Document:

Exhibit 10.1

 

 

March 7, 2020

 

Dr. Thomas Wessel

22 Cliffwood St.

Lenox, MA 01240

 

Dear Dr. Wessel,

 

On behalf of Relmada Therapeutics, Inc: (the “Company”),
I am pleased to offer you the position of Executive Vice President, Head of Research and Development. Speaking for myself, as well
as the other members of the Board of Directors, we are all impressed with your credentials and look forward to your future success
in this position. The terms of your employment are set herein (“Employment Letter”).

 

1. Position. The terms of your new
position with the Company are as set forth below:

 

(a) You
shall serve as Executive Vice President, Head of Research and Development, of the Company with such responsibilities duties and
authority as are assigned to you by the Chief Executive Officer (CEO) or designee. You shall report directly to the CEO. You shall
perform your duties for the Company at a location based on the needs of the Company as agreed with the CEO and you shall be available
for any travel that may be necessary or appropriate in connection with the performance of your duties hereunder. The headquarters
of the Company is located in New York City.

 

(b) Employee
shall faithfully devote his full business/working time, attention and energy to the business and affairs of the Company and the
performance of his duties, which may be modified periodically by the CEO and to use his best efforts to perform such responsibilities
faithfully and efficiently. Without limiting the generality of the foregoing paragraph, the employee may join professional associations
and otherwise be involved with any other business activities, to the extent that, in the reasonable judgment of the CEO, such other
business pursuits and activities do not (i) interfere in any material respect with Employee’s ability to discharge Employee’s duties
and responsibilities to the Company, whether or not such activity is pursued for gain, profit or other pecuniary advantage, or
(ii) violate the Conflicts provision of Employee’s Non-Disclosure Agreement.

 

2. Start Date. Subject
to fulfillment of any conditions imposed by this letter agreement, you will commence this new position with the Company on March
9, 2020 (“Start Date”). The Company has the right to withdraw the offer contemplated by this Letter Agreement
if you are unable to fulfill the Start Date requirement.

 

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3. Proof of Right to Work. For purposes
of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility
for employment in the United States. Such documentation must be provided to us within three (3) business days of your date of hire,
or our employment relationship with you may be terminated.

 

4. Compensation.

 

(a) Base
Salary. You will be paid an annual base salary of Four hundred and Seventy Five Thousand dollars ($475,000), which will be paid
in accordance with the Company’s regular payroll practices. You will also be paid a sign-on bonus of $50,000.

 

(b) Performance
Cash Bonus. You shall be entitled to participate in a bonus program, which shall be established by the Board pursuant to which
the Board shall award bonuses to you, based upon the achievement of written individual and corporate objectives such as the CEO
or Board shall determine. Upon the attainment of such performance objectives, in addition to your base salary, you shall be entitled
to a cash bonus in an amount to be determined by the Board with a target of forty percent (40%) of your base salary.

 

(c) Equity
Grant. The Board has agreed to grant to you options to purchase common shares and restricted common stock of the Company (the “Initial
Grant”) under the Company’s current Stock Option and Equity Incentive Plan. The initial Grant will .consist
of (an option grant to purchase three hundred fifty thousand (350,000) common shares (the “Options”). The terms of Options
shall be governed under-the Company’s Stock Option Plan. The Initial Grant is subject to final approval by the Board.

 

(i) Stock exercise price for Options. The Options
of the Initial Grant will have an exercise price equal to the closing price of the Company’s common stock on the Start Date,
as quoted on Nasdaq under the symbol RLMD, which is equal to the fair market-value of the Company’s common stock
on the date of the grant. The stock options of the initial Grant shall have a term of 10 years starting from the first day of your
employment with the Company (the “Grant Date”). The stock Options shall vest in compliance with Section 4(c)(ii) below.

 

(ii) Vesting Schedule. The Options of the Initial
Grant shall begin to vest on the Grant Date based on the following vesting schedule: Twenty-five percent (25%) of the Options of
the Initial Grant shall vest on the first anniversary of the Grant Date and the remaining seventy-five percent (75%) of each of
the Options shall vest in equal quarterly increments of 6.25% of the initial Option Grant over the following three (3) year period.

 

(iii) Change in Control. The Company’s stock
option and incentive plans provides that upon a Change in Control Termination, the vesting and exercisability of the options shall
be accelerated in full. At the discretion of the Board, you will be eligible to receive additional options to purchase shares of
the Company’s common stock.

 

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(d) Withholding
of Taxes. You understand that the services to be rendered hereunder will cause you to recognize taxable income, which is considered
under the Internal Revenue Code of 1986, as amended, and applicable regulations thereunder as compensation income subject to the
withholding of income tax (and Social Security or other employment taxes). You hereby consent to the withholding of such taxes
as are required by the Company.

 

5. Benefits.

 

(a) Benefit Plan –
Health Insurance, Retirement and Stock Option Plan. The Company will provide you with the opportunity to participate in the
standard benefits plans currently available to other similarly situated employees. The Company reserves the right to cancel and/or
change the benefits plans it offers to its employees at any time, subject to applicable law. You have the option to continue your
current family health insurance plan as in individual subscriber with BlueCross/Blue Shield of Massachusetts, and the Company will
cover your monthly health insurance expenses, at the Company rate of 90%, for the duration of your employment.

 

(b) Vacation; Sick
Leave. You will be entitled to 20 days paid vacation per year, pro-rated for the remainder of this calendar year and pro-rated
by the number of hours worked. Vacation may not be taken before it is accrued. You will be entitled to 5 days paid sick leave per
year pro-rated.

 

(c) Other Benefits.
The Company will provide you with standard business reimbursements (including mileage, supplies, long distance calls), subject
to Company policies and procedures and with appropriate receipts. In addition, you will receive any other statutory benefits required
by law.

 

(d) Reimbursement
of Expenses. You shall be reimbursed for all normal items of travel and entertainment and miscellaneous expenses reasonably
incurred by you on behalf of the Company provided such expenses are documented and submitted in accordance with the reimbursement
policies in effect from time to time.

 

6. Confidential
Information and Invention Assignment Agreement. Your acceptance of this offer and commencement of employment with the Company
is contingent upon the execution, and delivery to an officer of the Company, of the Company’s Confidential Information and
Invention Assignment Agreement, a copy of which is enclosed for your review and execution (the “Confidentiality Agreement”),
prior to or on your Start Date.

 

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7. At-Will Employment
and Termination of Employment.

 

(a) Your.
employment with the Company will be on an “at will” basis meaning that either you or the Company may terminate your employment
at any time for any reason or no reason, upon written notification to the other party, without further obligation or liability,
except that upon termination of your employment by the Company, other than for cause, you will be paid a severance pay in compliance
with Section 7(b) and (c) below.

 

(b) Upon Termination
for cause you shall be immediately paid all accrued salary, bonuses, incentive compensation to the extent earned, vested deferred
compensation pension plan and profit sharing plan benefits, which will he paid in accordance with the applicable plan, and accrued
vacation pay, all to the date of termination. In the event of termination other than for cause, you will be entitled to severance
equal to six (6) months of base salary and health benefits. For the avoidance of doubt, if you are terminated for cause, you shall
not be entitled to any severance payments or health benefits.

 

(c) Upon any termination
other than for cause you will immediately be paid all accrued salary, bonuses and incentive compensation to the extent earned,
vested deferred compensation pension plan and profit sharing plan benefits, which will be paid in accordance with the applicable
plan, and accrued vacation pay, all to the date of termination. Additionally, notwithstanding anything contained herein or any
applicable plan to the contrary, all unvested, unexercisable and stock options and stock grants, if applicable, for which you are
eligible pursuant to the terms hereof shall automatically be cancelled on at the termination date of employment. You will have
90 days from the date of termination to exercise your vested options.

 

8. Non-Solicitation.
You agree that during the entire term of your employment with the Company, and for a period of 24 months following the cessation
of employment with the Company for any reason or no reason, you shall not directly or indirectly solicit, induce, recruit or encourage
any of the Company’s employees or consultants to terminate their relationship with the Company, or attempt any of the foregoing,
either for yourself or any other person or entity. For a period of 24 months following cessation of employment with the Company
for any reason or no reason, you shall not attempt to negatively influence any of the Company’s clients or customers from
purchasing Company products or services or to solicit or influence or attempt to influence any client, customer or other person
either directly or indirectly, to direct his or its purchase of products and/or services to any person, firm, corporation, institution
or other entity in competition with the business of the Company.

 

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9. Arbitration.
This Agreement is to be governed by and construed in accordance with the laws of the State of New York applicable to contracts
entered into and wholly to be performed within the State of New York by New York residents. Any controversy or claim arising out
of or relating to this Agreement, or breach of this Agreement (except for any controversy or claim with respect to Section 6 or
Section 8, which may be submitted, at the option of the Company, to any court of competent jurisdiction located within New York,
New York) is to be settled by arbitration in New York, NY in accordance with the Commercial Arbitration Rules of the American Arbitration
Association, and judgment on the award rendered by the arbitrators may be entered in any court having jurisdiction. There must
be three arbitrators, one to be chosen directly by each party at will, and the third arbitrator to be selected by the two arbitrators
so chosen. Each party will pay the fees of the arbitrator he or she selects and his or her own attorneys, and the expenses of his
or her witnesses and all other expenses connected with presenting his or her case. Other costs of the arbitration, including the
cost of any record or transcripts of the arbitration, administrative fees, the fee of the third arbitrator, and all other fees
and costs, will be borne equally by the parties. Notwithstanding the foregoing, the parties may apply to any court of competent
jurisdiction for preliminary or interim equitable relief, or to compel arbitration in accordance with this paragraph, without breach
of this arbitration provision.

 

10. Miscellaneous.
This Employment Letter, together with the Confidentiality Agreement, sets forth the terms of your employment with the Company and
supersedes any prior representations or agreements, whether written or oral. This Employment Letter may not be modified or amended
except by a written agreement, signed by the Company and by you. Whenever possible, each provision of this Agreement will be interpreted
in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
will be lessened or reduced to the extent possible or will be severed and will not affect any other provision and this Agreement
will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never
been contained herein. This Agreement will be governed by New York law without reference to rules of conflicts of law. The waiver
of any breach of any provision of this Employment Letter will not operate or be construed as a waiver of any subsequent breach
of the same or other provision of this Employment Letter. This Agreement will be binding on, and inure to the benefit of, the executors,
administrators, heirs, successors, and assigns of the parties; provided, however, that except as expressly provided in this Agreement,
this Agreement may not be assigned either by Company or by Employee. This Agreement may be executed in one or more counterparts,
all of which taken together will constitute one and the same Agreement.

 

11. Notices.All
notices, requests, demands and other communications called for hereunder shall be in writing and shall be deemed given (i) on the
date of delivery if delivered personally, (ii) one (1) day after being sent by a well established commercial overnight service,
(iii) three (3) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the
parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing,
(iv) upon confirmation of facsimile transfer, if sent by facsimile or (v) upon confirmation of delivery when directed to the electronic
mail address set forth below, if sent by electronic mail:

 

	If to the Company:	880 Third Avenue, 12th Floor
	 	New York, NY 10022
	 	 
	If to you:	22 Cliffwood St.
	 	Lenox, MA 01240

 

(Signature page follows)

 

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IN WITNESS WHEREOF,
the parties hereto have executed this Employment Agreement as of the date first written above.

 

	RELMADA THERAPEUTICS, INC.	THOMAS WESSEL

 

	By:	/s/ Sergio Traversa	 	/s/ Thomas Wessel
	 	Sergio Traversa, CEO	 	 

 

 

6Document

Exhibit 4.6
DESCRIPTION OF SHARE CAPITAL 
General
The following is a description of the material terms of our share capital as provided in our amended and restated articles of association. The summaries and descriptions below do not purport to be complete statements of the relevant provisions. For a complete description, we refer you to, and the following summaries and descriptions are qualified in their entirety by reference to our amended and restated articles of association, a copy of which has been filed as an exhibit to the registration statement of which this prospectus forms a part. The summaries and descriptions below do not purport to be complete statements of the Companies Act 2006. We have only one class of shares outstanding, which are ordinary shares, par value $0.001 per share. Prior to the completion of our initial public offering, an ordinary resolution was adopted by our shareholders authorizing our board of directors (generally and unconditionally) to allot equity securities, or to grant rights to subscribe for or to convert or exchange any security, including convertible preference shares, convertible debt securities and exchangeable debt securities of a subsidiary, into shares of Venator, up to an aggregate nominal amount of $200,000, which would equal 200,000,000 shares based on the $0.001 par value per share, and to exclude preemptive rights in respect of such issuances. Such authority was granted for five years, but we may seek renewal for additional five year terms more frequently.
Ordinary Shares
Dividend Rights
Subject to the provisions of English law and any preferences that may apply to preferred ordinary shares outstanding at the time, holders of outstanding ordinary shares are entitled to receive dividends out of assets legally available at the times and in the amounts as our board of directors may determine from time to time. All dividends are declared and paid in proportions based on the amounts paid up on the shares in respect of which the dividend is paid. Any dividend unclaimed after a period of 12 years from the date such dividend was declared shall, if the board of directors so resolves, be forfeited and shall revert to us. In addition, the payment by our board of directors of any unclaimed dividend, interest or other sum payable on or in respect of an ordinary share into a separate account shall not constitute us as a trustee in respect thereof. For further information regarding the payment of dividends under English law, see "—Differences in Corporate Law—Distributions and Dividends."
Voting Rights
Each outstanding ordinary share is entitled to one vote on all matters submitted to a vote of shareholders. Holders of ordinary shares shall have no cumulative voting rights. Subject to any rights or restrictions attached to any shares on a poll every member present in person or by proxy shall have one vote for every share of which he is the holder. None of our shareholders will be entitled to vote at any general meeting or at any separate class meeting in respect of any share unless all calls or other sums payable in respect of that share have been paid.
Preemptive Rights
There are no rights of preemption under our articles of association in respect of transfers of issued ordinary shares. In certain circumstances, our shareholders may have statutory preemption rights under the Companies Act 2006 in respect of the allotment of new shares as described in "—Differences in Corporate Law—Preemptive Rights." These statutory pre-emption rights would require us to offer new shares for allotment to existing shareholders on a pro rata basis before allotting them to other persons, unless shareholders dis-apply such rights by a special resolution for a period of not more than five years at a shareholders' meeting. These pre-emption rights have been dis-applied by our shareholders and we intend to propose equivalent resolutions in the future once the initial period of dis-application has expired. In any circumstances where the pre-emption rights have not been dis-applied, the procedure for the exercise of such statutory pre-emption rights would be set out in the documentation by which such ordinary shares would be offered to our shareholders.
Conversion or Redemption Rights
Our ordinary shares are neither convertible nor redeemable, provided that our board of directors has the right to issue additional classes of shares in the Company (including redeemable shares) on such terms and conditions, and with such rights attached, as it may determine.

Liquidation Rights
Holders of ordinary shares are entitled to participate in any distribution of assets upon a liquidation after payment of all debts and other liabilities and subject to the prior rights of any holders of preferred ordinary shares then outstanding. A liquidator may, with the sanction of a special resolution and any other sanction required by the Insolvency Act 1986, divide among the members in specie the whole or any part of the assets of the Company and may, for that purpose, value any assets and determine how the division shall be carried out as between the members or different classes of members.
Variation of Rights
The rights or privileges attached to any class of shares may (unless otherwise provided by the terms of the issue of the shares of that class) be varied or abrogated by (i) the written consent of the holders of 3/4 in nominal value of the issued shares of that class or (ii) a special resolution passed at a general meeting of the shareholders of that class.
Capital Calls
Our board of directors has the authority to make calls upon the shareholders in respect of any money unpaid on their shares and each shareholder shall pay to us as required by such notice the amount called on its shares. If a call remains unpaid after it has become due and payable, and the 14 clear days' notice provided by our board of directors has not been complied with, any share in respect of which such notice was given may be forfeited by a resolution of our board of directors. None of our ordinary shares to be sold in this offering will be subject to a capital call.
Transfer of Shares
Our share register is maintained by our registrar, Computershare Trust Company, N.A. Registration in this share register is determinative of share ownership. A shareholder who holds our shares through DTC is not the holder of record of such shares. Instead, the depositary (for example, Cede & Co., as nominee for DTC) or other nominee is the holder of record of such shares. Accordingly, a transfer of shares from a person who holds such shares through DTC to a person who also holds such shares through DTC will not be registered in our official share register, as the depositary or other nominee will remain the record holder of such shares. The directors may decline to register a transfer:
• of a share that is not fully paid, provided that the refusal does not disturb the market in those shares, or on which we have a lien, it being noted that the directors will not exercise this power capriciously or otherwise than in accordance with their fiduciary duties as directors of the Company; 
• of a share that is not duly stamped (if required); 
• of a share that is not accompanied by the certificate of the share to which it relates or such other evidence reasonably required by the directors to show the right of the transferor to make the transfer; 
• of a default share where the holder has failed to provide the required details to us under "—Other English Law Considerations—Disclosure of Interests in Shares," subject to certain exceptions; 
• in respect of more than one class of share; or 
• where, in the case of a transfer to joint holders of a share, the number of joint holders to whom the share is to be transferred exceeds four.
Limitations on Ownership
Under English law and our articles of association, there are no limitations on the right of non-residents of the U.K. or owners who are not citizens of the U.K. to hold or vote our ordinary shares.
Preferred Ordinary Shares
Subject to there being an unexpired authority to allot shares, our articles of association permit our board of directors to issue shares with rights to be determined by our board of directors at the time of issuance, which may include such powers, designations, preferences and relative participating, optional or other special rights and qualifications, limitations and restrictions attaching thereto as our board of directors may determine, including, without limitation, rights to (i) receive dividends (which may include, without limitation, rights to receive preferential or cumulative dividends), (ii) distributions made on a winding up of the Company and (iii) be convertible into, or exchangeable for, shares of any other class or classes or of any other series of the same or any other class or classes of shares, at such prices or prices (subject to the Companies Act 2006) or at such rates of exchange and with such adjustments as 

may be determined by our board of directors. We do not have any preferred ordinary shares outstanding, and we have no present intention to issue any preferred ordinary shares.
Articles of Association and English Law Considerations
Directors
Number
Our articles of association provide for a minimum number of two and a maximum number of nine directors, and that otherwise the number of directors shall be as determined by our board of directors from time to time. Directors may be appointed by any ordinary resolution of shareholders or by the board, as described below under "—Appointment and Retirement of Directors." Each director elected shall hold office until his or her successor is elected or until his or her earlier resignation or removal in accordance with the articles of association.
Appointment and Retirement of Directors
The directors shall have power to appoint any person who is willing to act to be a director, either to fill a vacancy or as an additional director, provided that person is not prohibited to act as a director under English law and so long as the total number of directors shall not exceed nine.
Our directors are appointed at each annual general meeting of the company by ordinary resolution. Shareholders may by ordinary resolution elect any person who is willing to act as a director either to fill a vacancy or as an addition to the existing directors, provided that person is not prohibited to act as a director under English law. If at a meeting it is proposed to vote upon a number of resolutions for the appointment of a person as a director that exceeds the total number of directors that may be appointed to our board of directors at that meeting, the persons that shall be appointed shall first be the person who receives the greatest number of "for" votes, and then shall second be the person who receives the second greatest number of "for" votes, and so on, until the number of directors so appointed equals the total number of directors that may be appointed to the board at such meeting.
If the number of directors is less than the minimum prescribed by the articles of association, the remaining director may act only for the purposes of appointing additional directors. A director appointed in this manner shall hold office until the next annual general meeting elects someone in his place or, if it does not do so until the end of that meeting.
Indemnity of Directors
Under our articles of association, and subject to the provisions of the Companies Act 2006, each of our directors is entitled to be indemnified by us against all costs, charges, losses, expenses and liabilities incurred by such director or officer in the execution and discharge of his or her duties or in relation to those duties. The Companies Act 2006 renders void an indemnity for a director against any liability attaching to him or her in connection with any negligence, default, breach of duty or breach of trust in relation to the company of which he or she is a director, as described in "—Differences in Corporate Law—Liability of Directors and Officers."
Shareholders' Meetings
Each year, we hold a general meeting of our shareholders in addition to any other meetings held in that year, and will specify the meeting as such in the notice convening it. The annual general meeting will be held at such time and place as the directors, the chairman, the chief executive officer, the president or the secretary may appoint. The arrangements for the calling of general meetings are described in "—Differences in Corporate Law—Notice of General Meetings." No business shall be transacted at any general meeting unless a quorum is present when the meeting proceeds to business, but the absence of a quorum shall not preclude the appointment of a chairman, which appointment shall not be treated as part of the business of a meeting. Our articles of association will provide that the necessary quorum at any general meeting of shareholders (or adjournment thereof) shall be the holders of ordinary shares who together represent at least the majority of the voting rights of the Company, present in person or by proxy, at such meeting.
Requisitioning Shareholder Meetings
Subject to certain conditions being satisfied, shareholders holding at least 5% of the paid-up capital of the company carrying voting rights at general meetings can require the directors to call a general meeting. If any shareholder requests, in accordance with the provisions of the Companies Act 2006, us to (a) call a general meeting for the 

purposes of bringing a resolution before the meeting, or (b) give notice of a resolution to be proposed at a general meeting, such request must (in addition to any other statutory requirements and other requirements set forth in our articles of association):
• set forth the name and address of the requesting person and equivalent details of any person associated with it or him (in the manner contemplated by the articles of association), together with details of all interests held by it or him (and their associated persons) in us; 
• if the request relates to any business the member proposes to bring before the meeting, set forth a comprehensive description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting, the text of the proposal (including the complete text of any proposed resolutions) and any material interest in such business of the requesting person and certain persons associated with him; 
• set forth, as to each person (if any) whom the shareholder proposes to nominate for appointment or reappointment to the board of directors all information that would be required to be disclosed by us in connection with the election of directors, and such other information as we may require to determine the eligibility of such proposed nominee for appointment to the board.
Other English Law Considerations
Mandatory Purchases and Acquisitions
Pursuant to sections 979 to 982 of the Companies Act 2006, where a takeover offer has been made for us and the offeror has, by virtue of acceptances of the offer, acquired or unconditionally contracted to acquire not less than 90% of the voting rights carried by the shares to which the offer relates, the offeror may give notice to the holder of any shares to which the offer relates that the offeror has not acquired or unconditionally contracted to acquire that it desires to acquire those shares on the same terms as the general offer.
If a takeover offer is structured as a scheme of arrangement pursuant to Part 26 of the Companies Act 2006, the scheme, and therefore takeover, would need to be approved by a majority in number representing 75% in value of the shareholders of class of shareholders voting, whether in person or by proxy. If approved, the scheme, and therefore takeover, would be binding on 100% of the shareholders.
U.K. City Code on Takeovers and Mergers
Currently, a majority of our board of directors resides outside of the U.K., the Channel Islands and the Isle of Man. Based upon our current board and management structure and our intended plans for our directors and management, for the purposes of the Takeover Code, we are considered to have our place of central management and control outside the U.K., the Channel Islands or the Isle of Man. Therefore, the Takeover Code should not apply to us. It is possible that in the future circumstances could change that may cause the Takeover Code to apply to us. The Takeover Code provides a framework within which takeovers of companies subject to it are conducted. In particular, the Takeover Code contains certain rules in respect of mandatory offers. Under Rule 9 of the Takeover Code, if a person:
• acquires an interest in our shares that, when taken together with shares in which persons acting in concert with such person are interested, carries 30% or more of the voting rights of our shares; or 
• who, together with persons acting in concert with such person, is interested in shares that in the aggregate carry not less than 30% and not more than 50% of the voting rights in the company acquires additional interests in shares that increase the percentage of shares carrying voting rights in which that person is interested,
the acquirer, and, depending on the circumstances, its concert parties, would be required (except with the consent of the Takeover Panel) to make a cash offer for our outstanding shares at a price not less than the highest price paid for any interests in the shares by the acquirer or its concert parties during the previous 12 months.
Disclosure of Interest in Shares
Section 793 of the Companies Act gives us the power to require persons whom we know have, or whom we have reasonable cause to believe have, or within the previous three years have had, any ownership interest in any of our shares, (the "default shares"), to disclose prescribed particulars of those shares. For this purpose, default shares includes any of our shares allotted or issued after the date of the Section 793 notice in respect of those shares. 

Failure to provide the information requested within the prescribed period after the date of sending the notice will result in restrictions being imposed on the default shares and sanctions being imposed against the holder of the default shares as provided within the Companies Act.
Under our articles of association, we will also withdraw certain voting rights of default shares if the relevant holder of default shares has failed to provide the information requested within the prescribed period after the date of sending the notice, depending on the level of the relevant shareholding (and unless our board of directors decides otherwise).
Distributions & Dividends
Under English law, dividends and distributions may only be made from distributable profits. "Distributable profits" generally means accumulated realized profits, so far as not previously utilized by distribution or capitalization, less accumulated realized losses, so far as not previously written off in a reduction or reorganization of capital, duly made. This would include reserves created by way of a court-approved reduction of capital. For further information regarding the payment of dividends under English law, see "—Differences in Corporate Law—Distributions and Dividends."
Purchase of Own Shares
Under English law, a public limited company may purchase its own shares only out of the distributable profits of the company or the proceeds of a new issue of shares made for the purpose of financing the purchase. A limited company may not purchase its own shares if as a result of the purchase there would no longer be any issued shares of the company other than redeemable shares or shares held as treasury shares. Subject to the foregoing, because the NYSE is not a "recognized investment exchange" under the Companies Act 2006, we may purchase our own fully paid shares only pursuant to a purchase contract authorized by ordinary resolution of the holders of our ordinary shares before the purchase takes place. Any authority will not be effective if any shareholder from whom we propose to purchase shares votes on the resolution and the resolution would not have been passed if such shareholder had not done so. The resolution authorizing the purchase must specify a date, not being later than five years after the passing of the resolution, on which the authority to purchase is to expire. In 2018, our shareholders approved the repurchase of shares through two approved forms of repurchase contract, which are each valid until May 31, 2023. For further information, see "—Differences in Corporate Law—Repurchases and Redemptions of Shares."
Anti-Takeover Provisions
Certain provisions in our articles of association are intended to have the effect of delaying or preventing a change in control or changes in our management. For example, our articles of association include provisions that establish an advance notice procedure for shareholder approvals to be brought before an annual meeting of our shareholders, including proposed nominations of persons for election to our board of directors. U.K. law also prohibits the passing of written shareholder resolutions by public companies. These provisions, alone or together, could delay or prevent hostile takeovers and changes in control or changes in our management, even if these events would be beneficial for our shareholders.
In addition, our articles of association provides that, in general, from and after the first date on which Huntsman ceases to beneficially own at least 15% of our outstanding voting shares, we may not engage in a business combination with an interested shareholder for a period of three years after the time of the transaction in which the person became an interested shareholder.
The prohibition on business combinations with interested shareholders does not apply in some cases, including if:
• our board of directors, prior to the time of the transaction in which the person became an interested shareholder, approves (1) the business combination or (2) the transaction in which the shareholder becomes an interested shareholder; 
• upon consummation of the transaction that resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of our voting shares outstanding at the time the transaction commenced; or 
• the board of directors and the holders of at least two-thirds of our outstanding voting shares, excluding shares owned by the interested shareholder, approve the business combination on or after the time of the transaction in which the person became an interested shareholder.

As defined in our articles of association, an interested shareholder for the purposes of these provisions generally includes any person who, together with that person's affiliates or associates, (1) owns 15% or more of our shares entitled to vote generally in the election of directors or (2) is an affiliate or associate of the company and owned 15% or more of our shares entitled to vote generally in the election of directors at any time within the previous three years.
In addition, it is possible that in the future, circumstances could change that may cause the Takeover Code to apply to us. Please see "—U.K. City Code on Takeovers and Mergers."

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