Document:

EX-10.3

 Exhibit 10.3 

C4 THERAPEUTICS, INC. 

2020 EMPLOYEE STOCK PURCHASE PLAN 

The purpose of the C4 Therapeutics, Inc. 2020 Employee Stock Purchase Plan (“the Plan”) is to provide eligible employees of
C4 Therapeutics, Inc. (the “Company”) and each Designated Subsidiary (as defined in Section 11) with opportunities to purchase shares of the Company’s common stock, par value $0.0001 per share (the “Common
Stock”). 437,809 shares of Common Stock in the aggregate have been approved and reserved for this purpose, plus on January 1, 2021, and each January 1 thereafter through January 1, 2030, the number of shares of Common Stock
reserved and available for issuance under the Plan shall be cumulatively increased by the lesser of (i) one percent (1%) of the number of shares of Common Stock issued and outstanding on the immediately preceding December 31st, (ii) 656,714
shares of Common Stock, or (iii) such lesser number of shares of Common Stock as determined by the Administrator. The Plan is intended to constitute an “employee stock purchase plan” within the meaning of Section 423(b) of the
Internal Revenue Code of 1986, as amended (the “Code”), and shall be interpreted in accordance with that intent. 
 1.
Administration. The Plan will be administered by the person or persons (the “Administrator”) appointed by the Company’s Board of Directors (the “Board”) for such purpose. The Administrator has authority
at any time to: (i) adopt, alter and repeal such rules, guidelines and practices for the administration of the Plan and for its own acts and proceedings as it shall deem advisable; (ii) interpret the terms and provisions of the Plan;
(iii) make all determinations it deems advisable for the administration of the Plan; (iv) decide all disputes arising in connection with the Plan; and (v) otherwise supervise the administration of the Plan. All interpretations and
decisions of the Administrator shall be binding on all persons, including the Company and the Participants. No member of the Board or individual exercising administrative authority with respect to the Plan shall be liable for any action or
determination made in good faith with respect to the Plan or any option granted hereunder. 
 2. Offerings. The Company will make one
or more offerings to eligible employees to purchase Common Stock under the Plan (“Offerings”). Unless otherwise determined by the Administrator, an Offering will begin on the first business day occurring on or after each
January 1 and July 1 and will end on the last business day occurring on or before the following June 30 and December 31, respectively. The Administrator may, in its discretion, designate a different period for any Offering,
provided that no Offering shall exceed twenty-seven months in duration or overlap any other Offering. 
 3. Eligibility. All
individuals classified as employees on the payroll records of the Company and each Designated Subsidiary are eligible to participate in any one or more of the Offerings under the Plan, provided that, as of the first day of the applicable
Offering (the “Offering Date”), such individual is customarily employed by the Company or a Designated Subsidiary for more than 20 hours a week and has completed at least 30 days of employment. Notwithstanding any other provision
herein, individuals who are not contemporaneously classified as employees of the Company or a Designated Subsidiary for purposes of the Company’s or applicable Designated Subsidiary’s payroll system are not considered to be eligible
employees of the Company or any Designated Subsidiary and shall not be eligible to 

 participate in the Plan. In the event any such individuals are reclassified as employees of the Company or a
Designated Subsidiary for any purpose, including, without limitation, common law or statutory employees, by any action of any third party, including, without limitation, any government agency, or as a result of any private lawsuit, action or
administrative proceeding, such individuals shall, notwithstanding such reclassification, remain ineligible for participation. Notwithstanding the foregoing, the exclusive means for individuals who are not contemporaneously classified as employees
of the Company or a Designated Subsidiary on the Company’s or Designated Subsidiary’s payroll system to become eligible to participate in this Plan is through an amendment to this Plan, duly executed by the Company, which specifically
renders such individuals eligible to participate herein. 
 4. Participation. 

(a) Participants. An eligible employee who is not a Participant in any prior Offering may participate in an Offering by submitting an
enrollment form to his or her appropriate payroll location at least 15 business days before the Offering Date (or by such other deadline as shall be established by the Administrator for the Offering). 

(b) Enrollment. The enrollment form will (a) state a whole percentage or the amount to be deducted from an eligible
employee’s Compensation (as defined in Section 11) per pay period, (b) authorize the purchase of Common Stock in each Offering in accordance with the terms of the Plan and (c) specify the exact name or names in which shares of
Common Stock purchased for such individual are to be issued pursuant to Section 10. An employee who does not enroll in accordance with these procedures will be deemed to have waived the right to participate. Unless a Participant files a new
enrollment form (which may effect a change in enrollment percentage or amount) or withdraws from the Plan, such Participant’s deductions and purchases will continue at the same percentage or amount of Compensation for future Offerings,
provided he or she remains eligible. 
 (c) Compliance with Code Requirements. Notwithstanding the foregoing, participation in
the Plan will neither be permitted nor be denied contrary to the requirements of the Code. 
 5. Employee Contributions. Each
eligible employee may authorize payroll deductions at a minimum of 1 percent up to a maximum of 15 percent of such employee’s Compensation for each pay period. The Company will maintain book accounts showing the amount of payroll
deductions made by each Participant for each Offering. No interest will accrue or be paid on payroll deductions. 
 6. Deduction
Changes. Except as may be determined by the Administrator in advance of an Offering, a Participant may not increase or decrease his or her payroll deduction during any Offering, but may increase or decrease his or her payroll deduction with
respect to the next Offering (subject to the limitations of Section 5) by filing a new enrollment form at least 15 business days before the next Offering Date (or by such other deadline as shall be established by the Administrator for the
Offering). The Administrator may, in advance of any Offering, establish rules permitting a Participant to increase, decrease or terminate his or her payroll deduction during an Offering. 

  
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 7. Withdrawal. A Participant may withdraw from participation in the Plan by
delivering a written notice of withdrawal to his or her appropriate payroll location. The Participant’s withdrawal will be effective as of the next business day. Following a Participant’s withdrawal, the Company will promptly refund such
individual’s entire account balance under the Plan to him or her (after payment for any Common Stock purchased before the effective date of withdrawal). Partial withdrawals are not permitted. Such an employee may not begin participation again
during the remainder of the Offering, but may enroll in a subsequent Offering in accordance with Section 4. 
 8. Grant of
Options. On each Offering Date, the Company will grant to each eligible employee who is then a Participant in the Plan an option (“Option”) to purchase on the last day of such Offering (the “Exercise Date”), at
the Option Price hereinafter provided for, the lowest of (a) a number of shares of Common Stock determined by dividing such Participant’s accumulated payroll deductions on such Exercise Date by the lower of (i) 85% of the Fair Market
Value of the Common Stock on the Offering Date, or (ii) 85% of the Fair Market Value of the Common Stock on the Exercise Date; (b) a number of shares of Common Stock determined by dividing $25,000 by the Fair Market Value of the Common
Stock on the Offering Date of such Offering; or (c) such other lesser maximum number of shares as shall have been established by the Administrator in advance of the Offering; provided, however, that such Option shall be subject to
the limitations set forth below. Each Participant’s Option shall be exercisable only to the extent of such Participant’s accumulated payroll deductions on the Exercise Date. The purchase price for each share purchased under each Option
(the “Option Price”) will be 85% of the Fair Market Value of the Common Stock on the Offering Date or the Exercise Date, whichever is less. 

Notwithstanding the foregoing, no Participant may be granted an Option hereunder if such Participant, immediately after the Option was
granted, would be treated as owning stock possessing 5% or more of the total combined voting power or value of all classes of stock of the Company or any Parent or Subsidiary (as defined in Section 11). For purposes of the preceding
sentence, the attribution rules of Section 424(d) of the Code shall apply in determining the stock ownership of a Participant, and all stock that the Participant has a contractual right to purchase shall be treated as stock owned by the
Participant. In addition, no Participant may be granted an Option that permits his or her rights to purchase stock under the Plan, and any other employee stock purchase plan of the Company and its Parents and Subsidiaries, to accrue at a rate which
exceeds $25,000 of the fair market value of such stock (determined on the option grant date or dates) for each calendar year in which the Option is outstanding at any time. The purpose of the limitation in the preceding sentence is to comply with
Section 423(b)(8) of the Code and shall be applied taking Options into account in the order in which they were granted. 
 9.
Exercise of Option and Purchase of Shares. Each employee who continues to be a Participant in the Plan on the Exercise Date shall be deemed to have exercised his or her Option on such date and shall acquire from the Company such number of
whole shares of Common Stock reserved for the purpose of the Plan as his or her accumulated payroll deductions on such date will purchase at the Option Price, subject to any other limitations contained in the Plan. Any amount remaining in a
Participant’s account at the end of an Offering solely by reason of the inability to purchase a fractional share will be carried forward to the next Offering; any other balance remaining in a Participant’s account at the end of an Offering
will be refunded to the Participant promptly. 

  
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 10. Issuance of Certificates. Certificates representing shares of Common Stock
purchased under the Plan may be issued only in the name of the employee, in the name of the employee and another person of legal age as joint tenants with rights of survivorship, or in the name of a broker authorized by the employee to be his, her
or their, nominee for such purpose. 
 11. Definitions. For purposes of this Plan, the following terms shall have the meanings set
forth below: 
 The term “Compensation” means the amount of base pay, prior to salary reduction pursuant to
Sections 125, 132(f) or 401(k) of the Code, but excluding overtime, commissions, incentive or bonus awards, allowances and reimbursements for expenses such as relocation allowances or travel expenses, income or gains on the exercise of Company
stock options, and similar items. 
 The term “Designated Subsidiary” means any present or future Subsidiary (as defined
below) that has been designated by the Board to participate in the Plan. The Board may so designate any Subsidiary, or revoke any such designation, at any time and from time to time, either before or after the Plan is approved by the stockholders.

 The term “Fair Market Value of the Common Stock” on any given date means the fair market value of the Common Stock
determined in good faith by the Administrator; provided, however, that if the Common Stock is admitted to quotation on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”), NASDAQ Global
Market or another national securities exchange, the determination shall be made by reference to the closing price on such date. If there is no closing price for such date, the determination shall be made by reference to the last date preceding such
date for which there is a closing price. 
 The term “Parent” means a “parent corporation” with respect to the
Company, as defined in Section 424(e) of the Code. 
 The term “Participant” means an individual who is eligible to
participate in this Plan as determined in Section 3 and who has complied with the provisions of Section 4. 
 The term
“Subsidiary” means a “subsidiary corporation” with respect to the Company, as defined in Section 424(f) of the Code. 

12. Rights on Termination of Employment. If a Participant’s employment terminates for any reason before the Exercise Date for any
Offering, no further payroll deduction will be taken from any pay due and owing to the Participant and the balance in the Participant’s account will be paid to such Participant or, in the case of such Participant’s death, to his or her
designated beneficiary as if such Participant had withdrawn from the Plan under Section 7. An employee will be deemed to have terminated employment, for this purpose, if the corporation that employs him or her, having been a Designated
Subsidiary, ceases to be a Subsidiary, or if the employee is transferred to any corporation other than the Company or a Designated Subsidiary. An employee will not be deemed to have terminated employment for purposes of this Section 12 if the
employee is on an approved leave of absence for military service or sickness or for any other purpose approved by the Company, if the employee’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant
to which the leave of absence was granted or if the Administrator otherwise provides in writing. 

  
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 13. Special Rules. Notwithstanding anything herein to the contrary, the Administrator
may adopt special rules applicable to the employees of a particular Designated Subsidiary, whenever the Administrator determines that such rules are necessary or appropriate for the implementation of the Plan in a jurisdiction where such Designated
Subsidiary has employees; provided that such rules are consistent with the requirements of Section 423(b) of the Code. Any special rules established pursuant to this Section 13 shall, to the extent possible, result in the employees
subject to such rules having substantially the same rights as other Participants in the Plan. 
 14. Optionees Not Stockholders.
Neither the granting of an Option to a Participant nor the deductions from his or her pay shall constitute such Participant a holder of the shares of Common Stock covered by an Option under the Plan until such shares have been purchased by and
issued to him or her. 
 15. Rights Not Transferable. Rights under the Plan are not transferable by a Participant other than by will
or the laws of descent and distribution, and are exercisable during the Participant’s lifetime only by the Participant. 
 16.
Application of Funds. All funds received or held by the Company under the Plan may be combined with other corporate funds and may be used for any corporate purpose. 

17. Adjustment in Case of Changes Affecting Common Stock. In the event of a subdivision of outstanding shares of Common Stock, the
payment of a dividend in Common Stock or any other change affecting the Common Stock, the number of shares approved for the Plan and the share limitation set forth in Section 8 shall be equitably or proportionately adjusted to give proper
effect to such event. 
 18. Amendment of the Plan. The Board may, at any time and from time to time, amend the Plan in any respect,
except that, without the approval within 12 months of such Board action by the stockholders, no amendment shall be made increasing the number of shares approved for the Plan or making any other change that would require stockholder approval in order
for the Plan, as amended, to qualify as an “employee stock purchase plan” under Section 423(b) of the Code. 
 19.
Insufficient Shares. If the total number of shares of Common Stock that would otherwise be purchased on any Exercise Date, plus the number of shares purchased under previous Offerings under the Plan, exceeds the maximum number of shares
issuable under the Plan, the shares then available shall be apportioned among Participants in an Offering in proportion to the amount of payroll deductions accumulated on behalf of each Participant that would otherwise be used to purchase Common
Stock on such Exercise Date. 

  
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 20. Termination of the Plan. The Plan may be terminated at any time by the Board.
Upon termination of the Plan, all amounts in the accounts of Participants shall be promptly refunded. 
 21. Governmental Regulations.
The Company’s obligation to sell and deliver Common Stock under the Plan is subject to obtaining all governmental approvals required in connection with the authorization, issuance, or sale of such stock. 

22. Governing Law. This Plan and all Options and actions taken thereunder shall be governed by, and construed in accordance with, the
General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by, and construed in accordance with, the internal laws of the Commonwealth of Massachusetts, applied without
regard to conflict of law principles. 
 23. Issuance of Shares. Shares may be issued upon exercise of an Option from authorized but
unissued Common Stock, from shares held in the treasury of the Company, or from any other proper source. 
 24. Tax Withholding.
Participation in the Plan is subject to any minimum required tax withholding on income of the Participant in connection with the Plan. Each Participant agrees, by entering the Plan, that the Company and its Subsidiaries shall have the right to
deduct any such taxes from any payment of any kind otherwise due to the Participant, including shares issuable under the Plan. 
 25.
Notification Upon Sale of Shares. Each Participant agrees, by entering the Plan, to give the Company prompt notice of any disposition of shares purchased under the Plan where such disposition occurs within two years after the date of grant of
the Option pursuant to which such shares were purchased or within one year after the date such shares were purchased. 
 26. Effective
Date and Approval of Shareholders. The Plan shall take effect on the date immediately preceding the date upon which the registration statement on Form S-1 that is filed by the Company with respect to its
initial public offering of Common Stock under the Securities Act of 1933, as amended, is declared effective by the Securities and Exchange Commission, subject to approval by the holders of a majority of the votes cast at a meeting of stockholders at
which a quorum is present or by written consent of the stockholders. 
  

			
	DATE APPROVED BY BOARD OF DIRECTORS:	 	September 8, 2020
		
	DATE APPROVED BY STOCKHOLDERS:	 	September 23, 2020

  

	*	 The share numbers in this Plan reflect the reverse stock split effected September 25, 2020.

  
 6Exhibit 4.1

 

	NUMBER

        U-__________
	 	UNITS
	 	 	 
	SEE
    REVERSE FOR CERTAIN DEFINITIONS	EDTECHX
    HOLDINGS ACQUISITION CORP. II	 

 

CUSIP
28139A 201

 

UNITS
CONSISTING OF ONE SHARE OF CLASS A COMMON STOCK AND

ONE-HALF
OF ONE REDEEMABLE WARRANT TO PURCHASE ONE SHARE OF CLASS A COMMON STOCK

 

THIS
CERTIFIES THAT                                                                                                                                                                            

 

is
the owner of                                                                                                                   Units.

 

Each
Unit (“Unit”) consists of one (1) share of Class A common stock, par value $0.0001 per share (“Common
Stock”), of EdtechX Holdings Acquisition Corp. II, a Delaware corporation (the “Company”), and one-half
(1/2)of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase
one (1) share (subject to adjustment) of Common Stock for $11.50 per share (subject to adjustment). Each Warrant will become exercisable
on the later of (i) thirty (30) days after the Company’s completion of a merger, capital stock exchange, asset acquisition,
or other similar business combination with one or more businesses (each a “Business Combination”) or (ii) twelve
(12) months from the closing of the Company’s initial public offering (the “IPO”), and will expire unless
exercised before 5:00 p.m., New York City Time, on the fifth anniversary of the completion of an initial Business Combination,
or earlier upon redemption or liquidation. The Common Stock and Warrant(s) comprising the Unit(s) represented by this certificate
are not transferable separately prior to __________, 2020, unless Jefferies LLC elects to allow earlier separate trading, subject
to the Company’s filing of a Current Report on Form 8-K with the Securities and Exchange Commission containing an audited
balance sheet reflecting the Company’s receipt of the gross proceeds of the IPO and issuing a press release announcing when
such separate trading will begin. The terms of the Warrants are governed by a Warrant Agreement, dated as of ____, 2020, between
the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions
contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of
the Warrant Agreement are on file at the office of the Warrant Agent at 1 State Street, 30th Floor, New York,
New York 10004, and are available to any Warrant holder on written request and without cost.

 

This
certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company.

 

This
certificate shall be governed by and construed in accordance with the internal laws of the State of New York.

 

Witness
the facsimile seal of the Company and the facsimile signatures of its duly authorized officers.

 

	By	 	 	 
	 	Chairman	 	Secretary

 

     

     

    

 

EdtechX
Holdings Acquisition Corp. II

 

The
Company will furnish without charge to each unitholder who so requests, a statement of the powers, designations, preferences,
and relative, participating, optional, or other special rights of each class of stock or series thereof of the Company and the
qualifications, limitations, or restrictions of such preferences and/or rights.

 

The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:

 

	 	TEN
    COM –	as
    tenants in common	UNIF
    GIFT MIN ACT - _____ Custodian ______
	 	TEN ENT –	as tenants
    by the entireties	                      (Cust)
                     (Minor)
	 	JT TEN –	as joint
    tenants with right of survivorship	under
    Uniform Gifts to Minors
	 	 	and not as
    tenants in common	Act
    ______________
	 	 	 	(State)

 

Additional
abbreviations may also be used though not in the above list.

 

For
value received, ___________________________ hereby sell, assign, and transfer unto

 

	PLEASE
        INSERT SOCIAL SECURITY OR OTHER

        IDENTIFYING
        NUMBER OF ASSIGNEE

         
	 
	 

         
	 

 

(PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

 

                                                                                                                    Units 

 

represented
by the within Certificate, and do hereby irrevocably constitute and appoint

 

                                                                                                                           Attorney
to transfer the said Units on the books of the within named Company with full power of substitution in the premises.

 

Dated                                                

 

	 	 	 
	 	Notice: 	The
    signature to this assignment must correspond with the name as written upon the face of the certificate in every particular,
    without alteration or enlargement or any change whatever.

 

Signature(s)
Guaranteed:

 

THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND
CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

     

     

    

 

In
each case, as more fully described in the Corporation’s final prospectus dated                  , 2020, the holder(s) of this certificate
shall be entitled to receive a pro-rata portion of certain funds held in the trust account established in connection with its
initial public offering only in the event that (i) the Company redeems the shares of Class A common stock sold in the Company’s
initial public offering and liquidates, (ii) the Company redeems the shares of Class A common stock sold in its initial public
offering in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation
to modify the substance or timing of the Company’s obligation to redeem 100% of the Class A common stock if it does not
consummate an initial business combination by , 2022, or (iii) if the holder(s) seek(s) to redeem for cash his, her or its respective
shares of Class A common stock or in connection with a tender offer (or proxy solicitation, solely in the event the Company seeks
stockholder approval of the proposed initial business combination) setting forth the details of a proposed initial business combination.
In no other circumstances shall the holder(s) have any right or interest of any kind in or to the trust account. Notwithstanding
the foregoing, except as otherwise agreed to by the Company, a holder of common stock sold in the initial public offering, together
with any affiliate of his or her or any other person with whom he or she is acting in concert or as a “group” (within
the meaning of Section 13(d)(3) of the Exchange Act), will be restricted from demanding redemption with respect to more than
15% of such shares of common stock.

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