Document:

Exhibit
10.3

 

 

TC
BIOPHARM (HOLDINGS) PLC

 

TC
BIOPHARM (HOLDINGS)

PLC COMPANY SHARE

OPTION
PLAN 2021

 

 

 

Adopted
by the Board of the Company on [DATE]

 

Approved
by shareholders of the Company in general meeting on [DATE]

 

    	 

    	 

    

 

	 	Contents	 
	 	 	 
	 	Clause	Page
	 	 	 
	1	Definitions
    and interpretation	1
	2	Grant
    of Options	5
	3	Vesting
    and Performance Conditions	6
	4	Limits
    on grants	7
	5	Vesting
    and Exercise of Options	8
	6	Manner
    of exercise of Options	8
	7	Cessation
    of Employment	9
	8	Takeovers
    and liquidations	10
	9	Lapse
    and suspension of Options	13
	10	Variation
    of share capital	14
	11	Malus
    and clawback	14
	12	Tax
    liabilities	16
	13	Relationship
    with employment contract	16
	14	Notices	17
	15	Administration
    and amendment	18
	16	Governing
    law	19
	17	Jurisdiction	19
	18	Third
    Party Rights	19
	19	Data
    protection	19

 

    	 

    	 

    

 

RULES
OF THE TC BIOPHARM (HOLDINGS) PLC COMPANY SHARE OPTION PLAN 2021

 

		1	Definitions
                                            and interpretation

 

		1.1	In
                                            this Plan, unless the context otherwise requires:

 

Adoption
Date means the date of the adoption of the Plan by the Board

 

Associate
has the meaning given in paragraph 12 of Schedule 4

 

Associated
Company has the meaning given in paragraph 35 of Schedule 4

 

Bad
Leaver means an Option Holder who ceases to be an Employee as a result of such Employee:

 

		(a)	acting
                                            fraudulently or dishonestly; or

 

		(b)	committing
                                            an act of gross misconduct; or

 

		(c)	acting
                                            in a manner which the Board considers has or could substantially impair the reputation, value
                                            and goodwill of the Company

 

Board
means the board of directors of the Company or a committee of directors appointed by that board to carry out any of its functions
under the Plan

 

Business
Day means a day other than a Saturday, Sunday or public holiday in England when banks in London are open for business

 

Company
means TC BioPharm (Holdings) plc, a company incorporated in Scotland with registered number SC713098

 

Constituent
Company means the Company and any Eligible Company nominated by the Board to be a Constituent Company from time to time

 

Control
has the meaning given in section 719 of ITEPA 2003

 

Date
of Grant means the date on which an Option is granted under the Plan

 

Deed
of Acceptance a deed executed by the Option Holder confirming their acceptance of the Option, which
shall be annexed to each Option Certificate

 

Eligible
Company means any company of which the Company has Control, including any jointly owned company (as defined in paragraph 34 of Schedule
4) that is treated as being under the Company’s Control under paragraph 34 of Schedule 4 and that is not excluded from being a
Constituent Company under paragraph 34(4) of Schedule 4

 

Eligible
Employee means:

 

		(a)	any
                                            Employee; or

 

		(b)	a
                                            director of a Constituent Company who is required to devote at least 25 hours per week (excluding
                                            meal breaks) to his duties

 

who,
in either case:

 

    	1

    	 

    

 

		(a)	does
                                            not have a Material Interest (either on his own or together with one or more of his Associates),
                                            and has not had such an interest in the last 12 months; and

 

		(b)	has
                                            no Associate or Associates that has or (taken together) have a Material Interest, or had
                                            such an interest in the last 12 months

 

Employee
means an employee of a Constituent Company

 

Employer
Contributions means secondary class 1 (employer) NICs (or any similar liability for social security contributions in any jurisdiction)
or similar contributions (including, but not limited to, apprenticeship levy and health and social care levy) and that may be lawfully
recovered from the Option Holder

 

Exercise
Price means the price at which each Share subject to an Option may be acquired on the exercise of that Option, which (subject to
Rule 9):

 

		(a)	if
                                            Shares are to be newly issued to satisfy the exercise of the Option, may not be less than
                                            the nominal value of a Share; and

 

		(b)	may
                                            not be less than the Market Value of a Share on the Date of Grant

 

Existing
CSOP Options means all:

 

		(a)	Options
                                            and

 

		(b)	options
                                            granted under any other Schedule 4 CSOP that has been established by the Company or any of
                                            its Associated Companies,

 

that
can still be exercised

 

Existing
EMI Options means all qualifying options (as defined in section 527 of ITEPA 2003) that
have been granted as a result of employment with the Company (or any other member of a group of companies to which the Company belongs)
that can still be exercised

 

Existing
Option means an option or any other right to acquire or receive Shares granted under any
Share Incentive Scheme (including the Plan), that remains capable of exercise, or in the case of options or rights that do not require
exercise, remains capable of satisfaction

 

Good
Leaver means an Option Holder who ceases to be an Eligible Employee by reason of:

 

		(a)	injury,
                                            disability, redundancy or retirement;

 

		(b)	the
                                            occurrence of a relevant transfer within the meaning of the Transfer of Undertakings (Protection
                                            of Employment) Regulations 2006 with respect to the business which employees the Participant;
                                            or

 

		(c)	the
                                            Constituent Company which employs the Participant ceasing to be Controlled (directly or indirectly)
                                            by the Company

 

Grantor
means the person granting an Option, that may be:

 

		(a)	the
                                            Company; or

 

		(b)	the
                                            trustees of an employee benefit trust authorised by the Board to grant Options at the relevant
                                            time; or

 

		(c)	any
                                            other person so authorised by the Board to grant Options at the relevant time

 

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HMRC
means HM Revenue & Customs

 

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

 

Key
Feature means any provision of the Plan that is necessary to meet the requirements of Schedule 4

 

Market
Value means whichever of the following applies:

 

		(i)	on
                                            any day on which Shares are listed on the London Stock Exchange the closing price of the
                                            Shares as quoted by the Financial Times on the business day immediately preceding the date
                                            of grant, or any alternative mechanism for ascertaining market value which is agreed in writing
                                            by HMRC;

 

		(ii)	on
                                            any day on which Shares are not listed on that exchange, the market value determined in accordance
                                            with the applicable provisions of Part VIII of the Taxation of Chargeable Gains Act 1992,
                                            as agreed in advance of the relevant Date of Grant with HMRC Shares and Assets Valuation

 

If
Shares are subject to a Relevant Restriction, Market Value shall be determined as if they were not subject to a Relevant Restriction.

 

Material
Interest has the meaning given existing in paragraph 9 of Schedule 4

 

Option
means a right to acquire Shares granted under the Plan

 

Option
Certificate means a document setting out the terms of an Option, issued under Rule 2.3

 

Option
Holder means an individual who holds an Option or, where applicable, his personal representatives

 

Option
Shares means, in respect of any Option, the Shares in respect of which that Option subsists

 

Performance
Condition means any condition set under Rule 3 that:

 

		(a)	must
                                            be met before an Option can be exercised at all; and/or

 

		(b)	provides
                                            that the extent to which an Option becomes capable of exercise shall be determined by reference
                                            to performance over a certain period measured against specified targets in accordance with
                                            the terms of Rule 3

 

Plan
means the TC Biopharm (Holdings) plc Company Share Option Plan 2021 constituted by these Rules, as amended from time to time

 

Relevant
CSOP Options means all Options granted under the Plan (and any other Schedule 4 CSOP as a result of employment with the Company (or
any other member of a group of companies to which the Company belongs) that can still be exercised

 

Relevant
Restriction means any provision included in any contract, agreement, arrangement or condition to which any of sections 423(2), 423(3)
and 423(4) of ITEPA 2003 would apply if references in those sections to employment-related securities were references to Shares

 

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Rollover
Period means any period during which Options may be exchanged for options over shares in another company (under paragraph 26 of Schedule
4, Rule 8.7 and Rule 8.8)

 

Schedule
4 means Schedule 4 to ITEPA 2003

 

Schedule
4 CSOP means a share plan that meets the requirements of Schedule 4 to ITEPA 2003

 

Share
Incentive Scheme means any arrangement to provide employees and/or directors with Shares or rights over Shares

 

Shares
means ordinary shares of £0.01 each in the Company (subject to Rule 9) that meet the requirements of paragraphs 16 to 18 and
paragraph 20 of Schedule 4

 

Sufficient
Shares means the smallest number of Shares that, when sold, will produce an amount at least equal to the relevant Tax Liability (after
deduction of brokerage and any other charges or taxes on the sale)

 

Tax
Liability means the total of:

 

		(a)	any
                                            PAYE income tax and primary class 1 (employee) national insurance contributions or any like
                                            sum (including health and social care levy) (or any similar liability to withhold amounts
                                            in respect of income tax or social security contribution in any jurisdiction), that any employer
                                            (or former employer) of an Option Holder is liable to account for as a result of the exercise
                                            of an Option; and

 

		(b)	any
                                            Employer Contributions that any employer (or former employer) of an Option Holder is liable
                                            to pay as a result of the exercise of an Option, unless the Option Certificate specifies
                                            otherwise

 

Vest
means an Option (or parts of an Option) becoming exercisable following satisfaction of time based and performance based criteria
as set out in the relevant Option Certificate and the word Vested and Vesting shall be construed accordingly

 

Vesting
Period means the period ending on the last date/event specified in the Vesting Schedule which shall not be shorter than three years
from the Date of Grant of an Option

 

Vesting
Schedule means a timetable set by the Board, as set out in the Option Certificate, which sets dates and/or events the occurrence
of which may (subject to the provisions of Rule 5) permit the Option (or part of the Option) to be exercised

 

Vested
Option means the part of an Option that is Vested at any time.

 

		1.2	Rule
                                            headings shall not affect the interpretation of the Plan.

 

		1.3	Unless
                                            the context otherwise requires, words in the singular shall include the plural and in the
                                            plural shall include the singular and words importing either gender include all genders.

 

		1.4	A
                                            reference to a statute or statutory provision is a reference to it as amended, extended or
                                            re-enacted from time to time.

 

		1.5	A
                                            reference to a statute or statutory provision shall include all subordinate legislation made
                                            from time to time under that statute or statutory provision.

 

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		1.6	A
                                            reference to writing or written includes fax and e-mail.

 

		1.7	Any
                                            obligation on a party not to do something includes an obligation not to allow that thing
                                            to be done.

 

		1.8	A
                                            reference to the Plan or to any other agreement or document referred to in the Plan is a
                                            reference to the Plan or such other agreement or document as varied or novated (in each case,
                                            other than in breach of the provisions of the Plan) from time to time.

 

		1.9	References
                                            to Rules are to the Rules of the Plan.

 

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

 

		2	Grant
                                            of Options

 

		2.1	Subject
                                            to the Rules of the Plan, any Grantor may grant Options to any Eligible Employee it chooses
                                            at any time.

 

		2.2	Options
                                            may not be granted:

 

		(a)	at
                                            any time when that grant would be prohibited by, or in breach of any:

 

		(i)	law;
                                            or

 

		(ii)	any
                                            other regulation with the force of law; or

 

		(b)	before
                                            the Adoption Date; or

 

		(c)	after
                                            the tenth anniversary of the Adoption Date.

 

		2.3	Subject
                                            to Rule 2.5, an Option shall be granted by the Grantor unilaterally executing an Option Certificate
                                            as a deed, in a form approved by the Board. Each Option Certificate shall be sent to the
                                            relevant Option Holder and shall specify (without limitation):

 

		(a)	the
                                            Date of Grant of the Option and that the Option shall lapse if the Deed of Acceptance (which
                                            shall be attached to the Option Certificate) is not signed and returned to the Company within
                                            30 days of the Date of Grant;

 

		(b)	the
                                            number and class of the Shares over which the Option is granted;

 

		(c)	the
                                            Exercise Price;

 

		(d)	the
                                            date(s) after which the Option, or part of the Option, may be exercised, unless an earlier
                                            event occurs to cause the Option to lapse or to become exercisable, in whole or in part.
                                            Subject to Rules 7 and 8, any such date may not be:

 

		(i)	earlier
                                            than the third anniversary of the Date of Grant unless the Board determines otherwise upon
                                            the Date of Grant of an Option, in its absolute discretion; or

 

		(ii)	later
                                            than the tenth anniversary of the Date of Grant;

 

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		(e)	the
                                            date when the Option will lapse, assuming that the Option is not exercised earlier and no
                                            event occurs to cause the Option to lapse earlier. This date must not be later than the tenth
                                            anniversary of the Date of Grant;

 

		(f)	any
                                            Performance Conditions and the method by which the Performance Conditions may be varied or
                                            waived;

 

		(g)	a
                                            statement that:

 

		(i)	the
                                            Option is subject to these Rules, Schedule 4 and any other legislation applying to Schedule
                                            4 CSOPs; and

 

		(ii)	the
                                            provisions listed in Rule 2.3(g)(i) shall prevail over any conflicting statement relating
                                            to the Option’s terms;

 

		(h)	whether
                                            or not the Shares are subject to any Relevant Restrictions and, if so, the nature of the
                                            Relevant Restrictions;

 

		(i)	whether
                                            or not the Option Holder shall be liable for Employer Contributions as set out in Rule 13.2;
                                            and

 

		(j)	any
                                            additional term as the Board may specify (including any “lock-in period” pursuant
                                            to Rule 5.3).

 

		2.4	No
                                            amount shall be paid for the grant of an Option.

 

		2.5	If
                                            an Option Holder fails to sign the Deed of Acceptance within 30 days of the Date of Grant,
                                            their Option shall lapse.

 

		3	Vesting
                                            and Performance Conditions

 

		3.1	On
                                            the Date of Grant of any Option, the Grantor:

 

		(a)	subject
                                            to the remaining provisions of this Rule 3, shall specify the timing and basis upon which
                                            the Option shall Vest, to be expressed as a Vesting Schedule within or appended to the Option
                                            Certificate;

 

		(b)	may
                                            specify one or more Performance Conditions for the Option which would need to be satisfied
                                            in order for the Option to Vest; and

 

		(c)	may
                                            specify, for any Performance Condition:

 

		(i)	any
                                            restrictions that will apply to variation or waiver of that Performance Condition under Rule
                                            3.4; or

 

		(ii)	that
                                            there may be no such variation or waiver.

 

		3.2	A
                                            Performance Condition may be specified to apply only to part of an Option.

 

		3.3	Any
                                            Performance Condition shall be measured against such objective criteria as the Board shall
                                            in its absolute discretion acting fairly and reasonably determine which may include, amongst
                                            other factors, criteria relating to the relevant Option Holder’s performance evaluations
                                            or Company’s corporate milestones.

 

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		3.4	Subject
                                            to any restrictions on variation or waiver specified by the Grantor under Rule 3.1(c), the
                                            Board may vary or waive any Performance Condition if events occur that cause:

 

		(a)	an
                                            Option to become exercisable before the end of the period over which the original Performance
                                            Condition was to be assessed, if the original Performance Condition cannot reasonably be
                                            applied to the shortened time period; or

 

		(b)	the
                                            Board to decide the Performance Condition is no longer an appropriate measure of performance,

 

but
any varied Performance Condition must be (in the reasonable opinion of the Board):

 

		(c)	no
                                            more difficult to satisfy than the original Performance Condition was at the Date of Grant;
                                            and

 

		(d)	not
                                            materially easier to satisfy than the original Performance Condition was at the Date of Grant.

 

Under
this Rule 3.4, the Board shall exercise its discretion in a manner that is fair and reasonable.

 

		3.5	The
                                            Board shall determine whether, and to what extent, Performance Conditions have been satisfied
                                            at the end of the Vesting Period. To the extent that any Performance Condition has not been
                                            satisfied, either in whole or in part, by the end of the Vesting Period, the Board shall
                                            determine in its absolute discretion whether and the extent to which that Option shall vest,
                                            lapse or continue to subsist save that in no circumstances may the Option subsist beyond
                                            the tenth anniversary of the Date of Grant.

 

		3.6	If
                                            an Option is subject to any Performance Condition, the Board shall notify the Option Holder
                                            (and the Grantor, if not the Company) within a reasonable time after the Board becomes aware
                                            of the relevant information:

 

		(a)	whether
                                            (and if relevant, to what extent) the Performance Condition has been satisfied;

 

		(b)	when
                                            that Performance Condition has become incapable of being satisfied, in whole or in part;
                                            and

 

		(c)	of
                                            any waiver or variation of that Performance Condition under Rule 3.4.

 

		4	Limits
                                            on grants

 

		4.1	References
                                            to Market Value in this Rule 4 are to the Market Value on the date on which the relevant
                                            option was granted.

 

		4.2	If
                                            the grant of any share option intended to be an Option (referred to in this Rule 4.2 as the
                                            Excess Option) would cause the total Market Value of shares subject to:

 

		(a)	the
                                            Excess Option; and

 

		(b)	all
                                            Existing CSOP Options held by the relevant Eligible Employee,

 

to
exceed £30,000 (or any other amount specified in paragraph 6 of Schedule 4 at the relevant time), the whole of that Excess Option
shall take effect as a share option granted outside the Plan (but subject to the same terms and conditions as if it were an Option) and
without the tax advantages available for Options.

 

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		4.3	If
                                            the grant of any share option intended to be an Option (referred to in this Rule 4.3 as the
                                            Excess Option) would cause the total Market Value of shares subject to:

 

		(a)	the
                                            Excess Option; and

 

		(b)	all
                                            Relevant CSOP Options held by the relevant Eligible Employee; and

 

		(c)	all
                                            Existing EMI Options held by the relevant Eligible Employee,

 

to
exceed £250,000 (or any other amount specified in section 536(1)(e) of ITEPA 2003 at the relevant time), the whole of that Excess
Option shall take effect as a share option granted outside the Plan (but subject to the same terms and conditions as if it were an Option)
and without the tax advantages available for Options.

 

		5	Vesting
                                            and Exercise of Options

 

		5.1	Subject
                                            to Rule 9, this Rule 5, Rule 7 and Rule 8, a Vested Option may be exercised at any time following
                                            the end of the Vesting Period as set out in the Option Certificate.

 

		5.2	No
                                            Option may be exercised when its exercise is prohibited by, or would be a breach of, any
                                            law or regulation with the force of law.

 

		5.3	The
                                            Board may, in its discretion, specify in an Option Certificate an additional period of up
                                            to 24 months after Vesting which must pass before the Option may be exercised.

 

		5.4	No
                                            Option may be exercised at any time when the Option Holder:

 

		(a)	has
                                            a Material Interest (any interests of the Option Holder’s Associates being treated
                                            as belonging to the Option Holder for this purpose); or

 

		(b)	had
                                            a Material Interest in the 12 months before that time (any interests of the Option Holder’s
                                            Associates being treated as having belonged to the Option Holder for this purpose).

 

		5.5	An
                                            Option may only be exercised if the Option Holder has:

 

		(a)	confirmed
                                            his agreement to Rule 12.1 in writing (this confirmation may be included in the exercise
                                            notice); and

 

		(b)	made
                                            any arrangements, or entered into any agreements, required under Rule 12.1.

 

		5.6	If
                                            an Option Vests in part (for example because Performance Conditions are partly met) the Option
                                            shall lapse upon the end of the Vesting Period to the extent not Vested (unless the Board
                                            determines in its discretion otherwise).

 

		6	Manner
                                            of exercise of Options

 

		6.1	A
                                            Vested Option may be exercised in whole or part at the discretion of the Option Holder. Subject
                                            to the remaining provisions of this Rule 6.1 and Rule 6.3 below, an Option Holder may exercise
                                            their Option in part over such number of Shares (up to the maximum extent permitted in accordance
                                            with the Rules at the time of exercise) as the Option Holder, in their absolute discretion
                                            decides at the time of exercise, provided that the Option Holder does not exercise their
                                            Option over less than the lower of the following number of Shares:

 

		(a)	3,000
                                            Shares; or

 

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		(b)	10%
                                            of the total number of Shares granted to the Option Holder pursuant to the Option on the
                                            relevant Grant Date,

 

save
that, if after such exercise, the Participant holds less than 3,000 Option Shares, such Participant can exercise their Option in full
in respect of the remaining Option Shares without breaching this Rule 6.1.

 

		6.2	A
                                            Vested Option shall be exercised by the Option Holder giving a written exercise notice in
                                            the form and manner prescribed by the Board that shall include the confirmation required
                                            under Rule 5.5(a) (unless this has been provided separately).

 

		6.3	Any
                                            exercise notice shall be accompanied by:

 

		(a)	payment
                                            of an amount equal to the Exercise Price multiplied by the number of Shares specified in
                                            the notice or, if the Board so permits, an undertaking to pay that amount; and

 

		(b)	any
                                            payment required under Rule 12; and/or

 

		(c)	any
                                            documents relating to arrangements or agreements required under Rule 12.

 

		6.4	Shares
                                            shall be allotted and issued (or transferred, as appropriate) within 30 days after a valid
                                            Option exercise, subject to the other Rules of the Plan.

 

		6.5	Except
                                            for any rights determined by reference to a date before the date of allotment, Shares allotted
                                            and issued in satisfaction of the exercise of an Option shall rank equally in all respects
                                            with the other shares of the same class in issue at the date of allotment.

 

		6.6	If
                                            the Shares are listed or traded on any stock exchange, the Company shall apply to the appropriate
                                            body for any newly issued Shares allotted on exercise of an Option to be admitted to trading
                                            on that exchange.

 

		7	Cessation
                                            of Employment

 

		7.1	Save
                                            in the case of death, where Rule 7.4 shall apply, if an Option Holder ceases to be an Employee
                                            their Option shall immediately be suspended on and from the earlier of:

 

		(a)	the
                                            date on which notice is either given or received the effect of which will be that at the
                                            end of the notice period the Option Holder will no longer be either an employee or a director
                                            of any Eligible Company; or

 

		(b)	the
                                            date the Option Holder ceases to be an employee or director of any Eligible Company;

 

and
their Option shall be dealt with in accordance with Rule 7.2 to the extent they ceased to be an Employee before the third anniversary
of the Date of Grant and pursuant to Rule 7.3 to the extent after the third anniversary.

 

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		7.2	Where
                                            an Option is to be dealt with in accordance with this Rule 7.2 the Board shall within 30
                                            days of the date specified at Rule 7.1 determine whether the Option Holder is a Good Leaver
                                            and:

 

		(a)	if
                                            the Option Holder is not a Good Leaver, their Option shall immediately lapse;

 

		(b)	if
                                            the Option Holder is a Good Leaver, their Option shall cease to be suspended and shall be
                                            exercisable to the extent Vested during the period of six months following the date of cessation
                                            of employment, unless the Board determines in its absolute discretion that the Option shall
                                            be exercisable for a longer period which shall, in no circumstances exceed the tenth anniversary
                                            of the Date of Grant.

 

		7.3	Save
                                            in the case of death, where Rule 7.4 shall apply, where an Option is to be dealt with in
                                            accordance with this Rule 7.3 the Board shall as soon as possible determine if the Option
                                            Holder is a Bad Leaver and:

 

		(a)	if
                                            the Option Holder is a Bad Leaver, their Option shall immediately lapse; and

 

		(b)	if
                                            the Option Holder is not a Bad Leaver, their Option shall cease to be suspended and shall
                                            be exercisable to the extent Vested during the period of six months following the date of
                                            cessation of employment, unless the Board determines in its absolute discretion that the
                                            Option shall be exercisable for a longer period which shall, in no circumstances exceed the
                                            tenth anniversary of the Date of Grant.

 

		7.4	If
                                            an Option Holder dies the Option shall be exercisable to the extent Vested in the twelve
                                            months following the date of death by the personal representatives of the Option Holder.

 

		7.5	For
                                            the purposes of this Rule 7, an Option Holder shall not be treated as ceasing to be an Employee
                                            until such time as they are no longer either an employee or director of any Eligible Company,
                                            regardless of whether they hold any other office with the Company or any group Company, unless
                                            the Board determines otherwise.

 

		7.6	Where
                                            an Option is suspended pursuant to this Rule 7, this means it shall cease to Vest and shall
                                            not be exercisable until such time as it ceases to be suspended and does not lapse.

 

		7.7	It
                                            is acknowledged that, to the extent a Good Leaver is permitted to retain their Option for
                                            more than six months pursuant to Rule 7.2(b) (or such alternative period as provided in section
                                            524 of ITEPA, or any equivalent or replacement legislation) that Option shall cease to qualify
                                            for tax benefits pursuant to Schedule 4.

 

		8	Takeovers
                                            and liquidations

 

		8.1	For
                                            the purposes of this Rule 8, a Relevant Event means:

 

		(a)	a
                                            person (the Controller) obtaining Control of the Company as a result of:

 

		(i)	making
                                            a general offer to acquire the whole of the issued share capital of the Company (except for
                                            any capital already held by the Controller or any person connected with the Controller) that
                                            is made on a condition such that, if it is satisfied, the person making the offer will have
                                            Control of the Company; or

 

		(ii)	making
                                            a general offer to acquire all the shares in the Company (except for any shares already held
                                            by the Controller or any person connected with the Controller) that are of the same class
                                            as the Shares; or

 

		(b)	the
                                            court sanctioning a compromise or arrangement under section 899 of the Companies Act 2006
                                            that is applicable to or affects:

 

		(i)	all
                                            the ordinary share capital of the Company or all the shares of the same class as the shares
                                            to which the option relates; or

 

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		(ii)	all
                                            the shares, or all the shares of that same class, which are held by a class of shareholders
                                            identified otherwise than by reference to their employment or directorships or their participation
                                            in a Schedule 4 CSOP; or

 

		(c)	shareholders
                                            becoming bound by a non-UK reorganisation (as defined by paragraph 35ZA of Schedule 4) that
                                            is applicable to or affects:

 

		(i)	all
                                            the ordinary share capital of the Company or all the shares of the same class as the shares
                                            to which the option relates; or

 

		(ii)	all
                                            the shares, or all the shares of that same class, which are held by a class of shareholders
                                            identified otherwise than by reference to their employment or directorships or their participation
                                            in a Schedule 4 CSOP; or

 

		(d)	a
                                            person becomes bound or entitled to acquire Shares under sections 979 to 985 of the Companies
                                            Act 2006.

 

		8.2	If
                                            there is a Relevant Event before the end of a Vesting Period, the relevant Options shall
                                            be exercisable to the extent Vested save that the Board may determine in its absolute discretion:

 

		(a)	to
                                            permit an Option to Vest in full, if it deems it appropriate; and

 

		(b)	as
                                            to whether Vesting shall remain subject to the satisfaction of the Performance Conditions
                                            specified in the relevant Option Certificates and/or whether to deem any such Performance
                                            Conditions as met (in accordance with Rule 3.4).

 

		8.3	The
                                            exercise of Options under this Rule 8 is subject to it not having lapsed earlier under these
                                            Rules.

 

		8.4	Subject
                                            to Rule 8.7 a Vested Option (whether pursuant to Rule 8.2 or otherwise) may be exercised:

 

		(a)	within
                                            6 months of a Relevant Event occurring under Rule 8.1(a), Rule 8.1(b), or Rule 8.1(c);

 

		(b)	at
                                            any time after a Relevant Event occurring under Rule 8.1(d), continuing for as long as that
                                            person remains so bound or entitled.

 

		8.5	If

 

		(a)	a
                                            Relevant Event specified in Rule 8.1(a) occurs; or

 

		(b)	a
                                            change of Control occurs as a result of a Relevant Event specified in Rule 8.1(b), Rule 8.1(c)
                                            or Rule 8.1(d);

 

and,
as a result of the change of Control, Shares will no longer satisfy the requirements of Part 4 of Schedule 4, the Board may determine
that Vested Options may be exercised within the period of 20 days following the change of Control. For the avoidance of doubt, where
the Board determines that this Rule 8.5 applies, it shall apply in precedence to and instead of Rule 8.4.

 

    	11

    	 

    

 

		8.6	If
                                            the Board reasonably expects a Relevant Event to occur, the Board may make arrangements permitting
                                            Vested Options to be exercised for a period of 20 days ending with the Relevant Event. In
                                            the event that the Board makes provision for the exercise of Options under this Rule 8.6:

 

		(a)	if
                                            the Relevant Event occurs within 20 days of the date of purported exercise, and the Option
                                            has not been exercised by the date of the Relevant Event, the Option shall lapse; and

 

		(b)	if
                                            the Relevant Event does not occur within 20 days of the date of purported exercise, the share
                                            option shall be treated as not having been exercised.

 

For
the avoidance of doubt, where the Board determines that this Rule 8.6 applies, it shall apply in precedence to and instead of Rule 8.4.

 

		8.7	If,
                                            as a result of a Relevant Event, a company has obtained Control of the Company, each Option
                                            Holder may, by agreement with that company (Acquiring Company) within the Rollover
                                            Period, release each Option (Old Option) for a replacement option (New Option).
                                            A New Option shall:

 

		(a)	be
                                            over shares that satisfy the requirements of paragraphs 16 to 20 of Schedule 4 in the Acquiring
                                            Company (or some other company falling within paragraph 27(2)(b) of Schedule 4); and

 

		(b)	be
                                            a right to acquire such number of those shares as have, immediately after grant of the New
                                            Option, a total Market Value substantially the same as the total Market Value of the shares
                                            subject to the Old Option immediately before its release; and

 

		(c)	have
                                            an exercise price per share such that the total price payable on complete exercise of the
                                            New Option is substantially the same as the total price that would have been payable on complete
                                            exercise of the Old Option; and

 

		(d)	so
                                            far as practicable, be on terms otherwise identical to the Old Option immediately before
                                            the Old Option’s release.

 

		8.8	Any
                                            Rollover Period shall have the same duration as the applicable appropriate period
                                            defined in paragraph 26(3) of Schedule 4.

 

		8.9	Any
                                            New Option granted under Rule 8.7 shall be treated as having been acquired at the same time
                                            as the relevant Old Option for all other purposes of the Plan.

 

		8.10	The
                                            Plan shall be interpreted in relation to any New Options as if references to:

 

		(a)	the
                                            Company (except for those in the definitions of Constituent Company and Eligible Company)
                                            were references to the Acquiring Company (or to any other company whose shares are subject
                                            to the New Options, as the context may require); and

 

		(b)	the
                                            Shares were references to the shares subject to the New Options.

 

		8.11	The
                                            Company will remain the scheme organiser of the Plan (as defined in paragraph 2(2) of Schedule
                                            4) following the release of Options and the grant of New Options under Rule 8.7.

 

		8.12	The
                                            Acquiring Company shall issue (or procure the issue of) an Option Certificate for each New
                                            Option.

 

		8.13	In
                                            this Rule 8 (other than Rule 8.7), a person shall be deemed to have obtained Control of a
                                            company if they, and others acting with them, have obtained Control of it together.

 

    	12

    	 

    

 

		8.14	If
                                            the shareholders of the Company receive notice of a resolution for the voluntary winding
                                            up of the Company, subject to Rule 9.2, any Vested Option may be exercised in the period
                                            before that resolution is withdrawn, rejected or passed.

 

		8.15	The
                                            Board shall notify Option Holders (and Grantors other than the Company) of any event that
                                            is relevant to Options under this Rule 8 within a reasonable period after the Board becomes
                                            aware of it.

 

		9	Lapse
                                            and suspension of Options

 

		9.1	Options
                                            may not be transferred or assigned or have any charge or other security interest created
                                            over them. An Option shall lapse if the relevant Option Holder attempts to do any of those
                                            things. But, the transfer of an Option to an Option Holder’s personal representatives
                                            on the death of the Option Holder will not cause an Option to lapse.

 

		9.2	An
                                            Option shall lapse on the earliest of the following:

 

		(a)	the
                                            expiry of 30 days from the Date of Grant if the Option Holder fails to execute a Deed of
                                            Acceptance; or

 

		(b)	any
                                            attempted action by the Option Holder falling within Rule 9.1; or

 

		(c)	where
                                            the whole of an Option becomes incapable of exercise due to a Performance Condition becoming
                                            incapable of being met, the date on which the Board determines that the Performance Condition
                                            is incapable of being met; or

 

		(d)	the
                                            date on which the Option shall lapse, as specified in the Option Certificate; or

 

		(e)	the
                                            expiry of the applicable time limits in Rule 7; or

 

		(f)	the
                                            first anniversary of the Option Holder’s death; or

 

		(g)	if
                                            a Relevant Event (as defined in Rule 8.1) takes place, the expiry of the applicable time
                                            limit in Rules 8.4 to 8.6; or

 

		(h)	when
                                            the Option Holder becomes bankrupt under Part IX of the Insolvency Act 1986, or applies for
                                            an interim order under Part VIII of the Insolvency Act 1986, or proposes or makes a voluntary
                                            arrangement under Part VIII of the Insolvency Act 1986, or takes similar steps, or is similarly
                                            affected, under laws of any jurisdiction that correspond to those provisions of the Insolvency
                                            Act; or

 

		(i)	the
                                            tenth anniversary of the Date of Grant.

 

		9.3	Part
                                            of an Option shall lapse where only part of an Option has Vested, in which case the unvested
                                            part shall lapse upon the end of the Vesting Period or upon the occurrence of a Relevant
                                            Event pursuant to Rule 8 as applicable unless the Board specifies otherwise pursuant to Rule
                                            3.5.

 

    	13

    	 

    

 

		10	Variation
                                            of share capital

 

If
there is any variation of the share capital of the Company (whether that variation is a capitalisation issue (other than a scrip dividend),
rights issue, consolidation, subdivision or reduction of capital or otherwise) that affects (or may affect) the value of Options to Option
Holders, the Board may adjust the number and description of Shares subject to each Option and/or the Exercise Price of each Option in
a manner that the Board, in its reasonable opinion, considers to be fair and appropriate. However:

 

		(a)	adjustments
                                            to the Exercise Price may only be made in accordance with the provisions of paragraph 22
                                            of Schedule 4;

 

		(b)	any
                                            adjustment to the number of Shares may be made only in accordance with either paragraph 22
                                            of Schedule 4 or a mechanism notified to the Option Holder at grant;

 

		(c)	the
                                            total market value of the Shares subject to the Option is, immediately after the variation
                                            of share capital, substantially the same as immediately before the variation of share capital;

 

		(d)	the
                                            amendment of any Option granted by a Grantor other than the Company shall require the consent
                                            of that Grantor (which shall not be unreasonably withheld);

 

		(e)	the
                                            total amount payable on exercise of an Option immediately after the variation of Share Capital
                                            must be substantially the same as immediately before the variation of share capital; and

 

		(f)	the
                                            Exercise Price for a Share to be newly issued on the exercise of any Option shall not be
                                            reduced below its nominal value (unless the Board resolves to capitalise, from reserves,
                                            an amount equal to the amount by which the total nominal value of the relevant Shares exceeds
                                            the total adjusted Exercise Price, and to apply such amount to pay-up the relevant Shares
                                            in full).

 

		11	Malus
                                            and clawback

 

		11.1	A
                                            malus or clawback adjustment under Rule 11.2 or 11.3 (as applicable) may take place in the
                                            following circumstances, including, but not limited to if, in the reasonable opinion of the
                                            Board and following consultation with the relevant employing Associate Company;

 

		(a)	an
                                            Option Holder’s actions amount to serious misconduct, fraud, breach of fiduciary duty
                                            or dishonesty which causes significant financial loss for the group and/or the Option Holder’s
                                            business unit;

 

		(b)	the
                                            Company has reasonable evidence of fraud or material dishonesty by the Option
                                            Holder;

 

		(c)	an
                                            Option Holder has materially failed to meet appropriate standards of fitness and propriety
                                            and as a consequence the Group or the Participant’s business unit incurs a significant
                                            loss of reputation;

 

		(d)	the
                                            Option Holder
                                            has become aware of any material wrongdoing on the
                                            part of the Option Holder; or

 

		(e)	the
                                            Option Holder
                                            is in breach of a fiduciary duty owed to any group
                                            Company.

 

    	14

    	 

    

 

		11.2	Notwithstanding
                                            any other Rule of the Plan where, before the exercise of an Option, the Board determines
                                            that an event described in Rule 11.1 has occurred the Board may in its absolute discretion
                                            resolve that the provisions of Rule 11 will be applied in respect of any Option (as applicable)
                                            to:

 

		(a)	reduce
                                            the amount of the Option that is capable of Vesting and being exercised (including, if appropriate,
                                            to zero);

 

		(b)	cancel
                                            the participation of the Option Holder in the Plan; or

 

		(c)	impose
                                            further conditions on the exercise of the Option.

 

		11.3	Notwithstanding
                                            any other Rule of the Plan where, after the exercise of an Option, the Board determines that
                                            an event described in Rule 11.1(a) has occurred in relation to or relevant to that Option
                                            the Board may determine a Clawback Amount in relation
                                            to the exercised Option.

 

		11.4	Subject
                                            to Rule 11.5, the Clawback Amount shall be such amount as the Board considers to be fair
                                            and reasonable, taking account of all circumstances that the Board considers to be relevant,
                                            but shall not be more than the greater of:

 

		(a)	the
                                            Market Value of the Shares in respect of which the Option was exercised; and

 

		(b)	the
                                            Market Value of the Shares measured on the date of the determination minus the Exercise Price.

 

		11.5	If
                                            the Option Holder has paid or is liable to pay any income tax or National Insurance contributions
                                            in relation to the Option or the Shares and which cannot be recovered from or repaid by HMRC,
                                            the Board may in its discretion decide to reduce the Clawback Amount to take account of this
                                            amount.

 

		11.6	The
                                            Option Holder shall reimburse the Company for the Clawback Amount, in any way acceptable
                                            to the Board, on or as soon as possible after the Board determines a Clawback Amount in relation
                                            to the Option. If the Option Holder fails to reimburse the Company within 30 days after the
                                            determination, the Company shall obtain reimbursement from the Option Holder in any (or any
                                            combination) of the following ways:

 

		(a)	by
                                            reducing or cancelling any Options that the Option Holder has not exercised;

 

		(b)	by
                                            reducing or cancelling any cash bonus payable to the Option Holder by any Constituent Company;

 

		(c)	by
                                            reducing or cancelling any future or existing award made or option granted to the Option
                                            Holder under any other Share Incentive Scheme or bonus scheme operated by any Constituent
                                            Company;

 

		(d)	by
                                            requiring the Option Holder to make a cash payment to a Constituent Company;

 

		(e)	by
                                            requiring the Option Holder to transfer Shares to any party nominated by the Board for no
                                            consideration;

 

		(f)	by
                                            reducing the Option Holder’s Salary.

 

		11.7	In
                                            all cases, the decision of the Board as to whether any of the circumstances set out in Rule
                                            11.1 exist shall be conclusive and final.

 

		11.8	If
                                            the Board exercises its discretion in accordance with this Rule 11 it will confirm this in
                                            writing to the Option Holder.

 

    	15

    	 

    

 

		12	Tax
                                            liabilities

 

		12.1	Each
                                            Option shall include a requirement that the Option Holder irrevocably agrees to:

 

		(a)	pay
                                            to the Company, his employer or former employer (as appropriate) the amount of any Tax Liability;
                                            or

 

		(b)	enter
                                            into arrangements to the satisfaction of the Company, his employer or former employer (as
                                            appropriate) for payment of any Tax Liability.

 

		12.2	The
                                            Board may, in its discretion, include provision in an Option Certificate (or may otherwise
                                            subsequently determine) that a Tax Liability for the purpose of this Rule 12 shall not include
                                            any Employer Contributions.

 

		12.3	An
                                            Option Holder’s employer or former employer may decide to release the Option Holder
                                            from, or not to enforce, any part of the Option Holder’s obligations in respect of
                                            Employer Contributions under Rule 12.1 and Rule 12.2.

 

		12.4	If
                                            an Option Holder does not fulfil his obligations under either Rule 12.1(a) or Rule 12.1(b)
                                            in respect of any Tax Liability arising from the exercise of an Option within seven days
                                            after the date of exercise and Shares are readily saleable at that time, the Grantor shall
                                            withhold Sufficient Shares from the Shares that would otherwise be delivered to the Option
                                            Holder. From the net proceeds of sale of those withheld Shares, the Grantor shall pay to
                                            the Company, employer or former employer an amount equal to the Tax Liability and shall pay
                                            any balance to the Option Holder.

 

		12.5	Option
                                            Holders shall have no rights to compensation or damages on account of any loss in respect
                                            of Options or the Plan where such loss arises (or is claimed to arise), in whole or in part,
                                            from the Plan ceasing to be a Schedule 4 CSOP.

 

		12.6	Each
                                            Option shall include a requirement that the Option Holder irrevocably agrees to enter into
                                            a joint election under section 431(1) or section 431(2) of ITEPA 2003, if required to do
                                            so by the Company, his employer or former employer, on or before the date of exercise of
                                            the Option.

 

		13	Relationship
                                            with employment contract

 

		13.1	The
                                            rights and obligations of any Option Holder under the terms of his office or employment with
                                            the Company (or any Eligible Company or former Eligible Company) shall not be affected by
                                            being an Option Holder.

 

		13.2	The
                                            value of any benefit realised under the Plan by Option Holders shall not be taken into account
                                            in determining any pension or similar entitlements.

 

		13.3	Option
                                            Holders and Employees shall have no rights to compensation or damages on account of any loss
                                            in respect of Options or the Plan where such loss arises (or is claimed to arise), in whole
                                            or in part, from:

 

		(a)	termination
                                            of office or employment with; or

 

		(b)	notice
                                            to terminate office or employment given by or to,

 

the
Company, any Eligible Company or any former Eligible Company. This exclusion of liability shall apply however termination of office or
employment, or the giving of notice, is caused and however compensation or damages may be claimed.

 

    	16

    	 

    

 

		13.4	Option
                                            Holders and Employees shall have no rights to compensation or damages from the Company, any
                                            Constituent Company or any former Constituent Company on account of any loss in respect of
                                            Options or the Plan where such loss arises (or is claimed to arise), in whole or in part,
                                            from:

 

		(a)	any
                                            company ceasing to be a Constituent Company; or

 

		(b)	the
                                            transfer of any business from a Constituent Company to any person that is not a Constituent
                                            Company.

 

This
exclusion of liability shall apply however the change of status of the relevant Constituent Company, or the transfer of the relevant
business, is caused, and however compensation or damages may be claimed.

 

		13.5	An
                                            Employee shall not have any right to receive Options, whether or not they have previously
                                            been granted any.

 

		14	Notices

 

		14.1	Any
                                            notice or other communication required or made in connection with any Option or otherwise
                                            under this Plan shall be in writing and shall be:

 

		(a)	delivered
                                            personally; or

 

		(b)	sent
                                            by recorded delivery post; or

 

		(c)	sent
                                            by commercial courier; or

 

		(d)	sent
                                            by e-mail (but e-mail communications shall only be treated as validly sent if an appropriate
                                            report of receipt has been returned to the sender by the e-mail system).

 

		14.2	Communications
                                            made in accordance with Rule 14.1 above shall be addressed to the parties interested in the
                                            Plan as specified below:

 

		(a)	in
                                            the case of communications to any Option Holder, to:

 

		(i)	their
                                            work address; or

 

		(ii)	their
                                            home address, meaning that most recently notified to the sender; or

 

		(iii)	their
                                            work e-mail address; or

 

		(iv)	if
                                            one has been notified to the sender, their private e-mail address; and

 

		(b)	in
                                            the case of communications to an Option Holder who has died (where the sender has notice
                                            of the death), to:

 

		(i)	the
                                            Option Holder’s home address, meaning that most recently notified to the sender; or

 

		(ii)	any
                                            address (marked for the attention of any specified person) or any e-mail address that the
                                            Option Holder’s personal representatives have notified to the Company for such communications;
                                            and

 

    	17

    	 

    

 

		(c)	in
                                            the case of communications to the Company, to:

 

		(i)	its
                                            registered office, marked for the attention of the Company Secretary; or

 

		(ii)	any
                                            other address (marked for the attention of any specified person) that may have been notified
                                            by the Company to the sender; or

 

		(iii)	any
                                            e-mail address that may have been notified by the Company to the sender.

 

		14.3	Communications
                                            made to any Option Holder’s personal representatives shall be deemed to have been duly
                                            received:

 

		(a)	if
                                            delivered personally, when left at the relevant address; or

 

		(b)	if
                                            sent by pre-paid first class post or recorded delivery post, at 12 noon on the second business
                                            day after posting; or

 

		(c)	if
                                            sent by commercial courier, at the time specified on the signed delivery receipt;

 

		(d)	if
                                            sent by e-mail, at the time specified in the relevant report of receipt returned to the sender.

 

		14.4	Communications
                                            sent to the Company shall:

 

		(a)	be
                                            duly made only if actually received in accordance with this Rule 14.4; and

 

		(b)	shall
                                            be treated as made at the time they are received for all purposes of the Plan.

 

		14.5	This
                                            Rule 14.5 shall not apply to the service of any proceedings or other documents in any legal
                                            action.

 

		15	Administration
                                            and amendment

 

		15.1	The
                                            Plan shall be administered by the Board.

 

		15.2	The
                                            Board may amend the Plan from time to time, but:

 

		(a)	no
                                            material amendment may be made to the Plan without the prior approval by ordinary resolution
                                            of the members of the Company in general meeting;

 

		(b)	no
                                            amendment may be made to a Key Feature of the Plan if, as a result of the amendment, the
                                            Plan would no longer be a Schedule 4 CSOP;

 

		(c)	no
                                            material amendment may apply to Options granted before the amendment was made:

 

		(i)	without
                                            the prior approval by ordinary resolution of the members of the Company in general meeting;

 

		(ii)	if
                                            the Grantor is not the Company, without the consent of the Grantor (which shall not be unreasonably
                                            withheld); and

 

		(iii)	without
                                            the consent of the Option Holder.

 

		15.3	The
                                            cost of setting up and operating the Plan shall be borne by the Constituent Companies in
                                            proportions determined by the Board.

 

    	18

    	 

    

 

		15.4	The
                                            Company shall ensure that at all times:

 

		(a)	if
                                            the Company has restricted the number of Shares it can issue in its articles of association,
                                            that is has sufficient unissued or treasury Shares available, taking into account any other
                                            obligations of the Company to issue Shares and to transfer Shares from treasury; and/or

 

		(b)	arrangements
                                            are in place for any third party to transfer issued Shares,

 

to
satisfy the exercise of all Options of which the Company is the Grantor.

 

		15.5	Each
                                            Grantor other than the Company shall at all times:

 

		(a)	keep
                                            sufficient issued Shares available; and/or

 

		(b)	hold
                                            sufficient enforceable rights to subscribe for Shares, or to acquire issued Shares,

 

to
satisfy the exercise of all Options granted by that Grantor.

 

		15.6	The
                                            Board shall determine any question of interpretation and settle any dispute arising under
                                            the Plan. In such matters, the Board’s decision shall be final.

 

		15.7	The
                                            Company and any other Grantor shall not be obliged to notify any Option Holder if an Option
                                            is due to lapse.

 

		15.8	The
                                            Company, any other Grantor shall not be obliged to provide Option Holders with copies of
                                            any materials sent to the holders of Shares.

 

		16	Governing
                                            law

 

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

 

		17	Jurisdiction

 

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

 

		17.2	Each
                                            party irrevocably consents to any process in any legal action or proceedings under Rule 17.1
                                            above being served on it in accordance with the provisions of the Plan relating to service
                                            of notices. Nothing contained in the Plan shall affect the right to serve process in any
                                            other manner permitted by law.

 

		18	Third
                                            Party Rights

 

		18.1	A
                                            person who is not a party to the Option shall not have any rights under or in connection
                                            with it as a result of the Contracts (Rights of Third Parties) Act 1999 except where such
                                            rights arise under any provision of the Plan for any employer or former employer of the Option
                                            Holder which is not a party.

 

This
does not affect any right or remedy of a third party which exists, or is available, apart from that Act.

 

		18.2	The
                                            rights of the parties to an Option to surrender, terminate or rescind it, or agree any variation,
                                            waiver or settlement of it, are not subject to the consent of any person that is not a party
                                            to the Option as a result of the Contracts (Rights of Third Parties) Act 1999.

 

		19	Data
                                            protection

 

As
part of the Plan, the Company will process personal data about Option Holders from time to time. The Company will process such personal
data in accordance with applicable data protection legislation and in accordance with its Employee Privacy Policy (as amended from time
to time) and/or Privacy Notices issued to Employees.

 

    	19Exhibit
10.8

 

Regular
Shareholders Holding Less than 1% (12/11)

 

__________,
2021

 

EF
Hutton,

division
of Benchmark Investments, LLC

as
Representative of the several Underwriters named on Schedule 1 attached hereto

590
Madison Avenue, 39th Floor

New
York, New York 10022

 

Re:
TC BioPharm (Holdings) Limited – Public Offering

 

Ladies
and Gentlemen:

 

The
undersigned holder of ordinary shares, par value £1.00 per share (“Ordinary Shares”), or rights to acquire Ordinary
Shares through American Depositary Shares and warrants to purchase Ordinary Shares or American Depositary Shares (“Investor Warrants”)
of TC BioPharm (Holdings) Limited, a private company limited by shares organized under the law of Scotland, United Kingdom (the “Company”),
understands that you are the representative (the “Representative”) of the several underwriters, if any (collectively,
the “Underwriters”), named or to be named in the final form of Schedule I to the underwriting agreement (the “Underwriting
Agreement”) to be entered into by the several Underwriters and the Company, providing for the public offering of Ordinary Shares
through American depositary Shares and Investor Warrants (the “Public Offering”) registered with the U.S. Securities
and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended. Capitalized terms used herein and
not otherwise defined shall have the meanings set forth in the Underwriting Agreement.

 

For
purposes of this Agreement, references to (a) “Company” shall include TC BioPharm (Holdings) plc, a public limited company
organized or to be organised under the law of Scotland, United Kingdom that will succeed to the interests of the Company pursuant to
a reorganization prior to the closing of the Public Offering and that will be the issuer of the Ordinary Shares and Investor Warrants
in the Public Offering, (b) “Ordinary Shares” shall include the ordinary shares of TC BioPharm (Holdings) plc and American
Depositary Shares representing the Ordinary Shares, and (c) “Investor Warrants” shall include the warrant securities, the
underlying Ordinary Shares and the American Depositary Shares into which the underlying Ordinary Shares may be dematerialized.

 

In
consideration of the Underwriters’ agreement to enter into the Underwriting Agreement and to proceed with the Public Offering,
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned hereby agrees,
for the benefit of the Company, the Representative and the other Underwriters that, without the prior written consent of the Representative,
the undersigned will not, during the period specified in the following paragraph (the “Lock-Up Period”), directly
or indirectly, unless otherwise provided herein, (a) offer, sell, agree to offer or sell, solicit offers to purchase, grant any call
option or purchase any put option with respect to, pledge, encumber, assign, borrow or otherwise dispose of (each a “Transfer”)
any Relevant Security (as defined below) or otherwise publicly disclose the intention to do so, or (b) establish or increase any “put
equivalent position” or liquidate or decrease any “call equivalent position” with respect to any Relevant Security
(in each case within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and the rules and regulations thereunder) with respect to any Relevant Security or otherwise enter into any swap, derivative or other
transaction or arrangement that Transfers to another, in whole or in part, any economic consequence of ownership of a Relevant Security,
whether or not such transaction is to be settled by the delivery of Relevant Securities, other securities, cash or other consideration,
or otherwise publicly disclose the intention to do so. As used herein, the term “Relevant Security” means Ordinary
Shares, Investor Warrants, any warrant to purchase Ordinary Shares or any other security of the Company or any other entity that is convertible
into, or exercisable or exchangeable for, Ordinary Shares or any other equity or equity linked security of the Company, including any
American Depositary Shares representing the foregoing, in each case owned beneficially or otherwise by the undersigned on the date of
closing of the Public Offering or acquired by the undersigned during the Lock-Up Period; provided however, a Relevant Security does not
include any Ordinary Shares, including American Depositary shares representing the foregoing that is acquired as a result of any equity
award under any equity plan of the Company for the benefit of directors, officers or consultants.

 

    	 

     

    

 

The
restrictions in the foregoing paragraph shall not apply to (a) the exercise (including a cashless exercise or broker-assisted exercise
and payment of tax obligations) of options or warrants to purchase Shares, (b) any establishment of a trading plan pursuant to Rule 10b5-1
under the Exchange Act for the transfer of Shares (a “Trading Plan”), provided that (i) the Trading Plan shall not
provide for or permit any transfers, sales or other dispositions of Shares during the Lock-Up Period and (ii) the Trading Plan would
not require any filing under Section 16(a) of the Exchange Act and no such filing is voluntarily made, or (c) any transfer of Ordinary
Shares acquired in open market transactions following the closing of the Public Offering, provided the transfer would not require any
filing under Section 16(a) of the Exchange Act and no such filing is voluntarily made. The Lock-Up Period will commence on the date
of this Agreement and continue and include the date that is one-hundred eighty (180) days after the closing of the Public Offering.

 

This
Agreement will terminate once the closing price of the Ordinary Shares or American Depositary Shares on the Nasdaq Global Market or such
other national securities exchange on which the Company may from time to time list its Ordinary Shares or American Depositary Shares
as reported by the Nasdaq Stock Market or other reputable and customary source of closing share prices equals or exceeds 300% of the
initial public offering price per Ordinary Share or American Depositary Share in the Public Offering for fifteen consecutive trading
sessions on such exchange.

 

In
addition, the undersigned further agrees that during the Lock-Up Period the undersigned will not, without the prior written consent of
the Representative: (a) other than in respect of a Form S-8 registration statement, file or participate in the filing with the SEC of
any registration statement or circulate or participate in the circulation of any preliminary or final prospectus or other disclosure
document, in each case with respect to any proposed offering or sale of a Relevant Security beneficially owned by the undersigned, or
(b) exercise any rights the undersigned may have to require registration with the SEC of any proposed offering or sale of a Relevant
Security beneficially owned by the undersigned.

 

In
furtherance of the undersigned’s obligations hereunder, the undersigned hereby authorizes the Company during the Lock-Up Period
to cause any transfer agent for the Relevant Securities to decline to transfer, and to note stop transfer restrictions on the stock register
and other records relating to, Relevant Securities for which the undersigned is the record owner and the transfer of which would be a
violation of this Agreement and, in the case of Relevant Securities for which the undersigned is the beneficial but not the record owner,
agrees that during the Lock-Up Period it will use its reasonable best efforts to cause the record owner to authorize the Company to cause
the relevant transfer agent to decline to transfer, and to note stop transfer restrictions on the stock register and other records relating
to, such Relevant Securities to the extent such transfer would be a violation of this Agreement.

 

Notwithstanding
the foregoing, the undersigned may transfer the undersigned’s Relevant Securities:

 

	(i)	as
    a bona fide gift or gifts;
	 	 
	(ii)	to
    any trust, partnership, limited liability company or other legal entity commonly used for estate planning purposes which is established
    for the direct or indirect benefit of the undersigned or a member or members of the immediate family of the undersigned;

 

    	 

     

    

 

	(iii)	if
    the undersigned is a corporation, partnership, limited liability company, trust or other business entity, (1) to another corporation,
    partnership, limited liability company, trust or other business entity that is a direct or indirect affiliate (as defined in Rule
    405 under the Securities Act of 1933, as amended) of the undersigned, (2) to limited partners, limited liability company members
    or stockholders of the undersigned or holders of similar equity interests in the undersigned, or (3) in connection with a sale, merger
    or transfer of all or substantially all of the assets of the undersigned or any other change of control of the undersigned, not undertaken
    for the purpose of avoiding the restrictions imposed by this Agreement;
	 	 
	(iv)	if
    the undersigned is a trust, to the beneficiary of such trust;
	 	 
	(v)	by
    testate or intestate succession;
	 	 
	(vi)	by
    operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement;
	 	 
	(vii)	pursuant
    to the Underwriting Agreement; or
	 	 
	(viii)	to
    the Company, it the Company agrees, solely in an amount necessary to satisfy tax obligations (withholding or otherwise) in connection
    with any grant of restricted Ordinary Shares, exercise or vesting of options or warrants to purchase Ordinary Shares, 

 

provided,
however, in the case of clauses (i)-(vi), that (A) such transfer shall not involve a disposition for value, (B) the transferee agrees
in writing with the Underwriters and the Company to be bound by the terms of this Agreement, and (C) such transfer would not require
any filing under Section 16(a) of the Exchange Act and no such filing is voluntarily made.

 

For
purposes of this Agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote
than first cousin.

 

The
undersigned hereby represents and warrants that (a) the undersigned has full power and authority to enter into this Agreement, (b) this
Agreement has been duly authorized (if the undersigned is not a natural person) or, in the case of a natural person, such person has
the legal capacity to enter into this Agreement, and (c) this Agreement constitutes the legal, valid and binding obligation of the undersigned,
enforceable against the undersigned in accordance with its terms. Upon request, the undersigned will execute any additional documents
necessary in connection with the enforcement hereof. Any obligations of the undersigned shall be binding upon the successors and assigns
of the undersigned from the date of this Agreement.

 

The
undersigned understands that, if the Underwriting Agreement does not become effective, or if the Underwriting Agreement (other than the
provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Securities to
be sold thereunder, the undersigned shall be released from all obligations under this Agreement.

 

The
undersigned, whether or not participating in the Public Offering, understands that the Underwriters are entering into the Underwriting
Agreement and proceeding with the Public Offering in reliance upon this Agreement.

 

This
Agreement shall be governed by and construed in accordance with the law of the State of New York. Delivery of a signed copy of this Agreement
by facsimile or e-mail/.pdf transmission shall be effective as the delivery of the original hereof.

 

	 	Very truly yours, 
	 	 	 
	 	Signature:	 
	 	 	 
	 	Name
    (printed):	 
	 	 	 
	 	Title
    (if applicable):	 
	 	 	 
	 	Entity
    (if applicable):

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