Document:

EX-10.1

 Exhibit 10.1 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE
HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
 QUOTIENT LIMITED 

September 4, 2020 
 Ortho-Clinical Diagnostics, Inc. 

1001 US Hwy 202 
 Raritan NJ 08869 

 

	Attention:	 Chris M. Smith 

	 	 Chief Executive Officer 

Dear Mr. Smith: 
 This binding letter agreement
(“Agreement”) confirms that as of the date set forth above (the “Effective Date”), Quotient Limited (“Quotient”) and Ortho-Clinical Diagnostics, Inc. (“Ortho” and together with Quotient, the
“Parties”) have agreed as follows: 
 1.    Arbitration. Ortho and two of Quotient’s subsidiaries are parties to
an arbitration proceeding before a panel appointed pursuant to the rules of the International Centre for Dispute Resolution of the American Arbitration Association (the “AAA”), captioned Ortho-Clinical Diagnostics, Inc. vs. Quotient
Suisse SA and QBD (QS-IP) Limited, Case Number 01-19-0004-0624 (the “Arbitration”). Ortho and Quotient have
agreed to terminate the Arbitration and that, within five business days after the date of this Agreement, Ortho and Quotient each will take any and all actions as may be required to terminate the Arbitration. Each Party shall remain responsible for,
and shall pay, its costs incurred in the Arbitration including such Party’s share of all amounts payable to the AAA. 

2.    Mutual Releases; Termination of Prior Agreements. At the execution and delivery of this agreement, Ortho and Quotient have
executed and delivered the mutual release attached hereto as Exhibit A. The Parties stipulate and agree that each of the following agreements has terminated and is no longer of any force or effect, and that no party to these agreements nor
anyone else has any remaining rights or obligations under any of those agreements: (a) the Distribution and Supply Agreement, dated as of January 29, 2015, between QBD (QS-IP) Limited, Quotient
Suisse SA and Ortho; (b) the “New Applications Side Letter” agreement, dated as of January 29, 2015, between Quotient and Ortho; and (c) the other agreements listed on Exhibit B to this Agreement as number 1 and
number 4. Ortho agrees that it has waived all rights under the agreements listed on Exhibit B to this Agreement as number 2 and number 3 and that the other parties to those agreements no longer owe any obligations to Ortho, and Ortho hereby
irrevocably releases those parties from all such obligations. 
 3.    New Distribution Agreement. Ortho and Quotient will in
good faith negotiate, and use their respective reasonable best efforts to finalize, execute and deliver, as promptly as reasonably practicable, a definitive agreement (the “New Distribution Agreement”) giving effect to the contractual
terms set forth in Exhibit C to this Agreement. The Parties agree that this Agreement describes the essential and material terms that are to be included in the New Distribution Agreement and that those terms are not subject to further
negotiation in the course of finalizing the New Distribution Agreement. Until the New Distribution Agreement is executed and delivered by the Parties (and accordingly, if the Parties fail to mutually agree on, execute and deliver the 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

 
New Distribution Agreement), this Agreement will govern the respective rights and obligations of the Parties with respect to the subject matter hereof. If and when the New Distribution Agreement
is executed and delivered, it will supersede the obligations of the Parties under this Agreement with respect to the matters addressed in Exhibit C. 

4.    Payment. On the date hereof, Ortho shall make the initial milestone payment due hereunder, in the amount of $7,500,000 (the
“First Milestone Payment”) to Quotient, by wire transfer of immediately available funds in accordance with wire transfer instructions previously furnished by Quotient. The First Milestone Payment is
non-refundable. Under no circumstances whatsoever shall Ortho be entitled to recover the First Milestone Payment. 

5.    Due Authorization and Enforceability. Each Party represents and warrants to the other that (a) such Party has full
right, power and authority to enter into this Agreement; (b) the execution and delivery by such Party of this Agreement, the performance of its obligations hereunder have been duly and validly authorized by all requisite action on the part of
such Party, and no other proceedings or approvals on the part of such Party are necessary to authorize this Agreement or the performance of such Party’s obligations hereunder; and (c) this Agreement has been duly executed and delivered by
such Party and, assuming the due authorization, execution and delivery hereof by the other Party, constitutes the legal, valid and binding obligation of such Party, enforceable against it in accordance with its terms, subject to applicable laws
affecting the enforcement of creditors’ rights generally and to general equitable principles (whether considered in a proceeding at law or in equity). 

6.    Entire Agreement. This Agreement and the exhibits and schedules hereto supersede all prior and contemporaneous discussions
and agreements, both written and oral, among the parties with respect to the subject matter of this Agreement and constitute the sole and entire agreement among the parties to this Agreement with respect to the subject matter of this Agreement. 

7.    Assignment; Binding Effect. Neither this Agreement nor any right, interest or obligation under this Agreement may be assigned
by any party to this Agreement without the prior written consent of the other party to this Agreement and any attempt to do so will be void. Notwithstanding the foregoing, (a) either Party may assign its rights hereunder (i) to an entity
that is wholly owned, directly or indirectly, by (x) the assignor or (y) an entity that directly or indirectly owns 100% of the equity interests in the assignor or (ii) in connection with a sale or transfer of all or substantially all
of such Party’s business or assets to which this Agreement relates or in connection with a merger or consolidation transaction involving such Party but no such assignment described in clause (i) or clause (ii) shall relieve the
assignor of its obligations hereunder; and (b) the foregoing prohibition on assignment shall not apply to a change of control transaction involving either Party or any parent entity of such Party. Subject to the foregoing, this Agreement shall
be binding upon, and inure to the benefit of, the Parties and their respective successors and permitted assigns. 
 8.    Governing
Law; Jurisdiction and Venue. 
 (a)    THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK, WITHOUT REGARD FOR ANY CONFLICTS OF LAWS PRINCIPLES THAT OTHERWISE COULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. 

  
 - 2 - 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

 (b)    EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY SUBMITS TO THE
JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN THE COUNTY OF NEW YORK, NEW YORK, AND ANY APPELLATE COURT THEREOF, IN RESPECT OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE NEW DISTRIBUTION
AGREEMENT, AND AGREES THAT ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE BROUGHT ONLY IN SUCH COURTS (AND WAIVES AND AGREES NOT TO ASSERT ANY OBJECTION BASED ON FORUM NON CONVENIENS OR ANY OTHER OBJECTION TO VENUE THEREIN OR JURISDICTION
THEREOF); PROVIDED, HOWEVER, THAT SUCH CONSENT TO JURISDICTION IS SOLELY FOR THE PURPOSE REFERRED TO IN THIS SECTION 7 AND SHALL NOT BE DEEMED TO BE A GENERAL SUBMISSION TO THE JURISDICTION OF SAID COURTS OR IN THE STATE OF NEW YORK
OTHER THAN FOR SUCH PURPOSE. 
 (c)    EACH PARTY TO THIS AGREEMENT HEREBY WAIVES (AND EACH PARTY TO THE NEW
DISTRIBUTION AGREEMENT WILL WAIVE), TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. 

(d)    EACH PARTY TO THIS AGREEMENT EXPRESSLY WAIVES AND FOREGOES (AND EACH PARTY TO THE NEW DISTRIBUTION AGREEMENT WILL
WAIVE AND FOREGO) ANY RIGHT TO RECOVER INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING DAMAGES BASED ON LOST REVENUES OR PROFITS), OR PUNITIVE, SPECIAL, EXEMPLARY OR SIMILAR DAMAGES, IN ANY LAWSUIT, LITIGATION OR PROCEEDING ARISING OUT OF
OR RESULTING FROM ANY CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE NEW DISTRIBUTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, BASED ON CONTRACT, TORT OR ANY OTHER LEGAL THEORY; PROVIDED, HOWEVER, THAT
THE FOREGOING SHALL NOT BE CONSTRUED TO PRECLUDE RECOVERY (A) FOR ANY BREACH BY ORTHO OF THE LIMITATIONS ON DISCLOSSURE AND USE PROVIDED FOR IN EXHIBIT C AND TO BE CONTAINED IN THE NEW DISTRIBUTION AGREEMENT OR (B) IN RESPECT OF ANY LOSSES
INCURRED OR SUFFERED FROM THIRD-PARTY CLAIMS THAT ARE INDEMNIFIABLE PURSUANT TO THE NEW DISTRIBUTION AGREEMENT OR THIS AGREEMENT. 

9.    Remedies. The sole remedies for breach of this Agreement are specific performance and (subject to the limitations set forth
above) damages. 
 10.    Counterparts. This Agreement may be executed in multiple counterparts (including by means of telecopied
signature pages or electronic transmission in portable document format (pdf)), any one of which need not contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same instrument. 

  
 - 3 - 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

 Please confirm Ortho’s agreement with the foregoing by executing this Agreement in the place indicated
below. 
 Very truly yours, 
  

			
	QUOTIENT LIMITED
		
	By:	 	 /s/ Franz Walt

	
	AGREEMENT CONFIRMED:
	
	ORTHO-CLINICAL DIAGNOSTICS, INC.
		
	By:	 	 /s/ Chris Smith

  
 - 4 - 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

 EXHIBIT A 

FORM OF MUTUAL RELEASE 

(follows) 

  
 Exh. A-1 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

 MUTUAL RELEASES 

Reference is made to (i) the Distribution and Supply Agreement, dated as of January 29, 2015 among QBD
(QS-IP) Limited, Quotient Suisse SA, and Ortho-Clinical Diagnostics, Inc. (the “DSA”); (ii) the Letter Agreement, dated as of January 29, 2015 between Quotient Limited and Ortho-Clinical
Diagnostics, Inc. (the “Letter Agreement”); and (iii) the Letter Agreement, dated as of January 29, 2015 among QBD (QS-IP) Limited, Quotient Suisse SA, and Ortho-Clinical
Diagnostics, Inc. (the “DSA Letter Agreement”, and together with the DSA, the Letter Agreement, and any and all related agreements and understandings the “Agreements”); 

Reference is further made to the arbitration pending before the American Arbitration Association captioned Ortho-Clinical Diagnostics, Inc. v. Quotient
Suisse SA and QBD (QS-IP) Limited, Case No. 01-19-0004-0624 (the “Arbitration”) and the case previously
filed in the United States District Court for the District of New Jersey captioned Ortho-Clinical Diagnostics, Inc. v. Quotient Suisse SA and QBD (QS-IP) Limited, Case 3:19-cv-20470 and previously settled among the parties (the “New Jersey Action” and together with the Arbitration the “Actions”). 

By the Ortho Releasors. Ortho-Clinical Diagnostics, Inc. (“OCD”), on behalf of itself and its predecessors, successors,
corporate parents, subsidiaries, affiliates, partners, members, shareholders, investors, joint venturers, attorneys, officers, directors, agents, employees, heirs, administrators, beneficiaries, executors, and assigns, whether present or former (the
“Ortho Releasors”) hereby irrevocably and unconditionally release and forever discharge QBD (QS-IP) Limited, Quotient Suisse SA, and Quotient Limited, and each of their respective
predecessors, successors, corporate parents, subsidiaries, affiliates, partners, members, shareholders, joint venturers, attorneys, officers, directors, agents, employees, heirs, administrators, beneficiaries, executors, and assigns, whether present
or former, from all manner of suits, causes of action, claims, cross-claims, counterclaims, third-party claims, appeals, demands, liabilities, damages (whether compensatory, punitive, or otherwise), expenses, fees and costs of any kind whatsoever
(including attorneys’ fees), whether known or currently unknown, hidden or concealed, derivative or direct, contingent or non-contingent, in law, equity or otherwise, including any Unknown Claims (as
defined infra), that any of the Ortho Releasors ever had, now have or hereafter can, shall or may have, for, upon, or by reason of any rights of any of the Ortho Releasors in respect of, or relating to the Agreements or the matters alleged in
the Actions, or which could have been alleged in any court or forum arising from or related in any way to any matters, facts, or allegations alleged in the Actions and/or in connection with the claims or counterclaims in the Actions, provided,
however, that, nothing herein releases any party from any obligation created by the Agreement among Quotient Limited and OCD, dated as of September 4, 2020, to which these Mutual Releases are Exhibit A, or from any liability for breach of
that agreement. 
 By the Quotient Releasors. QBD (QS-IP) Limited, Quotient Suisse SA, and Quotient
Limited, on behalf of themselves and their predecessors, successors, corporate parents, subsidiaries, affiliates, partners, members, shareholders, investors, joint venturers, attorneys, officers, directors, agents, employees, heirs, administrators,
beneficiaries, executors, and assigns, whether present or former (the “Quotient Releasors”) hereby irrevocably and unconditionally release and forever discharge OCD, and each of its respective predecessors, successors, corporate
parents, subsidiaries, affiliates, 

  
 Exh. A-2 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

 
partners, members, shareholders, joint venturers, attorneys, officers, directors, agents, employees, heirs, administrators, beneficiaries, executors, and assigns, whether present or former, from
all manner of suits, causes of action, claims, cross-claims, counterclaims, third-party claims, appeals, demands, liabilities, damages (whether compensatory, punitive, or otherwise), expenses, fees and costs of any kind whatsoever (including
attorneys’ fees), whether known or currently unknown, hidden or concealed, derivative or direct, contingent or non-contingent, in law, equity or otherwise, including any Unknown Claims (as defined
infra), that any of the Quotient Releasors ever had, now have or hereafter can, shall or may have, for, upon, or by reason of any rights of any of the Quotient Releasors in respect of, or relating to the Agreements or the matters alleged in
the Actions, or which could have been alleged in any court or forum arising from or related in any way to any matters, facts, or allegations alleged in the Actions and/or in connection with the claims or counterclaims in the Actions provided,
however, that, nothing herein releases any party from any obligation created by the Agreement among Quotient Limited and OCD, dated as of September 4, 2020, to which these Mutual Releases are Exhibit A, or from any liability for breach of that
agreement.. 
 Unknown Claims. “Unknown Claims” means any claims which any person or entity providing a release pursuant to this
Agreement (a “Releasing Person”) does not know or suspect exist in his, her, or its favor at the time of the release of the released claims as against the person or entity being released, including without limitation those which, if
known, might have affected the decision to enter into the Agreement. Each Releasing Person acknowledges that he, she, or it may discover facts in addition to or different from those now known or believed to be true with respect to claims being
released herein, but that it is the intention of each Releasing Person to completely, fully, finally, and forever extinguish any and all claims being released herein, known or unknown, suspected or unsuspected, which now exist, or heretofore
existed, or may hereafter exist, and without regard to the subsequent discovery of additional or different facts. The inclusion of Unknown Claims in the Mutual Releases herein was separately bargained for and is a material element hereof and was
relied upon by each Releasing Person in entering into the Mutual Releases and the Agreement. 
 Waiver Under
Section 1542 of the California Civil Code and Similar Rights. Each Releasing Person hereby waives and relinquishes, to the fullest extent permitted by law, the provisions, rights, and benefits of any state,
federal, or foreign law, or principle of common law, which may have the effect of limiting the releases in this Agreement. Each Releasing Person each hereby waives any rights he, she, or it may have pursuant to Section 1542 of the California
Civil Code (or any similar, comparable, or equivalent provision of any federal, state, or foreign law, or principle of common law concerning the release of unknown claims), which provides: 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING
THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 

  
 Exh. A-3 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

 IN WITNESS WHEREOF, these Mutual Releases have been duly executed and delivered as of
September 4, 2020. 
  

			
	QUOTIENT LIMITED
		
	By:	 	  

	
	ORTHO-CLINICAL DIAGNOSTICS, INC.
		
	By:	 	  

  
 Exh. A-4 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

 EXHIBIT B 

OTHER TERMINATED CONTRACTS 

1.    OCD Specification Letter Agreement Agreement, dated January 29, 2015, among Ortho-Clinical Diagnostics, Inc., QBD (QS-IP) Limited and Quotient Suisse SA. 
 2.    Stratec Letter Agreement, dated as of
January 29, 2015, between Ortho-Clinical Diagnostics, Inc., Stratec Biomedical AG and QBD (QS-IP) Limited. 

3.    TTP Letter Agreement, dated as of January 29, 2015, between Ortho-Clinical Diagnostics, Inc., The Technology Partnership PLC
and QBD (QS-IP) Limited. 
 4.    Letter Agreement, dated December 20, 2019, between
Ortho-Clinical Diagnostics, Inc., QBD (QS-IP) Limited and Quotient Suisse SA. 

  
 Exh. B-1 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

 EXHIBIT C 

BINDING TERMS 
  

			
	Quotient:	  	Quotient Suisse SA or any other direct or indirect wholly-owned subsidiary of Quotient designated for this purpose by Quotient Limited that has the intellectual property and other rights required to perform Quotient’s
obligations hereunder.
		
	OCD:	  	Ortho-Clinical Diagnostics, Inc.
		
	MosaiQ Instrument:	  	The instrument that has been developed by and on behalf of Quotient for use in processing blood tests performed on the IH3 Microarray and other microarrays, and is publicly referred to by Quotient as the MosaiQ 125 instrument.
The MosaiQ Instrument referred to herein is a version that processes blood tests performed on the IH3 Microarray.
		
	IH3 Microarray:	  	A transfusion diagnostic patient immuno-hematology microarray (“PIM”) that has the specifications described below, intended for use with MosaiQ Instruments, on which multiple compounds are placed which, when exposed to
human blood samples, generate reactions that indicate the presence or absence of certain blood characteristics and antigens and is intended for immuno-hematological testing of the blood of medical patients during the course of their care or
treatment.
		
	Distribution Rights:	  	On the terms and subject to the conditions summarized below, Quotient will grant OCD the rights (exclusive except as provided below) to market, offer for sale, sell and distribute the IH3 Microarray in the European Territory and
the US Territory (as those terms are defined below), solely for use in testing the immuno- hematological profile of the blood of medical patients in the course of their care or treatment. Except as Quotient may otherwise agree in writing, OCD shall
not have the right to

  
 Exh. C-1 

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IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

			
		  	market, offer for sale, sell or distribute the IH3 Microarray for use in blood donor testing in any setting (including a hospital setting); accordingly, OCD will be prohibited from marketing, selling or distributing IH3 Microarrays
in any case where the end use is donor blood testing. OCD also will be prohibited from marketing, selling or distributing IH3 Microarrays in any case where (a) the end use is to occur outside the European Territory or the US Territory or (b) such
activity is not legally permitted (for example, because the requisite governmental approvals have not yet been obtained). OCD also will have the non-exclusive right to market, offer for sale, sell and distribute MosaiQ Instruments in the same
Territories, for the same uses and subject to the same limitations as apply to OCD’s distribution of the IH3 Microarrays, and to service the MosaiQ Instruments sold by OCD.
		
	IH3 Target Specifications:	  	The IH3 Target Specifications are the specifications described in Annex A to this Term Sheet. The IH3 Microarray is still under development by Quotient. While Quotient’s objective currently is that the IH3 Microarray will
conform to the IH3 Target Specifications, it ultimately may not conform to the IH3 Target Specifications.
		
	IH3 Microarray Version Deliverable by Quotient:	  	The IH3 Microarray to which OCD will have the rights described herein will be: (a) for the European Territory, the version that will be described in Quotient’s CE Mark dossier signifying that the IH3 Microarray conforms
with applicable European Union regulatory requirements (the “CE Mark”); and (b) for the US Market, the version that will be described in Quotient’s Biologics License Application to the US Food and Drug Administration seeking
approval for the sale of the IH3 Microarray in the United States (the “FDA-BLA Approval”). Except as may subsequently be agreed by Quotient, OCD will not have rights to prior or subsequent versions
of the IH3 Microarray or

  
 Exh. C-2 

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IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

			
		  	the MosaiQ Instrument. Notwithstanding the foregoing, to the extent it legally may do so (i.e., for example, without infringing third party rights), Quotient will make available to Ortho, for distribution and sale in the European
Territory and the US territory, (i) any IH3 Microarray enhancements or any other PIM it may develop or acquire, and (ii) any enhancement to or new version of the MosaiQ Instrument that Quotient may develop or acquire, subject in the case of clauses
(i) and (ii) to mutual agreement by the Parties on pricing (any such negotiations over pricing to be conducted by both Parties in good faith).
		
	Quotient Responsible for Development and Regulatory Applications:	  	Quotient will be solely responsible for, and bear the costs of, completing development of the IH3 Microarray and obtaining the requisite regulatory approvals in the European Territory and the US Territory. It is understood and
agreed that (a) Quotient may in its discretion elect to change the specifications and functionality of the IH3 Microarray (in which case it will not conform to the IH3 Target Specifications), and (b) the timing of the CE Mark, the FDA-BLA Approval and any other requisite regulatory approvals could be delayed, and in either case described in clauses (a) and (b), Quotient shall have no liability whatsoever to OCD.
		
	OCD Right to Terminate After Notice of Material Changes in the IH3 Target Specifications:	  	Quotient will notify OCD in writing if Quotient materially alters the IH3 Target Specifications. If Quotient materially alters the IH3 Target Specifications more than once, it will notify OCD on each such occasion. OCD will have the
right, exercisable within 90 days after receipt of any such notice, to terminate the New Distribution Agreement (or the Agreement to which this Term Sheet is an exhibit, if no New Distribution Agreement has then been entered into). In the event of
such termination, neither Party will have any further rights or obligations under the New Distribution Agreement (or the Agreement to which this Term Sheet is an exhibit, if no New Distribution Agreement has then been entered into).

  
 Exh. C-3 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

			
	European Territory:	  	The countries that as of the date hereof comprise the European Economic Area together with the UK and Switzerland.
		
	US Territory:	  	The United States of America.
		
	Term:	  	For the European Territory, OCD’s rights will terminate on the first to occur of (a) the date that is ten years after (i) the date on which Quotient obtains the CE Mark for the Microarray or (ii) such later date
on which the EU regulatory approvals required for the sale in the EU of the MosaiQ Instrument and the related reagents and consumables needed to conduct blood testing using the IH3 Microarray have been obtained (the later of the dates specified in
clauses (i) and (ii) is the “European Start Date”), and (b) December 31, 2032.
		
		  	For the US Territory, OCD’s rights will terminate on the first to occur of (a) the date that is ten years after (i) the date on which Quotient obtains the FDA-BLA Approval or
(ii) such later date on which the FDA regulatory approvals required for the sale in the United States of the MosaiQ Instrument and the reagents and consumables needed to conduct blood testing using the IH3 Microarray have been obtained (the
later of the dates specified in clauses (i) and (ii) is the “US Start Date”) and (b) December 31, 2034.
		
	Other Territories:	  	Before Quotient enters into any distribution arrangement or similar arrangement for the IH3 Microarray for use in immune-hematology testing of the blood of medical patients in connection with such patients’ receipt of blood
transfusion therapy, in a territory outside the European and US Territories (but not, for the avoidance of doubt, where Quotient will distribute directly for its own account), Quotient will notify OCD not less than 90 days in advance of its desire
to do so (but need not disclose the identity of any potential distributor

  
 Exh. C-4 

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IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

			
		  	or the terms of any potential distribution arrangement). Quotient will consider in good faith any proposal OCD may make for distribution rights in such territory. OCD will not however have a right of first refusal or matching
right. Quotient will have the right to grant distribution rights in such territory to a third party if after considering any proposal OCD may make, Quotient decides in good faith that doing so is in Quotient’s best interests.
		
	Exclusivity:	  	With respect to each of the European Territory and the US Territory, from the date hereof until (a) the term of OCD’s distribution rights for that Territory ends or (b) OCD’s distribution rights in that Territory
cease to be exclusive (whichever occurs first), Quotient will not offer, distribute or sell, or grant any affiliate or third party the right to offer or sell a PIM (i.e., a transfusion diagnostic patient immuno-hematology microarray) in such
Territory for use in testing the blood of medical patients during the course of their care or treatment (including for the avoidance of doubt any enhanced version of the IH3 Microarray).
		
	Milestone Payments:	  	In consideration of the rights granted by Quotient, OCD will make the following milestone payments to Quotient:
		
		  	 •   On the date of execution and delivery of the Agreement, $7,500,000
(referred to in the Agreement as the “First Milestone Payment”).

		
		  	 •   Later of (i) CE Mark for the IH3 Microarray and (ii) CE Mark
for the MosaiQ Instrument (it being understood that the CE Mark for the MosaiQ Instrument was obtained before the Effective Date): $[***].

		
		  	 •   First commercial sale of the IH3 Microarray in the European Territory:
$[***].

  
 Exh. C-5 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

			
		  	 •   Later of (i) US FDA-BLA Approval for the IH3 Microarray and (ii) FDA
510(k) approval for the MosaiQ Instrument: $[***].

		
		  	 •   First commercial sale of the IH3 Microarray in the US Territory:
$[***].

		
		  	 •   When Ortho’s cumulative aggregate gross revenues from sales of the
IH3 Microarray in the European Territory and the US Territory (combined) are $[***]; $[***]; $[***] and $[***] (each a “Revenue Hurdle”): $[***] per Revenue Hurdle for the $[***], $[***] and $[***] Revenue Hurdles and $[***] for the $[***]
Revenue Hurdle.

		
		  	Each milestone payment shall be payable within 45 days after the applicable trigger event, by wire transfer of immediately available funds to an account specified in advance by Quotient.
		
		  	The New Distribution Agreement will provide for financial reporting and audit and information rights that allow Quotient to monitor OCD’s progress against the Revenue Hurdles. OCD will furnish to Quotient promptly upon
Quotient’s request such information as Quotient may request from time to time to monitor Ortho’s revenue performance against the Revenue Hurdles. OCD will be required to separately document, record and identify its revenues from sales of
the IH3 Microarray and to notify Quotient promptly after each Revenue Hurdle is achieved. OCD will notify Quotient promptly after it makes its first commercial sales of an IH3 Microarray in the European Territory and the US Territory
		
	Supply:	  	The rights granted to OCD are for devices, microarrays, reagents and controls furnished by Quotient. OCD may not obtain such products elsewhere. For these products, OCD will pay

  
 Exh. C-6 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

			
		  	Quotient, in each case within 45 days of invoice:
		
		  	EUR[***] per MosaiQ Instrument.
		
		  	$[***] per IH3 Microarray.
		
		  	These prices are ex works (Incoterms 2020) and exclusive of VAT, sales tax and other taxes. They will be increased annually (but not reduced) based on changes in the Consumer Price Index – All Consumers published by the U.S.
Bureau of Labor Statistics.
		
		  	Quotient will supply OCD with reagents and controls used with the IH3 Microarray at its standard wholesale (distributor) prices (not, for the avoidance of doubt, at higher customer end user prices).
		
	Minimum Annual Purchase Volumes:	  	OCD’s continued exclusivity respectively in the European Territory and the US Territory will be conditional on its purchases of IH3 Microarrays from Quotient exceeding minimum annual purchase volumes. If the applicable minimum
purchase volumes are not achieved in either Territory, OCD’s rights to the IH3 Microarray will become non-exclusive in both Territories. The minimum purchase requirements for the European Territory are
[***] IH3 Microarrays for the first year after the European Start Date; [***] IH3 Microarrays for the second year after the European Start Date; [***] IH3 Microarrays for the third year after the European Start Date; and [***] IH3 Microarrays per
year thereafter. The minimum purchase requirements for the US Territory are [***] IH3 Microarrays for the first year after the US Start Date; [***] IH3 Microarrays for the second year after the US Start Date; [***] IH3 Microarrays for the
third year after the US Start Date; and [***] IH3 Microarrays per year thereafter. To count toward these minimum volume requirements, purchases must be made for the purpose of satisfying customer requirements.

  
 Exh. C-7 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

			
	Ortho Obligations:	  	Ortho will have customary obligations designed to protect Quotient’s IP rights and the value of the MosaiQ brand, including an obligation to protect the confidentiality of, and to refrain from disclosing, Quotient’s
proprietary or confidential information obtained pursuant to the distribution relationship. The confidentiality and non-disclosure obligations will survive any termination of the New Distribution Agreement (or
of the Agreement to which this Exhibit is attached, if no New Distribution Agreement is executed). OCD will be required to use all marks and labels required by Quotient, to comply with all product safety recall or other directives and to comply with
all laws applicable to its activities as a distributor of IH3 Microarrays and MosaiQ Instruments.
		
	Quotient Obligations:	  	 Quotient will be required to defend and indemnify OCD against any third-party claims alleging that the MosaiQ Instrument or IH3 Microarray
infringes intellectual property rights of others.
  
 Quotient will keep Ortho
reasonably informed regarding material changes to specifications and material changes in anticipated timing of regulatory clearances; however, Ortho will have no development oversight role, no right to participate or be consulted regarding
specification changes or regulatory applications and no right to further information about such activity or about trial results, functionality or performance. If requested by OCD, Quotient will provide semi-annual briefings on these topics, subject
to the same limitations described above.
  

  
 Exh. C-8 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

 ANNEX A TO BINDING TERMS 

TARGET IH3 SPECIFICATIONS 
  

							
	
Antibody Detection/                    
            

Reverse Grouping                    
            
	 	 	  	Antigen Typing
				
	 ABO
	 	 A, B, A1 
	 	 ABO
	  	 A, ( A1, A2 ) Ax, B

				
	 Rh
	 	 D, C, c, E, e, Cw 
	 	 Rh D
	  	 D, Weak D, D VI Variant

				
		 		 	 Rh
	  	 C, c, E, e, Cw 

				
	 Kell
	 	 K, k, Kpa, *Kpb , Jsb 
	 	 Kell
	  	 K, k

				
	 Duffy
	 	 Fya, Fyb 
	 	 Duffy
	  	 Fya, Fyb 

				
	 Kidd
	 	 Jka, Jkb 
	 	 Kidd
	  	 Jka, Jkb 

				
	 Lewis
	 	 Lea, Leb 
	 	 Lewis
	  	 Lea, Leb 

				
	 MNS
	 	 M, N, S, s
	 	 MNS
	  	 M, N, S, s

				
	 P
	 	 P1
	 	 P
	  	 P1

				
	 Lu
	 	 Lua, *Lub 
	 	 Lu
	  	 Lub 

				
	Xg	 	*Xga 	 		  	
				
	Diego	 	*Dia 	 		  	
				
	Other	 	*U, *Wra 	 		  	

  
 Exh. C-9Exhibit 10.7

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND
MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION
OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

June 12, 2019

 

	$500,000	 
	No. A-1	 

 

FinTech Acquisition Corp. IV (the “Maker”)
promises to pay to the order of FinTech Investor Holdings IV, LLC (the “Payee”) the principal sum of up to Five
Hundred Thousand ($500,000) in lawful money of the United States of America, on the terms and conditions described below.

 

1. Principal. The principal balance of this Note shall
be repayable on earlier of (the “Maturity Date”) (a) the date on which Maker consummates its initial public
offering (“IPO”) and (b) September 30, 2019.

 

2. Interest. This Note shall bear no interest.

 

3. Application of Payments. All payments shall be applied
first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorneys’ fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal
balance of this Note.

 

4. Events of Default. The following shall constitute
Events of Default:

 

(a) Failure to Make Required Payments.
Failure by Maker to pay the principal of, or other payments on, this Note within five (5) business days following the date when
due.

 

5. Remedies. Upon the occurrence of an Event of Default
specified in Section 4(a), Payee may, by written notice to Maker, declare this Note to be due and payable, whereupon the principal
amount of this Note, and all other amounts payable under this Note, shall become immediately due and payable without presentment,
demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents
evidencing the same to the contrary notwithstanding.

 

6.  Waivers. Maker and all endorsers and guarantors
of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with
regard to this Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note,
and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or
any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate
that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon
any such writ in whole or in part in any order desired by Payee.

 

7. Unconditional Liability. Maker hereby waives all notices
in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that
its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner
by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and
all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions
of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to
them or affecting their liability hereunder.

 

     

     

    

 

8. Notices. Any notice called for hereunder shall be
deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any
form of private or governmental express mail or delivery service providing receipted delivery, (iv) sent by facsimile or (v) sent
by e-mail, to the following addresses or to such other address as either party may designate by notice in accordance with this
Section:

 

If to Maker:

 

FinTech Acquisition Corp. IV

2929 Arch Street, Suite 1703

Philadelphia, PA 19104

Attention: James McEntee

Email: jmce@stbwell.com

 

If to Payee:

 

FinTech Investor Holdings IV, LLC

3 Columbus Circle, 24th Floor

New York, NY 10019

Attention: Daniel Cohen

Email: dcohen@cohenandcompany.com

 

Notice shall be deemed given on the earlier of (i) actual receipt
by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii) the date on which an e-mail transmission
was received by the receiving party’s on-line access provider, (iv) the date reflected on a signed delivery receipt, or (vi)
two (2) business days following tender of delivery or dispatch by express mail or delivery service.

 

9. Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS
THEREOF.

 

10. Severability. Any provision contained in this Note
which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

11. Trust Waiver. Notwithstanding anything herein to
the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in
or to any distribution of the trust account (other than interest income earned on such trust account) in which will be deposited
the proceeds of Maker’s IPO and the proceeds of the sale of the securities issued in a private placement to be consummated
concurrently with the completion of the Maker’s IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
for any Claim against the trust account (other than interest income earned on such trust account) for any reason whatsoever.

 

12. Amendment; Waiver. Any amendment hereto
or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

 

13. Assignment. No assignment or transfer of this Note
or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written
consent of the other party hereto and any attempted assignment without the required consent shall be void.

 

[Signature Page Follows]

 

    2

     

    

   

IN WITNESS WHEREOF, Maker, intending to
be legally bound hereby, has caused this Note to be duly executed the day and year first above written.

 

	 	FINTECH ACQUISITION CORP. IV
	 	 	 
	 	By:	/s/ Daniel G. Cohen
	 	Name: 	Daniel G. Cohen
	 	Title:	Chief Executive Officer 

 

[Signature Page – Promissory Note
Pre-IPO]

 

 

3

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