Document:

Exhibit 10.20

 

The Exscientia

 

Unapproved Share Option Plan

 

 

 

 

 

Plan Rules

 

 

 

 

Adopted by the Board on 13th
February 2018 and amended on 25th September 2019

and 1st April 2021

 

    

     

    

 

Plan Rules

 

Definitions

 

		1.1	In these Rules (and, where applicable, any Option Agreement) the following words and expressions shall
have the following meanings:

 

	“Acting in Concert”	the meaning given in the City Code on Takeovers and Mergers as in force at the date of an Option Agreement
	“Articles”	the Articles of Association of the Company as amended from time to time
	“Auditors”	the auditors of the Company from time to time or such other competent professional agreed by the parties or in the absence of an agreement, as appointed by the Board
	“Bad Leaver”	a Participant who, on the occasion of a Cessation of Employment, is not a Good Leaver
	“Board”	the Board of directors of the Company or a duly authorised committee of the Board
	“Business Sale”	the sale of the Majority Value of the assets of the business to a company which is not a Group Company, or to a person or persons Acting in Concert, where Majority Value is defined as the greater part of the gross assets of the business (including intellectual property and goodwill) as certified by the Auditors acting as experts and not as arbitrators
	“Cessation of Employment”	the occasion on which a Participant ceases to hold any office or employment in any Group Company and does not continue as, or become, an officer or employee of any other Group Company, and the time and date of cessation shall be the date on which the Participant shall have ceased to be an officer or employee of any Group Company, or the date of death or, if the Participant is absent from work by reason of maternity, paternity or adoption leave, the time and date when the Participant ceases to be entitled to exercise their right under the Employment Rights Act 1996 to return to work in any Group Company
	“Company”	Exscientia Limited, CRN SC 428761, with registered office at Dundee Incubator, James Lindsay Place, Dundee, United Kingdom, DD1 5JJ
	“Company Reorganisation”	the meaning given to that expression in Rule 5.1
	“Control”	the meaning given by section 719 of ITEPA
	“Date of Grant”	the date on which an Option is, was, or is to be granted under the terms of an Option Agreement
	“Exercise Price”	the price at which each Share subject to an Option may be acquired on the exercise of that Option as set out in an Option Agreement

 

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	“Exit Event”	
    any of the following events:

     

    (i)       the
    date of a Company Reorganisation as mentioned in Rule 5.1;

     

    (ii)       a
    Majority Share Sale;

     

    (iii)       a
    Business Sale;

     

    (iv)       a
    Flotation;

     

    (v)       on
    the commencement of a period mentioned in Rule 5.3 or 5.4; or

     

    (vi)       the
    Company passing a resolution for voluntary winding up

     

	“Flotation”	the date on which any of the Company’s shares become quoted on a public stock exchange
	“Good Leaver”	
    a Participant who, on Cessation of Employment,
    ceases to be employed as a result of:

     

    (i)       injury,
    disability or illness (in each case evidence to the reasonable satisfaction of the Board); or

     

    (ii)       ceasing
    to be employed with the intention of retiring; or

     

    (iii)       redundancy
    within the meaning of the Employment Rights Act 1996; or

     

    (iv)       death;
    or

     

    (v)       a
    transfer to which The Transfer of Undertakings (Protection of Employment) Regulations 2006 apply; or

     

    (vi)       the
    Participant’s employing company ceasing to be a Group Company; or

     

    (vii)       the
    Participant being declared a Good Leaver by the Board in its absolute discretion

     

	“Grantor”	whoever grants the Option, which may be a Group Company, the Trustees or any other person
	“Group Company”	the Company or any company over which the Company has Control or any company which has Control of the Company
	“ITEPA”	the Income Tax (Earnings and Pensions) Act 2003 from time to time amended
	“Majority Share Sale”	a sale on a single date, or by a series of transactions
    over less than a calendar month, of shares of any class in the Company together entitled to more than 50 per cent of
    the votes in general meeting to a person or persons Acting in Concert previously unconnected with (i) the Company, or (ii) any
    shareholder of record, provided that the Company may by Ordinary Resolution waive the condition that the person or persons Acting in
    Concert must be unconnected

 

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	“New Holding Company”	a company which has obtained Control of the Company (including where a person and others Acting in Concert with him together obtain Control of the Company) where the consideration received by holders of ordinary shares in the Company consists wholly of shares in the company obtaining Control of the Company and where the identity and proportion of the shareholders of the company obtaining Control of the Company are substantially similar to those prior to the change of Control
	“Option”	a right to acquire Shares granted in accordance with an Option Agreement
	“Option Agreement”	an agreement entered into between the Grantor and a Participant in accordance with these Rules under which the Grantor offers and the Participant accepts an Option
	“Participant”	an individual to whom an Option is granted including his personal representatives where the context so admits
	“Plan”	The Exscientia Unapproved Share Option Plan
	“Rules”	these present rules of the Plan
	“Share” or “Shares”	either Ordinary or B Ordinary Shares of 0.001 each in the capital of the Company which rank pari passu with all other shares of the same class but subject to the rights and restrictions set down in any Shareholders’ Agreement and the Articles, or an equivalent number of the Company’s American Depositary Shares representing such shares
	“Shareholders’ Agreement”	any shareholders’ agreement made between the shareholders of the Company as may be in force and as amended from time to time
	“Trustees”	the trustees of an employee benefit trust within the meaning of section 1166 Companies Act 2006
	“Vest”, “Vests” or “Vested”	the circumstances in which all, or part of, an Option will become capable of exercise
	“Vesting Conditions”	conditions attached to an Option which determine the circumstances in which all or part of an Option will Vest
	“Vesting Schedule”	a schedule attached to an Option Agreement containing the Vesting Conditions

 

		1.2	Where the context so admits the singular shall include the plural and vice versa and the masculine shall
include the feminine.

 

		1.3	Any reference to any enactment includes a reference to that enactment as from time to time modified, extended
or re-enacted.

 

		1.4	If any question, dispute or disagreement arises as to the interpretation of these Rules or any Option
Agreement the decision of the Grantor shall (except as regard any matter regarded to be determined by the Auditors hereunder) be final
and binding upon all persons.

 

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		2.	Grant of the Option

 

		2.1	An Option shall be granted by the Grantor and a Participant executing by deed an Option Agreement.

 

		2.2	Following the grant of an Option the Grantor shall as soon as reasonably practicable issue to the Participant
a certificate in respect of the Option making reference to the terms of the Option Agreement and these Rules and stating the date on which
the Option was granted.

 

		2.3	Notwithstanding any other provision of the Rules:

 

		(i)	the grant of an Option pursuant to these Rules shall not form part of any contract of employment between
any Group Company and a Participant;

 

		(ii)	unless expressly so provided in his contract of employment, a Participant has no right to be granted an
Option;

 

		(iii)	the benefit to a Participant of any Options held by him shall not form any part of his remuneration or
count as his remuneration for any purpose and shall not be pensionable;

 

		(iv)	the rights granted to a Participant under any Option shall not give the Participant any right or entitlement
to claim any compensation or damages in consequence of the loss or termination of his office or employment with any Group Company for
any reason and whether or not such loss or termination of office or employment is found to be wrongful or inn breach of any contract (whether
of the Plan, the Option Agreement or any other agreement); and

 

		(v)	a Participant shall not be entitled to claim any compensation or damages (or any other remedy) for any
loss by reason that the Participant is unable to exercise any Option in consequence of the loss or termination of his office or employment
with any Group Company for any reason and whether or not such loss or termination of office or employment is found to be wrongful or in
breach of any contract (whether of the Plan, the Option Agreement or any other agreement) including as a result of the exercise by any
Group Company (or the Grantor) of any discretion (or failure to exercise any discretion) that is found to be an unreasonable exercise
of such discretion); and

 

		(vi)	by accepting the grant of an Option and not renouncing it, a Participant is deemed to have agreed to the
provisions of this Rule 2.3.

 

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		3.	Exercise of Option

 

		3.1	Subject to this Rule 3, an Option shall be exercisable only in accordance with the conditions contained
in the relevant Option Agreement.

 

		3.2	An Option may be exercised in whole or in part provided that, on any day, an Option may be exercised over
no fewer than the less of:

 

		(i)	25 per cent. of the Shares over which an Option has Vested;

 

		(ii)	the total number of Shares over which an Option remains exercisable at that time; and

 

		(iii)	such other number as the Board may determine.

 

		3.3	When an Option is exercised in part, the balance (to the extent that it has not lapsed) shall remain exercisable
on the same terms as originally applied to the whole Option and a new Option certificate shall be issued accordingly by the Grantor as
soon as possible after the partial exercise.

 

		3.4	Save where the context otherwise permits, or if otherwise determined by the Board, a Vested Option shall
be capable of exercise on any business day, subject to the notice period required under Rule 7.

 

		3.5	The acquisition price on exercise of an Option shall be the Exercise Price, provided that the total exercise
consideration shall be rounded up to the nearest penny. If the price is less than the nominal value of a Share then, on the exercise of
the Option, the Board shall capitalise the Company’s distributable reserves and apply the same in paying up the difference between
the Exercise Price and the nominal value of the Shares. In the event that the Company has no such reserves, the Participant shall pay
up the difference.

 

		3.6	The Participant may not exercise any part of an Option or sell Shares upon such exercise if such exercise
or sale would not be permissible under any applicable law, rule or regulation including any regulation relating to insider trading.

 

		4.	Lapse of Option

 

		4.1	An Option shall lapse as provided in the relevant Option Agreement, or if earlier, on the earliest of
the following events:

 

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

 

		(ii)	the date of Cessation of Employment if the Participant is a Bad Leaver;

 

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		(iii)	the date of Cessation of Employment for any part of a Good Leaver’s Option that the Board, in its
discretion, has determined that the Participant may not exercise by virtue of being a Good Leaver, with any balance of the Option
that the Board, in its discretion has determined may be exercised by virtue of being a Good Leaver to lapse on a date determined
by the Board in its discretion, and not exceeding 90 days;

 

		(iv)	where the Participant is a Good Leaver by reason of his death, 12 months after the death of the Participant;

 

		(v)	60 days after either a Majority Share Sale, a Company Re-organisation or a Business Sale;

 

		(vi)	as provided by Rule 5.2, Rule 5.3 or Rule 5.4;

 

		(vii)	six months after the Company passes a resolution for voluntary winding up; or

 

		(viii)	the Participant being adjudicated bankrupt.

 

		4.2	Any purported transfer of assignment by the Participant shall cause the Option to lapse forthwith, and
the Option certificate shall carry a statement to this effect, provided that, on a Participant’s death, his personal representatives
may exercise the Option, subject to the Rules and the Option Agreement.

 

		4.3	Neither the Company or, if different, the Grantor shall be obliged to notify the Participant if the Option
is due to lapse.

 

		5.	Takeovers and Liquidations

 

		5.1	For the purposes of this Rule 5, a Company Reorganisation means where a company (“Acquiring Company”):

 

		(i)	obtains Control of the Company as a result of making a general offer to acquire the whole of the issued
share capital of the Company which is made on a condition such that if it is satisfied the person making the offer will have Control of
the Company; or

 

		(ii)	obtains Control of the Company as a result of making a general offer to acquire all the shares in the
Company which are of the same class as the Shares; or

 

		(iii)	obtains Control of the Company as a result of a compromise or arrangement sanctioned by the court under
section 899 of the Companies Act 2006 (court sanction for compromise or arrangement); or

 

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		(iv)	becomes bound or entitled under sections 979 to 982 of the Companies Act 2006 (takeover offers; right
of offeror to buy out minority shareholder) to acquire shares in the Company which are of the same class as the Shares,

 

provided always that in circumstances
where Rule 5.1(A) applies, the creation of a New Holding Company shall not constitute a Company Reorganisation.

 

		5.1(A)	Where a New Holding Company is established, and the Board determines (with the agreement of the New Holding
Company) that this Rule shall apply, Options shall be substituted for options to acquire shares (or securities representing such shares)
in the New Holding Company (the “Replacement Options”) which are equivalent (as determined by the Board) to the Options provided
that:

 

		(i)	the Rules shall apply to the Replacement Options save that, where appropriate, references to “Company”
and “Shares” shall be read as if they were references to the New Holding Company and the shares (or other securities representing
them) in respect of which the Replacement Options are granted, respectively; and

 

		(ii)	Participant consent shall not be required for a substitution of Options pursuant to this Rule to be effected.

 

		5.2	If a person makes an offer for the Company which, if successful, would result in a Company Reorganisation,
a Majority Share Sale or a Business Sale, the Grantor may by written notice to the Participant (an “Impending Sale Notice”)
declare that all outstanding Options (which have Vested, or will Vest on the occurrence of a Company Reorganisation, a Majority Share
Sale or a Business Sale in accordance with an Option Agreement) may be conditionally exercised during a period not exceeding 3 months
to be specified by the Grantor in the notice and shall lapse at the end of that period. If an Option is conditionally exercised by a Participant
pursuant to this Rule 5.2, the exercise shall become unconditional immediately before it becomes certain that the Company Reorganisation,
Majority Share Sale or Business Sale will take place. All conditional notices of exercise shall lapse if, and when, it becomes certain
that the Company Reorganisation, Majority Share Sale or Business Sale will not take place. Any Option which was subject to a lapsed exercise
notice shall be unaffected and the Option shall continue as before. The Grantor may at its discretion include in the Impending Sale Notice
a requirement that the Participant must give a valid and irrevocable power of attorney (“POA”) in favour of a director of
the Company nominated by the Grantor conferring on such person the authority to do all things (including executing all documents) necessary
to exercise the Participant’s Option to the fullest extent possible permitted by the relevant Option Agreement and, at the discretion
of the Grantor, to sell the Shares acquired through exercise of the Option, provided that such authority to sell Shares shall be exercised
only pursuant to a Company Reorganisation or a Majority Share Sale and the terms of any such sale and the value of the consideration to
be received on a sale taking into account the terms of sale shall in the reasonable opinion of the Board not
be inferior to the best terms on which any other share is sold pursuant to the Company Reorganisation or the Majority Share Sale. If a
Participant is required by an Impending Sale Notice to give a POA and does not do so within any reasonable time limit set by the Grantor
of receiving such notice the relevant Option shall immediately lapse.

 

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		5.3	If a person proposes to obtain Control of the Company in pursuance of a compromise or arrangement sanctioned
by the court, as referred to in Rule 5.1(iii), all outstanding Options (which have Vested, or will Vest on the occurrence of a Company
Reorganisation or a Majority Share Sale in accordance with an Option Agreement) may be exercised, conditionally, at any time during the
period beginning with the date of the meeting of the members of the Company ordered by the court and ending on the earlier of 6 months
thereafter and 7 clear days before the court sanctions the compromise or arrangement. If an Option is conditionally exercised by a Participant
pursuant to this Rule 5.3, the exercise shall become unconditional immediately before it becomes certain that the proposed compromise
or arrangement will be sanctioned by the court. All conditional notices of exercise shall lapse if, and when, it becomes certain that
the proposed compromise or arrangement will not be sanctioned by the court. Any Option which was subject to a lapsed exercise notice shall
be unaffected and the Option shall continue as before.

 

		5.4	In the case of an event falling within Rule 5.1(iv), all outstanding Options (which have Vested or will
Vest on the occurrence of a Company Reorganisation in accordance with an Option Agreement) may be exercised at any time during the period
beginning with the date the person serves a notice under section 979 of the Companies Act 2006 and ending 7 clear days before the date
on which the person ceases to be entitled to serve such a notice. For the purposes of this Rule 5.4, the term “person” shall
include two or more persons Acting in Concert.

 

		6.	Variation of share capital

 

		6.1	In the event of any variation of the share capital of the Company by way of capitalisation (other than
a scrip dividend), rights issue, consolidation, subdivision or reduction of capital or otherwise, the number of Shares subject to the
Option and the Exercise Price for each of those Shares shall be adjusted in such a manner as the Auditors confirm in writing to be fair
and reasonable provided that the Exercise Price for a Share is not reduced below its nominal value. For the avoidance of doubt no adjustment
shall be made under this Rule in respect of any new consideration received by the Company as a result of an issue of shares.

 

		7.	Manner of Exercise of Options

 

		7.1	An Option shall be exercised by the Participant giving notice to the Grantor in writing of the number
of Shares in respect of which he wishes to exercise the Option accompanied by such arrangements for payment as are acceptable to the Grantor
in its reasonable discretion and the relevant Option certificate and
shall be effective on the expiry of 28 clear days, or such shorter period as the Board in its discretion shall determine, after its receipt
by the Grantor.

 

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		7.2	A definitive Share certificate shall be issued to the Participant within 30 days of the date of the exercise
of the Option subject to the Participant entering into a deed of adherence pursuant to any Shareholders’ Agreement.

 

		7.3	The Participant irrevocably agrees to enter into a joint election, under section 431(1) or section 431(2)
of ITEPA in respect of the Shares to be acquired on exercise of the relevant Option, if required to do so by any Group Company, on, before
or within 14 days of any date of exercise of the Option.

 

		7.4	If in connection with the grant, holding and/or exercise of the Option:

 

		(i)	a Participant becomes liable to tax, duties (including stamp duty), national insurance contributions or
any other tax, impost or amount and any Group Company is liable to make a payment to any revenue or other authority on account of the
liability (including employees’ social security contributions); or

 

		(ii)	any Group Company becomes liable to make a payment of employer’s national insurance contributions
(unless this paragraph (ii) is disapplied in the relevant Option Agreement);

 

the Participant shall
as a condition of exercising the Option and before exercising the Option enter into such arrangements as the Grantor shall determine in
its discretion for the purpose of ensuring that the Participant discharges all such liabilities as are mentioned in this Rule 7.4 and
without prejudice to the generality of the foregoing, the Company may sell a sufficient number of Shares on exercise of the Option or
require the Participant to remit to any Group Company an amount sufficient to satisfy the aforementioned liabilities.

 

		7.5	All Shares allotted or transferred to a Participant following the date of exercise shall rank equally
in all respects with the Shares for the time being in issue save as regards any rights attaching to such Shares by reference to a record
date prior to the date of such allotment or transfer.

 

		8.	Miscellaneous

 

		8.1	Neither the Grantor or any Group Company shall have any responsibility for the consequences (whether in
relation to taxation or any other matter) of any action of a Participant in relation to his acceptance or exercise of an Option and the
Participant shall be responsible for obtaining any financial or legal advice that it or he may require at his own cost.

 

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		8.2	Any notice or other communication under or in connection with an Option may be given by a Participant
or any Group Company or the Grantor either personally or by post; items sent by post shall be prepaid and shall be deemed to have been
served 72 hours after posting.

 

		8.3	The Grantor, if the Company, shall ensure that at all times it has sufficient authority to issue new Shares
to satisfy the exercise to the full extent still possible of an Option or any part of it which has neither lapsed nor been fully exercised,
taking account of any other obligations of the Company. The Grantor, if not the Company, shall procure that at all times it holds sufficient
unencumbered Shares or irrevocable rights over such Shares to satisfy the exercise to the full extent still possible of an Option or any
part of it which has neither lapsed nor been fully exercised.

 

		8.4	If on the date of exercise of an Option or on any prior date any shares of the same class as the Shares
are listed or quoted on a public investment exchange, the Company shall within one month of the Option exercise apply to the relevant
investment exchange for permission for the Shares which have been the subject of the Option exercise to be similarly listed or quoted.

 

		8.5	In order to operate the Plan, the Grantor or a Group Company needs to hold certain personal information
about the Participants. If a third party is involved in operating or administering the Plan, they may also need to hold the same personal
information. For Options granted on or after 25 May 2018, each Option Agreement shall contain an appropriate privacy notice.

 

		8.6	Each Party shall bear its own costs in connection with these Rules and any Option Agreement subject to
these Rules.

 

		8.7	The Board may at its discretion make minor alterations or additions to the Rules in order to benefit the
administration of the Plan, to take account of changes in legislation or to obtain or maintain favourable taxation or regulatory treatment
for the Participant or the Grantor.

 

		8.8	Save as otherwise provided in these Rules, a person who is not a party to an Option Agreement shall have
no rights under the Contracts (Rights of Third Parties) Act 1999 to rely upon or enforce any term of these Rules or any Bonus Agreement.
This Rule shall not affect any right or remedy of a third party which exists or is available apart from that Act.

 

		8.9	These Rules shall be interpreted in accordance with, and governed by, English law.

 

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EXSCIENTIA LIMITEDTHE EXSCIENTIA UNAPPROVED
SHARE OPTION PLAN

 

RSU Sub Plan

 

Board adoption: 1st April 2021

 

    1

     

    

 

Exscientia Limited

 

Exscientia Unapproved Share Option Plan (the
 “Plan”)

 

RSU Sub Plan to the Plan

 

This RSU Sub Plan was adopted by the Board to
permit the grant of Restricted Stock Units (“RSUs”) to such persons as the Board shall in their absolute determine
(each, a “Participant”) pursuant to rule 8.7 of the Plan.

 

In the event of any inconsistency between the
rules of the Plan and the rules of the RSU Sub Plan, the rules of the RSU Sub Plan shall take precedence.

 

		1.	DEFINITIONS

 

		1.1	Unless the context otherwise requires, the words and expressions used in the Plan shall bear the same
meanings in this RSU Sub Plan save to the extent the rules in this RSU Sub Plan provide to the contrary.

 

		1.2	In addition:

 

“Code” means the
US Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Fair Market Value”
means, as of any date, unless otherwise determined by the Board, the value of the Shares (as determined on a per share or aggregate basis,
as applicable) determined as follows:

 

		(a)	if the Shares are listed on any established stock exchange or traded on any established market, the Fair
Market Value will be the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest
volume of trading in the Shares) on the date of determination, as reported in a source the Board deems reliable.

 

		(b)	if there is no closing sales price for the Shares on the date of determination, then the Fair Market Value
will be the closing selling price on the last preceding date for which such quotation exists.

 

		(c)	in the absence of such markets for the Shares, or if otherwise determined by the Board, the Fair Market
Value will be determined by the Board in good faith and in a manner that complies with Sections 409A and 422 of the Code.

 

“Restricted Stock Units”
or “RSUs” means a right to receive Shares which is granted pursuant to the terms and conditions of the RSU Sub Plan.

 

“RSU Agreement”
means a written agreement between the Company and a holder of RSUs evidencing the terms and conditions of a grant of RSUs comprising
a grant notice and an agreement. Each RSU Agreement will be subject to the terms and conditions of this RSU Sub Plan.

 

“Securities Act”
means the US Securities Act of 1933, as amended.

 

    2

     

    

 

		2.	APPLICATION OF PLAN

 

		2.1	Save as modified in this RSU Sub Plan, all the provisions of the Plan shall be incorporated into this
RSU Sub Plan as if fully set out herein so as to be part of this RSU Sub Plan SAVE THAT:

 

		(a)	rule 2.1 of the Plan shall not apply for the purposes of the RSU Sub Plan and RSUs shall be granted by
resolution of the Board pursuant to which the Board approves (among other things) the identity of the Participant, the number of Shares
under the RSU and the terms on which such Shares shall be delivered, and “Date of Grant” shall mean the date of such
resolution;

 

		(b)	where applicable, references in the Plan to:

 

		(i)	an Option shall include an RSU;

 

		(ii)	an Option Agreement shall include an RSU Agreement;

 

		(iii)	to the exercise of an Option shall include the vesting and/or settlement of an RSU;

 

		(c)	Save for Rule 5.1(A), Rule 5 of the Plan shall not apply for the purposes of the RSU Sub Plan.

 

		3.	EFFECTIVE DATE AND TERM OF RSU SUB-PLAN

 

This RSU Sub Plan shall become effective
on the date on which it is adopted by the Board. No RSUs shall be granted under this RSU Sub Plan after the earlier of (i) the completion
of 10 years from the date on which this RSU Sub Plan was adopted by the Board and (ii) the occurrence of a Flotation.

 

		4.	AMENDMENTS

 

The Board may amend, suspend or terminate
this RSU Sub Plan or any portion thereof at any time. No amendment, suspension or termination of this RSU Sub Plan may materially adversely
affect any RSUs granted previously to any Participant without the consent of the Participant.

 

		5.	COMPLIANCE WITH CODE SECTION 409A

 

Unless otherwise set forth in an applicable
RSU Agreement, the terms applicable to RSUs granted under this RSU Sub Plan will be interpreted to the greatest extent possible in a manner
that makes the RSUs exempt from Section 409A of the Code, and, to the extent not so exempt, that brings the RSUs into compliance with
Section 409A of the Code. The

 

Company shall have no liability to a
Participant, or any other party, if an RSU that is intended to be exempt from, or compliant with, Section 409A of the Code is not so exempt
or compliant or for any action taken by the Board.

 

    3

     

    

 

		6.	NO RIGHT TO EMPLOYMENT OR OTHER STATUS

 

No person shall have any claim or right
to be granted RSUs under this RSU Sub Plan and the grant of RSUs shall not be construed as giving a Participant the right to continued
employment or any other relationship with any Group Company.

 

		7.	AMENDMENT OF RSUs

 

The Board may amend, modify or terminate
any outstanding RSU provided that the Participant’s consent to such action shall be required unless the Board determine that the
action, taking into account any related action, would not materially and adversely affect the Participant.

 

		8.	CONDITIONS ON DELIVERY OF SHARES

 

The Company will not be obligated to
deliver any Shares pursuant to this RSU Sub Plan or to remove restrictions from Shares previously delivered under this RSU Sub Plan until:

 

		(a)	all conditions of the RSU have been met or removed to the satisfaction of the Company;

 

		(b)	in the opinion of the Company’s counsel, all other legal matters in connection with the issue, allotment
and delivery of such shares have been satisfied, including any applicable securities laws and any applicable stock exchange or stock market
rules and regulations; and

 

		(c)	the Participant has executed and delivered to the Company such representations or agreements as the Company
may consider appropriate to satisfy the requirements of any applicable laws, rules or regulations or as may be otherwise required to be
executed by the holders of Shares at the time such Shares are delivered.

 

		9.	BOARD POWERS

 

The Board shall have the power, subject
to, and within the limitations of, the express provisions of the Plan and more particularly this RSU Sub Plan to:

 

		(a)	determine (i) who will be granted RSUs; (ii) the number of Shares subject to RSUs; (iii) when and how
each RSU will be granted, vest and settled;

 

		(b)	construe and interpret this RSU Sub Plan and RSUs granted under it, and to establish, amend and revoke
rules and regulations for administration of the RSU Sub Plan and RSUs. The Board, in the exercise of these powers, may correct any defect,
omission or inconsistency in this RSU Sub Plan and in any RSU Agreement, in a manner and to the extent it will deem necessary or expedient
to make this RSU Sub Plan or RSUs fully effective;

 

		(c)	accelerate, in whole or in part, the time at which RSUs may vest (or the time at which Shares may be issued
in settlement thereof);

 

		(d)	approve forms of RSU Agreements and amend the terms of any one or more RSU Agreement without the affected
Participant’s consent to clarify the manner of exemption from, or to bring the RSUs into compliance
with, Section 409A of the Code, or to comply with other applicable laws; and

 

    4

     

    

 

		(e)	generally, to exercise such powers and to perform such acts as the Board deem necessary or expedient to
promote the best interests of the Company and that are not in conflict with the provisions of this RSU Sub Plan or any RSU awards.

 

		10.	RSU AGREEMENT

 

Each RSU Agreement will be in such form
and will contain such terms and conditions as the Board deem appropriate including the substance of each of the following provisions:

 

		(a)	Consideration. At the time of grant of RSUs, the Board will determine the consideration, if any,
to be paid by the Participant upon delivery of each Share subject to the RSUs. The consideration to be paid (if any) by the Participant
for each share of Shares subject to an RSU may be paid in any form of legal consideration that may be acceptable to the Board, in its
sole discretion, and permissible under applicable law. The Board may adjust the consideration to be paid in respect of any RSU in such
manner as it considers to be fair and reasonable in the event of a variation of the share capital of the Company (provided that the amount
of Consideration is not reduced below the nominal value of a Share). as described in Rule 6 of the Plan.

 

		(b)	Vesting. At the time of the grant of RSUs, the Board may impose such restrictions on or conditions
to the vesting of the RSUs as it, in its sole discretion, deems appropriate.

 

		(c)	Payment. RSUs may be settled by the delivery of Shares, their cash equivalent, any combination
thereof or in any other form of consideration, as determined by the Board and contained in the RSU Agreement.

 

		(d)	Additional Restrictions. At the time of the grant of RSUs, the Board, as they deem appropriate,
may impose such restrictions or conditions that delay the delivery of the Shares (or their cash equivalent) subject to RSUs to a time
after the vesting of such RSUs.

 

		11.	COVENANTS OF THE COMPANY

 

		11.1	No Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to warn
or otherwise advise any Participant of a pending termination or expiration of RSUs or any duty or obligation to minimize the tax consequences
of RSUs.

 

		11.2	Securities Law Compliance. The Company will seek to obtain from each regulatory commission or
                                                            agency having jurisdiction over this RSU Sub Plan such authority as may be required to grant RSUs and to issue and sell Shares
                                                            pursuant to RSUs; provided, however, that this undertaking will not require the Company to register under the Securities Act of
                                                            1933, as amended, this RSU Sub Plan, any RSUs or any Shares issued or issuable pursuant to any such RSUs. If, after reasonable
                                                            efforts and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority that
                                                            counsel for the Company deems necessary for the lawful issuance and sale of Shares pursuant to any RSUs, the Company will be
                                                            relieved from any liability for failure to issue and sell Shares upon settlement of any RSUs, unless and until such authority is
                                                            obtained. A Participant will not be eligible for the grant of RSUs or the
subsequent issuance of cash or Shares pursuant to the RSUs if such grant or issuance would be in violation of any applicable securities
law.

 

    5

     

    

 

		12.	MISCELLANEOUS

 

		12.1	Shareholder Rights. No Participant will be deemed to be the holder of, or to have any of the rights
of a holder with respect to, any Shares subject to RSUs unless and until (a) such Participant has satisfied all requirements for the issuance
of Shares under the RSU pursuant to its terms, and (b) the issuance of the Shares subject to the RSUs have been entered into the books
and records of the Company.

 

		12.2	Withholding Obligations. Unless prohibited by the terms of an RSU Agreement, the Company may, in
its sole discretion, satisfy any UK, US federal, US state or other local tax withholding obligation relating to RSUs by any of the following
means or by a combination of such means: (a) causing the Participant to tender a cash payment; (b) withholding Shares from the Shares
issued or otherwise issuable to the Participant in connection with the RSUs; provided, however, that no Shares are withheld with a value
exceeding the minimum amount of tax required to be withheld by law (or such lesser amount as may be necessary to avoid classification
of the RSUs as a liability for financial accounting purposes); (c) withholding cash from RSUs settled in cash; (d) withholding payment
from any amounts otherwise payable to the Participant; or (e) by such other method as may be set forth in the RSU Agreement.

 

		12.3	Exit Events. The following provisions will apply to RSUs in the event of an Exit Event unless otherwise
provided in the instrument evidencing the RSU or any other written agreement between the Company or any Group Company and the Participant
or unless otherwise expressly provided by the Board at the time of grant of an RSU. In the event of an Exit Event, then, notwithstanding
any other provision of the Plan or this RSU Sub Plan, the Board may take one or more of the following actions with respect to RSUs, contingent
upon the closing or completion of the Exit Event:

 

		(a)	arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s
parent company) to assume or continue the RSUs or to substitute similar RSUs for the RSUs (including, but not limited to, an award to
acquire the same consideration paid to the shareholders of the Company in respect of the Shares pursuant to the Exit Event);

 

		(b)	accelerate the vesting, in whole or in part, of the RSUs to a date on or prior to the effective time of
such Exit Event as the Board determine (or, if the Board do not determine such a date, to the date that is five days prior to the effective
date of the Exit Event),

 

		(c)	settle all RSUs that become vested as a result of the Exit Event, or which have vested previously but
for which no Shares have yet been issued as of the Exit Event, through the delivery of the Shares subject to such RSUs, at or prior to
the effective time of the Exit Event (provided that, in lieu of issuing Shares, the Company may settle vested RSUs through a cash payment
in respect of the Shares subject to the RSUs equal to the consideration paid to the shareholders in respect of their Shares);

 

    6

     

    

 

		(d)	cancel or arrange for the cancellation of the RSUs, to the extent not vested prior to the effective time
of the Exit Event, in exchange for such cash consideration (including no consideration) as the Board, in their sole discretion, may consider
appropriate; and

 

		(e)	cancel or arrange for the cancellation of the RSUs for no payment or consideration to the Participant
in the case of an Exit Event that does not also qualify as a change in control event for purposes of Section 409A of the Code.

 

		12.4	The Board need not take the same action or actions with respect to all RSUs or portions thereof or with
respect to all Participants. The Board may take different actions with respect to the vested and unvested portions of an RSU. In the case
of any RSUs being settled through a cash payment upon an Exit Event, the amount paid to the holders of RSUs may be subject to the same
escrows, holdbacks, earn outs and other post-closing contingencies as the proceeds payable to the Company’s shareholders in respect
of their Shares. Further, the Board, in its sole discretion, may condition a Participant’s right to receive such cash payment in
connection with an Exit Event upon the Participant’s delivery of an agreement (x) acknowledging such escrows, earn outs, holdbacks
or other contingencies, (y) appointing a representative to act on the Participant’s behalf following the Exit Event with respect
to matters relating to the Exit Event, and/or (z) agreeing to or acknowledging any indemnification or other agreements or obligations
required of recipients of proceeds pursuant to the Exit Event.

 

		12.5	Adjustments. In connection with an event described in Rule 6.1 of the Plan, the class(es) and number of
securities and (if applicable) the price per Share of subject to an award of RSUs will be appropriately and proportionately adjusted and
such adjustment will occur automatically to the greatest extent possible.

 

		13.	GOVERNING LAW

 

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

 

		14.	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
RSU Sub Plan or its subject matter or formation (including non-contractual disputes or claims).

 

    7Exhibit 10.21

 

Exscientia
Limited

 

Rules

 

of the

 

Exscientia

 

Company Share
Option Plan

 

 

 

Established by a resolution of the board of directors
of the Company on 27th November 2019 and amended on 3rd April 2021

 

     

     

    

 

The Rules of the Exscientia Company Share Option
Plan

 

		1.	Interpretation

 

		1.1	The following definitions and rules of interpretation apply in the Plan.

 

Amendment Date: 3rd April 2021.

 

Associate: has the meaning given
in paragraph 12 of Schedule 4.

 

Bad Leaver: a participant who,
on the occasion of ceasing employment with a Group Company, is not a Good Leaver.

 

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

 

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

 

Company: Exscientia Limited incorporated
and registered in Scotland under company registration number SC428761.

 

Constituent Company: any Group
Company nominated by the Board to be a Constituent Company at the relevant time.

 

Control: has the meaning given
in section 719 of ITEPA 2003.

 

Dilutive Shares: on any date,
all shares of the Company that:

 

		a)	have been issued or transferred out of treasury on the exercise of options granted, and in satisfaction
of any other awards made, under any Share Incentive Scheme (including the Plan) and

 

		b)	remain capable of issue or transfer out of treasury under any Existing Options.

 

Eligible Employee:

 

		a)	any employee of a Constituent Company; and

 

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

 

who in either case:

 

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

 

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

 

     

     

    

 

Employee: an employee of a Group
Company.

 

Employer Company: the Option
Holder’s employer or former employer as applicable.

 

Exercise Price: the price at
which each Share subject to an Option may be acquired on the exercise of that Option, which (subject to rule 15):

 

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

 

		b)	may not be less than the Market Value of a Share on the Grant Date (or such earlier date as determined
in accordance with paragraph 22 of Schedule 4).

 

Existing CSOP Options: all:

 

		a)	Option; and

 

		b)	options granted under any other Schedule 4 CSOP that has been established by the Company or any of its
Associated Companies (as defined in paragraph 35 of Schedule 4),

 

that can still be exercised.

 

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

 

Good Leaver: a Participant who,
on the occasion of ceasing employment with a Group Company, ceases to be employed as a result of:

 

		a)	injury, disability or illness (in each case evidence to the reasonable satisfaction of the Board);

 

		b)	redundancy within the meaning of the Employment Rights Act 1996;

 

		c)	retirement;

 

		d)	the Option Holder’s employer ceasing to be a Group Company

 

		e)	the transfer of the business which employs the Option Holder to a person which is not a Group Company

 

		f)	death; or

 

		g)	the Participant being declared a Good Leaver by the Board in its absolute discretion.

 

    3 

     

    

 

Grant Date: the date on which
an Option is granted under the Plan.

 

Group Company: any of the following:

 

		a)	the Company;

 

		b)	a company of which the Company has Control and which is also a Subsidiary of the Company; and

 

		c)	a jointly owned company (as defined in paragraph 34 of Schedule 4) that is treated as being under the
Company’s Control under paragraph 34 of Schedule 4 and that is not excluded from being a Constituent Company under paragraph 34(4)
of Schedule 4.

 

HMRC: HM Revenue & Customs.

 

ITEPA 2003: Income Tax (Earnings
and Pensions) Act 2003.

 

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

 

Market Abuse Regulation: Regulation
(EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse.

 

Market Value: the market value
determined in accordance with the applicable provisions of Part VIII of the Taxation of Chargeable Gains Act 1992, and any relevant published
HMRC guidance, on the relevant date and, if Shares are subject to a Relevant Restriction, Market Value shall be determined as if they
were not subject to a Relevant Restriction.

 

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

 

Normal Vesting Date: the earliest
date on which the Option may be exercised, unless an earlier event occurs to cause the Option to lapse or become exercisable.

 

Option: a right to acquire Shares
granted under the Plan.

 

Option Agreement: a certificate
setting out the terms of an Option issued under rule 2.3.

 

Option Holder: an individual
who holds an Option.

 

Performance Condition: any condition
set under rule 3 that:

 

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

 

		b)	provides that the extent to which an Option becomes capable of exercise shall be determined by reference
to performance over a certain period measured against specified targets.

 

    4 

     

    

 

Plan: the employee share option
plan constituted and governed by these rules, as amended from time to time.

 

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

 

Rollover Period: any period during
which Options may be exchanged for options over shares in another company (under paragraph 26 of Schedule 4, rule 14.5 and rule 14.6).

 

Schedule 4: Schedule 4 to ITEPA
2003.

 

Schedule 4 CSOP: a share plan
that meets the requirements of Schedule 4.

 

Share Incentive Scheme: any arrangement
to provide employees and/or directors with shares.

 

Shares: £0.001 A ordinary
shares in the Company (subject to rule 15) that meet the requirements of paragraphs 16 to 18 and paragraph 20 of Schedule 4.

 

Subsidiary: a subsidiary as defined
in section 1159 of the Companies Act 2006.

 

Tax Liability: the total of any
income tax and primary class 1 (employee) national insurance contributions and, in respect of Options granted on or after the Amendment
Date, secondary class 1 (employer) national insurance contributions (or their equivalents in any jurisdiction) for which any Employer
Company is or may be liable to account (or reasonably believes it is or may be liable to account) as a result of any Taxable Event.

 

Taxable Event: any event or circumstance
that gives rise to a liability for the Option Holder to pay income tax, national insurance contributions or both (or their equivalents
in any jurisdiction) in respect of:

 

		a)	the Option, including its exercise, assignment or surrender for consideration, or the receipt of any benefit
in connection with it;

 

		b)	any Shares (or other securities or assets):

 

		(i)	earmarked or held to satisfy the Option;

 

		(ii)	acquired on exercise of the Option;

 

		(iii)	acquired as a result of holding the Option;

 

		(iv)	acquired in consideration of the assignment or surrender of the Option;

 

    5 

     

    

 

		(c)	any securities (or other assets) acquired or earmarked as a result of holding Shares (or other securities
or assets) mentioned in (b);

 

		(d)	entering into an election under section 430 or 431 of ITEPA 2003; or

 

		(e)	any amount due under PAYE in respect of securities or assets within (a) to (d) above, including any failure
by the Option Holder to make good such an amount within the time limit specified in section 222 of ITEPA 2003.

 

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

 

		1.3	Unless the context otherwise requires, words in the singular shall include the plural and in the plural
shall include the singular.

 

		1.4	Unless the context otherwise requires, a reference to one gender shall include a reference to the other
genders.

 

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

 

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

 

		1.7	A reference to writing or written includes fax and email.

 

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

 

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

 

		1.10	References to rules are to the rules of the Plan and a reference to Plan Rules shall be construed accordingly

 

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

 

		2.	Grant of Options

 

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

 

		2.2	Options may not be granted:

 

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

 

		(i)	law; or

 

		(ii)	the Market Abuse Regulation or any other regulation with the force of law.

 

    6 

     

    

 

		2.3	An Option shall be granted by the Company executing an Option Agreement as a deed in a form approved by
the Board. Each Option Agreement shall be sent to the relevant Option Holder and shall specify (without limitation):

 

		(a)	the Grant Date;

 

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

 

		(c)	the Exercise Price;

 

		(d)	the Normal Vesting Date;

 

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

 

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

 

		(g)	a statement that:

 

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

 

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

 

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

 

		(i)	the circumstances in which the Option will lapse.

 

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

 

		3.	Performance Conditions

 

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

 

		(a)	may specify one or more Performance Conditions for the Option; and

 

		(b)	may specify, for any Performance Condition:

 

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

 

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

 

    7 

     

    

 

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

 

		3.3	Any Performance Condition shall be an objective measure of the performance of:

 

		(a)	the Company; or

 

		(b)	the Option Holder; or

 

		(c)	a business unit of which the Option Holder is a part.

 

		3.4	Subject to rule 3.6 and any restrictions on variation or waiver specified by the Company under rule 3.1(b),
the Board may vary or waive any Performance Condition if events occur that cause:

 

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

 

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

 

		3.5	If the Board varies the Performance Condition under rule 3.4, the varied Performance Condition must be
(in the reasonable opinion of the Board):

 

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

 

		(b)	not materially easier to satisfy than the original Performance Condition was at the Grant Date, unless
the variation of the Performance Condition has been approved in advance by the Company in general meeting.

 

		3.6	rule 3.4 shall not permit the general waiver by the Board of Performance Conditions:

 

		(a)	on cessation of employment;

 

		(b)	on the occurrence of any event permitting the exercise of Options under rule 14; or

 

		(c)	on the release of Options in exchange for New Options under rule 14.5.

 

		3.7	The Board shall determine whether, and to what extent, Performance Conditions have been satisfied.

 

		3.8	If an Option is subject to any Performance Condition, the Board shall notify the Option Holder within
a reasonable time after the Board becomes aware of the relevant information:

 

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

 

		(b)	of any waiver or variation of that Performance Condition under rule 3.4.

 

    8 

     

    

 

		4.	Overall limits on grants

 

The Company may not grant an Option
if that grant would result in the total number of Dilutive Shares exceeding 25% of the issued share capital of the Company.

 

		5.	Individual limits on grants

 

The grant of any share option intended
to be an Option (New Option) shall be limited and take effect so that the total Market Value (at the relevant dates of grant) of
Shares subject to all Existing CSOP Options held by the relevant Eligible Employee and the New Option does not exceed £30,000 (or
any other amount specified in paragraph 6 of Schedule 4 at the relevant time).

 

		6.	Transfer of Options

 

		6.1	Options may not be transferred or assigned or have any charge or other security interest created over
them. If an Option Holder attempts to do any of those things, the Option shall lapse immediately.

 

		7.	Lapse and suspension of Options

 

		7.1	An Option (or part of an Option as applicable) shall lapse on the earliest of the following:

 

		(a)	any attempted action by the Option Holder falling within rule 6.1; or

 

		(b)	to the extent that any Performance Condition becomes incapable of being met, or is not met on the Normal
Vesting Date; or

 

		(c)	the lapse date specified in the Option Agreement; or

 

		(d)	the day next following the Option Holder (who is not determined to be a Good Leaver) ceasing employment
with a Group Company and is thereby no longer an employee or director of any Group Company;

 

		(e)	if any part of rule 14 applies, the time specified for the lapse of the Option under that part of rule
14; or

 

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

 

		8.	Exercise of Options: General

 

		8.1	An Option Holder may exercise an Option from the earliest of:

 

		(a)	the Normal Vesting Date; and

 

		(b)	the time it becomes exercisable under rule 14.

 

		8.2	An Option Holder may only exercise an Option to the extent that the relevant Performance Condition is
achieved (unless waived under rule 3.4).

 

    9 

     

    

 

		9.	Exercise of Options: restrictions

 

		9.1	An Option Holder may not exercise an Option when its exercise is prohibited by, or would be a breach of
the Market Abuse Regulation, or any:

 

		(a)	law; or

 

		(b)	regulation with the force of law.

 

		9.2	An Option Holder may not exercise an Option at any time when the Option Holder:

 

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

 

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

 

		9.3	An Option Holder may exercise an Option only if the Option Holder has:

 

		(a)	agreed to rule 12 in writing (this agreement may be included in the exercise notice); and

 

		(b)	made any arrangements, or entered into any agreements, required under rule 12.

 

		9.4	An Option Holder may not exercise an Option at any time:

 

		(a)	while subject to ongoing disciplinary proceedings by any Group Company;

 

		(b)	while any Group Company is investigating the Option Holder’s conduct and may as a result begin disciplinary
proceedings;

 

		(c)	while there is a breach of the Option Holder’s employment contract that is a potentially fair reason
for dismissal;

 

		(d)	while in breach of a fiduciary duty owed to any Group Company;

 

		(e)	after ceasing to be an Employee.

 

		9.5	The Company shall not unfairly frustrate a valid exercise of the Option by the inappropriate application
of any provision of rule 9.4.

 

		9.6	If an Option Holder is unable to exercise an Option due to the application of rule 9.3(a) or rule 9.3(b),
following the conclusion of any disciplinary proceedings or investigation, the Board shall determine whether the Option is exercisable.
If so, the Option will be exercisable, subject to these rules, on the date of such determination.

 

    10 

     

    

 

		10.	TERMINATION OF EMPLOYMENT

 

		10.1	An Option Holder who gives or receives notice of termination of employment (whether or not lawful) before
the Normal Vesting Date may not exercise an Option at any time while the notice remains effective unless the Board is satisfied that the
notice has been given or received in connection with an arrangement to transfer the Option Holder’s employment to another Group
Company.

 

		10.2	An Option Holder who ceases employment with a Group Company may not exercise their Option except as permitted
by Rule 10.6, Rule 10.7 or Rule 10.11.

 

		10.3	If an Option Holder:

 

		(a)	dies while an Employee; or

 

		(b)	ceases to be an Employee (whether or not following notice and for whatever reason)

 

before the Normal Vesting Date, their
Option shall lapse immediately in respect of such number of Shares as is calculated in accordance with Rule 10.4.

 

		10.4	If Rule 10.3 applies, the number of Shares in respect of which the Option lapses shall be calculated in
accordance with the formula N x (X/Y) where:

 

		(a)	N is the number of Shares over which the Option was originally granted, less any Shares in respect of
which it has already been exercised or has lapsed;

 

		(b)	X is the number of days between the date of death or cessation and the Normal Vesting Date; and

 

		(c)	Y is the number of days between the Grant Date and the Normal Vesting Date.

 

		10.5	For the purposes of Rule 10, the Leaver Number is such number of Shares as remain following the application
of Rule 10.3, reduced to reflect the extent to which the Performance Condition has not been satisfied on:

 

		(a)	the date on which the Board determines whether the Performance Condition has been met;

 

		(b)	if an Option becomes exercisable before the Normal Vesting Date under this Rule 10, the date the
Option Holder ceased employment.

 

		10.6	Notwithstanding any other rule of this Plan except Rule 14.13, if an Option Holder dies, the Option Holder’s
personal representatives may exercise the Option over the Leaver Number during the period of 12 months following the Option Holder’s
death. If the Option is not exercised, it will lapse on the first anniversary of the Option Holder’s death.

 

    11 

     

    

 

		10.7	An Option Holder who ceases to be an Employee before the Normal Vesting date due to any of the following
reasons, may exercise their Option over the Leaver Number during the period of six months following the date the Option Holder ceased
to be an Employee due to:

 

		(a)	injury;

 

		(b)	ill health;

 

		(c)	disability;

 

		(d)	the transfer of the business which employs the Option Holder to a person which is not a Group Company

 

		(e)	retirement;

 

		(f)	Redundancy;

 

		(g)	the Option Holder’s employer ceasing to be a Group Company;

 

The Option shall lapse at the end of
the exercise period specified in this Rule 10.7 to the extent it is not exercised.

 

		10.8	An Option Holder who ceases to be an Employee before the Normal Vesting Date for any reason other than
death or a reason specified in Rule 10.7 may not exercise their Option unless the Board determines otherwise under Rule 10.11.

 

		10.9	An Option Holder who ceases to be an Employee on or after the Normal Vesting Date for any reason other
than summary dismissal may exercise their Option during the period of 90 days following the date of cessation, after which the Option
shall lapse to the extent not exercised

 

		10.10	An Option Holder who ceases to be an Employee by reason of summary dismissal may not exercise their Option
unless the Board determines otherwise under Rule 10.11.

 

		10.11	If Rule 10.8 or Rule 10.10 applies, the Board may decide at any time during the period of 90 days after
the relevant cessation of employment that the relevant Option Holder is a Good Leaver and may exercise their Option over the Leaver Number.
Any such decision, and whether to consider making such a decision, shall be entirely at the discretion of the Board. If the Board makes
a decision to permit exercise under this Rule 10.11, it shall:

 

		(a)	specify the period during which the Option may be exercised (after which the Option shall lapse, to the
extent not exercised), such a period to end no later than the later of:

 

    12 

     

    

 

 

		(i)	the latest date on which the Option may be exercised, as specified in the Option Certificate; and

 

		(ii)	90 days following the Normal Vesting Date; and

 

		(b)	notify the Option Holder of its decision within a reasonable time after making it.

 

		10.12	An Option Holder shall not be regarded as ceasing to be an Employee until the Option Holder is no longer
an employee or director of any Group Company.

 

		11.	Manner of exercise of Options

 

		11.1	An Option may be exercised in part only, or, in respect of Options granted on or after the Amendment Date,
in part or in full.

 

		11.2	An Option shall be exercised by the Option Holder giving a written exercise notice to the Company that
shall:

 

		(a)	set out the number of Shares over which the Option Holder wishes to exercise the Option except that, if
that number exceeds the number over which the Option may be validly exercised at the time:

 

		(i)	the Option shall be treated as exercised only in respect of that lesser number; and

 

		(ii)	any excess amount paid to exercise the Option or meet any Tax Liability shall be refunded; and

 

		(b)	be made using a form that the Board will approve;

 

		(c)	include a power of attorney as required by rule 12.5;

 

		(d)	include the Option Holder’s agreement to pay the Tax Liability in accordance with rule 12; and

 

		(e)	be accompanied by the relevant Option Agreement. If an Option Agreement has been lost, the relevant Option
may still be exercised, but the Company may make it a condition of exercise that the Option Holder shall enter into a formal acknowledgement
that the Option Agreement is lost and a binding undertaking to return it for cancellation if recovered at a later date.

 

		11.3	Any exercise notice shall be accompanied by:

 

		(a)	payment of an amount equal to the Exercise Price multiplied by the number of Shares specified in the notice;
and

 

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

 

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

 

    13 

     

    

 

		11.4	Any exercise notice shall be invalid:

 

		(a)	to the extent that it is inconsistent with the Option Holder’s rights under these rules and the
Option Agreement; or

 

		(b)	if any of the requirements of rule 11.2 or rule 11.3 are not met; or

 

		(c)	if any payment referred to in rule 11.3 is made by a cheque that is not honoured on first presentation
or in any other manner that fails to transfer the expected value to the Company.

 

The Company may permit the Option Holder
to correct any defect referred to in rule (b) or rule (c) (but shall not be obliged to do so). The date of any corrected exercise notice
shall be the date of the correction rather than the original notice date for all other purposes of the Plan.

 

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

 

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

 

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

 

		12.	Tax liabilities

 

		12.1	The Option Holder shall indemnify the Employer Company in respect of any Tax Liability.

 

		12.2	An Option Holder may not exercise an Option unless the Option Holder:

 

		(a)	agrees, in writing, to pay the Tax Liability to the Employer Company; and

 

		(b)	has made arrangements, satisfactory to the Employer Company or Company, to pay the Tax Liability.

 

		12.3	If an Option Holder does not pay the Tax Liability on the day of exercise, the Company or Employer Company
as appropriate, may:

 

		(a)	if the Shares are readily saleable at the time, retain and sell such number of Shares on behalf of the
Option Holder as is necessary to meet the Tax Liability and any costs of sale; or

 

		(b)	deduct the amount of any Tax Liability from any payments of remuneration made to the Option Holder on
or after the date on which the Tax Liability arose. However, in the case of national insurance contributions, the Employer Company may
only withhold such amount as is permitted by the Social Security Contributions Regulations 2001 (SI 2001/1004).

 

The Option Holder’s obligations
under rule 12.1 shall not be affected by any failure of the Company or Employer Company to withhold shares or deduct from payments of
remuneration under this rule.

 

    14 

     

    

 

		12.4	At the request of the Employer Company (or the Company on behalf of the Employer Company) on or before
the date of exercise of the Option, the Option Holder must enter into a joint election under section 431(1) or section 431(2) of ITEPA
2003 in respect of the Shares to be acquired on exercise of the relevant Option.

 

		12.5	The exercise notice for the Option may include a power of attorney appointing the Company as the Option
Holder’s agent and attorney for the purposes of rule 12.3.

 

		12.6	Option Holders shall have no rights to compensation or damages on account of any loss in respect of Options
or the Plan where such loss arises (or is claimed to arise), in whole or in part, from the Plan not being, or ceasing to be, a Schedule
4 CSOP.

 

		13.	Relationship with employment contract

 

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

 

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

 

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

 

		(a)	termination of office or employment with; or

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    15 

     

    

 

		14.	Takeovers and liquidations

 

		14.1	For the purposes of this rule 14, a Relevant Event means:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		14.2	Subject to rule 14.5 and rule 14.12, an Option may be exercised on the date of the Relevant Event:

 

		(a)	within six months of a Relevant Event occurring under rule 14.1(a), rule 14.1(b), or rule 14.1(c);

 

		(b)	at any time after a Relevant Event occurring under rule 14.1(d), continuing for as long as that person
remains so bound or entitled.

 

The Board may determine that the Option
shall lapse when it ceases to be exercisable under this rule 14.2.

 

    16 

     

    

 

		14.3	If

 

		(a)	a Relevant Event specified in rule 14.1(a) occurs; or

 

		(b)	a change of Control occurs as a result of a Relevant Event specified in rule 14.1(b), rule 14.1(c) or
rule 14.1(d);

 

and, as a result of the change of Control,
Shares will no longer satisfy the requirements of Part 4 of Schedule 4, the Board may permit Option Holders to exercise Options to the
extent that the Performance Condition is met at the date of the change of Control during the period of 20 days following the change of
Control. Options that are not exercised will lapse at the expiry of 20 days following the change of Control.

 

		14.4	If the Board reasonably expects a Relevant Event to occur, the Board may make arrangements permitting
Options to be exercised for a period of 20 days ending with the Relevant Event. If an Option is exercised under this rule 14.4, it will
be treated as having been exercised in accordance with rule 14.2.

 

If the Board makes arrangements for
the exercise of Options under this rule 14.4:

 

		(a)	if the Option is not exercised in accordance with those arrangements, it will lapse on the date of the
Relevant Event; and

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		14.7	Any New Option granted under rule 14.5 shall be treated as having been acquired at the same time as the
relevant Old Option for all other purposes of the Plan.

 

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

 

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

 

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

 

    17 

     

    

 

		14.9	The Company will remain the scheme organiser of the Plan (as defined in paragraph 2(2) of Schedule 4)
following the release of Options and the grant of New Options under rule 14.5.

 

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

 

		14.11	In this rule 14 (other than rule 14.5), a person shall be deemed to have obtained Control of a company
if they, and others acting with them, have obtained Control of it together.

 

		14.12	If a Relevant Event takes place in the course of any corporate reconstruction or reorganisation under
which the ultimate beneficial ownership of the business of the Group Companies will remain the same, and the company that obtains Control
offers to grant New Options in accordance with rule 14.5, then rule 14.2 shall not apply and all Old Options shall lapse at the end of
the Rollover Period to the extent that they are not released under rule 14.5.

 

		14.13	If the shareholders of the Company receive notice of a resolution for the voluntary winding up of the
Company, any Option Holder may exercise an Option to the extent that the Performance Condition is met at the date of the resolution at
any time in the period before that resolution is passed, conditionally upon the passing of that resolution, and if the Option Holder does
not exercise the Option, it shall lapse when the winding up begins.

 

		14.14	The Board shall notify Option Holders of any event that is relevant to Options under this rule 14 within
a reasonable period after the Board becomes aware of it.

 

		15.	Variation of share capital

 

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

 

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

 

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

 

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

 

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

 

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

 

    18 

     

    

 

		16.	Notices

 

		16.1	Any notice or other communication given under or in connection with the Plan shall be in writing and shall
be:

 

		(a)	delivered by hand or by pre-paid first-class post or other next working day delivery service at the appropriate
address;

 

For the purposes of this rule 16, the
appropriate address means:

 

		(i)	in the case of the Company, its registered office, provided the notice is marked for the attention of
the VP, People;

 

		(ii)	in the case of an Option Holder, their home address;

 

		(iii)	if the Option Holder has died, and notice of the appointment of personal representatives has been given
to the Company, any contact address they have specified in such notice; and

 

		(b)	sent by email to the appropriate email address.

 

For the purposes of this rule 16, appropriate
email address means:

 

		(i)	in the case of the Company, the work email address for the VP, People;

 

		(ii)	in the case of the Option Holder, if they are permitted to receive personal emails at work, their work
email address.

 

		16.2	Any notice or other communication given under this rule 16 shall be deemed to have been received:

 

		(a)	if delivered by hand, on signature of a delivery receipt, or at the time the notice is left at the proper
address;

 

		(b)	if sent by pre-paid first-class post or other next working day delivery service, at 9.00 am on the second
Business Day after posting, or at the time recorded by the delivery service;

 

		(c)	if send by fax, at 9.00 am on the next Business Day after transmission; and

 

		(d)	if sent by email, at 9.00 am on the next Business Day after sending.

 

		16.3	This rule 16 does not apply to:

 

		(a)	the service of any exercise notice pursuant to rule 11.2; and

 

		(b)	the service of any proceedings or other documents in any legal action or, where applicable, any arbitration
or other method of dispute resolution.

 

    19 

     

    

 

		17.	Administration and amendment

 

		17.1	The Board shall administer the Plan.

 

		17.2	The Board may amend the Plan from time to time but:

 

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

 

		(b)	no material amendment may apply to Options granted before the amendment was made without the consent of
the Option Holder:

 

		(c)	while the Company is subject to any requirement, or bound by any agreement, that this should be the case,
no amendment may be made without the prior approval of the Company in general meeting if it would:

 

		(i)	make the terms on which Options may be granted materially more generous; or

 

		(ii)	increase any of the limits specified in rule 4 or rule 5; or

 

		(iii)	change the definition of Eligible Employee to expand the class of potential Option Holders; or

 

		(iv)	change rule 13 to the benefit of Option Holders,

 

unless it is a minor amendment to benefit
the administration of the Plan, to take account of a change in legislation or to obtain or maintain favourable tax, exchange control or
regulatory treatment for Option Holders or for the Company or any Group Company.

 

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

 

		17.4	The Company shall ensure that at all times:

 

		(a)	it has sufficient unissued or treasury Shares available; or

 

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

 

to satisfy the exercise of all Options.

 

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

 

		17.6	In making any decision or determination, or exercising any discretion under the rules, the Board shall
act fairly and reasonably and in good faith.

 

		17.7	The Company shall not be obliged to notify any Option Holder if an Option is due to lapse.

 

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

 

		18.	Governing law

 

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

 

    20 

     

    

 

		19.	Jurisdiction

 

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

 

		19.2	Each party irrevocably consents to any process in any legal action or proceedings under rule 19.1 above
being served on it in accordance with the provisions of the Plan relating to service of notices. Nothing contained in the Plan shall affect
the right to serve process in any other manner permitted by law.

 

		20.	Third party rights

 

20.1 A person who is not a party
to the Option shall not have any rights under or in connection with it as a result of the Contracts (Rights of Third Parties) Act
1999 except where such rights arise under any provision of the Plan for any Employer Company of the Option Holder which is not a
party. This does not affect any right or remedy of a third party which exists, or is available, apart from that Act.

 

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

 

		21.	Data protection

 

		21.1	In accepting the grant of an Option each Option Holder consents to the collection, holding, processing
and transfer of their Personal Data by the Company or any Group Company for all purposes connected with the operation of the Plan.

 

		21.2	The purposes of the Plan referred to in rule 21.1 include, but are not limited to:

 

		(a)	holding and maintaining details of the Option Holder’s Options;

 

		(b)	transferring the Option Holder’s Personal Data to the trustee of an employee benefit trust, the
Company’s registrars or brokers or any administrators of the Plan;

 

		(c)	transferring the Option Holder’s Personal Data to a bona fide prospective buyer of the Company or
the Option Holder’s Employer Company or business unit (or the prospective buyer’s advisers), provided that the prospective
buyer, and its advisers, irrevocably agree to use the Option Holder’s Personal Data only in connection with the proposed transaction
and in accordance with the data protection principles set out in the Data Protection Act 1998; and

 

		(d)	transferring the Option Holder’s Personal Data under rule 21.2(b) or rule21.2(c) to a person who
is resident in a country or territory outside the European Economic Area that may not provide the same statutory protection for the information
as countries within the European Economic Area.

 

    21

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