the Board, specifying the number of Plan Shares in respect of which the Option is being exercised, together with any payment or documentation required under Rule 13 and accompanied by payment in full for
the Plan Shares and, if available, the Option Certificate. 

  
 8 

	7.7.2.	 For the avoidance of doubt, the date of exercise of an Option shall be determined in accordance with Rule 18.3.
If payment is made by cheque and the cheque fails to clear the Option shall be deemed never to have been exercised. 

  

	7.8.	 Issue or transfer of Plan Shares on exercise of Options 

Subject to Rule 13, and to any necessary consents and to compliance by the Option Holder with the Rules, the Board shall, as soon as reasonably practicable and
in any event not later than thirty days after the date of exercise of the Option, issue or transfer to the Option Holder, or procure the issue or transfer to the Option Holder of, the number of Plan Shares specified in the Notice of Exercise and
shall deliver or procure the delivery to the Option Holder of a definitive share certificate in respect of such Plan Shares. 
  

	8.	 EXERCISE OF OPTIONS IN SPECIAL CIRCUMSTANCES 

 

	8.1.	 Death 

  

	8.1.1.	 Notwithstanding Rules 7.1.1 and 7.3, if an Option Holder dies his personal representatives shall be entitled to
exercise his Option during the period determined in accordance with Rule 8.1.3. 

  

	8.1.2.	 The number of Plan Shares subject to the Option that may be exercised shall be calculated as follows :

 8.1.2.1. on the period of time elapsed from the Grant Date and the date of death in proportion to the time from the
Grant Date and the normal Vesting Date at the end of the third anniversary of the Grant Date; and; 
 8.1.2.2. on the proportionate
satisfaction of the relevant Performance Targets on such date. 
  

	8.1.3.	 The period during which the personal representatives shall be entitled to exercise the Options shall end no
later than the earlier of the first anniversary of his death or the tenth anniversary of the Grant Date. To the extent not exercised, the Options shall lapse at the expiry of such period. 

 

	8.2.	 Ill-health redundancy, retirement etc 

 

	8.2.1.	 Notwithstanding Rules 7.1.1 and 7.3, if an Option Holder ceases to be in Relevant Employment by reason of:

  

	 	8.2.1.1.	 injury, ill-health or disability provided that the Board is satisfied, on production of such evidence as it may
reasonably require, that (a) the Option Holder has ceased to exercise and, by reason of injury, ill health or disability, is incapable of exercising that employment; and (b) the Option Holder is likely to remain so incapable for the
foreseeable future; 

  

	 	8.2.1.2.	 redundancy within the meaning of the Employment Rights Act 1996; 

 

	 	8.2.1.3.	 retirement on reaching the Specified Age; 

 

	 	8.2.1.4.	 the Option Holder being employed by a company which ceases to be a Group Member; or 

  
 9 

	 	8.2.1.5.	 the Option Holder being employed in an undertaking or part of an undertaking which is transferred to a person
who is not a Group Member 

  

	 	 the provisions of Rule 8.2.2 shall apply and shall be exercisable in accordance with 8.2.3.

  

	8.2.2.	 The number of Plan Shares subject to the Option that may be exercised shall be calculated as follows :

 8.2.2.1. on the period of time elapsed from the Grant Date and the date when Relevant Employment ceases in proportion to
the time from the Grant Date and the normal Vesting Date at the end of the third anniversary of the Grant Date; and; 
 8.2.2.2. on the
proportionate satisfaction of the relevant Performance Targets on such date. 
  

	8.2.3.	 The period during which he may exercise his Options shall end six months after the date on which Relevant
Employment ceases or if earlier the tenth anniversary of the Grant Date. To the extent not exercised, the Options shall lapse at the expiry of such period. 

  

	8.3.	 Other special circumstances 

Notwithstanding Rules 7.1.1 and 7.3, if an Option Holder ceases to be in Relevant Employment the Board may, at its discretion, after the date the Option Holder
ceased to be in Relevant Employment (and in a fair and reasonable manner), allow an Option Holder who has ceased to be in Relevant Employment for a reason other than those referred to in Rules 8.1 and 8.2 to exercise his Options at any time during
such period and on such basis as the Board determines. To the extent not so exercised, or if such exercise is not permitted the Options shall lapse at the expiry of such period. 

 

	8.4.	 Meaning of ceasing to be in Relevant Employment 

For the purposes of the Plan, an Option Holder shall not be treated as ceasing to be in Relevant Employment until he no longer holds any office or employment
with any Group Member. 
  

	8.5.	 Interaction of Rules 

 

	8.5.1.	 If an Option has become exercisable under Rule 8.2 and, during the period allowed for the exercise of the
Option under Rule 8.2, the Option Holder dies, the period allowed for the exercise of the Option shall be the period allowed by Rule 8.1. 

  

	8.5.2.	 If an Option has become exercisable under Rule 8 and, during the period allowed for the exercise of the Option
under Rule 8, the Option becomes exercisable under Rule 9 also (or vice versa), the period allowed for the exercise of the Option shall be the first to determine of the period allowed by Rule 8 and the period allowed by Rule 9.

  
 10 

	9.	 TAKEOVER, RECONSTRUCTION, AMALGAMATION OR WINDING-UP 

 

	9.1.	 General offer for, or acquisition of Company 

Notwithstanding Rule 7.1.1, if a person other than a New Holding Company obtains Control of the Company as a result of: 

 

	9.1.1.	 making a general offer to acquire the whole of the issued ordinary share capital of the Company which is made
on a condition such that if it is satisfied the person making the offer will have Control of the Company; or 

  

	9.1.2.	 making a general offer to acquire all the shares in the Company of the same class as the Plan Shares

 (in either case, other than any shares already held by him or a person Acting In Concert with him) 

Options may be exercised, subject to Rule 9.2, at any time during the period of six months beginning with the time when the person making the offer or
proposed acquisition (as the case may be) has obtained Control of the Company and any condition subject to which the offer or proposed acquisition is made has been satisfied. If not so exercised, the Options shall lapse at the expiry of the six
month period unless the Board, acting fairly and reasonably, determines otherwise, when the Options shall continue to exist until such time as they lapse in accordance with the Rules. 

The number of Plan Shares subject to the Option that may be exercised is dependent on the proportionate satisfaction of the relevant Performance Targets on
such date. 
  

	9.2.	 Compulsory acquisition of Company 

Notwithstanding Rule 7.1.1, if a person other than a New Holding Company becomes entitled or bound to acquire shares in the Company before the tenth
anniversary of the Grant Date under sections 979 to 982 of the Companies Act 2006, Options may be exercised at any time during the period beginning with the date the person serves a notice under section 979 and ending seven clear days before the
date on which the person ceases to be entitled to serve such a notice. If not so exercised, the Options shall cease to be exercisable and shall lapse when the person ceases to be entitled to serve such a notice unless the Board, acting fairly and
reasonably, determines otherwise before the Options have lapsed, when the Options shall continue to exist. 
 The number of Plan Shares subject to the
Option that may be exercised is dependent on the proportionate satisfaction of the relevant Performance Targets on such date. 
  

	9.3.	 Power to declare Options exercisable 

Notwithstanding Rule 7.1.1, if a person makes such an offer or proposes such an acquisition (as the case may be) as is referred to in Rule 9.1 or makes an
offer to acquire the whole or substantially the whole of the business of the Company, the Board, acting fairly and reasonably may, by notice in writing to all Option Holders, declare outstanding Options to be exercisable during a limited period
specified by the Board in the notice and subject to such conditions as the Board may require. If the Board so declares, such outstanding Options may be exercised at any time during such period. If not exercised, the Options shall lapse at the expiry
of such period unless the Board revokes the declaration before the Options have been exercised in which case such Options shall not lapse but shall continue in force in accordance with the rules of the Plan. 

  
 11 

 The number of Plan Shares subject to the Option that may be exercised is dependent on the proportionate
satisfaction of the relevant Performance Targets on such date. 
  

	9.4.	 Reconstruction or amalgamation of Company 

Notwithstanding Rule 7.1.1, if a person other than a New Holding Company proposes to obtain Control of the Company in pursuance of a compromise or arrangement
sanctioned by the court under section 899 of the Companies Act 2006: 
  

	9.4.1.	 Options (including, at the election of the Option Holder, an Option which has already become exercisable) may
be exercised, conditionally on the compromise or arrangement being sanctioned by the court, at any time during the period beginning with the date of the meeting of the members of the Company ordered by the court and ending on the earlier of six
months thereafter and seven clear days before the court sanctions the compromise or arrangement; 

  

	9.4.2.	 if the compromise or arrangement becomes effective, any Options not so exercised pursuant to a notice given
under this Rule 9.4 by the earlier of those dates shall cease to be exercisable and shall lapse at the end of such six month period and seven clear days before the court sanctions the compromise or arrangement; 

 

	9.4.3.	 if the compromise or arrangement does not become effective within such six month period, any notice to exercise
an Option given under this Rule 9.4 shall be of no effect and the Option shall continue to exist and seven clear days before the court sanctions the compromise or arrangement; 

 

	9.4.4.	 the date of exercise of all Options exercised conditionally under this Rule 9.4 shall be immediately prior to
the date on which the court sanctions the compromise or arrangement; and 

  

	9.4.5.	 an Option which has already become exercisable may be exercised unconditionally before the earlier of those
dates. Any Option not so exercised shall cease to be exercisable and shall lapse at the end of such six month period. 

 The number of
Plan Shares subject to the Option that may be exercised is dependent on the proportionate satisfaction of the relevant Performance Targets on such date. 
  

	9.5.	 Winding-up of Company 

Notwithstanding Rule 7.1.1, if notice is given of a resolution for the voluntary winding-up of the Company: 

 

	9.5.1.	 Options (including, at the election of the Option Holder, an Option which has already become exercisable) may
be exercised, conditionally on the passing of the resolution, at any time during the period beginning with the date the notice is given and ending seven clear days before the resolution is passed or defeated or the general meeting is concluded or
adjourned sine die; 

  

	9.5.2.	 if the resolution is passed, any Options not so exercised shall lapse immediately; 

 

	9.5.3.	 if the resolution is not passed, any notice to exercise an Option under this Rule 9.5 shall be of no effect and
the Option shall continue to exist; 

  
 12 

	9.5.4.	 the date of exercise of all Options exercised conditionally under this Rule 9.5 shall be the date on which the
resolution is passed; and 

  

	9.5.5.	 an Option which has already become exercisable may be exercised unconditionally during such period. Any Option
not so exercised shall cease to be exercisable and shall lapse immediately following the passing of the resolution. 

 The number of Plan
Shares subject to the Option that may be exercised is dependent on the proportionate satisfaction of the relevant Performance Targets on such date. 
  

	9.6.	 Shares subject to Options ceasing to be Plan Shares 

If the shares subject to an Option cease to satisfy the conditions in paragraphs 16 to 20 of Schedule 4: 

 

	9.6.1.	 the Board shall, as soon as reasonably practicable, notify HM Revenue & Customs;

  

	9.6.2.	 the Option shall lapse; 

 

	9.6.3.	 The Board shall, as soon as reasonably practicable, notify each Option Holder of the lapse of the Option and
explain how this affects his position under the Plan: and 

  

	9.6.4.	 the Plan shall not continue to exist and no further Options shall be granted. 

 

	9.7.	 Meaning of “obtains Control of the Company” 

For the purpose of Rule 9, a person shall be deemed to have obtained Control of the Company if he and others Acting In Concert with him have together obtained
Control of it. 
  

	9.8.	 Notification of Option Holders 

The Board shall, as soon as reasonably practicable, notify each Option Holder of the occurrence of any of the events referred to in this Rule and explain how
this affects his position under the Plan. 
  

	10.	 EXCHANGE OF OPTIONS 

 

	10.1.	 Circumstances in which Exchange can occur 

If the person referred to in Rules 9.1, 9.2 or 9.4, (reading the reference in Rule 9.4 to “proposes to obtain” as “obtains”) is a company
including a New Holding Company, and the Acquiring Company obtains Control of the Company then an Option Holder may, at any time during the period set out in Rule 10.2, by agreement with the Acquiring Company, release his Option in whole or in part
in consideration of the grant to him of a new option which is equivalent to the Option but which relates to shares in: 
  

	10.1.1.	 the Acquiring Company; or 

 

	10.1.2.	 a company which has Control of the Acquiring Company; or 

 

	10.1.3.	 a company which either is, or has Control of, a company which is a member of a Consortium which owns either the
Acquiring Company or a company having Control of the Acquiring Company. 

  
 13 

	10.2.	 Period allowed for exchange of Options 

The period referred to in Rule 10.1 is: 
  

	10.2.1.	 where Rule 9.1 applies or would apply if the reference in that Rule to “person” was read as
“person including a New Holding Company”, the period referred to in that Rule; 

  

	10.2.2.	 where Rule 9.2 applies, the period during which the Acquiring Company remains so entitled or bound; and

  

	10.2.3.	 where Rule 9.4 applies, the period of six months beginning with the time when the court sanctions the
compromise or arrangement. 

 If the Option Holder does not release the Option within the relevant period referred to in this Rule 10.2,
the Option shall lapse at the expiry of such relevant period. 
  

	10.3.	 Meaning of “equivalent” 

The New Option shall not be regarded for the purpose of this Rule 10 as equivalent to the Option unless: 

 

	10.3.1.	 subject to the discretion of the Board as to whether the Performance Target or any further condition imposed
under Rule 6.1 should continue to apply to the New Option or be substituted, varied or waived under Rule 6.4, the New Option will be exercisable in the same manner as the Option and subject to the provisions of the Plan as it had effect immediately
before the release of the Option; 

  

	10.3.2.	 the New Plan Shares satisfy the conditions in paragraphs 16 to 20 of Schedule 4; and 

 

	10.3.3.	 the total market value, immediately before the release of the Option, of the Plan Shares which were subject to
the Option is as nearly as may be equal to the total market value, immediately after the grant of the New Option, of the New Plan Shares subject to the New Option (market value being determined for this purpose in accordance with Part VIII of the
Taxation of Chargeable Gains Act 1992); and 

  

	10.3.4.	 the total amount payable by the Option Holder for the acquisition of the New Plan Shares under the New Option
is as nearly as may be equal to the total amount that would have been payable by the Option Holder for the acquisition of the Plan Shares under the Option. 

  

	10.4.	 Grant Date of New Option 

The Grant Date of the New Option shall be deemed to be the same as the Grant Date of the Option. 

 

	10.5.	 Application of Plan to New Option 

In the application of the Plan to the New Option, where appropriate, references to “Company” and “Plan Shares” shall be read as if they
were references to the company to whose shares the New Option relates and the New Plan Shares, respectively, save that in the definition of “Board” the reference to “Company” shall be read as if it were a reference to Abcam plc.

  

	11.	 LAPSE OF OPTIONS 

Notwithstanding any other provision of the Rules, an Option shall lapse on the earliest of: 

  
 14 

	11.1.	 the tenth anniversary of the Grant Date; 

 

	11.2.	 the Board determining that any Performance Target or any further condition imposed under Rule 6.1 has been
satisfied neither in whole nor in part in relation to the Option and can no longer be satisfied in whole or in part; 

  

	11.3.	 the Option Holder ceasing to be in Relevant Employment, except where 

 

	11.3.1.	 this arises for any of the reasons set out in Rules 8.1 to 8.2; or 

 

	11.3.2.	 during any of the periods set out in Rules 9.1 to 9.5 other than for an act or omission of the Option Holder
entitling his employer to terminate without notice his office or employment or where the Option Holder gives notice to terminate; 

  

	11.4.	 the date on which it is provided that the Option shall lapse under Rules 8.1 to 8.2, 9.1 to 9.5 and 10.2;

  

	11.5.	 the date on which a resolution is passed or an order is made by the court for the compulsory winding-up of the
Company; 

  

	11.6.	 the date on which the Option Holder becomes bankrupt or enters into a compromise with his creditors generally;

  

	11.7.	 the date on which the Option Holder purports to transfer, charge or otherwise alienate the Option.

  

	12.	 ADJUSTMENT OF OPTIONS ON REORGANISATION 

 

	12.1.	 Power to adjust Options 

In the event of a Reorganisation, the number of Plan Shares subject to an Option, the description of the Plan Shares, the Exercise Price, or any one or more of
these, may be adjusted in such manner as the Board determines. 
  

	12.2.	 Exercise Price 

Subject to Rule 12.3, no adjustment shall be made to the Exercise Price which would result in the Plan Shares subject to an Option being issued directly to the
Option Holder at a price per Plan Share lower than the nominal value of a Plan Share and, if an adjustment would so result, the Exercise Price shall be the nominal value of a Plan Share. 

 

	12.3.	 Capitalisation of reserves 

Notwithstanding Rule 12.2, an adjustment may be made which would result in the Plan Shares subject to an Option being issued at a price per Plan Share lower
than the nominal value of a Plan Share if and to the extent that the Board is authorised to capitalise from the Company’s reserves a sum equal to the amount by which the aggregate nominal value of the Plan Shares subject to the Options which
are adjusted exceeds the aggregate adjusted Exercise Price under such Options. If such an adjustment is made, on the subsequent exercise of the Option, the Board shall capitalise such sum and apply the sum in paying up such excess. 

 

	12.4.	 HM Revenue & Customs approval 

An adjustment shall not have effect until the adjustment has been approved by HM Revenue & Customs. 

  
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	12.5.	 Notification of Option Holders 

The Board shall, as soon as reasonably practicable, notify each Option Holder of any adjustment made under this Rule 12 and explain how this affects his
position under the Plan. The Board may call in for endorsement or cancellation and re-issue any Option Certificate in order to take account of such adjustment. 
  

	13.	 ACCOUNTING FOR PAYE AND NATIONAL INSURANCE CONTRIBUTIONS 

 

	13.1.	 Deductions 

Where, directly or indirectly in relation to the exercise of an Option granted under the Plan, the Company or any Group Member (as the case may be) is liable,
or is in accordance with current practice believed by the Board to be likely to become liable, to account to any revenue or other authority for any sum in respect of any tax or social security liability of the Option Holder, the Option may not be
exercised unless the Option Holder has beforehand paid to the Company or the Group Member (as the case may be) an amount sufficient to discharge the liability. Alternatively, the Option Holder may, by agreement with the Company or the Group Member
(as the case may be), enter into some other arrangement to ensure that such amount is available to them or it (whether by authorising the sale of some or all of the Plan Shares subject to his Option and the payment to the Company or the Group Member
(as the case may be) of the requisite amount out of the proceeds of sale or otherwise). Where this is the case the Option shall not be treated as exercised until the Company or the Group Member (as the case may be) determine that such arrangements
are satisfactory to it. 
  

	13.2.	 Transfer of Employer’s NIC 

The Board may, at its discretion, impose requirements for the payment by the Option Holder of all or any part of the Employer’s NIC which may arise as a
result of the exercise of his Option. Such requirements shall be specified on the Grant Date and shall be a condition of exercise of the Option, provided that the Board (acting fairly and reasonably) may waive these requirements. They may include in
particular, but not by way of limitation, a determination that the Option may not be exercised unless the Option Holder has beforehand paid to the Company (or the Group Member which employs the Option Holder, if different) an amount sufficient to
discharge all or any part of the Employer’s NIC. Alternatively, the Option Holder may, by agreement with the Company or the Group Member (as the case may be), enter into some other arrangement to ensure that such amount is available to them or
it (whether by authorising the sale of some or all of the Plan Shares subject to his Option and the payment to the Company or the Group Member (as the case may be) of the requisite amount out of the proceeds of sale or otherwise). Where this is the
case the Option shall not be treated as exercised until the Company or the Group Member (as the case may be) determine that such arrangements are satisfactory to it. 
  

	13.3.	 Execution of Option Certificate by Option Holder 

The Board may require an Option Holder to execute a copy of the Option Certificate or some other document in order to bind himself contractually to any such
arrangement as is referred to in Rules 13.1 to 13.2 and return the executed document to the Board by a specified date being no more than 30 days after the Grant Date. Failure to return the executed document by the specified date shall cause the
Award to lapse. 

  
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	14.	 ISSUE AND AVAILABILITY OF PLAN SHARES 

 

	14.1.	 Rights attaching to Plan Shares 

All Plan Shares issued in respect of exercise of an Option shall, as to voting, dividend, transfer and other rights, including those arising on a liquidation
of the Company, rank equally in all respects and as one class with the Plan Shares in issue at the date of such issue save as regards any rights attaching to such Plan Shares by reference to a record date prior to the date of such issue. 

 

	15.	 RELATIONSHIP OF PLAN TO CONTRACT OF EMPLOYMENT 

 

	15.1.	 Contractual Provisions 

Notwithstanding any other provision of the Plan: 
  

	15.1.1.	 the Plan shall not form part of any contract of employment between any Group Member and an Eligible Employee;

  

	15.1.2.	 unless expressly so provided in his contract of employment, an Eligible Employee has no right to be granted an
Option; 

  

	15.1.3.	 the benefit to an Eligible Employee of participation in the Plan (including, in particular but not by way of
limitation, any Options held by him) shall not form any part of his remuneration or count as his remuneration for any purpose and, for the purposes of his contract of employment, shall not be pensionable; and 

 

	15.1.4.	 if an Eligible Employee ceases to be in Relevant Employment, he shall not be entitled to compensation for the
loss of any right or benefit or prospective right or benefit under the Plan (including, in particular but not by way of limitation, any Options held by him which lapse by reason of his ceasing to be in Relevant Employment) whether by way of damages
for unfair dismissal, wrongful dismissal, breach of contract or otherwise. 

 15.2. Deemed Agreement 

By accepting the grant of an Option, an Option Holder is deemed to have agreed to the provisions of this Rule 15. 

 

	16.	 ADMINISTRATION OF PLAN 

 

	16.1.	 Responsibility for administration 

The Company, and the Board where appropriate, shall be responsible for, and shall have the conduct of, the administration of the Plan. The Board may from time
to time make, amend or rescind regulations for the administration of the Plan provided that such regulations shall be consistent with the Rules and not cause any of the provisions of Schedule 4 which are relevant to the Plan to cease to be
satisfied. 
  

	16.2.	 Board’s decision final and binding 

The decision of the Board shall be final and binding in all matters relating to the administration of the Plan, including but not limited to the resolution of
any dispute concerning, or any inconsistency or ambiguity in the Rules or any document used in connection with the Plan. 

  
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	16.3.	 Discretionary nature of grant of Options 

All Options under the Plan are granted entirely at the discretion of the Board. 
  

	16.4.	 Provision of information 

An Option Holder shall provide to the Company as soon as reasonably practicable such information as the Company reasonably requests for the purpose of
complying with its obligations under paragraph 33 of Schedule 4. 
  

	16.5.	 Cost of Plan 

The cost of introducing and administering the Plan shall be met by the Company. The Company shall be entitled, if it wishes, to charge an appropriate part of
such cost to a Subsidiary. The Company shall also be entitled, if it wishes, to charge to a Subsidiary the opportunity cost of issuing Plan Shares to an Option Holder employed by the Subsidiary in relation to his exercise of an Option. 

 

	17.	 AMENDMENT OF PLAN 

 

	17.1.	 Power to amend Plan prior to HM Revenue & Customs approval 

Prior to HM Revenue & Customs approval of the Plan under Schedule 4, the Board may make such amendments to the Rules as may be necessary or desirable
in order to obtain such approval. 
  

	17.2.	 Power to amend Plan 

Subject to Rules 17.3 to 17.4, the Board may from time to time amend the rules of the Plan. 

 

	17.3.	 HM Revenue & Customs approval of amendments 

Save for an amendment pursuant to Rule 9.6 an amendment to a Key Feature of the Plan shall not have effect at a time when the Plan is approved by HM
Revenue & Customs, until the amendment has been approved by HM Revenue & Customs under Schedule 4. 
  

	17.4.	 Rights of existing Option Holders 

An amendment may not adversely affect the rights of an existing Option Holder except where the amendment has been approved by those existing Option Holders who
would be adversely affected by the amendment in such manner as would be required by the Company’s articles of association (with appropriate changes) if the Plan Shares subject to those Options which would be so adversely affected had been
issued or transferred to them (so that they had become shareholders in the Company) and constituted a separate class of shares. 
  

	17.5.	 Notification of Option Holders 

The Board shall, as soon as reasonably practicable, notify each Option Holder of any amendment to the Rules under this Rule 17 and explain how it affects his
position under the Plan. 

  
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	18.	 NOTICES 

  

	18.1.	 Notice by Board 

Save as provided for by law and subject to Rule 18.4, any notice, document or other communication given by, or on behalf of, the Board or to any person in
connection with the Plan shall be deemed to have been duly given if delivered to him at his place of work, if he is in Relevant Employment if sent by e-mail to such e-mail address as may be specified by him from time to time, or sent through the
post in a pre-paid envelope to the postal address last known to the Company to be his address and, if so sent, shall be deemed to have been duly given on the date of posting. 
  

	18.2.	 Deceased Option Holders 

Save as provided for by law and subject to Rule 18.4, any notice, document or other communication so sent to an Option Holder shall be deemed to have been duly
given notwithstanding that such Option Holder is then deceased (and whether or not the Board has notice of his death) except where his personal representatives have established their title to the satisfaction of the Board and supplied to the Board
an e-mail or postal address to which notices, documents and other communications are to be sent. 
  

	18.3.	 Notice to Board 

Save as provided for by law and subject to Rule 18.4, any notice, document or other communication given to the Board in connection with the Plan shall be
delivered or sent by post to the Company Secretary at the Company’s registered office or such other e-mail or postal address as may from time to time be notified to Option Holders but shall not in any event be duly given unless and until it is
actually received at the registered office or such e-mail or postal address and shall be deemed to have been duly given on the date of such receipt. 

 

	18.4.	 Option Certificate 

For the avoidance of doubt, the Option Certificate may not be executed or delivered by e-mail or other such similar electronic communication. 

 

	19.	 GOVERNING LAW AND JURISDICTION 

 

	19.1.	 Plan governed by English law 

The formation, existence, construction, performance, validity and all aspects whatsoever of the Plan, any term of the Plan and any Option granted under it
shall be governed by English law. 
  

	19.2.	 English courts to have jurisdiction 

The English courts shall have jurisdiction to settle any dispute which may arise out of, or in connection with, the Plan. 

 

	19.3.	 Jurisdiction agreement for benefit of Company 

The jurisdiction agreement contained in this Rule 19 is made for the benefit of the Company only, which accordingly retains the right to bring proceedings in
any other court of competent jurisdiction. 

  
 19 

	19.4.	 Option Holder deemed to submit to such jurisdiction 

By accepting the Option, an Option Holder is deemed to have agreed to submit to such jurisdiction. 

  
 20

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