Document:

EX-10.10

 Exhibit 10.10 

REGISTRATION RIGHTS AGREEMENT 

dated as of             , 2021 

among 
 GYROSCOPE
THERAPEUTICS HOLDINGS PLC 
 and 

THE HOLDERS NAMED HEREIN 
  

 
 TABLE OF
CONTENTS 
  

							
	 	  	Page	 
	 Section 1.
	 	Defined Terms; Rules of Construction	  	 	1	 
		 	 1.1  Defined Terms
	  	 	1	 
		 	 1.2  Rules of Construction
	  	 	8	 
	 Section 2.
	 	Demand Registration	  	 	8	 
	 Section 3.
	 	Registrations on Form S-3 or F-3	  	 	10	 
	 Section 4.
	 	Piggyback Registration	  	 	11	 
	 Section 5.
	 	Rule 144 Reporting	  	 	12	 
	 Section 6.
	 	Preparation and Filing	  	 	13	 
	 Section 7.
	 	Expenses	  	 	15	 
	 Section 8.
	 	Indemnification	  	 	15	 
	 Section 9.
	 	Underwriting Agreement	  	 	17	 
	 Section 10.
	 	Suspension	  	 	18	 
	 Section 11.
	 	Information by Holder	  	 	18	 
	 Section 12.
	 	Termination	  	 	18	 
	 Section 13.
	 	Limitation On Other Registration Rights	  	 	19	 
	 Section 14.
	 	Miscellaneous	  	 	19	 
		 	 14.1  Notices
	  	 	19	 
		 	 14.2  Assignment
	  	 	19	 
		 	 14.3  Entire Agreement
	  	 	20	 
		 	 14.4  Modifications, Amendments and Waivers
	  	 	20	 
		 	 14.5  Counterparts
	  	 	20	 
		 	 14.6  Governing Law
	  	 	20	 
		 	 14.7  Submission to Jurisdiction; Waiver of Jury Trial
	  	 	20	 
		 	 14.8  Severability
	  	 	21	 
		 	 14.9  No Third Party Beneficiary
	  	 	21	 
		 	 14.10 Non-Recourse
	  	 	21	 
		 	 14.11 Specific Performance
	  	 	21	 
		 	 14.12 Business Days
	  	 	22	 
		 	 14.13 Electronic Execution
	  	 	22	 
		 	 14.14 Captions
	  	 	22	 

 This Registration Rights Agreement dated as of             , 2021
(this “Agreement”), is by and among Gyroscope Therapeutics Holdings plc (the “Company”) and the Holders listed in Schedule A hereto. Capitalized terms used but not defined elsewhere herein have the meanings assigned
to them in Section 1.1. 
 WHEREAS, the Holders are currently party to that certain Shareholders’ Agreement relating to Gyroscope Therapeutics
Holdings plc (“Gyroscope”) dated April 15, 2021 (the “Shareholders’ Agreement”) that provides for, among other things, Gyroscope and the Holders to enter into a registration rights agreement, effective no
later than the closing of an IPO (as defined in the Shareholders’ Agreement); 
  

  
 1 

 WHEREAS, the Company was re-registered as a public limited company
through the adoption of new Articles (as defined below); and 
 WHEREAS, as part of the arrangements to enable the Company to consummate an IPO, the Holders
and the Company desire to enter into this Agreement to set forth the registration rights of the Holders with respect to any Registrable Securities held by them. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 Section 1. DEFINED TERMS; RULES OF CONSTRUCTION. 

1.1 DEFINED TERMS. Capitalized terms used and not otherwise defined in this Agreement have the meanings ascribed to them below: 

“Act” means the U.K. Companies Act 2006 (as amended from time to time). 

“ADSs” mean American Depositary Shares representing the Ordinary Shares of the Company. 

“Affiliate” means, in relation to one Person, any Person that is, directly or indirectly, (i) Controlled by, (ii) Controlling, or
(iii) under common Control with such other Person, as of the date on which, or at any time during the period in which, such affiliate status is determined.  

“Agreement” has the meaning set forth in the preamble hereof. 

“Articles” means the articles of association of the Company as amended or superseded from time to time. 

“Asset Sale” means the disposal (in one transaction or a series of connected transactions) by the Company of all or substantially all of its
undertaking and assets (which shall include, without limitation, the grant by the Company of an exclusive licence over all or substantially all of the commercially valuable intellectual property of the Company not entered into in the ordinary course
of business); 
 “Baker Bros LS” means Baker Brothers Life Sciences, L.P. a limited partnership organized under the laws of the
State of Delaware in the United States of America, whose office is at 860 Washington St, 3rd Floor, New York, NY 10014, United States of America. 

“Baker Bros 667” means 667, L.P. a limited partnership organized under the laws of the State of Delaware in the United States of
America, whose office is at 860 Washington St, 3rd Floor, New York, NY 10014, United States of America. 
 “Board” means the board of
directors of the Company as constituted from time to time. 
 “Business Day” means any day other than Saturday, Sunday or a day on which
commercial banks are required or authorized by law to remain closed in the City of London or New York, New York. 
 “CE” means Cambridge
Enterprise Limited, a company registered in England and Wales (registered number 01069886) whose registered office is at The Old Schools, Trinity Lane, Cambridge CB2 1TN. 

“CIC” Cambridge Innovation Capital Limited a company incorporated in England and Wales (registered number 08243718) whose registered
office is at Hauser Forum, 3 Charles Babbage Road, Cambridge, CB3 0GT. 
 “CIC Group” means CIC, and any company that becomes a Parent
Undertaking of CIC and the shareholders of which and their respective shareholdings are, at the time of so becoming, in all material respects the same as the shareholders and their respective shareholdings in CIC immediately prior to such time, and
each of their respective Subsidiary Undertakings from time to time (including CICJ). 

  
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 “CICJ” means Cambridge Innovation Capital (Jersey) Limited a company incorporated in Jersey
(registered number 112629) whose registered office is at Aztec Group House, 11-15 Seaton Place, St Helier, Jersey JE4 0QH. 

“Civil Partner” means in relation to a Holder, a civil partner (as defined in the U.K. Civil Partnership Act 2004) of the Holder. 

“Company” has the meaning set forth in the preamble hereof. 

“Company Notice” has the meaning set forth in Section 2(a) hereof. 

“Control” shall have the meaning ascribed in Rule 405 of the Securities Act. The terms “Controlled” and “Controlling”
shall be construed accordingly with this definition. 
 “Deemed Liquidation Event” means a merger or consolidation of the Company involving
the cessation of the Company’s existence as an independent body corporate (other than a merger or consolidation in which the Company’s shareholders immediately prior to completion of the merger or consolidation continue to be entitled to
exercise a majority of the voting rights attaching to the shares or securities of the merged or consolidated entity immediately following completion of the merger or consolidation and in substantially the same proportions between them as they were
entitled to exercise those voting rights in the share capital of the Company immediately prior to such merger or consolidation). 

“Delay/Suspension Period” has the meaning set forth in Section 10 hereof. 

“Demand Notice” has the meaning set forth in Section 2(a) hereof. 

“Demand Registration” has the meaning set forth in Section 2(a) hereof. 

“Eligible Holders” has the meaning set forth in Section 2(a) hereof. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“F-3” means such form under the Securities Act as in effect on the date of this Agreement or any
successor registration form under the Securities Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC in a similar or comparable
manner. 
 “Family Trust” means as regards any particular individual member or deceased or former individual member who is an Original
Shareholder, trusts (whether arising under a settlement, declaration of trust or other instrument by whomsoever or wheresoever made or under a testamentary disposition or on an intestacy) under which no immediate beneficial interest in any of the
Ordinary Shares in question is for the time being vested in any person other than the individual member and/or Privileged Relations of that individual; and so that for this purpose a person shall be considered to be beneficially interested in an
Ordinary Share if such Ordinary Share or the income thereof is liable to be transferred or paid or applied or appointed to or for the benefit of such person or any voting or other rights attaching thereto are exercisable by or as directed by such
person pursuant to the terms of the relevant trusts or in consequence of an exercise of a power or discretion conferred thereby on any person or persons. 

“FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Forbion” means Forbion Growth Opportunities, Forbion V and any of their Permitted Transferees. 

  
 3 

 “Forbion Growth Opportunities” means Forbion Growth Opportunities Fund I Cooperatief
U.A. whose registered office is at Gooimeer 235, 1411 DC Naarden, the Netherlands acting by its general partner Forbion Growth Management B.V. whose registered office is at Gooimeer 235, 1411 DC Naarden, the Netherlands. 

“Forbion V” means Forbion Capital Fund V Cooperatief U.A. whose registered office is at Gooimeer 235, 1411 DC Naarden, the Netherlands
acting by its general partner Forbion V Management B.V. whose registered office is at Gooimeer 235, 1411 DC Naarden, the Netherlands. 

“Fosun” means Fosun Industrial Co., Limited (registered number is 0923961), a private limited company incorporated in Hong Kong, whose
registered office is at Level 54 Hopewell Centre 183 Queen’s Road East, Hong Kong. 
 “Fund Manager” means a person whose
principal business is to make, manage or advise upon investments in securities. 
 “Governmental Authority” means (i) the federal
government, any state or municipal government or other national or foreign political subdivision with jurisdiction over the applicable Person; (ii) an executive, regulatory, legislative, judicial or administrative government entity or authority
with jurisdiction over the applicable Person, whether national or foreign, which includes, with respect to items (i) and (ii) above, their respective bodies, autonomous government entities, self-regulatory entities, divisions, departments,
boards, representation offices, agencies or commissions, including the SEC; (iii) a single court, tribunal or judicial, administrative or arbitration body; or (iv) any stock exchange or organized over-the-counter market to which the applicable Person is subject. 
 “Holder” shall mean the
Investors or any of their Affiliates, so long as such Person holds any Registrable Securities and any Person owning Registrable Securities who is a Permitted Transferee of rights under Section 14.2. 

“Holder Majority” means, (i) with respect to a particular Registration Statement, Holder(s) holding more than 70% of the Registrable
Securities then-held by Holder(s) who are participating in such Registration Statement and (ii) for all other purposes, Holder(s) holding more than 70% of the Registrable Securities then-held by Holder(s);. 

“Initiating Holder” has the meaning set forth in Section 2(a) hereof. 

“Insolvency Proceedings” means any insolvency related proceedings, whether in or out of court, including proceedings or steps leading to any
form of bankruptcy, liquidation, administration, receivership, arrangement or scheme with creditors, moratorium, stay or limitation of creditors’ rights, interim or provisional supervision by a court or court appointee, winding up or striking
off, or any distress, execution, commercial rent arrears recovery or other process levied or exercised, or any event similar to any such events in any jurisdiction outside England and Wales. 

“Investment Fund” means fund, partnership, company, syndicate or other entity whose business is managed by a Fund Manager or an entity
controlled by a fund, partnership, company, syndicate or other entity whose business is managed by a Fund Manager. 
 “Investors” means
each of: (a) each of Syncona and Syncona Holdings; (b) each of CE, CICJ and the University; (c) each of Baker Bros LS and Baker Bros 667; (d) each of Forbion Growth Opportunities and Forbion V; (f) Fosun; (g) Sofinnova;
(h) Tetragon; and (i) each T. Rowe Investor, and any other person who becomes a Party pursuant to clause 7.3 of the Shareholders’ Agreement as an “Investor” by signing a Deed of Adherence in accordance with clause 7.1 of the
Shareholders’ Agreement and is named in that Deed of Adherence as an “Investor”. 
 “IPO” means the Company’s firm
commitment underwritten initial public offering of ADSs representing Ordinary Shares of the Company under the Securities Act, consummated on or about the date hereof, for listing on Nasdaq. 

“Material Adverse Change” means (1) in the opinion of a Holder Majority, there has been a material adverse change in the position or
prospects of the Company; or (2) the Company has entered into any Insolvency Proceedings. 

  
 4 

 “Material Transaction” means any material transaction in which the Company or any of its
subsidiaries proposes to engage or is engaged, including a material purchase or sale of assets or securities, financing, merger, consolidation, tender offer or any other material transaction that would require disclosure pursuant to the Exchange
Act, and with respect to which the board of directors of the Company reasonably has determined in good faith that compliance with this Agreement may reasonably be expected to either materially interfere with the Company’s or such
subsidiary’s ability to consummate such transaction in a timely fashion or require the Company to disclose material, non-public information prior to such time as it would otherwise be required to be
disclosed. 
 “Member of the same Fund Group” means if the Holder is an Investment Fund or is a nominee of that Investment Fund: 

 

	(i)	 any participant or partner in or member of any such Investment Fund or the holders of any unit trust which is a
participant or partner in or member of any Investment Fund (but only in connection with the dissolution of the Investment Fund or any distribution of assets of the Investment Fund pursuant to the operation of the Investment Fund in the ordinary
course of business); 

  

	(ii)	 any Investment Fund managed or advised by that Fund Manager; 

 

	(iii)	 any Subsidiary Undertaking or immediate Parent Undertaking of that Fund Manager, or any Subsidiary Undertaking
of the immediate Parent Undertaking of that Fund Manager; or 

  

	(iv)	 any trustee, nominee or custodian of such Investment Fund and vice versa; 

“Member of the same Group” means, as regards any undertaking, a company which is from time to time a Parent Undertaking or a Subsidiary
Undertaking of that company or a Subsidiary Undertaking of any such Parent Undertaking; 
 “Member of the University Group” means any
member of the University Group; 
 “Ordinary Shares” refer to the ordinary shares in the issued share capital of the Company following the
closing of the IPO. 
 “Original Shareholder” means in relation to a Permitted Transfer of Ordinary Shares, the transferor or (in the case
of a series of Permitted Transfers) the first transferor in the series. 
 “Other Securities” means with respect to a particular
registration statement, any of the Ordinary Shares or ADSs that are to be included in such registration statement that are not Primary Securities or Registrable Securities. 

“Permitted Transferees” means: 
  

	(i)	 in relation to a Holder who is an individual, any of his or her Privileged Relations, or Trustees;

  

	(ii)	 in relation to a Holder who is an individual, a nominee or a custodian, a person to whom that Holder is to
transfer legal title to any of his Shares on terms approved by Preferred Majority Consent; 

  

	(iii)	 in relation to a Holder which is an undertaking (as defined in section 1161(1) of the Act), any Member of the
same Group; 

  

	(iv)	 in relation to a Holder which is an Investment Fund, any Member of the same Fund Group or any Member of the
same Group; 

  

	(v)	 in relation to the University, means any Member of the University Group; 

 

	(vi)	 in relation to CE, means (i) any Member of the same Group and (ii) (for so long as CE is a Subsidiary of
the University) any Member of the University Group; 

  

	(vii)	 in relation to CICJ, to any member of the CIC Group and any company, partnership, unincorporated association,
fund, collective investment undertaking, collective investment scheme or co-investment scheme (however configured) of which a member of the CIC Group is the investment manager (or an authorized representative
of the investment manager) or operator; and 

  

	(viii)	 in relation to a holder of deferred shares of the Company, a person approved in accordance with the Articles.

 “Permitted Transfers” has the meaning set out in the Company’s Articles. 

  
 5 

 “Person” means an individual, company (whether incorporated or not), general or limited
partnership, association, foundation, condominium, fund, consortia, joint venture, entity, trust, international or multilateral organization or other public, private or semi-public entity and any Governmental Authority as well as the successors
thereof. 
 “Preferred Majority” means the holders of at least seventy per cent. (70%) of the Preferred Shares, or the Registrable
Securities received upon conversion or exchange of the Preferred Shares, including the consent of at least one of the following: (a) each of the Forbion Investors; (b) each of the Sofinnova Investors; and/or (c) each of the T. Rowe
Investors; 
 “Preferred Majority Consent” means the prior written consent of a Preferred Majority; 

“Preferred Shares” refer to the series A preferred shares, the series B preferred shares and the series C preferred shares in the capital of
the Company and having the rights set out in the Articles. 
 “Primary Securities” means, with respect to a particular registration
statement, any of the Ordinary Shares or ADSs, which may be sold by the Company in a registered offering pursuant to such registration statement. 

“Privileged Relation” means in relation to any transfer of Ordinary Shares, a spouse, Civil Partner or legitimate child or step or adopted
child of the Original Shareholder. 
 “Prospectus” means the prospectus included in a Registration Statement filed with the SEC, including
any prospectus subject to completion, and any such prospectus as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities and, in each case, by all other amendments
and supplements to such prospectus, including post-effective amendments, and in each case including all material incorporated by reference therein. 

“Registrable Securities” means, at any time, and with respect to any Holder, all ordinary shares without designation issued or issuable upon
conversion or exchange of the Preferred Shares, and ADS representing such ordinary shares; provided that “Registrable Securities” shall exclude (i) any ordinary shares without designation and ADS representing such ordinary shares sold
by a person to the public pursuant either to an effective registration statement under the Securities Act or Rule 144 under the Securities Act, and (ii) any ordinary shares without designation and ADS representing such ordinary shares sold by a
person in a transaction in which the applicable rights under clause 15 of the Shareholders’ Agreement are not assigned to a Permitted Transferee in accordance with the terms of this Agreement or for which registration rights have terminated.

 “Registration” means a registration with the SEC of the offer and sale to the public of ADS representing Ordinary Shares under a
Registration Statement. The terms “Register,” “Registered” and “Registering” shall have a correlative meaning. 

“Registration Statement” means any registration statement of the Company that registers any of the Registrable Securities under the
Securities Act, and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference
therein. 
 “Rule 144” means Rule 144 promulgated under the Securities Act or any successor rule thereto. 

“S-3” means such form under the Securities Act as in effect on the date of this Agreement or any
successor registration form under the Securities Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC in a similar or comparable
manner. 
 “SEC” means the United States Securities and Exchange Commission. 

“Securities Act” the United States Securities Act of 1933, as amended. 

  
 6 

 “Shareholders Agreement” means the Shareholders Agreement dated as of April 15, 2021,
among the Company and the Holders. 
 “Subsidiary”, “Subsidiary Undertaking” and “Parent Undertaking”
have the respective meanings set out in sections 1159 and 1162 of the Act; 
 “Holders’ Counsel” has the meaning set forth in
Section 6(a)(ii) hereof. 
 “Sofinnova” means Sofinnova Venture Partners X, L.P., a limited partnership incorporated in Delaware whose
registered office is at 3000 Sand Hill Road, Bldg. 4, Suite 250 Menlo Park, CA 94025 acting by its general partner Sofinnova Management X, L.L.C., a limited liability corporation incorporated in Delaware whose registered office is at 3000 Sand Hill
Road, Bldg. 4, Suite 250 Menlo Park, CA 94025. 
 “Syncona” means Syncona Portfolio Limited, a
non-cellular company limited by shares incorporated in Guernsey (registered number 62778) whose registered office is at Arnold House, St Julian’s Avenue, St Peter Port, Guernsey GYI 3RD. 

“Syncona Holdings” means Syncona Holdings Limited, a non-cellular company limited by shares
incorporated in Guernsey (registered number 62777) whose registered office is at Arnold House, St Julian’s Avenue, St Peter Port, Guernsey GYI 3RD; 

“Takedown Notice” has the meaning set forth in Section 3(a) hereof. 

“Tetragon” means Tetragon Financial Group Limited (registered number 43321) a public company, whose registered office is at Western
Suite Ground Floor Mill Court La Charroterie St Peter Port Guernsey GY1 1EJ. 
 “Transaction Documents” means this Agreement and the other
agreements, instruments and documents contemplated hereby and thereby, including each exhibit hereto and thereto. 
 “Trustees” in relation
to a Holder means the trustee or the trustees of a Family Trust. 
 “T. Rowe Investors” means (i) T. Rowe Price Health Sciences Fund,
Inc., (ii) Td Mutual Funds—Td Health Sciences Fund, (iii) T. Rowe Price Health Sciences Portfolio, (iv) T. Rowe Price New Horizons Fund, Inc., (v) T. Rowe Price New Horizons Trust, (vi) T. Rowe Price U.S. Equities Trust and
(vii) Massmutual Select Funds—Massmutual Select T. Rowe Price Small And Mid Cap Blend Fund, each being funds and/or accounts advised or subadvised by T. Rowe Price Associates, Inc. (with each a “T. Rowe Investor”). 

“UCEF Funds” means: 
  

	(i)	 the SEIS and/or EIS funds, each called the “University of Cambridge Enterprise Fund” (and
which, following the first such fund, are designated by consecutive Roman numerals); and/or 

  

	(ii)	 any SEIS and/or EIS syndicate investment, each called the “University of Cambridge Enterprise Fund
Syndicate” followed by the name of the investment (and which, following the first such syndicate, is designated by consecutive Roman numerals). 

“Underwritten Offering” means a Registration in which securities of the Company (including as may be represented by ADSs) are sold to an
underwriter or underwriters on a firm commitment basis for reoffering to the public in a widely distributed offering. 
 The “University”
means The Chancellor, Masters And Scholars Of The University Of Cambridge, whose administrative offices are at The Old Schools, Trinity Lane, Cambridge CB2 1TN. 

“University Group” means: 

  
 7 

	(i)	 the University and its subsidiaries; 

 

	(ii)	 the University Seed Funds; and 

 

	(iii)	 the CIC Group. 

“University Seed Funds” means the Cambridge Enterprise Seed Funds, the UCEF Funds and those funds established by CE or the University from
time to time to invest or co-invest in University spin-outs which are managed or operated by CE or to which CE is appointed representative or investment adviser (including any syndicate funds established to
allow UCEF investors to make follow-on investments). 
 “$” means the lawful currency of the United
States of America. 
 1.2 RULES OF CONSTRUCTION. The term “this Agreement” means this registration rights agreement together with
all schedules and exhibits hereto, as the same may from time to time be amended, modified, supplemented or restated in accordance with the terms hereof. The use in this Agreement of the term “including” means “including, without
limitation.” The words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole, including the schedules and exhibits, as the same may from time to time be amended,
modified, supplemented or restated, and not to any particular section, subsection, paragraph, subparagraph or clause contained in this Agreement. All references to sections, schedules and exhibits mean the sections of this Agreement and the
schedules and exhibits attached to this Agreement, except where otherwise stated. The title of and the section and paragraph headings in this Agreement are for convenience of reference only and shall not govern or affect the interpretation of any of
the terms or provisions of this Agreement. Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the
general statement to which it relates. Unless expressly provided otherwise, the measure of a period of one month or year for purposes of this Agreement shall be that date of the following month or year corresponding to the starting date,
provided that if no corresponding date exists, the measure shall be that date of the following month or year corresponding to the next day following the starting date. For example, one month following February 18 is March 18, and
one month following March 31 is May 1. 
 Section 2. DEMAND REGISTRATION. 

(a) At any time after one hundred eighty (180) days following the consummation of the IPO, for so long as any Registrable Securities are then outstanding,
a Holder or Holders holding in the aggregate at least twenty percent (20%) of the Registrable Securities then outstanding shall have the right to request that the Company file and cause to become effective a Registration Statement with the SEC on
the appropriate registration form for all or part of the Registrable Securities held by such Holder(s) once such Holder(s) are no longer subject to the lock-up applicable to them entered into in connection
with the IPO (which may be due to the expiration or waiver of such lock-up with respect to such Registrable Securities) (a “Demand Notice”) by delivering a written request to the Company
specifying the number of Registrable Securities such Holder(s) wish to Register and the intended method of distribution thereof (a “Demand Registration” and the Holder(s) submitting such Demand Registration, the “Initiating
Holder” or “Initiating Holders”, collectively). The Company shall (i) within 10 Business Days of the receipt of such request, give written notice of such Demand Registration (the “Company Notice”) to
all Holders other than the Initiating Holder(s) (the “Eligible Holders”), (ii) as soon as practicable, and in any event within forty-five (45) days of receipt of such request, file a Registration Statement in respect of such
Demand Registration, provided that all necessary documents for the registration can be obtained and prepared within such 45-day period; and (iii) use its reasonable best efforts to cause such
Registration Statement to become effective as soon as practicable thereafter. The Company shall include in such Registration all Registrable Securities that the Eligible Holders request to be included within the 10 Business Days following their
receipt of the Company Notice. If the method of distributing the offering is an underwritten public offering, the Company may designate in its sole discretion, the managing underwriter for such offering. 

(b) The Company shall not be obligated to file and use its reasonable best efforts to cause to become effective: (i) more than two Registration Statements
initiated pursuant to Section 2(a); or (ii) any Registration Statement pursuant to Section 2(a) (A) if the Company believes, in good faith, that it will file and cause to be effective a registration statement with respect to
Primary Securities (other than on Form F-4 or Form S-8 promulgated under the Securities 

  
 8 

 
Act or any successor forms thereto) within 60 days of such a demand or (B) if a registration statement with respect to Primary Securities (other than on Form
F-4 or Form S-8 promulgated under the Securities Act or any successor forms thereto) has been declared effective and not withdrawn in the prior 180 days; provided
that in connection with any such registration statement that has not been declared effective, the Company is in good faith using commercially reasonable efforts to cause such registration statement to become effective. The Registrable Securities
requested to be Registered pursuant to Section 2(a) (including, for the avoidance of doubt, the Registrable Securities of Eligible Holders requested to be registered) must represent an aggregate price to the public of Registrable Securities
that is reasonably expected to equal at least $10,000,000. 
 (c) With respect to any registration pursuant to Section 2(a), the Company may include in
such registration any Primary Securities or Other Securities; provided, however, that if the managing underwriter or underwriters formally advise(s) the Company in writing and with sufficient explanation that the inclusion of all
Registrable Securities, Primary Securities and Other Securities proposed to be included in such registration would interfere with the successful marketing (including, but not limited to, pricing) of all such securities, then the number of
Registrable Securities, Primary Securities and Other Securities proposed to be included in such registration shall be included in the following order: 

(i) first, the Registrable Securities held by the Holders requesting that their Registrable Securities be included in such registration
pursuant to Section 2(a), pro rata based upon the number of Registrable Securities owned by each such Holder at the time of such registration; provided, however, that the number of Registrable Securities held by the
Holders to be included in such underwriting shall not be reduced unless all Primary Securities and Other Securities are first entirely excluded from the underwriting, provided that for purposes of this Subsection 2(c) concerning apportionment, any
selling Holder and all Affiliates of that selling Holder shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable
Securities owned by all persons included in such “selling Holder,” as defined in this sentence; 
 (ii) second, the Primary
Securities; and 
 (iii) third, the Other Securities. 

(d) A requested registration under this Section 2 may be rescinded at any time prior to such registration being declared effective by the SEC by
written notice to the Company from those Holders who initiated the request, at their discretion; provided, however, that such rescinded registration shall not count as a registration initiated pursuant to this Section 2 for
purposes of Section 2(b)(i) above if (i) such request to rescind the registration is during a period the Company has deferred taking action pursuant to Section 2(b)(ii) above or Section 10 below or (ii) if the Company shall
have been reimbursed (pro rata by the Holders requesting registration or in such other proportion as they may agree) for all reasonable and documented
out-of-pocket expenses incurred by the Company in connection with such rescinded registration; provided, further, however, that if, at the time of
such rescission, the Holders who initiated the request shall have learned of an event that is, or is reasonably likely to result in, a Material Adverse Change from that known to such Holders at the time of their request and have withdrawn the
request with reasonable promptness after learning of such information then the Holders shall not be required to reimburse the Company for any out-of-pocket expenses
incurred by the Company in connection with such rescinded registration and such rescinded registration shall not count as a registration initiated pursuant to this Section 2 for purposes of clause (i) of subsection (b). 

(e) The Company shall be deemed to have effected a Registration for purposes of Section 2(a) only if the applicable Registration Statement (i) is
declared effective by the SEC or becomes effective upon filing with the SEC, or (ii) is withdrawn at the request of the requesting Holders (other than as a result of a Material Adverse Change to the Company). 

(f) In the event that the Company intends to effect a Registration for purposes of Section 2(a) by means of an Underwritten Offering, no Holder may
include Registrable Securities in such Registration unless such Holder, subject to the limitations set forth in Section 9, (i) agrees to sell its Registrable Securities on the basis provided in the applicable underwriting arrangements;
(ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required and in customary form under the terms of such underwriting arrangements and (iii) cooperates
with the Company’s reasonable and customary requests in connection with such Registration (it being understood that the Company’s failure to perform its obligations hereunder, which failure is caused by such Holder’s failure to
cooperate, will not constitute a breach by the Company of this Agreement). 

  
 9 

 Section 3. REGISTRATIONS ON FORM S-3 OR F-3. 
 (a) Subject to Section 3(b), at any time after the date hereof when the Company is eligible to Register
the applicable Registrable Securities on Form S-3 or Form F-3 (or a successor form), a Holder or Holders holding in the aggregate at least ten percent (10%) of the
Registrable Securities then outstanding is entitled to request a Demand Registration pursuant to which the Company shall, as soon as practicable and in any event within forty-five (45) days after the date such request is given, file and use its
commercially reasonable efforts to cause to become effective as soon as practicable thereafter a registration statement on Form S-3 or Form F-3 (or a successor thereto)
for all or part of the Registrable Securities on such Form S-3 or Form F-3 (or a successor thereto) pursuant to this Section 3 (a “Shelf
Registration”). For the avoidance of doubt, the requirement that (i) the Company deliver a Company Notice within 10 Business Days in connection with a Demand Registration and (ii) the right of Eligible Holders to request that
their Registrable Securities be included in a Registration Statement filed in connection with a Demand Registration, each as set forth in Section 2(a), shall apply to a Demand Registration that is effected as a Shelf Registration. There shall
be no limitations on the number of Shelf Registration or shelf takedowns pursuant to such Shelf Registrations; provided, however, that the Holders may not require the Company to effect more than two Shelf Registrations or cooperate in
more than two shelf takedowns pursuant to this Section 3 in a 12-month period. If any Initiating Holder holds Registrable Securities included on a Shelf Registration, it shall have the right to request
that the Company cooperate in a shelf takedown at any time, including an Underwritten Offering, by delivering a written request thereof to the Company specifying the kind and number of Registrable Securities such Initiating Holder wishes to include
in the shelf takedown (“Takedown Notice”). The Company shall (i) within five (5) Business Days of the receipt of a Takedown Notice, give written notice of such Takedown Notice to all Holders of Registrable Securities
included on such Shelf Registration (the “Company Takedown Notice”), and (ii) take all actions reasonably requested by the Initiating Holder who submitted the Takedown Notice, including the filing of a Prospectus supplement and
the other actions described in Section 6, in accordance with the intended method of distribution set forth in the Takedown Notice as expeditiously as practicable, and in any case, within 45 days of receipt of such Takedown Notice. If the shelf
takedown is an Underwritten Offering, the Company shall include in such Underwritten Offering all Registrable Securities that the Holders of Registrable Securities included in the Registration Statement for such Shelf Registration request be
included within the five Business Days following such Holders’ receipt of the Company Takedown Notice. The Registrable Securities requested to be included in a Shelf Registration or in a Takedown Notice must represent a price to the public of
Registrable Securities that is reasonably expected to equal at least $5,000,000. With respect to any Shelf Registration and subsequent shelf takedown pursuant to this Section 3(a), the Company may include in such Shelf Registration or shelf
takedown any Primary Securities or Other Securities; provided, however, that if in connection with any shelf takedown the managing underwriter or underwriters formally advise(s) the Company in writing and with sufficient explanation
that the inclusion of all Registrable Securities, Primary Securities and Other Securities proposed to be included in such shelf takedown would interfere with the successful marketing (including, but not limited to, pricing) of all such securities,
then the number of Registrable Securities, Primary Securities and Other Securities proposed to be included in such shelf takedown shall be included in the following order: 

(i) first, the Registrable Securities held by the Holders requesting that their Registrable Securities be included in such shelf takedown
pursuant to Section 3(a), pro rata based upon the number of Registrable Securities owned by each such Holder and included in the Shelf Registration at the time of such shelf takedown; provided, however, that the
number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all Primary Securities and Other Securities are first entirely excluded from the underwriting, provided that for purposes of this
Subsection 3(a) concerning apportionment, any selling Holder and all Affiliates of that selling Holder shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be
based upon the aggregate number of Registrable Securities included in the Shelf Registration owned by all persons included in such “selling Holder,” as defined in this sentence; 

(ii) second, the Primary Securities; and 

(iii) third, the Other Securities. 

  
 10 

 (b) The Company shall not be obligated file and use its commercially reasonable efforts to cause to become
effective any Shelf Registration Statement or to cooperate in any shelf takedown pursuant to Section 3(a) (i) if the Company believes, in good faith, that it will file and cause to be effective a registration statement with respect to
Primary Securities (other than on Form F-4 or Form S-8 promulgated under the Securities Act or any successor forms thereto) within 30 days of such a demand or
(ii) if a registration statement with respect to Primary Securities (other than on Form F-4 or Form S-8 promulgated under the Securities Act or any successor forms
thereto) has been declared effective and not withdrawn in the prior 90 days; provided that in connection with any such registration statement that has not been declared effective, the Company is in good faith using commercially reasonable
efforts to cause such registration statement to become effective. 
 (c) A requested registration under this Section 3 may be rescinded at any time
prior to such registration being declared effective by the SEC by written notice to the Company from those Holders who initiated the request, at their discretion; provided, however, that such rescinded registration shall not count as a
registration initiated pursuant to this Section 3 for purposes of this subsection (c) if (i) such request to rescind the registration is during a period the Company has deferred taking action pursuant to Section 3(b) above or
Section 10 below or (ii) if the Company shall have been reimbursed (pro rata by the Holders requesting registration or in such other proportion as they may agree) for all reasonable and documented out-of-pocket expenses incurred by the Company in connection with such rescinded registration; provided, further, however, that if, at the time of such rescission, the Holders who
initiated the request shall have learned of an event that is, or is reasonably likely to result in, a Material Adverse Change from that known to such Holders at the time of their request and have withdrawn the request with reasonable promptness
after learning of such information then the Holders shall not be required to reimburse the Company for any out-of-pocket expenses incurred by the Company in connection
with such rescinded registration and such rescinded registration shall not count as a registration initiated pursuant to this Section 3 for purposes of subsection (c). 

Section 4. PIGGYBACK REGISTRATION. 
 (a) If the
Company at any time proposes, for any reason, to file a Registration Statement on Form S-1, F-1, F-3 or S-3 promulgated under the Securities Act or any successor forms thereto, to register any Primary Securities or Other Securities under the Securities Act (other than (i) on Form
F-4 or Form S-8 promulgated under the Securities Act or any successor forms thereto or (ii) to register any Primary Securities in connection with the IPO), it shall
promptly give written notice to each holder of its intention so to register such Primary Securities or Other Securities and, upon the written request, given no later than 10 Business Days prior to such registration of Primary Securities or Other
Securities, of any such Holder to include in such registration Registrable Securities owned by such Holder (which request shall specify the number of the Registrable Securities proposed to be included in such registration), the Company shall cause
all such Registrable Securities to be included in such registration on the same terms and conditions as the securities otherwise being sold in such registration (such registration, a “Piggyback Registration”); provided,
however, that if such registration is an Underwritten Offering and the managing underwriter formally advises the Company in writing and with sufficient explanation that the inclusion of all Primary Securities, Registrable Securities and Other
Securities proposed to be included in such registration would interfere with the successful marketing (including pricing) of the ADSs proposed to be registered by the Company, then the number of Primary Securities, Registrable Securities and Other
Securities proposed to be included in such registration shall be included in the following order: 
 (i) first, Primary Securities; 

(ii) second, Registrable Securities held by the Holders requesting that Registrable Securities be included in such registration, pro
rata based upon the number of Registrable Securities owned by each such Holder at the time of such registration, provided that for purposes of this Section 4(a) concerning apportionment, any selling Holder and all Affiliates of that
selling Holder shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all persons included in
such “selling Holder,” as defined in this sentence; provided, however that the Company and the underwriters in such a transaction may reduce the number of Registrable Securities proposed to be registered to a minimum of 25%
of the total number of securities to be registered pursuant to any such Piggyback Registration; and 

  
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 (iii) third, the Other Securities held by shareholders requesting that Other Securities be
included in such registration, pro rata based on the number of Other Securities owned by each such shareholder at the time of such registration of Other Securities (or among such shareholders in such other proportion as they shall otherwise
agree); 
 provided, further, however, that if, at any time after giving written notice of its intention to Register any
securities pursuant to this Section 4 and prior to the effective date of the Registration Statement filed in connection with such Registration, the Company shall determine for any reason not to Register or to delay Registration of such
securities, the Company may, at its election, give written notice of such determination to each such Holder and, thereupon, (i) in the case of a determination not to Register, shall be relieved of its obligation to Register any Registrable
Securities in connection with such Registration and shall have no liability to any Holder in connection with such termination, and (ii) in the case of a determination to delay Registration, shall be permitted to delay Registering any
Registrable Securities for the same period as the delay in Registering such other Registrable Securities 
 (b) For the avoidance of doubt, no Registration
effected under this Section 4 shall relieve the Company of its obligations to effect any Demand Registration under Section 2 or 3 (for the avoidance of doubt, subject to the limitations on registration set forth in Sections 2(b), 3(b) and
10 hereof). If the offering pursuant to a Registration Statement pursuant to this Section 4 is to be an Underwritten Offering, then each Holder making a request for a Piggyback Registration pursuant to this Section 4 shall, and the Company
shall use reasonable best efforts to coordinate arrangements with the underwriters so that each such Holder may, participate in such Underwritten Offering. If the offering pursuant to such Registration Statement is to be on any other basis, then
each Holder making a request for a Piggyback Registration pursuant to this Section 4 shall, and the Company shall use reasonable best efforts to coordinate arrangements so that each such Holder may, participate in such offering on such basis.
If the Company files a Shelf Registration for its own account and/or for the account of any other Persons, the Company agrees that it shall use its reasonable best efforts to include in such Registration Statement such disclosures as may be required
by Rule 430B under the Securities Act in order to ensure that the Holders may be added to such Shelf Registration at a later time through the filing of a Prospectus supplement rather than a post-effective amendment. Any such Holder may withdraw its
request for inclusion at any time prior to executing the underwriting agreement, or if none, prior to the applicable registration statement or prospectus supplement, as applicable, being filed publicly with the SEC. For certainty, any such Holder
who has withdrawn its request for inclusion shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to
offerings of its securities, all upon the terms and conditions set forth herein. 
 Section 5. RULE 144 REPORTING. 

With a view to making available to the Holders the benefits of Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to
sell securities of the Company to the public without registration or pursuant to a registration on Form S-3 or Form F-3 (or a successor thereto), the Company shall use
commercially reasonable efforts to: 
 (a) make and keep available adequate current public information, as those terms are understood and defined in Rule
144, at all times after the effective date of the registration statement filed by the Company for the IPO; 
 (b) file with the SEC in a timely manner all
reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 

(c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request to the extent accurate, a written statement by the
Company that it has complied with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at
any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 or Form
F-3 (or a successor thereto) (at any time after the Company so qualifies). 

  
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 Section 6. PREPARATION AND FILING. 

(a) If and whenever the Company is under an obligation pursuant to the provisions of this Agreement to effect the registration of Registrable Securities, the
Company shall, as expeditiously as practicable, and to the fullest extent permitted by applicable law: 
 (i) prepare and file with the SEC a
Registration Statement that registers such Registrable Securities and use its commercially reasonable efforts to cause such Registration Statement (or any post-effective amendment thereto) to become effective as promptly as practicable, and remain
effective for a period of 120 days or until the distribution contemplated in such Registration Statement of all of such Registrable Securities have been completed (if earlier); provided, however, that: such 120 day period shall be
extended for a period of time equal to the period a Holder refrains, at the request of an underwriter of the Company, from selling any securities included in such registration; provided, further, in the case of any registration of
Registrable Securities on Form S-3 or Form F-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such
Registration Statement shall be kept effective until the earlier of such time as all such Registrable Securities are sold or such time as all Registrable Securities registered on such Registration Statement are eligible to be sold pursuant to Rule
144 without limitation thereunder as to volume or manner of sale; 
 (ii) furnish, in reasonable advance of any public filing, drafts of a
Registration Statement that registers Registrable Securities, a Prospectus relating thereto and any amendments or supplements relating to such Registration Statement or Prospectus, to one special counsel selected by a Holder Majority (the
“Holders’ Counsel”) copies of all such documents proposed to be filed, and consider in good faith any comments of any Holder selling Registrable Securities and their respective counsel on such documents; 

(iii) prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection
therewith as may be necessary to keep such Registration Statement effective for the lesser of the period required pursuant to clause (i) of this Section 6(a) or until all of the Registrable Securities have been disposed of (if earlier) and
to comply with the provisions of the Securities Act with respect to the sale or other disposition of such Registrable Securities; 
 (iv)
notify the Holders’ Counsel promptly in writing (A) of any comments by the SEC with respect to such Registration Statement or Prospectus, or any request by the SEC for the amending or supplementing thereof or for additional information
with respect thereto, (B) of the effectiveness of such Registration Statement or any amendment thereto or of the filing of such Prospectus or any supplement thereto and the issuance by the SEC of any stop order suspending the effectiveness of
such Registration Statement or any amendment thereto or the initiation of any proceedings for that purpose and (C) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable
Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purposes; 
 (v) use its commercially
reasonable efforts to register or qualify, or obtain exemption from the registration or qualification requirements for, Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller of the Registrable
Securities reasonably requests and take any and all other measures and do all other things which may be reasonably necessary or advisable to enable such seller of the Registrable Securities to consummate the disposition thereof in such
jurisdictions; provided, however, that the Company will not be required to qualify generally to do business, subject itself to general taxation or consent to general service of process in any jurisdiction where it would not otherwise
be required so to do but for this clause (v); 
 (vi) use its commercially reasonable efforts to prevent the issuance of any stop order or
other suspension of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, use its commercially reasonable
efforts to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the Holders of the issuance of any such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any
proceeding for such purpose; 
 (vii) furnish without charge to each seller of the Registrable Securities such number of copies of any
Prospectus, including a preliminary Prospectus, in conformity with the requirements of the Securities Act, and such other documents as such seller of the Registrable Securities may reasonably request in order to facilitate the public sale or other
disposition of the Registrable Securities; 

  
 13 

 (viii) prepare, file and/or make available to the public and/or Holders any documents that
comply with all relevant applicable regulations and that do not have any material omissions or misstatements; 
 (ix) notify on a timely
basis each seller of the Registrable Securities at any time when a Prospectus relating to the Registrable Securities is required to be delivered under the Securities Act within the appropriate period mentioned in clause (i) of Section 6(a)
of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the circumstances then existing, promptly prepare and file a supplement or amendment to such Prospectus as may be necessary so that, as supplemented or amended, such Prospectus
shall cease to include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made; 

(x) make available for inspection by any seller of the Registrable Securities, any underwriter participating in any disposition pursuant to
such Registration Statement and any attorney, accountant or other representative retained by any such seller or underwriter, all pertinent financial, business and other records and documents as shall be reasonably necessary to enable them to conduct
appropriate due diligence, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or other representative in connection with such
Registration Statement; 
 (xi) use its commercially reasonable efforts to obtain from its independent certified public accountants a
“comfort” letter in customary form and covering such matters of the type customarily covered by comfort letters; 
 (xii) use its
commercially reasonable efforts to provide (A) a legal opinion of the Company’s outside counsel dated the effective date of such registration statement addressed to the Company and to each Holder selling Registrable Securities addressing
the validity of the Registrable Securities being offered thereby, (B) on the date that such Registrable Securities are delivered to the underwriters for sale, if such Registrable Securities are being sold through underwriters, or, if such
Registrable Securities are not being sold through underwriters, on the closing date of the applicable sale, (1) one or more legal opinions of the Company’s outside counsel, dated such date, in form and substance as customarily given to
underwriters in an underwritten public offering or, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the Registrable Securities
and (2) one or more “negative assurances letters” of the Company’s outside counsel, dated such date, in form and substance as is customarily given to underwriters in an underwritten public offering or, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the Registrable Securities, in each case, addressed to the underwriters, if any, or, if requested, in
the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the Registrable Securities and (C) customary certificates executed by
authorized officers of the Company as may be requested by any Holder or any underwriter of such Registrable Securities; 
 (xiii) obtain the
approval of all Governmental Authorities and self-regulatory bodies as may be necessary to effect the registration of the Registrable Securities and consummate the disposition of such Registrable Securities pursuant to the Registration Statement;

 (xiv) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and request the
registrar to provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

(xv) list the Registrable Securities on any United States national securities exchange on which any ADSs are listed; 

(xvi) notify each Holder, promptly after the Company receives notice thereof, of the time when such Registration Statement has been declared
effective or a supplement to any Prospectus forming a part of such Registration Statement has been filed; 

  
 14 

 (xvii) after such Registration Statement becomes effective, notify each Holder of any
request by the SEC that the Company amend or supplement such registration statement or Prospectus; 
 (xviii) make available one or more
senior executives for participation in roadshows and other marketing activities in connection with any Underwritten Offering as the Company and the underwriters for such offering may reasonably agree, but in any event subject to the limitation that
such officer’s or officers’ participation shall not negatively interfere with the Company’s normal course of business; and 

(xix) otherwise use its commercially reasonable efforts to take all other steps necessary to effect the registration of the Registrable
Securities contemplated hereby. 
 (b) Each Holder of Registrable Securities that sells Registrable Securities pursuant to a registration under this
Agreement agrees that during such time as such seller may be engaged in a distribution of the Registrable Securities, such seller shall comply with Regulation M promulgated under the Exchange Act and pursuant thereto it shall, among other things:
(i) distribute the Registrable Securities under the Registration Statement solely in the manner described in the Registration Statement covering such Registrable Securities; and (ii) cease distribution of the Registrable Securities
pursuant to such Registration Statement upon receipt of written notice from the Company that the Prospectus covering the Registrable Securities contains any untrue statement of a material fact or omits a material fact required to be stated therein
or necessary to make the statements therein not misleading. 
 Section 7. EXPENSES. 

All expenses incurred by the Company in complying with Section 5, including all registration and filing fees (including all expenses incident to filing
with FINRA), fees and expenses of complying with securities and blue sky laws, printing expenses, fees and expenses of the Company’s counsel and accountants and fees, as well as the reasonable fees and expenses of Holders’ Counsel not to
exceed $50,000 (the “Holders’ Counsel Reimbursement Cap”) shall be paid by the Company to the fullest extent permitted by applicable law. All expenses incurred by any Holder in connection with any sale of Registrable Securities
under this Agreement, including share transfer taxes and the underwriting discounts and commissions and brokerage fees and expenses incurred in connection with the sale of Registrable Securities by any Holder, such Holder’s pro
rata share of the fees and expenses of Holders’ Counsel in excess of the Holders’ Counsel Reimbursement Cap and the out-of-pocket expenses incurred by
the Company for which the Holders are responsible, if any, pursuant to Sections 2(d) and 3(c), shall be paid by such Holder, except that the Company shall pay the reasonable fees and expenses of Company’s counsel in each relevant jurisdiction,
to the extent required by the underwriters or the rules and regulations of the SEC to deliver an opinion or other documentation in connection with an offering, in any offerings pursuant to Section 2, 3 or 4. 

Section 8. INDEMNIFICATION. 
 (a) In connection with
any registration of Registrable Securities under the Securities Act pursuant to this Agreement, the Company will, and hereby agrees to, and hereby does, indemnify and hold harmless, to the fullest extent permitted by applicable law the seller of
such Registrable Securities, and each other Person, if any, who controls such seller and each officer, director, partner, member and registered investment advisor or subadvisor of any of the foregoing Persons (each an “Indemnified
Seller”), against any losses, claims, damages or liabilities, joint or several, to which any of the foregoing Persons become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement under which Registrable Securities were registered, any preliminary Prospectus or final
Prospectus contained therein, any amendment or supplement thereto, any free writing prospectus or any document incident to registration or qualification of Registrable Securities, including any marketing materials, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading or, with respect to any Prospectus, necessary to make the statements therein in light of the
circumstances under which they were made not misleading, and the Company shall promptly reimburse, to the fullest extent permitted by applicable law, such Indemnified Seller for any reasonable legal or other expenses actually incurred by any of them
in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company shall not be liable to any such Indemnified Seller to the extent that any such loss, claim, damage or
liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in said Registration Statement, preliminary Prospectus, amendment, supplement, free writing prospectus or document incident
to registration or qualification of any Registrable Securities in reliance upon and in conformity with written information furnished to the Company by such Indemnified Seller, or a Person duly acting on its behalf, specifically for use in the
preparation thereof. 

  
 15 

 (b) In connection with any registration of Registrable Securities under the Securities Act pursuant to this
Agreement, each seller of Registrable Securities shall, severally and not jointly, indemnify and hold harmless the Company, to the fullest extent permitted by applicable law, each other seller of Registrable Securities under such registration, each
Person who controls any of the foregoing Persons within the meaning of the Securities Act and each officer, director, partner, and member of any of the foregoing Persons, against any losses, claims, damages or liabilities to which any of the
foregoing Persons may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement under which Registrable Securities were registered, any preliminary Prospectus or final Prospectus contained therein, any amendment or supplement thereto, any free writing prospectus or any
document incident to registration or qualification of any Registrable Securities, if such statement or omission was made in reliance upon and in conformity with written information furnished to the Company by such seller specifically for use in
connection with the preparation of such Registration Statement, preliminary Prospectus, final Prospectus, amendment or supplement; provided, however, that the maximum amount of liability in respect of such indemnification shall be
limited, in the case of each seller of Registrable Securities, to an amount equal, when combined with the amount of any contribution under Section 8(d) below, to the net proceeds (after the payment of underwriting discounts and commissions)
actually received by such seller from the sale of Registrable Securities effected pursuant to such registration. 
 (c) Promptly after receipt by an
indemnified party of notice of the commencement of any action involving a claim referred to in the preceding paragraphs of this Section 8, such indemnified party will, if a claim in respect thereof is made against an indemnifying party, give
written notice to the latter of the commencement of such action; provided, however, that an indemnified party’s failure to give such notice in a timely manner shall only relieve the indemnification obligations of an indemnifying
party to the extent such indemnifying party is prejudiced or harmed by such failure. In case any such action is brought against an indemnified party, the indemnifying party will be entitled to participate in and to assume the defense thereof,
jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to
assume the defense thereof, the indemnifying party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof; provided, however, that if any
indemnified party shall have reasonably concluded that there may be one or more legal or equitable defenses available to such indemnified party that conflict with those available to the indemnifying party, the indemnifying party shall not have the
right to assume the defense of such action on behalf of such indemnified party and such indemnifying party shall reimburse such indemnified party and any Person controlling such indemnified party for that portion of the reasonably incurred and
documented fees and expenses of any one lead counsel (plus one local counsel) retained by the indemnified party in connection with the matters covered by the indemnity agreement provided in this Section 8. If the defense is assumed by
the indemnifying party, the indemnifying party shall not be liable for any settlement of any action, claim or proceeding effected by the indemnified party without its prior written consent; provided, however, that the indemnifying
party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the indemnified party, consent to entry of any judgment or enter into any settlement or other compromise which
does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such action, claim or proceeding. 

(d) If, other than for the reason set forth in the proviso to the first sentence in Section 8(c), the indemnification provided for in this Section 8
is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, claim, damage or liability referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder,
shall, to the fullest extent permitted by applicable law contribute to the amounts paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such loss, claim, damage or liability as well as any other relevant equitable considerations;
provided, however, that the maximum amount of liability in respect of such contribution shall be limited, in the case of each seller of Registrable Securities, when combined with the amount of any indemnification pursuant to
Section 8(b) above, to an amount 

  
 16 

 
equal to the net proceeds (after the payment of underwriting discounts and commissions) actually received by such seller from the sale of Registrable Securities effected pursuant to such
registration. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material
fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to in this Section 8(d). Further, no Person guilty of fraudulent misrepresentation (within the meaning of Section 10(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. 
 (e) The indemnification and contribution provided for under this Agreement will be in addition to any other rights to indemnification
or contribution that any indemnified party may have pursuant to law or contract (and the Company and its subsidiaries shall be considered the indemnitors of first resort in all such circumstances to which this Section 8 applies) and will remain
in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party. 

Section 9. UNDERWRITING AGREEMENT. 
 (a)
Notwithstanding the provisions of Sections 7 and 8, to the extent that the Holders selling Registrable Securities in a proposed registration shall, to the fullest extent permitted by applicable law, enter into an underwriting or similar agreement,
which agreement contains provisions covering one or more issues addressed in such Sections of this Agreement (it is understood and agreed that, for purposes of this clause (a), any indemnification provisions in any such underwriting or similar
agreement that does not provide for the indemnification by the Company of a seller of Registrable Securities and other Persons or the indemnification by the seller of Registrable Securities of the Company and other Persons shall not supersede
Section 8(a) or 8(b) above), the provisions contained in such Sections of this Agreement addressing such issue or issues shall be of no force or effect with respect to such registration, but this provision shall not apply to the Company if the
Company is not a party to the underwriting or similar agreement. 
 (b) If any registration pursuant to Sections 2 or 3 is requested to be an Underwritten
Offering, the Company shall negotiate in good faith to enter into a reasonable and customary underwriting agreement with the underwriters thereof. The Company shall, to the fullest extent permitted by applicable law, be entitled to receive
indemnities from lead institutions, underwriters, dealer managers and similar securities industry professionals participating in the distribution, to the same extent as provided above with respect to information so furnished in writing by such
Persons specifically for inclusion in any Prospectus or Registration Statement and to the extent customary given their role in such distribution. 
 (c) No
Holder may participate in any registration hereunder that is underwritten unless such Holder agrees to (i) sell Registrable Securities proposed to be included therein on the basis provided in any underwriting arrangements acceptable to the
Company and a Holder Majority and (ii) as expeditiously as possible, notify the Company of the occurrence of any event concerning such Holder as a result of which the Prospectus relating to such registration contains an untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. Notwithstanding the foregoing, no Holder shall be
required to make any representations or warranties to the Company or the underwriters (other than representations and warranties regarding (i) such Holder’s ownership of Registrable Securities to be transferred free and clear of all liens,
claims and encumbrances created by such Holder, (ii) such Holder’s power and authority to effect such transfer, (iii) such matters pertaining to such Holder’s compliance with securities laws as reasonably may be requested and
(iv) such Holder’s intended method of distribution) or to undertake any indemnification obligations to the Company with respect thereto, except as otherwise provided in Section 8 hereof. 

  
 17 

 Section 10. SUSPENSION. 

Anything contained in this Agreement to the contrary notwithstanding, the Company may by notice in writing to each Holder of Registrable Securities to which a
Prospectus relates, delay, for up to 90 calendar days (the “Delay/Suspension Period”), the filing or the effectiveness of any Registration Statement filed (or to be filed) under Section 2, 3 or 4 or require such Holder to
suspend, for up to the Delay/Suspension Period the use of any Prospectus included in a Registration Statement filed under Sections 2, 3 or 4 if at the time of such delay or suspension, the Company furnishes to the requesting Holders a certificate
signed by the Company’s chief executive officer stating that in the good faith judgment of the Board, the Board considers that it would be materially detrimental for the Registration Statement to become or remain effective because such action
would: (a) interfere with a Material Transaction, (b) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential or (c) render the Company unable
to comply with requirements under the Securities Act or the Exchange Act; provided that the Company shall not register any securities for its own account or that of any other shareholder during the Delay/Suspension Period; and
provided, further, that the Company may not invoke this right more than once in any 12 month period. The period during which such registration must remain effective shall be extended by a period equal to the Delay/Suspension Period.
The Company may (but shall not be obligated to) withdraw the effectiveness of any Registration Statement subject to this provision. 
 Section 11.
INFORMATION BY HOLDER. 
 Each Holder of Registrable Securities to be included in any registration shall promptly furnish to the Company and the
managing underwriter such customary written information regarding such Holder and the distribution proposed by such Holder as the Company or the managing underwriter may reasonably request in writing at least four Business Days prior to the first
anticipated filing date of any Registration Statement or amendment thereto, or Prospectus, as applicable, and as shall be reasonably required in connection with any registration, qualification or compliance referred to in this Agreement. It is
understood and agreed that the obligations of the Company under Sections 2, 3 and 4 with respect to any particular Holder are conditioned on the timely provisions of the foregoing information by each such Holder and, without limitation of the
foregoing, will be conditioned on compliance by each such Holder with the following: 
 (a) each such Holder will, and will cause its Affiliates to,
cooperate with the Company as reasonably requested by the Company in connection with the preparation of the applicable registration statement, and for so long as the Company is obligated to keep such registration statement effective, such Holder
will and will cause its Affiliates to, provide to the Company, in writing and in a timely manner, for use in such registration statement (and expressly identified in writing as such), all customary information reasonably requested by the Company
regarding itself and its Affiliates and such other customary information as may reasonably be requested by the Company or required by applicable law to enable the Company to prepare such registration statement and the related prospectus covering the
Registrable Securities owned by such Holder and to maintain the currency and effectiveness thereof; 
 (b) each such Holder shall, and it shall cause its
Affiliates to, supply to the Company, its representatives and agents in a timely manner any customary information regarding itself and its Affiliates as the Company, its representatives or agents may be reasonably requested to provide in connection
with the offering or other distribution of Registrable Securities by such Holder; and 
 (c) on receipt of written notice from the Company upon the
occurrence of any of the events specified in Section 10, or that requires the suspension by such Holder and its Affiliates of the distribution of any Registrable Securities owned by such Holder pursuant to applicable law, then such Holder
shall, and it shall cause its Affiliates to, cease offering or distributing such Registrable Securities owned by such Holder until the offering and distribution of Registrable Securities owned by such Holder may recommence in accordance with the
terms hereof and applicable law. 
 Section 12. TERMINATION. 

This Agreement shall terminate and be of no further force or effect when (i) there shall not be any Registrable Securities, (ii) upon the occurrence
of a Deemed Liquidation Event or Asset Sale or (iii) all Registrable Securities are eligible to be sold pursuant to Rule 144 without limitation thereunder as to volume or manner of sale; provided, however, that Sections 8 and 9
shall survive the termination of this Agreement. In addition, the Company shall have no obligation pursuant to this Agreement with respect to any Registrable Securities proposed to be sold by a Holder in a Registration pursuant to this Agreement if
all such securities proposed to be sold by such Holder are eligible to be sold pursuant to Rule 144 without limitation thereunder as to volume or manner of sale. 

  
 18 

 Section 13. LIMITATION ON OTHER REGISTRATION RIGHTS. 

The Company agrees that it shall not enter into any agreement with any holder or prospective holder of any securities of the Company that is not a party to
this Agreement so long as any Registrable Securities are outstanding without the consent of a Holder Majority (i) that would allow such holder or prospective holder to include such securities in any Demand Registration, Shelf Registration or
Piggyback Registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that their inclusion would not reduce the amount of the Registrable
Securities of the Holders included therein or (ii) on terms otherwise more favorable than this Agreement. 
 Section 14. MISCELLANEOUS.

 14.1 NOTICES. All notices or other communications required or permitted hereunder shall be given in writing and given by certified or registered
mail, return receipt requested, nationally recognized overnight delivery service, such as Federal Express, facsimile or e-mail with confirmation of transmission by the transmitting equipment or personal
delivery against receipt to the party to whom it is given, in each case, at such party’s address, facsimile number or e-mail address set forth below or such other address, facsimile number or e-mail address as such party may hereafter specify by notice to the other parties hereto given in accordance herewith. Any such notice or other communication shall be deemed to have been given as of the date so
personally delivered or transmitted by facsimile, e-mail or like transmission (or, if delivered or transmitted after normal business hours, on the next Business Day): 

if to the Company, to: 
 Gyroscope Therapeutics Holdings plc 

Stevenage Bioscience Catalyst 
 Gunnels Wood Road 

Stevenage, Hertfordshire, SG1 2FX 
 United Kingdom 

Telephone: + 44 (0)1438 906770 

e-mail: e.johnston@gyroscopetx.com 

Attention: Elaine Johnston 
 with a copy to: 

Davis Polk & Wardwell LLP 
 450 Lexington Avenue 

New York, NY 10017 
 Telephone: +1 (212) 450 4389 

e-mail: yasin.keshvargar@davispolk.com; donald.lang@davispolk.com 

Attention: Yasin Keshvargar; Donald K. Lang 
 if to a Holder, to
its address on a signature page hereto or, if none, in the books of the Company. 
 14.2 ASSIGNMENT. Except as otherwise expressly provided herein,
this Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective heirs (in the case of any individual), successors and permitted assigns; provided, however, that
neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned by any Holder without the prior written consent of the Company; provided, further, however, that, notwithstanding the provisions of
the foregoing proviso, to the extent that any Holder transfers any Registrable Securities to any Permitted Transferee in a transaction that does not violate the Articles and is otherwise permissible under applicable law, such Holder may transfer and
assign, without the prior written consent of the Company, its rights, interests or obligations hereunder with respect to such Registrable Securities hereunder to such Permitted Transferee. 

  
 19 

 Notwithstanding the foregoing, in each case, if such transfer is subject to covenants, agreements or other
undertakings restricting transferability thereof, the registration rights provided for hereunder shall not be transferred in connection with such transfer unless such transferee complies with all such covenants, agreements and other undertakings.

 Any purported assignment or delegation in violation of this Agreement shall be null and void ab initio. 

14.3 ENTIRE AGREEMENT. This Agreement embodies the entire agreement and understanding of the parties and their respective Affiliates with respect to the
transactions contemplated hereby and supersedes and cancels all prior written or oral commitments, arrangements or understandings with respect thereto. There are no restrictions, agreements, promises, warranties, covenants or undertakings with
respect to the transactions contemplated hereby other than those expressly set forth in this Agreement. 
 14.4 MODIFICATIONS, AMENDMENTS AND WAIVERS.
This Agreement may not be modified or amended except by an instrument or instruments in writing that expressly states that it is modifying or amending this Agreement and that is signed by the Company and a Holder Majority. Any party hereto (or a
Holder Majority) may, only by an instrument in writing that expressly states that it is waiving compliance with this Agreement, waive compliance by any other party or parties hereto with any term or provision hereof on the part of such other party
or parties hereto to be performed or complied with. Notwithstanding the foregoing, the terms and conditions of this Agreement as they apply to any Holder of the Company’s securities or related parties may not be modified or amended in any
manner that results in a non-pro rata material adverse effect on the rights of such Holder without the prior written consent of such Holder. No failure or delay of any party in exercising any right or remedy hereunder shall operate as
a waiver thereof, nor will any single or partial exercise of any right or power, or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or
power. The waiver by any party hereto of a breach of any term or provision hereof shall not be construed as a waiver of any subsequent breach. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or
remedies that they would otherwise have hereunder. 
 14.5 COUNTERPARTS. This Agreement may be executed in one or more counterparts, all of which
shall be considered one and the same agreement and each of which shall be deemed an original, and will become effective when one or more counterparts have been signed by a party and delivered to the other parties. Copies of executed counterparts
transmitted by telecopy, telefax or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 14.5, provided that receipt of copies of such counterparts is confirmed. 

14.6 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK THAT APPLY TO CONTRACTS MADE
AND PERFORMED ENTIRELY IN SUCH STATE. 
 14.7 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. Each party to this Agreement, for itself and its
Affiliates, hereby irrevocably and unconditionally: 
 (a) (i) agrees that any suit, action or proceeding instituted against it by any other party with
respect to this Agreement may be instituted, and that any suit, action or proceeding by it against any other party with respect to this Agreement shall be instituted, only in the courts of the State of New York, located in New York County or the
U.S. District Court for the Southern District of New York (and appellate courts from any of the foregoing) as the party instituting such suit, action or proceeding may in its sole discretion elect, (ii) consents and submits, for itself and its
property, to the jurisdiction of such courts for the purpose of any such suit, action or proceeding instituted against it by any other party and (iii) agrees that a final judgment in any such suit, action or proceeding shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law; 
 (b) agrees that service of all writs, process and
summonses in any suit, action or proceeding pursuant to Section 14.7(a) may be effected by the mailing of copies thereof by registered or certified mail, postage prepaid, to the Company or the applicable Holder, as the case may be, at the
addresses for notices pursuant to Section 14.1 (with copies to such other Persons as specified therein); provided, however, that: (i) the Company agrees that the documents which start any proceedings and any other documents
required to be served in relation to those 

  
 20 

 
proceedings may be served on it by being delivered to Gyroscope Therapeutics, Inc. or, if different, its registered office for the time being, and if such Person is not or ceases to be
effectively appointed to accept service of process on behalf of the Company, the Company shall, appoint a further person in New York to accept service of process on its behalf and, failing such appointment within 30 days, the Holders jointly shall
be entitled to appoint such a person by written notice addressed to the Company and delivered to the Company; provided, however, that a copy of any such documents shall in each instance be delivered to Davis Polk & Wardwell
LLP at the address provided in Section 14.1, above; and (ii) nothing contained in this Section 14.7 shall affect the right of the Company or any Holder to serve process in any other manner permitted by law; 

(c) (i) waives any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement brought in any court specified in Section 14.7(a), (ii) waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum and (iii) agrees not to plead or claim either
of the foregoing; 
 (d) WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH
DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY; and 
 (e) to the extent it has or hereafter may acquire any immunity from jurisdiction of any
court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself, or its property, hereby irrevocably waives such immunity in respect of
its obligations with respect to this Agreement. 
 14.8 SEVERABILITY. To the fullest extent permissible under applicable law, the parties hereto
hereby waive any provision of law which renders any provision of this Agreement invalid, illegal or unenforceable in any respect. Such parties further agree that any provision of this Agreement which, notwithstanding the preceding sentence, is
rendered or held invalid, illegal or unenforceable in any respect in any jurisdiction shall be ineffective, but such ineffectiveness shall be limited as follows: (a) if such provision is rendered or held invalid, illegal or unenforceable in
such jurisdiction only as to a particular Person or Persons or under any particular circumstance or circumstances, such provision shall be ineffective, but only in such jurisdiction and only with respect to such particular Person or Persons or under
such particular circumstance or circumstances, as the case may be; (b) without limitation of clause (a), such provision shall in any event be ineffective only as to such jurisdiction and only to the extent of such invalidity, illegality or
unenforceability, and such invalidity, illegality or unenforceability in such jurisdiction shall not render invalid, illegal or unenforceable such provision in any other jurisdiction; and (c) without limitation of clause (a) or (b), such
ineffectiveness shall not render invalid, illegal or unenforceable this Agreement or any of the remaining provisions hereof. 
 14.9 NO THIRD PARTY
BENEFICIARY. Except for the Persons indemnified pursuant to Section 8(a) or 8(b), this Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is
intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement, except that any nominee holding Registrable Securities beneficially for an Investor may
enforce this Agreement as if it were a Holder, provided, however, that (i) the name of any such nominee shall be previously disclosed to the Company in writing, and (ii) such nominee will have no investment discretion with
respect to the Registrable Securities, and such Investor will remain the beneficial owner of the Registrable Securities for all purposes. 
 14.10 NON-RECOURSE. No past, present or future director, officer, employee, incorporator, member, manager, partner, shareholder, Affiliate, agent, attorney, consultant, representative or principal of the Company or
any Affiliate of the Company shall have any liability for any liabilities of the Company under this Agreement or for any claim based on, in respect of, or by reason of, the transactions contemplated hereby. 

14.11 SPECIFIC PERFORMANCE. Each of the parties hereto acknowledges that the others would not have an adequate remedy at law for money damages in the
event that any of the covenants or agreements set forth in this Agreement were not performed in accordance with its terms and therefore, each of the parties agrees that the others shall be entitled to specific performance, injunctive and other
equitable relief in addition to any other remedy to which it may be entitled at law or in equity (without the necessity of proving the inadequacy as a remedy of money damages or the posting of a bond). 

  
 21 

 14.12 BUSINESS DAYS. If any date provided for in this Agreement shall fall on a day that is not a
Business Day, the date provided for shall be deemed to refer to the next Business Day. 
 14.13 ELECTRONIC EXECUTION. Delivery of an executed
counterpart of a signature page of this Agreement and any other Transaction Document by telecopy or electronic format (including pdf) shall be effective as delivery of a manually executed counterpart of this Agreement or other Transaction Document.

 14.14 CAPTIONS. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement, and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 [Signature Pages
Follow]  

  
 22 

 The parties have executed and delivered this Registration Rights Agreement as of the date first written
above. 
  

			
	GYROSCOPE THERAPEUTICS HOLDINGS PLC
		
	By:	 	      

		 	Name: Elaine Johnston
		 	Title: General Counsel

 [Company Signature Page to Registration Rights Agreement] 

			
	 Signed by
 SYNCONA PORTFOLIO
LIMITED
 acting by its authorised signatory:

		
	By:	 	      

		 	Name: Chris Hollowood
		 	Title: Chief Investment Officer

  
 [Shareholder Signature
Page to Registration Rights Agreement] 

			
	 Signed for and on behalf of

CAMBRIDGE ENTERPRISE LIMITED
 acting by an authorised
signatory:

		
	By:	 	      

		 	Name: Paul Seabright
		 	Title: Deputy Director

  
 [Shareholder Signature
Page to Registration Rights Agreement] 

			
	 Signed by
 CAMBRIDGE INNOVATION
CAPITAL (JERSEY) LIMITED
 acting by an authorised signatory:

		
	By:	 	      

		 	Name: Grant Collins
		 	Title: Director

  
 [Shareholder Signature
Page to Registration Rights Agreement] 

			
	 Signed for and on behalf of
 THE
CHANCELLOR, MASTERS AND SCHOLARS OF THE UNIVERSITY OF CAMBRIDGE
 acting by an authorised signatory:

		
	By:	 	      

		 	Name: David Hughes
		 	Title: Director of Finance

  
 [Shareholder Signature
Page to Registration Rights Agreement] 

			
	 Signed by
 FORBION GROWTH
OPPORTUNITIES FUND I COOPERATIEF U.A.
 acting by FORBION GROWTH MANAGEMENT B.V., its director:

		
	By:	 	      

		 	For it: Wouter Joustra
		 	Title:  Authorized by Proxy
		
	By:	 	      

		 	For it:  Dirk Kersten
		 	Title:  Authorized by Proxy

  

			
	 Signed by
 FORBION CAPITAL FUND V
COOPERATIEF U.A.
 acting by FORBION V MANAGEMENT B.V., its director:

		
	By:	 	      

		 	For it:  Sander Slootweg
		 	Title:  Authorized by Proxy
		
	By:	 	      

		 	For it:  Geert-Jan Mulder
		 	Title:  Authorized by Proxy

  
 [Shareholder Signature
Page to Registration Rights Agreement] 

			
	 Signed by
 BAKER BROTHERS LIFE
SCIENCES, L.P.
 acting by BAKER BROS. ADVISORS LP, management company and investment adviser to Baker Brothers Life Sciences, L.P.,
pursuant to authority granted to it by Baker Brothers Life Sciences Capital, L.P., general partner to Baker Brothers Life Sciences, L.P., and not as the general partner:

		
	By:	 	      

		 	Name:  Scott Lessing
		 	Title:    President

  

			
	 Signed by
 667, L.P.

acting by BAKER BROS. ADVISORS LP, management company and investment adviser to 667, L.P., pursuant to authority granted to it by Baker Biotech
Capital, L.P., general partner to 667, L.P., and not as the general partner:

		
	By:	 	      

		 	Name:  Scott Lessing
		 	Title:    President

  
 [Shareholder Signature
Page to Registration Rights Agreement] 

			
	 Signed by
 FOSUN INDUSTRIAL CO.,
LIMITED
 acting by an authorised signatory:

		
	By:	 	      

		 	Name:  Xiaohui Guan
		 	Title:   Director

  
 [Shareholder Signature
Page to Registration Rights Agreement] 

			
	 Signed by
 SOFINNOVA VENTURE
PARTNERS X, L.P.
 acting by Sofinnova Management X, L.L.C., its General Partner:

		
	By:	 	      

		 	Name:  Maha Katabi
		 	Title:   Managing Member

  
 [Shareholder Signature
Page to Registration Rights Agreement] 

			
	 Signed by
 TETRAGON FINANCIAL
GROUP LIMITED
 acting by Tetragon Financial Management LP, its investment manager:

		
	By:	 	      

		 	Name:  Reade Griffith
		 	Title:   Authorized Representative

  
 [Shareholder Signature
Page to Registration Rights Agreement] 

			
	 Signed by
 T. ROWE PRICE HEALTH
SCIENCES FUND, INC.
 TD MUTUAL FUNDS - TD HEALTH SCIENCES FUND

T. ROWE PRICE HEALTH SCIENCES PORTFOLIO
 Each account,
severally not jointly
  
 By: T. Rowe Price Associates, Inc., Investment Adviser or
Subadviser, as applicable

		
	By:	 	      

		 	Name: Andrew Baek
		 	Title: Vice President

  

			
	 Signed by
 T. ROWE PRICE NEW
HORIZONS FUND, INC.
 T. ROWE PRICE NEW HORIZONS TRUST

T. ROWE PRICE U.S. EQUITIES TRUST
 MASSMUTUAL SELECT
FUNDS - MASSMUTUAL SELECT T. ROWE PRICE SMALL AND MID CAP BLEND FUND
 Each account, severally not jointly

 
 By: T. Rowe Price Associates, Inc., Investment Adviser or Subadviser, as
applicable

		
	By:	 	      

		 	 Name: Andrew Baek
 Title: Vice
President

  

  
 [Shareholder Signature
Page to Registration Rights Agreement] 

 Schedule A 

Syncona Portfolio Limited 
 Syncona
Holdings Limited 
 Cambridge Enterprise Limited 

Cambridge Innovation Capital (Jersey) Limited 

The Chancellor, Masters And Scholars Of The University Of Cambridge 

Baker Brothers Life Sciences, L.P. 

667, L.P. 
 Forbion Growth
Opportunities Fund I Cooperatief U.A. 
 Forbion Capital Fund V Cooperatief U.A. 

Fosun Industrial Co., Limited 

Sofinnova Venture Partners X, L.P. 

Tetragon Financial Group Limited 

Certain funds and accounts advised or subadvised by T. Rowe Price Associates, Inc., consisting of: 

-T. Rowe Price Health Sciences Fund, Inc. 

-Td Mutual Funds - Td Health Sciences Fund 

-T. Rowe Price Health Sciences Portfolio 

-T. Rowe Price New Horizons Fund, Inc. 

-T. Rowe Price New Horizons Trust 

-T. Rowe Price U.S. Equities Trust 

-Massmutual Select Funds - Massmutual Select T. Rowe Price Small And Mid Cap Blend FundEX-10.11

 Exhibit 10.11 

Rules of the Gyroscope Therapeutics Holdings PLC Sharesave Plan (UK) 

Established by the Company by resolution of shareholders on
[                 ] 2021 
 Gyroscope Therapeutics Holdings PLC

  

			
	 Stephenson Harwood LLP
 1 Finsbury
Circus, London EC2M 7SH
 T: +44 20 7329 4422 | F: +44 20 7329 7100

DX: 64 Chancery Lane | www.shlegal.com
	  	

 Contents 
  

							
	 	 	 	  	Page	 
			
	1	 	 Definitions
	  	 	1	 
			
	2	 	 Commencement and title
	  	 	4	 
			
	3	 	 Applications for Options
	  	 	4	 
			
	4	 	 Scaling down
	  	 	6	 
			
	5	 	 Exercise Price
	  	 	7	 
			
	6	 	 Grant of Options
	  	 	8	 
			
	7	 	 Limitations on the issue of Shares
	  	 	8	 
			
	8	 	 Alterations of share capital
	  	 	9	 
			
	9	 	 When Options may be exercised
	  	 	9	 
			
	10	 	 Lapse of options
	  	 	11	 
			
	11	 	 Manner of exercise of Options
	  	 	12	 
			
	12	 	 Takeover and liquidations
	  	 	13	 
			
	13	 	 Employment rights
	  	 	16	 
			
	14	 	 Administration of the Plan
	  	 	16	 
			
	15	 	 Data protection
	  	 	18	 
			
	16	 	 Exclusion of third party rights
	  	 	18	 
			
	17	 	 Termination of the Plan
	  	 	18	 
			
	18	 	 Governing law
	  	 	18	 

 Rules of the Gyroscope Therapeutics Holdings PLC Sharesave Plan (UK) 

 

	1	 Definitions 

In these Rules (unless the context otherwise requires) the following words and phrases have the following meanings: 

“Act” means the Income Tax (Earnings and Pensions) Act 2003; 

“Admitted” means listed on NASDAQ; 

“ADSs” means American Depositary Services, representing Ordinary Shares on deposit with a U.S. banking institution selected by
the Company and which we are registered pursuant to a Form F-6; 
 “Announcement
Date” means any date on which the results of the Group for any period are announced; 
 “Applicable Laws” means any
applicable law, including without limitation: (a) the requirements relating to the administration of equity incentive plans under U.S. federal and state securities, tax and other applicable laws, rules and regulations, the applicable
rules of any stock exchange or quotation system on which the Shares are listed or quoted and the applicable laws and rules of any foreign country or other jurisdiction where Options are granted; and (b) corporate, securities, tax or other
laws, statutes, rules, requirements or regulations, whether U.S. federal, state, local or foreign, applicable in the United Kingdom, the United States or any other relevant jurisdiction; 

“Application Period” means such period of not less than 14 days and not more than 21 days commencing on the day following an
Invitation Date as may be determined by the Board; 
 “Associated Company” has the meaning given to it in paragraph 47 of
Schedule 3 to the Act except for the purposes of Rule 9.5 where it has the meaning given to it by paragraph 35(4) of Schedule 3 to the Act; 

“Board” means the board of directors from time to time of the Company (or the directors present at a duly convened meeting of
such board) or a duly authorised committee of the board; 
 “Bonus Date” means the date on which the bonus is payable (or
would be payable if a bonus was due) under the relevant Savings Contract; 
 “Commencement Date” means the date on which the
Plan is approved by the Company by shareholder resolution; 
 “Company” means Gyroscope Therapeutics Holdings PLC; 

“Constituent Company” means any Member of the Group which is for the time being designated by the Board as a participating
company in the Plan; 
 “Continuous Service” means the aggregate amount of service with: 

 

	 	(a)	 any Constituent Company (including service with such company before it became a Constituent Company); and

  
 Page 1 

	 	(b)	 any other company which is or was a Subsidiary (including service with any such other company before it became
a Subsidiary); 

 provided that: 
  

	 	(i)	 all such service has been continuous; and 

 

	 	(ii)	 in the case of an employee who is absent from such employment for any reason for a period during which such
employee’s contract of service subsists, or by reason of maternity, paternity, adoption, shared parental or other similar leave taken in accordance with UK statutory entitlements, and who then returns to such employment, any such period of
absence shall be deemed to have formed part of such employee’s continuous service; 

 “Control” has
the meaning given to it by section 995 of the Income Tax Act 2007; 
 “Date of Grant” means the date on which the Board
grants an Option in accordance with Rule 6.1; 
 “Dealing Day” means any day on which Nasdaq is open for the transaction of
business; 
 “Eligible Employee” means any employee or Full-Time Director of a Constituent Company; 

 

	 	(a)	 who on the relevant Date of Grant shall have achieved at least such minimum period of Continuous Service (the
minimum not to exceed five years) as the Board shall on or before the Invitation Date determine; 

  

	 	(b)	 whose earnings from his office or employment with a Constituent Company fall within paragraphs 6(2)(c) of
Schedule 3 to the Act; and 

  

	 	(c)	 who is not ineligible to participate in the Plan by virtue of any of the provisions of the Act;

 provided that: 
  

	 	(i)	 at the Invitation Date no notice of termination of such employment has been served by either the employee
concerned or his employing Constituent Company and the employee or director in question has not ceased to hold office or employment with a Constituent Company; and 

 

	 	(ii)	 the Board may treat any employee or director of a Constituent Company who meets requirement (c) above as
an Eligible Employee; 

 “Employees’ Share Plan” has the meaning given to it in section 1166 of the
Companies Act 2006; 

  
 Page 2 

 “Exercise Price” means the price per Share at which a Participant may
exercise an Option, established in accordance with Rule 5; 
 “Full-Time Director” means a director who is required to
devote at least 25 hours per week (excluding meal breaks) to his duties; 
 “Group” means the Company and its Subsidiaries
from time to time; 
 “HMRC” means Her Majesty’s Revenue and Customs; 

“Invitation Date” means the date upon which invitations to apply for Options are issued by the Board, being a date: 

 

	 	(a)	 within the period of 42 days after the Commencement Date; or 

 

	 	(b)	 within the period of 42 days after an Announcement Date; or 

 

	 	(c)	 within the period of 42 days following any date on which a change to the legislation affecting Schedule 3 SAYE
Option Plans is proposed or takes effect; or 

  

	 	(d)	 within the period of 42 days following any date on which a new Savings Contract prospectus is announced or
takes effect; or 

  

	 	(e)	 at any time at which the Board resolves that exceptional circumstances exist which justify the grant of
Options; or 

  

	 	(f)	 within the period of 120 days after the date of the NASDAQ Listing Date Admission; 

“Maximum Contribution” has the meaning given to that term in Rule 3.4.1; 

“Member of the Group” means the Company or any one of its Subsidiaries from time to time; 

“NASDAQ” means the NASDAQ Global Select Market; 

“NASDAQ Listing Date” means the first date upon which the Shares are listed for (or approved for listing) upon notice of
issuance on NASDAQ; 
 “Option” means a right to acquire Shares at the Exercise Price in accordance with the Rules which has
neither lapsed nor been exercised; 
 “Option Period” means the period of six months starting on the Bonus Date applicable
to the Savings Contract; 
 “Ordinary Share” means a fully paid ordinary share of £0.005 each in the capital of the
Company; 
 “Participant” means any individual who has been granted and remains entitled to exercise an Option or (where the
context admits) the personal representatives of any such individual; 
 “Personal Data” has the meaning given to that term
in sections 3(2)-3(3) of the Data Protection Act 2018; 

  
 Page 3 

 “Plan” means the Gyroscope Therapeutics Limited Save As You Earn Plan
governed by the Rules; 
 “Plan-related Employment” has the meaning given to that term in paragraph 34(7) of Schedule 3 to
the Act; 
 “Recognised Stock Exchange” means a recognised stock exchange for the purposes of s. 1005 Income Tax Act 2007;

 “Repayment” means, in relation to a Savings Contract, the amount of the contributions repayable and, where relevant, any
bonus and/or interest payable on the termination of the Savings Contract; 
 “Rules” means these rules as from time to time
amended in accordance with their provisions by the Board or by the Company in general meeting; 
 “Savings Contract” means a
certified SAYE savings arrangement within the meaning of section 703(1) of the Income Tax (Trading and Other Income) Act 2005 and which has been approved by HMRC for the purposes of Schedule 3 to the Act; 

“SAYE Code” has the meaning given to it in section 516(3) of the Act; 

“Schedule 3 SAYE Option Plan” means a share option Plan which meets the requirements of Parts 2 to 7 of Schedule 3 to the Act;

 “Share” means a fully paid Ordinary Share or the number of ADSs equal to an Ordinary Share, which satisfies the
conditions specified in Part 4 (subject to paragraph 37(6B)) of Schedule 3 to the Act; and 
 “Subsidiary” means a
company which is both under the Control of the Company and is a subsidiary of the Company (within the meaning of section 1159 of the Companies Act 2006). 

Where the context so permits, the singular shall include the plural and vice versa and the masculine gender shall include the feminine. Any
reference to a statutory provision is to be construed as a reference to that provision as for the time being amended or re-enacted and shall include any regulations or other subordinate legislation made under
it. 
  

	2	 Commencement and title 

The Plan shall commence on the Commencement Date and shall be known as the Gyroscope Therapeutics Sharesave Plan. 

 

	3	 Applications for Options 

 

	3.1	 On or prior to an Invitation Date the Board may decide in its absolute discretion: 

 

	 	3.1.1	 whether to invite applications for the grant of Options; 

 

	 	3.1.2	 whether to invite applications for three year Options or five year Options (or Options of such other length as
may be available from time to time) or whether to offer Eligible Employees a choice; 

  
 Page 4 

	 	3.1.3	 whether the Repayment shall be taken as including a bonus; 

 

	 	3.1.4	 whether to include for the purposes of the maximum monthly savings limit such contributions as are referred to
in Rule 3.5; 

  

	 	3.1.5	 whether to impose a limit on the number of Shares in respect of which Options may be granted in relation to the
invitation and, if so, what that limit shall be; and 

  

	 	3.1.6	 whether to impose a maximum monthly contribution under the related Savings Contract of less than the maximum
amount permitted under the terms of the Savings Contract and, if so, what that limit shall be, 

 PROVIDED THAT invitations
to apply for Options must not be issued at any time if it would be unlawful, or in breach of Applicable Laws. 
  

	3.2	 Where applications for the grant of Options are invited, such invitations shall be sent to all Eligible
Employees and shall state: 

  

	 	3.2.1	 the Exercise Price or the method by which the Exercise Price will be notified to Eligible Employees;

  

	 	3.2.2	 if the Repayment is not to be taken as including a bonus, that fact; 

 

	 	3.2.3	 any limit to be imposed on the number of Shares in respect of which Options may be granted in relation to the
invitation; 

  

	 	3.2.4	 the minimum monthly Contribution which must not be less than £5 (or as otherwise stated in the relevant
Savings Contract) nor more than £10; 

  

	 	3.2.5	 the maximum monthly contribution permitted if less than that permitted under the terms of the Savings Contract;

  

	 	3.2.6	 whether applications may be made for three year Options or five year Options (or Options of such other length
as may be available from time to time) or any combination of them; and 

  

	 	3.2.7	 the date, being the last day of the Application Period, by which applications for the grant of Options must
have been received by the Board or such person as the Board may direct. 

  

	3.3	 Any accidental failure or omission to deliver an invitation to an Eligible Employee shall not invalidate the
grant of an Option to any other Eligible Employee. 

  

	3.4	 Subject to Rule 3.5, applications for Options under the Plan shall be in such form as the Board may require and
each: 

  

	 	3.4.1	 must incorporate or be accompanied by a duly completed application form to enter into a Savings Contract under
which the applicant agrees to make a specified contribution, in multiples of £1 per month, of not less than £5 per month nor (when aggregated with contributions which he makes under any other savings contract linked to a Schedule 3 SAYE
Option Plan) more than £500 per month or such lower limit as may have been imposed by the Board (or such other amounts as may from time to time be permitted under the Savings Contract) (the “Maximum Contribution”); and

  
 Page 5 

	 	3.4.2	 shall empower the Board or any person authorised by it: 

 

	 	(a)	 to amend the amount of the specified contribution referred to in Rule 3.4.1 to such lesser sum as may be
required under Rule 4; and 

  

	 	(b)	 to deduct from the applicant’s pay such contribution as shall be specified pursuant to Rule 3.4.1 (or as
may be amended pursuant to Rule 3.4.2(a)) and pay the same in discharge of the applicant’s obligations under the Savings Contract; 

  

	 	3.4.3	 must state the length of the Option applied for; 

 

	 	3.4.4	 must include the applicant’s agreement to be bound by the Rules of the Plan; and 

 

	 	3.4.5	 must state that: 

  

	 	(a)	 the application is subject to the Rules of the Plan, the relevant Savings Contract prospectus and the SAYE
Code; and 

  

	 	(b)	 those provisions will prevail over any conflicting statement. 

 

	3.5	 The Board may in its discretion determine, in relation to a particular invitation, that the Maximum
Contribution specified in Rule 3.4.1 shall include contributions agreed to be made by any applicant under any other savings contract linked to a Schedule 3 SAYE Option Plan operated by any Member of the Group where: 

 

	 	3.5.1	 that savings contract was cancelled prior to its normal maturity date; and 

 

	 	3.5.2	 had that savings contract not been so cancelled, those contributions would have been included for the purposes
of calculating the Maximum Contribution. 

  

	3.6	 The Repayment due under each Participant’s Savings Contract shall, as nearly as practicable, equal the
amount for which Shares may be acquired under the related Option if exercised in full and, therefore, each application shall be treated as being for an Option over the largest whole number of Shares which can be acquired at the Exercise Price with
the Repayment under the related Savings Contract (following any adjustment under Rules 3.4.2(a) and 4). 

  

	4	 Scaling down 

  

	4.1	 Where the Board in its discretion imposes a limit on the number of Shares in respect of which Options may be
granted in respect of any invitation and applications are received which would, if met in full, exceed that limit, the following steps shall be carried out successively to the extent necessary to eliminate the excess over the limit imposed

  

	 	4.1.1	 the excess over £5 of the monthly savings contribution chosen by each applicant under the Savings
Contract shall be reduced pro rata to the extent necessary; 

  
 Page 6 

	 	4.1.2	 where a bonus would otherwise have been included in the Repayment under the Savings Contract, no such bonus
shall be so included; 

  

	 	4.1.3	 applications for five-year Options shall be treated as applications for three-year Options;

  

	 	4.1.4	 applications shall be selected by lot, each based on a monthly savings contribution of £5 and the
inclusion of no bonus in the Repayment under the Savings Contract; 

 provided that, if the number of Shares available is
insufficient to enable Options to be granted to all Eligible Employees making valid applications, the Board may determine in its absolute discretion that no Options shall be granted. 

 

	5	 Exercise Price 

 

	5.1	 The Board shall determine the Exercise Price which must be: 

 

	 	(a)	 not manifestly less than 80 per cent (or such other percentage as may be specified in paragraph 28(1) of
Schedule 3) of the Market Value (as defined below) of a Share on either: 

  

	 	(i)	 the day immediately preceding the Invitation Date; or 

 

	 	(ii)	 such other date designated by the Board no earlier than the day immediately preceding the Invitation Date and
no later than the Date of Grant; or 

  

	 	(b)	 in the case only of an Option to acquire Shares by subscription, not less than the nominal value of a Share.

 For the purpose of this Rule, “Market Value” on any day means: 

 

	 	(aa)	 if Shares are quoted on a Recognised Stock Exchange: 

 

	 	(i)	 the closing middle-market quotation of Shares for that day; 

 

	 	(ii)	 if the Board decides, the average of the closing middle-market quotations of Shares over the three dealing days
ending on that day; or 

  

	 	(iii)	 the closing middle-market quotation of the Shares on such other dealing day or days as may be agreed in advance
with HMRC; 

  

	 	(bb)	 if paragraph (aa) above does not apply, the market value (within the meaning of Part VIII of the Taxation of
Chargeable Gains Act (1992) of a Share as agreed in advance for the purposes of the Plan with HMRC Shares and Asset Valuation. 

  

	5.2	 Where the closing quotation of a Share is in USD, such amount shall be converted into GBP at the closing mid-point rate for conversion of USD into GBP as set out in the online edition of the Financial Times containing exchange rates applicable for the relevant business day. 

 

	5.3	 The Exercise Price is subject to adjustment in accordance with Rule 8. 

  
 Page 7 

	6	 Grant of Options 

 

	6.1	 Within 30 days after: 

 

	 	6.1.1	 the first Dealing Day by reference to which the Exercise Price was determined under Rule 5; or

  

	 	6.1.2	 where the Exercise Price was not determined by reference to one or more Dealing Days, the Invitation Date;

 or in a case where the number of Shares over which Options are to be granted is determined by Rule 4, within 42 days
after such date, and subject to the limitations and conditions contained in the Plan, the Board shall grant an Option to each Eligible Employee who has made a valid application over that number of Shares for which an application is treated as having
been made under Rule 3.6. 
  

	6.2	 No payment shall be required from a Participant on the grant of an Option. The Board shall grant Options by
deed in such form as the Board shall decide. A single deed of grant may be executed in favour of any number of Participants. Each Participant shall on, or as soon as possible after, the Date of Grant be issued with a certificate as evidence of the
grant of an Option. 

  

	6.3	 No Option shall be capable of being transferred by a Participant or his personal representatives or of being
mortgaged, pledged or encumbered in any way whatsoever. In the event of any breach or purported breach of this provision, the Option shall lapse forthwith. This Rule 6.3 shall not prevent the personal representatives of a deceased Participant from
exercising the Option in accordance with the Rules. 

  

	6.4	 No Option shall be granted at any time when that grant is prohibited by, or in breach of Applicable Laws.

  

	6.5	 No Option may be granted under the Plan later than ten years after the Commencement Date.

  

	6.6	 Notwithstanding the above, no Option shall be granted to any Eligible Employee who is ineligible to participate
in the Plan at the Date of Grant by virtue of any provision of the Act, including in particular, paragraph 10 of Schedule 3 to the Act. 

  

	7	 Limitations on the issue of Shares 

 

	7.1	 Subject to such adjustments as may be made in accordance with Rule 8, this Plan shall provide eligible
employees of the Company and each Constituent Company with opportunities to acquire Shares. [    ] Shares in the aggregate have been approved and reserved for this purpose, plus on January 1, 2022 and each January 1
thereafter through January 1, 2030, the number of Shares reserved and available for issuance under the Plan shall be increased by the lesser of (i) one percent (1%) of the number of Shares issued and outstanding on the immediately
preceding December 31, or (ii) such lesser number of Shares as determined by the Board; it being understood that the number of Ordinary Shares increased by this sentence shall not exceed more than [    ] Ordinary Shares
in the aggregate. 

  
 Page 8 

	8	 Alterations of share capital 

 

	8.1	 Subject to Rules 8.2, 8.3 and 8.4 in the event of any variation in the share capital of the Company by way of
capitalisation of profits or reserves or by way of rights or any consolidation or sub-division or reduction of capital or otherwise, then the number, nominal value and description of Shares subject to any
Options, the Exercise Price and, where an Option has been exercised but, as at the date of the variation of capital referred to above, no Shares have been allotted or transferred pursuant to such exercise, the number of Shares which may be so
allotted or transferred and the price at which they may be acquired, may be adjusted by the Board in such manner and with effect from such date as the Board may determine to be appropriate. 

 

	8.2	 Any adjustment made under Rule 8.1 must secure: 

 

	 	(a)	 that the total market value of the Shares which may be acquired by the exercise of the Option is immediately
after the adjustment substantially the same as what it was immediately before the adjustment; and 

  

	 	(b)	 that the total Exercise Price of the Option is immediately after the adjustment substantially the same as what
it was immediately before the adjustment. 

 For the purposes of this Rule 8.2, “market value” shall have the
same meaning as it has for the purposes of Part VIII of the Taxation of Chargeable Gains Act 1992. 
  

	8.3	 No adjustment under Rule 8.1 shall be made which would reduce the Exercise Price of any Option to subscribe for
Shares below the nominal value of a Share unless and to the extent that: 

  

	 	8.3.1	 the Board is authorised to capitalise from the reserves of the Company a sum equal to the amount by which the
nominal value of the Shares subject to the Option exceeds the aggregate adjusted Exercise Price; and 

  

	 	8.3.2	 the Board shall resolve to capitalise and apply such sum on exercise of that Option. 

 

	8.4	 No adjustment may be made which would result in any of the requirements of Schedule 3 of the Act not being met
in relation to an Option. 

  

	8.5	 The Board shall notify Participants in such manner as it thinks fit of any adjustment made under Rule 8.1 and
may call in, cancel, endorse, issue or re-issue any option certificate as a result of any such adjustment. 

  

	9	 When Options may be exercised 

 

	9.1	 Save as otherwise provided in the Plan, an Option may not be exercised prior to the beginning of the Option
Period. 

  

	9.2	 Subject only to the provisions of Rule 9.6, no Option may be exercised after the expiry of the Option Period.

  

	9.3	 Subject to this Rule 9 and save as otherwise provided in the Plan, an Option may only be exercised during the
Option Period by a Participant who is a director or employee of a Constituent Company or of any other company which is an Associated Company of the Company. 

  
 Page 9 

	9.4	 Subject to Rule 12, if a Participant ceases to hold Plan-related Employment (otherwise than by reason of his
death) because of: 

  

	 	9.4.1	 injury; 

  

	 	9.4.2	 disability; 

  

	 	9.4.3	 redundancy within the meaning of the Employment Rights Act 1996; 

 

	 	9.4.4	 retirement; 

  

	 	9.4.5	 a relevant transfer within the meaning of the Transfer of Undertakings (Protection of Employment) Regulations
2006; 

  

	 	9.4.6	 the company by which he is employed or with which he holds office, being an Associated Company, ceasing to be
an Associated Company by reason of a change of control. For the purposes of this Rule, “control” has the meaning given in section 450 to 451 of the Corporation Tax Act 2010 and not the meaning given to “Control” in the
definitions; 

  

	 	9.4.7	 the Plan-related Employment being in a company of which the Company has ceased to have Control;

  

	 	9.4.8	 the Plan-related Employment relating to a business or part of a business which is transferred to a person other
than an Associated Company of the Company, where the transfer is not a relevant transfer within the meaning of the Transfer of Undertakings (Protection of Employment) Regulations 2006; or 

 

	 	9.4.9	 a reason, other than one listed in Rules 9.4.1 to 9.4.8 provided that such cessation is more than three years
from the Date of Grant of the Option; 

 any Option held by him may be exercised (notwithstanding Rule 9.3 above and only
to the extent permitted by Rule 9.7) from the date of cessation of the Plan-related Employment to the date that is the earlier of: 
  

	 	(a)	 6 months after the date of such cessation; and 

 

	 	(b)	 the expiry of the Option Period 

and on the earlier of the two dates in (a) and (b) above, subject to Rule 9.6, the Option shall lapse to the extent not exercised. 

 

	9.5	 No person shall be treated for the purposes of Rule 9.4 as ceasing to hold Plan- related Employment until that
person ceases to hold office or employment with: 

  

	 	9.5.1	 the Company; or 

  

	 	9.5.2	 any Associated Company of the Company; or 

 

	 	9.5.3	 any Company which is under the Control of the Company. 

  
 Page 10 

	9.6	 In the event of the death of a Participant: 

 

	 	9.6.1	 prior to the Bonus Date, an Option may be exercised by his personal representatives at any time during the
period of 12 months commencing on the date of his death (but not later) and the personal representatives shall be entitled to do so notwithstanding that the Bonus Date has not occurred; and 

 

	 	9.6.2	 on or within six months commencing on the Bonus Date, an Option may be exercised by his personal
representatives at any time during the period of 12 months commencing on the Bonus Date; 

 provided that 

 

	 	(a)	 such personal representatives shall not be entitled to exercise the Option if, at the date of the
Participant’s death, the Participant was precluded from exercising the Option by reason of paragraph 10 of Schedule 3 to the Act; and 

  

	 	(b)	 the 12 month period during which an Option may be exercised shall be shortened where Rule 12.9 applies.

  

	9.7	 If an Option becomes exercisable under any provision of the Plan before the Bonus Date, it shall be exercisable
only over the number of Shares the aggregate Exercise Price of which equals (as nearly as may be), but does not exceed, the Repayment made under the related Savings Contract but excluding any contributions made directly by the Participant except to
the extent that such are: 

  

	 	9.7.1	 made pursuant to any special arrangements relating to absence from employment; or 

 

	 	9.7.2	 made at the same rate of contribution and at the same intervals as those contributions previously deducted from
his salary pursuant to the provisions of Rule 3.4.2(b) between the date of the Participant ceasing to hold Plan-related Employment and the date on which the Option is exercised; 

and the Option shall cease to be exercisable over any Shares in excess of that number in respect of which it was granted. For the avoidance of
doubt, any Repayment under the Savings Contract shall exclude the Repayment of any contributions made in advance under the Savings Contract the due date for payment of which falls or would have fallen more than one month after the date on which
Repayment is made. 
  

	9.8	 An Option that is exercised in part shall lapse as to the balance of the Shares over which the Option was
granted. 

  

	10	 Lapse of options 

 

	10.1	 An Option, whenever granted, shall lapse and cease to be exercisable upon the earliest to happen of the
following: 

  

	 	10.1.1	 the expiry of any of the periods for exercise under the provisions of Rule 9 except that if the Participant
dies during the exercise period specified in Rules 9.3 or 9.4, an Option shall not lapse by reason of this Rule 10.1.1 until the expiry of the relevant 12 month period in Rule 9.6, if later; 

 

	 	10.1.2	 the expiry of any of the periods for exercise under the provisions of Rule 12 (other than those periods
specified in Rules 12.6 and 12.7) including for the 

  
 Page 11 

	 	
avoidance of doubt the expiry of the relevant period specified in Rule 12.5 (subject to any agreement entered into pursuant to Rule 12.5) except that if the Participant dies during the relevant
exercise period specified, an Option shall not lapse by reason of this Rule 10.1.2 other than pursuant to Rule 12.9 until the expiry of the relevant 12 month period in Rule 9.6, if later; 

 

	 	10.1.3	 the date on which the Participant ceases to hold any office or employment with any Member of the Group or with
any Associated Company for any reason other than any of the matters referred to in Rules 9.4 or 9.6; 

  

	 	10.1.4	 the date on which the Participant is adjudicated bankrupt; 

 

	 	10.1.5	 any breach or purported breach of Rule 6.3; or 

 

	 	10.1.6	 the date on which the Participant gives notice (or is deemed to give notice) under the terms of the Savings
Contract (linked to the Option) that he intends to stop making payments under the Savings Contractor or applies for his savings to be repaid. 

  

	11	 Manner of exercise of Options 

 

	11.1	 An Option shall be exercised by the Participant lodging at its registered office (or otherwise as may be
notified to Participants from time to time) or submitting electronically to the Equities and Company Secretarial Manager: 

  

	 	11.1.1	 an option certificate in respect of the Option to be exercised; 

 

	 	11.1.2	 a notice of exercise in such form as the Board may from time to time prescribe specifying the number of Shares
in respect of which the Option is being exercised; and 

  

	 	11.1.3	 payment in cleared funds or authority to obtain cleared funds for that number of Shares, calculated by
reference to the Exercise Price, save that where the provider of the Savings Contract permits, payment may take the form of a valid direction to the Savings Contract provider to repay to the Company the total amount due to the Participant under the
Savings Contract linked to the relevant Option. 

  

	11.2	 The date of exercise of the Option shall be the date of receipt by the Company of the option certificate,
notice of exercise and cleared funds referred to in Rule 11.1. 

  

	11.3	 It is a condition of the exercise of an Option under the Plan that payment for the Shares shall be made only
with monies not exceeding the amount of the Repayment to the Participant under the Savings Contract to which he has contributed in relation to the Option. If, on the exercise of an Option, the Repayment then due to a Participant under his Savings
Contract is less than the amount required to pay for all the Shares in respect of which it is purportedly exercised, the Option shall be treated as exercised only in respect of such number of Shares as may be acquired with the amount of the
Repayment and shall lapse as to the excess. 

  

	11.4	 Subject to: 

  

	 	11.4.1	 receipt of the appropriate remittance; and 

  
 Page 12 

	 	11.4.2	 the obtaining of any necessary consents; 

the Board shall within 30 days of the date of exercise of an Option cause the Company to allot and issue or procure the transfer of the
relevant Shares and, in the case of certificated shares, send or cause to be sent to the Participant who has exercised the Option a share certificate for the Shares in respect of which the Option is exercised. 

 

	11.5	 Ordinary Shares issued pursuant to the Plan will rank pari passu in all respects with the Ordinary Shares
already in issue except that they and any Ordinary Shares transferred pursuant to the Plan will not rank for any dividend or other distribution of the Company paid or made by reference to a record date falling prior to the date on which the allottee
or transferee is entered on the register of members of the Company. 

  

	11.6	 If and for so long as the Shares are Admitted, the Company shall take all necessary steps after any allotment
of Shares, to apply for the same to be Admitted. Any application may be postponed at the discretion of the Board until application can be made in respect of such number of Shares as the Board considers appropriate. 

 

	11.7	 The Company shall maintain sufficient unissued share capital to satisfy all rights to subscribe for Shares from
time to time under Options. 

  

	12	 Takeover and liquidations 

 

	12.1	 If any person obtains Control of the Company as a result of making: 

 

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

 

	 	(b)	 a general offer to acquire all the shares in the Company (except for any shares already held by such person or
a person connected with that person) that are of the same class as the Shares 

 then any Option may (subject to any
agreement pursuant to Rule 12.5) be exercised within six months of the time when the person making the offer has obtained Control of the Company and any condition subject to which the offer is made has been satisfied provided such exercise takes
effect prior to the end of the Option Period. For the purpose of this Rule 12.1, it does not matter if the general offer is made to different shareholders by different means. 
  

	12.2	 If under section 899 or section 901F of the Companies Act 2006 the court sanctions a compromise or arrangement
applicable to or affecting: 

  

	 	(a)	 all of the ordinary share capital of the Company or all of the shares which are of the same class as the
Shares; or 

  

	 	(b)	 all of 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 3 SAYE Option Plan 

  
 Page 13 

 any Option may (subject to any agreement pursuant to Rule 12.5) be exercised within six
months after the date of the court sanction provided such exercise takes effect prior to the end of the Option Period. 
  

	12.3	 If any person becomes bound or entitled to acquire shares in the Company under sections 979 to 982 or 983 to
985 of the Companies Act 2006 any Option may (subject to any agreement pursuant to Rule 12.5) be exercised at any time when that person remains so bound or entitled provided such exercise takes effect prior to the end of the Option Period.

  

	12.4	 If a non-UK company reorganisation arrangement (as defined by paragraph
47A of Schedule 3 to the Act) that is applicable to or affects: 

  

	 	(a)	 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 

  

	 	(b)	 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 Schedule 3 SAYE Option Plan 

becomes binding on the shareholders covered by it, any Option may (subject to any agreement pursuant to Rule 12.5) be exercised within six
months after the date the arrangement becomes binding on the shareholders covered by it provided such exercise takes effect prior to the end of the Option Period. 
  

	12.5	 If a company (the “Acquiring Company”): 

 

	 	(a)	 obtains Control of the Company as mentioned in Rule 12.1; 

 

	 	(b)	 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; 

  

	 	(c)	 becomes bound or entitled as mentioned in Rule 12.3; or 

 

	 	(d)	 obtains Control of the Company as a result of a non-UK company
reorganisation arrangement which has become binding on shareholders covered by it 

 any Participant may, within the
relevant period set out in paragraph 38(3) of Schedule 3 to the Act, by agreement with the Acquiring Company release any Option (the “Old Option”) in consideration of the grant to him of a new option (the “New
Option”) which satisfies the following conditions: 
  

	 	(i)	 the New Option shall be over shares in the Acquiring Company (or another company falling within paragraph
39(2)(b) of Schedule 3 of the Act) and shall satisfy the requirements of Part 4 of Schedule 3 to the Act; 

  

	 	(ii)	 the New Option shall be a right to acquire such number of such shares in the Acquiring Company (or such other
company) as shall have on the grant of the New Option an 

  
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aggregate market value substantially the same as the aggregate market value of the Shares subject to the Old Option immediately before its release and for this purpose market value shall be
determined using a methodology agreed by HMRC; 

  

	 	(iii)	 the New Option shall have an aggregate price payable on complete exercise substantially the same as the
aggregate price which would have been payable on complete exercise of the Old Option; and 

  

	 	(iv)	 the New Option shall be otherwise identical in terms to the Old Option; 

AND the New Option shall, for all other purposes of the Plan, be treated as having been acquired at the same time as the Old Option in
consideration of the release of which it is granted. In relation to any New Option and where appropriate in the context of that New Option: 
  

	 	-	 the Rules shall be construed as if references therein to “the Company” were references to the
Acquiring Company (or such other company whose shares are subject to the New Option); and 

  

	 	-	 the Rules shall be construed as if references therein to Shares were references to shares in the Acquiring
Company (or such other company whose shares are subject to the New Option). 

  

	12.6	 If an event specified in Rule 12.1, 12.2, 12.3 or 12.4 occurs and, as a result of such event, Shares will no
longer satisfy the requirements of Part 4 of Schedule 3 to the Act, then any Option may, in addition to the periods for exercise specified in Rules 12.1, 12.2, 12.3 and 12.4 respectively, be exercised no later than the date which is 20 days after
such event, notwithstanding that the Shares no longer satisfy the requirements of Part 4 of Schedule 3, provided that no such Option may be exercised at any time other than as prescribed by paragraph 37(6D) of Schedule 3 to the Act.

  

	12.7	 If the Board reasonably expects an event specified in Rule 12.1, 12.2, 12.3 or 12.4 to occur, the Board may
permit any Option to be exercised for a period of 20 days ending with the date on which such relevant event occurs. Where an Option is exercised under this Rule 12.7, it will be treated as having been exercised in accordance with Rule 12.1, 12.2,
12.3 or 12.4 (as the case may be) provided that if the relevant event does not occur during the period of 20 days beginning with the date on which an Option is exercised, such Option shall be treated as not having been exercised and shall remain
exercisable in accordance with these Rules. 

  

	12.8	 In this Rule 12 (other than Rule 12.5), a person will be deemed to have obtained Control of a company if he,
and others acting with him, have obtained Control of it together. 

  

	12.9	 If the Company passes a resolution for voluntary winding up, any Option may be exercised within six months
after the resolution is passed provided such exercise takes effect prior to the end of the Option Period. 

  
 Page 15 

	12.10	 The exercise of an Option pursuant to the preceding provisions of this Rule 12 shall be subject to the
provisions of Rule 11. 

  

	13	 Employment rights 

 

	13.1	 This Plan shall not form part of any contract of employment between any Member of the Group or any Associated
Company of the Company and any employee of any such company and the rights and obligations of any individual under the terms of his office or employment with any such company shall not be affected by his participation in the Plan or any right which
he may have to participate therein. 

  

	13.2	 Participation in the Plan shall be on the express condition that: 

 

	 	13.2.1	 neither it nor cessation of participation shall afford any individual under the terms of his office or
employment with any Member of the Group or any Associated Company of the Company any additional or other rights to compensation or damages; and 

  

	 	13.2.2	 no damage or compensation shall be payable in consequence of the termination of such office or employment
(whether or not in circumstances giving rise to a claim for wrongful or unfair dismissal) or for any other reason whatsoever to compensate him for the loss of any rights the Participant would otherwise have had (actual or prospective) under the Plan
howsoever arising but for such termination; and 

 the Participant shall be deemed to have waived irrevocably any such
rights to which he may otherwise have been entitled. 
  

	13.3	 No individual shall have any claim against a Member of the Group or any Associated Company of the Company
arising out of his not being admitted to participation in the Plan which is governed entirely by the Rules. 

  

	13.4	 No Participant shall be entitled to claim compensation from any Member of the Group or any Associated Company
of the Company in respect of any sums paid by him pursuant to the Plan or for any diminution or extinction of his rights or benefits (actual or otherwise) under any Option held by him consequent upon the lapse for any reason of any Option held by
him or otherwise in connection with the Plan and each such company shall be entirely free to conduct its affairs as it sees fit without regard to any consequences under, upon or in relation to the Plan or any Option or Participant.

  

	14	 Administration of the Plan 

 

	14.1	 The Board may make and vary such regulations (not being inconsistent with the Plan) as it thinks fit for the
administration and implementation of the Plan. 

  

	14.2	 The Plan shall be administered under the direction of the Board who may at any time and from time to time by
resolution and without other formality delete, amend or add to the Rules of the Plan in any respect, including: 

  

	 	14.2.1	 to the extent necessary to obtain or maintain favourable tax, exchange control or regulatory treatment for
Participants, or any Member of the Group or any Associated Company of the Company, including to ensure the Plan qualifies, or continues to qualify, as a Schedule 3 SAYE Option Plan, or to take into account existing or proposed legislation; and

  
 Page 16 

	 	14.2.2	 to establish further Plans to apply in overseas territories governed by rules similar to these Rules but
modified to take account of local tax, exchange control or securities laws, regulation or practice provided that any Shares made available under any such Plan shall be treated as counting against any limits on overall or individual participation in
the Plan. 

 provided that no amendment, other than an amendment to increase the number of Shares approved for the Plan,
may materially and adversely affect any Option outstanding at the time of such amendment without the affected Participant’s consent. The Board will obtain shareholder approval of any Plan amendment to the extent necessary to comply with
Applicable Laws. 
  

	14.3	 The Board’s decision on any matter relating to the interpretation of the Rules and any other matters
concerning the Plan (including the rectification of errors or mistakes of procedure or otherwise) shall be final and binding. 

  

	14.4	 Any notice or other communication under or in connection with the Plan may be given: 

 

	 	14.4.1	 by the Company to an Eligible Employee or Participant either personally or sent to him at his place of work by
electronic mail or by post addressed to the address last known to the Company (including any address supplied by the relevant Constituent Company or any Subsidiary) or sent through the Company’s internal postal service; and

  

	 	14.4.2	 to the Company either personally, by electronic mail or by post to the Equities and Company Secretarial
Manager. 

 Items sent by post shall be pre-paid and shall be deemed to have been
received 72 hours after posting. Items send by electronic mail shall be deemed to have been received at the expiration of 24 hours from when they were sent. 
  

	14.5	 The Company shall bear the costs of setting up and administering the Plan. However, the Company may require any
Constituent Company to reimburse the Company for any costs borne by the Company directly or indirectly in respect of such Constituent Company’s officers or employees. 

 

	14.6	 The Company shall maintain all necessary books of account and records relating to the Plan.

  

	14.7	 The Board shall be entitled to authorise any person to execute on behalf of a Participant, at the request of
the Participant, any document relating to the Plan, in so far as such document is required to be executed pursuant hereto. 

  

	14.8	 The Company may send copies to Participants of any notice or document sent by the Company to the holders of
Shares. 

  

	14.9	 If any Option certificate shall be worn out, defaced or lost, it may be replaced on such evidence being
provided as the Board may require. 

  
 Page 17 

	15	 Data protection 

For the purpose of operating the Plan, any member of the Group will collect and process Personal Data relating to Eligible Employees to be
granted an Option and to any Participants in accordance with the privacy notice provided. 
  

	16	 Exclusion of third party rights 

The Contracts (Rights of Third Parties) Act 1999 shall not apply to this Plan nor to any Option granted under it and no person other than the
parties to an Option shall have any rights under it nor shall it be enforceable under that Act by any person other than the parties to it. 
  

	17	 Termination of the Plan 

The Plan may be terminated at any time by a resolution of the Board or by a resolution of the Company in general meeting and shall in any event
terminate on the tenth anniversary of the Commencement Date. On termination, no further Options shall be granted but such termination shall not affect the subsisting rights of Participants. 

 

	18	 Governing law 

 

	18.1	 These Rules (and any dispute, controversy, proceedings or claim of whatever nature arising out of or in any way
relating to these Rules or their formation, including any non-contractual disputes or claims) shall be governed by and construed in accordance with laws of England and Wales. 

 

	18.2	 The courts of England and Wales shall have exclusive jurisdiction to hear and decide any suit, action or
proceedings, and/or to settle any dispute which may arise out of or in connection with these Rules or their formation or relating to any non-contractual obligations arising from or in connection therewith.

  
 Page 18

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