Document:

Exhibit 10.7 

   

  
    	womblebonddickinson.com	 

  

   

  9 July, 2018

   

  Counterpart Lease

    relating to

    Suite 8, First Floor, The Queen Mary BioEnterprises Innovation Centre,

  Whitechapel, 42 New Road, London, E1 2AX

   

  Queen Mary BioEnterprises Limited (1) and

  ADC Therapeutics (UK) Limited (2)

   

  Womble Bond Dickinson (UK) LLP

  Tel +44(0)345 415 0000

  www.womblebonddickinson.com

  
    
      
 

  

   CONTENTS

   

  	Clause	Page
	 	 
	1.	PARTICULARS 	1
	2.	DEFINITIONS 	2
	3.	INTERPRETATION 	3
	4.	GRANT 	3
	5.	TENANT’S COVENANTS 	3
	6.	LANDLORD’S COVENANTS 	9
	7.	PROVISO 	10
	8.	TENANT OPTION TO BREAK 	12
	9.	RENT REVIEW 	12
	10.	EXCLUSION OF SECURITY OF TENURE 	14
	SCHEDULE 1

        	15

        
	SCHEDULE 2

        	16

        
	SCHEDULE 3

        	17

        
	SCHEDULE 4

        	18

        
	SCHEDULE 5

        	20

        
	SCHEDULE 6

        	22

        
	SCHEDULE 7

        	23

        

  
    
      
 

  

  
  	DATE	9 July, 2018

   

  PARTIES 

   

  		(1)	Queen Mary BioEnterprises Limited (No. 04324033) whose registered office is at Queen Mary University of London, 327 Mile End Road, London, E1 4NS.

    

  		(2)	ADC Therapeutics (UK) Limited (No. 09353055) whose registered office is at 4th Floor Reading
          Bridge House, George Street, Reading, Berkshire, RG1 8LS.

   

  AGREED TERMS

   

  	1.	PARTICULARS	 	 
	 	 	 	 
	 	Business Day	 	a day on which banks are open for business in London which is not a Saturday or Sunday or bank holiday.
	 	 	 	 
	 	Building	 	the Queen Mary BioEnterprises Innovation Centre 42 New Road Whitechapel E1 2AX being all the land comprised in Title Number EGL520546.
	 	 	 	 
	 	Group Company	 	a company that is a member of the same group as the Tenant within the meaning of Section 42 of the Landlord and Tenant Act 1954 (as amended).
	 	 	 	 
	 	Premises	 	Suite 8, First Floor of The Queen Mary Bioenterprises Innovation Centre 42 New Road Whitechapel E1 2AX shown edged yellow on the Plan which forms Schedule 6 hereto which includes:
	 	 	 	 
	 	 	 	(a)	all additions and improvements to the Premises;
	 	 	 	 	 
	 	 	 	(b)	all Landlord’s fixtures and fittings and all other fixtures of every kind which shall from time to time be in or upon the Premises (whether originally affixed or fastened to or
          upon the Premises or otherwise) except any trade fixtures installed by the Tenant which can be removed from the Premises without causing any material damage to the Premises;
	 	 	 	 	 
	 	 	 	(c)	the internal faces (including the plaster paint and other decorative finishes but not any other part) of the walls which enclose the Premises and of the walls within the
          Premises;
	 	 	 	 	 
	 	 	 	(d)	the screed and finish (but not any other part) of the floors within the Premises;
	 	 	 	 	 
	 	 	 	(e)	the suspended ceiling and the internal faces including the tiles plaster paint and other decorative finishes of it and all light fittings therein;
	 	 	 	 	 
	 	 	 	(f)	all doors door furniture door frames and glass in such door within premises;
	 	 	 	 	 
	 	 	 	(g)	But excluding:
	 	 	 	 	 
	 	 	 	(h)	the windows in the exterior walls and their frames and fittings;
	 	 	 	 
	 	 	 	(i)	the whole of the interior structural load bearing walls and columns within that part of the Building other than their plasterwork and other than the doors and windows and their
          frames and fittings within such walls;

  
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  	 	 	 	(j)	all service media within that part of the Building which do not exclusively serve that part of the Building; and
	 	 	 	 	 
	 	 	 	(k)	the void between the suspended ceiling and the concrete slab separating the first floor of the Building from the second floor of the Building.

  	 	 	 	 
	 	Term	 	a term commencing on 9 July 2018 and expiring on 31 December 2023.
	 	 	 	 
	 	Rent	 	in respect of the period commencing on and including the Rent Commencement Date the sum of £41,325.00 plus VAT per annum and then as revised in accordance with clause 9 of this
          Lease. The Rent is inclusive of charges for the provision of Landlord services relating to facilities infrastructure building fabric as set out in Schedule 4 but excludes business rates or any additional charges payable by the Tenant as itemised
          in Schedule 5.
	 	 	 	 
	 	Rent Commencement Date	 	9 July 2018.
	 	 	 	 
	 	Rent Payment Dates	 	the 1st day in any calendar month.
	 	 	 	 
	 	Review Date	 	1 January 2020 and 1 January 2022.
	 	 	 	 
	 	Permitted Use	 	research and development within Use Class B1 of the Schedule to the Town & Country Planning (Use Classes) Order 1987.
	 	 	 	 
	2.	DEFINITIONS	 	 
	 	 	 	 
	 	Break Date	 	1 January 2020 and 1 January 2022.
	 	 	 	 
	 	Break Notice	 	written notice to terminate this lease on the Break Date specifying the relevant Break Date and serve in accordance with Clause 8.
	 	 	 	 
	 	Deposit	 	a sum equal to two months’ annual Rent plus a sum equal to VAT on that amount.
	 	 	 	 
	 	Insured Risk	 	such risks as are specified in the Superior Lease.
	 	 	 	 
	 	Interest	 	interest during the period from the date on which the payment is due to the date of payment both before and after any judgment at the Interest Rate or should the base rate
          referred to in clause 2.4 cease to exist such other rate of interest as is most closely comparable with the Interest Rate to be determined by the Landlord.
	 	 	 	 
	 	Interest Rate	 	three per cent (3%) above the base rate of the Bank of England.
	 	 	 	 
	 	Minimum Amount	 	the sum equal to 2 months’ annual Rent plus a sum equal to VAT on that amount.
	 	 	 	 
	 	Planning Acts	 	the Town and County Planning Act 1990 the Planning (Listed Building and Conservation Areas) Act 1990 the Planning (Consequential Provisions) Act 1990 the Planning (Hazardous
          Substances) Act 1990 the Planning and Compensation Act 1991 the Planning Act 2008 and all statutes regulations and orders included by virtue of clause 3.5.

  
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  	 	Superior Landlord	 	Queen Mary University of London.
	 	 	 	 
	 	Superior Lease	 	a lease dated 15 March 2007 and made between (1) the Superior Landlord and (2) Queen Mary Innovation Limited.
	 	 	 	 
	 	VAT	 	Value Added Tax or any other such imposition or levy of a like nature which may extend or replace Value Added Tax.

   

  	3.	INTERPRETATION

   

  	3.1	The expressions the Superior Landlord the Landlord and the Tenant wherever the context so admits include their respective successors in title.

   

  	3.2	Words importing the one gender include all other genders and words importing the singular include the plural and vice versa.

   

  	3.3	References to any right of the Landlord to have access to the Premises shall be construed as extending to all persons reasonably authorised by the Landlord and also the Superior
          Landlord.

   

  	3.4	Any covenant by the Tenant not to do an act or thing shall be deemed to include an obligation not to permit such act or thing to be done.

   

  	3.5	Any reference to a specific statute includes any statutory extension or modification or re-enactment of such statute and any regulations or orders made there under and any
          general reference to ‘statute’ or ‘statutes’ includes any regulations or orders made there under.

   

  	4.	GRANT

   

  	4.1	The Landlord lets the Premises to the Tenant for the Term with full title guarantee.

   

  	4.2	The grant is made together with the rights specified in Schedule 1 excepting and reserving to the Landlord the rights specified in Schedule 2 and subject to the matters referred
          to in Schedule 3.

   

  	4.3	The grant is made with the Tenant paying the following as rent to the Landlord:

   

  	
           

        	4.3.1	the Rent and all VAT in respect of it;

   

  		4.3.2	all interest payable under this Lease; and

   

  		4.3.3	all other sums due under this Lease.

   

  	5.	TENANT’S COVENANTS

   

  			The Tenant covenants with the Landlord:

   

  	5.1	Rents

   

  		To pay the Rent and any VAT in respect of it (whether formally demanded or not) without any deduction or set off by twelve (12) equal monthly instalments in
          advance on or before the Rent Payment Dates. The payments shall be made by electronic means and the first such payment shall be made on the date of this Lease and shall be a proportionate sum in respect of the period from and including the Rent
          Commencement Date to and including the day before the Rent Payment Date next following.

  
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    	5.2	Security Deposit
	 	 	 	 
	 	5.2.1	On or before the date of this Lease the Tenant shall pay the Deposit to the Landlord. The Deposit shall belong to the Tenant subject to the terms of this Lease;
	 	 	 	 
	 	5.2.2	The Tenant shall pay to the Landlord such sum or sums necessary to ensure that the Deposit is not less than the Minimum Amount within 10 Business Days of the date upon which each
            and every review of Rent is settled in accordance with the terms of this Lease (and the Landlord shall provide the Tenant with a written demand for such payment);
	 	 	 	 
	 	5.2.3	If:
	 	 	 	 
	 	 	(a)	an event of default by the Tenant (as set out in clause 7.1) exists under this Lease at any time or;
	 	 	 	 
	 	 	(b)	the Tenant fails to comply with the yielding up requirements of clause 5.11 on or following the expiry of the Term (however so determined); 
	 	 	 	 
	 	 	the Landlord shall forthwith give notice thereof to the Tenant in writing and may use or apply or retain the whole or any part of the Deposit to the extent necessary to
            cure the event of default;
	 	 	 	 
	 	5.2.4	If at any time during or following the Term of this Lease the Landlord applies all or a portion of the Deposit to cure the Tenant’s event of default the Tenant shall repay to the
            Landlord within ten (10) Business Days after written demand by the Landlord any amount necessary to restore the Deposit to the Minimum Amount;
	 	 	 	 
	 	5.2.5	At the end of the Term (howsoever determined) the Tenant shall at its own cost appoint an independent consultant (such appointment to be approved by the Landlord such approval not
            to be unreasonably withheld or delayed) to inspect the Premises, the ceiling void air supply and extract ductwork, the ceiling void ductwork connected to the Tenant’s ducted fume hoods and ducted equipment and provide a certificate of
            decontamination to confirm that the Premises are free from contamination by radioactive or other toxic substances and that there has been no spread of any contamination into the ceiling void ductwork or otherwise. In the event that a
            satisfactory decontamination certificate is not produced within five (5) Business Days after the end of the Term (howsoever determined) the Landlord may:
	 	 	 	 
	 	 	(a)	require the Tenant to remove at its own cost and within a period of fifteen (15) Business Days after the end of the Term the fume hoods (such works to be carried out to the
            satisfaction of the Landlord); and or
	 	 	 	 
	 	 	(b)	implement its own decontamination processes on the Premises and ceiling void ductwork using an independent consultant (and using reasonable endeavours to complete these processes
            within twelve months after the end of the Term) and if at any time the costs incurred by the Landlord in carrying out its decontamination processes exceed the Deposit the Ten ant shall pay the balance sum to the Landlord within ten (10)
            Business Days of written demand.
	 	 	 	 
	 	5.2.6	If the Tenant has provided a certificate of decontamination in accordance with clause 5.2.4 the Deposit or the balance of it (if any) shall be returned to the Tenant within three
            (3) months of the end of the Term;
	 	 	 	 
	 	5.2.7	If the Landlord requires the Tenant to remove the fume hoods as detailed in clause 5.2.4 (a) the Deposit or the balance of it (if any) shall be returned to the Tenant within 3
            months of the date on which the removal works have been completed to the satisfaction of the Landlord or within 3 months of the date on which the Landlord’s decontamination process has been concluded, whichever is the latest;

     

  
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  	 	5.2.8	If the Landlord implements its own decontamination processes as detailed in clause 5.2.4 (b) the Deposit or the balance of it (if any) shall be returned to the
          Tenant within 3 months of the date on which the Landlord’s decontamination processes have been concluded or within 3 months of the date on which the fume hood removal works have been completed to the satisfaction of the Landlord, whichever is the
          latest.
	 	 	 
	5.3	Operating Expenses
	 	 	 
	 	The Tenant agrees to pay to the Landlord within twenty (20) Business Days of written demand any and all operating expenses expressly set out below:
	 	 	 
	 	5.3.1	Sub-metered chargeable electrical usage for the Premises as evidenced by the Landlord (see Schedule 5 of this Lease);
	 	 	 
	 	5.3.2	Use of other fee-for-use services such as usage of the telecoms lines and meeting room usage;
	 	 	 
	 	5.3.3	Electricity charges as evidenced by the Landlord covering the air handling systems connected to any Tenant’s ducted equipment e.g. fume hoods (every three (3) months payable within
          twenty (20) Business Days of written demand).
	 	 	 
	5.4	Outgoings
	 	 	 
	 	To pay and indemnify the Landlord against all rates taxes assessments duties charges impositions and outgoings which are now or during the Term shall be charged assessed or imposed on
          the Premises or upon the owner or occupier of them excluding any payable by the Landlord which in the absence of a direct assessment shall be reasonably determined by the Landlord.
	 	 	 
	5.5	Repair
	 	 	 
	 	To keep the Premises in good repair and decorative order and in a clean and tidy state and condition at all times, but in no better condition than as evidenced by the photographic
          schedule of condition attached hereto.
	 	 	 
	5.6	Alterations and Additions
	 	 	 
	 	5.6.1	Structural alterations external alterations and additions are not permitted;
	 	 	 
	 	5.6.2	Not to make any internal non-structural alterations or additions (including partitioning) to the whole or any part of the Premises without the Landlord’s prior written consent (such
          consent not to be unreasonably withheld or delayed) and approval (such approval not to be unreasonably withheld or delayed) of previously submitted drawings and/or specification in a form reasonably required by the Landlord and if such consent is
          granted to comply with the Planning Acts in the carrying out of such alterations or additions;
	 	 	 
	 	5.6.3	For the avoidance of doubt, if the Landlord gives consent to the carrying out by the Tenant of any alterations to the Premises pursuant to clause 5.6.2 above, unless the Superior
          Landlord agrees to insure any such works from the date on which they are completed, they will at all times be at the sole risk of the Tenant.
	 	 	 
	5.7	Use
	 	 	 
	 	5.7.1	Not to use the Premises for any purpose other than the Permitted Use;
	 	 	 
	 	5.7.2	The Tenant covenants not under any circumstances to introduce Schedule 5 Pathogens into the Premises. Schedule 5 Pathogens are defined within the U.K. government’s Act entitled ‘The
          Schedule 5 to the Anti-Terrorism, Crime and Security Act 2001 (Modification) Order 2007’ and any subsequent modifying Statutory Instruments;

  
  
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  	 	5.7.3	The Tenant covenants not under any circumstances to introduce human pathogens within hazard group categories 2, 3 and 4, as defined by the U.K. Government’s Health & Safety
          Executive Advisory Committee on Dangerous Pathogens, in their document entitled ‘The Approved List of Biological Agents’, dated 15 August 2013;
	 	 	 	 
	 	5.7.4	The Tenant covenants to indemnify the Landlord against all expenses costs claims damage and loss arising directly or indirectly from any breach of the provisions of clause 5.7.
	 	 	 	 
	5.8	Access of Landlord and Notice to Repair
	 	 	 	 
	 	5.8.1	Subject to the proviso in paragraph 3 of Schedule 2 to permit the Landlord at all reasonable times and upon prior reasonable notice (save in an emergency);
	 	 	 	 
	 	 	(a)	to enter upon the Premises for the purpose of ascertaining that the covenants and conditions of this Lease have been observed and performed or for any other reasonable purpose;
	 	 	 	 
	 	 	(b)	to view the state of repair and condition of the Premises;
	 	 	 	 
	 	5.8.2	If within one (1) month (or sooner in emergency) of the service of a notice by the Landlord on the Tenant to carry out specified repairs to the Premises which the Tenant has failed
          to carry out under the terms of this Lease the Tenant has not commenced or is not proceeding diligently with the work referred to in such notice or if the Tenant fails to complete the work within three (3) months (or sooner in emergency) the
          Tenant shall permit the Landlord to enter the Premises to execute the outstanding work and must pay to the Landlord the proper cost of so doing and all reasonable expenses properly incurred by the Landlord (including legal costs and surveyor’s
          fees) within seven (7)Business Days of a written demand.
	 	 	 	 
	5.9	Alienation
	 	 	 	 
	 	5.9.1	Save as permitted by clause 5.9.2 or clause 5.9.3, not to assign underlet charge or part with or share possession or occupation of the whole or any part of the Premises or hold the
          whole or any part of the Premises on trust for another.
	 	 	 	 
	 	5.9.2	The Tenant may assign the whole of this Lease with the prior consent of the Landlord. The Tenant acknowledges and agrees that the Landlord shall not be required to act reasonably
          when considering any application for consent to assign submitted by the Tenant pursuant to this clause, nor shall it be required to consider any such application within any specified period of time.
	 	 	 	 
	 	5.9.3	The Tenant may share occupation of the Premises with any company that is a member of the same group (within the meaning of section 42 of the LTA 1954) as the Tenant for as long as
          that company remains within that group and provided that no relationship of landlord and tenant is established by that arrangement.
	 	 	 	 
	5.10	Nuisance and Residential Restrictions
	 	 	 	 
	 	5.10.1	Not to do or permit to be done or suffer to remain upon the Premises anything which in the reasonable opinion of the Landlord may be or become or cause a nuisance annoyance injury
          or damage to the Landlord or its tenants or the occupiers of adjacent or neighbouring premises and not to obstruct others who are lawfully using any adjoining parts of the Premises;

  
  
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  	 	5.10.2	Not to use the Premises for any dangerous noxious noisy or offensive trade or business nor for any illegal or immoral act or purpose and not to sleep or allow any person to sleep in
          the Premises;
	 	 	 	 
	 	5.10.3	Without prejudice to the generality of clauses 5.10.1 and 5.22 of this Lease, unless the lights are switched off, the Tenant must ensure that all blinds and curtains at the windows
          of the Premises are pulled down at dusk and remain down during all hours of darkness so that no disturbance, nuisance or inconvenience is caused to any neighbouring properties;
	 	 	 	 
	5.11	Yield Up
	 	 	 	 
	 	5.11.1	At the expiry of the Term to yield up the Premises with vacant possession and in accordance with the Tenant’s covenants in this Lease and to give up all keys (if any) of the
          Premises to the Landlord reinstate any alterations or additions if required by the Landlord and remove all signage erected by the Tenant in upon or near the Premises and forthwith to make good damage caused by such removal or reinstatement at the
          Tenant’s expense;
	 	 	 	 
	 	5.11.2	At the expiry of the Term the Premises should be delivered in a clean and tidy condition and laboratories will be decommissioned and inspected by a qualified independent consultant
          at the tenant’s cost (who shall be first approved by the Landlord) at or before the expiration of the Term and the Tenant shall upon termination of this Lease remove from the Premises all the Tenant’s personal property and any and all owned or
          leased fixtures and equipment save as provided in clause 5.2 hereof.
	 	 	 	 
	5.12	Interest on Arrears
	 	 	 	 
	 	The Tenant must pay Interest on any of the Rent or other sums due under this Lease that are not paid within seven (7) Business Days of the date due whether formally demanded or not.
          Nothing in this clause entitles the Tenant to withhold or delay any payment of the Rent or any other sum due under this Lease or affects the rights of the Landlord in relation to any non-payment.
	 	 	 	 
	5.13	Costs
	 	 
	 	5.13.1	The Tenant shall pay the costs and expenses of the Landlord including any solicitors’ or other professionals’ costs and expenses incurred (both during and after the end of the Term)
          in connection with or in contemplation of any of the following:
	 	 	 	 
	 	 	(a)	the enforcement of the tenant covenants of this Lease;
	 	 	 	 
	 	 	(b)	serving any notice in connection with this Lease under section 146 or 147 of the Law of Property Act 1925 or taking any proceedings under either of those sections, notwithstanding
          that forfeiture is avoided otherwise than by relief granted by the court;
	 	 	 	 
	 	 	(c)	serving any notice in connection with this Lease under section 17 of the Landlord and Tenant (Covenants) Act 1995;
	 	 	 	 
	 	 	(d)	the preparation and service of a schedule of dilapidations in connection with this Lease; or
	 	 	 	 
	 	 	(e)	any consent or approval applied for under this Lease, whether or not it is granted (unless the consent or approval is unreasonably withheld by the Landlord in circumstances where
          the Landlord is not unreasonably to withhold it).
	 	 	 	 
	 	5.13.2	Where the Tenant is obliged to pay or indemnify the Landlord against any solicitors’ or other professionals’ costs and expenses (whether under this or any other clause of this
          Lease) that obligation extends to those costs and expenses assessed on a full indemnity basis;

  
  
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          5.14

        	Keyholders
	 	 	 
	 	The Tenant must ensure that at all times the Landlord has written notice of the name home address and home telephone number and mobile telephone number of at least two (2)
          codeholders or keyholders (as appropriate) of the Premises.
	 	 	 
	5.15	Notices
	 	 	 
	 	To pass to the Landlord within ten (10) Business Days of receipt any notices or communications received from any public authority affecting the Premises.
	 	 	 
	5.16	Defective Premises
	 	 	 
	 	The Tenant must give notice to the Landlord of any defect in the Premises which might give rise to an obligation on the Landlord to do or refrain from doing any act or thing in
          order to comply with the provisions of this Lease or the duty of care imposed on the Landlord pursuant to the Defective Premises Act 1972 or otherwise and at all times to display and maintain all notices which the Landlord may from time to time
          reasonably require to display at the Premises.
	 	 	 
	5.17	Signs
	 	 	 
	 	Not to place any sign or advertisement outside the Premises or lettering upon the windows or any other part of the Premises without the prior written consent of the Landlord such
          consent not to be unreasonably withheld.
	 	 	 
	5.18	Insurance
	 	 	 
	 	5.18.1	Not to do or suffer to be done on the Premises anything whereby any policy of insurance effected by the Superior Landlord or the Landlord may become void or voidable or whereby the
          premiums payable in respect thereof may be increased;
	 	 	 
	 	5.18.2	To indemnify the Landlord against any loss or damage suffered due to the Tenant’s failure to comply with clause 5.18.1;
	 	 	 
	 	5.18.3	To insure its own fixtures and fittings and effects including personal property insurance and public liability insurance in respect of its directors and staff and visitors and any
          other persons at the Premises and to provide the Landlord on demand with evidence of a valid certificate of insurance.
	 	 	 
	5.19	Regulations
	 	 	 
	 	The Tenant shall comply with the Superior Landlord’s and the Landlord’s reasonable regulations from time to time relating to the Building including the disposal of refuse.
	 	 	 
	5.20	Indemnity
	 	 	 
	 	To be responsible for and to keep the Landlord fully indemnified against all costs expenses claims and liabilities arising directly out of any act omission or negligence of the
          Tenant or any persons at the Premises or in the Building expressly or impliedly with the Tenant’s authority or any breach or non-observance by the Tenant of the covenants conditions or other provisions of this Lease.
	 	 	 
	5.21	Pollution
	 	 	 
	
           

        	Not to permit to be discharged into any pipes or conduits serving the Premises or the Building any oil or grease or any deleterious objectionable dangerous poisonous or explosive
          matter or substance and to take all reasonable measures to ensure that any effluent so discharged will not be corrosive or otherwise harmful to the said pipes or conduits or cause obstruction or deposit in them.

  
  
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  	5.22	Compliance with Statute
	 	 	 	 
	 	5.22.1	The Tenant shall comply with all laws relating to:
	 	 	 	 
	 	 	(a)	the Premises and the occupation and use of the Premises by the Tenant;
	 	 	 	 
	 	 	(b)	the use or operation of all conduits and machinery and equipment in the Premises;
	 	 	 	 
	 	 	(c)	any works carried out at the Premises; and
	 	 	 	 
	 	 	(d)	all materials kept at or disposed of from the Premises.
	 	 	 	 
	5.23	VAT
	 	 	 	 
	 	To pay to the Landlord VAT chargeable in respect of Rent or any other payment made by the Ten ant under any of the provisions of or in connection with this Lease or paid by the
          Landlord or any payment made by the Landlord where the Tenant agrees in this Lease to reimburse the Landlord for such payment and the Landlord is not entitled to recover the same by way of set off from H M Revenue and Customs.
	 	 	 	 
	5.24	Superior Lease
	 	 
	 	To observe and perform the tenant covenants in the Superior Lease in so far as they relate to the Premises except for the covenant to pay rent.
	 	 	 	 
	5.25	Compliance with Queen Mary Bioenterprises Management processes
	 	 	 	 
	 	5.25.1	If appropriate upon request to complete sign and date the ‘Queen Mary Bioenterprises Lab Questionnaire’ on or prior to completion a signed and dated copy of which is annexed to this
          Lease and to review and assess annually;
	 	 	 	 
	 	5.25.2	To provide the Landlord with information relating to jobs brought to the Landlord and any jobs or employment created within the Term to enable the Landlord to provide quarterly
          reports to the London Development Agency (the LDA) or its successor;
	 	 	 	 
	 	5.25.3	To reasonably assist the management of the Landlord prior to the occupation of the space in carrying out credit-worthiness checks of the Tenant which may include: a standard
          commercial credit check; checking that the company directors are not disqualified; copies of the current balance sheet and business plan (including cash flow forecast);
	 	 	 	 
	 	5.25.4	To provide every half year interim accounts and a written directors’ report outlining the development plans of the business with regards to the occupied space;
	 	 	 	 
	 	5.25.5	To provide half yearly job forecasts due to grant reporting demands by the Landlord’s funders;
	 	 	 	 
	 	5.25.6	Upon request to complete sign and date the ‘Queen Mary Bioenterprises Health & Safety Policy’ on or prior to completion of signing this Lease.
	 	 	 	 
	6.	LANDLORD’S COVENANTS
	 	 	 	 
	
           

        	The Landlord covenants with the Tenant:

  
  
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  	6.1	Quiet Enjoyment
	 	 	 
	 	To permit the Tenant peaceably and quietly to hold and enjoy the Premises without any lawful interruption or disturbance from or by the Landlord or any person claiming under or in
          trust for the Landlord or by title paramount.
	 	 	 
	6.2	Superior Lease
	 	 	 
	 	The Landlord shall observe and perform the tenant covenants in the Superior Lease including to pay the rent save where they are the responsibility of the Tenant or another occupier
          of all or any part of the Building and shall procure so far as possible the Superior Landlord’s compliance with the landlord covenants in the Superior Lease.
	 	 	 
	6.3	Services
	 	 	 
	 	Subject to payment by the Tenant of the Rent the Landlord shall provide those services listed in Schedule 4 (the Services) PROVIDED THAT:
	 	 	 
	 	6.3.1	the Landlord shall not be liable for any temporary delay or interruption in or disruption to the provisions of any of the Services;
	 	 	 
	 	6.3.2	the Landlord shall not be liable for any delay or interruption in or disruption to the provisions of any of the Services for any reason that is outside the reasonable control of the
          Landlord;
	 	 	 
	 	6.3.3	the Landlord shall not be liable for any defect or want of repair affecting the Premises unless the Landlord has received notice in writing thereof from the Tenant.
	 	 	 
	6.4	Option to Terminate
	 	 	 
	 	If the whole or a substantial part of the Premises shall be damaged or destroyed by any of the Insured Risks such that reinstatement of the Premises is impracticable either party
          may determine this Lease by giving three (3) months’ notice to the other after such damage or destruction and if so determined the Landlord shall not be under any obligation to reinstate the Premises and such determination shall be without
          prejudice to any antecedent breaches and the insurance monies shall belong to the Landlord (but not monies received by the Tenant under its own policy for loss of its own equipment and effects).
	 	 	 
	6.5	Confidentiality
	 	 	 
	 	To keep confidential all commercial and financial information provided by the Tenant in compliance with clause 5.25.1 (but for the avoidance of doubt the Landlord shall not be
          required to keep the information provided in accordance with clauses 5.24.2 and 5.24.5 confidential but the Landlord shall only share such information with the LDA or its successor).
	 	 	 
	7.	PROVISO
	 	 	 
	7.1	Re-entry
	 	 	 
	 	If at any time during the Term:
	 	 	 
	 	7.1.1	the Rent (or any part thereof) is outstanding for twenty one (21) calendar days after becoming due (whether formally demanded or not); or
	 	 	 
	 	7.1.2	the Tenant breaches any of the covenants and conditions contained in this Lease; or
	 	 	 
	 	7.1.3	the Tenant (being an individual) becomes bankrupt or (being a company) enters into liquidation whether compulsory or voluntary (save for the purpose of amalgamation or
          reconstruction of a solvent company) or has a receiver appointed or (in either case) enters into an arrangement or composition for the benefit of its creditors the Landlord may at any time (and notwithstanding the waiver of any previous right of
          re-entry) re-enter the Premises or any part of them in the name of the whole and thereupon the Term shall absolutely cease and determine but without prejudice to any rights or remedies which may have accrued to the Landlord against the Tenant in
          respect of any antecedent breach of any of the covenants and conditions contained in this Lease (including the breach in relation to which re-entry is made).

  
  
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  	7.2	Representations
	 	 
	 	The Tenant acknowledges that this Lease has not been entered into in reliance wholly or partly on any statement or representation made by or on behalf of the Landlord except any
          such statement or representation that is expressly set out in this Lease.
	 	 
	7.3	Suspension of Rent
	 	 
	 	If the Premises or the access there to is destroyed or damaged by any of the Insured Risks as listed in the Superior Lease so as to make the Premises or access thereto unfit for
          beneficial occupation or use or reasonable access to the Premises unavailable and the insurance effected by the Landlord has not been vitiated or payment of the policy monies wholly or partly withheld or refused by reason of any act neglect or
          default or omission of the Tenant or any person deriving title under the Ten ant or their respective servants agents licensees or invitees the Rent or a fair proportion thereof according to the nature and extent of the damage shall not be payable
          until the Premises are again rendered fit for beneficial use and (as the case may be) occupation and any dispute shall be referred to the award of a single arbitrator to be appointed in default of agreement upon the application of the Landlord by
          the President for the time being of the Royal Institute of Chartered Surveyors in accordance with the provisions of the Arbitration Act 1996.
	 	 
	7.4	Lien
	 	 
	 	The Landlord shall be entitled to sell any goods on which it may have a lien pursuant to this Lease which have been left at the Premises for more than ten (10) Business Days after
          the end of the Term (howsoever determined) at such price and upon such terms as the Landlord in its discretion may think fit and the net proceeds of any such sale shall be applied firstly towards payment of any such sums due by the Tenant to the
          Landlord and any balance shall be paid to the Tenant after deduction of all reasonable costs and expenses incurred by the Landlord.
	 	 
	7.5	No Implied Easements
	 	 
	 	Nothing in this Lease shall operate expressly or impliedly to confer upon or grant to the Tenant any easement right or privilege other than those expressly hereby granted.
	 	 
	7.6	No Warranty as to Use
	 	 
	 	Nothing in this Lease or in any consent granted by the Landlord under this Lease is to imply or warrant either the state or condition of the Premises or that the Premises may be
          lawfully used under the Planning Acts for the Permitted Use.
	 	 
	7.7	Landlord’s  Obligations
	 	 
	 	Nothing in the Lease shall by implication or otherwise render the Landlord obliged to do anything that the Landlord has not specifically covenanted to do.
	 	 
	7.8	Jurisdiction
	 	 
	 	Disputes and differences between the parties arising out of or in relation to this Lease shall be referred to the exclusive jurisdiction of the English Courts This Lease shall be
          governed by and construed in accordance with English Law.

  
  
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  	7.9	Contracts (Rights of Third Parties) Act
	 	 	 
	 	The parties hereby confirm that notwithstanding any other provision of this Lease this Lease shall not and shall not purport to confer on any third party any right to enforce any
          term of this agreement for the purposes of the Contracts (Rights of Third Parties) Act 1999.
	 	 	 
	8.	TENANT OPTION TO BREAK
	 	 	 
	8.1	The Tenant may terminate this lease by serving a Break Notice on the Landlord at least six months before the relevant Break Date.
	 	 	 
	8.2	A Break Notice served by the Tenant shall be of no effect if, at the Break Date stated in the Break Notice:
	 	 	 
	 	8.2.1	the Tenant has not paid any part of the Rent, or any VAT in respect of it, which was due to have been paid; or
	 	 	 
	 	8.2.2	there is a subsisting material breach of any of the tenant covenants of this lease.
	 	 	 
	8.3	Subject to Clause 8.2, following service of a Break Notice this lease shall terminate on the relevant Break Date.
	 	 	 
	8.4	Termination of this lease on a Break Date shall not affect any other right or remedy that either party may have in relation to any earlier breach of this lease.
	 	 	 
	8.5	If this lease terminates in accordance with Clause 8.1 then, within 30 Business Days after the relevant Break Date, the Landlord shall refund to the Tenant the proportion of the
          Rent, and any VAT paid in respect of it, for the period from and excluding the relevant Break Date up to and excluding the next Rent Payment Date, calculated on a daily basis.
	 	 	 
	9.	RENT REVIEW
	 	 	 
	9.1	In this clause the “President” is the President for the time being of the Royal Institution of Chartered Surveyors or a person acting on his behalf, and the “Surveyor”
          is the independent valuer appointed pursuant to clause 9.8.
	 	 	 
	9.2	The amount of Rent shall be reviewed on the Review Date to equal:
	 	 	 
	 	9.2.1	the Rent payable immediately before the Review Date (or which would then be payable but for any abatement or suspension of the Rent or restriction on the right to collect it) or, if
          greater;
	 	 	 
	 	9.2.2	the open market rent agreed or determined pursuant to this clause (the New Rent).
	 	 	 
	9.3	The New Rent may be agreed between the Landlord and the Tenant at any time before it is determined by the Surveyor.
	 	 	 
	9.4	If the Landlord and the Tenant have not agreed the New Rent, either of them may, not earlier than three months before the Review Date or at any time, after the Review Date, require
          the market rent to be determined by the Surveyor.
	 	 	 
	9.5	The open market rent shall be the amount that the Surveyor determines is the annual rent (exclusive of any VAT) at which the Premises could reasonably be expected to be let:
	 	 	 
	 	9.5.1	in the open market;
	 	 	 
	 	9.5.2	at the Review Date;
	 	 	 
	 	9.5.3	on the assumptions listed in clause 9.6; and

  
  
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  	 	9.5.4	disregarding the matters listed in clause 9.7.
	 	 	 	 	 
	9.6	The assumptions are:
	 	 	 	 	 
	 	9.6.1	the Premises are available to let in the open market:
	 	 	 	 	 
	 	 	(a)	by a willing lessor to a willing lessee;
	 	 	 	 	 
	 	 	(b)	as a whole;
	 	 	 	 	 
	 	 	(c)	with vacant possession;
	 	 	 	 	 
	 	 	(d)	without a fine or a premium;
	 	 	 	 	 
	 	 	(e)	for a term equal to the unexpired residue of the Term at the Review Date or a term of two years commencing on the Review Date, if longer; and
	 	 	 	 	 
	 	 	(f)	otherwise on the terms of this Lease other than as to:
	 	 	 	 	 
	 	 	 	(i)	the amount of the Rent;
	 	 	 	 	 
	 	 	 	(ii)	the inclusion of clause 8 (Tenant’s option to determine); and
	 	 	 	 	 
	 	 	 	(iii)	the inclusion of provisions for review of the Rent.
	 	 	 	 	 
	 	9.6.2	the willing lessee has had the benefit of any rent-free or other concession or contribution which would be offered in the open market at the Review Date in relation to fitting out
          works at the Premises;
	 	 	 	 	 
	 	9.6.3	the Premises may lawfully be used and occupied, and are in a physical state to enable them to be lawfully used any occupied, by the willing lessee (or any potential undertenant or
          assignee of the willing lessee) for any purpose permitted by this Lease;
	 	 	 	 	 
	 	9.6.4	the Tenant has fully complied with their obligations in this Lease;
	 	 	 	 	 
	 	9.6.5	if the Premises or any means of access to them have been destroyed or damaged, they have been fully restored;
	 	 	 	 	 
	 	9.6.6	no work has been carried out on the Premises that has diminished their rental value;
	 	 	 	 	 
	 	9.6.7	any fixtures, fittings, machinery or equipment supplied to the Premises by the Landlord that have been removed by or at the request of the Ten ant or its predecessors in title
          (otherwise than to comply with any law) remain at the Premises; and
	 	 	 	 	 
	9.7	The matters to be disregarded are:
	 	 	 	 	 
	 	9.7.1	any effect on rent of the fact that the Tenant or any of their predecessors in business have been in occupation of the Premises;
	 	 	 	 	 
	 	9.7.2	any goodwill attached to the Premises by reason of any business carried out there by the Tenant or by any of their predecessors in business;
	 	 	 	 	 
	 	9.7.3	any effect on rent attributable to any physical improvement to the Premises carried out after the date of this Lease, by or at the expense of the Tenant or any of their predecessors
          in business with all necessary consents, approvals and authorisations and not pursuant to an obligation to the Landlord (other than an obligation to comply with any law);
	 	 	 	 	 
	 	9.7.4	any effect on rent of any obligation on the Ten ant to fit out the Premises;

  
  
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  	 	9.7.5	any statutory restriction on rents or the right to recover them.
	 	 	 
	9.8	The Surveyor shall be an independent valuer who is a Member or Fellow of the Royal Institution of Chartered Surveyors. The Landlord and the Tenant may, by agreement, appoint the
          Surveyor at any time before either of them applies to the President for the Surveyor to be appointed.
	 	 	 
	9.9	The Surveyor shall act as an expert and not as an arbitrator. The Surveyor shall determine the open market rent. The Surveyor’s decision shall be given in writing, and the Surveyor
          shall provide reasons for any determination. The Surveyor’s written decision on the matters referred to him shall be final and binding in the absence of manifest error or fraud.
	 	 	 
	9.10	The Surveyor shall give the Landlord and the Tenant an opportunity to make written representations to the Surveyor and to make written counter-representations commenting on the
          representations of the other party to the Surveyor. The parties will provide (or procure that others provide) the Surveyor with such assistance and documents as the Surveyor reasonably requires for the purpose of reaching a decision.
	 	 	 
	9.11	If the Surveyor dies, or becomes unwilling or incapable of acting, or unreasonably delays in making any determination, then either the Landlord or the Tenant may apply to the
          President to discharge the Surveyor and clause 9.8 shall then apply in relation to the appointment of a replacement.
	 	 	 
	9.12	The fees and expenses of the Surveyor and the cost of the Surveyor’s appointment and any counsel’s fees, or other fees, reasonably incurred by the Surveyor shall be payable by the
          Landlord and the Tenant in the proportions that the Surveyor directs (or if the Surveyor makes no direction, then equally). The Landlord and the Tenant shall otherwise each bear their own costs in connection with the rent review.
	 	 	 
	9.13	Time shall not be of the essence for the purposes of this clause.
	 	 	 
	9.14	If at any time there is a guarantor, the guarantor shall not have any right to participate in the review of the Rent.
	 	 	 
	10.	EXCLUSION OF SECURITY OF TENURE
	 	 	 
	 	The Landlord has served on the Tenant a notice on the form set out in schedule 1 to the Regulatory Reform (Business Tenancies) (England and Wales) Order 2003 (the Order) and
          the Ten ant has made a statutory declaration in the form set out in paragraph 8 of schedule 2 to the Order and the parties agree that the provisions of sections 24-28 (inclusive) of the Landlord and Ten ant Act 1954 shall not apply to this Lease.
	 	 	 
	 	This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

  
    14

    
      
 

  

  

  

  
  
    	
            Executed as a deed by ADC Therapeutics (UK)

          	 	/s/ Michael Forer

          
	
            Limited acting by a director in the presence of:

          	 	
            Michael Forer

            Director

          

    

    

    Signature   /s/ Dulce Goncalves

    

    

    

    Witness Name   Dulce Goncalves

    
      

      

      Address    c/o ADC Therapeutics SA, Route de Ia Corniche
            3b, 1066 Epalinges, Switzerland

      

      

      Occupation   General Counsel

      
        15

        
          
 

      

      
      Executed as a deed by

       

      Queen Mary Bioenterprises Limited

       

      Acting by:

      
        	 	 
	 	
                Director /s/ George Edward Webster

                

              
	 	
	 	
                Director/Secretary /s/ R. Richmond

              

         

        

         16Exhibit 10.9

      

    

     

      

     

    
    DATED [●]

    

    

    

    

    

    

    

    

    (1) [●]

    

    

    

    

    

    

    (2) A.T. DEVELOPMENT SWITZERLAND SARL

    

    

    

    

    

    

    AND

    

    

    

    

    

    

    (3) ADC THERAPEUTICS SARL

    

    

    

    

    

    

    

    

    	 
	
            FORM OF PURCHASE AND SHAREHOLDERS AGREEMENT

          
	 

    

    

    
      
        

    

    
      
         TABLE OF CONTENTS

        

        

        

        
          	 	 	 Page
	 	 	 
	
                  1.

                	
                  DEFINITIONS AND INTERPRETATION

                	
                  1

                
	 	 	 
	
                  2.

                	
                  PURCHASE

                	
                  2

                
	 	 	 
	
                  3.

                	
                  COMPLETION

                	
                  2

                
	 	 	 
	
                  4.

                	
                  NOMINEE

                	
                  2

                
	 	 	 
	
                  5.

                	
                  DEALINGS IN SHARES

                	
                  3

                
	 	 	 
	
                  6.

                	
                  ADHERENCE

                	
                  3

                
	 	 	 
	
                  7.

                	
                  LEAVER PROVISIONS

                	
                  3

                
	 	 	 
	
                  8.

                	
                  ASSIGNMENT

                	
                  4

                
	 	 	 
	
                  9.

                	
                  THIRD PARTY RIGHTS

                	
                  4

                
	 	 	 
	
                  10.

                	
                  STATUS OF THIS AGREEMENT

                	
                  5

                
	 	 	 
	
                  11.

                	
                  ACKNOWLEDGMENT

                	
                  5

                
	 	 	 
	
                  12.

                	
                  SEVERANCE

                	
                  5

                
	 	 	 
	
                  13.

                	
                  VARIATION

                	
                  5

                
	 	 	 
	
                  14.

                	
                  COSTS

                	
                  6

                
	 	 	 
	
                  15.

                	
                  WHOLE AGREEMENT

                	
                  6

                
	 	 	 
	
                  16.

                	
                  FURTHER ASSURANCE

                	
                  6

                
	 	 	 
	
                  17.

                	
                  COUNTERPARTS

                	
                  6

                
	 	 	 
	
                  18.

                	
                  GOVERNING LAW AND JURISDICTION

                	
                  6

                

        

         

        

        

        

      

    

    
      
        

    

    

    

    THIS AGREEMENT is made on [●]

    

    

    BETWEEN

    

    

    
      
        	(1)	
                [●] (the “Shareholder”);

              

      

    

    

    

    
      
        	(2)	
                A.T. DEVELOPMENT SWITZERLAND SARL a company registered in Switzerland with its registered office at Rue Saint Pierre 2, Lausanne, 1003, Switzerland (“ATDS”);

                  and 

                  

                  

                  solely for the purpose of gaining the benefit of the clauses of this Agreement in which it has an interest,

              

      

    

    

    

    
      
        	(3)	
                ADC THERAPEUTICS SARL a company registered in Switzerland with its registered office at Rue Saint Pierre 2, Lausanne, 1003, Switzerland (“Company”).

              

      

    

    

    

    
      
        	1.	
                DEFINITIONS AND INTERPRETATION

              

      

    

    

    

    
      
        	1.1	
                In this agreement unless the context otherwise requires:

                 

                

              

      

    

    	 	
            Anniversary Date

          	
            means [●]

          
	 	 	 
	 	
            Articles

          	
            the articles of association of the Company as amended, modified, supplemented or restated from time to time;

          
	 	 	 
	 	
            Bad Leaver

          	
            means a Leaver who is not a Good Leaver;

          
	 	 	 
	 	
            Completion

          	
            completion of this agreement in accordance with clause 2 and clause 3;

          
	 	 	 
	 	
            Employment

          	
            means, for the purposes of this agreement, acting as an employee, officer, manager, director, advisor, consultant, partner, agent, representative or the like to the Company or any member of
              the Company’s group;

          
	 	 	 
	 	
            Good Leaver

          	
            means a person who is a Leaver (i) as a result of his death or serious ill health;  or (ii) who has otherwise been determined by the Company’s board of directors acting reasonably to be a
              Good Leaver;

          
	 	 	 
	 	
            Leaver

          	
            means an individual who was previously in the Employment of the Company or any member of the Company’s group and who ceases to be in such Employment;

          
	 	 	 
	 	
            Parties

          	
            the parties to this agreement; and

          
	 	 	 
	 	
            Promissory Note

          	
            a promissory note from the Shareholder to ATDS substantially in the form attached at Schedule A.

          

    

    

    
      
        

    

    
      
        	1.2	
                In this agreement unless the context otherwise requires:

              

      

    

    

    

    
      
        	

              	1.2.1	
                a reference to writing or written includes faxes and email;

              

      

    

    

    

    
      
        	

              	1.2.2	
                any reference to the singular includes a reference to the plural and vice versa; and any reference to the masculine includes a reference to the feminine and vice versa; and

              

      

    

    

    

    
      
        	

              	1.2.3	
                references to times of day are, unless the context requires otherwise, to London time and references to a date are to a period of 24 hours running from midnight on the previous day.

              

      

    

    

    

    
      
        	

              	1.2.4	
                headings and titles are used for ease of reference only and do not affect the interpretation of this agreement.

              

      

    

    

    

    
      
        	2.	
                PURCHASE

              

      

    

    

    

    
      
        	2.1	
                ATDS hereby agrees to sell and the Shareholder hereby agrees to purchase [●] Class A shares in the capital of the Company (the “Shares”) subject to the terms of this agreement.  The
                  consideration for such subscription shall be satisfied by the payment of the sum of [●] (the “Purchase Price”) in accordance with clause 3.2.

              

      

    

    

    

    
      
        	2.2	
                The Shares shall be sold with full title guarantee free from all encumbrances and shall rank in full for all dividends or other distributions declared, made or paid in respect of ordinary shares on or after Completion, and shall have
                  the rights, preferences and priorities as set forth in the Articles.

              

      

    

    

    

    
      
        	2.3	
                The Parties acknowledge that the Company is not party to, and has no interest in, the sale and purchase of the Shares and is entering into this Agreement solely for the purposes of safeguarding the interests of the Company and the
                  rights of other shareholders in the Company by ensuring that the Shareholder is subject inter alia to the Leaver provisions in clause 7 of this agreement.

              

      

    

    

    

    
      
        	3.	
                COMPLETION

              

      

    

    

    

    
      
        	3.1	
                This agreement shall be completed at the offices of the Company’s legal counsel on the Completion Date (or at such other place or on such other date as the Parties shall agree).

              

      

    

    

    

    
      
        	3.2	
                On the Completion Date the Shareholder shall deliver, or procure the delivery, to the Company and/or ATDS as the case may be:

              

      

    

    

    

    
      
        	

              	3.2.1	
                the sum of CHF 100.00 per Share in cash representing the nominal value of the Shares;

              

      

    

    

    

    
      
        	

              	3.2.2	
                an executed counterpart of the Promissory Note for the balance of the Purchase Price.

              

      

    

    

    

    
      
        	3.3	
                On the Completion Date ATDS shall procure the delivery to the Shareholder of an internal capitalisation table of the Company evidencing the Shareholder’s beneficial interest in the Shares.

              

      

    

    

    

    
      
        	4.	
                NOMINEE

              

      

    

    

    

    
      
        	4.1	
                The Parties acknowledge that, as a matter of Swiss law the Company may not issue fractional interests in its shares. Therefore, the Shareholder acknowledges and agrees that ATDS shall continue to hold the legal interest in the Shares
                  as nominee for the Shareholder. ATDS shall act in its name for the account of the Shareholder and at the risk of the Shareholder.

              

      

    

    

    

    
      
        

    

    
      
        	4.2	
                The Shareholder irrevocably instructs and authorises ATDS to take all actions in respect of the Shares as ATDS may see fit including, without limitation:

              

      

    

    

    

    
      
        	

              	4.2.1	
                to receive notice of and to attend, take part and vote in all meetings of the Company and/or any relevant class meetings of its shareholders and sign all consents to short notice, proxies and other instruments (including without
                  limitation, proposed resolutions) for the purpose of such meetings;

              

      

    

    

    

    
      
        	

              	4.2.2	
                to pass any resolutions and/or to sign written resolutions of the shareholders or the holders of any class of shares of the Company;

              

      

    

    

    

    
      
        	

              	4.2.3	
                to give a good receipt for any dividend or other distribution made in respect of our shareholding; and

              

      

    

    

    

    
      
        	

              	4.2.4	
                to exercise all other rights and privileges and perform all duties which attach to our shares.

              

      

    

    

    

    
      
        	4.3	
                The Shareholder undertakes to ratify whatever ATDS may lawfully do or purport to do or cause to be done by virtue of the powers granted by this clause 4.

              

      

    

    

    

    
      
        	4.4	
                ATDS undertakes to deliver to the Shareholder copies of any and all Company communications within a reasonable period following receipt by ATDS of the same.

              

      

    

    

    

    
      
        	5.	
                DEALINGS IN SHARES

              

      

    

    

    

    

    	

          	
            The Shareholder undertakes to each of the Company and ATDS that he will not, at any time, transfer, dispose, assign, grant security over, pledge or otherwise deal in or grant any interest over any interest in the Shares to any person
              without the prior consent in writing of ATDS or the Company.

          

    

    

    
      
        	6.	
                ADHERENCE

              

      

    

    

    

    
      	

            	
              The Shareholder undertakes to the Company (for itself and on behalf of each other party to the Shareholders’ Agreement) that he will, with effect from the date hereof assume, perform and comply with each of the obligations as a
                Shareholder under the Shareholders’ Agreement as if he had been a party to the Shareholders’ Agreement at the date of its execution.

            

    

    

    

    
      
        	7.	
                LEAVER PROVISIONS

              

      

    

    

    

    
      
        	7.1	
                If the Shareholder’s Employment with the Company or any member of the Company’s group terminates for any reason, ATDS, the Company (or its designee) shall have the right, but not the obligation, to repurchase all or any portion of the
                  Shareholder’s Shares at the applicable repurchase price, within thirty (30) days of the event, as follows:

              

      

    

    

    

    
      
        	

              	7.1.1	
                Good Leaver. If the Shareholder’s Employment is terminated and the Shareholder is a Good Leaver, ATDS, the Company (or its designee) shall have the option, but not the obligation, to repurchase such portion of the Shareholder’s
                  Shares as is determined in accordance with the table below at a price per Share equal to the purchase price of such Share (calculated by dividing the Purchase Price for all Shares by the number of Shares being acquired pursuant to this
                  clause) as of the date such Shareholder is provided with a written notice requiring the repurchase of his Shares. Such consideration may at the election of the Company be satisfied by a waiver of all or part of the Shareholder’s
                  outstanding obligations under the Promissory Note.

              

      

    

    

    

    
      
        

    

    

    

    	
            Date on which the Shareholder’s Employment terminates if he is a Good Leaver

             

            

          	
            % of Shareholder’s Shares ATDS, the Company (or its designee) may repurchase

          
	
            On or before the first anniversary of the Anniversary Date

             

            

          	
            100%

          
	
            After the first anniversary of the Anniversary Date but on or before the second anniversary of the Anniversary Date

             

            

          	
            75%

          
	
            After the second anniversary of the Anniversary Date but on or before the third anniversary of the Anniversary Date

             

            

          	
            50%

          
	
            After the third anniversary of the Anniversary Date but on or before the fourth anniversary of the Anniversary Date

             

            

          	
            25%

          
	
            After the fourth anniversary of the Anniversary Date

             

            

          	
            0%

          

     

    

    

    

    
      
        	

              	7.1.2	
                Bad Leaver. If the Shareholder’s Employment is terminated and the Shareholder is a Bad Leaver, ATDS, the Company (or its designee) shall have the option, but not the obligation, to repurchase all or any portion of such
                  Shareholder’s Shares at a price per Share equal to the lower of (i) the Purchase Price of such Shares; and (ii) the amount understanding under the Promissory Note at the time such shareholder’s employment is terminated. Such consideration
                  may at the election of the Company be satisfied by a waiver of all or part of the Shareholder’s outstanding obligations under the Promissory Note.

              

      

    

    

    

    
      
        	7.2	
                The Company shall not terminate the Employment of the Shareholder solely for the purposes of causing the Shareholder not to enjoy the economic benefits of this Purchase and Shareholder Agreement.

              

      

    

    

    

    
      
        	8.	
                ASSIGNMENT

              

      

    

    

    

    
      	

            	
              The Shareholder may not assign its rights under this agreement without the prior written consent of ATDS.

            

    

    

    

    
      
        	9.	
                THIRD PARTY RIGHTS

              

      

    

    

    

    
      	

            	
              This agreement does not confer any rights on any person that is not a party to this agreement pursuant to the Contracts (Rights of Third Parties) Act 1999.

            

    

    

    

    
      
        

    

    

    

    
      
        	10.	
                STATUS OF THIS AGREEMENT

              

      

    

    

    

    
      
        	10.1	
                Each of the Parties shall use its respective best endeavours to procure (so far as is possible) that, at all times during the term of this agreement, the provisions of this agreement are promptly observed and given full force and
                  effect according to its spirit and intention.

              

      

    

    

    

    
      
        	10.2	
                If, at any time, any provisions of the Articles conflict with any provision of this agreement, ATDS and the Company shall, so far as they are each able, take such steps as are necessary to ensure that the provisions of this agreement
                  shall prevail and that such modifications as are necessary are made to the Articles.

              

      

    

    

    

    
      
        	11.	
                ACKNOWLEDGMENT

              

      

    

    

    

    
      
        	11.1	
                Each Party acknowledges that damages may not be an adequate remedy for any breach of the obligations of that Party in this Agreement and that any other Party may be entitled (in addition to damages) to the remedies of injunction,
                  specific performance, and other equitable remedy for any threatened or actual breach of any such obligations.

              

      

    

    

    

    
      
        	11.2	
                The Shareholder confirms to ATDS and the Company that, for the purposes of entering into the transactions contemplated by this agreement he has (having taken taken all applicable professional advice) entered into this agreement
                  entirely on the basis of his own assessment of the risks and effect of doing so.

              

      

    

    

    

    
      
        	12.	
                SEVERANCE

              

      

    

    

    

    
      
        	12.1	
                If any provision of this agreement (or part of a provision) is found by any court or administrative body of competent jurisdiction to be invalid, unenforceable or illegal, the other provisions shall remain in force.

              

      

    

    

    

    
      
        	12.2	
                If any invalid, unenforceable or illegal provision would be valid, enforceable or legal if some part of it were deleted or modified, that provision shall apply with whatever modification is necessary to give effect to the commercial
                  intention of the Parties.

              

      

    

    

    

    
      
        	13.	
                VARIATION

              

      

    

    

    

    
      
        	13.1	
                A variation of this agreement shall be in writing and signed by or on behalf of each Party.

              

      

    

    

    

    
      
        	13.2	
                Any waiver of any right under this agreement is only effective if it is in writing and signed by the waiving or consenting Party and it applies only in the circumstances for which it is given and shall not prevent the Party who has
                  given the waiver or consent from subsequently relying on the provision it has waived.

              

      

    

    

    

    
      
        	13.3	
                No single or partial exercise of any right or remedy under this agreement shall preclude or restrict the further exercise of any such right or remedy.

              

      

    

    

    

    
      
        	13.4	
                Unless specifically provided otherwise, rights arising under this agreement are cumulative and do not exclude rights provided by law.

              

      

    

    

    

    
      
        	13.5	
                Save as specified in this agreement, no failure on the part of any Party to exercise or no delay in exercising any right or remedy provided under this agreement or by law constitutes a waiver of such right or remedy or shall prevent
                  any future exercise in whole or in part of any such right or remedy.

              

      

    

    
      
        

    

    

    

    
      
        	14.	
                COSTS

              

      

    

    

    

    
      	

            	
              Unless otherwise provided, all costs and expenses in connection with the negotiation, preparation, execution and performance of this agreement, and any documents referred to in it,
                shall be borne by the Party that incurred the costs.

            

    

    

    

    
      
        	15.	
                WHOLE AGREEMENT

              

      

    

    

    

    
      
        	15.1	
                This agreement, and any documents referred to in it constitute the whole agreement between the Parties and supersede any previous arrangement, understanding or agreement between them relating to the subject matter they cover.

              

      

    

    

    

    
      
        	15.2	
                Nothing in this clause 15 operates to limit or exclude any liability for fraud.

              

      

    

    

    

    
      
        	16.	
                FURTHER ASSURANCE

              

      

    

    

    

    
      	

            	
              
                Each Party shall promptly execute and deliver all such documents, and do all such things, as any other Party may from time to time reasonably require for the
                  purpose of giving full force and effect to the provisions of this agreement.

              

            

    

    

    

    
      
        	17.	
                COUNTERPARTS

              

      

    

    

    

    
      	

            	
              
                This agreement may be executed in separate counterparts (including by facsimile or other electronic transmission), each of which is an
                  original and which, when executed and delivered, shall be an original and which together shall have the same effect as if each Party had executed and delivered the same document.

              

            

    

    

    

    
      
        	18.	
                GOVERNING LAW AND JURISDICTION

              

      

    

    

    

    
      
        	18.1	
                This agreement and any dispute or claim arising out of or in connection with it or its subject matter (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.

              

      

    

    

    

    
      
        	18.2	
                The Parties agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this agreement or its subject matter (including non-contractual disputes
                  or claims).

              

      

    

    
      
        

    

    

    

    SCHEDULE A

    

    

    Promissory Note

    

    

    	
            Amount:

          	
            [●] (the “Facility”)

          
	 	 
	
            Number of shares to be Purchased:

          	
            [●] (the “Shares”)

          
	 	 
	
            Interest Rate:

          	
            [●]%

          
	 	 
	
            Term:

          	
            [●] years

          

    

    

    Date: [●]

    

    

    Dear [●],

    

    

    We are pleased to make available to you the Facility on the terms and conditions set out in this letter. By signing and returning a signed copy of this letter you agree to be bound by and abide by
      its terms.

    

    

    This Facility and its availability for drawing by you is subject to the receipt by us of an executed copy of the Purchase and Shareholder Agreement in respect of the Shares purchased by you
      utilising this Facility.

    

    

    Words and expressions used in this letter but not defined herein shall have the meanings given to them in the Company’s articles of association.

    

    

    The Facility is made available to you on the following terms:-

    

    

    
      
        	1.	
                We hereby loan the Facility to you to be repaid along with accrued interest (if any) on the earlier of:

              

      

    

    

    

    
      
        	1.1	
                the date [●] ([●]) years from the date hereof;

              

      

    

    

    

    
      
        	1.2	
                the occurrence of a Repayment Event as defined in paragraph 3 below.

              

      

    

    

    

    
      
        	2.	
                The Facility may only be used for the purchase of the Shares (“Authorised Purpose”).

              

      

    

    
      
        

    

    

    

    
      
        	3.	
                “Repayment Event” means any of:

              

      

    

    

    

    
      
        	3.1	
                you are a Leaver and ATDS or the Company (or its designee) elects to repurchase your Shares in accordance with the terms of the Purchase and Shareholder Agreement entered into between you, ATDS and the Company;

              

      

    

    

    

    
      
        	3.2	
                the Company is the subject of a change of control or a sale of all or substantially all of its assets; or

              

      

    

    

    

    
      
        	3.3	
                you deliver the Shares back to ATDS or the Company.

              

      

    

    

    

    
      
        	4.	
                The Facility will be immediately repayable and you hereby undertake to repay, and to take all necessary action to repay, the Facility in full, or any part of it that has not been repaid, on the occurrence of a Repayment Event.

              

      

    

    

    

    
      
        	5.	
                You may repay the Facility, or any part of it, early along with accrued interest but may not re-borrow any amount so repaid.

              

      

    

    

    

    
      
        	6.	
                The principal amount of the Facility outstanding from time to time will be interest free

              

      

    

    

    

    
      
        	7.	
                You will make all payments under or in respect of this Facility without set-off or counterclaim and free and clear of any withholding or deduction for or on account of tax, save as may be required by law.

              

      

    

    

    

    
      
        	8.	
                You will pay, on demand and on a full indemnity basis, all costs and expenses (including VAT) which we may from time to time incur in connection with any breach by you of your obligations under this letter and/or in relation to the
                  Facility.

              

      

    

    

    

    
      
        	9.	
                Any demand or notice in respect of this letter and/or the Facility will be in writing and (without prejudice to any other effective means of serving it) may be served on you personally or by post to your residential address as it
                  appears at the head of this letter.

              

      

    

    

    

    
      
        	10.	
                Time shall be of the essence in respect of your obligations under or in respect of this Facility but no failure by us to exercise or delay by us in exercising any right or remedy under or in respect of this Facility shall operate as a
                  waiver of it, nor shall any single partial or defective exercise by us of any such right or remedy preclude any other or further exercise of that or any other right or remedy.

              

      

    

    

    

    
      
        	11.	
                You may not assign or transfer any of your rights or obligations under this letter agreement without our prior written consent.

              

      

    

    

    

    
      
        	12.	
                This letter is an agreement governed by English law.

              

      

    

    

    

    I hereby accept and agree to be bound by the terms and conditions set out in the letter of which this is a copy

    

    

    
      	 	 

    

    Shareholder

    

    

    

    

    This agreement has been executed as a DEED on the date stated at the beginning of it.

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