Document:

Exhibit 10.13

 

EMPLOYMENT
AGREEMENT

 

This Employment Agreement (“Agreement”)
is made by and between Vaccitech Limited (which is anticipated to be reorganized into Vaccitech plc, “Parent”), Vaccitech
USA, Inc., a Delaware corporation (the “U.S. Subsidiary”), and Margaret Marshall, M.D. (the “Executive”)
and is effective as of the closing of the Company’s first underwritten public offering of its equity securities pursuant to an effective
registration statement under the Securities Act of 1933, as amended (the “Effective Date”). Parent, the U.S. Subsidiary, and
their respective subsidiaries and other affiliates are collectively referred to herein as the “Company,” and the duties of
the Company set forth in this Agreement may be discharged by any entity within that definition. In the interest of clarity, any intercompany
transfer shall not be deemed a termination of the employment relationship unless otherwise specified at the time of the transfer.

 

Except with respect to the Equity Documents and
the Restrictive Covenants Agreement (each as defined below) and subject to Section 10, this Agreement supersedes in all respects
all prior agreements between the parties regarding the subject matter herein, including without limitation (i) the Employment Agreement
between you and the Company dated November 1, 2020 (the “Prior Agreement”), (ii) the Research Activities Agreement
between Parent and the Executive dated as of July 7, 2020 and the Statement of Work incorporated therein, provided that Sections
4, 5, 6 and 7 of such agreement shall be preserved (the “Preserved Provisions”) and are supplemental to this Agreement and
the Restrictive Covenants Agreement (as defined below); and (iii) any other offer letter, employment agreement or severance agreement
between the Executive and any of the parties or their affiliated entities.

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties agree as follows:

 

1.            Employment.

 

(a)       Term.
The Company shall employ the Executive and the Executive shall be employed by the Company pursuant to this Agreement commencing as of
the Effective Date and continuing until such employment is terminated in accordance with the provisions hereof (the “Term”).
The U.S. Subsidiary will maintain and distribute employment-related records. The Executive’s employment with the Company will be
 “at will,” meaning that the Executive’s employment may be terminated by the Company or the Executive at any time and
for any reason subject to the terms of this Agreement.

 

(b)       Position
and Duties. The Executive shall serve as the Chief Medical Officer of the Company and shall have such powers and duties as may from
time to time be prescribed by the Chief Executive Officer (the “CEO”) or other duly authorized executive. The Executive shall
devote the Executive’s full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing,
the Executive may serve on other boards of directors, with the approval of Parent’s Board of Directors (the “Board”),
or engage in religious, charitable or other community activities as long as such services and activities do not interfere with the Executive’s
performance of the Executive’s duties to the Company.

 

    

     

    

 

2.            Compensation
and Related Matters.

 

(a)       Base
Salary. The Executive’s initial base salary shall be paid at the rate of $436,100 per year. The Executive’s base salary
shall be subject to periodic review by the Board or the Compensation Committee of the Board (the “Compensation Committee”).
The base salary in effect at any given time is referred to herein as “Base Salary.” The Base Salary shall be payable in a
manner that is consistent with the Company’s usual payroll practices for its U.S. executive officers.

 

(b)       Incentive
Compensation. The Executive shall be eligible to receive cash incentive compensation as determined by the Board or the Compensation
Committee from time to time. The Executive’s initial target annual incentive compensation shall be 40 percent of the Executive’s
Base Salary. The target annual incentive compensation in effect at any given time is referred to herein as “Target Bonus.”
The actual amount of the Executive’s annual incentive compensation, if any, shall be determined in the sole discretion of the Board
or the Compensation Committee. Except as otherwise provided herein or as may be provided by the Board or the Compensation Committee, the
Executive must be employed by the Company on the date such incentive compensation is paid in order to earn or receive any annual incentive
compensation.

 

(c)        Expenses.
The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive during the Term
in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its
U.S. executive officers.

 

(d)       Location.
The Executive shall be permitted to work from her home office in New Jersey; provided, however, that the Executive shall be required to
regularly travel to Parent’s offices in the United Kingdom and will also be required to travel nationally and internationally on
business as is necessary from time to time.

 

(e)        Other
Benefits. The Executive shall be eligible to participate in or receive benefits under the Company’s employee benefit plans in
effect from time to time for its U.S. employees, subject to the terms of such plans. For the avoidance of doubt, the Company shall not
be obligated to contribute to any U.K. pension on behalf of the Executive, nor shall the Executive be eligible for any other U.K.-specific
employment benefits.

 

(f)        Paid
Time Off. The Executive shall initially be eligible to ratably accrue up to 25 days of vacation each calendar year, which may be used
in accordance with the Company’s applicable paid time off policy for its U.S. executive officers, as may be in effect from time
to time.

 

(g)        Equity.
The equity awards held by the Executive shall continue to be governed by the terms and conditions of the Company’s applicable equity
incentive plan(s) and the applicable award agreement(s) (collectively, the “Equity Documents”); provided, however,
and notwithstanding anything to the contrary in the Equity Documents, in the event of a termination by the Company without Cause or by
the Executive for Good Reason, in either event within the Change in Control Period (as such terms are defined below), all stock options
and other stock-based awards held by the Executive that are subject solely to time-based vesting shall immediately accelerate and become
fully vested and exercisable or nonforfeitable as of the Date of Termination (as defined below).

 

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3.            Termination.
The Executive’s employment hereunder may be terminated without any breach of this Agreement under the following circumstances:

 

(a)       Death.
The Executive’s employment hereunder shall terminate upon death.

 

(b)       Disability.
The Company may terminate the Executive’s employment if the Executive is disabled and unable to perform or expected to be unable
to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable
accommodation for a period of 180 days (which need not be consecutive) in any twelve (12)-month period. If any question shall arise as
to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s
then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall,
submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s
guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and
such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable
request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such
certification, the Company’s determination of such issue shall be binding on the Executive. Nothing in this Section 3(b) shall
be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave
Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

 

(c)       Termination
by the Company for Cause. The Company may terminate the Executive’s employment hereunder for Cause. For purposes of this Agreement,
 “Cause” shall mean any of the following:

 

(i)         conduct
by the Executive constituting a material act of misconduct in connection with the performance of the Executive’s duties, including,
without limitation, (A) willful failure or refusal to perform material responsibilities that have been requested by the Board or
the CEO; (B) dishonesty to the Board or the CEO with respect to any material matter; or (C) misappropriation of funds or property
of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property
for personal purposes;

 

(ii)        the
commission by the Executive of acts satisfying the elements of (A) any felony or (B) a misdemeanor involving moral turpitude,
deceit, dishonesty or fraud;

 

(iii)       any
misconduct by the Executive, regardless of whether or not in the course of the Executive’s employment, that would reasonably be
expected to result in material injury or reputational harm to the Company or any of its subsidiaries or affiliates if the Executive were
to continue to be employed in the same position;

 

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(iv)      continued
unsatisfactory performance or non-performance by the Executive of the Executive’s duties hereunder (other than by reason of the
Executive’s physical or mental illness, incapacity or disability) which has continued for more than 30 days following written notice
of such unsatisfactory performance or non-performance from the Board or the CEO;

 

(v)       a
breach by the Executive of any of the provisions contained in Section 8 of this Agreement or the Restrictive Covenants Agreement
(as defined below);

 

(vi)      a
material violation by the Executive of any of the Company’s written employment policies; or

 

(vii)     the
Executive’s failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities,
after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known
to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection
with such investigation.

 

(d)       Termination
by the Company without Cause. The Company may terminate the Executive’s employment hereunder at any time without Cause. Any
termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause
under Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall
be deemed a termination without Cause.

 

(e)       Termination
by the Executive. The Executive may terminate employment hereunder at any time for any reason, including but not limited to, Good
Reason. For purposes of this Agreement, “Good Reason” shall mean that the Executive has completed all steps of the
Good Reason Process (hereinafter defined) following the occurrence of any of the following events without the Executive’s consent
(each, a “Good Reason Condition”):

 

(i)        a
material diminution in the Executive’s responsibilities, authority or duties;

 

(ii)       a
material diminution in the Executive’s Base Salary except for across-the-board salary reductions based on the Company’s financial
performance similarly affecting all or substantially all senior management employees of the Company;

 

(iii)      a
material change in the geographic location at which the Executive primarily provides services to the Company, such that the Executive
is required to relocate the Executive’s principal residence as a result of such change; or

 

(iv)      a
material breach of this Agreement by the Company.

 

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The “Good Reason Process” consists of the following
steps:

 

(i)        the
Executive reasonably determines in good faith that a Good Reason Condition has occurred;

 

(ii)       the
Executive notifies the Company in writing of the first occurrence of the Good Reason Condition within 60 days of the first occurrence
of such condition;

 

(iii)      the
Executive cooperates in good faith with the Company’s efforts, for a period of not less than 30 days following such notice (the
 “Cure Period”), to remedy the Good Reason Condition;

 

(iv)      notwithstanding
such efforts, the Good Reason Condition continues to exist at the end of the Cure Period; and

 

(v)       the
Executive terminates employment within 60 days after the end of the Cure Period.

 

If the Company cures the Good Reason Condition during the Cure Period,
Good Reason shall be deemed not to have occurred.

 

4.            Matters
related to Termination.

 

(a)       Notice
of Termination. Except for termination as specified in Section 3(a), any termination of the Executive’s employment by the
Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For
purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision
in this Agreement relied upon.

 

(b)       Date
of Termination. “Date of Termination” shall mean: (i) if the Executive’s employment is terminated by death,
the date of death; (ii) if the Executive’s employment is terminated on account of disability under Section 3(b) or
by the Company for Cause under Section 3(c), the date on which Notice of Termination is given; (iii) if the Executive’s
employment is terminated by the Company without Cause under Section 3(d), the date on which a Notice of Termination is given or the
date otherwise specified by the Company in the Notice of Termination; (iv) if the Executive’s employment is terminated by the
Executive under Section 3(e) other than for Good Reason, 30 days after the date on which a Notice of Termination is given, and
(v) if the Executive’s employment is terminated by the Executive under Section 3(e) for Good Reason, the date on
which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive
gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall
not result in a termination by the Company for purposes of this Agreement.

 

(c)       Accrued
Obligations. If the Executive’s employment with the Company is terminated for any reason, the Company shall pay or provide to
the Executive (or to the Executive’s authorized representative or estate) (i) any Base Salary earned through the Date of Termination
and, if applicable, any accrued but unused vacation through the Date of Termination; (ii) unpaid expense reimbursements (subject
to, and in accordance with, Section 2(c) of this Agreement); and (iii) any vested benefits the Executive may have under
any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance
with the terms of such employee benefit plans (collectively, the “Accrued Obligations”).

 

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(d)       Resignation
of All Other Positions. To the extent applicable, the Executive shall be deemed to have resigned from all officer and board member
positions that the Executive holds with the Company or any of its respective subsidiaries and affiliates upon the termination of the Executive’s
employment for any reason. The Executive shall execute any documents in reasonable form as may be requested to confirm or effectuate any
such resignations.

 

5.            Severance
Pay and Benefits Upon Termination by the Company without Cause or by the Executive for Good Reason Outside the Change in Control Period.
If the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates
employment for Good Reason as provided in Section 3(e), in each case outside of the Change in Control Period (as defined below),
then, in addition to the Accrued Obligations, and subject to (i) the Executive signing a separation agreement and release in a form
and manner satisfactory to the Company, which shall include, without limitation, a general release of claims against the Company and all
related persons and entities and a reaffirmation of all of the Executive’s Continuing Obligations (as defined below), and shall
provide that if the Executive breaches any of the Continuing Obligations, all payments of the Severance Amount shall immediately cease
(the “Separation Agreement”), (ii) the Separation Agreement becoming irrevocable, all within 60 days after the Date of
Termination (or such shorter period as set forth in the Separation Agreement), which shall include a seven (7) day revocation period
and (iii) if so requested by the Company, the Executive signing a U.K. settlement agreement:

 

(a)        the
Company shall pay the Executive an amount equal to nine (9) months of the Executive’s Base Salary (the “Severance Amount”);
and

 

(b)       subject
to the Executive’s copayment of premium amounts at the applicable active employees’ rate and the Executive’s proper
election to receive benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”),
the Company shall pay to the group health plan provider or the COBRA provider a monthly payment equal to the monthly employer contribution
that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company until
the earliest of (A) the nine (9) month anniversary of the Date of Termination; (B) the date that the Executive becomes
eligible for group medical plan benefits under any other employer’s group medical plan; or (C) the cessation of the Executive’s
health continuation rights under COBRA; provided, however, that if the Company determines that it cannot pay such amounts to the group
health plan provider or the COBRA provider (if applicable) without potentially violating applicable law (including, without limitation,
Section 2716 of the Public Health Service Act), then the Company shall convert such payments to payroll payments directly to the
Executive for the time period specified above. Such payments to the Executive shall be subject to tax-related deductions and withholdings
and paid on the Company’s regular payroll dates.

 

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The amounts payable under Section 5, to the extent taxable, shall
be paid out in substantially equal installments in accordance with the Company’s payroll practice over nine (9) months commencing
within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second
calendar year, such payments, to the extent they qualify as “non-qualified deferred compensation” within the meaning of Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”), shall begin to be paid in the second calendar year by the last
day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to
the day immediately following the Date of Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment
for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

6.            Severance
Pay and Benefits Upon Termination by the Company without Cause or by the Executive for Good Reason within the Change in Control Period.
The provisions of this Section 6 shall apply in lieu of, and expressly supersede, the provisions of Section 5 if (i) the
Executive’s employment is terminated either (a) by the Company without Cause as provided in Section 3(d), or (b) by
the Executive for Good Reason as provided in Section 3(e), and (ii) the Date of Termination is on or within twelve (12) months
after the occurrence of the first event constituting a Change in Control of Parent (such period, the “Change in Control Period”).
These provisions shall terminate and be of no further force or effect after the Change in Control Period.

 

(a)       If
the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive terminates
employment for Good Reason as provided in Section 3(e) and in each case the Date of Termination occurs during the Change in
Control Period, then, in addition to the Accrued Obligations, and subject to the signing of the Separation Agreement by the Executive
and the Separation Agreement becoming fully effective, all within the time frame set forth in the Separation Agreement but in no event
more than 60 days after the Date of Termination:

 

(i)        the
Company shall pay the Executive a lump sum in cash in an amount equal to one (1) times the sum of (A) the Executive’s
then-current Base Salary (or the Executive’s Base Salary in effect immediately prior to the Change in Control of Parent, if higher)
plus (B) the Executive’s Target Bonus for the then-current year (or the Executive’s Target Bonus in effect immediately
prior to the Change in Control of Parent, if higher); and

 

(ii)       subject
to the Executive’s copayment of premium amounts at the applicable active employees’ rate and the Executive’s proper
election to receive benefits under COBRA, the Company shall pay to the group health plan provider or the COBRA provider a monthly payment
equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive
had remained employed by the Company until the earliest of (A) the twelve (12) month anniversary of the Date of Termination; (B) the
date that the Executive becomes eligible for group medical plan benefits under any other employer’s group medical plan; or (C) the
cessation of the Executive’s health continuation rights under COBRA; provided, however, that if the Company determines that it cannot
pay such amounts to the group health plan provider or the COBRA provider (if applicable) without potentially violating applicable law
(including, without limitation, Section 2716 of the Public Health Service Act), then the Company shall convert such payments to payroll
payments directly to the Executive for the time period specified above. Such payments to the Executive shall be subject to tax-related
deductions and withholdings and paid on the Company’s regular payroll dates.

 

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The amounts payable under this Section 6(a), to the extent taxable,
shall be paid or commence to be paid within 60 days after the Date of Termination; provided, however, that if the 60-day period begins
in one calendar year and ends in a second calendar year, such payments to the extent they qualify as “non-qualified deferred compensation”
within the meaning of Section 409A of the Code, shall be paid or commence to be paid in the second calendar year by the last day
of such 60-day period.

 

(b)       Additional
Limitation.

 

(i)        Anything
in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by the Company
to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise, calculated in a manner consistent with Section 280G of the Code, and the applicable regulations thereunder (the “Aggregate
Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced
(but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes
subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in
the Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not
subject to such reduction. In such event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological
order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject
to Section 280G of the Code: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject
to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits; provided that
in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1,
Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or
(c).

 

(ii)       For
purposes of this Section 6(b), the “After Tax Amount” means the amount of the Aggregate Payments less all federal, state,
and local income, excise and employment taxes imposed on the Executive as a result of the Executive’s receipt of the Aggregate Payments.
For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal rate
of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local
income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction
in federal income taxes which could be obtained from deduction of such state and local taxes.

 

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(iii)      The
determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 6(b)(i) shall be made by
a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting
calculations both to the Company and the Executive within 15 business days of the Date of Termination, if applicable, or at such earlier
time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company
and the Executive.

 

(c)        Definitions.
For purposes of this Agreement, the term “Change in Control of Parent” shall mean a “change in Control” under
Sections 10.1 or 10.2 in Parent’s Share Award Plan 2021 (as the same may be amended from time to time), but only to the extent such
Change in Control of Parent is also a “change in control event” within the meaning of Section 409A of the Code and the
regulations promulgated thereunder.

 

7.            Section 409A.

 

(a)        Anything
in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning
of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of
Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under
this Agreement or otherwise on account of the Executive’s separation from service would be considered deferred compensation otherwise
subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of
the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six
months and one day after the Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash
payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise
have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable
in accordance with their original schedule.

 

(b)       All
in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by
the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable,
but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense
was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind
benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate
limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange
for another benefit.

 

(c)        To
the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under
Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment,
then such payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination
of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation
Section 1.409A-1(h).

 

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(d)       The
parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision
of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so
that all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement or the Restrictive Covenants
Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The parties agree
that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A
of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional
cost to either party.

 

(e)            The
Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this
Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption
from, or the conditions of, such Section.

 

8.            Continuing
Obligations.

 

(a)        Restrictive
Covenants Agreement. The Executive’s Employee Confidentiality, Assignment, Nonsolicitation and Noncompetition Agreement dated
November 13, 2020 and attached hereto as Exhibit A (the “Restrictive Covenants Agreement”), remains in full
force and effect and is incorporated by reference herein. For purposes of this Agreement, the obligations in this Section 8 and those
that arise in the Restrictive Covenants Agreement and any other agreement relating to confidentiality, assignment of inventions, or other
restrictive covenants shall collectively be referred to as the “Continuing Obligations.” For the avoidance of doubt, the Restrictive
Covenants Agreement is supplemental to, and not in lieu of, and shall not limit or reduce any rights, restrictions or obligations under,
any other agreement between the Executive and the Company relating to noncompetition, nonsolicitation, confidential information or any
other similar restrictive covenant, including without limitation under the Preserved Provisions. In the event of any conflict between
the Restrictive Covenants Agreement and any other such restrictive covenant, the most restrictive provision that is enforceable shall
govern.

 

(b)       Third-Party
Agreements and Rights. The Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous
employer or other party which restricts in any way the Executive’s use or disclosure of information, other than confidentiality
restrictions (if any), or the Executive’s engagement in any business. The Executive represents to the Company that the Executive’s
execution of this Agreement, the Executive’s employment with the Company and the performance of the Executive’s proposed duties
for the Company will not violate any obligations the Executive may have to any such previous employer or other party. In the Executive’s
work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights of
any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible
embodiments of non-public information belonging to or obtained from any such previous employment or other party.

 

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(c)        Litigation
and Regulatory Cooperation. During and after the Executive’s employment, the Executive shall cooperate fully with the Company
in (i) the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on
behalf of the Company which relate to events or occurrences that transpired while the Executive was employed by the Company, and (ii) the
investigation, whether internal or external, of any matters about which the Company believes the Executive may have knowledge or information.
The Executive’s full cooperation in connection with such claims, actions or investigations shall include, but not be limited to,
being available to meet with counsel to answer questions or to prepare for discovery or trial and to act as a witness on behalf of the
Company at mutually convenient times. During and after the Executive’s employment, the Executive also shall cooperate fully with
the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation
or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse
the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations
pursuant to this Section 8(c).

 

(d)       Relief.
The Executive agrees that it would be difficult to measure any damages caused to the Company which might result from any breach by the
Executive of the Continuing Obligations, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly,
the Executive agrees that if the Executive breaches, or proposes to breach, any portion of the Continuing Obligations, the Company shall
be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any
such breach without showing or proving any actual damage to the Company.

 

9.            Consent
to Jurisdiction. The parties hereby consent to the jurisdiction of the state and federal courts of the State of Delaware. Accordingly,
with respect to any such court action, the Executive (a) submits to the exclusive personal jurisdiction of such courts; (b) consents
to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect
to personal jurisdiction or service of process.

 

10.          Integration.
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior
agreements between the parties concerning such subject matter, including, without limitation, the Prior Agreement; provided that the Equity
Documents and the Restrictive Covenants Agreement remain in full force and effect. Notwithstanding the foregoing, any prior obligations
that the Executive had with respect to confidential information, invention assignment and other restrictive covenants, including without
limitation the Preserved Provisions, shall remain in full force and effect and are supplemental to this Agreement and the Restrictive
Covenants Agreement.

 

11.          Withholding;
Tax Effect. All payments made by the Company to the Executive under this Agreement shall be net of any tax or other amounts required
to be withheld by the Company under applicable law. Nothing in this Agreement shall be construed to require the Company to make any payments
to compensate the Executive for any adverse tax effect associated with any payments or benefits or for any deduction or withholding from
any payment or benefit.

 

    11

     

    

 

12.          Directors’
and Officers’ Insurance. The Executive shall be entitled to be covered by a policy of directors’ and officers’
liability insurance on terms no less favorable than those in place from time to time for other officers.

 

13.          Assignment;
Successors and Assigns. Neither the Executive nor the Company may make any assignment of this Agreement or any interest in it, by
operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights
and obligations under this Agreement (including the Restrictive Covenants Agreement) without the Executive’s consent to any affiliate
or to any person or entity with whom the Company shall hereafter effect a reorganization or consolidation, into which the Company merges
or to whom it transfers all or substantially all of its properties or assets; provided further that if the Executive remains employed
or becomes employed by the Company, the purchaser or any of their affiliates in connection with any such transaction, then the Executive
shall not be entitled to any payments, benefits or vesting pursuant to Sections 2(g), 5 or 6 of this Agreement solely as a result of such
transaction. This Agreement shall inure to the benefit of and be binding upon the Executive and the Company, and each of the Executive’s
and the Company’s respective successors, executors, administrators, heirs and permitted assigns. In the event of the Executive’s
death after the Executive’s termination of employment but prior to the completion by the Company of all payments due to the Executive
under this Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing to the Company
prior to the Executive’s death (or to the Executive’s estate, if the Executive fails to make such designation).

 

14.          Enforceability.
If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement)
shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or
the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable,
shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted
by law.

 

15.          Survival.
For the avoidance of doubt, this Agreement shall survive the termination of the Executive’s employment to the extent necessary to
effectuate the terms contained herein.

 

16.          Waiver.
No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party
to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall
not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

17.          Notices.
Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered
in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt
requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at
its main offices, attention of the Board.

 

    12

     

    

 

18.          Amendment.
This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative
of the Company.

 

19.          Effect
on Other Plans and Agreements. An election by the Executive to resign for Good Reason under the provisions of this Agreement shall
not be deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of the Company's
benefit plans, programs or policies. Nothing in this Agreement shall be construed to limit the rights of the Executive under the Company’s
benefit plans, programs or policies except as otherwise provided in Section 8 hereof, and except that the Executive shall have no
rights to any severance benefits under any Company severance pay plan, offer letter or otherwise. In the event that the Executive is party
to an agreement with the Company providing for payments or benefits under such plan or agreement and under this Agreement, the terms of
this Agreement shall govern and the Executive may receive payment under this Agreement only and not both. Further, Section 5 and
Section 6 of this Agreement are mutually exclusive and in no event shall the Executive be entitled to payments or benefits pursuant
to both Section 5 and Section 6 of this Agreement.

 

20.          Governing
Law. This is a Delaware contract and shall be construed under and be governed in all respects by the laws of State of Delaware, without
giving effect to the conflict of laws principles thereof. With respect to any disputes concerning federal law, such disputes shall be
determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the Third Circuit.

 

21.          Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original;
but such counterparts shall together constitute one and the same document.

 

    13

     

    

 

IN WITNESS WHEREOF, the parties have executed this
Agreement effective on the Effective Date.

 

	 	PARENT
	 	 	 
	 	VACCITECH LIMITED
	 	 	 
	 	By:	
	 	Its:	
	 	 	 
	 	U.S. SUBSIDIARY
	 	 	 
	 	VACCITECH USA, INC.
	 	 	 
	 	By:	
	 	Its:	
	 	 	 
	 	 	 
	 	 	 
	 	EXECUTIVE
	 	 
	 	 
	 	 
	 	Margaret Marshall, M.D.

 

    

     

    

 

Exhibit A

 

Restrictive Covenants AgreementExhibit 10.16

 

	 	DATED	March 27,	2019	 

 

OXFORD SCIENCES INNOVATION PLC

 

- and -

 

VACCITECH LIMITED

 

 

 

LEASE

Part of Second Floor, The Schrödinger Building

The Oxford Science Park

Sandford-on-Thames

Oxford

 

 

 

 

 

71 Queen Victoria Street

London

EC4V 4AY

 

Direct Dial +44 (0)20 7395 3047

Direct Fax +44 (0)20 7406 1602

Direct Email sgill@wedlakebell.com

 

     

     

    

 

TABLE
OF CONTENTS

 

Page 

 

	1.   DEFINITIONS AND INTERPRETATION	1
	2.   DEMISE	7
	3.   TENANT’S COVENANTS	8
	4.   LANDLORD’S COVENANTS	23
	5.   ENERGY PERFORMANCE CERTIFICATES	24
	6.   MISCELLANEOUS PROVISIONS	25
	7.   NEW LEASE	31
	SCHEDULE 1	32
	SCHEDULE 2	36
	SCHEDULE 3	38
	SCHEDULE 4	41

 

    -i-

     

    

 

LAND REGISTRY PRESCRIBED CLAUSES

 

	LR1.  Date of lease	 
	LR2.  Title Number(s)	
        LR2.1 Landlord’s title number(s)

         

        Title number(s) out of which this lease
        is granted. Leave blank if not registered.

         

        LR2.2 Other title numbers

         

        Existing title number(s) against which
        entries of matters referred to in LR9, LR10, LR11 and LR13 are to be made.

         

	
        LR3. Parties to this lease

         

        Give full names, addresses and company’s
        registered number, if any, of each of the parties. For Scottish companies use a SC prefix and for limited liability partnerships
        use an OC prefix. For foreign companies give territory in which incorporated.

         
	
        Landlord

         

        OXFORD SCIENCES INNOVATION PLC company
        registration number 09093331 whose registered office is at King Charles House, Park End Street, Oxford, OX1 1JD (Landlord).

         

        Tenant

         

        VACCITECH LIMITED company registration
        number 9973585 whose registered office is at The Schrödinger Building, Heatley Road, Oxford Science Park, Oxford OX4 4GE (Tenant)

         

        Other Parties

         

        None

         

        Specify capacity of each party, for
        example “management company”, “guarantor”, etc.

         

 

    -2-

     

    

 

	
        LR4. Property

         

        Insert a full description of the land
        being leased or

         

        Refer to the clause, schedule or paragraph
        of a schedule in this lease in which the land being leased is more fully described.

         

        Where there is a letting of part of
        a registered title, a plan must be attached to this lease and any floor levels must be specified.

         
	
        In the case of a conflict between this
        clause and the remainder of this lease then, for the purposes of registration, this clause shall prevail.

         

        The land demised by this Lease is known
        as part Second Floor, The Schrödinger Building, The Oxford Science Park, Sandford-on- Thames, Oxford defined as the Demised
        Premises in clause 1.1.

         

	
        LR5. Prescribed statements etc.

         

        If this lease includes a statement falling
        within LR5.1, insert under that sub-clause the relevant statement or refer to the clause, schedule or paragraph of a schedule in
        this lease which contains the statement.

         

        In LR5.2, omit or delete those Acts
        which do not apply to this Lease.

         
	
        LR5.1 Statements prescribed under
        rules 179 (dispositions in favour of a charity), 180 (dispositions by a charity) or 196 (leases under the Leasehold Reform, Housing
        and Urban Development Act 1993) of the Land Registration Rules 2003.

         

        None

         

        LR5.2 This lease is made under, or
        by reference to, provisions of:

         

        None

         

	
        LR6. Term for which the Property is
        leased

         

        Include only the appropriate statement
        (duly completed) from the three options.

         

        NOTE: The information you provide, or
        refer to, here will be used as part of the particulars to identify the lease under rule 6 of the Land Registration Rules 2003.

         
	The term as specified in this lease at clause 2
	
        LR7. Premium

         

        Specify the total premium, inclusive
        of any VAT where Payable

         
	None

 

    -3-

     

    

 

	
        LR8. Prohibitions or restrictions on
        disposing this lease

         

        Include whichever of the two statements
        is appropriate.

         

        Do not set out here the wording of the
        provision.

         
	This lease contains a provision that prohibits or restricts dispositions.
	
        LR9. Rights of acquisition etc.

         

        Insert the relevant provisions in the
        sub-clauses or refer to the clause, schedule or paragraph of a schedule in this lease which contains the provisions.

         
	
        LR9.1 Tenant’s contractual rights
        to renew this lease, to acquire the reversion or another lease of the Property, or to acquire an interest in other land

         

        None

         

        LR9.2 Tenant’s covenant to (or
        offer to) surrender this lease

         

        Clause 3.22

         

        LR9.3 Landlord’s contractual rights
        to acquire this lease

         

        None

         

	
        LR10. Restrictive covenants given in
        this lease by the Landlord in respect of land other than the Property

         

        Insert the relevant provisions in the
        sub-clauses or refer to the clause, schedule or paragraph of a schedule in this lease which contains the provisions.

         
	None
	
        LR11. Easements

         

        Refer here only to the clause, schedule
        or paragraph of a schedule in this lease which sets out the easements.

         
	
        LR11.1 Easements granted by this lease
        for the benefit of the Property

         

        See Schedule 1 Part 2

         

        LR11.2 Easements granted or reserved
        by this lease over the Property for the benefit of other property

         

        See Schedule 1 Part 3

         

 

    -4-

     

    

 

	
        LR12. Estate rentcharge burdening the
        Property

         

        Refer here only to the clause, schedule
        or paragraph of a schedule in this lease which sets out the rentcharge.

         
	N/A
	
        LR13. Application for standard form
        of restriction

         

        Set out the full text of the standard
        form of restriction and the title against which it is to be entered. If you wish to apply for more than one standard form of restriction
        use this clause to apply for each of them, tell us who is applying against which title and set out the full text of the restriction
        you are applying for.

         

        Standard forms of restrictions are set
        out in Schedule 4 to the Land Registration Rules 2003.

         
	None
	
        LR14. Declaration of trust where there
        is more than one person comprising the Tenant

         

        If the Tenant is one person, omit or
        delete all the alternative statements.

         

        If the Tenant is more than one person,
        complete this clause by omitting or deleting all inapplicable alternative statements.

         
	Not applicable

 

    -5-

     

    

 

THIS LEASE is made on  March 27, 2019

 

BETWEEN:

 

		1.	OXFORD SCIENCES INNOVATION PLC (company number 09093331) whose registered office is at King
Charles House, Park End Street, Oxford, OX1 1JD (Landlord); and

 

		2.	VACCITECH LIMITED (company number 9973585) whose registered office is at The Schrödinger
Building, Heatley Road, Oxford Science Park, Oxford OX4 4GE (Tenant).

 

NOW THIS DEED WITNESSETH as follows:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Throughout this Lease including the Schedules the following words, and expressions have the following
meanings:

 

“Adjoining
Property” any adjoining or neighbouring property belonging to the Landlord from time to time.

 

“Agreement
for Lease” the Agreement for Lease relating to the Demised Premises and other parts of the Building dated 6 April 2018
and made between The Oxford Science Park Limited (1) and Oxford Sciences Innovation plc (2).

 

“Base
Rate” either the base rate of National Westminster Bank Plc for the time being in force (or such other Bank being a member
of the Committee of London Clearing Banks as the Landlord may from time to time nominate) or if no such base rate can be ascertained
then such alternative rate at the relevant time which the Landlord may reasonably specify in writing in substitution therefor.

 

“Building”
the building known as The Schrödinger Building shown edged green on plan C annexed to the Superior Lease.

 

“Building
Services” the services specified in Part II of Schedule 3 of the Superior Lease.

 

“Car
Park” the car parking areas within the Plot.

 

“Commercial
Rent Arrears Recovery” the procedure by which a landlord can recover rent arrears due under a commercial lease from a
tenant pursuant to the Tribunals, Courts and Enforcement Act 2007.

 

“Common
Parts” the footpaths, entrance ways, lift, lift shaft, staircases, courtyard, walkways and landscaped areas and other
areas which are from time to time during the Term provided by the Landlord or the Superior Landlord for the common use and enjoyment
of the occupants of the Building or the Second Floor.

 

    -1-

     

    

 

“Conduits”
pipes, sewers, drains, soakaways, channels, culverts, gullies, watercourses, sumps, ducts, shafts, flues, wires, cables or any
other conducting media whatsoever.

 

“Demised
Premises” the land described in Part 1 of Schedule 1 hereto and each and every part thereof together with all additions
alterations and improvements thereto (other than tenant’s fixtures and fittings) and all Landlord’s fixtures and fittings
from time to time therein.

 

“Environmental
Performance” all or any of the following:

 

(a)       the
consumption of energy and associated generation of greenhouse gas emissions;

 

(b)       the
consumption of water;

 

(c)       waste
generation and management; and

 

    -2-

     

    

 

 

    -3-

     

    

 

any other environmental
impact arising from the use or operation of the Demised Premises or the Science Park.

 

“EPC”
an energy performance certificate and recommendation report as defined in the Energy Performance of Buildings (England and Wales)
Regulations 2012 as amended or updated from time to time.

 

“Event
of Insolvency” in respect of a company any one or more of the following:

 

		(a)	it shall be unable to pay its debts within the meaning of Section 123 of the Insolvency Act 1986;

 

		(b)	a voluntary arrangement is made under Part I of the Insolvency Act 1986;

 

		(c)	a receiver or manager (including an administrative receiver) or trustee or similar officer is appointed
over all or any of its assets;

 

		(d)	an administration order is made;

 

		(e)	a provisional liquidator is appointed;

 

		(f)	it goes into liquidation either voluntary or compulsory (other than a voluntary liquidation entered
into solely for the purpose of amalgamation or reconstruction while solvent in respect of which a statutory declaration of solvency
has been filed with the Registrar of Companies);

 

In respect
of an individual any one or more of the following:

 

		(h)	he shall appear to be unable to pay his debts or any of them or appear to have no reasonable prospect
of being able to pay a debt within the meaning of Section 268 of the Insolvency Act 1986;

 

		(i)	an application is made for an interim order or a proposal is made for a voluntary arrangement under
Part VIII of the Insolvency Act 1986;

 

		(j)	a petition is presented under Part IX of the Insolvency Act 1986;

 

		(k)	he enters into any deed of arrangement or composition with his creditors;

 

		(l)	a receiver is appointed under the Mental Health Act 1983.

 

“Existing
EPC” a copy of the EPC for the Demised Premises reference number 0970-1974-0388-5630-9024.

 

“Insured
Risks” loss or damage by fire, lightning, explosion (including that of boilers and heating apparatus), aircraft and
other aerial devices (other than hostile aircraft or aerial devices) or articles dropped therefrom, earthquake, riot and civil
commotion, malicious damage, storm or tempest, bursting or overflowing of water tanks, apparatus or pipes, flood, impact by road
vehicles, subsidence, slip or heave, and against third party claims and of property owners liability and against the risks of
breakdown and third party claims in respect of the lifts (if any) and of the plate glass (if any) against breakage through impact
or otherwise and in addition such other insurance in respect of the Building as the Superior Landlord may from time to time reasonably
require to be effected hereunder subject in all cases to any excesses exclusions or limitations as may be imposed by the insurers
or underwriters and without prejudice to the generality of the foregoing in the case of terrorism insofar as cover is available
on reasonable terms in the London insurance market.

 

    -4-

     

    

 

“Landlord”
the party of the first part including the estate owner for the time being of the reversion immediately expectant upon the determination
of the Term.

 

“Landlord’s
Surveyor” any suitably qualified person or firm appointed by or acting for the Landlord (including an appropriately qualified
employee of the Landlord) to perform the function of a surveyor for any purpose of this Lease.

 

“Latent
Defect” a defect in the Demised Premises or the Building which appears within the twelve years from the Practical Completion
Date (as defined in the Agreement for Lease) and which is due to a defect in design, materials, workmanship or supervision of contractors
or site preparation works which existed but not was apparent on completion of the works to construct the Building.

 

“this
Lease” this Lease any licence or consent granted pursuant hereto and any variation hereof and any deed or instrument
supplemental hereto.

 

“Lettable
Area” the accommodation on the Science Park available for letting.

 

“Main
Access Road” the road shown coloured brown on plan A annexed to the Superior Lease.

 

“Permitted
User” within Class B1 (a) - (c) of the Town and Country Planning (Use Classes) Order 1987.

 

“Planning
Acts” the Town and Country Planning Act 1990, the Planning (Listed Buildings and Conservation Areas) Act 1990, the Planning
(Hazardous Substances) Act 1990 the Planning (Consequential Provisions) Act 1990 and the Planning and Compensation Act 1991 and
any other statues for the time being in force of a similar nature.

 

“Plot”
has the meaning ascribed by the Superior Lease.

 

“Prescribed
Rate” the rate of interest which is from time to time three per centum per annum above the Base Rate.

 

“Reinstatement
Value” the cost for the time being at the start of the year of insurance cover in question of reinstating and replacing
the Building of which the Demised Premises form part plus a provision to cover the effect of inflation on building costs during
the year of insurance and until the Demised Premises have been reinstated together with architects’ surveyors’ and
other professional fees and incidental expenses and the costs of demolition and site clearance.

 

    -5-

     

    

 

 

“Rent
Commencement Date” 1 October 2018.

 

“Science
Park” the land comprised in title numbers ON323918 and ON324755 shown for identification purposes only edged red on plan
B annexed to the Superior Lease or such larger area as the Superior Landlord may designate from time to time Provided that designation
of such larger area does not materially increase the amounts payable by the Tenant pursuant to clause 3.2 of this Lease.

 

“Science
Park Services” the services specified in Part 1 of 3 of the Superior Lease.

 

“Second
Floor” the premises demised by the Superior Lease.

 

“Second
Floor Services” the services specified in Schedule 3.

 

“Superior
Landlord” the landlord for the time being of the Superior Lease and any other party with title paramount.

 

“Superior
Lease” the lease dated 13 April 2018 made between (1) The Oxford Science Park Limited (2) Oxford Sciences Innovation
Plc.

 

“Superior
Rent” the annual rent payable by the Landlord under clause 2 of the Superior Lease.

 

“Tenant”
the party of the second part including its successors in title and in the case of an individual his personal representatives.

 

“Term”
the term of years hereby created.

 

“Term
Commencement Date” 1 May 2018

 

“Value
Added Tax” value added tax under the Value Added Tax Act 1994 and any similar replacement tax and any similar additional
tax.

 

“1927
Act” the Landlord and Tenant Act 1927.

 

“1954
Act” the Landlord and Tenant Act 1954.

 

“1995
Act” the Landlord and Tenant (Covenants) Act 1995.

 

	1.2	Throughout this Lease:

 

		1.2.1	words importing the singular number only shall include the plural number and vice versa;

 

		1.2.2	where a party comprises more than one person covenants and obligations of that party are to be
construed as having been made by such persons jointly and severally;

 

		1.2.3	any reference to any statute shall include any re-enactment consolidation and/or renewal thereof
for the time being in force and any references to any statute or statutes in general shall include
any order instrument plan regulation permission and direction made or issued thereunder or deriving validity therefrom.

 

    -6-

     

    

 

	1.3	Any covenant on the part of the Tenant not to do any act or thing includes a covenant not to suffer
or permit the doing of that act or thing.

 

	1.4	Any rights excepted or reserved to the Landlord shall be construed as also being excepted or reserved
to any mortgagee of the Landlord all persons authorised by the Landlord and the Superior Landlord and any covenant by the Tenant
to permit entry by the Landlord for any purpose shall be construed as permitting entry by such persons.

 

	1.5	Whenever the consent or approval of the Landlord is required under this Lease the giving of such
consent or approval shall be conditional upon the prior consent or approval of the Superior Landlord from time to time and any
mortgagee of the Landlord which consent or approval the Landlord shall use all reasonable endeavours to obtain except that nothing
in this lease shall be construed as imposing on the Superior Landlord any obligation (or indicating that such an obligation is
imposed on the Superior Landlord by the terms of the Superior Lease) not unreasonably to refuse such consent.

 

	1.6	Whenever a matter or issue is referred to a third party for resolution or determination under this
Lease and the same or substantially the same matter or issue is referred to a third party under the Superior Lease, the same third
party shall be appointed to act in relation to this Lease wherever possible.

 

	1.7	Any consent approval authorisation or notice required or given under this Lease shall only take
effect if given in writing.

 

	1.8	All Schedules to this Lease shall be deemed to form part of this Lease.

 

	1.9	The headings in this Lease are inserted for convenience only and shall not affect its construction
or interpretation and references to a clause Schedule or paragraph are (unless otherwise stated) to a clause in and a Schedule
to this Lease and to a paragraph of the relevant Schedule.

 

	1.10	Any reference to the “end of the Term” shall mean the expiration or earlier determination
of the Term and any reference to “the last year of the Term” shall mean the twelve months ending on the expiration
or earlier determination of the Term (in each case howsoever the Term may be determined).

 

	2.	DEMISE

 

In consideration of the rents
and covenants on the part of the Tenant hereinafter reserved and contained the Landlord HEREBY DEMISES with full title
guarantee to the Tenant the Demised Premises TOGETHER with the rights as mentioned in Part 2 of Schedule 1 EXCEPTING
AND RESERVING as mentioned in Part 3 of Schedule 1 TO HOLD the same to the Tenant SUBJECT to all rights easements
quasi-easements and privileges to which the Demised Premises are or may be subject and to the rights covenants and other matters
contained or referred to in the documents details of which are set out in Part 4 of Schedule 1 for a term of years from and
including the Term Commencement Date and expiring on 1 April 2028 YIELDING AND PAYING therefor during the Term and so in
proportion for any less time than a year:

 

    -7-

     

    

 

	2.1	the yearly rent at the rate of a peppercorn (if demanded) for the period until the Rent Commencement
Date and then from and including the Rent Commencement Date at the rate of £210,000 per annum (subject to review as provided
for in Schedule 2) to be paid in advance (by Banker’s Order if the Landlord so requires) by equal quarterly payments on the
usual quarter days in every year the first of such payments in respect of the period from the Rent Commencement Date to the day
immediately before the next quarter day (both dates inclusive) to be made on the Rent Commencement Date;

 

	2.2	within 7 days of demand an amount equal to a fair proportion of the full cost of every premium
payable including any tax which may be payable thereon and other payment properly paid by the Landlord from time to time during
the Term pursuant to clause 2.2 of the Superior Lease;

 

	2.3	the amounts payable to the Landlord pursuant to clause 3.2;

 

	2.4	interest which may be payable pursuant to clause 3.3;

 

	2.5	any Value Added Tax which may be payable pursuant to clause 3.5;

 

	2.6	all other sums payable by the Tenant under this Lease.

 

	3.	TENANT’S
                                         COVENANTS

 

The Tenant HEREBY COVENANTS
with the Landlord throughout the Term as follows:

 

	3.1	Rent

 

To pay the rents hereinbefore
reserved at the times and in the manner aforesaid without any deduction whatsoever (whether by way of set-off, counterclaim or
otherwise).

 

	3.2	Service Charge

 

To pay to the Landlord by way
of service charge without any deduction whatsoever a fair and reasonable proportion of:

 

		3.2.1	the costs expenses and outgoings paid or incurred by the Landlord in supplying and providing the
services in accordance with the provisions of Schedule 3 and

 

		3.2.2	payable by way of Service Charge under the Superior Lease.

 

	3.3	Interest

 

If
the rents or any other sum of money payable to the Landlord by the Tenant under this Lease shall have become due but remain unpaid
for fourteen days after the same became due or if the Landlord shall refuse to accept the tender of rents by reason of a breach
of covenant on the part of the Tenant to pay on demand to the Landlord interest thereon at the Prescribed Rate from the date when
the same became due and until they are paid to and accepted by the Landlord (as well after as before any judgment).

 

    -8-

     

    

 

	3.4	Outgoings

 

To bear pay and discharge all
existing and future rates taxes duties charges assessments impositions and outgoings whatsoever (whether or not of a capital or
non-recurring nature), which now are or may at any time hereafter during the Term be charged levied assessed or imposed upon the
Demised Premises or upon the owner or occupier in respect thereof save any on receipts of rent (other than Value Added Tax) or
on a disposal of the Landlord’s interest in the Demised Premises.

 

	3.5	Value Added Tax

 

		3.5.1	Supplies made by the Landlord to the Tenant pursuant to this Lease are exclusive of Value Added
Tax and if any such supplies are (or become) liable to Value Added Tax (whether or not as a result of an election by the Landlord)
then notwithstanding anything contained in this Lease such Value Added Tax shall be payable by the Tenant in addition to the consideration
payable for such supplies under the terms of this Lease.

 

		3.5.2	Where under the terms of this Lease the Tenant is obliged to pay any sum which is not consideration
for a supply to him but such sum is wholly or partly attributable (directly or indirectly) to a supply which is for the time being
subject to Value Added Tax then notwithstanding anything contained in this Lease such sum payable by the Tenant shall be deemed
for all purposes to be increased by the amount of such Value Added Tax save to the extent that the Landlord is able to obtain credit
for such Value Added Tax as input tax.

 

		3.5.3	The Landlord (or its managing agents) shall render a receipted tax invoice in respect of taxable
supplies made pursuant to this Lease promptly upon receipt of payment for the same.

 

		3.5.4	For the purposes of this clause 3.5 the expressions “supply” “taxable supply”
 “input tax” and “tax invoice” shall bear the same meanings as they do in the Value Added Tax Act 1994.

 

	3.6	Landlord’s Costs

 

To pay to the Landlord (and where
appropriate, the Superior Landlord) on demand all reasonable and proper costs and expenses including solicitors’ surveyors’
and other professional fees) of and incidental to:

 

		3.6.1	the preparation and service of any notice under Section 146 of the Law of Property Act 1925 and/or
incurred in or in proper contemplation of proceedings under Section 146 and/or 147 of that Act notwithstanding in any such case
that forfeiture may be avoided otherwise than by
relief granted by the Court unless the Court otherwise directs;

 

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		3.6.2	the preparation and service of any notice relating to a schedule of dilapidations and of any such
schedule itself by the Landlord and whether or not the same is served during or within three (3) months after the end of the Term
but relating in all cases only to dilapidations which accrued prior to the end of the Term;

 

		3.6.3	all applications by the Tenant for any consent or approval of the Landlord or the Landlord’s
Surveyor or the Superior Landlord required by this Lease or the Superior Lease including such fees and expenses actually incurred
in cases where consent is refused or the application is withdrawn except when a court determines that consent was unreasonably
withheld;

 

		3.6.4	subject to clause 3.6.5 the recovery of rent or other monies due and payable hereunder or to the
remedying of any breach of covenant on the part of the Tenant herein contained;

 

		3.6.5	any action for the recovery of rent arrears under Commercial Rent Arrears Recovery;

 

		3.6.6	making good any damage to any Adjoining Property caused by the Tenant or any employee or licensee
of the Tenant;

 

		3.6.7	carrying out works to the Demised Premises to improve the Environmental Performance where the Tenant
in its absolute discretion has consented to the Landlord doing so.

 

	3.7	Repair

 

To repair and keep the Demised
Premises in good and substantial repair and condition and shall rebuild and renew as necessary (damage by any of the Insured Risks
always excepted save where the payment of any of the insurance monies shall be withheld or refused by reason of any act or default
of the Tenant any undertenant or their respective servants agents or licensees).

 

	3.8	Decoration and Maintenance

 

As often as may be necessary
to paint with at least two coats of paint of a colour which if different from the colour previously used shall first be approved
by the Landlord (such approval not to be unreasonably withheld or delayed) and to varnish, paper, plaster or otherwise treat all
the parts of the Demised Premises as are usually or ought to be varnished papered plastered or treated (as appropriate) and generally
to carry out all such work with good quality materials of their several kinds available and in accordance with good standards of
workmanship.

 

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	3.9	Cleaning of Demised Premises etc.

 

		3.9.1	As often as shall be necessary to clean treat and/or wash in an appropriate manner to the reasonable
satisfaction of the Landlord’s Surveyor all glass and other surfaces and finishes of the Demised Premises which ought normally
to be so cleaned treated and/or washed.

 

		3.9.2	Not to store or stack any goods crates boxes or other things outside the Building save in areas
designated for such purpose.

 

		3.9.3	Not to obstruct or interfere with the free use of any roads or highways giving access to the Building
whether by the parking of vehicles or the deposit of materials thereon.

 

		3.9.4	To clean regularly and insofar as practicable preserve in good condition all carpets (if any) belonging
to the Landlord and replace the same as often as may be necessary and in any event in the last year of the Term replace with carpet
of no less a quality and of similar appearance.

 

	3.10	Entry to View

 

To permit the Landlord during
normal business hours with or without workmen and all necessary tools and appliances on prior appointment after giving not less
than two days’ prior notice (except in emergency) to the Tenant to enter and remain (for such reasonable period of time as
may be necessary) upon the Demised Premises:

 

		3.10.1	to view the state of repair and condition thereof and to take a schedule of the Landlord’s
fixtures and fittings and of any dilapidations;

 

		3.10.2	(where such works are not reasonably practicable without entry onto the Demised Premises) for the
purpose of rebuilding or executing repairs and alterations to any adjoining or neighbouring premises belonging to the Landlord
and to clean empty repair or replace any of the Conduits belonging to the same;

 

		3.10.3	to ascertain whether anything has been done which constitutes a breach or non-performance of any
of the covenants contained in this Lease;

 

		3.10.4	to exercise the rights excepted and reserved to the Landlord by this Lease;

 

		3.10.5	to inspect and measure the Demised Premises for all purposes connected with the operation or implementation
of the provisions of Schedule 2 or for any intended or pending step under the provisions of Part II of the Landlord and Tenant
Act 1954;

 

		3.10.6	to comply with its obligations under the Superior Leases;

 

		3.10.7	for any other reasonable purpose properly connected with the interest of the Landlord in the Demised
Premises subject to the person exercising
such rights making good any damage caused to the Demised Premises thereby as soon as is reasonably practicable to the Tenant’s
reasonable satisfaction and complying with the Tenant’s reasonable requirements relating to security, privacy, hygiene and
safety which have been notified to the Landlord.

 

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	3.11	Compliance with Notice

 

To comply with any notice given
by the Landlord requesting the Tenant to remedy any breach of the Tenant’s covenants within two calendar months after the
giving of such notice or sooner if requisite and if the Tenant fails to comply with any such notice it shall be lawful (but not
obligatory) for the Landlord (without prejudice to the right of re-entry hereinafter contained) to enter and remain upon the Demised
Premises with or without workmen and with all necessary tools and appliances to make good the Demised Premises at the cost of the
Tenant which proper cost shall be repaid by the Tenant to the Landlord within 14 days of demand together with all solicitors’
surveyors’ and other professional fees and other expenses which may be incurred by the Landlord in connection therewith together
with interest thereon at the Prescribed Rate from the date on which the said expenditure is demanded by the Landlord until the
date of actual payment.

 

	3.12	Overloading of Demised Premises

 

Not to suspend any heavy load
from the ceilings or main structure of the Demised Premises or the Building nor to load or to use the floors of the Demised Premises
or the structure or curtilage of the Building in any manner which will in any way impose a weight or strain in excess of that which
the same are constructed to bear with due margin for safety.

 

	3.13	User Prohibited

 

		3.13.1	Not to bring into the Demised Premises or to place or store in the Demised Premises any article
or thing which is or may become dangerous, offensive, combustible, inflammable, radioactive or explosive other than such normal
substances as may be employed in non-hazardous quantities in connection with the Permitted User but where any such normal substances
are or may become dangerous, offensive, combustible, inflammable, radioactive or explosive then the Tenant will comply with all
the requirements of the insurers of the Building and all statutes in relation to their supply use storage and/or disposal.

 

		3.13.2	Not to use the Demised Premises for any noisy offensive or dangerous trade manufacture business
or occupation nor for any illegal or immoral purpose nor permit any person to reside or sleep upon the Demised Premises nor do
on the Demised Premises any act matter or thing whatsoever which in the reasonable opinion of the Landlord or the Superior Landlord
may be or tend to become a nuisance damage or disturbance to the prejudice of the Landlord the Superior Landlord or to the owners
or occupiers of any adjoining or neighbouring property or any of them Provided That the foregoing shall not prevent the use of
the Demised Premises permitted by and in accordance with this Lease.

 

		3.13.3	Not to discharge anything into the Conduits which will or may be corrosive or harmful or which
may cause any obstruction or deposit therein.

 

		3.13.4	Not to use the Demised Premises for any public meeting exhibition or entertainment or as a club.

 

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		3.13.5	Not to hold any sale by auction thereon or to play or use thereon any musical instrument gramophone
wireless loudspeaker or similar apparatus so as to be audible outside the Demised Premises.

 

		3.13.6	Not to use the Demised Premises for the purpose of any betting transactions within the meaning
of the Gambling Act 2005 or for gaming within the meaning of the Gambling Act 2005 with or between persons resorting to the Demised
Premises.

 

		3.13.7	Not to make any application for a betting office licence or a licence or registration under the
Gambling Act 2005 in respect of the Demised Premises.

 

		3.13.8	Not to overload any structural part of the Building.

 

	3.14	User

 

		3.14.1	Not to leave the Demised Premises continuously unoccupied for more than twenty- one days without
notifying the Landlord and providing such caretaking or security arrangements as the Superior Landlord and/or its insurers shall
require (in the case of the Landlord acting reasonably) in order to protect the Demised Premises from vandalism theft damage or
unlawful occupation.

 

		3.14.2	Not to use or permit the use of any part of the Demised Premises for any purpose other than the
Permitted User.

 

	3.15	Alterations and Additions

 

		3.15.1	Not to make any alteration or addition to any part of the structure of the Building or the external
elevations thereof nor to merge the Demised Premises with any adjoining premises and not to alter or change any of the architectural
features (whether external or internal) of the Demised Premises.

 

		3.15.2	Not without the consent of the Landlord nor otherwise than in accordance with plans approved by
the Landlord (such consent and approval not to be unreasonably withheld) and under the supervision and to the reasonable satisfaction
of the Landlord’s Surveyor to make any other alteration or addition in or to the Demised Premises or any part thereof including
in particular any Conduits electrical equipment and installations of any description Provided that:

 

		(a)	the Landlord may in its proper discretion seek such advice as the Landlord shall require from surveyors
and other professional advisers in connection with any such application for consent;

 

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		(b)	the Landlord may as a condition of giving any such consent and approval require the Tenant to enter
into such covenants with the Landlord as the Landlord may reasonably require in regard to the execution of any such works or otherwise;

 

		(c)	the Tenant shall if so requested by the Landlord on reasonable prior notice reinstate the Demised
Premises at the end or sooner determination of the Term;

 

		(d)	the Tenant shall not make any addition or alteration to the Demised Premises which might weaken
the structure of the Building;

 

		(e)	in the case of any works of a substantial nature if the Landlord shall so require prior to the
commencement of such works the Tenant shall provide adequate security on terms reasonably required by the Landlord in the form
of a deposit of money or the provision of a bond to ensure that any alterations which may from time to time be permitted by the
Landlord shall be fully completed;

 

		(f)	the Landlord may in its absolute discretion refuse its consent to any alteration addition or amendment
to the Demised Premises which may be visible from the exterior of the Building;

 

		(g)	the Landlord will not unreasonably withhold or delay consent to non- structural internal alterations;

 

		(h)	all proposals for any alterations or additions to the Demised Premises shall first be submitted
by the Tenant to the Landlord accompanied by all relevant detailed plans, drawings, elevations, sections and specifications and
such other information as may be reasonably required.

 

		3.15.3	All alterations or additions to the electrical equipment and installations of the Demised Premises
shall be carried out in accordance with the terms conditions and recommendations from time to time laid down by the Institution
of Electrical Engineers and the regulations of the electricity supply authority.

 

		3.15.4	Notwithstanding the foregoing not at any time to commence any development within the meaning of
the Planning Acts in relation to the Demised Premises without the Landlord’s prior consent which shall not be unreasonably
withheld provided that it shall in any event be reasonable for the Landlord to withhold its consent unless the Landlord shall first
be satisfied that the proposed development is properly authorised by law and that the Tenant will indemnify and keep the Landlord
fully and effectually indemnified from and against any tax charge or levy for which the Landlord may become liable as a result
of any such proposed development being carried out by the Tenant.

 

		3.15.5	Not without the consent of the Landlord to change or make any application to change the name of
the Building from The Schrodinger Building.

  

		3.15.6	Not to install blinds at the Demised Premises other than blinds which are Shade Tech Beta Screen
70, colour BS702 charcoal/grey, without the Landlord’s consent.

 

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	3.16	Advertisements

 

Not to affix or exhibit in or
upon any part of the exterior of the Demised Premises any bill placard advertisement flashlight or other sign except such as shall
previously have been approved (as to design, size and positioning) by the Landlord.

 

	3.17	Encroachments etc.

 

Not in any way to stop up or
darken any window or opening in the Demised Premises nor to stop up or obstruct any access of light enjoyed by the Demised Premises
nor to permit any wayleave easement privilege or encroachment to be made or acquired over against or upon the Demised Premises
and forthwith upon the Tenant becoming aware of any of the same or circumstances which may give rise to the same to give notice
thereof to the Landlord and to permit the Landlord to enter and remain upon the Demised Premises for the purpose of ascertaining
the nature of any such wayleave easement privilege or encroachment and at the joint cost of the Landlord and the Tenant to adopt
such means as the Landlord may properly require for preventing any encroachment and the acquisition or continued enjoyment of any
wayleave easement or privilege.

 

	3.18	Rights of Light

 

Not to give to any third party
any acknowledgement that the Tenant enjoys the access of light to any window or opening in the Demised Premises by the consent
of such third party nor to pay to such third party any sum of money nor to enter into any agreement with such third party for the
purpose of inducing or binding such third party to abstain from obstructing the access of light to any such window or opening and
in the event of any third party doing or threatening to do anything which obstructs the access of light to any such window or opening
to give immediate written notice thereof to the Landlord and to permit the Landlord to bring such proceedings as it may think fit
in the name of the Tenant and at the joint cost of the Landlord and the Tenant against any such third party in respect thereof.

 

	3.19	Claims for Destruction of Light

 

Not to bring any action or make
any claim or demand on account of any diminution of light or air to the Demised Premises or any window or opening therein in consequence
of the erection or alteration of any building on any land adjoining neighbouring or opposite to the Demised Premises for which
the Landlord may give its consent pursuant to any power reserved by this Lease or in respect of any easement right or privilege
granted or to be granted by the Landlord for the benefit of any building erected or to be erected on any land adjoining neighbouring
or opposite to the Demised Premises and (if reasonably required) to concur with the Landlord at the Landlord’s expense in
any consent which the Landlord may give or any grant which the Landlord may make.

 

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		3.20	Insurance

 

		3.20.1	Forthwith on becoming aware of the same to give written notice to the Landlord of any damage or
destruction to the Demised Premises or any matter in respect of which a claim may be made under any policy of insurance effected
hereunder.

 

		3.20.2	If the Demised Premises or the Building shall be destroyed or damaged by any of the Insured Risks
and the payment of any of the insurance monies under any insurance against the same shall be withheld or refused by reason solely
or in part of any act or default of the Tenant or any undertenant or their respective servants agents or licensees then and in
every such ease the Tenant will forthwith pay to the Landlord the whole or (as the case may require) the withheld or refused portion
of such insurance monies.

 

		3.20.3	Not to do any act or thing whereby any insurance effected in respect of the Demised Premises, the
Building or any adjoining or neighbouring property would or might be vitiated or prejudiced and not without the written consent
of the Landlord to do or omit to do anything whereby an increased or additional premium in respect of any such insurance (which
shall in any event be borne by the Tenant) may become payable.

 

		3.20.4	If the Tenant shall become entitled to the benefit of any insurance on the Demised Premises then
the Tenant shall hold all monies received by virtue of such insurance upon trust for the Landlord for making good the loss or damage
in respect of which the same shall have been received.

 

		3.21	Alienation Prohibited

 

		3.21.1	Not to charge assign or transfer part only of the Demised Premises.

 

		3.21.2	Not to part with possession or share the occupation of the Demised Premises or any part thereof
other than by way of an assignment permitted under clause 3.22 provided that the Tenant may share the occupation of the Demised
Premises with any company which is within the same group as the Tenant within the meaning of Section 42 of the 1954 Act so long
as the Tenant previously gives prior written notice to the Landlord of the company occupying the Demised Premises, no tenancy is
thereby created and such company vacates upon it ceasing to be a member of such group.

 

		3.21.3	Not to hold or occupy the Demised Premises or any part thereof as trustee or agent or otherwise
for the benefit of any other person.

 

		3.22	Assignment Permitted

 

		3.22.1	Not to assign or transfer the whole of the Demised Premises without the prior written consent of
the Landlord such consent not to be unreasonably withheld subject to the terms contained in clauses 3.22.2 to 3.22.9 (inclusive),

 

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		3.22.2	Before any proposed assignment of the Demised Premises, to give the Landlord written notice of
its intention to assign together with full and accurate particulars of the proposed assignee and the proposed terms and supplying
reasonable evidence of the offer and simultaneously shall make a written offer to the Landlord to make an absolute surrender of
this Lease with vacant possession and such offer shall remain open for acceptance within 14 days.

 

		3.22.3	If the Landlord does not within 14 days after receiving written notice under clause 3.23 give the
Tenant written acceptance of such offer and then complete a surrender of this Lease on the terms of this clause 3.22 then the Tenant
shall (subject to the terms contained in clauses 3.22.5 to 3.22.9) be free to assign this Lease to the proposed assignee referred
to in clause 3.22.2 on terms no less beneficial to the Tenant than the terms of such offer to the Landlord.

 

		3.22.4	If the Landlord accepts the offer to surrender the following conditions of sale shall apply:

 

		(a)	The estate and interest of the Tenant in the Demised Premises and the Tenant’s and trade
fixtures and fittings shall be sold subject to the edition of the Standard Conditions of Sale current at the date when the contract
is concluded so far as they are applicable to and not inconsistent with or varied by this Lease;

 

		(b)	the surrender shall be completed on the first working day after the expiration of 4 weeks (or such
other period as may be agreed) from the date of service by the Landlord of the written acceptance of the offer;

 

		(c)	the surrender shall be made with full title guarantee free from all mortgages and charges;

 

		(d)	the sale shall be on the footing that the Tenant knows of no overriding interest affecting the
Tenant’s estate and interest in the Demised Premises other than those disclosed in the offer and those apparent on inspection;

 

		(e)	completion of the surrender shall not prejudice the rights of either party in respect of any antecedent
breach of covenant or default by the other.

 

		3.22.5	The Landlord may withhold its consent to a proposed assignment or transfer if any one or more of
the following circumstances (which are specified for the purpose of Section 19(1 A) of the 1927 Act) exist:

 

		(a)	any sum properly due from the Tenant under this Lease remains unpaid;

 

		(b)	in the Landlord’s reasonable opinion there is at the date of the application for consent
to assign any material outstanding breach of any of the Tenant’s covenants or other terms of this Lease;

 

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		(c)	the proposed assignee or transferee (or any guarantor required under clause (b)) has or will
have immunity from suit or legal process in relation to any breach of any covenants or conditions contained in this Lease;

 

		(d)	the proposed assignee or transferee (or any guarantor required under clause (b)) is a corporation
registered in a jurisdiction in which there is no reciprocity of treatment for the enforcement of judgments obtained in England
and Wales;

 

		(e)	the proposed assignee or transferee is a company which is in the same group (within the meaning
of Section 42 of the 1954 Act) as the Tenant;

 

		(f)	that in the reasonable opinion of the Landlord the proposed assignee is not of sufficient financial
standing to enable it to comply with the tenant’s covenants under this Lease.

 

		3.22.6	Clause 3.22.5 shall operate without prejudice to the right of the Landlord to refuse such consent
on any other ground or grounds where such refusal would be reasonable.

 

		3.22.7	The Landlord may impose any one or more of the following conditions (which are specified for the
purpose of Section 19(1 A) of the 1927 Act):

 

		(a)	a requirement that the assigning Tenant and in the event of a previous unauthorised assignment
a former tenant (as defined in Section 16(6) of the 1995 Act) each separately execute as a deed and deliver to the Landlord prior
to the assignment in question an authorised guarantee agreement in a form reasonably required by the Landlord;

 

		(b)	a requirement that (to the extent permitted by law) any surety for the assigning tenant is made
party to any authorised guarantee agreement entered into by the assigning tenant in order to guarantee the obligations of the assigning
tenant contained in the authorised guarantee agreement;

 

		(c)	if the Landlord reasonably so requires a requirement that third party guarantors reasonably acceptable
to the Landlord are provided who execute in favour of the Landlord and deliver to the Landlord prior to the assignment in question
a deed of covenant in the terms of the covenants for a surety in a form reasonably required by the Landlord;

 

		(d)	if the Landlord reasonably so requires the assignee enters Into a rent deposit deed in the form
reasonably required by the Landlord with the Landlord prior to the assignment providing for a deposit of not less than three months’
yearly rent (plus VAT) (calculated as at the date of the assignment but after the end of any rent free period) as security for
the assignee’s performance of the tenant’s obligations in this lease.

 

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		3.22.8	Clause 3.22.7 shall operate without prejudice to the right of the Landlord to impose further conditions
upon a grant of consent where such imposition would be reasonable.

 

		3.22.9	The Tenant shall give notice to the Landlord in writing within fifteen working days of the Tenant
becoming aware of the death of any individual who has covenanted with the Landlord as surety or of an Event of Insolvency arising
in respect of a surety. If so required by the Landlord at the expense of the Tenant the Tenant shall within two (2) months of such
event procure that some other individual or company acceptable to the Landlord acting reasonably shall covenant with the Landlord
as surety in the terms of clause (c) in place of such individual or company.

 

		3.23	Underletting Prohibited

 

		3.23.1	Not to underlet the whole or any part of the Demised Premises.

 

		3.24	Disclosure of Information

 

Upon making an application for
any consent or approval which is required under this Lease the Tenant shall disclose to the Landlord such information as the Landlord
may reasonably require.

 

		3.25	Registration

 

		3.25.1	Within twenty-one days after any assignment transfer underlease mortgage charge or other devolution
of this Lease or any derivative interest to give notice thereof in duplicate to the Landlord’s solicitor for registration
together with a certified copy of the deed document or instrument effecting such assignment transfer underlease mortgage charge
or other devolution and to pay or cause to be paid to the Landlord’s Solicitors or as the Landlord may from time to time
direct a fee of Fifty Pounds (£50.00) or such higher fee as the Landlord may reasonably require for the registration thereof
together with any fee payable for registration of the same under the Superior Lease.

 

		3.25.2	Where a deed of transfer or deed of assignment of the Demised Premises or an underlease is registerable
at the Land Registry the Tenant shall procure the registration of such deed of transfer or deed of assignment or underlease as
soon as reasonably practicable after the date of the same and within one month of completion of the registration give notice in
writing to the Landlord.

 

		3.26	Schedule of Underlettings etc.

 

If and when called upon by the
Landlord so to do to supply to the Landlord from time to time a schedule containing full details (including for the avoidance of
doubt particulars of rent and any review dates) of all subsisting underlettings and occupiers of the Demised Premises.

 

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		3.27	Compliance with Statutes

 

		3.27.1	To comply with the provisions of all statutes now or hereafter to be passed which affect the Demised
Premises or the Tenant’s user thereof including the execution of all works required to be done or executed pursuant thereto
whether by the owner and/or the landlord and/or the tenant thereof and to comply with any notices which may be served by any competent
authority and not to do on the Demised Premises any act or thing whereby the Landlord may become liable to pay any penalty imposed
by or to bear the whole or any part of any expenses incurred under any such statute.

 

		3.27.2	To comply with all requirements from time to time of the appropriate authority in relation to fire
precautions and means of escape from the Demised Premises in case of fire or other emergency insofar as such escape route is located
within the Demised Premises and at the expense of the Tenant to keep the Demised Premises sufficiently supplied and equipped with
fire-fighting and extinguishing apparatus and appliances of a type to be approved from time to time by the appropriate authority
and by the Landlord’s insurers and suitable in all respects to the type of user or business or trade carried on upon the
Demised Premises.

 

		3.28	Planning Acts

 

		3.28.1	To obtain so often as occasion shall require all planning permissions licences consents and approvals
as may be required under the Planning Acts for the carrying out by the Tenant of any development on the Demised Premises within
the meaning of the Planning Acts or for the continuance thereof by the Tenant but so that the Tenant shall not make any application
for planning permission or give any notice to any authority of an intention to commence or to carry out any development without
the previous consent of the Landlord (such consent not to be unreasonably withheld) and so that the Tenant shall (if and insofar
as it is lawful for the parties hereto to make such an arrangement) indemnify the Landlord against all charges payable in respect
of any such application.

 

		3.28.2	Forthwith after the grant of any planning permission or refusal of any application therefor made
by the Tenant to give to the Landlord full particulars in writing thereof and supply a copy thereof for the retention of the Landlord
and in the case of a refusal of such an application or a grant subject to conditions which the Landlord considers unreasonable
forthwith if the Landlord reasonably so requires at the Landlord’s expense to give notice of appeal thereof to the competent
authority and to proceed diligently with such appeal and to keep the Landlord informed of the progress thereof.

 

		3.28.3	Without prejudice to the provisions of any other covenant by the Tenant under this Lease not to
implement any planning permission until a copy of the same has been submitted to the Landlord and acknowledged by it as satisfactory
(such acknowledgement not to be unreasonably withheld) Provided That the Landlord may refuse so to express its satisfaction with
any such planning permission on the ground that any provision or condition
would in the reasonable opinion of the Landlord be or be likely to be (whether during the Term or following its determination)
prejudicial to the Landlord’s interest in the Demised Premises or the Building or any adjoining or neighbouring property
belonging to the Landlord.

 

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		3.28.4	To comply with all conditions imposed by any planning permission implemented by the Tenant during
the Term and if the Landlord reasonably so requires where a planning permission is granted subject to conditions to provide adequate
security for the compliance with such conditions on terms reasonably required by the Landlord in the form of a deposit of money
or the provision of a bond prior to the implementation by the Tenant of such planning permission.

 

		3.28.5	Unless the Landlord shall otherwise direct to carry out before the end or sooner determination
of the Term (howsoever the same may be determined) any works stipulated to be carried out to the Demised Premises by a date subsequent
to such end or sooner determination as a condition of any planning permission which may have been granted to and been implemented
by the Tenant or any person deriving title under the Tenant.

 

		3.28.6	If called upon so to do to produce to the Landlord all plans documents and other evidence as the
Landlord may reasonably require in order to satisfy itself that the provisions of this covenant have been complied with.

 

		3.28.7	Not without the consent of the Landlord to enter into any agreement under the Planning Acts.

 

		3.28.8	Not without the consent of the Landlord to serve any notice under Planning Acts requiring any authority
to purchase the interest of the Tenant in the Demised Premises.

 

		3.29	Statutory Notices

 

		3.29.1	Within seven days of the receipt of any notice order permission refusal requisition or direction
or proposal for the same made given or issued to the Tenant by any competent authority under or by virtue of any statutory powers
or forthwith upon the happening of any occurrence which may be capable of materially adversely affecting the Landlord’s interest
in the Demised Premises the Tenant shall deliver full particulars thereof to the Landlord and if so required by the Landlord thereafter
to produce a copy of the same to the Landlord and without delay to take all reasonable and necessary steps to comply with the same.

 

		3.29.2	To make or join with the Landlord at the joint cost of the Landlord and the Tenant in making such
objections or representations against or in respect of any such notice order permission refusal requisition or direction or proposal
for the same as the Landlord shall deem expedient unless contrary to the Tenant’s own business interests.

 

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		3.30	Reletting Arrangements

 

To permit the Landlord or its
agents to fix and retain in a conspicuous position on the Demised Premises a notice-board during the last six months of the Term
in respect of the reletting of the same and at any time during the Term in respect of the sale of the interest of the Landlord
in the same (but not so as to restrict or interfere unreasonably with access to or the access of light and air to the Demised Premises)
and not to take down or obscure the said notice-board and to permit all persons accompanied by the Landlord or its agents to view
the Demised Premises during normal business hours after the giving of not less than twenty-four hours’ prior notice subject
to compliance with the Tenant’s reasonable requirements relating to security privacy hygiene and safety where such requirements
have been notified to the Landlord.

 

		3.31	Defects

 

To notify the Landlord promptly
upon becoming aware of any defect in the Demised Premises which might give rise to a duty imposed by common law or statute on the
Landlord in favour of the Tenant or any other person.

 

		3.32	Indemnity

 

		3.32.1	To indemnify and keep indemnified the Landlord against all losses costs damage and expenses (including
professional fees properly incurred by the Landlord) incurred or sustained by the Landlord as a consequence of any breach of the
covenants by the Tenant set out herein or implied Provided That such indemnity shall extend to all costs and expenses properly
incurred by the Landlord in connection with any steps which the Landlord may (at its absolute discretion but without being in any
way obliged so to do) take to remedy any such breach and shall be without prejudice to any other rights or remedies of the Landlord
in respect of any such breach.

 

		3.32.2	To indemnify and keep indemnified the Landlord against liability in respect of any injury to or
the death of any person or damage to any property movable or immovable or the infringement disturbance or destruction of any right
easement or privilege or otherwise by reason of or arising directly or indirectly out of the repair or condition of the Demised
Premises or any alteration thereto by the Tenant or any person deriving title under the Tenant or the Permitted User and against
all actions proceedings costs expenses claims and demands of whatsoever nature in respect of any such liability or alleged liability.

 

		3.33	Yield Up

 

At the end or sooner determination
of the Term quietly to yield up to the Landlord the Demised Premises free from any third party rights of occupation and having
removed the Tenant’s chattels and effects.

 

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		3.34	Regulations

 

To observe duly and perform the
stipulations and regulations set out in Schedule 4 and such reasonable and proper regulations and instructions as the Superior
Landlord may from time to time make or give in connection with the management or administration of the Building and/or the Science
Park.

 

		3.35	Covenants in Documents

 

To observe and perform the agreements
covenants and stipulations contained or referred to in the documents referred to in Part 4 of Schedule 1 and to indemnify the Landlord
in relation to any breach thereto attributable to the Tenant so far as they concern any act matter or thing to be done on the Demised
Premises.

 

		3.36	Superior Leases

 

To perform and observe the covenants
(other than the payment of rent) on the part of the tenant contained in the Superior Lease so far as they relate to the Demised
Premises and not to do anything to put the Landlord in breach of the covenants on the part of the tenant contained in the Superior
Lease so far as they relate to the Demised Premises.

 

		3.37	Second Floor Common Parts

 

To light cleanse repair maintain
and replace (as often as occasion shall reasonably require) on the furniture meeting rooms corridors or other structures facilities
and amenities forming part of the Second Floor and intended for the common use or benefit of the occupiers of the Second Floor
(the “Second Floor Common Parts”).

 

		3.38	Regulations

 

To observe and duly perform the
Landlord’s reasonable and proper regulations from time to time relating to the use of and to security over the Second Floor
Common Parts.

 

		4.	LANDLORD’S
                                         COVENANTS

 

The Landlord HEREBY
COVENANTS with the Tenant as follows:

 

		4.1	Quiet Enjoyment

 

That the Tenant paying the rents
hereby reserved and observing and performing the covenants conditions and stipulations herein contained and on the part of the
Tenant to be observed and performed shall and may peaceably hold and enjoy the Demised Premises during the Term without any interruption
by the Landlord or any person rightfully claiming under or in trust for the Landlord.

 

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		4.2	Insurance

 

		4.2.1	Use all reasonable endeavours to procure that the Superior Landlord complies with its obligations
relating to insurance in the Superior Lease provided that if the Superior Landlord has not fully reinstated the Demised Premises
or the accesses thereto within a period of three years from the date of damage or destruction either the Landlord or the Tenant
shall be entitled to terminate this Lease by giving notice to the other and on giving of such notice the Term shall cease and determine
but without prejudice to the rights of either party hereto in respect of any antecedent breach of covenant.

 

		4.3	Services

 

Subject as otherwise herein provided
to perform the Second Floor Services and to use reasonable endeavours to procure that the Superior Landlord performs the Building
Services and the Science Park Services in both cases as from time to time necessary under the principles of good estate management
provided that:

 

		4.3.1	the Landlord shall not be liable to the Tenant in respect of any interruption in any of the services
which the Landlord does provide or supply by reason of any necessary inspection repair or maintenance of any plant or equipment
or any damage thereto or by reason of mechanical or other defect or breakdown or inclement weather conditions or shortage of fuel
materials water or labour or by reason of any circumstances whatever beyond the control of the Landlord provided that the Landlord
shall procure that the services will be restored as soon as reasonably practicable;

 

		4.3.2	the Tenant shall have no claim against the Landlord in respect of any defect or want of maintenance
repair amendment renewal or cleansing unless the Landlord has had notice thereof and has failed to remedy the same within a reasonable
period thereafter.

 

		4.4	Superior Lease

 

To pay the rent reserved by the
Superior Lease and to observe and perform the tenant’s covenants in the Superior Lease (insofar as the Tenant is not liable
for such observance and performance) under its covenants herein contained.

 

		5.	ENERGY PERFORMANCE
                                         CERTIFICATES

 

		5.1	Tenant covenants

 

		5.1.1	The Tenant shall permit the Landlord at reasonable times after reasonable notice (except in emergency)
to enter the Demised Premises in order to take the measurements and carry out the calculations required for the production of an
EPC in respect of the Demised Premises or any part of them, subject to the person exercising such rights making good any damage
thereby caused to the Demised Premises.

 

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		5.1.2	On demand the Tenant shall supply the Landlord with the information required for the production
of an EPC in respect of the Demised Premises, including without limitation information regarding energy consumption and equipment.

 

		5.1.3	The Tenant shall not obtain an EPC in respect of the Demised Premises or any part of them without
the prior written consent of the Landlord and if the Landlord grants such consent then:

 

		(a)	the EPC shall be obtained by the Tenant from a reputable and appropriately qualified energy assessor
at the Tenant’s own cost; and

 

		(b)	the Tenant shall notify the Landlord in writing when an EPC has been obtained in respect of the
Demised Premises or any part of them and its notice shall include a copy of the EPC and the reference number for the EPC.

 

		5.2	Landlord covenants

 

		5.2.1	On demand the Landlord shall supply the Tenant with the information required for the production
of an EPC in respect of the Demised Premises, including without limitation information regarding energy consumption and equipment.

 

		5.2.2	The Landlord shall notify the Tenant whenever an EPC has been obtained in respect of the Demised
Premises and its notice shall include a copy of the EPC and the reference number for the EPC;

 

		5.2.3	If and to the extent the Existing EPC is no longer valid (as the result of the Tenant’s alterations
or any default by the Tenant) to notify the Landlord and to obtain any EPC required to be provided from a reputable and appropriately
qualified energy assessor.

 

		6.	MISCELLANEOUS PROVISIONS

 

PROVIDED ALWAYS
AND IT IS HEREBY AGREED AND DECLARED as follows

 

		6.1	Power of Re-entry

 

		6.1.1	If the rents hereby reserved or any part thereof shall at any time be in arrear and unpaid for
twenty one days after the same shall have become due (whether legally demanded or not); or

 

		6.1.2	If there shall be any breach of any of the covenants on the part of the Tenant contained in this
Lease; or

 

		6.1.3	An Event of Insolvency arises in relation to the Tenant or in relation to any surety who at any
time guarantees the obligations of the Tenant under this Lease; or

 

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		6.1.4	If the Tenant suffers any distress or execution or any modern equivalent of these remedies to be
levied on any goods including any action taken for the recovery of rent arrears from the Tenant under Commercial Rent Arrears Recovery
for the time being on the Demised Premises which is not removed within fourteen days;

 

then and in any such case it
shall be lawful for the Landlord at any time thereafter to re-enter the Demised Premises or any part thereof in the name of the
whole and thereupon the Term shall absolutely cease and determine but without prejudice to any right of action of the Landlord
in respect of any antecedent breach of any of the covenants by the Tenant herein contained.

 

		6.2	Cesser of Rent

 

If the Building and/or the Demised
Premises or any part thereof or the means of access thereto are destroyed or damaged by any of the Insured Risks so far as to render
the Demised Premises or any part thereof or access to them unfit for occupation and use then and so often as it happens (if at
the date thereof the payment of any of the insurance monies has not been withheld or refused by reason of any act or default of
the Tenant any person deriving title under the Tenant or their respective servants agents or licensees) the rent reserved under
clause 2.1 and clause 2.2 and the service charge or a fair and just proportion thereof according to the nature and extent of the
damage shall be suspended for so long as the Demised Premises or the access to them or the destroyed or damaged part thereof remain
unfit for occupation and use by reason of such destruction or damage or for three years whichever shall be the shorter and if any
dispute arises between the Landlord and the Tenant in regard to the amount or the period of the suspension of the said rent or
otherwise in relation thereto it shall be referred to arbitration under the provisions of the Arbitration Act 1996.

 

		6.3	No Implied Rights

 

Nothing herein contained shall
(except as otherwise expressly provided) by implication of law or otherwise operate or be deemed to confer upon the Tenant any
easement right or privilege whatsoever.

 

		6.4	Development of Adjoining Property

 

The Landlord shall have the right
at any time to make any alterations to or to pull down rebuild redevelop or otherwise deal with or use any Adjoining Property as
it may deem fit without obtaining any consent from or making any compensation to the Tenant and the Tenant will not object to any
planning application made by or on behalf of the Landlord in respect of the development or redevelopment of any Adjoining Property
provided that the Landlord shall not materially interfere with the rights granted to the Tenant.

 

		6.5	Restrictions affecting Adjoining Property

 

Nothing herein contained or
implied shall give the Tenant the benefit of or the right to enforce or to have enforced or to prevent the release or
modification of any covenant agreement or condition entered into by any purchaser from or by any lessee or occupier of the
Landlord in respect of property not comprised in this Lease or areas over which rights are granted by this Lease for the
benefit of the Tenant.

 

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		6.6	No Warranty as to Use

 

Notwithstanding the provisions
as to the Permitted User contained in this Lease the Landlord does not hereby or in any other way give or make nor has given or
made at any other time any representation or warranty that the Permitted User is or will be or will remain a permitted use within
the provisions of the Planning Acts and notwithstanding that the Permitted User is not a permitted use as aforesaid the Tenant
shall remain fully bound and liable to the Landlord in respect of the obligations undertaken by the Tenant by virtue of this Lease
without any compensation recompense or relief of any kind whatsoever.

 

		6.7	Exclusion of Representations

 

The Tenant acknowledges that
this Lease has not been entered in reliance wholly or partly upon any statement or representation made by or on behalf of the Landlord
save insofar as any such statement or representation is expressly set out in this Lease or has been made in writing by the Landlord’s
solicitors to the Tenant’s solicitors before the date of entry into this Lease.

 

		6.8	Disputes

 

Any dispute arising as between
the Tenant and the tenants or occupiers of any property adjoining neighbouring or opposite to the Demised Premises belonging to
the Landlord as to any easement right or privilege in connection with the user of the Demised Premises and such property adjoining
neighbouring or opposite to the Demised Premises or as to the party or other walls separating the Demised Premises from the adjoining
property or as to the amount of any contribution towards the expenses of works to services used in common with any other property
shall be decided by the Landlord’s Surveyor whose decision shall be binding upon all parties to the dispute (save in the
case of manifest error).

 

		6.9	Removal of Tenant’s Property

 

		6.9.1	If at such time as the Tenant has vacated the Demised Premises at the end of the Term any property
of the Tenant shall remain in or on the Demised Premises and the Tenant shall fail to remove the same within fourteen days after
being requested in writing by the Landlord so to do then the Landlord may as the agent of the Tenant sell such property and shall
then hold the proceeds of sale after deducting the costs and expenses of removal storage and sale properly incurred by it to the
order of the Tenant.

 

		6.9.2	The Tenant shall indemnify the Landlord against any liability incurred by it to any third party
whose property shall have been sold by the Landlord in the mistaken belief held in good faith (which shall be presumed unless the
contrary be proved) that such property belonged to the Tenant.

 

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		6.10	Surrender of Easements

 

At any time during the Term the
Tenant will at the request of the Landlord enter into a deed of variation of this Lease to give up or alter rights of access and
easements granted hereunder which are not reasonably necessary for the use and/or enjoyment of the Demised Premises or which the
Superior Landlord reasonably requires to be varied as part of the redevelopment of the whole or part of the Science Park so long
as the alternative rights of access or other easements are no less convenient than those hereby granted and provided that the Superior
Landlord indemnifies the Tenant in respect of any cost and expense reasonably incurred by the Tenant either relating to any such
deed of variation or with regard to the cost of any works required to the Demised Premises or the Science Park which are the result
of such request from the Superior Landlord and which are approved by the Superior Landlord (such approval not to be unreasonably
withheld).

 

		6.11	Notices

 

The provisions of Section 196
of the Law of Property Act 1925 as amended by the Recorded Delivery Service Act 1962 shall apply to all notices required to be
served hereunder provided that while the Tenant is a company incorporated in England and Wales all notices shall be served on its
registered office for the time being.

 

		6.12	Jurisdiction

 

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 this Lease or its subject matter or formation (including non-contractual disputes or claims).

 

		6.13	Contracts (Rights of Third Parties) Act 1999

 

A person who is not a party to
this Lease shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Lease.
This does not affect any right or remedy of a third party which exists, or is available, apart from that Act.

 

		6.14	Break Clause

 

		6.14.1	In this clause the following definitions apply:

 

Landlord Break Date: 24
March 2024.

 

Break Notice: written notice
to terminate this Lease.

 

		6.14.2	The Landlord may terminate this Lease by serving a Break Notice on the Tenant at least nine months
before the Landlord Break Date.

 

		6.14.3	The Tenant may terminate this Lease by serving a Break Notice on the Landlord at any time giving
at least six months’ notice of the intended date of termination (“Tenant Break Date”).

 

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		6.14.4	The Break Notice shall be in writing and, for the purposes of this clause, writing does not include
facsimile transmission or email.

 

		6.14.5	Following service of a Break Notice pursuant to clause 6.14.2 this Lease shall terminate on the
Landlord Break Date.

 

		6.14.6	Following service of a Break Notice pursuant to clause 6.14.3 this Lease shall terminate on the
date specified in such Break Notice provided that the Tenant yields up the Demised Premises free from third party rights of occupation.

 

		6.14.7	Time shall be of the essence in respect of all time periods and limits in this clause.

 

		6.14.8	Termination of this Lease pursuant to this clause shall be without prejudice to any right or remedy
of either party in respect of any antecedent breach of the covenants or conditions on the part of the other in this Lease, including
any covenants expressed to be complied with before the end of the Term.

 

		6.14.9	If this Lease terminates in accordance with this clause 6.14 within 14 days after the relevant
break date the Landlord shall refund to the Tenant the proportion of the rents and any Value Added Tax payable in respect of them
paid in advance by the Tenant for the period from and excluding the relevant break date up to and excluding the next quarter day
calculated on a daily basis.

 

		6.15	Uninsured risks

 

		6.15.1	In this Clause 6.15 (Uninsured Risks), an “Uninsured Risk” means any risk, or
some aspect of any risk, which would be covered by the risks itemised in the definition of “Insured Risks” but which:

 

		(a)	is excluded from being so by reason of withdrawal of cover by the insurer and which is not otherwise
available to be insured in the London insurance market; or

 

		(b)	is withdrawn from cover by the Superior Landlord on the grounds that in the Superior Landlord’s
reasonable opinion cover cannot be placed in the London insurance market at reasonable commercial rates or on reasonable commercial
conditions.

 

		6.15.2	An Insured Risk does not become an Uninsured Risk for the purposes of clause 6.15(a) by reason
only of:

 

		(a)	being excluded, or partially excluded, from cover due to standard exclusion provisions on the policy;

 

		(b)	rejection by the insurer of liability, or some part of it, due to vitiation by the Tenant; or

 

		(c)	infringement by the Landlord of policy conditions for the maintenance of cover.

 

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		6.15.3	The obligations of the Tenant to repair and to decorate, and to yield up in repair and decorated,
the Demised Premises do not apply to damage or destruction caused by an Uninsured Risk.

 

		6.15.4	The provisions of this clause 6.15 (Uninsured Risks) apply if the Building (whether or not directly
affecting the Demised Premises) is damaged or destroyed by an Uninsured Risk so as to make the Demised Premises unfit for occupation,
use or enjoyment.

 

		6.15.5	If the damage or destruction referred to in clause 6.15.4 occurs, the Superior Landlord may within
12 months after the date of the damage or destruction elect to rebuild or reinstate the Demised Premises by giving notice to the
Tenant to that effect and if the Superior Landlord so elects the Landlord shall use its reasonable endeavours to procure that the
Superior Landlord rebuilds or reinstates the Building.

 

		6.15.6	The Superior Landlord may at any time before it has made an election under clause 6.15.5 decide
not to rebuild or reinstate the Building and if the Superior Landlord does so the Landlord may terminate this Lease by giving notice
to the Tenant to that effect to expire immediately.

 

		6.15.7	If the Superior Landlord has not made an election under clause 6.15.5 within 12 months after the
date of damage or destruction of the Building, the Tenant may terminate this Lease by giving to the Landlord notice to that effect
at any time thereafter to expire immediately unless the Superior Landlord has made such an election in the meantime.

 

		6.15.8	During the period before the Superior Landlord makes an election under clause 6.15.5 or terminates
this Lease under clause 6.15.6, the rent and service charge and insurance premiums reserved by this Lease, or a fair proportion
of them according to the nature and extent of the damage or destruction sustained, are to be suspended and cease to be payable
and in case of dispute the matter shall be referred to arbitration under the provisions of the Arbitration Act 1996.

 

		6.15.9	If the Superior Landlord has not commenced rebuilding or reinstating the Building within twelve
months after making the election under clause 6.15(e), the Tenant may terminate this Lease by giving to the Landlord notice to
that effect at any time thereafter to expire immediately, unless the Superior Landlord has commenced rebuilding or reinstating
the Building before the expiry of the notice.

 

		6.15.10	If the Superior Landlord has not practically completed the works of rebuilding or reinstating
                                                                   the Building (as evidenced by the issue of the certificate or statement of practical completion under the building contract
                                                                   for the works) within the period of three years after making the election under Clause 6.15.5, then either the Landlord or
                                                                   the Tenant may terminate this Lease by giving to the other not less than six months’ notice to that effect
to expire at the end of that period, unless practical completion has taken place before the expiry of the notice.

 

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		6.15.11	On the expiry of any notice of termination given under this Clause 6.15 (Uninsured
                                                                   Risks), this Lease will terminate unless provided otherwise, but without affecting any liability arising from a breach of
                                                                   covenant or condition which has occurred before then.

 

		6.16	Retention of Insurance Proceeds

 

On the termination of this Lease
under clause 6.15 (Uninsured Risks) or if this Lease is terminated by the operation of the doctrine of frustration or otherwise,
the Tenant is not to be entitled to any of the proceeds of insurance for its exclusive benefit.

 

		6.17	Landlord and Tenant Act 1954

 

		6.17.1	The Landlord and the Tenant confirm that.

 

		(a)	On the 7 day of March
                                         2018 the Landlord served on the Tenant the notice referred to in Section 35(A)(3) of
                                         the Landlord and Tenant Act 1954 (as amended) applying to the tenancy created by this
                                         lease before the Tenant entered into this lease or became contractually bound to do so;

 

		(b)	The Tenant or a person duly authorised by the Tenant to do so made a simple declaration dated [1]
day of [March] 2018 in accordance with the requirements of Section 38(A)(3)(b) of the Landlord and Tenant Act 1954 (as amended).

 

		6.17.2	Where the Statutory Declaration was made by a person other than the Tenant the Tenant confirms
that such person was duly authorised by the Tenant to make the Statutory Declaration on its behalf.

 

		6.17.3	The Landlord and the Tenant agree that the provisions of Sections 24 to 28 of the Landlord and
Tenant Act 1954 (as amended) are excluded in relation to the tenancy created by this Lease.

 

		6.18	Agreement for Lease

 

There is no agreement for lease
to which this Lease gives effect.

 

7.             NEW LEASE

 

This Lease is a new tenancy for
the purposes of the 1995 Act.

 

IN WITNESS whereof the parties to
this Lease have executed and delivered this Lease as a deed the day and year first above written.

 

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SCHEDULE
1

 

Part
1- Particulars of the Demised Premises

 

All those premises situate on the part
of the Second Floor of the Building shown edged in red on plan D annexed to this Lease including:

 

		1	the internal plaster or other finishes of all boundary and structural walls but excluding any integral
part of the external wall cladding;

 

		2	all non-structural walls situate wholly within the Demised Premises;

 

		3	all internal windows and window frames including the glass in the windows;

 

		4	all floor coverings the floor ducting and floor screed but excluding the concrete floor slabs;

 

		5	the ceiling finishes including any suspended ceilings and the cavity above any suspended ceilings
but excluding the concrete floor slabs;

 

		6	the toilets and cloakrooms within the Demised Premises;

 

		7	all plant, machinery and Conduits solely serving the Demised Premises and located therein; and

 

		8	all improvements and additions made to the Demised Premises, but excluding:

 

		9	the exterior and main structure of the Building including foundations, roofs, load-bearing wall,
load bearing columns;

 

		10	the airspace within any service risers that run through the Demised Premises; and

 

		11	any plant machinery and Conduits serving the Demised Premises in common with other parts of the
Building.

 

Part
2- Easements and Rights Granted

 

		1	A right of way at all times for the Tenant and all others authorised by it (in common with the
Superior Landlord and all others authorised by it or otherwise having the like right) to pass to and from the Science Park from
and to the public highway with or without vehicles and for all proper purposes connected with the use and enjoyment of the Demised
Premises over and along the Main Access Road Provided That so long as adequate access is maintained the Superior Landlord may obstruct
parts of the Main Access Road where and for as long as is necessary for the purpose of carrying out repairs to the Main Access
Road subject to the Superior Landlord using reasonable endeavours to keep such obstruction or interruption to a minimum insofar
as it is reasonably practicable to do so.

 

		2	A right of way at all times for the Tenant and all others authorised by it (in common with the
Superior Landlord and all others authorised by it or otherwise having the like right) to pass to and from the Demised Premises
and the Car Park with or without vehicles and for all proper purposes connected
with the use and enjoyment of the Demised Premises over and along the common service roads and cycle paths and accessways and on
foot only over the common footpaths from time to time within the Science Park Provided That so long as adequate access is maintained
the Superior Landlord may temporarily obstruct parts of the common service roads and cycle paths and accessways and footpaths where
and for as long as reasonably necessary for the purpose of carrying out repairs to the common service roads accessways and footpaths.

 

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		3	Subject as otherwise provided in this Lease full and free right of running of gas, electricity
water soil drainage air smoke and other effluvia telecommunications services and data from and to the Demised Premises through
the Conduits now or at any time during the Term running through under or over the remainder of the Building and/or Science Park
and the land between the Science Park and the mains services and serving the Science Park or the Demised Premises.

 

		4	The right for the Tenant and all persons authorised by it (in common with the Landlord and all
other persons having the like right) to use the Common Parts for all proper purposes in connection with the use and enjoyment of
the Demised Premises.

 

		5	The right of support as now or hereafter enjoyed by the Demised Premises from any other parts of
the Building.

 

		6	The right for the Tenant and all persons authorised by it to park a maximum of 17 private motor
vehicles in the car parking spaces within the Car Park nominated by the Superior Landlord from time to time.

 

		7	The right for the Tenant and all persons authorised by it (in common with the Landlord and all
other persons having the like right) to:

 

		7.1	park private motor vehicles in the disabled car parking spaces in the Car Park subject to such
vehicles correctly displaying a valid Blue Badge;

 

		7.2	park private motor vehicles belonging to visitors to the Tenant in the visitor car parking spaces
in the Car Park;

 

		7.3	use the electric car charging spaces provided from time to time by the Landlord in the Car Park;

 

		7.4	to use the cycle storage areas in the Car Park edged orange on plan C annexed to the Superior Lease
for the parking of bicycles.

 

		8	The right of access and egress for the Tenant and all persons authorised by it to the boilers and
plant forming part of the Demised Premises and exclusively serving the Demised Premises which are located in another part of the
Building (if any) on reasonable prior notice to the occupier of such other part of the Building (save in emergency when as much
notice as practicable shall be given).

 

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		9	The right for the Tenant of the Demised Premises to have its name displayed on any tenants’
directory board erected by the Superior Landlord at the Building to a maximum of one name.

 

		10	A right for the Tenant and all others authorised by it (in common with the Landlord and all others
authorised by it or otherwise having the like right) to use the atrium/reception area within the ground floor of the Building for
all proper purposes connected with the Permitted User.

 

Part
3- Exceptions and Reservations

 

The following rights to the Landlord and
its tenants of the Science Park and every part thereof and all other persons at any time authorised by the Landlord or otherwise
having the like right:

 

		1	the right of running water soil gas electricity the flow of air and the passage of smoke or other
effluvia from and to any other part or parts of the Science Park and the buildings which now are or may hereafter during the Term
be erected thereon through the Conduits which now are or may hereafter at any time during the Term be in upon over or under the
Demised Premises;

 

		2	the right during the Term to build additional or relay any Conduits over through or under the Demised
Premises in connection with any adjoining or neighbouring property now or hereafter during the Term belonging to the Landlord and
whether or not forming part of the Science Park and to enter upon the Demised Premises for that purpose the persons exercising
such rights doing as little damage as practicable to the Demised Premises and making good all damage to the Demised Premises caused
thereby as soon as is reasonably practicable;

 

		3	the right to make (and to retain) connections with any Conduits which now are or may hereafter
during the Term upon in the Demised Premises and to enter upon the Demised Premises for that purpose (where such work cannot reasonably
be carried out without access to the Demised Premises) the person or persons exercising such right doing as little damage as practicable
to the Demised Premises and making good all damage done thereto as soon as is reasonably practicable;

 

		4	the right at any time or times to divert (or substitute new Conduits for) any Conduits now or at
any time during the Term serving the Demised Premises or any part thereof and the right to enter upon the Demised Premises for
that purpose (where such work cannot reasonably be carried out without access to the Demised Premises) subject to the person exercising
such right doing as little damage and causing as little inconvenience and as little interference with the Tenant’s use and
enjoyment of the Demised Premises as reasonably possible in the exercise of such right and making good any damage caused to the
Demised Premises as soon as is reasonably practicable;

 

		5	full right and liberty to enter upon the Demised Premises for the purposes specified in clause
3 of this Lease;

 

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		6	where the Tenant (in its absolute discretion) consents, the right to enter the Demised Premises
to carry outworks to the Demised Premises to improve their Environmental Performance;

 

		7	all rights of support and other easements and rights over the Demised Premises now or hereafter
enjoyed by the remainder of the Building and any nearby premises or any other premises now or during the Term belonging to the
Landlord or by any tenants of the Landlord on the Science Park;

 

		8	the right to the unimpeded access of light and air over the Demised Premises to the windows and
openings of nearby premises as existing and belonging to the Landlord at the date hereof;

 

		9	the right at any time and for any purposes to erect a new building or to alter any building for
the time being on any nearby premises or any other premises now or during the term belonging to the Landlord in any manner whatsoever
and to use or let the same for any purpose or otherwise deal therewith and the right to grant consent to any person so erecting
or altering notwithstanding that such erection or alteration may diminish the access of light and air enjoyed by the Demised Premises.

 

Part
4 - Documents Affecting Title

 

The covenants conditions restrictions and
stipulations contained or referred to in official copies for title number ON324755 dated 20th December 2017 and timed at 16:54:48
and in official copies for title number ON323918 dated 20th December 2017 and timed at 16:54:48 in so far as these are capable
of affecting the Demised Premises.

 

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SCHEDULE
2

 

Provisions for the review of the principal
rent

 

		1	The yearly rent will increase in the same proportion as the yearly rent reserved by the Superior
Lease on the Review Date under the Superior Lease.

 

		2	The yearly rent may also be adjusted from time to time to reflect changes in the price paid by
the Landlord for electricity, water and other services to the Second Floor.

 

		3	The Landlord will notify the Tenant of any communication received by the Landlord from the Superior
Landlord in relation to the review of the rent under the Superior Lease. The Landlord will allow the Tenant to comment on the rent
review proposed for the Superior Lease and will pass on or incorporate any reasonable comments or representations made by the Tenant.

 

		4	The Landlord will notify the Tenant of changes to the yearly rent in writing. If there is any dispute
as to the level of the yearly rent, either the Landlord or the Tenant may at any time apply to the President to appoint a Surveyor
to determine the yearly rent. The yearly rent will not be finally ascertained until it has been approved by the Superior Landlord.

 

		5	MANNER OF DETERMINATION

 

		5.1	The Surveyor will act as an arbitrator in accordance with the Arbitration Act 1996 or (if the Landlord
so elects by notice in writing) an expert.

 

		5.2	The Surveyor shall not start acting until his appointment has been approved by the Superior Landlord.

 

		5.3	The Surveyor shall be a partner or director in a practice of Chartered Surveyors and he shall have
experience in valuing properties similar to the Demised Premises.

 

		5.4	If the Surveyor acts as an arbitrator, the decision of the Surveyor shall be final and binding
on the parties.

 

		5.5	If the Surveyor acts as an expert, the Surveyor shall afford each of the parties an opportunity
to make written representations and cross-representations to him.

 

		5.6	The costs of the reference shall be in the award of the Surveyor whose decision shall be final
and binding on the Landlord and the Tenant and, failing such award, the costs shall be borne by the Landlord and the Tenant in
equal shares.

 

		5.7	If one party upon publication of the award of the Surveyor shall pay all the Surveyor’s fees
and expenses, such party shall be entitled to recover on demand such proportion as the Surveyor shall award against the other party.

 

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		6	APPOINTMENT OF SUBSTITUTE SURVEYOR

 

If the Surveyor refuses to act
or is incapable of acting or dies, either the Landlord or the Tenant may apply to the President for the appointment of a further
Surveyor to act in the same capacity.

 

		7	ASCERTAINMENT AFTER REVIEW DATE

 

If by a Review Date the yearly
rent payable from that Review Date has not been ascertained the Tenant shall continue to pay the yearly rent at the rate payable
immediately preceding that Review Date and within fourteen days after such ascertainment the Tenant shall pay to the Landlord:

 

		7.1	the amount of the difference between the yearly rent so paid and the yearly rent ascertained for
the period commencing on such Review Date and ending on the quarter day following such ascertainment; and

 

		7.2	interest at the Base Rate prevailing on the date of ascertainment in respect of each instalment
of the yearly rent due on or after such Review Date on the amount by which each instalment of the yearly rent so ascertained which
would have been paid on such Review Date or a subsequent quarter day exceeds the amount so paid on account and such interest shall
be payable for the period from the date upon which the relevant instalment was due up to the date of payment which sums shall be
recoverable as arrears of rent.

 

		8	STATUTORY RESTRICTIONS

 

If at any time there is by virtue
of any statute a restriction upon the Landlord’s right to review the yearly rent or upon the right of the Landlord to recover
the yearly rent otherwise payable following a Review Date, then upon the ending, removal or modification of any such restriction
the Landlord may at any time thereafter give to the Tenant notice requiring an additional rent review as at a date specified in
the notice which date shall not be earlier than one month after the giving of the notice and shall for the purpose of this Schedule
be a Review Date.

 

		9	EXECUTION OF MEMORANDUM

 

		9.1	Within one month of the amount of any increased yearly rent being ascertained in accordance with
this Schedule the parties to the Lease will execute a memorandum recording the amount of the yearly rent and each party shall bear
their own costs in this regard.

 

		9.2	Failure to complete a memorandum of the increased yearly rent shall not prevent the yearly rent
from being payable by the Tenant and recoverable by the Landlord in accordance with this Lease.

 

    -37-

     

    

 

SCHEDULE
3

 

Part
1 - Provisions relating to the Service Charge

 

		1	Such proportion of the rents and other costs payable by the Landlord pursuant to the Superior Lease
as is reasonably attributable to meeting rooms, corridors and other premises used or intended for use by the occupiers of the Second
Floor.

 

		2	Maintaining repairing operating and (as often as occasion shall reasonably require) replacing the
boilers heating apparatus comfort cooling ventilation plant and all plant generators and other equipment from time to time serving
the whole of the Second Floor.

 

		3	Maintaining repairing testing and (as often as occasion shall reasonably require) replacing sprinklers
and other fire-fighting equipment serving the Second Floor.

 

		4	Providing and maintaining such security systems and employing such security personnel as the Landlord
may consider necessary in respect of the Second Floor.

 

		5	Effecting insurance against third party employers and public liability in respect of the Second
Floor.

 

		6	Effecting insurance in respect of lifts boilers and electrical or mechanical equipment and apparatus
serving the Second Floor.

 

		7	The wages (which shall include pensions national insurance contributions and other expenses properly
incurred by the Landlord in connection with their employment) and business accommodation (including the rental value (as reasonably
assessed by the Landlord) of accommodation provided) for such staff as shall be employed in connection with the matters mentioned
in this part of this Schedule.

 

		8	Professional fees reasonably incidental to any of the matters mentioned in this part of this Schedule
and the reasonable costs to the Landlord of managing the Second Floor which if the Landlord manages them may include a reasonable
management charge (not exceeding 10%) in respect of its services including the cost of computing and collecting the service charges
and other payments payable hereunder (but not pursuing arrears) and the auditing of the annual certificate in respect of the service
charge.

 

		9	The provision maintenance or replacement of any plant equipment machinery vehicle chattel or thing
used by the Landlord or such agents staff or servants for any of the above mentioned purposes which the Landlord may in its reasonable
discretion from time to time consider desirable including the costs of renting or hiring such plant machinery or equipment.

 

		10	All outgoings (including rates and the cost of public services) in connection with any Common Parts
or the Demised Premises.

 

    -38-

     

    

 

		11	All bank and other charges in relation to the setting up and maintaining of any bank account by
the Landlord or its managing agents in respect of the Building service charges and all interest properly incurred by the Landlord
in relation thereto.

 

		12	The supply of electricity and gas to the Demised Premises and the Common Parts.

 

		13	The amount of any Value Added Tax or any other similar tax charge or duty payable in respect of
the provision of services by the Landlord which is not recoverable by the Landlord.

 

		14	Such other works and services as the Landlord shall reasonably consider ought to be carried out
and provided for the benefit of the Second Floor or for the proper maintenance and servicing of the Second Floor or any part of
them.

 

Part
2 - Calculation of Tenant’s Proportion

 

		1	The annual amount of the service charge payable by the Tenant for the Second Floor Services shall
be a fair and reasonable proportion of the costs, expense and outgoings expended and incurred in supplying the Second Floor Services
incurred by the Landlord in the year to which the same relates and the said service charge shall be apportioned on a day to day
basis in respect of the first and last years of the Term Provided Always that if the Landlord shall hereafter so reasonably determine
the Tenant’s Proportion may be altered in such manner as the Landlord shall from time to time consider to be fair and equitable.

 

		2	The Landlord shall at all times keep an account of all such costs expenses and outgoings as aforesaid
expended or incurred in supplying the Second Floor Services during each year down to the thirty-first day of July (every reference
to a year made in this Schedule shall unless the Landlord shall otherwise determine mean a reference to a year down to the thirty-first
day of July) and such account with all necessary supporting receipts and other documentation shall be open to inspection by the
Tenant at all reasonable times for a period of two months from the account being supplied to the Tenant and every entry in such
account shall (in the absence of manifest error) be sufficient evidence of the expenditure recorded therein.

 

		3	As soon as may be before or after the beginning of every year, the Landlord or its managing agents
shall make a reasonable estimate of the anticipated amount of the said costs expenses and outgoings to be incurred in the ensuing
year and shall notify the Tenant accordingly.

 

		4	During each year in respect of which such estimate shall have been made, the Tenant shall pay to
the Landlord on account of the Tenant’s liability hereunder an amount equal to the Tenant’s Proportions of such estimate
and one twelfth thereof shall be paid in advance on the first day of each calendar month in respect of every calendar month of
such year comprised in the Term Provided Always that if the Tenant shall not be notified of such estimate until after the commencement
of any year the Tenant shall within seven days of the receipt of such notification pay to the Landlord such monthly payments as
would otherwise have become payable by the Tenant in respect of the period from the commencement of the relevant
year to the date of such notification had the Tenant been notified of such estimate prior to the commencement of the relevant year.

 

    -39-

     

    

 

		5	As soon as possible after the end of every year, the Landlord or its managing agents shall issue
a certificate which shall be audited by an independent and duly qualified auditor certifying the total amount of the said costs
expenses and outgoings for the preceding year and such certificate shall (in the absence of manifest error) be conclusive and binding
upon the Tenant and the Landlord shall supply the Tenant with a summary of the said costs expenses and outgoings in addition to
the certificate.

 

		6	Within fourteen days after the delivery to the Tenant of a copy of the certificate as aforesaid
such payment shall be made to the Tenant or the Tenant shall make such payment to the Landlord as shall be requisite for ensuring
that the Tenant has paid the Tenant’s Proportion of all the costs expenses and outgoings as aforesaid in respect of the preceding
service charge year Provided Always that the provisions of this paragraph shall continue to apply notwithstanding the expiration
or sooner determination of the Term but only in respect of the period down to such expiration or sooner determination as aforesaid.

 

		7	Notwithstanding any other provision of this Schedule 3 or this Lease the Tenant shall not be liable
to contribute towards the cost of any redevelopment of any part of the Science Park.

 

		8	The Landlord shall not be entitled to recover from the Tenant by way of the Tenant’s Proportion:

 

		8.1	Costs attributable to other accommodation within the Science Park designated and intended for letting
but which are currently vacant;

 

		8.2	The initial provision of any items that are part of the original design and construction of the
Building, its plant, fabric or equipment, together with the initial setting up that is part of the development of the Building
as per the plans and specifications annexed to the Agreement for Lease;

 

		8.3	The cost of remedying any Latent Defects in any part of the Building other than the Demised Premises.

 

    -40-

     

    

 

SCHEDULE
4

 

Science Park Regulations and Stipulations

 

		1	No rubbish or waste materials shall be burnt on the Science Park.

 

		2	There shall be no open storage of materials or goods or refuse on the Science Park.

 

		3	The Main Access Road and the common service roads accessways and footpaths from time to time upon
the Science Park shall not at any time be obstructed and no motor or other vehicle shall be parked or left on any of the common
service roads accessways or footpaths.

 

		4	Compliance with all speed parking or other reasonable regulations and traffic directions which
the Landlord may from time to time make (in the interests of the owners and occupiers of the Science Park or any part thereof or
of road safety) in respect of the common roads footpaths and ways on the Science Park.

 

		5	Facilities for the keeping of refuse in proper receptacles readily accessible for collection shall
be provided by the Tenant within buildings on the Science Park or in an external compound for rubbish suitably screened and located.

 

		6	Compliance with all reasonable security arrangements for the Science Park or any part thereof from
time to time required by the Landlord.

 

		7	No sign or advertisement shall be erected or affixed to the exterior of any building on the Science
Park or within the curtilage of any building except such as shall be approved in writing by the Landlord and all signs erected
shall conform with signs erected throughout the Science Park.

 

		8	No explosive or inflammable oils petrol or substances shall be stored or used on the Demised Premises
or any part thereof (other than fuel in the tanks of vehicles parked in any parking spaces or bays) without due compliance with
the requirements of the insurers of the Demised Premises and all statutory requirements.

 

		9	No aerials satellite dishes chimneys vents or flues shall be erected which shall be visible from
any other part of the Science Park.

 

		10	No electronic equipment shall be used or signals emitted which may interfere with any electronic
equipment used on any other part of the Science Park.

 

		11	Such further or other reasonable regulations or stipulations as the Landlord may from time to time
deem reasonably necessary for the orderly safe or convenient management of the Science Park.

 

    -41-

     

    

 

	EXECUTED as a DEED by	)	
	OXFORD SCIENCES	)	 
	INNOVATION PLC acting by:-	)	 
	 	 	 
	Director		  /s/ Jim Wilkinson
	 	 	 
	in the presence of:-	)	 
	 	 	 
	Signature of Witness: /s/ Kate O'Brien	 	 
	 	 	 
	Name of Witness: Kate O'Brien	 	 
	 	 	 
	Address:	1 Aston St.  	 	 
	 	Oxford  	 	 
	 	OX4 1EW  	 	 
	 	 	 	 
	Occupation:	Lawyer	 	 
	 	 	 
	EXECUTED as a DEED by	)	 
	VACCITECH LIMITED	)	 
	acting by:-	)	 
	 	 	 
	Director	 	/s/ Thomas G. Evans
	 	 	 
	in the presence of:-	)	 
	 	 	 
	Signature of Witness: /s/ Pippa Rathbone  	 	 
	 	 	 
	Name of Witness: Pippa Rathbone	 	 
	 	 	 
	Address:	4 Weavers Branch  	 	 
	 	Thame, OX4 4GE  	 	 
	 	 	 
	Occupation:	Administrator	 	 

 

    -42-

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