Document:

Exhibit 10.10

 

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 William Enright (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 (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 Vaccitech Limited Terms and Conditions of Employment Agreement between
the Executive and Parent dated August 20, 2019, provided that Sections 15, 16, 17, 18 and 19 of such agreement shall be preserved
(the “Preserved Provisions”) and are supplemental to this Agreement and the Restrictive Covenants Agreement (as defined below),
and (ii) 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 Executive Officer of the Company and shall have such powers and duties as may from
time to time be prescribed by Parent’s Board of Directors (the “Board”). In addition, the Company shall cause the Executive
to be nominated for election to the Board and to be recommended to the stockholders for election to the Board as long as the Executive
remains the Chief Executive Officer of the Company (the “CEO”), provided that the Executive shall be deemed to have resigned
from the Board and from any related positions upon ceasing to serve as CEO for any reason. 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 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 $536,500 per year. The Executive’s base salary
shall be subject to periodic review, but no less than annually, by the Board or the Compensation Committee of the Board (the “Compensation
Committee”) provided that in no event shall the base salary be reduced while this Agreement is in effect. 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 55 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. Notwithstanding anything herein to the contrary or otherwise, except to the extent any expense or reimbursement
described in the Agreement does not constitute a “deferral of compensation” within the meaning of Section 409A of the
Code and the Treasury regulations and other guidance issued thereunder, any expense or reimbursement described in this Agreement shall
meet the following requirements: (i) the amount of expenses eligible for reimbursement provided to the Executive in any other calendar
year will not affect the amount of expenses eligible for reimbursement to the Executive in any other calendar year (ii) the reimbursements
for expenses for which the Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following
the calendar year in which the applicable expense is incurred; (iii) the right to payment or reimbursement or in-kind benefits hereunder
may not be liquidated or exchanged for any other benefit; and (iv) the reimbursements shall be made pursuant to objectively determinable
and nondiscretionary company policies and procedures regarding such reimbursement of expenses.

 

(d)            Location.
The Executive shall be permitted to work from his home office in Maryland; 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.

 

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(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. Subject to the Executive’s insurability
and subject to what is normal, appropriate and reasonable for a U.S. executive, the Company shall provide the Executive with renewable
short-term and long-term disability plans that provide for (i) the annual payment of not less than 60% of the Executive’s
Base Salary for so long as any short-term and/or long-term disability of the Executive continues and (ii) a death in service benefit
equal to three times the Executive’s Base Salary, subject in each case (i) and (ii) to applicable caps and the other
terms and conditions of the applicable plan or policy. The Executive shall be consulted on the selection of such policies, subject to
their reasonable affordability for the Company. 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).

 

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.

 

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(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) continued and willful failure or refusal to perform material responsibilities that have been requested by
the Board (other than refusal resulting from incapacity due to physical or mental illness), after being given written notice of such breach
and a failure to cure within sixty (60) days of such notice; (B) dishonesty to the Board 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
conviction of, or plea of guilty or nolo contendere of 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;

 

(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;

 

(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) after being given written notice of such breach and a failure to cure within thirty (30) days of such notice;

 

(vi)            a
material violation by the Executive of any of the Company’s written employment policies after being given written notice of such
breach and a failure to cure within thirty (30) days of such notice; 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.

 

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(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.

 

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 90 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 120 days after the end of the Cure Period.

 

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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”).

 

(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.

 

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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, 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 twelve (12) 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 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; and

 

(c)            if
the Date of Termination occurs after the completion of a calendar year but prior to the payment of annual bonuses for such year, the Company
shall pay the Executive the bonus amount that the Executive otherwise would have received if the Executive remained employed on the date
of payment, as determined in the sole discretion of the Company (the “Prior Year Bonus”), payable to the Executive at the
same time annual bonuses in respect of the prior year are generally paid to senior executives of the Company.

 

Except for the Prior Year Bonus (which shall be paid as described in
Section 5(c)), 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 twelve (12) 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).

 

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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 1.5 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 eighteen (18) 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.

 

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.

 

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(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.

 

(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.

 

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(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).

 

(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.

 

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(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. As a condition of employment, the Executive is required to enter into the Employee Confidentiality, Assignment,
Nonsolicitation and Noncompetition Agreement, attached hereto as Exhibit A (the “Restrictive Covenants Agreement”).
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.

 

(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).

 

    11 

     

    

 

(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, provided that the Equity Documents 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.

 

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 members of the Board.

 

    12 

     

    

 

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.

 

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.

 

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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.

 

    14 

     

    

 

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
	 	 
	 	 
	 	 
	 	William Enright

 

     

     

    

 

Exhibit A

 

Restrictive Covenants AgreementExhibit 10.12

 

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 Thomas G. Evans, MD (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 (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 2017 Service Agreement between the Executive and Parent, provided
that Sections 14, 15, 16, 17 and 18 of such agreement shall be preserved (the “Preserved Provisions”) and are supplemental
to this Agreement and the Restrictive Covenants Agreement (as defined below), and (ii) 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 Scientific 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 $431,400 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 50 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 his home office in Massachusetts; 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).

 

    2

     

    

 

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;

 

    3

     

    

 

(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.

 

    4

     

    

 

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”).

 

    5

     

    

 

(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, a reaffirmation of all of the Executive’s Continuing Obligations (as defined below), and, in the Company’s
sole discretion, a one-year post-employment noncompetition agreement, 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) business 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”);
provided that in the event the Executive is entitled to any payments pursuant to the Restrictive Covenants Agreement, the Severance Amount
received in any calendar year will be reduced by the amount the Executive is paid in the same such calendar year pursuant to the Restrictive
Covenants Agreement (the “Restrictive Covenants Agreement Setoff”); 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.

 

    6

     

    

 

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) (the “Change in Control Payment”); provided that the Change in Control
Payment shall be reduced by the amount of the Restrictive Covenants Agreement Setoff, if applicable; 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.

 

    7

     

    

 

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.

 

    8

     

    

 

(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.

 

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(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).

 

(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. As a condition of employment, the Executive is required to enter into the Employee Confidentiality, Assignment,
Nonsolicitation and Noncompetition Agreement, attached hereto as Exhibit A (the “Restrictive Covenants Agreement”).
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, provided that the Equity Documents 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.

 

    12

     

    

 

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.

 

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. Except for the Restrictive Covenants
Agreement, 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.

 

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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
	 	 
	 	 
	 	Thomas G. Evans, MD

 

    

     

    

 

Exhibit A

 

Restrictive Covenants Agreement

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