Document:

Exhibit 4.3

      

      

      SUBSCRIPTION AGREEMENT

      

      

      This Subscription Agreement (this “Agreement”) is made and entered into
        as of February 3, 2021 (the “Effective Date”), by and between Immunocore Holdings Plc (registered number 13119746), a
        public limited company incorporated in England and Wales whose registered office is 92 Park Drive, Milton Park, Abingdon, Oxfordshire, United Kingdom OX14 4RY (the “Company”) and Bill & Melinda Gates Foundation, a Washington charitable trust that is a tax-exempt private foundation organized and existing under the laws of Washington and having its principal
        place of business at 500 Fifth Avenue North, Seattle, Washington 98109, United States (“Subscriber”).

      

      

      BACKGROUND

      

      

      (A)          Whereas, Subscriber, the Company and Immunocore Limited (“Immunocore“) are parties to an Amended and Restated Global Access Commitments Agreement dated 2 March 2020 (as amended, supplemented or restated from time to time) (the “Global Access Agreement”) pursuant to which the Company and Immunocore have agreed to conduct a scope of work relating to Immunocore’s research, development and commercialization of a safe and
        effective product applicable to the treatment, prevention and/or amelioration of HIV, as set forth in the Global Access Agreement.

      

      

      (B)          Whereas, in furtherance of its charitable mission, Subscriber desires
        to provide funding to the Company to be used by the Company and Immunocore solely for the purpose of continuing the scope of work pursuant to the Global Access Agreement.  Accordingly, the Company and Subscriber desire to enter into this Agreement,
        pursuant to which Subscriber agrees to subscribe for US$15,000,000 of the Company’s American Depositary Shares (“ADSs”), each ADS representing one of the Company’s ordinary shares of
        £0.002 each in the capital of the Company (the “Ordinary Shares”) in a private placement that will close concurrently with the Company’s initial public offering (“IPO”) of ADSs as described herein.

      

      

      AGREEMENT

      

      

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

      

      

      1.          Subscription. Subject to the terms and conditions hereof, in the event that the
        Company consummates an IPO pursuant to an effective registration statement (the “Registration Statement”) under the U.S. Securities Act of 1933, as amended (the “Securities Act”), Subscriber shall, in a concurrent private placement exempt from the registration requirements of the Securities Act, subscribe for that number of ADSs, rounded down to avoid fractional ADSs (the
        “Securities”), determined by dividing USD15,000,000 (fifteen million U.S. dollars) (the “Subscription Amount”) by the price per
        ADS at which the ADSs are offered for subscription to the public in the IPO, as set forth on the cover page of the final prospectus for the IPO (the “IPO Price”) and such purchase will
        occur concurrently with, and be conditioned upon, the closing of the IPO.

      

      

      2.          Agreement To Subscribe.

      

      

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

      
        1.

        
          

      

      

      

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

      

      

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

      

      

      3.          Warranties of the Company.

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      
        2.

        
          

      

      

      

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

      

      

      3.6          Compliance with Securities Laws; No Integration. Assuming the accuracy of the Subscriber’s warranties,
        the allotment and issuance of the Securities will not be in violation of the Securities Act, the Securities Exchange Act of 1934, as amended (the “Exchange Act”), any US state securities
        laws, or the Articles, when allotted and issued in accordance with this Agreement. Neither the Company nor its subsidiaries or any affiliates, nor any person acting on its or their behalf, has, directly or indirectly, made any offers or sales of
        any ADSs or Ordinary Shares under circumstances that would adversely affect reliance by the Company on Section 4(a)(2) and Regulation D of the Securities Act for the exemption from registration of Securities issued pursuant to a private placement,
        as contemplated by this Agreement, or would otherwise require registration of the Securities under the Securities Act as an integrated offering.

      

      

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

      

      

      3.8          No General Solicitation. Neither the Company nor its subsidiaries or any affiliates, nor any person
        acting on its or their behalf, has offered or sold any of the Securities by any form of general solicitation or general advertising.

      

      

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

      

      

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

      

      

      4.          Warranties of Subscriber.

      

      

      4.1          Investment Warranties.

      

      

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

      
        3.

        
          

      

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      
        4.

        
          

      

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

      (f)          Documents. The Company shall deliver or procure the delivery to the Subscriber of the following: (i)
        Deed of Termination in the form agreed among the Company, Subscriber and Immunocore with respect to the note purchase agreement dated 13 September 2017 (as amended by a deed of variation dated 2 March 2020) between Subscriber and Immunocore (the “Deed of Termination”), duly executed by Immunocore; and (ii) the Amendment to the Global Access Agreement, duly executed by the Company and Immunocore.

      

      

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

      

      

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

      

      

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

      
        5.

        
          

      

      

      

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

      

      

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

      

      

      (e)          Documents. The Subscriber shall deliver or procure the delivery to the Company of the following: (i)
        the Deed of Termination duly executed by the Subscriber; and (ii) the Amendment to the Global Access Agreement, duly executed by the Subscriber.

      

      

      (f)          Lock-Up Agreement.  Prior to the date hereof, the Subscriber shall have executed and delivered a
        lock-up agreement to the underwriters for the IPO, and such agreement shall be in full force and effect as of the Closing.

      

      

      6.          Covenants and Agreements

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      
        6.

        
          

      

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      
        7.

        
          

      

      

      

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

      

      

      6.2          Restrictions on Transfer.

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

      7.          Rule 144

      

      

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

      

      

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

      

      

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

      
        8.

        
          

      

      

      

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

      

      

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

      

      

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

      

      

      8.          Miscellaneous.

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      
        9.

        
          

      

      

      

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

      

      

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

      

      

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

      

      

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

      

      

      	
              To the Company:

            	
              Immunocore Holdings plc

              

            
	 	
              92 Park Drive, Milton Park, Abingdon, Oxfordshire

            
	 	
              United Kingdom OX14 4RY

            
	 	
              Attention:  Lily Hepworth, General Counsel

            
	 	
              Email:

            
	 	 
	
              With a copy, which shall not constitute notice, to:

            
	 	 
	 	
              Cooley LLP

            
	 	
              55 Hudson Yards, New York, New York 10001, United States

            
	 	
              Attention: Divakar Gupta

            
	 	
              Email:

            
	 	 
	
              To Subscriber:

            	
              Bill & Melinda Gates Foundation

            
	 	
              PO Box 23350

            
	 	
              Seattle, Washington 98102

            
	 	
              United States

            
	 	
              Attention: Vidya Vasu-Devan, Director, Strategic Investment Fund

            
	 	
              Email:

            
	 	 
	
              With a copy, which shall not constitute notice, to:

            
	 	 
	 	
              K&L Gates LLP

            
	 	
              One New Change

            
	 	
              London EC4M 9AF

            
	 	
              United Kingdom

            
	 	
              Attention: John Elgar with a copy to Claire White.

            
	 	
              Email:

            

      

      

      
        10.

        
          

      

      

      

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

      

      

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

      

      

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

      

      

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

      

      

      8.14          Termination. The parties hereto may terminate this Agreement by mutual written agreement. This
        Agreement may be terminated by either Subscriber or the Company on written notice to the other party if Closing has not occurred before July 31, 2021.

      

      

      [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

      
        11.

        
          

      

      

      

      

      

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

      

      

      

      

      	
              EXECUTED by IMMUNOCORE HOLDINGS

              PLC acting by a director

            	
              )

               

              )

            	
               

               /s/ Bahija Jallal

              ................................................................

            
	 	 	 Bahija Jallal
	 	 	 Director
	 	 	 
	
              EXECUTED by the BILL & MELINDA GATES

              FOUNDATION acting by a duly authorized officer

            	
              )

               

              )

               

              )

            	
               

               /s/ Carolyn N. Ainslie

              ................................................................

               Carolyn N. Ainslie

              

               CFO

              

            
	 	 	 
	 	 	 
	 	 	 

      

      

      12.Exhibit 10.12

    

  

   
  

  

  
    CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], 

    HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE

     REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

    

    

    FIRST AMENDMENT

    TO

    AMENDED AND RESTATED GLOBAL ACCESS COMMITMENTS AGREEMENT

    

    

    This FIRST AMENDMENT TO AMENDED AND RESTATED GLOBAL ACCESS
        COMMITMENTS AGREEMENT (“Agreement”) is dated as of the 3rd day of February, 2021, by and among the Bill & Melinda Gates Foundation, a Washington charitable trust that is a tax-exempt private foundation (the “Foundation”), Immunocore public Limited, a private limited company incorporated in England and Wales
        with company number 06456207 (the “Company”), and Immunocore
        Holdings
        plc, a private limited company incorporated under the laws of England and Wales (“Holdings”).

     

        

    WHEREAS

     

    

    (A)          The Foundation and the Company entered into that certain Amended and Restated Global Access Commitments
        Agreement, dated March 2, 2020 (as amended from time to time, the “Global Access Agreement”).

    

    

    (B)          Holdings became a party to the Global Access Agreement pursuant to the Joinder to Global Access Commitments
        Agreement dated as of January 22, 2021, by and among the Foundation, the Company, and Holdings.

    

    

    (C)          Pursuant to a note purchase agreement dated September 13, 2017 (as amended by a deed of variation dated March
        2, 2020) (the “Note Purchase Agreement”) the Foundation  agreed to loan the Company US$15,000,000 (“Tranche 2”) upon completion of the Safety Milestone (as defined in
        the Note Purchase Agreement), which amount would immediately convert into equity in the Company.

    

    

    (D)          The Company has agreed to use the proceeds from the Tranche 2 investment to conduct a scope of work (including
        an Amended Scope of Work developed by the Company and the Foundation in March 2020 (the “Amended Scope of Work”)) relating to the Company’s research, development and commercialization of a safe and effective
        product applicable to the treatment, prevention and/or amelioration of HIV, as set forth in the Global Access Agreement.

    

    

    (E)          The Foundation, the Company and Holdings desire to accelerate the timing of the Tranche 2 investment prior to
        completion of the Safety Milestone as the Company has demonstrated robust processes and extensive experience developing therapeutics with an excellent safety profile in clinical trials involving more than 600 patients to date reducing the
        uncertainty related to this milestone. Additionally, accelerating the Tranche 2 funding will enable the Company to plan and implement an immediate expansion of the Single Ascending Dose study into a Multiple Ascending Dose study to evaluate
        clinical proof of concept for the Company’s novel therapeutic. If clinical proof of concept is established, it will dramatically inform future product development by the Company and other Foundation partners in their efforts to develop therapeutic
        and prophylactic products effective against human immunodeficiency virus and accelerate the potential alleviation of suffering caused by this disease. The Foundation believes that funding now rather than waiting for the Safety Milestone has the
        potential to accelerate the program’s timelines by more than 6 months.

    
      
        

    

    (F)          Since the time the Note Purchase Agreement was executed, the Company has completed a reorganization as a result
        of which the Company has become a wholly-owned subsidiary of Holdings.

    

    

    (G)         Holdings and the Company desire for the Company to remain a wholly-owned subsidiary of Holdings.  Therefore,
        rather than have the Foundation provide Tranche 2 as a loan that would immediately convert into equity of the Company, Holdings has requested that the Foundation instead purchase US$15,000,000 of its American Depositary Shares, representing
        ordinary shares in the capital of Holdings, in a private placement pursuant to the terms of a subscription agreement to be entered into by the Foundation and Holdings on the date of this Agreement (the “Subscription
          Agreement”).

    

    

    (H)        In connection with the foregoing the Foundation, the Company and Holdings desire to make certain amendments to
        the Global Access Agreement.

     

      

    NOW, THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which the parties hereto
      acknowledge, the parties agree as follows:

      

    

    1.          Effective as of the date of this Agreement, the “Amended Scope of Work: Research and Development plan” and the
        related exhibits attached to this Agreement as Annex 6 are hereby added as Annex 6 to the Global Access Agreement and the parties agree that the attached Annex 6 constitutes the Amended Scope of Work as defined in the Global Access Agreement.

    

    

    2.          In order to further the Foundation’s charitable purposes and in support of the HIV Program, as further described
        in the attached Annex 7, the parties agree that it is prudent to accelerate the timing of the Tranche 2 investment. Annex 7 to this Agreement is hereby added as Annex 7 to the Global Access Agreement.

    

    

    3.          The following sentence is hereby added to the end of Section 2(c) of the Global Access Agreement:

    

    

    The Foundation, the Company and Holdings acknowledge that accelerating the Tranche 2 investment introduces risk that there may be Tranche 2 funds
      that are not utilized if the results of the SAD study contemplated in this Agreement will not support initiation of the MAD study contemplated in this Agreement due to safety, futility or other considerations.  If the Foundation, the Company and
      Holdings determine, acting in good faith, not to proceed with the MAD study, the Foundation, the Company and Holdings agree to work in good faith to identify an alternative path, funded by the Tranche 2 investment, to advance the Amended Scope of
      Work.  If the Foundation, the Company and Holdings, acting in good faith, agree that continuing to pursue the Amended Scope of Work is no longer prudent, the Foundation, the Company and Holdings agree to work in good faith to develop an alternative
      scope of work for HIV or another of the Target Diseases and Conditions, and the Company and Holdings agree to use the proceeds of the Tranche 2 investment to fund this alternative scope of work.

     

    

    
      CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***],

       HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE

       REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

    

    
      
        

    

    4.          Section 3(a)(i)(B) of the Global Access Agreement is hereby amended and restated in its entirety to read as
        follows:

    

    

    
      
        (B)          On or about February 2, 2021, the Foundation entered into a subscription agreement,
          whereby it agreed to subscribe from Immunocore Holdings plc fifteen million dollars ($US15,000,000) of its American Depositary Shares (“ADSs”), at the initial
          public offering price per ADS in the initial public offering of Immunocore Holdings plc (“Tranche 2“).

      

    

    

    

    5.          The Subscription Agreement is hereby added as an additional Investment Document for purposes of the Global
        Access Agreement.

     

      

    6.          For the avoidance of doubt, the term
        “Equity Securities” in the Global Access Agreement includes the American Depositary Shares purchased by the Foundation pursuant to the Subscription Agreement and the underlying ordinary shares and any equity securities issued in connection with or
        in respect of or upon conversion of the American Depositary Shares or the underlying ordinary shares.

     

      

    7.          The Foundation, the Company and Holdings hereby reaffirm their obligations pursuant to the Global Access Agreement.

    

    

    
      
        8.          Capitalized terms used herein without definition shall have the meanings ascribed thereto in the Global Access
          Agreement.

         

          

        9.          Except as expressly modified by this Agreement, all terms and conditions of the Global Access Agreement shall
          continue in full force and effect.

         

          

        10.       This Agreement and any
            dispute, controversy, proceedings or claim of whatever nature arising out of or in any way relating to this Agreement or its formation (including non-contractual disputes or claims), shall be governed by and construed in accordance with English
            law and any dispute will be submitted to the exclusive jurisdiction and venue of the courts located in London, England.

         

        

        11.       This Agreement may be executed in one or more
            counterparts, including by signatures delivered by facsimile or pdfs, each of which shall be deemed an original, but all of which shall be deemed
              to be and constitute one and the same instrument.

      

    

    

    

    [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

     

    

    
      
        
          CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***],

           HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE

           REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

        

      

    

    
      
        

    

    IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized representatives as of the date first written
      above.

    

    

    IMMUNOCORE LIMITED

    

    

    
      	
              By:

            	
              /s/ Lily Hepworth

            	 
	
              Name:

            	Lily Hepworth 	 
	
              Title:

            	Director 

            	 

    

    

    

    IMMUNOCORE HOLDINGS PLC

    

    

    

    
      
        	
                By:

              	
                /s/ Bahija Jallal

              	 
	
                Name:

              	Bahija Jallal 	 
	
                Title:

              	Director	 

      

    

    

    

    BILL & MELINDA GATES FOUNDATION

    

    

    
      
        	
                By:

              	
                /s/ Carolyn N. Ainslie

              	 
	
                Name:

              	Carolyn N. Ainslie 	 
	
                Title:

              	CFO 

              	

              

         

        

        
          
            
              
                CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***],

                 HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE

                 REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

              

            

          

        

      

    

    
      
        

    

    Annex 6

    

    

    Amended Scope of Work

    

    

    

    

    [***]

     

    

    
       

      

      
        
          
            
              CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***],

               HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE

               REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

            

          

        

      

    

    
      
        

    

    Annex 7

    

    

    Accelerated Tranche 2 Investment

    

    

    

    

    [***]

     

    

    
       

      

      
        
          
            
              CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***],

               HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE

               REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]