Document:

Exhibit
4.50

 

EXECUTION VERSION

 

REDACTED

 

Certain identified information,
indicated by [*****], has been excluded from the exhibit because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed.

 

 

 

COVID
COLLABORATION AND LICENSE AGREEMENT

 

 

 

dated

 

2
APRIL 2021

 

by
and between

 

CUREVAC
AG

 

and

 

GLAXOSMITHKLINE
BIOLOGICALS SA

    

     

    

	Exhibits	 
	 	 
	Exhibit 1.50	CureVac Know How
	 	 
	Exhibit 1.55	CureVac Patent Rights
	 	 
	Exhibit 1.79	Existing COVID Projects
	 	 
	Exhibit 1.102	Government and NGO Contracts
	 	 
	Exhibit 1.120	In-Licensing Agreements
	 	 
	Exhibit 2.1.2	License Terms under LNP Technology
	 	 
	Exhibit 2.7.4	Ever-Warm Strategy
	 	 
	Exhibit 4.1	Initial COVID R&D Plan
	 	 
	Exhibit 5.1	Key Terms of a Clinical Supply Agreement
	 	 
	Exhibit 5.2	Key Terms of a Commercial Supply Agreement
	 	 
	Exhibit 6.2	Key Distribution Terms
	 	 
	Exhibit 8.3.6	Third Party Offset Exhibit
	 	 
	Exhibit 12.5	Data Protection
	 	 
	Exhibit 13.4	Disclosure Letter
	 	 
	Exhibit 15.5	Post-Termination Royalties

    

     

    

COVID
COLLABORATION AND LICENSE AGREEMENT

 

This
COVID Collaboration and License Agreement (this “Agreement”) is entered into on 2 April 2021 (“Effective
Date”)

 

BY
AND BETWEEN

 

CUREVAC
AG, a German cooperation with offices at [*****] (“CureVac”);

 

AND

 

GLAXOSMITHKLINE
BIOLOGICALS SA (“GSK”)

 

INTRODUCTION

 

		A.	WHEREAS,
                                            CureVac is a biotechnology company that is a pioneer and technology leader in mRNA-based
                                            prophylactic and therapeutic approaches and discovers, designs and develops first-in-class
                                            mRNA therapies for the prevention and treatment of diseases with unmet medical need. CureVac
                                            controls a first generation prophylactic mRNA based vaccine targeting SARS- CoV-2 which is
                                            in late stage development, and [*****].

  

		B.	WHEREAS,
                                            GSK is a world leading global healthcare company developing, manufacturing and commercializing
                                            innovative pharmaceuticals, vaccines and consumer healthcare products worldwide.

 

		C.	WHEREAS,
                                            CureVac and GSK have entered into a Collaboration and License Agreement dated July 15, 2020
                                            on collaborating in the research, development and commercialization of prophylactic and therapeutic
                                            non-replicating mRNA based vaccines and antibodies targeting certain infectious disease pathogens,
                                            such pathogens among others not including SARS-CoV- 2, and have agreed to amend that agreement
                                            on the same date as this Agreement.

 

		D.	WHEREAS,
                                            CureVac and GSK have decided to build upon their existing collaboration to also collaborate
                                            in the research, development and commercialization of mRNA based vaccines targeting SARS-CoV-2
                                            based on the technology controlled by CureVac.

 

NOW
THEREFORE, in consideration of the foregoing premises and the following mutual covenants and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

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		1.	DEFINITIONS.

 

For
purposes of this Agreement, the following capitalized terms shall have the following meanings, whether used in the singular or plural:

 

		1.1	“2020
                                            Collaboration Agreement” shall mean the Collaboration and License Agreement between
                                            CureVac and GSK dated July 15, 2020 (as amended).

 

		1.2	“Affiliate”
                                            shall mean any corporation or other entity that controls, is controlled by, or is under common
                                            control with a Party. A corporation or other entity will be regarded as under the control
                                            of another corporation or entity if the latter corporation or entity owns or directly or
                                            indirectly controls fifty percent (50%) or more of the voting stock or other ownership interest
                                            of the former corporation or other entity, or if the latter corporation or entity possesses,
                                            directly or indirectly, the power to direct or cause the direction of the management and
                                            policies of the former corporation or other entity or the power to elect or appoint fifty
                                            percent (50%) or more of the members of the governing body of the former corporation or other
                                            entity, provided, however, that regarding CureVac, Affiliate shall not include Mr. Dietmar
                                            Hopp, dievini Hopp BioTech holding GmbH & Co.KG and/or any other companies controlled
                                            by Mr. Dietmar Hopp and/or dievini Hopp BioTech holding GmbH & Co.KG that are not subsidiaries
                                            of CureVac.

 

		1.3	“Agreement”
                                            shall have the meaning set forth in the Preamble.

 

		1.4	“Alliance
                                            Manager” shall have the meaning set forth in Section 7.1.1.

 

		1.5	“Ancillary
                                            Agreement” shall mean any of the following agreements between the Parties (or their
                                            respective Affiliates) relating to this Agreement: any Clinical Supply Agreement; any Commercial
                                            Supply Agreement; any Distribution Agreement; any Quality Agreement and any pharmacovigilance
                                            agreement.

 

		1.6	“Antigen”
                                            shall mean any antigen, defined by its amino acid sequence, associated with a Pathogen, together
                                            with all Antigen Variants thereof.

 

		1.7	“Antigen
                                            List Rep” shall mean the representative of CureVac designated as Antigen List Rep
                                            under the 2020 Collaboration Agreement.

 

		1.8	“Antigen
                                            Variant” shall mean any variant of an Antigen, including the wild type, naturally
                                            occurring variants, engineered variants wherein modifications to the native amino acid sequence
                                            have been introduced (for example, mutated versions, derivatives or fragments), provided,
                                            however, that any such variant possesses substantially similar biological activity to the
                                            naturally occurring antigen.

 

		1.9	“APA
                                            Share Credit” shall have the meaning set forth in Section 8.2.2.

 

		1.10	“Applicable
                                            Laws” shall mean all applicable provisions of all national, supranational, regional,
                                            state and local, laws, treaties, statutes, rules, regulations, directives, administrative
                                            codes, ordinances, decrees, orders, decisions, guidance documents, injunctions, awards, judgments,
                                            and permits of or from any court, arbitrator, stock exchange, regulatory authority or governmental
                                            authority having jurisdiction over or related to the subject item.

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		1.11	“Assigned
                                            Invention” shall have the meaning set forth in Section 9.4.

 

		1.12	“Background
                                            Technology” shall mean the CureVac Background Technology and/or GSK Background
                                            Technology, as applicable.

 

		1.13	“[*****]”
                                            shall have the meaning set forth in Section 1.14.

 

	1.14	“[*****] Agreement”
    shall mean the [*****].
	 	
	1.15	“[*****] Options”
    shall have the meaning set forth in Section 3.3.1.
	 	 
	1.16	“[*****] Agreement”
    shall mean [*****].

  

		1.17	“[*****]
                                            Agreement” shall mean the agreement regarding the provision of COVID-19 Vaccine [*****].

 

		1.18	“Brand
                                            IP” shall mean any and all rights and privileges in trade names, domain names,
                                            brand names, product names, logos and trade dress (and the goodwill of any business symbolized
                                            thereby), including trademarks, service marks, copyrights and design rights for any of the
                                            above, and any similar intellectual property right recognized from time to time in any jurisdiction,
                                            as well as any and all registrations, applications, recordings and other legal protections
                                            to the foregoing.

 

		1.19	“Breaching
                                            Party” shall have the meaning set forth in Section 14.4.

 

		1.20	“Business
                                            Day” shall mean any day other than Saturday, Sunday, or any day that banks are
                                            authorized or required to be closed in Tübingen, Germany or Rixensart, Belgium.

 

		1.21	“Calendar
                                            Quarter” shall mean each successive period of three (3) months ending on March
                                            31, June 30, September 30 and December 31 of each Calendar Year; provided, that the first
                                            Calendar Quarter under this Agreement will be the period beginning on the Closing Date and
                                            ending on the end of the Calendar Quarter in which the Closing Date is encompassed and the
                                            last Calendar Quarter of the Term will be the period beginning on January 1, April 1, July
                                            1 or October 1, as applicable, and ending on the effective date of expiry or termination
                                            of this Agreement, and “Calendar Quarterly” shall be construed accordingly.

 

		1.22	“Calendar
                                            Year” shall mean each successive period of twelve (12) months commencing on January
                                            1 and ending on December 31; provided, however, that the first Calendar Year under this Agreement
                                            will be the period beginning on the Closing Date and ending on the end of the Calendar Year
                                            in which the Closing Date is encompassed and the last Calendar Year of the Term will be the
                                            period beginning on January 1 and ending on the effective date of expiry or termination of
                                            this Agreement.

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		1.24	“Change
                                            of Control” shall mean a transaction in which a Party (or any direct or indirect
                                            shareholder(s), unitholder(s) or partner(s) together holding (directly or indirectly) over
                                            fifty percent (50%) of the voting rights attached to the shares, units or partnership interests
                                            in a Party): (i) sells, conveys or otherwise disposes of all or substantially all of the
                                            Party’s (or their indirect interest(s) in the Party’s) property, assets or business;
                                            or (ii) merges or consolidates with any other entity; or (iii) effects any other transaction
                                            or series of transactions; in each case of clause (ii) or (iii), such that the ultimate direct
                                            or indirect shareholder(s), unitholder(s) or partner(s)of such Party immediately prior thereto,
                                            in aggregate, no longer own, directly or indirectly, beneficially or legally, more than fifty
                                            percent (50%) of the voting rights attached to the outstanding voting securities or capital
                                            stock of the surviving entity following the closing of such merger, consolidation, other
                                            transaction or series of transactions. For the avoidance of doubt, “Change of Control”
                                            shall not mean a transaction which, in the case of paragraph (ii) or (iii), results in a
                                            person owning, directly or indirectly, beneficially or legally, more than fifty percent (50%)
                                            of the voting rights attached to the outstanding voting securities or capital stock of the
                                            surviving entity and where there is an agreement or arrangement between that person (or any
                                            of its direct or indirect shareholders, unitholders or partners) and the relevant Party (or
                                            any of its direct or indirect shareholders, unitholders or partners) to reverse the effects
                                            of this transaction or to implement a further transaction so that the ultimate shareholders,
                                            unitholders or partners of the relevant Party immediately prior thereto will again own, directly
                                            or indirectly, beneficially or legally, more than fifty percent (50%) of the voting rights
                                            attached to the outstanding voting shares, units or partnership interests of the relevant
                                            Party or surviving entity.

 

		1.25	“Clinical
                                            Phase I Study” shall mean a study in humans which provides for the first administration
                                            to humans of a product, conducted in healthy volunteers or patients to obtain information
                                            on product safety, tolerability, pharmacological activity or pharmacokinetics, as more fully
                                            defined in 21 C.F.R. § 312.21(a) or the non-United States equivalent thereof. For the
                                            avoidance of doubt, a Clinical Phase I Study may generate sufficient data (if successful)
                                            to commence pivotal studies/Clinical Phase III Studies, but it shall not constitute a Clinical
                                            Phase II Study.

 

		1.26	“Clinical
                                            Phase II Study” shall mean a clinical study (other than a Clinical Phase I Study)
                                            in humans of the safety, dose ranging and efficacy of a product, which is prospectively designed
                                            to generate sufficient data (if successful) to commence pivotal studies/Clinical Phase III
                                            Studies, as further defined in 21 CFR §312.21(b) or the non-United States equivalent
                                            thereof.

 

		1.27	“Clinical
                                            Phase III Study” shall mean a controlled, and usually multicenter, clinical study
                                            in humans of the efficacy and safety of a product, which is prospectively designed to demonstrate
                                            statistically whether such product is effective and safe for use in humans in the indication
                                            being investigated in a manner sufficient to submit an application to obtain Regulatory Approval
                                            to market such product, as further defined in 21 CFR §312.21(c) or the non-United States
                                            equivalent thereof.

 

		1.28	“Clinical
                                            Studies” shall mean all Clinical Phase I Studies, Clinical Phase II Studies and
                                            Clinical Phase III Studies, including pivotal studies.

 

		1.29	“Clinical
                                            Supply Agreement” shall have the meaning set forth in Section 5.1.

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		1.30	“Closing
                                            Date” shall mean the date on which the condition under Section 1.183 is fulfilled
                                            or waived by both Parties.

 

		1.31	“CMC
                                            Development” shall mean all research and development activities conducted in respect
                                            of the Manufacture of COVID Products, including chemistry, manufacturing and control (CMC),
                                            creation of master and working cell banks, test method development and stability testing,
                                            process development, manufacturing scale-up, qualification and validation, quality assurance
                                            and quality control processes and techniques.

 

		1.32	“CMO”
                                            shall mean a contract manufacturing organization.

    

		1.33	“COGS”
                                            shall mean the total cost of Manufacture of a unit of COVID Product sold and shall include
                                            Manufacturing Costs and Pass-Through Costs, as defined below, and subject to periodic review
                                            and changes over time:

  

“Manufacturing
Costs” shall mean [*****]:

 

		(i)	“Standard
                                            Manufacturing Cost” is a budgeted cost per unit established to facilitate inventory
                                            evaluation, planning and budgeting, which shall include:

 

			[*****].

 

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		(ii)	“Cost
                                            Variances” is the variance between, for a period to be agreed by the Parties, actual
                                            costs of Manufacturing versus the Standard Manufacturing Cost and may include [*****];

  

		(iii)	“Other
                                            Manufacturing Costs” are additional costs of Manufacturing which [*****]; and

  

		(iv)	“Freight”
                                            are costs incurred for [*****].

  

Manufacturing
Costs shall exclude: (a) excess costs that result from a Party’s (or its Affiliate’s) negligence or willful misconduct.

 

Based
on each Party’s accounting policies, Manufacturing Cost can be calculated [*****].

 

“Pass-Through
Costs” within COGS shall include [*****]. 

 

		1.34	“Collaboration
                                            COVID Vaccine Product” shall mean:

 

		(i)	each
                                            CureVac mRNA-Based vaccine targeting the SARS-CoV-2 Pathogen and using the SARS-CoV-2 spike
                                            protein, or any Antigen Variant thereof, as primary vaccine Antigen that the Parties have
                                            agreed to Develop and Commercialize under this Agreement during the Term, but excluding any
                                            First-Gen COVID Vaccine Product and Pathogen Combination Product; and

 

		(ii)	each
                                            vaccine product targeting coronaviruses in respect of which GSK exercises its exclusive option
                                            pursuant to Section 3.7.3 of the 2020 Collaboration Agreement, where CureVac elects, in accordance
                                            with Section 3.7.3(a)(i) of the 2020 Collaboration Agreement, to Develop and Commercialize
                                            such product on a cost and profit split basis under this Agreement.

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For
clarity, Collaboration COVID Vaccine Products shall incorporate a mRNA backbone (otherwise known as the non-coding region) that is not
identical to the First-Gen mRNA Construct.

 

		1.35	“Combination
                                            Product” shall mean a product that is:

 

		(i)	a
                                            single pharmaceutical formulation containing Drug Substances associated with a COVID Product
                                            and one or more other therapeutically or prophylactically active pharmaceutical ingredients [*****];

 

		(ii)	any
                                            combination therapy comprised of a Finished Product and one or more other therapeutically
                                            or prophylactically active products, that is (x) priced and sold in a single package containing
                                            such multiple products; or (y) packaged separately but sold together for a single price;
                                            or

 

		(iii)	comprised
                                            of a Finished Product and a companion or complementary diagnostic, priced and sold in a single
                                            package containing such multiple products or packaged separately but sold together for a
                                            single price,

 

in
each case, including all dosage forms, formulations, presentations, line extensions, and package configurations. For clarity, a Pathogen
Combination Product shall not be a Combination Product, unless it is (A) combined with another therapeutically or prophylactically active
ingredient/product or (B) comprised of a Finished Product and a companion or complementary diagnostic product, as set forth in (i), (ii)
or (iii) above.

 

		1.36	“Commercial
                                            Supply Agreement” shall have the meaning given in Section 5.2.

 

		1.37	“Commercialization”
                                            shall mean any and all activities directed to the preparation for sale of, offering for sale
                                            of, or sale of a COVID Product, including activities related to marketing, promoting, distributing,
                                            importing and exporting of COVID Products, interacting with Regulatory Authorities regarding
                                            any of the foregoing and medical affairs functions. For the avoidance of doubt, “Commercialization”
                                            shall not include the Manufacture of COVID Products. When used as a verb, to “Commercialize”
                                            and “Commercializing” shall mean to engage in Commercialization, and “Commercialized”
                                            has a correlative meaning.

 

		1.38	“Confidential
                                            Information” shall mean all Know-How, Development Data or other information of
                                            a Party whether or not marked confidential or proprietary, including:

 

		(i)	all
                                            communications between the Parties or information of whatever kind whether recorded or not
                                            and, if recorded, in whatever medium, relating to or arising out of this Agreement, whether
                                            disclosed prior to or after entering into this Agreement; and

 

		(ii)	all
                                            copies and excerpts of the communications, information, notes, reports and documents in whatever
                                            form referred to in paragraph (i) of this definition.

 

For
purposes of the confidentiality obligations set forth herein, (a) GSK Know-How, GSK Materials and GSK Inventions shall be deemed Confidential
Information of GSK; and CureVac Know-How, CureVac Materials and CureVac Inventions shall be deemed Confidential Information of CureVac;
(b) Confidential Information jointly owned by the Parties shall be deemed Confidential Information of both Parties; and (c) the terms
and conditions of this Agreement shall be deemed Confidential Information of both Parties (and both Parties shall be deemed the
Receiving Party with respect thereto). “Confidential Information” also includes all information exchanged between the Parties
pursuant to the Confidentiality Agreement.

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		1.39	“Confidentiality
                                            Agreement” shall mean that certain Confidential Disclosure Agreement entered into
                                            between the Parties as at January 9, 2020.

 

		1.40	“Control”
                                            shall mean, with respect to any material, information or intellectual property right that
                                            a Party (i) owns such material, information or intellectual property right; or (ii) has a
                                            license to or right to use or grant access to such material, information or intellectual
                                            property right, in each case of (i) or (ii), without violating the terms of any agreement
                                            or other arrangement with a Third Party, provided that any intellectual property right in-licensed
                                            by a Party from the other Party under the 2020 Collaboration Agreement shall not be Controlled
                                            by such Party for the purpose of this Section 1.40.

 

		1.41	“Cover”
                                            shall mean, (i) with respect to a claim of a Patent Right, that such claim would be infringed,
                                            absent a license, by the Development, Manufacture or Commercialization of a COVID Product,
                                            or (ii) with regard to Know-How, that the use or disclosure of such Know- How without a license
                                            would be actionable.

 

		1.42	“COVID
                                            Product(s)” shall mean (i) the Collaboration COVID Vaccine Product(s); (ii) the
                                            Pathogen Combination Product(s); and (iii) upon the effective date of Option Exercise pursuant
                                            to Section 3.3.6, the First-Gen COVID Vaccine Products, in each case of (i), (ii) and (iii)
                                            including Product Adjustments. COVID Products may be in Drug Product or Finished Product
                                            form (or precursors thereto). For the avoidance of doubt, the term “COVID Products”
                                            shall not include the First-Gen COVID Vaccine Product(s) prior to effective Option Exercise
                                            by GSK.

 

		1.43	“COVID
                                            R&D Plan” shall have the meaning set forth in Section 4.1.

 

		1.44	“CRO”
                                            shall mean a contract research organization or a contract development and manufacturing organization.

 

		1.45	“CureVac
                                            Alliance Manager” shall have the meaning set forth in Section 7.1.1.

 

		1.46	“CureVac
                                            Background Technology” shall have the meaning set forth in Section 9.1.

 

		1.47	“CureVac
                                            Elements” has the meaning given in Section 2.8.1.

 

		1.48	“CureVac
                                            Indemnified Parties” shall have the meaning set forth in Section 13.1.

 

		1.49	“CureVac
                                            Invention” shall have the meaning set forth in Section 9.3.1.

 

		1.50	“CureVac
Know-How” shall mean (i) all Know-How within the CureVac Background Technology Controlled by CureVac or its Affiliates as at
the Effective Date or during the Term that is necessary or useful for the Parties to Develop, Manufacture and/or Commercialize COVID
Products under this Agreement, provided that (x) with respect to Know-How within the CureVac Background Technology owned by a Third Party
that is not necessary to ensure freedom to operate for the Development, Manufacture and/or Commercialization of COVID Products in
the Field in the Territory and that comes under CureVac’s Control, this shall only include Know-How which is deemed CureVac Know-How
pursuant to Section 2.8.1; and (y) this shall not include the Know-How of any Third Party (or such Third Party’s Affiliates) that
becomes an Affiliate of CureVac after the Effective Date solely as a result of a Change of Control in CureVac; and (ii) all Know-How
Controlled by CureVac or its Affiliates arising or generated in connection with the performance of activities under this Agreement; provided,
however, that CureVac Know-How does not include Know-How related to (A) LNP Technology Controlled by a Third Party; and (B) [*****]. CureVac Know-How shall include (i) Know-How comprised in the CureVac Background Technology; and (ii) Know-How related to
CureVac Inventions, CureVac’s share in Joint Product Inventions or Joint Other Inventions, (iii) subject to Section 7.3, Know-How
related to LNP technology owned or Controlled by CureVac (other than the Licensed LNP), (iv) subject to Section 7.3, Know-How related
to CVCMs; and (v) other Know-How generated by CureVac under this Agreement. Without limiting Section 9.1, the CureVac Know-How existing
at the Effective Date is further described in Exhibit 1.50. 

 

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		1.51	“CureVac
                                            Manufacturing Technology” shall mean CureVac Patent Rights and CureVac Know-How
                                            that are required for the Manufacture of COVID Products.

 

	1.52	“CureVac
                                            Materials” shall mean [*****]
                                            that are supplied or otherwise made available by or on behalf of CureVac and/or its Affiliate(s)
                                            to GSK hereunder for the purposes of this Agreement (excluding, for clarity, any Confidential
                                            Information, or any COVID Product).

 

	1.53	“CureVac
                                            mRNA” shall mean [*****] on the Effective Date or during the Term.

 

		1.54	“CureVac
                                            mRNA-Based” shall mean, with respect to a vaccine, that such vaccine is encoded
                                            by one or more CureVac mRNAs.

 

		1.55	“CureVac
                                            Patent Right(s)” shall mean (i) all Patent Rights within the CureVac Background
                                            Technology Controlled by CureVac or its Affiliates as at the Effective Date or during the
                                            Term that are necessary or useful for the Development, Manufacture and/or Commercialization
                                            of COVID Products under this Agreement, provided that (x) with respect to Patent Rights within
                                            the CureVac Background Technology owned by a Third Party that are not necessary to ensure
                                            freedom to operate for the Development, Manufacture and/or Commercialization of COVID Products
                                            in the Field in the Territory and that come under CureVac’s Control after the Effective
                                            Date, this shall only include Patent Rights which are deemed CureVac Patent Rights pursuant
                                            to Section 2.8.1; and (y) this shall not include the Patent Rights of any Third Party (or
                                            such Third Party’s Affiliates) that becomes an Affiliate of CureVac solely as a result
                                            of a Change of Control in CureVac, and (ii) all CureVac Program Patent Right and CureVac’s
                                            interest in Joint Patent Rights; provided, however, that CureVac Patent Rights do not include
                                            Patent Rights within [*****]. CureVac Patent Rights shall include (i) Patent Rights comprised
                                            in the CureVac Background Technology; and (ii) CureVac’s share in Joint Patent Rights,
                                            (iii) CureVac Program Patent Rights; (iv) subject to Section 7.3, Patent Rights related to
                                            the LNP technology owned or Controlled by CureVac (other than the Licensed LNP) and CVCMs.
                                            The CureVac Patent Rights within the CureVac Background Technology Controlled by CureVac
                                            or its Affiliates as at the Effective Date are listed in Exhibit 1.55. 

 

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		1.56	“CureVac
                                            Program Patent Right” shall have the meaning set forth in Section 9.6.1.

 

		1.57	“CureVac
                                            Project Leader” shall have the meaning set forth in Section 7.1.2.

 

		1.58	“CureVac
                                            Technology” shall mean CureVac Patent Rights and CureVac Know-How.

 

		1.59	“CureVac
                                            Territory” shall mean Austria, Germany and Switzerland.

 

		1.60	“CVCM”
                                            shall mean CureVac’s next generation mRNA delivery vehicle, also referred to as
                                            CureVac Carrier MoleculeTM, which is disclosed in CureVac’s patent families [*****],
                                            that is appropriate for the formulation of Drug Substance.

 

		1.61	“CVnCoV”
                                            shall mean the vaccine named CVnCoV, Developed and Controlled by CureVac and targeting the
                                            SARS-CoV-2 Pathogen, which (i) is in Clinical Phase IIb/III Studies as at the Effective Date,
                                            (ii) uses the SARS-CoV-2 spike protein as primary vaccine Antigen, and (iii) incorporates
                                            the First-Gen mRNA Construct.

 

		1.62	“Development”
                                            shall mean all research, non-clinical, and clinical testing and drug development activities
                                            conducted in respect of the COVID Products, including those necessary or reasonably useful
                                            or otherwise requested or required by a Regulatory Authority as a condition or in support
                                            of obtaining or maintaining Regulatory Approvals and to successfully Develop, Manufacture
                                            and Commercialize the COVID Products for use in the Field. “Development”
                                            shall include CMC Development, delivery system development, mRNA sequence optimization, protein
                                            design, non-clinical testing, mechanism of action studies, toxicology, pharmacokinetics,
                                            clinical studies, regulatory affairs activities, statistical analysis and report writing,
                                            submission of documents, market research, pharmacoeconomic studies, and epidemiological/real
                                            world data studies. Development shall mean both (a) non-clinical and clinical Development;
                                            and (b) CMC Development. “Develop” and “Developed”
                                            have a correlative meaning.

 

		1.63	“Development
                                            Costs” shall mean:

 

		i.	the
                                            following costs, which are incurred in accordance with the applicable COVID R&D Plan
                                            and further detailed in the Development budget set out in the COVID R&D Plan:  [*****];

 

		j.	the
                                            following other costs (to the extent not covered by the COVID R&D Plan):  [*****].

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		1.64	“Development
                                            Data” shall mean: (i) CMC Development data (including records of Manufactured batches);
                                            (ii) any non-clinical or clinical findings, results and other research data relating to the
                                            COVID Products, in any format; and (iii) the formal reports of preclinical toxicology studies
                                            and Clinical Studies, such data in each case of (i), (ii) and (iii) required for the Development,
                                            Manufacture or Commercialization of the COVID Products, including but not limited to, INDs
                                            and other regulatory filings and registration dossiers.

 

		1.65	“Development
                                            Transfer Materials” shall have the meaning set forth in Section 4.7.

 

		1.66	“Diligent
                                            Efforts” shall mean, with respect to a Party, those efforts, expertise and resources
                                            commensurate with efforts, expertise and resources commonly used in the biopharmaceutical
                                            industry by a company of comparable size in connection with the development, manufacture
                                            and/or commercialization of a comparable high priority pharmaceutical product which is of
                                            similar market potential at a similar stage of development or commercialization in light
                                            of issues of safety and efficacy, product profile, public health, the competitiveness of
                                            the marketplace, the proprietary position of the compound or product, the regulatory structure
                                            involved, the profitability of the applicable products, product reimbursement, and other
                                            relevant factors such as technical, legal, scientific, or medical factors. Diligent Efforts
                                            shall be determined on a market-by-market and indication-by-indication basis for each COVID
                                            Product, and it may change over time.

 

		1.67	“Disclosing
                                            Party” shall have the meaning set forth in Section 11.1

 

		1.68	“Disclosure
                                            Letter” shall have the meaning set forth in Section 13.4.

 

		1.69	“Distribution
                                            Agreement” shall have the meaning set forth in Section 6.2.

 

		1.70	“Drug
                                            Product” shall mean, for a given COVID Product, the drug product form thereof,
                                            comprising of one or more Drug Substance(s) of that COVID Product and formulated with the
                                            Licensed LNP (or, subject to Section 7.3, an LNP Controlled by CureVac or a CVCM), and any
                                            excipients.

 

		1.71	“Drug
                                            Substance” shall mean the active ingredient(s) of a COVID Product, being one or
                                            more mRNA molecules which contains the genetic information for the relevant Antigen(s).

 

		1.72	[*****].

 

		1.73	“Effective
                                            Date” shall have the meaning set forth in the Preamble.

    13

     

    

		1.74	“EMA”
                                            shall mean the European Medicines Agency.

 

		1.75	“Enhanced
                                            Diligent Efforts” means, with respect to GSK, marketing efforts that are equal
                                            to, or which exceed, in all material respects, those marketing efforts undertaken by GSK
                                            for the commercialization of any New Non-mRNA COVID Product, taking into account issues of
                                            safety and efficacy, product profile, public health, the competitiveness of the marketplace,
                                            the proprietary position of the compound or product, the regulatory structure involved, product
                                            reimbursement, and other relevant factors such as technical, legal, scientific, or medical
                                            factors. Enhanced Diligent Efforts shall be determined on a market-by-market and indication-by-
                                            indication basis for each COVID Product, and it may change over time.

 

		1.76	“[*****] Agreements” shall have the meaning set forth in Section 2.7.4.

 

		1.77	“Exclusive
                                            Option” shall have the meaning set forth in Section 3.3.2.

 

		1.78	“Executive
                                            Officers” the Chief Executive Officer of CureVac (or a senior executive officer
                                            of CureVac designated by CureVac’s Chief Executive Officer) and the President of GSK
                                            Vaccines (or a senior executive officer of GSK designated by the President of GSK Vaccines).

 

		1.79	“Existing
                                            COVID Projects” shall mean the following vaccine development projects in which
                                            GSK is involved:

 

			[*****].

 

		1.80	[*****].

 

		1.81	“FDA”
                                            shall mean the U.S. Food and Drug Administration.

 

		1.82	“Field”
                                            shall mean any and all prophylactic and/or therapeutic uses for the prevention, delay of
                                            onset or treatment of diseases caused by the SARS-CoV-2 Pathogen in humans.

    14

     

    

		1.83	“Filled
                                            Containers” shall mean, for a given COVID Product, Drug Product, diluted and filled
                                            in vials, without labelling or packaging.

 

		1.84	“Financial
                                            Partner” shall have the meaning set forth in Section 11.4.1 below.

 

		1.85	“Finished
                                            Product” shall mean, for a given COVID Product, the final presentation of such
                                            COVID Product, following labelling and packaging of Filled Containers, as registered in the
                                            applicable Regulatory Approval.

 

		1.86	“First
                                            [*****] Option” shall have the meaning set forth in Section 3.3.1.

 

		1.87	“First
                                            Commercial Sale” shall mean, on a COVID Product-by-COVID Product and country- by-country
                                            basis, the first sale of a COVID Product by or on behalf of GSK or its Affiliates or Sublicensees,
                                            or by CureVac or its Affiliates or Sublicensees, such as but not limited to, sales to a Third
                                            Party wholesaler, pharmacy, outpatient clinic, inpatient clinic, hospital, dispensing physician
                                            or government agency in a given country after necessary Regulatory Approval has been granted
                                            with respect to such COVID Product in such country, provided, however, that in the event
                                            of a sale of a COVID Product prior to Regulatory Approval which is substantially comparable
                                            to a commercial sale effected only after Regulatory Approval is obtained, then the first
                                            sale in any such arrangement shall also constitute a First Commercial Sale. For the avoidance
                                            of doubt, “treatment IND sales”, “named patient sales” and “compassionate
                                            use sales” shall not be construed as a First Commercial Sale if the aggregate, annual
                                            Net Sales for all such programs are less than EUR [*****]. For avoidance of doubt, any sale
                                            of a COVID Product by GSK to an Affiliate or Sublicensee or subcontractor is not a First
                                            Commercial Sale.

 

		1.88	“First-Gen
                                            COVID Booster Vaccine” shall have the meaning set forth in Section 1.89.

 

		1.89	“First-Gen
                                            COVID Vaccine Product” shall mean (i) CVnCoV, and each vaccine Controlled by CureVac
                                            targeting the SARS-CoV-2 Pathogen that incorporates the First-Gen mRNA Construct (and not,
                                            for the avoidance of doubt, any other mRNA backbone), including vaccines modified to address
                                            naturally occurring variants of the SARS-CoV-2 spike protein, and (ii) each vaccine that
                                            incorporates the First-Gen mRNA Construct (and not, for the avoidance of doubt, any other
                                            mRNA backbone) boosting the immune response from a primary vaccination with a First-Gen COVID
                                            Vaccine Product or another vaccine targeting the SARS-CoV-2 Pathogen (“First-Gen
                                            COVID Booster Vaccine”).

 

		1.90	“First-Gen
                                            COVID Vaccine Products Dossiers/Data” shall have the meaning set forth in Section
                                            4.8.4.

 

		1.91	“First-Gen
                                            mRNA Construct” means the “backbone” (otherwise referred to as the
                                            non-coding region) of CVnCoV, further details of which are set out in the dossier forming
                                            part of each application for Regulatory Approval.

 

		1.92	“First
                                            Regulatory Approval” shall mean, in relation to each COVID Product, unless expressly
                                            stated otherwise in this Agreement, the earlier of (i) final marketing authorization for
                                            a COVID Product in any jurisdiction of the Territory, or (ii) the grant of any conditional
                                            authorization for a COVID Product in any jurisdiction of the Territory.

    15

     

    

		1.93	“Force
                                            Majeure” shall have the meaning set forth in Section 16.2.

 

		1.94	[*****].

  

		1.95	“FTE”
                                            shall mean, with respect to a person, the equivalent of the work of one (1) employee full
                                            time for one (1) year (consisting of at least [*****] working hours per year (with
                                            no further reductions for vacations and holidays)). Overtime, and work on weekends, holidays
                                            and the like will not be counted with any multiplier (e.g., time-and-a-half or double time)
                                            toward the number of hours that are used to calculate the FTE contribution. The portion of
                                            a FTE billable for one (1) individual during a given accounting period shall be determined
                                            by dividing the number of hours worked by said individual on the work to be conducted under
                                            the Agreement during such accounting period by the number of FTE hours applicable for such
                                            accounting period based on [*****] working hours per year. FTE shall include the employee
                                            required to execute the COVID R&D Plan provided however that the costs of employees already
                                            taken into account in the calculation of SG&A or COGS shall not be included. FTE shall
                                            not include personnel undertaking general corporate activities including, by way of example
                                            only, investor relations, business development, legal affairs, human resources and finance,
                                            and any other activities not supporting activities conducted under this Agreement.

 

		1.96	“FTE
                                            Rate” shall mean for GSK and CureVac, as applicable, for the period commencing
                                            on the Effective Date until such time as the Parties mutually agree otherwise, €[*****] per annum. The FTE Rate shall include all fully loaded costs, including costs
                                            of salaries (including overtime), benefits, other employee costs, overhead and supporting
                                            general and administration allocations. The Parties may agree on an increase of the FTE Rate
                                            for inflation on an annual basis based upon the percentage increase in the European Consumer
                                            Price Index.

 

		1.97	“Good
                                            Clinical Practices” or “GCP” shall mean, in connection with
                                            a Clinical Study, current practices set forth in or required by (i) the World Medical Association’s
                                            Declaration of Helsinki entitled ‘Ethical Principles for Medical Research Involving
                                            Human Subjects’ (ii) the principles of International Conference on Harmonization Harmonized
                                            Tripartite Guideline for Good Clinical Practice (CPMP/ICH/135/95) E6 and E11; (iii) the Directive
                                            2001/20/EC of the European Union and in guidance published by the European Commission in
                                            relation to such Directive and any local laws, rules and regulations that implement such
                                            Directive and guidance; (iv) provisions of Title 21 of the Code of Federal Regulations
                                            (including Parts 11, 50, 54, 56, 312, 314, 320, 601 and 610) and all rules, regulations,
                                            order and guidance’s published thereunder; and (v) any other country in which the Clinical
                                            Study is conducted.

 

		1.98	“Good
                                            Distribution Practices” or “GDP” shall mean the current (at
                                            a given time) standards, practices and procedures regarding the distribution of pharmaceutical
                                            products promulgated or endorsed by a Regulatory Authority and all Applicable Laws with respect
                                            thereto, as defined further or otherwise in the Distribution Agreement or a quality agreement
                                            ancillary thereto.

 

		1.99	“Good
                                            Laboratory Practices” or “GLP” shall mean, at a given time,
                                            the current good laboratory practice standards promulgated or endorsed by the US Food and
                                            Drug Administration as defined in Part 58 of the Code of Federal Regulations Title 21,
                                            or comparable regulatory standards promulgated by the EMA or other applicable Regulatory
                                            Authority, as may be updated from time to time, including applicable quality guidelines promulgated
                                            under the ICH.

    16

     

    

		1.100	“Good
                                            Data Management Practices” shall have the meaning set forth in Section 12.3.

 

		1.101	“Good
                                            Manufacturing Practices” or “GMP” shall mean the current (at
                                            a given time) standards, practices and procedures regarding the Manufacturing of human vaccines
                                            promulgated or endorsed by a Regulatory Authority and all Applicable Laws with respect thereto,
                                            including:

 

		(i)	the
                                            standards, rules, principles and guidelines set out in Chapter II of EC Commission Directive
                                            2003/94/EC together with the guidance for the interpretation of the principles and guidelines
                                            of good manufacturing practices for medicinal products for human use laid down in Commission
                                            Directives 91/356/EEC, as amended by Directive 2003/94/EC and 91/412/EEC, contained in Volume
                                            4 of “The Rules Governing Medicinal Products in the European Union”.

 

		(ii)	Parts
                                            210 and 211 of Title 21 of the Code of Federal Regulations and all related guidance published
                                            by the FDA;

 

		(iii)	The
                                            International Conference on Harmonisation of Technical Requirements for Registration of Pharmaceuticals
                                            for Human Use (“ICH”) Quality Guidelines relating to good manufacturing practice;

 

		(iv)	the
                                            “Good Manufacturing Practices for Pharmaceutical Products” promulgated by the
                                            World Health Organization (“WHO”),

 

provided
that term may be defined further or otherwise in the Quality Agreements regarding the supply of COVID Products (either in Drug Substance,
Drug Product, Filled Containers or Finished Product format) for clinical or commercial purposes entered pursuant to this Agreement.

 

		1.102	“Government and
                                                                                                                                                                                                                                NGO Contracts” shall mean: (i) [*****] and (ii) all agreements with governments, supra-national organizations or
                                                                                                                                                                                                                                non-profit organizations relating to the First-Gen COVID Vaccine Products entered into by CureVac before the Effective Date or
                                                                                                                                                                                                                                following the Effective Date in accordance with Section 2.7.4; and (iii) all agreements with governments, supra-national
                                                                                                                                                                                                                                organizations or non-profit organizations relating to the First-Gen COVID Vaccine Products and the Collaboration COVID Vaccine
                                                                                                                                                                                                                                Products that are entered into by the Parties following the Effective Date in accordance with Section 2.7.4. The Government and NGO
                                                                                                                                                                                                                                Contracts existing at the Effective Date are listed in Exhibit 1.102.

 

		1.103	“Government
                                            Official” (where ‘government’ means all levels and subdivisions of
                                            governments, i.e. local, regional, national, administrative, legislative, executive,
                                            or judicial, and royal or ruling families) shall mean: (i) any officer or employee of a government
                                            or any department, agency or instrumentality of a government (which includes public enterprises,
                                            and entities owned or controlled by the state); (ii) any officer or employee of a public
                                            international organization such as the World Bank or United Nations; (iii) any officer or
                                            employee of a political party, or any candidate for public office; (iv) any person defined
                                            as a government or public official under Applicable Law (including anti-bribery and corruption
                                            laws) and not already covered by any of the above; and/or; (v) any person acting in an official
                                            capacity for or on behalf of any of the above. “Government Official” shall include
                                            any person with close family members who are Government Officials (as defined above) with
                                            the capacity, actual or perceived, to influence or take official decisions affecting either
                                            Party’s business.

    17

     

    

		1.104	“GSK
                                            Alliance Manager” shall have the meaning set forth in Section 7.1.1.

 

		1.105	“GSK
                                            Background Technology” shall have the meaning as set forth in Section 9.1.

 

		1.106	“GSK
                                            Indemnified Parties” shall have the meaning set forth in Section 13.2.

 

		1.107	“GSK
                                            Invention” shall have the meaning set forth in Section 9.3.2.

 

		1.108	“GSK
                                            Know-How” shall mean all Know-How Controlled by GSK or its Affiliates as at the
                                            Effective Date or thereafter during the Term that (i) is necessary for CureVac to perform
                                            the obligations and other activities pursuant to this Agreement, or (ii) is used by or on
                                            behalf of GSK its Affiliates or Sublicensees to Develop, Manufacture and Commercialize COVID
                                            Products under this Agreement. GSK Know-How shall include (i) Know-How comprised in the GSK
                                            Background Technology; and (ii) Know-How related to GSK Inventions, Joint Product Inventions
                                            or Joint Other Inventions, and (iii) other Know-How generated by GSK under this Agreement.

 

		1.109	“GSK
                                                                                                                                                                                                                                Materials” shall mean any [*****] that are supplied or otherwise made available by or on behalf of GSK and/or its
                                                                                                                                                                                                                                Affiliate(s) to CureVac for the purposes of this Agreement (excluding, for clarity, any Confidential Information, or any COVID
                                                                                                                                                                                                                                Product).

 

		1.110	“GSK
                                            Patent Right(s)” shall mean all Patent Rights Controlled by GSK or its Affiliates
                                            as at the Effective Date or thereafter during the Term that (i) are necessary for CureVac
                                            to perform the obligations and other activities pursuant to this Agreement, or (ii) are used
                                            by or on behalf of GSK its Affiliates or Sublicensees to Develop, Manufacture and/or Commercialize
                                            COVID Products under this Agreement. GSK Patent Rights shall include Patent Rights comprised
                                            in the GSK Background Technology, GSK Program Patent Rights and GSK’s interest in Joint
                                            Patent Rights.

 

		1.111	“GSK
                                            Program Patent Right” shall have the meaning set forth in Section 9.6.2.

 

		1.112	“GSK
                                            Project Leader” shall have the meaning set forth in Section 7.1.2.

 

		1.113	“GSK
                                            Technology” shall mean any and all GSK Patent Rights and GSK Know-How.

 

		1.114	“GSK
                                            Territory” shall mean all countries of the world other than the countries included
                                            in the CureVac Territory.

    18

     

    

		1.115	“GxP”
                                            shall mean the good practice regulations in the pharmaceutical industry, including Good Manufacturing
                                            Practices, Good Laboratory Practices, Good Clinical Practices and Good Distribution Practices
                                            (GMP, GLP, GCP and GDP).

 

		1.116	[*****].

  

		1.117	“Human
                                            Biological Samples” shall mean human biological material (including any derivative
                                            or progeny thereof), including any portion of an organ, any tissue, skin, bone, muscle, connective
                                            tissue, blood, cerebrospinal fluid, cells, gametes, or sub-cellular structures such as DNA,
                                            or any derivative of such biological material such as stem cells or cell lines; and any human
                                            biological product, including, but not limited to, hair, nail clippings, teeth, urine, faeces,
                                            breast milk, and sweat.

 

		1.118	“IND”
                                            shall mean an investigational new drug application filed with, and accepted by, the FDA prior
                                            to beginning clinical trials in humans in the United States, or any comparable application
                                            to and acceptance by the Regulatory Authority of a country or group of countries other than
                                            the USA thereto, including EMA, prior to beginning clinical trials in humans in that country
                                            or in that group of countries.

 

		1.119	“In-Licensed
                                            IP” shall have the meaning set forth in Section 2.8.1.

 

		1.120	“In-Licensing
                                            Agreement” shall mean the LNP Agreement, the agreements listed in Exhibit 1.120,
                                            and any other agreement with a Third Party pursuant to which CureVac Controls CureVac Technology
                                            or LNP Technology.

 

		1.121	“Initiation”
                                            shall mean, with respect to a Clinical Study, the first administration of the first subject
                                            in such Clinical Study.

 

		1.122	“Invention”
                                            shall mean an invention or discovery, whether or not patentable, discovered, made, conceived
                                            and/or first reduced to practice during the Term by or on behalf of CureVac or GSK or Affiliates
                                            of CureVac or GSK, alone or jointly with each other and/or any Third Party, which arise from
                                            the performance of activities under this Agreement, including performance of activities under
                                            the COVID R&D Plan.

 

		1.123	“IP
                                            Sub-Committee” shall mean the sub-committee to be established pursuant to Section
                                            7.6.

 

		1.124	“Joint
                                            Product Invention” shall have the meaning set forth in Section 9.3.3.

 

		1.125	“Joint
                                            Other Invention” shall have the meaning set forth in Section 9.3.4.

 

		1.126	“Joint
                                            Patent Rights” shall have the meaning set forth in Section 9.7.

 

		1.127	“Joint
                                            Steering Committee”, and “JSC” shall have the meaning set forth
                                            in Section 7.2.

 

		1.128	“JST”
                                            shall have the meaning set forth in Section 4.8.4.

    19

     

    

		1.129	“JST
                                            Charter” shall have the meaning set forth in Section 4.8.4

 

		1.130	“Know-How”
                                            shall mean all technical, scientific and other information, inventions, discoveries, trade
                                            secrets, knowledge, technology, means, methods, processes, practices, formulae, instructions,
                                            skills, techniques, procedures, expressed ideas, technical assistance, designs, drawings,
                                            assembly procedures, computer programs, apparatuses, specifications, Development Data, results,
                                            non-clinical, clinical, safety, process and Manufacturing and quality control data and information
                                            (including trial designs and protocols), registration dossiers, in each case, solely to the
                                            extent confidential and proprietary and in written, electronic or any other form now known
                                            or hereafter Developed.

 

		1.131	“Licensed
                                            LNP” shall mean the LNP that is Controlled by CureVac as at the Effective Date
                                            pursuant to the LNP Agreement. Any amendment to the LNP Agreement made after the Effective
                                            Date shall not adversely affect the rights or increase the obligations of GSK or CureVac
                                            under this Agreement.

 

		1.132	“LNP”
                                            shall mean a lipid nanoparticle system comprised of individual lipid components at specific
                                            ratios, which are manufactured in such a manner to encapsulate and deliver mRNA into a target
                                            cell.

 

		1.133	“LNP
                                            Agreement” shall mean the Non-Exclusive License Agreement between CureVac and [*****].
                                            For clarity, the use of any LNP Technology under this Agreement in relation to a COVID Product
                                            shall not count towards the limit on the number of LNP Licenses under the 2020 Collaboration
                                            Agreement.

 

		1.134	“LNP
                                            License” shall have the meaning set forth in Section 2.1.2.

 

		1.135	“LNP
                                            Provider” shall mean [*****].

 

		1.136	“LNP
                                            Technology” shall mean the Patent Rights and Know-How Covering the Licensed LNP.

 

		1.137	“Major
                                            Markets” shall mean [*****].

  

		1.138	“Manufacture”
                                            shall mean all manufacturing operations (including for Drug Substance, Drug Product, fill
                                            and finish, packaging and labelling) for COVID Products, including all activities related
                                            to the preparation and use of master and working cell banks, making, production, processing,
                                            purifying, formulating, filling, and finishing, of the Finished Product, or any intermediate
                                            thereof, pre-clinical, clinical and commercial production, product, stability testing, quality
                                            assurance, and quality control. “Manufacturing” has a correlative meaning.

 

		1.139	“Manufacturing
                                            Technology Transfer Materials” shall have the meaning set forth in Section 5.6

 

		1.140	“Materials”
                                            shall mean CureVac Materials and GSK Materials.

    20

     

    

		1.141	“mRNA”
                                            shall mean a replicating or non-replicating polynucleotide that is capable of directing the
                                            cellular machinery of a cell to produce polypeptide and contains naturally occurring nucleosides
                                            (e.g. Cytosine, Guanine, uracil, adenine) or chemical analogues thereof. The term encompasses
                                            analogues such as those containing modified backbones.

 

		1.142	“mRNA-Based”
                                            shall mean, with respect to a vaccine, that the vaccine Antigen is encoded by one or more
                                            mRNAs.

 

		1.143	“Net
                                            Profits” shall have the meaning set forth in Section 8.2.3.

 

		1.144	“Net
                                            Sales” shall mean the gross invoice price of COVID Product sold by the selling
                                            Party or its Affiliates or Sublicensees directly to a Third Party, less the following deductions
                                            if and to the extent such deductions to unaffiliated entities are actually allowed and granted:

 

		(i)	trade,
                                            quantity, and/or cash discounts, charge-back payments, allowances or rebates, including promotional
                                            or similar discounts or rebates, and discounts or rebates to governmental or managed care
                                            organizations;

 

		(ii)	discounts
                                            provided in connection with coupon, voucher or similar patient programs;

 

		(iii)	credits
                                            or allowances given or made with respect to a COVID Product by reason of rejection, defects,
                                            recalls, returns, rebates, or retroactive price reductions;

 

		(iv)	any
                                            tax, tariff, duty or government charge (including any sales, value added, excise or similar
                                            tax or government charge, but excluding any income tax) levied on the sale, transportation
                                            or delivery of COVID Product and borne by the selling Party, its Affiliates or Sublicensees
                                            without reimbursement from any Third Party;

 

		(v)	any
                                            charges for freight, postage, shipping or transportation, or for insurance, in each case
                                            to the extent borne by the selling Party, its Affiliates or Sublicensees without reimbursement
                                            from any Third Party; and

 

		(vi)	any
                                            administrative fees paid to group purchasing organizations or managed care entities for the
                                            sale of COVID Product (provided, however, that such deduction may not exceed two percent
                                            (2%) of the gross sales in the corresponding accounting period).

 

All
such discounts, allowances, credits, rebates and other deductions shall be fairly and equitably allocated to the sale of the relevant
COVID Product by the selling Party, its Affiliates or Sublicensees, such that the COVID Product does not bear a disproportionate portion
of such deductions as compared to other products sold separately from but with a certain link or other connection to the COVID Product.
For the avoidance of doubt, the Net Sales shall be calculated only once for the first bona fide arm’s length sale of the COVID
Product by either the selling Party, its Affiliate or its Sublicensee, to a Third Party which is neither an Affiliate nor a Sublicensee
of the selling Party. Net Sales shall be determined in accordance with International Financial Reporting Standards (IFRS) applied in
a consistent manner.

    21

     

    

 

In
the event a COVID Product is sold as part of a Combination Product (either as a separate Finished Product sold together with other products
or because the Drug Substances associated with that COVID Product are formulated with additional other therapeutically or prophylactically
active pharmaceutical ingredients (including, if mutually agreed between the Parties, [*****]) or companion or complementary
diagnostic), Net Sales of the Combination Product will be calculated, on a country-by-country basis, as follows:

 

		(i)	If
                                            (x) the COVID Product and (y) the other product(s) or active pharmaceutical ingredient are
                                            also sold separately in the applicable country, Net Sales of the COVID Product portion of
                                            the Combination Product will be calculated by multiplying the total Net Sales of the Combination
                                            Product by the fraction A/(A+B), where A is the average gross selling price in the applicable
                                            country of the COVID Product sold separately in the same formulation and dosage, and B is
                                            the sum of the average gross selling prices in the applicable country of all other products
                                            or active ingredients in the Combination Product sold separately during the applicable Calendar
                                            Quarter.

 

		(ii)	If
                                            the COVID Product is sold separately, but the average gross selling price of the other product(s)
                                            or active ingredients cannot be determined, Net Sales of the Combination Product shall be
                                            equal to the Net Sales of the Combination Product multiplied by the fraction A/C wherein
                                            A is the average gross selling price of the COVID Product and C is the average gross selling
                                            price of the Combination Product.

 

		(iii)	If
                                            the other product(s) or other active ingredients is/are sold separately, but the average
                                            gross selling price of the COVID Product cannot be determined, Net Sales of the Combination
                                            Product shall be equal to the Net Sales of the Combination Product multiplied by the following
                                            formula: one (1) minus B/C wherein B is the average gross selling price of the other product(s)
                                            or active ingredients and C is the average gross selling price of the Combination Product.

 

		(iv)	If
                                            the average gross selling price of neither the COVID Product, nor the other product(s) or
                                            active ingredients, can be determined, e.g., because neither the COVID Product, nor the other
                                            product in a Combination Product, are being sold separately, Net Sales of the Combination
                                            Product shall be equal to Net Sales of the Combination Product multiplied by A/B wherein
                                            A is the number of COVID Products comprised in the Combination Product and B is the sum of
                                            “one” for each COVID Product and the relative value of the other product(s) and/or
                                            other active pharmaceutical ingredients comprised in the Combination Product, such value
                                            to be determined by the patent protection status of the respective products, the development
                                            costs of the respective products, and the pricing of comparable products in the Major Markets.
                                            For illustration purposes, if there are two additional active ingredients in a Combination
                                            Product, one valued at 30 percent of the average price of the COVID Products, and one valued
                                            at 50 percent of the average price of the COVID Products, A/B equals 2/2.8, and Net Sales
                                            are multiplied by 0.71. The Parties will agree on the respective values in the JSC. If the
                                            JSC is unable to agree on the respective values within [*****] the matter being
                                            referred by either Party to the JSC, either Party may refer the matter for resolution in
                                            accordance with Section 15.5(viii), provided that the reference to “fair market value”
                                            shall be replaced with the value of the respective COVID Product and the relative value of
                                            the other product(s) and/or other active pharmaceutical ingredients. Each Party will bear
                                            equally the cost of the experts appointed in accordance with Section 15.5(viii).

 

		(v)	The
                                            average gross selling price for such other product(s) or active ingredients contained in
                                            the Combination Product shall be calculated for each [*****] period by dividing
                                            the sales amount by the units of such other product(s), as published by IMS or another
                                            mutually agreed independent source. In the initial [*****]
                                            period during which a Combination Product is sold, forecasted average gross selling
                                            prices shall be used for royalty calculation purposes. Any over or under payment due to a
                                            difference between forecasted and actual average gross selling prices shall be paid or credited
                                            in the second royalty payment of the following [*****] period. In the following Calendar
                                            Year the average gross selling price of the previous year shall apply from the second royalty
                                            payment on.

 

    22

     

      

		1.145	“New
                                            Non-mRNA COVID Product” means any non-mRNA Based vaccine for use in the Field,
                                            which falls outside the limitations set out in Section 2.3.1, except those resulting from
                                            an Existing COVID Project.

 

		1.146	“NIAID”
                                            shall mean the U.S. National Institute of Allergy and Infectious Diseases, an institute of
                                            the U.S. National Institutes of Health.

 

		1.147	“Non-Breaching
                                            Party” shall have the meaning set forth in Section 14.5.

 

		1.148	“Option
                                            Exercise” shall have the meaning set forth in Section 3.3.6.

 

		1.149	“Option
                                            Exercise Fee” shall have the meaning set forth in Section 3.3.5.

 

		1.150	“Option
                                            Exercise Notice” shall have the meaning set forth in Section 3.3.3.

 

		1.151	“Option
                                            Period” shall have the meaning set forth in Section 3.3.2.

 

		1.152	“Other
                                            Allowable Expenses” shall mean shall mean (i) amounts paid to Third Parties ([*****])
                                            in connection with a product liability claim or other claim, suit, proceeding, litigation
                                            or action relating to alleged defects in a COVID Product resulting from the Development,
                                            Manufacture or Commercialization of such COVID Product, (ii) expenses directly associated
                                            with notification, retrieval and return of a COVID Product, destruction of such returned
                                            Collaboration Product, replacement of a Collaboration Product and distribution of such replacement
                                            COVID Product, incurred with respect to a recall of such COVID Product, but in each of the
                                            foregoing cases excluding any such payments, costs and expenses caused by the negligence
                                            or willful misconduct of a Party or its Affiliates or Sublicensees, which amounts shall be
                                            solely borne by such Party.

 

		1.153	“Party”
                                            shall mean CureVac or GSK (together, “Parties”).

 

		1.154	“Patent
                                            Rights” shall mean any and all patents and patent applications, including provisional
                                            and non-provisional applications, reissues, extensions, substitutions, confirmations, re-
                                            registrations, re-examinations, re-validations, patents of addition, supplementary protection
                                            certificates or the equivalents thereof, continuations, continuations-in-part and divisionals
                                            thereof and all foreign counterparts, and the like of any of the foregoing.

 

		1.155	“Pathogen”
                                            shall mean any infectious disease causing agent such as a virus, bacterium, fungus, protozoan
                                            or other type of microorganism.

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		1.156	“Pathogen
                                            Combination Product” shall mean a CureVac mRNA-Based vaccine that incorporates
                                            a mRNA construct that is not identical to the First-Gen mRNA Construct and targets the SARS-CoV-2
                                            Pathogen and one or more Collaboration Pathogen(s) (as such term is defined in the 2020 Collaboration
                                            Agreement); provided that upon the effective date of Option Exercise a Pathogen Combination
                                            Product may also incorporate the First-Gen mRNA Construct.

 

		1.157	“Person”
                                            shall mean an individual, firm, company, corporation, association, trust, estate, state or
                                            agency of a state, government or government department or agency, municipal or local authority
                                            and any other entity, whether or not incorporated and whether or not having a separate legal
                                            personality.

 

		1.158	“Product
                                            Adjustment” shall have the meaning set forth in Section 3.2.2.

 

		1.159	“Program”
                                            shall mean, on a COVID Product by COVID Product basis, any and all Development activities
                                            for such Product, including under the COVID R&D Plan, and all Manufacturing and Commercialization
                                            activities conducted in respect of that COVID Product.

 

		1.160	“Program
                                            Patent Rights” shall mean Patent Rights Covering Inventions.

 

		1.161	“Project
                                            Leaders” shall have the meaning set forth in Section 7.1.2.

 

		1.162	“Quality
                                            Agreement” shall mean a quality agreement between CureVac and GSK setting out further
                                            administrative, technical and quality provisions regarding the Manufacture and supply of
                                            a COVID Product (or intermediary version thereof) for Development or Commercialization purposes,
                                            as applicable.

 

		1.163	“Receiving
                                            Party” shall have the meaning set forth in Section 11.1.

 

		1.164	“Regulatory
                                            Approval” shall mean any and all approvals (including supplements, amendments,
                                            pre- and post-approvals, pricing and reimbursement approvals), licenses, registrations or
                                            authorizations (including marketing and labeling authorizations) of any national, supra-national,
                                            regional, state or local Regulatory Authority, department, bureau, commission, council or
                                            other governmental entity, that are necessary for the Development, registration, Manufacture
                                            (including formulation), distribution, use, sale, import or export of a COVID Product in
                                            a given jurisdiction.

 

		1.165	“Regulatory
                                            Authority” shall mean any competent regulatory or governmental authority which
                                            regulates any aspect of the Development, Manufacturing or Commercialization of a COVID Product,
                                            including those specifically referred to in this Agreement or any Ancillary Agreement.

 

		1.166	“Regulatory
                                            Exclusivity” shall mean, on a country-by-country and COVID Product-by- COVID Product
                                            basis, an additional protection, other than patent protection, granted by a Regulatory Authority
                                            that confers an exclusive period during which a Party or its Affiliates or Sublicensees have
                                            the exclusive right to market or sell a COVID Product in such country through a regulatory
                                            exclusivity right (e.g., new use or indication exclusivity, new formulation exclusivity,
                                            orphan drug exclusivity, pediatric exclusivity, or any applicable data exclusivity), provided
                                            that regulatory exclusivity shall only be deemed to exist in a country if (i) Applicable
                                            Laws, and the guidance, policies and practice of the competent Regulatory Authority allow
                                            other mRNA-Based products to qualify as generic or biosimilar versions of a COVID Product;
                                            and (ii) as a result, absent or after the expiry of the regulatory exclusivity right, such
                                            mRNA- Based products can enter the market of the country in question with substantially lower
                                            development investment. 

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		1.167	“RNA
                                            Printer” shall mean the automation solution for CureVac’s processes of mRNA
                                            manufacturing developed by CureVac and Tesla Grohmann Automation Solution GmbH under the
                                            Development and Intellectual Property Agreement dated December 22, 2017, including the Know-How
                                            licensed from Tesla Grohmann Automation Solution GmbH thereunder.

 

		1.168	“Royalty
                                            Term” shall have the meaning set forth in Section 8.3.2.

 

		1.169	“Sanctions
                                            & Trade Controls” shall have the meaning set forth in Section 12.8.

 

		1.170	“SG&A”
                                            shall mean following expenses, as determined in accordance with International Financial Reporting
                                            Standards, consistently applied:

 

		(i)	expenses
                                            directly allocated to the COVID Product, comprising:

 

			[*****];

 

		(ii)	expenses
                                            indirectly allocated to the COVID Product in addition to the above, comprising:

 

			[*****];

 

    25

     

    

 

		1.171	“SARS-CoV-2
                                            Pathogen” shall mean the virus known as SARS-CoV-2.

 

		1.172	“Second
                                            [*****] Option” shall have the meaning set forth in Section 3.3.1.

 

		1.173	“Sublicensee”
                                            shall mean any Third Party licensee (aside from GSK’s Affiliates and any Third Party
                                            contractors used by GSK in the Development, Manufacture or Commercialization of the COVID
                                            Products on GSK’s behalf), which obtains rights to the CureVac Technology or LNP Technology
                                            under a license granted by GSK, its Affiliates or another Sublicensee, in each case in accordance
                                            with Section 2.2.

 

		1.174	“Term”
                                            shall have the meaning set forth in Section 14.1.

 

		1.175	“Territory”
                                            shall mean the entire world.

 

		1.176	“Third
                                            Party” shall mean any Person, other than CureVac or GSK and their respective Affiliates.

 

		1.177	“Third
                                            Party Infringement” shall have the meaning set forth in Section 10.1.1.

 

		1.178	“[*****]
                                            Purchase Agreement” shall mean the [*****], as amended from time to time.

 

		1.179	“Valid
                                            Claim” shall mean either (a) a claim of an issued and unexpired patent within the
                                            CureVac Patent Rights or (ii) the LNP Technology which has not been revoked or held permanently
                                            unenforceable, unpatentable or invalid by a decision of a court or other governmental agency
                                            of competent jurisdiction, unappealable or unappealed within the time allowed for appeal,
                                            and which has not been found or admitted to be abandoned, disclaimed, denied, invalid or
                                            unenforceable through re-examination, reissue or disclaimer or otherwise, or (b) a claim
                                            of a pending patent application within (i) the CureVac Patent Rights or (ii) the LNP Technology
                                            which application has not been pending for more than [*****] from the date of its priority
                                            filing date and which claim has not been irretrievably revoked, irretrievably cancelled,
                                            irretrievably withdrawn, held invalid or abandoned by a patent office, court or other governmental
                                            agency of competent jurisdiction in a final and non-appealable judgment (or judgment from
                                            which no appeal was taken within the allowable time period), or finally determined to be
                                            unallowable in a decision from which an appeal cannot or can no longer be taken. For clarity,
                                            a claim of an issued patent that ceased to be a Valid Claim before it issued because it had
                                            been pending too long, but subsequently issues and is otherwise described by clause (a),
                                            shall again be considered to be a Valid Claim once it issues. The same principle shall apply
                                            in similar circumstances such as if, for example (but without limitation), a final rejection
                                            of a claim is overcome.

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		1.180	“VAT
                                            and Indirect Taxes” shall mean any value added, sales, purchase, turnover or consumption
                                            tax as may be applicable in any relevant jurisdiction, including but not limited to value
                                            added tax chargeable under legislation implementing Council Directive 2006/112/EC.

 

		1.181	“WIPO”
                                            shall have the meaning set forth in Section 16.5.2.

 

		1.182	Interpretation

 

In
this Agreement, unless the context otherwise requires, a reference to:

 

		(i)	a
                                            paragraph, section, exhibit or schedule is a reference to a paragraph, section, exhibit or
                                            schedule to this Agreement;

 

		(ii)	any
                                            document includes a reference to that document (and, where applicable, any of its provisions)
                                            as amended, novated, supplemented or replaced from time to time;

 

		(iii)	a
                                            statute or other law includes regulations and other instruments under it and consolidations,
                                            amendments, re-enactments or replacements of any of them;

 

		(iv)	the
                                            singular includes the plural and vice versa, except as it regards the definitions of Party
                                            and Parties;

 

		(v)	“written”
                                            and “in writing” include any means of reproducing words, figures or symbols in
                                            a tangible and visible form, including acknowledged email or facsimile;

 

		(vi)	“include”,
                                            “includes” and “including” means including without limitation, or
                                            like expression unless otherwise specified, and “for example”, “e.g.”,
                                            “such as” and similar words or phrases are descriptive, not limiting; and

 

		(vii)	any
                                            reference to “demonstrable” costs and expenses means those costs and expenses
                                            can be evidenced in writing.

    27

     

    

		1.183	Condition
                                            precedent

 

The
                                            commencement of this Agreement is conditional on all applicable filings having been made
                                            under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR
                                            Act”) or the rules and regulations made thereunder and all applicable waiting periods
                                            (including any extensions thereof) under that Act or those rules and regulations having expired,
                                            lapsed or been terminated as appropriate, in each case in connection with the entry
                                            into this Agreement. If both Parties, acting reasonably, each conclude that no filing is
                                            required, either Party may waive this condition in whole or in part at any time by notice
                                            in writing to the other Party. Each Party must use all reasonable endeavors to procure (so
                                            far as it is able to procure) that the condition is fulfilled on or before [*****].
                                            CureVac and GSK shall cooperate with each other and shall (a) promptly prepare and file all
                                            necessary documentation and (b) effect all necessary applications, notices, petitions and
                                            filings and execute all agreements and documents, in each case, to cause the waiting period
                                            under the HSR Act to terminate or expire. If the condition is not fulfilled or waived by
                                            the date specified, either Party shall be entitled to terminate this Agreement by written
                                            notice with immediate effect, and only Sections 1, 11, 16.4, 16.5, 16.11 and 16.12 shall
                                            survive termination. Each Party shall be responsible for paying its own costs and expenses
                                            (including legal and consultants’ fees) incurred in connection with obtaining clearance
                                            of the transactions contemplated hereby, and GSK will pay the filing fees incurred in connection
                                            with the filings required pursuant to the HSR Act.

 

    28

     

    

		2.	LICENSES;
                                            EXCLUSIVITY.

 

		2.1	License
                                            Grants to GSK.

 

		2.1.1	License
                                            under CureVac Technology. Subject to the terms and conditions of this Agreement and the
                                            disclosures set forth in paras (ii) and (iii) of the Disclosure Letter, on a COVID Product-
                                            by-COVID Product basis, CureVac hereby grants to GSK, and GSK hereby accepts: (i) a royalty-free,
                                            exclusive license to use the CureVac Technology for the Development and Manufacture of COVID
                                            Products for use in the Field in the Territory; and (ii) an exclusive license to use the
                                            CureVac Technology for the Commercialization of COVID Products for use in the Field in the
                                            Territory, bearing the financial consideration set forth in Section 8, subject to CureVac’s
                                            rights with respect to the CureVac Territory under Section 6 and the Distribution Agreement.
                                            Subject to the disclosures set forth in the Disclosure Letter, the license granted hereunder
                                            shall be exclusive as to Third Parties and to CureVac, provided that CureVac retains the
                                            right to perform the Development and Manufacturing activities allocated to CureVac under
                                            this Agreement.

 

		2.1.2	License
                                            under LNP Technology. Subject to the terms and conditions of this Agreement, the terms
                                            and conditions set forth in Exhibit 2.1.2, and subject to paras (ii) and (iii) of
                                            the Disclosure Letter, on a COVID Product-by-COVID Product basis, CureVac hereby grants to
                                            GSK, and GSK hereby accepts: (i) a royalty-free, non-exclusive sublicense under the LNP Agreement
                                            to use the LNP Technology for the Development and Manufacture of the COVID Products for use
                                            in the Field in the Territory; and (ii) a corresponding non-exclusive license to use the
                                            LNP Technology for the Commercialization of the COVID Products for use in the Field in the
                                            Territory, bearing the financial consideration set forth in Section 8, subject to CureVac’s
                                            rights with respect to the CureVac Territory under Section 6 and the Distribution Agreement
                                            (“LNP License”). Subject to the disclosures as set forth in the Disclosure
                                            Letter, CureVac shall not (i) grant a sublicense to any Third Party under the LNP Technology
                                            for the Development, Manufacture and Commercialization of COVID Products for use in the Field
                                            in the Territory, and (ii) itself carry out any activities under the LNP Technology for the
                                            Development, Manufacture and Commercialization of COVID Products for use in the Field in
                                            the Territory other than under this Agreement. Within [*****] following the Closing
                                            Date, the Parties will agree on a redacted copy of this Agreement (excluding any commercially
                                            confidential information) that CureVac can provide to the LNP Provider in accordance with
                                            its obligations under the LNP Agreement.

 

		2.2	Sublicenses.

 

		2.2.1	Right
                                            to Sublicense.GSK shall have the right to sublicense its rights under Section 2 to any
                                            of its Affiliates. GSK’s right to sublicense any of its Development rights or any of
                                            its Manufacturing rights for Development purposes (subject to Section 5.2.1) under Section
                                            2.1.1, or any of its rights to the LNP Technology under Section 2.1.2 to any other Third
                                            Party shall be subject to CureVac’s prior written consent which CureVac may grant or
                                            withhold in its sole discretion. GSK’s right to sublicense (in multiple tiers) any
                                            of its Manufacturing rights for commercial purposes (subject to Section 5.2.1) and/or Commercialization
                                            rights under Section 2.1.1 to a Third Party shall be subject to CureVac’s prior
                                            written consent which shall not be unreasonably withheld, conditioned or delayed. For the
                                            avoidance of doubt, this Section 2.2.1 shall not restrict GSK or any of its Affiliates
                                            to subcontract any of its Development or Manufacturing activities to a CRO, CMO or other
                                            service provider of GSK or its Affiliate, subject to Section 5.2.1.

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		2.2.2	Sublicensing
                                            Requirements.The right to sublicense to a Third Party is subject to a written sublicense
                                            agreement containing terms and conditions that are consistent with those contained in this
                                            Agreement, and shall include, inter alia, provisions regarding confidentiality, non-
                                            compete, indemnification, audit, record-keeping, termination and consequences of termination
                                            that are consistent with the corresponding terms and conditions provided herein. GSK shall
                                            remain liable to CureVac for all obligations under this Agreement, including all payment
                                            obligations, and shall send to CureVac a copy of the signed sublicensing agreement within [*****] after its execution, subject to the reasonable redaction of confidential information.
                                            CureVac acknowledges that all information provided to CureVac by GSK under this Section 2.2.2
                                            shall be deemed Confidential Information of GSK and shall be subject to the terms and conditions
                                            of Section 11.

		2.3	Pathogen
                                            Exclusivity.

 

		2.3.1	GSK. GSK shall work
                                                                                                                                                                                                               exclusively with CureVac on the Development, Manufacture and Commercialization of mRNA-Based vaccine and mRNA-Based antibody
                                                                                                                                                                                                               products targeting the SARS-CoV-2 Pathogen, and GSK shall not, and shall procure that its Affiliates and Sublicensees holding rights
                                                                                                                                                                                                               to the CureVac Technology in the Field and in the Territory will not, develop, manufacture or commercialize, solely or with a Third
                                                                                                                                                                                                               Party, any mRNA-Based vaccine or mRNA-Based antibodies targeting the SARS-CoV-2 Pathogen other than a COVID Product Developed and/or
                                                                                                                                                                                                               Commercialized under this Agreement. This Section 2.3.1 and the covenants set forth herein shall not apply to activities of any
                                                                                                                                                                                                               Third Party (or such Third Party’s Affiliates) that becomes an Affiliate of GSK solely as a result of a Change of Control in
                                                                                                                                                                                                               GSK, provided that such activities are performed without using the mRNA technology described in the Know-How, or within the scope of
                                                                                                                                                                                                               the specification of the Patents Rights, Controlled by GSK (excluding, for clarity any CureVac Know-How or CureVac Patent Rights).
                                                                                                                                                                                                               Notwithstanding the foregoing, GSK shall be permitted to perform Development and Manufacturing activities with respect to any
                                                                                                                                                                                                               mRNA-Based vaccine or mRNA-Based antibodies targeting the SARS-CoV-2 Pathogen, using the SARS-CoV-2 spike protein as an Antigen, up
                                                                                                                                                                                                               to (and including) [*****], provided that GSK shall not be permitted to Commercialize any mRNA-Based vaccine or mRNA-Based antibodies
                                                                                                                                                                                                               targeting the SARS-CoV-2 Pathogen, or to grant any Third Party a license to Commercialize any mRNA- Based vaccine targeting the
                                                                                                                                                                                                               SARS-CoV-2 Pathogen.

 

		2.3.2	CureVac.
                                            Subject to CureVac’s obligations as set forth in paras (ii) and (iii) of the Disclosure
                                            Letter, CureVac shall work exclusively with GSK on the Development, Manufacture and Commercialization
                                            of mRNA-Based vaccine and mRNA-Based antibody products targeting the SARS-CoV-2 Pathogen,
                                            and CureVac shall not, and shall procure that its Affiliates will not, develop, manufacture
                                            or commercialize, solely or with a Third Party, any mRNA-Based vaccine or mRNA-Based antibody
                                            targeting the SARS-CoV-2 Pathogen other than: (i) a COVID Product Developed and/or Commercialized
                                            under this Agreement, and (ii) the First-Gen COVID Vaccine Products, subject to Section 3.3.7.
                                            This Section 2.3.2 and the covenants set forth herein shall not apply to activities
                                            of any Third Party (or such Third Party’s Affiliates) that becomes an Affiliate of
                                            CureVac solely as a result of a Change of Control in CureVac, provided that such activities
                                            are performed without using the CureVac mRNA technology described in the CureVac Know-How
                                            or within the scope of specification of the CureVac Patent Rights.

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		2.3.3	Exclusivity
                                            Term. The covenants laid down in this Section 2.3 shall apply for a period commencing
                                            on the Effective Date until the expiry or termination of this Agreement, provided that if
                                            GSK exercises the GSK COVID Cease Option for a COVID Product, the limitations set forth in
                                            Section 2.3.2 shall not apply with respect to such COVID Product, and CureVac may Develop,
                                            Manufacture and Commercialize such COVID Product (alone or in collaboration with a Third
                                            Party).

 

		2.4	Trademarks

 

		2.4.1	Registration.
                                            As between the Parties and their Affiliates, GSK shall be solely authorized to determine
                                            the brand, trade name, logo and trade dress under which the Finished Products shall be Commercialized
                                            in the Territory. GSK shall have the first right, but not the obligation, to prepare, file,
                                            prosecute and maintain, at its own expense, any Brand IP for the Finished Products in the
                                            Territory; provided, however, that nothing herein shall grant GSK any right to use any trademark
                                            Controlled by CureVac and/or CureVac’s Affiliates. GSK will own all right, title and
                                            interest in and to any such trademark it selects in its own name during and after the Term,
                                            subject to the licenses granted to CureVac with respect to the CureVac Territory under Section
                                            6.

 

		2.4.2	Restrictions. Subject
                                                                                                                                                                                                               to any separate agreement(s) amongst the Parties (or their Affiliates), CureVac shall not, and shall cause their respective
                                                                                                                                                                                                               Affiliates not to, during the Term: (i) use or attempt to use any marks, brands or trade dress identical or similar to those covered
                                                                                                                                                                                                               by the Brand IP of GSK or its Affiliates, except as permitted by this Agreement or any Ancillary Agreement; (ii) register or attempt
                                                                                                                                                                                                               to register or procure the registration anywhere in the world of any mark as a trademark for any goods or services or as a domain
                                                                                                                                                                                                               name that is same as or confusingly similar to the Brand IP for the Finished Products; (iii) use any Brand IP for any of the
                                                                                                                                                                                                               Finished Products in any way which could tend to allow it to become generic, to lose its distinctiveness, to become liable to
                                                                                                                                                                                                               mislead the public or which would otherwise be detrimental or inconsistent with the good name, goodwill, reputation or image of the
                                                                                                                                                                                                               Parties; (iv) challenge the ownership of the Brand IP belonging to GSK or its Affiliates except if Brand IP is prosecuted in breach
                                                                                                                                                                                                               of this Agreement; or (v) register or attempt to register or procure the registration of or use any mark or domain name that
                                                                                                                                                                                                               incorporates the letters [*****] either as a prefix or a suffix for use in connection with a pharmaceutical product. This Section
                                                                                                                                                                                                               2.4.2 and the covenants set forth herein shall not apply to a Third Party (or such Third Party’s Affiliate) that becomes an
                                                                                                                                                                                                               Affiliate of CureVac solely as a result of a Change of Control in CureVac.

 

		2.5	Documents
                                            and Declarations. CureVac shall execute all documents, give all declarations regarding
                                            the licenses granted hereunder and reasonably cooperate with GSK to the extent such documents,
                                            declarations and/or cooperation are required for the recording or registration of the licenses
                                            granted hereunder at the various patent offices in the GSK Territory for the benefit of GSK.
                                            GSK shall reimburse CureVac for its reasonable and demonstrable external out of pocket costs
                                            associated therewith up to a total amount of EUR 20,000. For clarity, these costs shall be
                                            included in the calculation of Net Profits in accordance with Section 8.2.3 (except to the
                                            extent relating to a Pathogen Combination Product).

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		2.6	No
                                            Implied License. Nothing in this Agreement shall be deemed to constitute the grant of
                                            any license or other right to either Party in respect of any technology of the other Party,
                                            except as expressly set forth herein, and no license rights shall be created hereunder by
                                            implication, estoppel or otherwise. Neither Party shall represent to any Third Party that
                                            it enjoys, possesses, or exercises any proprietary or property right or otherwise has any
                                            other right, title or interest in the technology of the other Party except for such rights
                                            as are expressly set forth herein. Any rights of a Party not expressly granted to the other
                                            Party under the provisions of this Agreement shall be retained by such Party.

 

		2.7	Existing
                                            Agreements and future Government and NGO Contracts.

 

		2.7.1	Existing
                                            Agreements. Prior to the Effective Date, CureVac has entered into: (i) the Government
                                            and NGO Contracts listed in Exhibit 1.102, and (ii) the [*****] Agreement.

 

		2.7.2	GSK
                                            Consent for Supply of COVID Vaccine Products under Government and NGO Contracts. Without
                                            prejudice to the rights of CureVac for the CureVac Territory under Section 6 and subject
                                            to Section 2.7.4, any supply of Collaboration COVID Vaccine Products under a Government and
                                            NGO Contract (including through an amendment of such Government and NGO Contract) is subject
                                            to prior approval by decision of the JSC. The allocation of Collaboration COVID Vaccine,
                                            and, as of the Option Exercise, the First-Gen COVID Vaccine Product, across the GSK Territories
                                            and the CureVac Territories shall be conducted in a fair, reasonable and non-discriminatory
                                            manner, and in accordance with the allocation principles endorsed by the JSC pursuant to
                                            Section 5.2.2.

 

		2.7.3	Assignment and Transfer
                                                                                                                                                                                                               of Government and NGO Contracts. Upon receipt of the Option Exercise Notice by CureVac, GSK and CureVac will discuss and agree
                                                                                                                                                                                                               in good faith [*****] (i) on whether and to what extent it is [*****] that certain Government and NGO Contracts will be partially or
                                                                                                                                                                                                               wholly transferred to GSK, provided that the Parties also agree on a transfer of associated regulatory responsibilities and a supply
                                                                                                                                                                                                               chain for the relevant COVID Products enabling GSK’s fulfilment of such Government and NGO Contracts, and subject to
                                                                                                                                                                                                               CureVac’s rights to Commercialize in the CureVac Territory and consent of the respective Third Party to such assignment and
                                                                                                                                                                                                               transfer, or (ii) on whether and to what extent it is [*****] that certain Government and NGO Contracts remain with CureVac, and, in
                                                                                                                                                                                                               that case, on the involvement of GSK in the Manufacturing of the COVID Products (at COGS) and the provision by GSK of regulatory
                                                                                                                                                                                                               services, pharmacovigilance services, quality and supply chain management services required by CureVac to meet its binding
                                                                                                                                                                                                               obligations under the Government and NGO Contracts; the Option Exercise being conditioned upon agreement to either (i) or (ii), as
                                                                                                                                                                                                               further set forth in Section 3.3.6 below. For clarity, if and to the extent GSK supplies COVID Products to CureVac, the COGS for the
                                                                                                                                                                                                               supply of such COVID Products and the SG&A for providing the services will be included in the calculation of Net Profits in
                                                                                                                                                                                                               accordance with Section 8.2.3 (except to the extent relating to a Pathogen Combination Product).

 

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		2.7.4	Future
                                            Government and NGO Contracts.

 

		a.	Prior
                                            to the effective date of Option Exercise, CureVac is free to amend the Government and NGO
                                            Contracts with respect to First-Gen COVID Vaccine Products, or to enter into further Government
                                            and NGO Contracts with respect to the First-Gen COVID Vaccine Products, but, subject to clause
                                            b) below, not with respect to Collaboration COVID Vaccine Products or Pathogen Combination
                                            Products, provided that such Government and NGO Contracts may not deprive GSK of its rights
                                            in connection with the Collaboration COVID Vaccine Products or Pathogen Combination Products
                                            under this Agreement or the 2020 Collaboration Agreement. CureVac will notify GSK promptly
                                            after (and provide a copy of the executed agreement, if necessary in redacted form), execution
                                            of any such amended or further Government and NGO Contracts with respect to the First-Gen
                                            COVID Vaccine Products.

 

		b.	[*****].

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		2.8	In-Licensing
                                            Agreements.

 

		2.8.1	Future
                                            In-Licensed IP. If during the Term, CureVac obtains, other than by way of a Change of
                                            Control, a sublicensable license to any Patent Rights or Know-How Controlled by a Third Party
                                            that is useful, but which is not necessary to obtain freedom to operate with respect to the
                                            use or exploitation of the mRNA, LNP, CVCM and other technology or information, each as described
                                            in the CureVac Know-How or within the scope of the specification of the CureVac Patent Rights
                                            (excluding any Invention or Know-How jointly owned by the Parties) (the “CureVac
                                            Elements”), for the Development, Manufacture and Commercialization of COVID Products
                                            under this Agreement (“In-Licensed IP”), CureVac shall (i) notify GSK
                                            of the rights that CureVac has obtained with respect to such In-Licensed IP, (ii) use commercially
                                            reasonable endeavors to obtain the right to sub-license those Patent Rights or Know-How,
                                            and (iii) notify GSK of the applicable financial terms, which shall be non-discriminatory
                                            (as between GSK and any other sublicensee of CureVac). Without limiting Section 7.3, and
                                            subject to a decision of the JSC to include any technology covered by In-Licensed IP in a
                                            COVID Product, (i) such In- Licensed IP is and shall be automatically included in the definition
                                            of CureVac Know-How or CureVac Patent Rights, as applicable, and be licensed to GSK under
                                            Section 2.1, and (ii) as a sublicensee of CureVac, GSK will meet all obligations of CureVac
                                            that are applicable to GSK’s activities as a sub-licensee (to the extent notified by
                                            CureVac to GSK in advance in writing); and (iii) with respect to COVID Products (other than
                                            Pathogen Combination Products) the costs under such In-Licensing Agreement will be included
                                            in the calculation of the Net Profit split in accordance with Section 8.2.3, and with respect
                                            to Pathogen Combination Products, GSK shall reimburse CureVac for additional amounts payable
                                            by CureVac under such license to such Third Party to the extent directly arising as a result
                                            of (x) the grant of such sublicense to GSK or (y) the use of the In-Licensed IP by the Development,
                                            Manufacture or Commercialization of COVID Products by GSK, its Affiliates, and Sublicensees.

 

		2.8.2	Enforcement,
                                            Maintenance and Amendment of In-Licensing Agreements. CureVac will reasonably enforce
                                            (including in connection with any counterparty’s breach of any representations or warranties
                                            under the applicable In-Licensing Agreements), or otherwise take the actions necessary to
                                            enable GSK to enforce, CureVac’s rights, benefits and the obligations of the respective
                                            counterparties under the In-Licensing Agreements that may impact the rights, benefits and
                                            obligations of GSK hereunder, and will inform GSK of any action it may take under the In-Licensing
                                            Agreements to the extent such action may impact GSK’s interest under the respective
                                            In-Licensing Agreement. CureVac shall: (i) fulfil all of its obligations, including its payment
                                            obligations, under the In-Licensing Agreements; and (ii) not take any action or omit to take
                                            any action that would materially adversely affect, or would reasonably be expected to materially
                                            adversely affect, GSK’s rights, benefits and obligations under this Agreement. CureVac
                                            shall reasonably notify GSK of any default, termination or amendment of, the In- Licensing
                                            Agreements, to the extent such default, termination or amendment may have an impact of GSK.

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		3.	PRODUCT
                                            COMPOSITION; EXCLUSIVE OPTION.

 

		3.1	COVID
                                            Product Composition. The Parties, through the JSC, will determine the composition of
                                            a COVID Product in accordance with Section 3.2.

 

		3.2	Composition
                                            Restrictions.

 

		3.2.1	General
                                            Restrictions. Each Collaboration COVID Vaccine Product must incorporate CureVac mRNA
                                            containing [*****].

  

		3.2.2	Product
                                            Adjustments. Any of the following adjustments to a COVID Product (each, a “Product
                                            Adjustment”) requires prior approval of the JSC: (i) any adjustment to the precise
                                            dosage and precise approved use of a COVID Product (e.g., for priming or boosting purposes);
                                            and (ii) any adjustment of the composition of a COVID Product, including in terms of Antigen(s),
                                            its formulation (including LNP or other delivery vehicles such as CVCM), or presentation.
                                            For the avoidance of doubt, the addition of adjuvants is not a Product Adjustment, and requires
                                            mutual agreement between the Parties.

 

		3.2.3	Additional
                                            Vaccine Targets. In the event that the Parties, through the JSC, agree to include one
                                            or more Antigen(s) which are associated with the SARS-CoV-2 Pathogen, in addition to the
                                            SARS-CoV-2 spike protein, into the COVID Product pursuant to Section 3.2.2, within [*****]
                                            following receipt of the adjustment request, the Antigen List Rep shall perform an Antigen
                                            clearance under the LNP Agreement in accordance with the LNP Agreement to inquire whether
                                            such Antigen(s) is/are available. Within [*****] upon receipt of the confirmation
                                            from the LNP Provider that the additional Antigen(s) is/are available for licensing, CureVac
                                            shall secure the LNP License for such additional Antigen(s), make the additional payment
                                            for such additional Antigen(s) that is due under the LNP Agreement and the Parties will,
                                            as soon as reasonably practicable, work on an amendment to the COVID R&D Plan for the
                                            respective COVID Product. Upon amendment of the LNP Agreement to include reference to such
                                            additional Antigen(s) in accordance with the terms of the LNP Agreement, such additional
                                            Antigen(s) will be automatically included in the license grant under Section 2.1.2.
                                            For clarity, these costs shall be included in the calculation of Net Profits in accordance
                                            with Section 8.2.3 (except to the extent relating to a Pathogen Combination Product).

 

		3.2.4	Pathogen
                                            Combination Products. A decision to change the Development of a stand-alone Collaboration
                                            COVID Vaccine Product to a Pathogen Combination Product requires prior approval of the JSC.
                                            For clarity, other than in the circumstances set out in Section 15.7(i), any Pathogen Combination
                                            Product which targets the SARS-CoV-2 Pathogen shall be subject to the terms of this Agreement,
                                            not the 2020 Collaboration Agreement.

 

		3.3	Exclusive
                                            Option for First-Gen COVID Vaccine Products.

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		3.3.1	[*****]
                                            Options. CureVac
                                            and [*****] collaborate with respect to the development, manufacture and supply of
                                            the First-Gen COVID Vaccine Products, and CureVac has granted to [*****] two exclusive
                                            options under the [*****] Agreement: (i) to negotiate exclusive licenses for the Commercialization
                                            of First-Gen COVID Vaccine Products (excluding the First-Gen COVID Booster Vaccines) in certain
                                            territories (the “First [*****] Option”); and (ii) to negotiate licenses
                                            to develop, manufacture and commercialize the First-Gen COVID Booster Vaccines (the “Second
                                            [*****] Option”, together with the First [*****] Option, the “[*****]
                                            Options”). [*****]:

 

[*****].

 

		3.3.2	First-Gen
                                            Exclusive Option. Until [*****] (“Option Period”), subject to paras
                                            (ii) and (iii) of the Disclosure Letter, and the Government and NGO Agreements (to the extent
                                            entered into strictly in accordance with Section 2.7.4), CureVac hereby grants to GSK, and
                                            GSK hereby accepts, the exclusive option to obtain exclusive licenses under the CureVac Technology
                                            to Develop, Manufacture and Commercialize (in addition to the Collaboration COVID Vaccine
                                            Products and the Pathogen Combination Products) the First-Gen COVID Vaccine Products [*****]
                                            (“Exclusive Option”)..

 

		3.3.3	Option
                                            Exercise Notice. If GSK intends to exercise its Exclusive Option, GSK shall send within
                                            the Option Period a written notice to CureVac exercising such Exclusive Option (“Option
                                            Exercise Notice”). Following receipt of the Option Exercise Notice by CureVac,
                                            the Parties shall as soon as reasonably practicable agree a COVID R&D Plan and/or Commercialization
                                            plan, as applicable, for the further Development, Manufacture and Commercialization of the
                                            First-Gen COVID Vaccine Products.

 

		3.3.4	Access
                                            to Information. Upon GSK’s reasonable request at reasonable intervals during the
                                            Option Period, but in any event no more than once every [*****], provided that no
                                            restriction shall apply during the [*****] period that ends on the final day of the Option
                                            Period, CureVac will disclose to GSK (subject to its confidentiality obligations vis-à-vis
                                            Third Parties) all existing agreements and commitments with respect to the development, manufacture
                                            and commercialization of the First-Gen COVID Vaccine Products that would survive the exercise
                                            of the Exclusive Option by GSK, as well as all data, documents and information reasonably required
                                            by GSK to assess whether it wishes to exercise its Exclusive Option, as well as CureVac’s
                                            then-current calculation of the Option Exercise Fee.

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		3.3.5	Option
                                            Exercise Fee. If GSK exercises its Exclusive Option, GSK shall pay to CureVac a fee equal
                                            to [*****] of: (i) all reasonable and demonstrable: (A) costs and expenses of scientific,
                                            medical, technical personnel directly engaged in development (including regulatory) activities
                                            (which costs shall be determined based on the applicable FTE Rate), and (B) out-of- pocket
                                            expenses and other costs and expenses paid to Third Parties for the development (including
                                            regulatory activities) of the First-Gen COVID Vaccine Products, in each case which were incurred
                                            or forecast to be incurred before the effective date of Option Exercise in accordance with
                                            Section 3.3.6, including for pre-clinical research and development activities to design and
                                            develop the First-Gen COVID Vaccine Products, the CMC Development, the performance of Clinical
                                            Studies, the manufacture of clinical study material, safety monitoring, regulatory filing
                                            and regulatory approvals, and all support services relating hereto; [*****], and in each
                                            case which were incurred or forecast to be incurred before the effective date of Option Exercise
                                            in accordance with Section 3.3.6; and (iii) any amounts paid to Third Parties under In-Licensing
                                            Agreements for the development of the First-Gen COVID Vaccine Products (whether as upfront
                                            payments, milestone payments, royalties or any other form of payment) were incurred or forecast
                                            to be incurred before the effective date of Option Exercise in accordance with Section 3.3.6
                                            (the “Option Exercise Fee”). There shall be no double counting of any
                                            amounts to be paid by GSK to CureVac pursuant to this Section 3.3.5. For purposes of this
                                            Section 3.3.5, and to the extent allowed for under the applicable funding agreement, development
                                            costs shall be net of any subsidies, grants or other non-refundable external Third Party
                                            funding received by CureVac for the development or manufacture of the CureVac First-Gen COVID
                                            Vaccine Products, provided that such subsidies, grants or other non-refundable external Third
                                            Party funding: (i) would not be repayable or forfeited by CureVac under the terms of the
                                            relevant funding agreement as a result of being applied to the calculation of Net Profit
                                            under this Agreement, and (ii) are not made as a pre-payment of consideration for the future
                                            supply of vaccines. The Parties agree that the payments received by CureVac under the [*****]
                                            Agreement and the [*****] Agreement are made as a pre-payment of consideration for
                                            the future supply of vaccines under the [*****] Agreement and [*****] Agreement, as applicable,
                                            and shall therefore not be considered for the calculation of the Option Exercise Fee. CureVac
                                            shall notify GSK of any subsidies, grants or other non-refundable external Third Party funding
                                            that are eligible to be credited against the development costs of First-Gen COVID Vaccine
                                            Products under this Section 3.3.5. For clarity, the costs for the development of the First-Gen
                                            COVID Vaccine Products shall not include the costs for constructing and upscaling Manufacturing
                                            facilities to Manufacture the First-Gen COVID Vaccine Products. The Option Exercise Fee is
                                            to be paid by GSK to CureVac within [*****] after receipt of an invoice from CureVac, with
                                            supportive documentation reasonably detailing the development (including regulatory) costs
                                            and expenses incurred by CureVac. For clarity, each of (i) the Option Exercise Fee and (ii)
                                            any repayment by CureVac of any pre-payment or consideration retained by CureVac for the
                                            future supply of vaccines in accordance with this Section 3.3.5 shall not be included
                                            in the calculation of Net Profits in accordance with Section 8.2.3. In addition to the Option
                                            Exercise Fee, GSK shall bear up-front all costs [*****], provided that these costs shall
                                            be included in the calculation of Net Profits in accordance with Section 8.2.3 (except to
                                            the extent relating to a Pathogen Combination Product).

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		3.3.6	Option
                                            Exercise. Upon (i) receipt of an Option Exercise Notice by CureVac; (ii) full payment
                                            of the Option Exercise Fee due from GSK to CureVac; (iii) the Parties having agreed a COVID
                                            R&D Plan and/or Commercialization plan (as applicable) to further Develop, Manufacture
                                            and Commercialize the First-Gen COVID Vaccine Products for which the Option was exercised;
                                            and (iv) the Parties having agreed in relation to each Government and NGO Contract on (x)
                                            either the whole or partial transfer of that Government and NGO Contract from CureVac to
                                            GSK, or (y) the retention of that Government and NGO Contract by CureVac, each in accordance
                                            with Section 2.7.2, the First-Gen COVID Vaccine Products shall become COVID Products from
                                            (A) [*****] or (B) [*****] (“Option Exercise”).
                                            Upon the effective date of Option Exercise, and unless set forth otherwise, such First-Gen
                                            COVID Vaccine Product shall become a COVID Product under this Agreement and all terms and
                                            conditions relevant for the Development, Manufacture and Commercialization of the Collaboration
                                            COVID Vaccine Products shall apply to the respective First-Gen COVID Vaccine Products including
                                            licenses, sharing of Development Costs, profit sharing arrangement and royalties (but only
                                            in relation to the period after the effective date of Option Exercise).

 

		3.3.7	Exclusivity
                                            during Option Period. During the Option Period, subject to the [*****] Agreement,
                                            and CureVac’s right to enter into further Government and NGO Contracts regarding the
                                            development, manufacturing and/or supply of First-Gen COVID Vaccine Products in accordance
                                            with Section 2.7.4, CureVac shall not grant any rights to a Third Party for the commercialization
                                            of First-Gen COVID Vaccine Products in the Field without GSK’s express, written waiver
                                            of its rights under the Exclusive Option, which GSK may grant or withhold in its sole discretion.
                                            As between the Parties, if GSK does not exercise its Exclusive Option within the Option Period,
                                            CureVac shall have no further obligations towards GSK regarding the licensing of any rights
                                            for Development, Manufacture or Commercialization of the First-Gen COVID Vaccine Products,
                                            and shall be free to develop, manufacture and commercialize the First-Gen COVID Vaccine Products
                                            solely or in collaboration with Third Parties.

 

		3.3.8	Provision
                                            of Services instead of Option Exercise. In case GSK does not exercise its Exclusive Option,
                                            upon the request of CureVac, the Parties shall negotiate in good faith a service agreement
                                            under which GSK will provide to CureVac [*****].

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		4.	DEVELOPMENT
                                            COLLABORATION.

 

		4.1	COVID
                                            R&D Plan. The Parties shall collaborate on the further Development of the Collaboration
                                            COVID Vaccine Products, and will agree on R&D plans for each Collaboration COVID Vaccine
                                            Product (each such plan, a “COVID R&D Plan”). The initial COVID R&D
                                            Plan for two versions of the first Collaboration COVID Vaccine Product is attached hereto
                                            as Exhibit 4.1, and may be amended from time to time by the JSC in accordance with
                                            this Agreement. Each Party shall conduct all activities as outlined in the COVID R&D
                                            Plan (as amended from time to time) as part of its ordinary course of business, and the other
                                            Party shall support the conduct of those activities, in each case in accordance with this
                                            Agreement.

 

		4.2	Development
                                            Data, results and records. As provided for in a COVID R&D Plan, at least, however,
                                            on a monthly basis, the Parties will make available to one another through formal reports
                                            for review and discussion within the JSC all Development Data and other results of the Development
                                            conducted hereunder, and will keep such records (paper and electronic) as described herein.
                                            The Parties will maintain records of the Development Data and other results in sufficient
                                            detail as required by Regulatory Authorities and in good scientific manner appropriate for
                                            patent purposes, and in a manner that properly reflects all work done and results achieved
                                            in the performance of such Development.

 

		4.3	Sharing
                                            of Development Costs for COVID Products. Subject to satisfaction of the condition set
                                            out in Section 1.183, the Parties shall from the Effective Date (or, in relation to the First-Gen
                                            COVID Vaccine Product, from the effective date of Option Exercise) equally share (50%/50%):
                                            [*****].

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		4.4	Development
                                            Funding for Pathogen Combination Products. GSK shall, subject to the remainder of this
                                            Section 4.4, compensate CureVac for the Development Costs CureVac incurs in performing the
                                            Development activities for a Pathogen Combination Product (with FTE calculated at the FTE
                                            Rate), where applicable in accordance with the budget and assumptions as agreed under that
                                            COVID R&D Plan.

 

		4.5	All
                                            Development Costs. The Parties shall in good faith consider means of gaining efficiencies
                                            in the performance of the COVID R&D Plan(s) that have a positive impact on the associated
                                            budget, and in connection with incurring any other Development Costs, such as outsourcing
                                            of certain research activities to a subcontractor, provided these will not adversely impact
                                            the timeline for completion of Development activities. The Parties shall account for their
                                            respective Development Costs and non-refundable funding on a Calendar Quarterly basis, where
                                            applicable with supportive documentation reasonably detailing the composition of the agreed
                                            budgeted cost (with FTE calculated at the FTE Rate) for the applicable Calendar Quarter period.
                                            The respective undisputed balance to achieve the equal share of Development Costs and non-
                                            refundable funding shall be paid within [*****]  after receipt of an invoice from
                                            the respective Party which is entitled to receive a payment from the other Party (whether
                                            under profit-sharing arrangement or otherwise). The Parties shall promptly notify each other
                                            as soon as reasonably practicable in the event that either Party becomes aware that Development
                                            Costs are expected to deviate, where applicable, from the amounts approved in the Development
                                            budget, as a result of a change to the assumptions under a COVID R&D Plan, whereupon
                                            the Parties shall discuss the causes of such deviation and evaluate potential mitigation
                                            measures relating thereto, and an appropriate adjustment (if any) to the Development budget.
                                            The Parties shall refer any Development budget increase amounting to greater than [*****]
                                            of the previously approved amount to the JSC for prior approval. Unless such budget increase
                                            is approved by the JSC, a Party shall not be liable to bear, as part of the sharing of Development
                                            activities where the Development Costs are budgeted under the relevant COVID R&D Plan,
                                            any Development Costs incurred by the other Party in excess of [*****] the amount set out
                                            in the agreed Development budget from time to time. The Parties shall not unreasonably withhold
                                            their approval in the JSC to any budget increase which is reasonably required as a result
                                            of the change to a budgeting assumption set out in a COVID R&D Plan. CureVac’s
                                            share in Development Costs to be refunded under Section 4.3 shall in no event exceed an amount
                                            of [*****], and any Development Costs to be refunded under Section 4.3
                                            which exceed such amount shall be offset against up to [*****] of the Net Profit share payment
                                            to be made by GSK to CureVac for the Collaboration COVID Vaccine Products under Section 8.2
                                            below.

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		4.6	Materials.
                                            CureVac will provide GSK with any CureVac Materials required for the Development under
                                            the COVID R&D Plan, including those which comprise, embody or incorporate CureVac Background
                                            Technology. Without limiting the foregoing, this shall be carried out in accordance with
                                            the respective COVID R&D Plan. GSK will provide CureVac with any GSK Materials required
                                            for the Development under the COVID R&D Plan, including those which comprise, embody
                                            or incorporate GSK Background Technology. Without limiting the foregoing, this shall be carried
                                            out in accordance with the COVID R&D Plan. GSK will use the CureVac Materials and CureVac
                                            will use the GSK Materials, as applicable: (i) only in accordance with the terms and conditions
                                            of this Agreement; (ii) not in human subjects, in clinical trials, or for diagnostic purposes
                                            involving human subjects, or for any animal studies, except as expressly provided for in
                                            the COVID R&D Plan; and (iii) not reverse engineer or chemically analyze the same except
                                            as expressly provided for (if at all) in the COVID R&D Plan. The Materials will remain
                                            the sole property of the Party supplying them and will be used by the recipient Party in
                                            compliance with all Applicable Laws and only to perform activities set forth in the COVID
                                            R&D Plan. The receiving Party shall not sell, transfer, disclose or otherwise provide
                                            access to the other Party’s Materials without the written consent of the providing
                                            Party, except that the receiving Party may allow access to the other Party’s Materials
                                            to its and its Affiliates’ employees, officers, consultants, subcontractors and Sublicensees
                                            who require such access to perform its activities under this Agreement and solely for purposes
                                            consistent with this Agreement; provided that such employees, officers, consultants, subcontractors
                                            and Sublicensees are bound by agreement to retain and use the Materials in a manner that
                                            is consistent with the terms of this Agreement. The Materials are provided “as is”.
                                            Except as expressly set out in this Agreement, no representations or warranties, express
                                            or implied, of any kind, are given by the providing Party with respect to any of the Materials
                                            including their condition, merchantability or fitness for a particular purpose. The receiving
                                            Party acknowledges the experimental nature of the Materials and that accordingly, not all
                                            characteristics of the Materials are necessarily known. Upon termination or expiry of this
                                            Agreement if earlier, any and all remaining Materials will, within [*****]  after
                                            such event, be returned to the Party supplying them (or destroyed, if the supplying Party
                                            shall so specify, with such destruction confirmed in writing). The provision of Materials
                                            hereunder will not constitute any grant, option or license to or under such Materials, or
                                            any Patent Rights or Know-how of the supplying Party, except as expressly set forth herein.

 

		4.7	Know-How
                                            Transfer. As and when required in relation to a COVID R&D Plan (and from time to
                                            time during the Term if new Know-How within the CureVac Know-How comes to be Controlled by
                                            CureVac) or as soon as reasonably practicable upon GSK’s request, CureVac shall disclose
                                            and/or deliver to GSK copies of all Development Data and the CureVac Know- How that is reasonably
                                            required for GSK’s Development activities in accordance with the COVID R&D Plan
                                            (including for regulatory purposes) (“Development Transfer Materials”),
                                            with the exception, however, of all Know-How comprised in the CureVac Manufacturing Technology
                                            which shall be made available to GSK or its designee as set forth in Section 5.2.1. The technology
                                            transfer to be undertaken under this Section 4.7 shall be overseen by the Joint Steering
                                            Committee. Any transfer of Know-How pursuant to this Section 4.7 shall be carried out on
                                            the basis of a specific technology transfer plan determined in good faith by the Parties
                                            and reflected in a technology transfer addendum to this Agreement, detailing at least the
                                            following activities together with appropriate timelines: (i) the provision by CureVac of
                                            soft copies and, to the extent reasonably required by GSK, hard copies of all Development
                                            Transfer Materials; (ii) the procurement by CureVac of the services of such qualified and
                                            experienced scientists and technicians, production and quality assurance personnel, engineers,
                                            and quality checking personnel as may be reasonably necessary to support the transfer of
                                            the Development Transfer Materials. Until completion of the transfer of the Development Transfer
                                            Materials, CureVac shall build and maintain a secure, readable, accessible and complete
                                            repository of the Development Transfer Materials.

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		4.8	Regulatory
                                            Approvals of COVID Products.

 

		4.8.1	Regulatory
                                            Filing for the COVID Products. GSK shall prepare and file all INDs and all new drug applications
                                            (or equivalents) for the COVID Products and shall own all Regulatory Approvals and be responsible
                                            for all decisions in connection with the Regulatory Approvals for COVID Products in the Field
                                            and in the Territory, subject to GSK’s diligence obligations under Section 4.10. With
                                            regard to CMC Development and Manufacturing, CureVac shall contribute the necessary sections
                                            for such filings. CureVac shall have the right to review and comment on all such filings
                                            and safety related documents, and GSK shall be entitled to demand feedback within a reasonably
                                            short period. GSK will share with CureVac any regulatory filings before submission. CureVac
                                            shall cooperate in, and provide reasonable assistance to support, these efforts as reasonably
                                            requested by GSK. GSK shall provide CureVac with a final copy of each filing.

 

		4.8.2	Transfer
                                            of Regulatory Approvals for the First-Gen COVID Vaccine Products. Upon the effective
                                            date of Option Exercise, CureVac shall (or shall cause the Affiliate or Third Party holding
                                            the Regulatory Approvals to) assign and transfer to GSK the Regulatory Approvals granted
                                            for the First-Gen COVID Vaccine Products, subject to GSK’s diligence obligations under
                                            Section 4.10 and the rights granted to CureVac with respect to the Regulatory Approvals relevant
                                            for the CureVac Territory under Section 6 and the respective Distribution Agreement. Any
                                            costs incurred in connection with this transfer shall be borne by the Parties in equal shares
                                            as part of the Development Costs in accordance with Section 4.3.

 

		4.8.3	Communications.
                                            Subject to Sections 4.8.1 and 4.8.6, and subject to the rights and obligations of CureVac
                                            under Section 6 and the respective Distribution Agreement with respect to the Regulatory
                                            Approvals relevant for the CureVac Territory, GSK shall be responsible for all regulatory
                                            interactions, including written communications and meetings with Regulatory Authorities,
                                            and safety management, including the reporting to the appropriate governmental authorities
                                            of all adverse events and any other information concerning the safety of COVID Products.
                                            GSK will, as part of its regular updates through the JSC, inform CureVac in writing of any
                                            material feedback from Regulatory Authorities relating to any COVID Product. Furthermore,
                                            GSK will provide copies of all Regulatory Approvals and material correspondence with Regulatory
                                            Authorities in the Major Markets relating to the Clinical Studies with respect to all COVID
                                            Products to CureVac. Where permitted by Applicable Laws, CureVac shall have the right to
                                            participate as a silent observer in a meeting with Regulatory Authorities.

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		4.8.4	Sharing
                                            of information. CureVac will reasonably support GSK, at GSK’s request at reasonable
                                            intervals (considering CureVac’s limited personnel resources), on all regulatory matters
                                            with respect to the Development and Commercialization of the COVID Products, including by
                                            providing data and documents as reasonably required for obtaining Regulatory Approvals and
                                            for interactions with Regulatory Authorities regarding the COVID Products, provided that
                                            such documents and data will remain the property and Confidential Information of CureVac,
                                            and GSK will only use such documents and data in accordance with Section 4.8.5 and Section
                                            11. Without limiting
                                            the generality of the foregoing, CureVac shall provide to GSK: [*****].

  

		4.8.5	Cross-referencing.
                                            To the extent required by GSK, or an Affiliate or Sublicensee of GSK to the COVID Products,
                                            CureVac hereby authorizes GSK, its Affiliates and Sublicensees to cross- reference to the
                                            sections of the dossiers of any Regulatory Approval of the First-Gen COVID Vaccine Product
                                            for COVID Products and products developed under the 2020 Collaboration Agreement. GSK hereby
                                            authorizes CureVac, its Affiliates and licensees to cross-reference to the dossiers of the
                                            Regulatory Approvals of COVID Products for other CureVac mRNA-Based products. Each Party
                                            shall notify the other Party in writing prior to any such cross-referencing.

 

		4.8.6	Pharmacovigilance.
                                            The Parties shall have in place and will maintain during the Term (or, as applicable,
                                            until the obligations intended to survive termination of this Agreement have been fulfilled)
                                            systems, procedures, training programs and documentation needed to perform and comply with
                                            their pharmacovigilance regulatory obligations, and each Party shall promptly notify the
                                            other Party of any safety issues that may arise and that need to be reported under Applicable
                                            Laws. Each Party will ensure that it complies with all Applicable Laws regarding the COVID
                                            Products relating to risk management, drug safety and pharmacovigilance. The Parties shall
                                            negotiate in good faith and conclude a pharmacovigilance agreement within [*****] after the
                                            Effective Date. As part of such pharmacovigilance agreement, a joint safety team (“JST”)
                                            shall be established by the Parties before Initiation of the first Clinical Study, with representatives
                                            of each Party, and the Parties shall develop a JST charter (“JST Charter”).
                                            The JST composition will be established as per the JST Charter. The JST Charter will define
                                            roles and responsibilities with regards to data compilation and review in order to ensure
                                            that JST is able to conduct proper activities and make/provide appropriate recommendations/input,
                                            which may include access to safety data (including safety data from post-marketing surveillance
                                            activities) relating to COVID Products and First-Gen COVID Vaccine Products, to allow the
                                            JST to ensure adequate safety reviews.

 

		4.9	CureVac
                                            Development Diligence. Subject to GSK complying with its obligations under this Agreement,
                                            CureVac will conduct all Development activities assigned to it in a COVID R&D Plan in
                                            a timely manner and in accordance with the respective COVID R&D Plan, and obtain and
                                            maintain sufficient facilities, personnel (with appropriate qualifications and experience),
                                            equipment, materials and other resources as are reasonable and adequate to complete such
                                            COVID R&D Plan.

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		4.10	GSK
                                            Development and Regulatory Diligence. Subject to CureVac complying with its obligations
                                            under this Agreement, GSK will:

 

		(i)	conduct
                                            all Development activities assigned to it in the COVID R&D Plan(s), progress the COVID
                                            Products into the next appropriate Clinical Study, and obtain and maintain sufficient facilities,
                                            personnel (with appropriate qualifications and experience), equipment, materials and other
                                            resources as reasonably required to complete the COVID R&D Plan(s); and

 

		(ii)	use
                                            its Diligent Efforts to secure biologics licensure by the FDA and marketing authorization
                                            by EMA following completion of all appropriate Clinical Studies.

 

		4.11	Use
                                            of GSK Technology. Subject to the terms and conditions of this Agreement, GSK hereby
                                            grants to CureVac, and CureVac accepts, a royalty-free, non-exclusive, license (with the
                                            right to sub-license in accordance with Section 4.12) to use the GSK Technology for performing
                                            the Development and Manufacturing activities allocated to CureVac under this Agreement (and,
                                            subject to the terms of each Ancillary Agreement, under the Ancillary Agreements).

 

		4.12	Right
                                            to Sublicense. CureVac shall have the right to sublicense its rights under Section 4.11
                                            to any of its Affiliates, but not to any Third Party, subject only to the right to subcontract
                                            as set forth under Section 4.13 below.

 

		4.13	Subcontracts.
                                            Subject to the terms and conditions of this Agreement, and as further defined in the
                                            COVID R&D Plan, the Parties may subcontract to Affiliates and Third Parties, including
                                            CROs and CMOs, certain activities to be performed. Any subcontractor shall be required to
                                            enter into appropriate agreements with respect to non-disclosure of Confidential Information
                                            and ownership of any intellectual property developed in the course of subcontracted activities,
                                            unless such subcontracting would not require the transfer of the other Party’s Confidential
                                            Information to the Affiliate or Third Party subcontractor and there is no reasonable possibility
                                            of the creation of new intellectual property. Each Party shall promptly inform the other
                                            Party in writing of any subcontracting of activities under this Agreement providing the name
                                            of the subcontractor and the activities to be performed by such subcontractor, and shall
                                            remain liable to the other Party for any act or omission of its subcontractor.

 

		5.	MANUFACTURING
                                            AND COMMERCIALIZATION.

 

		5.1	Clinical Supply. Except
                                                                                                                                                                                              to the extent GSK (or its Affiliate or a CMO designated by it) Manufactures the COVID Products as set forth in this Agreement, all
                                                                                                                                                                                              doses of COVID Products required for use by GSK in accordance with this Agreement for the Development of COVID Products (including
                                                                                                                                                                                              for Clinical Studies) shall be Manufactured and supplied by CureVac or its Affiliates for use in the Clinical Studies in accordance
                                                                                                                                                                                              with GMP, Applicable Laws and the terms and conditions of one or more clinical supply agreement(s) and associated clinical Quality
                                                                                                                                                                                              Agreement(s) to be negotiated and agreed between GSK and CureVac no later than  [*****] after the Effective Date, and in accordance with the terms and conditions set forth in Exhibit 5.1 (each, a
                                                                                                                                                                                              “Clinical Supply Agreement”). CureVac and its Affiliates will reserve the required capacity for the Manufacture
                                                                                                                                                                                              of COVID Products for timely supply of the COVID Products for use in their Development in accordance with the COVID R&D
                                                                                                                                                                                              Plan.

 

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		5.2	Commercial
                                            Supply.

 

		5.2.1	The
                                            Parties will determine a Manufacturing and supply strategy that for each COVID Product creates
                                            an efficient and reliable Manufacturing network and supply chain, so that the COVID Products
                                            are Manufactured in accordance with the Regulatory Approvals, GMP and Applicable Laws at
                                            sufficient volumes in light of the potential demand for such COVID Product. GSK shall have
                                            the right to perform prior due diligence on all elements of a proposed Manufacturing network
                                            and supply chain, including subjecting CureVac and any CMOs within the overall Manufacturing
                                            network of CureVac (subject to the CMOs’ consent and at the sole cost of GSK), and
                                            the respective Manufacturing facilities, to an audit to verify the ability to Manufacture
                                            sufficient volume of the COVID Products in accordance with the Regulatory Approvals, GMP
                                            and Applicable Laws, which audit shall be conducted in accordance with Section 12.12. After
                                            having completed such due diligence and audits, GSK shall have the final decision regarding
                                            the Manufacturing and supply chain strategy and the composition of the supply chain for a
                                            given COVID Product, including to select the facilities within the CureVac Manufacturing
                                            network (and that of its CMOs) to supply the COVID Products, or to let GSK, its Affiliate
                                            or another Third Party CMO Manufacture the COVID Products (or a part thereof) pursuant to
                                            a transfer of the Manufacturing of the COVID Product (or a part thereof) in accordance with
                                            Section 5.5, as well as regarding subsequent changes to Manufacturing and supply chain strategy;
                                            provided, however, that any such decision must not jeopardize CureVac’s and/or GSK’s
                                            performance of the Government and NGO Contracts, unless otherwise agreed with the relevant
                                            government, if and to the extent any Government and NGO Contract requires that the Manufacture
                                            of COVID Products is performed in a specific territory or by a specific CMO.

 

		5.2.2	Once a Manufacturing and
                                                                                                                                                                                                               supply strategy for a given COVID Product has been determined as set forth in Section 5.2.1, GSK and CureVac will implement such
                                                                                                                                                                                                               strategy and will where applicable (i) negotiate and agree in good faith on a Commercial Supply Agreement in respect of that COVID
                                                                                                                                                                                                               Product, including a Quality Agreement, according to which CureVac or its Affiliates will Manufacture supply to GSK the respective
                                                                                                                                                                                                               COVID Product at COGS in accordance with the terms and conditions set forth in Exhibit 5.2 or, (ii) if the COVID Product in
                                                                                                                                                                                                               question is Manufactured in part or in full by a Third Party CMO within CureVac’s Manufacturing network, GSK and CureVac will
                                                                                                                                                                                                               reasonably facilitate the execution of a bilateral commercial supply agreement between GSK and that CMO in respect of the
                                                                                                                                                                                                               Manufacture and supply by that CMO of such COVID Product (each, a “Commercial Supply Agreement”). As part of the
                                                                                                                                                                                                               Manufacturing and supply chain strategy, where CureVac’s Manufacturing network is relied upon, the Parties will discuss and
                                                                                                                                                                                                               determine: (x) the reservation of Manufacturing capacity in CureVac’s network, and if the Parties approve such reservation,
                                                                                                                                                                                                               CureVac (or GSK, as of such time as GSK has entered into Commercial Supply Agreements with the CMOs in accordance with Section
                                                                                                                                                                                                               5.2.1) will reserve the approved capacity in CureVac’s network, and (y) how to implement such Manufacturing and supply
                                                                                                                                                                                                               chain strategy, including how to manage critical raw materials, in a way that is fair and reasonable and takes into account
                                                                                                                                                                                                               potential impacts on cash flow and working capital. The Manufacturing sub-committee for discussing COVID Product related
                                                                                                                                                                                                               Manufacturing and supply will meet within not more than [*****] of the Effective Date to determine as
                                                                                                                                                                                                               soon as practicable, for the COVID Products to be Manufactured in [*****], the Manufacturing capacity to be reserved in
                                                                                                                                                                                                               CureVac’s network, and the type and amount of critical raw materials to be sourced in accordance with the preceding sentence.
                                                                                                                                                                                                               Each Party shall, and shall procure that its Affiliates shall, act reasonably and in good faith when entering into or accepting any
                                                                                                                                                                                                               new agreements or commitments for the supply of COVID Products, and in the case of CureVac, the supply of First-Gen COVID Product,
                                                                                                                                                                                                               taking into account its commitments towards the other Party under, in the case of CureVac, the Commercial Supply Agreements, or, in
                                                                                                                                                                                                               the case of GSK, the Distribution Agreement, and its expected manufacturing capacity. The Parties acknowledge that the manufacturing
                                                                                                                                                                                                               capacity available for the Collaboration COVID Vaccine in CureVac’s Manufacturing network (including its CMO) for the calendar
                                                                                                                                                                                                               year of [*****] is estimated by CureVac at the Effective Date at a maximum of [*****], however the Parties will
                                                                                                                                                                                                               in good faith and in a timely manner consider means of increasing such capacity if required to meet expected demand. As part of the
                                                                                                                                                                                                               aforementioned Manufacturing and supply chain strategy, the Parties shall determine forecasting and allocation binding principles,
                                                                                                                                                                                                               to be endorsed by the JSC, for use by the Parties when a constraint on the availability of raw materials, components, ingredients,
                                                                                                                                                                                                               or other materials, or of manufacturing capacity (including by an unforeseen reduction of yield or loss of Manufacturing slots),
                                                                                                                                                                                                               makes it impossible to fulfill all valid and legitimate forecasts and orders of Collaboration COVID Products (across the GSK
                                                                                                                                                                                                               Territory and the CureVac Territory) and the First-Gen COVID Vaccine Product, so that any allocation of available resources is
                                                                                                                                                                                                               carried out in a fair, reasonable and non-discriminatory manner.

 

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		5.3	QP
                                            Release. GSK, as holder of the Regulatory Approvals of the COVID Products, shall be responsible
                                            for the certification by a qualified person and release of Manufactured batches of COVID
                                            Products in accordance with GMP, that are distributed under such Regulatory Approval (whether
                                            for Development or Commercialization purposes), and the Quality Agreements shall reflect
                                            the same.

 

		5.4	Manufacture
                                            by GSK.

 

		 	Upon
                                            the request of GSK [*****], CureVac shall transfer all Know-How comprised in the CureVac
                                            Manufacturing Technology (“Manufacturing Technology Transfer Materials”) to GSK,
                                            an Affiliate of GSK or a Third Party CMO designated by GSK and approved by CureVac (such
                                            approval not to be unreasonably withheld, conditioned or delayed), as applicable, so that
                                            GSK itself, the Affiliate of GSK or the appointed Third Party CMO (approved by CureVac),
                                            as applicable, can take over the Manufacture of COVID Products for GSK (of Finished Product,
                                            Filled Containers or Drug Product and Drug Substance, or a combination thereof); provided,
                                            however, that any such request must not jeopardize the Parties’ obligations under the
                                            [*****] Agreement unless otherwise agreed with the relevant government, if and to
                                            the extent any [*****] Agreement requires that the Manufacture of COVID Products is performed
                                            in a specific territory or by specific CMO, and (ii) [*****]. In the event of a technology
                                            transfer, the JSC shall establish a Manufacturing tech-transfer sub-committee, which shall
                                            agree, manage and oversee the Manufacturing technology transfer. Any transfer of Know-How
                                            pursuant to this Section 5.4 shall be carried on the basis of a specific technology transfer
                                            plan determined in good faith by the Parties and reflected in a technology transfer addendum
                                            to this Agreement, detailing at least the following activities together with appropriate
                                            timelines: (i) the provision by CureVac of soft copies and, to the extent reasonably required
                                            by GSK, hard copies of all Manufacturing Technology Transfer Materials; (ii) if and to the
                                            extent reasonably required, the procurement by CureVac of the services of such qualified
                                            and experienced scientists, production and quality assurance personnel, engineers, and quality
                                            checking personnel as may be reasonably necessary to support the transfer of the Manufacturing
                                            Technology Transfer Materials; and (iii) if and to the extent reasonably required by GSK,
                                            the provision by CureVac to the personnel of GSK or its Affiliate with reasonable access
                                            to its facilities to observe the Manufacture at such times as the Parties may agree; provided
                                            such access shall be coordinated in a manner to minimize the disruption of CureVac’s
                                            activities and considering CureVac’s limited personnel resources, and CureVac may require
                                            any personnel of a Third Party with access to its facilities to sign a confidentiality agreement
                                            and to abide by the rules and guidelines applicable to the CureVac facility. Until the completion
                                            of the transfer of the Manufacturing Technology Transfer Materials, CureVac shall build and
                                            maintain a secure, readable, accessible and complete repository of the Manufacturing Technology
                                            Transfer Materials. [*****].

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GSK
will bear all costs and expenses for the technology transfer contemplated under this Section 5.4 (including any work of the FTEs at the
FTE Rate), any payments due under a CMO agreement as a result of the technology transfer to GSK (including reservation fees, cancellation
costs or any kind of termination costs resulting from the fact that the COVID Product in question is no longer Manufactured at the site
in question) and any increase in COGS (if any), i.e. such costs will not be split as part of the profit split, other than in the
case GSK terminates this Agreement on the basis of CureVac’s material breach or otherwise for cause and GSK exercises the GSK Continue
Option.

 

CureVac
may also request that GSK Manufactures Finished Product, Filled Containers and/or Drug Product and Drug Substance, whether for Development
or for Commercial supply. The Parties shall discuss such matter in good faith, but the final decision shall be with GSK.

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Any
relevant Clinical Supply Agreement, Commercial Supply Agreement or Quality shall be adapted (or terminated) as appropriate in light of
the in-transfer by GSK (or a GSK-designated) CMO of the Manufacturing of COVID Products.

 

For
the avoidance of doubt, GSK may only use the Manufacturing Technology Transfer Materials for the Manufacture of COVID Products under
this Agreement. In case GSK manufactures an mRNA-Based product, GSK shall, at the request of CureVac, provide evidence to an independent
expert agreed by the Parties in good faith proving that GSK is not using the Manufacturing Technology Transfer Materials for the manufacture
of such mRNA-Based product. Unless the expert finds that GSK has used the Manufacturing Technology Transfer Materials for a purpose not
permitted under this Agreement, CureVac shall be responsible for the expense of retaining the independent expert. This obligation shall
survive the expiration or termination of this Agreement.

 

		5.5	Commercialization
                                            of COVID Products; Diligence. Subject to the terms and conditions of this Agreement,
                                            GSK shall have the rights and the responsibility for the Commercialization of COVID Products
                                            in the Field in the GSK Territory. Unless terminated or replaced in accordance with this
                                            Agreement, GSK will use Diligent Efforts to Commercialize the COVID Products in the Field
                                            in the Major Markets (other than Germany, unless waived by CureVac pursuant to Section 6.1),
                                            subject to obtaining Regulatory Approval in the relevant Major Market, and subject to CureVac
                                            agreeing to, in the JSC, and supporting the COVID R&D Plans that are necessary for the
                                            Regulatory Approval for the marketing of the COVID Products in each Major Market. Without
                                            limiting the generality of and conditions for the Diligent Efforts obligations under this
                                            Section 5.5, GSK shall:

 

		(i)	on
                                            a COVID Product-by-COVID Product basis make the First Commercial Sale of a COVID Product
                                            in a country as soon as reasonably practicable following the issuance of the Regulatory Approval
                                            for such COVID Product in such country;

 

		(ii)	Commercialize
                                            at least [*****] Collaboration COVID Vaccine Product (besides Pathogen Combination Products)
                                            in the Major Markets in the GSK Territory;

 

		(iii)	in
                                            addition to the reports provided by GSK to CureVac under Section 8.2, beginning with the
                                            First Commercial Sale of the first COVID Product in the Territory and continuing until expiry
                                            of the payment obligations under Article 8, provide CureVac, at least once annually by March
                                            31 of each Calendar Year, with a confidential, non-binding sales forecast for that Calendar
                                            Year for discussion in the JSC (or the Commercialization sub-committee, as applicable) of
                                            the estimated aggregate (x) sales of COVID Products in the GSK Territory and (y) sales of
                                            COVID Products in each Major Market, provided that GSK shall not be required to provide supporting
                                            materials in relation to such forecast; and

 

		(iv)	in
                                            countries where GSK commercializes a New Non-mRNA COVID Product, the level of diligence that
                                            GSK must apply regarding the Commercialization of COVID Products in that country shall be
                                            increased to Enhanced Diligent Efforts.

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	5.6	Resources.
                                            The Parties shall both obtain and maintain sufficient facilities, personnel (with appropriate
                                            qualifications and experience), equipment, materials and other resources necessary to meet
                                            their respective obligations under this Section 5, in accordance with the timelines specified
                                            in and in accordance with this Section 5.

 

	6.	COMMERCIALIZATION
                                            OF COVID PRODUCTS IN THE CUREVAC TERRITORY.

 

	6.1	Commercialization
                                            in CureVac Territory. CureVac shall have the sole and exclusive right to Commercialize
                                            the COVID Products in the Field in the CureVac Territory. On a COVID Product-by-COVID Product
                                            basis, until the execution of a Distribution Agreement between the Parties under Section
                                            6.2 for a COVID Product, CureVac shall have the right to waive its right to Commercialize
                                            such COVID Product in the CureVac Territory by giving written notice to GSK. Upon receipt
                                            of such waiver notice by GSK, with respect to the respective COVID Product, the CureVac Territory
                                            shall become part of the GSK Territory, and GSK shall have the right to Commercialize the
                                            COVID Product in such extended GSK Territory, and the obligation to use Diligent Efforts
                                            to Commercialize the COVID Products in Germany, subject to and in accordance with the terms
                                            and conditions of this Agreement. Section 8 below sets forth the financial terms of Commercialization
                                            of COVID Products by CureVac in the CureVac Territories, more specifically with respect to
                                            the profit-share for COVID Products (other than Pathogen Combination Products) and the royalties
                                            to be paid by CureVac to GSK for Pathogen Combination Products.

 

	6.2	Distribution
                                            Agreement. On a COVID Product-by-COVID Product and on a CureVac Territory by CureVac
                                            Territory basis, upon request of CureVac, but no later than [*****] prior to the estimated
                                            First Commercial Sale of the respective COVID Product in the Field in any CureVac Territory,
                                            the Parties shall negotiate and agree in good faith on a distribution agreement under which
                                            CureVac has the exclusive rights to Commercialize such COVID Product in the Field in the
                                            CureVac Territory in accordance with the terms and conditions set forth in the key distribution
                                            terms in Exhibit 6.2 (“Distribution Agreement”). Article 8 below
                                            sets forth the financial terms of such distribution, i.e., with respect to the profit-share
                                            for COVID Products (other than Pathogen Combination Products) and to the royalties to be
                                            paid by CureVac to GSK for Pathogen Combination Products. CureVac shall comply with all policies,
                                            practices, standards, guidelines, codes and requirements generally inferred by the GlaxoSmithKline
                                            group on distributors of its products in the CureVac Territory, which shall be further detailed
                                            in the Distribution Agreement and compliance with which shall be subject to audit by GSK
                                            as specified in the Distribution Agreement.

 

	7.	GOVERNANCE.

 

		7.1	Management.

 

		7.1.1	Alliance Management. Management
                                                                                                                                                                                                                              of the collaborative alliance reflected in this Agreement will be under the responsibility of the individual designated in writing
                                                                                                                                                                                                                              no later than [*****] after the Closing Date for CureVac (“CureVac Alliance Manager”) and of the
                                                                                                                                                                                                                              individual designated in writing no later than [*****] after the Closing Date for GSK (“GSK Alliance
                                                                                                                                                                                                                              Manager”, and together with the CureVac Alliance Manager, the “Alliance Managers”), provided that the
                                                                                                                                                                                                                              Alliance Managers under this Agreement and under the 2020 Collaboration Agreement shall be the same individuals. Each Alliance
                                                                                                                                                                                                                              Manager will be the primary point of contact for the other Party on all matters relating to the operation of this Agreement and the
                                                                                                                                                                                                                              2020 Collaboration Agreement.

 

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		7.1.2	Development
                                            and Manufacturing Management. The management of the Development and Manufacturing activities
                                            hereunder will be under the responsibility of the individual designated in writing no later
                                            than [*****] after the Closing Date for CureVac (“CureVac Project
                                            Leader”) and of the individual designated in writing no later than [*****] after the Closing Date for GSK (“GSK Project Leader”, and together
                                            with the CureVac Project Leader, the “Project Leaders”). Each Project
                                            Leader will be the primary point of contact for the other Party on all matters relating to
                                            the COVID R&D Plan.

 

		7.2	Joint
                                            Steering Committee.

 

		7.2.1	Establishment.
                                            No later than [*****] after the Closing Date the Parties will establish
                                            a joint steering committee (“Joint Steering Committee” or “JSC”)
                                            to oversee the Development, Manufacture and Commercialization of the COVID Products and to
                                            facilitate the exchange of information between the Parties. The JSC shall be comprised of
                                            four (4) representatives of CureVac and four (4) representatives of GSK, one representative
                                            being the Alliance Manager of the respective Party, in each case with appropriate scientific
                                            and technical expertise and sufficient seniority within the applicable Party consistent with
                                            the scope of the JSC’s responsibilities. Each Party may replace its JSC representatives
                                            at any time upon written notice to the other Party, provided, however, that each Party shall
                                            use all reasonable efforts (obligation de moyen) to ensure continuity on the JSC.

 

		7.2.2	JSC
                                            Meetings. The JSC shall meet at least on a quarterly basis, or such other frequency as
                                            agreed by the Parties, by teleconference, videoconference or in person, provided that at
                                            least every [*****], or such other frequency as agreed by the Parties, the meeting
                                            shall be in person (which in-person meeting will be held at alternate facilities of each
                                            Party), unless agreed otherwise by the JSC representatives The JSC will have a quorum if
                                            at least one (1)  representatives of each Party is present or participating. Each Party
                                            will be responsible for all of its own expenses of participating in the JSC meetings. The
                                            Parties will endeavor to schedule meetings of the JSC at least [*****] in advance.
                                            Each Party may call special meetings of the JSC with at least [*****]’prior written notice, except in exigent circumstances, to resolve particular matters requested
                                            by such Party and within the decision-making responsibility of the JSC. Each Party may invite
                                            guest participants to certain items on the agenda of the meetings, with reasonable prior
                                            notice, in order to discuss special technical or commercial topics, provided that such guest
                                            participants shall be bound by confidentiality and non-use obligations consistent with the
                                            terms of this Agreement and shall not have a voting right in such meeting. The chair of the
                                            JSC will alternate each Calendar Year, with CureVac to chair the first year. The Party chairing
                                            the JSC shall prepare the meeting agenda with input from the other Party.

 

		7.2.3	JSC
Minutes. The Alliance Manager of the Party chairing the JSC shall record the minutes of each JSC meeting in writing. Such minutes
shall be circulated to the other Party’s Alliance Manager no later than [*****] following the meeting for review,
comment and approval of the other Party. If no comments are received within [*****] Days of the receipt of the minutes by the
other Party, unless otherwise agreed, they shall be deemed to be approved by the other Party. Furthermore, if the Parties are unable
to reach agreement on the minutes within [*****] of the applicable meeting, the sections of the minutes
that have been mutually agreed between the Parties by that date shall be deemed approved and, in addition, each Party shall record in
the same document its own version of those sections of the minutes on which the Parties were not able to agree.

 

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	7.3	JSC
                                            Functions and Powers. The JSC will be responsible generally for facilitating the Parties’
                                            interactions under this Agreement and specifically for overseeing the Development, Manufacture
                                            and Commercialization of the COVID Products. The JSC has (i) no jurisdiction to make any
                                            amendments to this Agreement, which right is reserved to the Parties; and (ii) no jurisdiction
                                            over any dispute relating to the validity, performance, construction or interpretation of
                                            this Agreement. The principal functions of the JSC will include:

 

		(i)	overseeing
                                            the Development of Collaboration COVID Vaccine Products in accordance with the COVID R&D
                                            Plan(s);

 

		(ii)	approving
                                            Product Adjustments;

 

		(iii)	approving
                                            the development of Pathogen Combination Products;

 

		(iv)	updating
                                            the initial COVID R&D Plan to include the further Development work;

 

		(v)	discussing
                                            and agreeing the Development budgets under the COVID R&D Plan(s);

 

		(vi)	the
                                            resolution and approval of any issue and recommendation from the Parties with respect to
                                            the modification of the COVID R&D Plan(s), including but not limited to modifications
                                            of the budget and timelines;

 

		(vii)	receiving
                                            written reports or presentations from GSK and CureVac of their respective progress with the
                                            further Development of each COVID Product summarizing their Development activities and the
                                            results thereof with respect to the applicable COVID Product and discuss at meetings the
                                            status, progress, and results of the Development of the respective COVID Product;

 

		(viii)	exchanging
                                            Development Data and other technical information;

 

		(ix)	discussing
                                            and agreeing on the entry of supply agreements that provide for the supply of Collaboration
                                            COVID Vaccine, and, as of the Option Exercise, the First-Gen COVID Vaccine Product, across
                                            the GSK Territories and the CureVac Territories;

 

		(x)	discussing
                                            and agreeing on the entry of new agreements with governments and/or non-governmental organizations
                                            regarding the Development, Manufacturing and supply of the Collaboration COVID Vaccine, and,
                                            as of the Option Exercise, the First-Gen COVID Vaccine Product;

 

		(xi)	creating
                                            sub-committees, including the IP Sub-Committee pursuant to Section 7.6, a Commercialization
                                            sub-committee for the coordination of Commercialization activities for COVID Products by
                                            GSK in the GSK Territory and by CureVac in the CureVac Territory and a Manufacturing sub-committee
                                            for discussing COVID Product related Manufacturing and supply.

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		(xii)	serving
                                            as a forum where each Party shall inform the other Party of any material feedback received
                                            from Regulatory Authorities in relation to any COVID Product;

 

		(xiii)	informing
                                            on material regulatory filings and regulatory interactions related to the COVID Products;

 

		(xiv)	discussing
                                            and deciding on whether to Develop (temporarily or completely) several different COVID Products
                                            in parallel, and if several COVID Products are developed in parallel, decide on whether the
                                            Development will be completed only for one or for more than one COVID Product;

 

		(xv)	fostering
                                            the collaborative relationship between the Parties;

 

		(xvi)	discussing
                                            and agreeing, and reviewing no more than once each Calendar Year, the rate payable for distribution
                                            costs comprised in the COGS, taking into account possible cost savings, efficiency savings
                                            or increases in the underlying costs;

 

		(xvii)	resolving
                                            disputes between the Parties; and

 

		(xviii)	such
                                            other functions as assigned to it under this Agreement or as agreed by the Parties.

 

If
the JSC establishes a sub-committee in accordance with this Section 7.3, unless otherwise agreed, the governance provisions of this Section
7 shall apply accordingly to such sub-committee.

 

The
Parties shall, within the JSC, in good faith evolve the composition and operation of the JSC to reflect the change in roles and responsibilities
of the Parties in the further Development, Manufacturing and Commercialization of the COVID Products.

 

Neither
Party shall make its consent (whereby either Party may give or withhold its consent in its sole discretion) subject to a change of the
financial model for the Development, Manufacturing and Commercialization of COVID Products set forth in this Agreement or on the payment
by the other Party of any additional consideration under this Agreement (although, for clarity, any costs incurred by the other Party
in respect of obtaining a license to any In-Licensed IP shall be taken in account in the calculation of Net Profits, as set forth in
this Agreement).

 

		7.4	JSC
                                            Decisions.

 

		7.4.1	Initial
                                            Dispute Resolution. Without prejudice to the discretionary decision rights granted to
                                            a Party in this Agreement, a Clinical Supply Agreement, a Commercial Supply Agreement or
                                            a Quality Agreement, actions to be taken by the JSC and any subcommittee shall be taken only
                                            following a unanimous vote, with each Party’s representatives collectively having one
                                            (1) vote. If any subcommittee fails to reach unanimous agreement on a matter before it for
                                            decision for a period in excess of [*****], the matter shall be referred
                                            to the JSC.

 

		7.4.2	Final
                                            Decision-Making.

 

		(i)	On
                                                                                                                                                                                                        matters concerning COVID Products, other than the matters under (ii) and (iii) on which GSK has the deciding vote, if the JSC fails
                                                                                                                                                                                                        to reach unanimous agreement on a matter before it for decision for a period in excess of [*****], the matter may be referred by
                                                                                                                                                                                                        either Party to the Executive Officers, who shall meet in person or via teleconference within [*****] and attempt to resolve such
                                                                                                                                                                                                        matter in good faith. If the Executive Officers fail to reach agreement as to such matter for a period in excess of [*****] from
                                                                                                                                                                                                        their initial meeting, the final decision on such undecided matter may be brought for dispute resolution in accordance with Section
                                                                                                                                                                                                        16.5 below.

 

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		(ii)	Without
                                            limiting Section 7.4.2(iii), on matters concerning the Development, Manufacture and Commercialization
                                            of Pathogen Combination Products, GSK shall have the deciding vote, provided that GSK
                                            shall not unilaterally reduce its diligence obligations under this Agreement, make material
                                            amendments to the COVID R&D Plan(s) for such Pathogen Combination Products (including
                                            the budget and the number of FTEs agreed in the respective COVID R&D Plan) which have
                                            an adverse impact on CureVac or on the Development or Commercialization of other COVID Products,
                                            adopt a decision that would cause significant delay of the Development timelines as set forth
                                            in the respective COVID R&D Plan or would oblige CureVac to perform additional obligations
                                            under this Agreement or the COVID R&D Plan for the respective Pathogen Combination Product.

 

		(iii)	GSK
                                            shall also have the deciding vote on any matter that jeopardizes GSK’s (or its Affiliates’)
                                            responsibilities as Regulatory Approval holder for a COVID Product in a given country (including
                                            those regarding certification of Manufactured batches by a qualified person and batch release
                                            in accordance with GMP).

 

	7.5	Information
                                            and results. Except as otherwise provided in this Agreement, the Parties will make available
                                            and disclose to one another Development Data and other results of work conducted prior to
                                            and in preparation for the JSC meetings, by the deadline and in the level of detail, form
                                            and format to be designated by the JSC; provided, however, that, in any event, each Party
                                            shall to the extent reasonably possible provide the other Party with monthly updates regarding
                                            its activities hereunder, preferably [*****] prior to each JSC meeting.

 

	7.6	IP
                                            Sub-Committee. No later than [*****] after the Closing Date the
                                            JSC shall establish an IP Sub-Committee comprising up to two patent attorneys of each Party.
                                            The IP Sub-Committee shall be the forum for discussion and liaison between the Parties concerning
                                            filings to be made for Program Patent Rights and Joint Patent Rights. For the avoidance of
                                            doubt, the IP Sub-Committee is not a decision-making forum, except (in the first instance)
                                            with respect to matters concerning the maintenance of the Program Patent Rights and Joint
                                            Patent Rights, and, in relation to the Program Patent Rights and Joint Patent Rights, the
                                            patent term extension strategy, patent litigation, patent defense and enforcement, but serves
                                            as a forum for discussion where the Parties may coordinate and consult with each other with
                                            respect to any such filings. The IP Sub-Committee shall in particular: (i) convene no less
                                            than once every [*****] to facilitate regular interaction regarding the intellectual
                                            property matters arising from this Agreement (or any Ancillary Agreement); (ii) exchange
                                            information necessary to keep the Parties reasonably informed of each other’s prosecution
                                            of patents and trademarks that form part of the intellectual property rights licensed under
                                            this Agreement; (iii) review any Invention arising under a Program (including any Joint Product
                                            Invention and Joint Other Invention) and determine in good faith the ownership thereof, in
                                            accordance with this Agreement; (iv) coordinate intellectual property aspects of publications
                                            or presentation of Development Data, in accordance with Section 11.7; (v) cooperatively review
                                            and discuss potential material infringements by Third Parties as well as the potential infringement
                                            by either Party or its Affiliates of any intellectual property of a Third Party pursuant
                                            to Development, Manufacturing or Commercialization under this Agreement; and (vi) escalate
                                            any intellectual property-related issue on which the Parties are not in agreement to the
                                            JSC.

 

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		8.	CONSIDERATION
                                            AND PAYMENTS.

 

		8.1	Upfront
                                            Payment. In partial consideration for the exclusive licenses granted to GSK under the
                                            CureVac Technology, GSK shall pay to CureVac a non-refundable and non-creditable fee in the
                                            amount of seventy-five million Euro (EUR 75,000,000) within [*****] after the Closing Date.
                                            CureVac shall issue an invoice for that amount on or before the Closing Date.

 

		8.2	Profit
                                            Sharing for COVID Products (other than Pathogen Combination Products).

 

		8.2.1	Profit
                                            Split Allocation. As further consideration for the rights and licenses granted by CureVac
                                            to GSK to the CureVac Technology and the LNP Technology under this Agreement, subject to
                                            Section 8.2.2 and the royalty scheme which applies for Pathogen Combination Products under
                                            Section 8.3, the Parties agree to split the total Net Profit generated with the sale of COVID
                                            Products (other than Pathogen Combination Products) in the Territory as follows:

 

			[*****].

 

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		8.2.2	APA
                                            Share Credit.

 

As
further consideration for the rights and licenses granted by CureVac to GSK to the CureVac Technology and the LNP Technology under this
Agreement, CureVac shall be entitled to receive the first [*****] of GSK’s share under the profit split for
the sale of COVID Vaccines (other than Pathogen Combination Products) under Sections 8.2.1(i) and (ii)(A), (B) and (C) (the “APA
Share Credit”).

 

As
further consideration for the exclusive licenses granted to GSK under the CureVac Technology and the LNP Technology under this Agreement,
the APA Share Credit set out in this Section 8.2.2 shall be increased by the amounts specified below upon achievement of the following
events, provided achieved within the specified timelines:

 

	[*****]	 	Timeline	 	Additional
    APA Share 

    Credit in EUR million
	[*****]	 	[*****]*	 	[*****]
	[*****]	 	[*****]*	 	[*****]
	[*****]	 	[*****]*	 	[*****]
	[*****]	 	[*****]   	 	[*****]

 

*  
Parties acknowledge that readiness for shipment of clinical materials is also dependent on GSK’s diligence in connection with the
timely review of the information relevant for the certification by GSK’s qualified person and batch release in accordance with
GMP, and the taking of certification and release decisions on the basis thereof. As such, any delay beyond the term for GSK to undertake
such activities as from the receipt by GSK of all information it requires to decide on such certification and release (as defined in
the applicable Quality Agreement), and that is not caused by an issue with the Manufacturing of the clinical materials in accordance
with GMP, Applicable Laws, the Regulatory Approval and the applicable Quality Agreement, nor with a failure of such clinical materials
meet the specifications set forth in the Regulatory Approval, shall be added to the timeline for completion of the milestone. [*****].

 

 

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		8.2.3	Calculation
                                            of Profit Split.

 

For
the purposes of Section 8.2.1:

 

“Net
Profits” shall mean Net Sales less:

 

(i)
COGS;

 

(ii)    
royalties and intangible amortization payments (including in-licensing fees and other payments due as a result of sublicensing)
arising under any existing and future agreements with any Third Party pursuant to which a Party Controls any intellectual property
rights required to Develop, Manufacture or Commercialize any COVID Products (other than Pathogen Combination Products), including
any In-Licensing Agreement (but excluding any expenses arising under CureVac’s existing agreements with [*****]) for COVID
Products (other than Pathogen Combination Products); and

 

(iii)
SG&A, subject to the caps on SG&A deductions specified in Section 8.2.4 below; and

 

(iv)
Other Allowable Expenses.

 

For
clarity, any liability of either Party to the other Party (or any third party beneficiary or indemnified party) under this Agreement
(including for any breach of this Agreement, for breach of warranty, under any indemnity or otherwise) shall not be taken into account
in the calculation of Net Profits.

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Where
this Agreement refers to the “generation” of a Net Profit, such term shall be interpreted to refer to the recognition of
the revenue from the gross sale underlying the Net Profit in question, as determined in accordance with International Financial Reporting
Standards. As such, subject to Section 8.2.1(iii), Net Profit shall be shared in full in light of when a sale of a COVID Product in question
is recognized upon delivery thereof, irrespective of CureVac having received upfront payments with regard to the sale of such product
when it was not yet a COVID Product.

 

		8.2.4	SG&A
                                            deductions. For purposes of calculating Net Profits, the SG&A expenses of both Parties
                                            (to be deducted from Net Sales when calculating the Net Profits) are capped as follows:

 

		(i)	For
                                                                                                                                                                                                         Net Sales generated anywhere in the Territory of a COVID Product, SG&A shall be capped (a) at [*****] of Net Sales for the first
                                                                                                                                                                                                         COVID Product which achieves Regulatory Approval during the first [*****] after the First Commercial Sale of such COVID Product; and
                                                                                                                                                                                                         (b) at [*****] of Net Sales for any further COVID Products, and for the first COVID Product which achieves Regulatory Approval after
                                                                                                                                                                                                         the first [*****] after the First Commercial Sale of such COVID Product; and

 

		(ii)	For
                                            Net Sales generated anywhere in the Territory of a COVID Product through Government and NGO
                                            Contracts, SG&A shall be capped from and including the date of First Commercial Sale
                                            of such COVID Product at [*****] of such Net Sales.

 

		8.2.5	Profit
                                            Sharing Term. Profit sharing payments under this Section 8.2 shall be made as long as
                                            GSK Commercializes COVID Vaccines.

 

		8.3	Royalty
                                            Payment for Pathogen Combination Products.

 

		8.3.1	Royalty
                                            Rate for the GSK Territory. As further consideration for the rights and licenses granted
                                            by CureVac to GSK to the CureVac Technology and the LNP Technology under this Agreement with
                                            respect to Pathogen Combination Products, GSK shall pay to CureVac the following royalties
                                            on Net Sales in each Calendar Quarter in the GSK Territory of all Pathogen Combination Products
                                            in the amounts set forth below:

 

	Annual
    Net Sales of Pathogen Combination Product	 	Royalty
    Rate
	 [*****]	 	 [*****]
	 [*****]	 	 [*****]
	 [*****]	 	 [*****]

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		8.3.2	Royalty
                                            Term. On a country-by-country and Pathogen Combination Product-by-Pathogen Combination
                                            Product basis, GSK’s royalty obligations as set forth in this Section 8.3 shall begin
                                            with the First Commercial Sale of such Pathogen Combination Product by GSK in such country,
                                            and shall expire upon the later to occur of:

 

		(i)	the
                                            expiry of the last to expire Valid Claim of any Patent Rights Controlled by CureVac (whether
                                            alone or jointly) Covering such Pathogen Combination Product in such country;

 

		(ii)	the
                                            earlier of (A) expiry of Regulatory Exclusivity for such Pathogen Combination Product in
                                            such country and (B) twelve (12) years following the First Commercial Sale of such Pathogen
                                            Combination Product in such country; or

 

		(iii)	ten
                                            (10) years following the First Commercial Sale of such Pathogen Combination Product in such
                                            country, provided that such Pathogen Combination Product incorporates Know-How Controlled
                                            by CureVac, or Know-How of the other Party is required to Develop, Manufacture and/or Commercialize
                                            the Pathogen Combination Product in such country,

 

and
provided further that GSK’s royalty obligations under this Section 8.3 with respect to a Pathogen Combination Product shall expire
for all countries of the respective Party Territory on the twentieth (20th) anniversary of the First Commercial Sale of such
Pathogen Combination Product in the first country of the respective Party Territory (the “Royalty Term”). For clarity,
the matters specified above shall not apply to the calculation of Net Sales for the purposes of the Net Profit split.

 

		8.3.3	Know-How
                                            Reduction. During the applicable Royalty Term and on a country-by-country and Pathogen
                                            Combination Product-by-Pathogen Combination Product basis, the royalty rate for a Pathogen
                                            Combination Product in a country shall be reduced by  [*****] of the applicable
                                            rate determined pursuant to Section 8.3.1, if such Pathogen Combination Product is not or
                                            no longer Covered by a Valid Claim in such country. For clarity, this reduction shall not
                                            apply to the calculation of Net Sales for the purposes of the Net Profit split.

 

		8.3.4	No
                                            Milestones under the 2020 Collaboration Agreement. For clarity, if the Development of
                                            a stand-alone “Product” under the 2020 Collaboration Agreement is abandoned prior
                                            to Regulatory Approval of such product, and the SARS-CoV-2 Pathogen is included into such
                                            product for the Development of a Pathogen Combination Product, then any events which would
                                            trigger “Development & Regulatory Milestone Payments” and “Sales Milestone
                                            Payments” under the 2020 Collaboration Agreement, and that had not yet been achieved
                                            for such stand-alone abandoned product, will not be triggered by the Pathogen Combination
                                            Product, but the Pathogen Combination Product will then be subject to the terms and conditions
                                            of this Agreement.

 

		8.3.5	Exhaustiveness.
                                            Except as set forth otherwise in this Agreement, the royalty shall be the exhaustive
                                            consideration for the maintenance by CureVac of the CureVac Technology with respect to Pathogen
                                            Combination Products, and CureVac shall be responsible for the payment of any royalties,
                                            fees, costs or expenses under the In-Licensing Agreements required for Pathogen Combination
                                            Products.

 

		8.3.6	Third
                                            Party Offset. Without limiting any other right or remedy of GSK under this Agreement,
                                            or any obligation of CureVac, on a country-by-country and Pathogen Combination Product-by-Pathogen
                                            Combination Product basis, if, during the Term, GSK or any of its Affiliates is required
                                            to obtain a license under certain Third Party Patent Rights to obtain freedom to operate
                                            with respect to the use or exploitation of any CureVac Elements for the Development, Manufacture
                                            and Commercialization of Pathogen Combination Products under this Agreement and to pay a
                                            royalty or other consideration under such license (including milestone payments or any payment
                                            in connection with the settlement of a patent infringement claim), then the Parties shall
                                            discuss obtaining an FTO license in accordance with Section 10.2.4. Royalties due to CureVac
                                            for the respective Pathogen Combination Product in the respective country(ies) Covered by
                                            the Third Party Patent Rights in-licensed by GSK to obtain at its discretion freedom to operate
                                            under this Section 8.3.6 shall, subject to Section 8.3.7, be reduced by: (i)  [*****] of the reasonable amount payable by GSK to the Third Party for licenses required
                                            in respect of the Patent Right listed in Exhibit 8.3.6 relevant to the Pathogen Combination
                                            Products; and (ii)  [*****] of the amount payable to the Third Party for any other
                                            licenses. For the avoidance of doubt, chemically modified mRNA will not be used by CureVac
                                            under this Agreement, and CureVac will therefore not be responsible for, and will not bear
                                            any payments to Third Parties with respect to such chemically modified mRNA. For clarity,
                                            this offset shall not apply to the calculation of Net Sales for the purposes of the Net Profit
                                            split.

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		8.3.7	Cumulative
                                            Deductions. Notwithstanding the above, any royalty reduction made pursuant to Section
                                            8.3.3 and/or Section 8.3.4 shall in no event reduce the applicable royalty rate for the respective
                                            Pathogen Combination Product in the respective country to less than  [*****] of
                                            the amounts determined pursuant to Section 8.3.1.

 

	8.4	Blended
                                            Payments. With respect to a potential step down in profit sharing or royalty rates to
                                            account for the expiry of certain Patent Rights, the Parties acknowledge and agree that the
                                            CureVac Technology, GSK Technology and the LNP Technology licensed hereunder may justify
                                            profit sharing and royalty rates for sales of COVID Products in different amounts, which
                                            rates could be applied separately to COVID Products involving the exercise of CureVac Technology,
                                            the LNP Technology and the GSK Technology. Furthermore, the Parties acknowledge and agree
                                            that the CureVac Technology licensed under this Agreement may justify profit sharing royalty
                                            rates and/or royalty terms of differing amounts for sales of COVID Products in the GSK Territory,
                                            which rates could be applied separately to COVID Products involving the exercise of CureVac
                                            Patent Rights in the GSK Territory and/or the incorporation of CureVac Know-How, and that
                                            if such profit sharing rates or royalties were calculated separately, profit sharing rates
                                            and royalties relating to the CureVac Patent Rights in the GSK Territory and profit sharing
                                            rates and royalties relating to the CureVac Know-How would last for different terms. For
                                            practicality reasons the Parties have agreed on blended profit sharing and royalty rates.
                                            For clarity, this Section 8.4 solely explains the rationale behind the profit sharing royalty
                                            rates agreed on by the Parties and does not modify any of the other provisions of this Agreement.

 

	8.5	Profit
                                            Sharing and Royalty Payments. Within  [*****] after the end of each Calendar
                                            Quarter in which any Net Sales occur, each Party shall calculate the profit sharing and royalty
                                            payments owed to the other Party and shall remit to the other Party the amount owed to such
                                            other Party. All profit sharing and royalty payments shall be computed by converting the
                                            Net Profits and Net Sales in each country in the GSK Territory and in the CureVac Territory
                                            into the currency of Euro, using the monthly exchange rates as customarily used by such Party.
                                            All costs and expenses shall be computed by converting the relevant costs and expenses into
                                            the currency of Euro, using the monthly exchange rates as customarily used by such Party.

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	8.6	Reports.
                                            Each payment shall be accompanied by a written report describing the Net Profits and
                                            Net Sales of each COVID Product sold by or on behalf of the respective Party, its Affiliates
                                            and Sublicensees during the applicable Calendar Quarter for each country in which sales of
                                            any COVID Product occurred, specifying: (i) the gross sales (if available) and Net Sales
                                            in each country’s currency, including an accounting of deductions taken in the calculation
                                            of Net Sales; (ii)    the COGS and SG&A and other deductions made to calculate
                                            Net Profits in accordance with Section 8.2.3; (iii) the applicable exchange rate to convert
                                            from each country’s currency to Euro; and (iv) the profit share and royalties payable
                                            in Euro. All costs and expenses invoiced by either Party shall be accompanied by a detailed
                                            breakdown of those costs and expenses, together with the applicable exchange rate to convert
                                            from the currency in which the costs and expenses were incurred to Euro.

 

	8.7	Records
                                            and Audit. Each Party and its Affiliates and/or its Sublicensees shall keep and maintain
                                            records of: (i) sales of the COVID Product(s) in the CureVac Territory or the GSK Territory,
                                            as the case may be, so that the profit share (including Net Profit) and royalties payable
                                            and the royalty reports may be verified; and (ii) all costs and expenses incurred by it which
                                            are reimbursable (or shared equally by the parties) under this Agreement, so that the costs
                                            and expenses reimbursable (or which are shared) may be verified. Such records shall upon
                                            reasonable written notice be open to inspection during business hours for a [*****] period
                                            after the Calendar Quarter to which such records relate, but in any event not more than once
                                            per Calendar Year, by a nationally recognized independent certified public accountant selected
                                            by the auditing Party and retained at the auditing Party’s expense. Said accountant
                                            shall have the right to audit the records kept pursuant to this Agreement for a period covering
                                            not more than  [*****]. If said examination of records reveals any underpayment(s)
                                            or over payment(s) of any amounts payable, then the audited Party shall promptly pay or credit
                                            the balance due to the auditing Party, and if the underpayment(s) is/are more than [*****] then the audited Party shall also bear the expenses of said accountant (and if no further
                                            payments are due, shall be refunded or paid by the audited at the request of the auditing
                                            Party).

 

		8.8	Payment
                                            Terms.

 

		8.8.1	All
                                            payments by GSK to CureVac shall be made by wire transfer payment in Euro and shall be remitted
                                            to the following bank account:

 

		 [*****]	 

 

Electronic
invoicing is GSK’s preferred method for receiving invoices.  [*****] is GSK’s e-invoicing partner for submitting
electronic invoices. The Parties shall collaborate to sign CureVac up to such platform to allow for electronic invoicing.

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All
invoices should include the following information: Invoice Date, Number and Amount; Sender’s Address, and Phone Number; Purchase
Order Number; Tax Identification Number; Agreement Reference No (if applicable).

 

All
payments by CureVac to GSK shall be made by wire transfer payment in Euro and shall be remitted to the following bank account:

 

		 [*****]	 

 

		8.8.2	If
                                            any sum payable by a Party under this Agreement is subject to a good faith dispute between
                                            GSK and CureVac: (i) such Party shall, pay to the other Party, by the due date, all amounts
                                            not disputed in good faith by such Party; (ii) such Party shall notify the other Party, within  [*****] after the due date, of any disputed amounts and shall, as soon as
                                            reasonably practicable after it has provided that notification, describe in reasonable detail
                                            its reasons for disputing each amount; and (iii) the Parties shall seek to resolve the dispute
                                            in accordance with Section 16.5. When any dispute regarding the amounts payable under this
                                            Agreement is resolved, the Party owing the payment shall pay any sum which is agreed or determined
                                            (in accordance with Section 16.5) to be payable by such Party within [*****] after the date of resolution of that dispute (or such other period as is agreed between the
                                            Parties or determined by arbitration pursuant to Section 16.5), plus interest thereon at
                                            the interest rate set forth in Section 8.8.3 from the time such payment was due.

 

		8.8.3	Any
                                            undisputed payments not paid within  [*****] after the due date under this
                                            Agreement shall bear interest at an annual rate of  [*****] above the three-month-EURIBOR
                                            rate of the respective currency for the time period in which such amount is outstanding,
                                            as disclosed from time to time by the European Central Bank which applied on the due date.
                                            Calculation of interest will be made for the exact number of days in the interest period
                                            based on a year of 360 days (actual/360).

 

		8.9	Taxes.

 

		8.9.1	Each
                                            Party shall be responsible for its own income taxes assessed by a tax or other authority
                                            except as otherwise set forth in this Agreement. The Parties agree, in accordance with Section
                                            16.10, that the relationship between the parties is one of independent contractors and does
                                            not constitute a partnership or joint venture, and agree not to take (or cause any person
                                            to take) any position on any tax return or in the course of any audit, examination or other
                                            proceeding inconsistent with such treatment, unless otherwise required by Applicable Laws
                                            and except upon a final determination of the applicable tax authority.

 

		8.9.2	The
                                            Parties acknowledge and agree that it is their mutual objective and intent to optimize, to
                                            the extent feasible and in compliance with Applicable Laws, taxes payable with respect to
                                            their collaborative efforts under this Agreement and that they shall use reasonable efforts
                                            to cooperate and coordinate with each other to achieve such objective.

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		8.9.3	If
                                            any taxes are required to be withheld under Applicable Laws, from any payment to be made
                                            by either Party under this Agreement, that Party shall (a) deduct such taxes from the payment
                                            to be made to the other Party, (b) timely pay the taxes to the proper taxing authority, and
                                            (c) send proof of payment to the other Party with an explanation of payment of such taxes
                                            within  [*****] following such payment. For purposes of this Section 8.9.3,
                                            each Party shall provide the other with reasonably requested assistance which assistance
                                            includes provision of any tax forms and other information that may be reasonably necessary
                                            for a Party not to withhold tax.

 

		8.9.4	All
                                            payments due to the terms of this Agreement are expressed to be exclusive of VAT and Indirect
                                            Taxes. VAT and Indirect Taxes shall be added to the payments due to the terms if legally
                                            applicable.

 

	9.	INTELLECTUAL
                                            PROPERTY.

 

	9.1	Background
                                            Technology. As between the Parties, all right, title and interest in and to all CureVac
                                            Patent Rights and CureVac Know-How Controlled by CureVac at the Effective Date or generated
                                            or acquired by or on behalf of CureVac during the Term outside the scope of this Agreement
                                            (“CureVac Background Technology”) shall remain under the Control of CureVac;
                                            and all right, title and interest in and to all Patent Rights and Know-How Controlled by
                                            GSK at the Effective Date or generated or acquired by or on behalf of GSK during the Term
                                            outside the scope of this Agreement (“GSK Background Technology”) shall
                                            remain under the Control of GSK. As between the Parties, each Party shall have the sole right,
                                            in its sole discretion and at its sole expense, to prosecute, maintain and defend Patent
                                            Rights within its Background Technology; provided, however, that (i) CureVac shall
                                            consider in good faith the interests of GSK in the prosecution, maintenance and defense of
                                            the CureVac Patent Rights within CureVac Background Technology, and (ii) the prosecution,
                                            maintenance and defense of Background IP that is generated under the 2020 Collaboration Agreement
                                            shall be subject to the provisions of the 2020 Collaboration Agreement.

 

	9.2	Disclosure
                                            of Inventions. Each Party shall as soon as reasonably practical disclose to the other
                                            Party through the IP Sub-Committee and Alliance Manager, the making, conception, or reduction
                                            to practice of any Invention that may be owned in part or in whole by the other Party pursuant
                                            to this Section 9.

 

	9.3	Ownership
                                            of Inventions. The Parties agree that all right, title and interest in any and all Inventions
                                            (including all Patent Rights resulting from such Inventions and all Know-How embodied in
                                            such Inventions) shall be owned as follows, and CureVac and GSK will notify each other and
                                            determine in good faith which of the below categories such Invention falls within:

 

		9.3.1	CureVac
                                            Inventions. Subject to Section 9.3.3, CureVac shall own all right, title and interest
                                            in and to

 

		(i)	all
                                            Inventions that are invented by or on behalf of CureVac or GSK (or jointly by CureVac and
                                            GSK) and improve the CureVac Background Technology (other than any intellectual property
                                            rights subsisting in a COVID Product), the LNP Technology or the CureVac Elements, and cannot
                                            be practiced independently of such CureVac Background Technology, the LNP Technology or the
                                            CureVac Elements, as applicable, and such Inventions shall become part of the CureVac Background
                                            Technology or the LNP Technology, as applicable;

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		(ii)	subject
                                            to Section 9.3.2(i), all Inventions that are invented by or on behalf of CureVac, alone or
                                            in collaboration with a Third Party; and

 

		(iii)	all
                                            Inventions that Cover a First-Gen COVID Vaccine Product invented before the date of effective
                                            Option Exercise (each, a “CureVac Invention”).

 

		9.3.2	GSK
                                            Inventions. Subject to Section 9.3.3, GSK shall own all right, title and interest in
                                            and to:

 

		(i)	all
                                            Inventions that are invented by or on behalf of GSK or CureVac (or jointly by GSK and CureVac)
                                            and improve the subject matter of any GSK Background Technology, and cannot be practiced
                                            independently of such GSK Background Technology, and such Inventions shall become part of
                                            the GSK Background Technology; and

 

		(ii)	subject
                                            to Sections 9.3.1(i), (ii) and (iii), all Inventions that are invented by or on behalf of
                                            GSK, alone or in collaboration with a Third Party (each, a “GSK Invention”).

 

		9.3.3	Joint
                                            Product Inventions. All Inventions that are invented by or on behalf of GSK and/or CureVac
                                            under this Agreement and that Cover a Collaboration COVID Vaccine Product shall be jointly
                                            owned by the Parties (a “Joint COVID Product Invention”).

 

		9.3.4	Other
                                            Inventions. With respect to all other Inventions that do not fall within the categories
                                            described in Sections 9.3.1, 9.3.2 or 9.3.3, each Party shall own the Inventions invented
                                            solely by or on behalf of such Party (and such other Inventions shall become part of the
                                            CureVac Inventions or the GSK Inventions, as applicable), and all Inventions jointly
                                            invented by or on behalf of the Parties shall be jointly owned by the Parties (each, a “Joint
                                            Other Invention”).

 

		9.3.5	Cross-Licenses
                                            under Joint Other Inventions. Except to the extent either Party is restricted by other
                                            terms of this Agreement, either Party may freely practice, exploit and license to Affiliates
                                            its interest in the Joint Other Inventions, and any resulting Joint Patent Rights and related
                                            Know-How, in connection with the use or exploitation of the respective Party’s Background
                                            Technology and any consent or license from the other Party as may be required under Applicable
                                            Law for a Party to practice and exploit such Joint Other Inventions, Joint Patent Rights
                                            and related Know-How in connection with the use or exploitation of the respective Party’s
                                            Background Technology shall hereby be given by the other Party.

 

	9.4	Assignment
                                            and transfer of Inventions. To give effect to the ownership principles described in Section
                                            9.3 each Party shall assign and transfer, and hereby assigns and transfers, to such other
                                            Party or such other Party’s designee all or a  [*****] share, as the case
                                            may be, of its present and future rights, interest and title to any such Invention that is
                                            to vest in the other Party pursuant to the ownership principles described in Section 9.3,
                                            and the other Party shall accept and hereby accepts such assignment and transfer (“Assigned
                                            Invention”). At the written instruction of the other Party, the transferring Party
                                            agrees to make or procure all such assignments from its employees, consultants and subcontractors
                                            as are necessary to give effect to the provisions of this Section 9.4 and to assist the transfer
                                            in every way reasonably required by the transferee (i) to obtain Patent Rights to such Assigned
                                            Invention in any and all countries for which Patent Rights are being sought; and (ii) to
                                            maintain and defend Patent Rights in all Assigned Inventions which have been or may be assigned
                                            as provided above. The transferring Party shall execute and deliver, and cause its employees,
                                            consultants and subcontractors to execute and deliver, all such documents, instruments and
                                            other papers and take all such other action which the transferee may reasonably request in
                                            order to give effect to the provisions of this Section 9.4.

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	9.5	Cooperation.
                                            Each Party represents and agrees that all its employee(s), contractor(s) and agent(s)
                                            will be obligated under a binding written agreement or otherwise to assign to such Party
                                            all Inventions discovered, created, conceived, developed or reduced to practice by such employee(s),
                                            contractor(s) or agent(s) in connection with this Agreement.

 

		9.6	Filing,
                                            Prosecution, Maintenance and Defense.

 

		9.6.1	CureVac
                                            Program Patent Rights. CureVac shall have the first right, but not the obligation, at
                                            its sole expense, to file, prosecute, maintain and defend the Patent Rights Covering a CureVac
                                            Invention (each, a “CureVac Program Patent Right”) throughout the Territory.
                                            At the latest  [*****] before filing, CureVac shall give GSK an opportunity
                                            to review and comment upon the text of any application with respect to any CureVac Program
                                            Patent Right, shall consult with GSK with respect thereto, shall not unreasonably refuse
                                            to address any of GSK’s comments and supply GSK with a copy of the application as filed,
                                            together with notice of its filing date and serial number. CureVac shall keep GSK reasonably
                                            informed, through the IP Sub Committee, of the status of the actual and prospective prosecution,
                                            maintenance and defense, including but not limited to any substantive communications with
                                            the competent patent offices that may affect the scope of such filings, and CureVac shall
                                            to the extent reasonably possible give GSK a timely, prior opportunity to review and comment
                                            upon any such substantive communication and shall consult with GSK with respect thereto,
                                            and shall not unreasonably refuse to address any of GSK’s comments. Notwithstanding
                                            the above, prior to filing any application for a CureVac Invention that may disclose, in
                                            part or in full, a GSK Invention, a Joint Product Invention or Joint Other Invention, CureVac
                                            shall provide GSK with a copy of the draft application and provide GSK with at least  [*****] to review and comment upon the text of such draft application. If GSK
                                            notifies CureVac within the above  [*****] deadline that GSK has decided
                                            to file an application for a GSK Invention, Joint Product Invention or Joint Other Invention,
                                            the Parties shall coordinate the filing of the application for a CureVac Invention with the
                                            filing of GSK’s application for such GSK Invention, Joint Product Invention or Joint
                                            Other Invention so that CureVac’s application and GSK’s application are filed
                                            on the same day or otherwise filed in a way that secures and protects each of the Parties’
                                            interest. For the avoidance of doubt, CureVac will not include a GSK Invention, Joint Product
                                            Invention or Joint Other Invention in a separate patent claim of a patent application to
                                            be filed by CureVac without GSK’s prior written consent. CureVac shall promptly give
                                            notice to GSK of the grant, lapse, revocation, surrender or invalidation of any CureVac Program
                                            Patent Rights. CureVac shall as soon as reasonably practicable give notice to GSK of any
                                            final decision to not file patent applications claiming CureVac Program Patent Rights or
                                            to cease prosecution and/or maintenance and/or defense of CureVac Program Patent Rights on
                                            a country by country basis and, in such cases, shall permit GSK, in GSK’s sole discretion,
                                            to file such patent applications or to continue prosecution or maintenance or defense of
                                            such CureVac Program Patent Rights (in which case thereafter they will be deemed a GSK Program
                                            Patent Right) at its own expense and in its own name.

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		9.6.2	GSK
                                            Program Patent Rights. GSK shall have the sole right, but not the obligation, at its
                                            sole expense, to file, prosecute, maintain and defend the Patent Rights Covering a GSK Invention
                                            (each, a “GSK Program Patent Right”) throughout the Territory in good
                                            faith consistent with its customary patent policy and its reasonable business judgment and
                                            shall consider in good faith the reasonable interests of CureVac in so doing. GSK shall keep
                                            CureVac reasonably informed, through the IP Sub-Committee, of the status of the actual and
                                            prospective prosecution, maintenance and defense, of all GSK Program Patent Rights. Notwithstanding
                                            the above, prior to filing any application for a GSK Invention that may disclose, in part
                                            or in full, a CureVac Invention, Joint Product Invention or Joint Other Invention, GSK shall
                                            provide CureVac with a copy of the draft application and provide CureVac with at least [*****] to review and comment upon the text of such draft application. If CureVac
                                            notifies GSK within the above  [*****] deadline that CureVac decides to file
                                            an application for a CureVac Invention, the Parties shall coordinate the filing of the application
                                            for a GSK Invention with the filing of CureVac’s application for such CureVac Invention
                                            so that CureVac’s application and GSK’s application are filed on the same day
                                            or otherwise filed in a way that secures and protects each of the Parties’ interest.
                                            For the avoidance of doubt, GSK will not include a CureVac Invention, Joint Product Invention
                                            or Joint Other Invention in a separate patent claim of a patent application to be filed by
                                            GSK without CureVac’s prior written consent. CureVac shall as soon as reasonably practicable
                                            give notice to GSK of any desire to cease prosecution and/or maintenance and/or defense of
                                            GSK Program Patent Rights on a country by country basis and, in such cases, shall permit
                                            CureVac, in CureVac’s sole discretion, to continue prosecution or maintenance or defense
                                            of such GSK Program Patent Rights (in which case thereafter they will be deemed a CureVac
                                            Program Patent Right) at its own expense and in its own name.

 

	9.7	Joint
                                            Patent Rights. GSK shall have the first right, but not the obligation, to file, prosecute,
                                            maintain and defend Patent Rights relating to Joint Product Inventions or Joint Other Inventions
                                            (“Joint Patent Rights”) throughout the Territory, at its sole expense,
                                            and GSK shall give timely notice to CureVac of any final decision to not file patent applications
                                            claiming Joint Patent Rights or to cease prosecution and/or maintenance of Joint Patent Rights
                                            on a country-by-country basis and, in such cases, shall permit CureVac, in CureVac’s
                                            sole discretion, to file such patent applications or to continue prosecution, maintenance
                                            or defense of such Joint Patent Rights at its own expense. At the latest  [*****] before filing, the prosecuting Party shall give the non-prosecuting Party an opportunity
                                            to review and comment upon the text of any application with respect to such Joint Patent
                                            Right, shall consult with the non-prosecuting Party with respect thereto, shall not unreasonably
                                            refuse to address any of the non-prosecuting Party’s comments and supply the non-prosecuting
                                            Party with a copy of the application as filed, together with notice of its filing date and
                                            serial number. The prosecuting Party shall keep the non-prosecuting Party reasonably informed
                                            of the status of the actual and prospective prosecution, and maintenance, including but not
                                            limited to any substantive communications with the competent patent offices that may affect
                                            the scope of such filings, and the prosecuting Party shall give the non-prosecuting Party
                                            a timely, prior opportunity to review and comment upon any such substantive communication
                                            and shall consult with such non-prosecuting Party with respect thereto, and shall not unreasonably
                                            refuse to address any of such non-prosecuting Party’s comments.

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	9.8	Patent
                                            Term Extension and Supplementary Protection. The IP Sub Committee shall decide on any
                                            patent term extensions, including supplementary protection certificates and any other extensions,
                                            including pediatric extensions, for a COVID Product that are now or become available in the
                                            future, wherever applicable, in order to secure the optimal protection for the COVID Products
                                            available under Applicable Laws. The Party holding the marketing authorization for the COVID
                                            Product Covered by any Patent Rights shall have the obligation for applying for any such
                                            extension or supplementary protection certificate, and such Party shall keep the other Party
                                            fully informed of its efforts to obtain such extension or supplementary protection certificate.
                                            The other Party shall provide prompt and reasonable assistance, as requested by the applying
                                            Party. GSK shall pay all expenses for obtaining and maintaining any extension or supplementary
                                            protection certificate in respect of a COVID Product in the GSK Territory.

 

	9.9	Development
                                            Data. Subject to Section 11, the Development Data shall be treated as Confidential Information
                                            of the Party or Parties owning it. Each Party may use, and allow its Affiliates to use, the
                                            Development Data for the purpose of obtaining adequate protection and prosecution of their
                                            respective Know-How and Patent Rights, or as provided for otherwise in accordance with this
                                            Agreement, provided that in each case it provides the other Party with prior written notice
                                            of its intent to use the Development Data for such purpose. The other Party may, within a
                                            reasonable time following receipt of such notice, request the notifying Party to delay the
                                            use of the Development Data, in order to safeguard the protection and prosecution of other
                                            Know-How and Patent Rights. Following such request, the Parties shall cooperate in good faith
                                            to align the protection and prosecution of each Party’s Know-How and Patent Rights.
                                            For the avoidance of doubt, the terms and conditions of this Section 9 shall govern the intellectual
                                            property rights of the Parties in the Development Data.

 

	9.10	Challenges
                                            to CureVac Patent Rights, Patent Rights included in the LNP Technology or GSK Patent Rights.
                                            If GSK or any of its Affiliates (directly or indirectly, individually or in association
                                            with any other person or entity) intends to challenge the validity of the CureVac Patent
                                            Rights or the Patent Rights included in the LNP Technology, or supports a Third Party in
                                            the challenge of a CureVac Patent Right or a Patent Right included in the LNP Technology
                                            in such legal proceeding, it shall promptly, and in no event later than  [*****] prior
                                            to initiating such challenge (or such shorter period as required due to a court’s,
                                            patent office’s or other filing deadline associated with the relevant triggering event
                                            giving rise to the challenge, but in any event not less than  [*****] prior to initiating
                                            such challenge), notify CureVac hereof. If CureVac or any of its Affiliates (directly or
                                            indirectly, individually or in association with any other person or entity) intends to challenge
                                            the validity of the GSK Patent Rights in a legal proceeding, or supports a Third Party in
                                            the challenge of a GSK Patent Right in such legal proceeding, it shall promptly, and in no
                                            event later than  [*****] prior to initiating such challenge (or such shorter period
                                            as required due to the court or other filing deadline associated with the relevant triggering
                                            event giving rise to the challenge, but in any event not less than  [*****] prior
                                            to initiating such challenge), notify GSK thereof. The Parties, through the IP Sub-Committee,
                                            shall promptly discuss any such issue in good faith, including the grant of a freedom to
                                            operate license at terms to be negotiated, and, if they cannot find an agreement, escalate
                                            the issue to the Executive Officers. If the Executive Officers despite good faith negotiations
                                            cannot find a solution, and a CureVac Patent Right or Patent Right within the LNP Technology
                                            is not granted or is declared invalid upon a successful challenge by GSK or any of its Affiliates
                                            (either alone or with a Third Party), such CureVac Patent Right or Patent Right within the
                                            LNP Technology shall be deemed to have been granted or shall be deemed valid until the expiry
                                            of regular patent protection for such CureVac Patent Right that would have applied if such
                                            CureVac Patent Right or Patent Right within the LNP Technology had been granted or had not
                                            been successfully declared invalid for the purposes of Section 1.179 (Valid Claim) and Section
                                            8.3.2 (Royalty Term).

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	9.11	Challenges
                                            to Third Party Patent Rights. If either Party or any of its Affiliates (directly or indirectly,
                                            individually or in association with any other person or entity) intends to challenge the
                                            validity of any Third Party Patent Rights potentially Covering the Development, Manufacture
                                            or Commercialization of a COVID Product (including, but not limited to, any request for,
                                            or filing or declaration of, any invalidity proceedings, interference, deviation proceeding,
                                            opposition, inter partes review, post-grant review, third party observations or re-examination),
                                            it shall, prior to initiating such challenge, notify the other Party through the IP Sub-Committee.
                                            The Parties, through the IP Sub-Committee shall discuss the strategy for such challenge.
                                            If the Parties agree to pursue a joint challenge, (i) the Parties shall collaborate with
                                            respect to such challenge, (ii) the Parties shall [*****], and (iii) the Parties shall [*****]
                                            all costs and expenses of such challenge, provided that if the total costs and expenses
                                            exceed [*****]. Either Party and its Affiliates shall
                                            also be entitled, if agreed by the Parties, or if the IP Sub-Committee does not agree on
                                            a joint challenge, without the other Party, to challenge the validity of any Third Party
                                            Patent Rights. In this case, the Party bringing the challenge (i) shall have no obligation
                                            to consult with the other Party regarding its strategy and (ii) shall bear all the costs
                                            and expenses of such challenge.

 

	10.	ENFORCEMENT
                                            AND DEFENSE.

 

	10.1	Enforcement.

 

		10.1.1	Notice.
                                            Each Party shall promptly provide the other Party with written notice reasonably detailing
                                            any known or alleged infringement by a Third Party of any CureVac Patent Rights, GSK Patent
                                            Rights or Joint Patent Rights which competes with the Development, Manufacture or Commercialization
                                            of COVID Products in the Territory (collectively “Third Party Infringement”).

 

		10.1.2	GSK
                                            Rights. Subject to Section 10.1.3, GSK shall have the primary right to determine and
                                            control a course of action designed to curtail a Third Party Infringement in the Field in
                                            the Territory at its own expense. GSK shall keep CureVac closely informed as to any legal
                                            courses of action it pursues pursuant to this Section 10.1.2, and the Parties shall consult
                                            with each other, and agree on strategic decisions and their implementation in connection
                                            with such action.

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		10.1.3	CureVac
                                            Rights. On a COVID Product-by-COVID Product basis, for as long as CureVac holds the exclusive
                                            right to Commercialize a COVID Product in the CureVac Territory pursuant to Section 6, CureVac
                                            shall have the primary right to determine and control a course of action designed to curtail
                                            a Third Party Infringement in the Field in the CureVac Territory at its own expense. CureVac
                                            shall keep GSK closely informed as to any legal courses of action it pursues pursuant to
                                            this Section 10.1.2, and the Parties shall consult with each other, and agree on strategic
                                            decisions and their implementation in connection with such action.

 

		10.1.4	Taking
                                            over. If the Party having the primary right to enforce its rights against such Third
                                            Party Infringement pursuant to Sections 10.1.2 or 10.1.3, respectively, elects not to enforce
                                            its rights against such Third Party Infringement or not to further pursue the enforcement
                                            of its rights, such Party shall notify the other Party of such decision as soon as reasonably
                                            practicable and in any event within [*****] after receipt of the Third
                                            Party Infringement notice or after the decision not to further pursue the enforcement of
                                            its rights. If after the expiry of the [*****] period (or, if earlier,
                                            the date upon which the Party which has the primary right to enforce its rights against such
                                            Third Party Infringement provides written notice that it has decided not to or to no longer
                                            enforce its rights against such Third Party Infringement), the Party which has the primary
                                            right to enforce its rights against such Third Party Infringement has neither obtained a
                                            discontinuance of the Third Party Infringement, nor filed suit with regard to such Third
                                            Party Infringement, then the other Party shall have the right, but not the obligation, to
                                            take action or bring suit with respect to such Third Party Infringement at its own expense.

 

		10.1.5	Collaboration.
                                            If such course of action includes litigation, the enforcing Party shall notify the non-enforcing
                                            Party of the commencement of that litigation and shall have the right and standing to use
                                            and sue in the other Party’s name. Notwithstanding the first sentence of this paragraph,
                                            irrespective of which Party brings an action with respect to a Third Party Infringement hereunder,
                                            (i) the Parties shall collaborate with respect to such action; (ii) the non-enforcing Party
                                            shall have the right, at its own expense, to be represented by independent counsel in any
                                            such litigation; and (iii) the Parties shall consult with each other regarding, and agree
                                            on strategic decisions and their implementation in connection with such action. Except as
                                            set forth otherwise herein, the Party bringing the action shall bear all costs and expenses
                                            of such action.

 

		10.1.6	Recoveries.
                                            Any recoveries obtained by either Party as a result of any proceeding with regard to
                                            a Third Party Infringement (other than any Third Party Infringement of intellectual property
                                            rights subsisting in any Pathogen Combination Product) under this Section 10.1 shall be allocated
                                            as follows:

 

		i.	such
                                            recovery shall first be used to reimburse the Party or Parties bringing the action for all
                                            reasonable costs incurred in connection with such proceeding;

 

		ii.	the
                                            remaining portion of such recovery, if any, shall be [*****] between CureVac and GSK.

 

In
relation to any Pathogen Combination Product: (A) such recovery shall first be used to reimburse each Party for all reasonable costs
incurred in connection with such proceeding; (B) such recovery shall then be used to compensate each Party for the respective damages
suffered from the Third Party Infringement (in the case of damage suffered by CureVac, as calculated at the Royalty Rate), provided that
in the event the remaining portion of the recovery is not sufficient to compensate each Party’s damages, such compensation shall
be shared on a pro-rata basis depending on the amount of the respective damages suffered; and (C) the remaining portion of such recovery,
if any, shall be equally shared between CureVac and GSK.

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		10.1.7	Settlements.
                                            Neither Party shall settle any claim or demand in any such litigation that materially
                                            negatively impacts the other Party’s rights or interests under this Agreement without
                                            the prior written consent of the other Party, which consent shall not be unreasonably withheld
                                            or delayed. In addition to the foregoing, to the extent any action initiated by GSK involves
                                            any infringement of CureVac Patent Rights and/or Joint Patent Rights, as the case may be,
                                            and is reasonably likely to relate to technologies other than a COVID Product, GSK will consult
                                            with CureVac regarding issues relating to such CureVac Patent Rights, Joint Patent Rights,
                                            and/or CureVac’s products and technologies, and the Parties will mutually agree on
                                            strategic litigation decisions regarding such issues.

 

		10.1.8	Assistance.
                                            The non-enforcing Party shall provide such assistance as the enforcing Party reasonably
                                            requests in connection with any action or suit hereunder to prevent or enjoin a Third Party
                                            Infringement at its own cost (or the enforcing Party’s cost, in relation to any Pathogen
                                            Combination Product). At the request of the enforcing Party, the non-enforcing Party shall
                                            provide reasonable assistance to the enforcing Party, at the non-enforcing Party’s
                                            expense (or the enforcing Party’s expense, in relation to any Pathogen Combination
                                            Product), in connection with such enforcement, including by executing reasonably appropriate
                                            documents, and joining as a party to the action. The Parties agree that, irrespective of
                                            which Party brings the action or suit pursuant to this Section 10.1, the Parties will update
                                            each other as to the status of such actions through the IP Sub-Committee and the enforcing
                                            Party will not unreasonably reject comments from the other Party relating to the management
                                            of such litigation.

 

		10.2	Defense.

 

		10.2.1	Notice.
                                            If the Development, Manufacture or Commercialization of any COVID Product in any country
                                            in accordance with this Agreement or other activity of either of the Parties pursuant to
                                            the Agreement is alleged by a Third Party to infringe a Third Party’s Patent Right,
                                            the Party becoming aware of such allegation shall promptly notify the other Party.

 

		10.2.2	Control.
                                            CureVac has the first right, but not the obligation, to control any defense of any such
                                            claim involving an alleged infringement of Third Party rights by (i) the exploitation or
                                            use of the CureVac Technology, where such alleged infringement is allegedly not caused solely
                                            by the Development, Manufacturing or the Commercialization of one or more COVID Products
                                            or (ii) CureVac’s activities under this Agreement (including Development, Manufacturing
                                            or the Commercialization of one or more COVID Products, and the Commercialization of COVID
                                            Products in the CureVac Territory), by counsel of its own choice, and the costs of such defense
                                            shall be equally shared between the Parties; and GSK may choose to be represented with respect
                                            to any such claim at its own expense and by counsel of its own choice. GSK has the first
                                            right, but not the obligation, to control any defense of any such claim other than where
                                            CureVac has the first right to control the defense of a claim, by counsel of its own choice,
                                            and the costs of such defense shall be equally shared between the Parties; and CureVac may
                                            choose to be represented with respect to any such claim at its own expense and by counsel
                                            of its own choice.

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		10.2.3	Assistance.
                                            Upon the defending Party’s request, the non-defending Party shall provide reasonable
                                            assistance to the defending Party with respect to a defense and/or shall join in any action
                                            if reasonably required by the defending Party in order to defend such claim or to assert
                                            all available defenses and claims, and shall reasonably cooperate with the defending Party,
                                            provided the costs of such assistance shall be equally shared between the Parties. The defending
                                            Party shall not enter into a settlement that imposes a financial obligation upon the non-defending
                                            Party or which limits the scope or invalidates any Patent Right of the other Party without
                                            such Party’s prior written consent, which consent shall not be unreasonably withheld
                                            or delayed, and in any settlement the defending Party shall always take into consideration
                                            the interest of the non-defending Party.

 

		10.2.4	FTO
                                            Licenses. Without prejudice to other provisions of Section 13.4, and the rights and remedies
                                            of GSK thereunder, where a Party reasonably concludes that use or exploitation of: (i) in
                                            the case of GSK, any CureVac Elements; or (ii) in the case of CureVac, any technology used
                                            by or on behalf of GSK, its Affiliates or Sublicensees to Develop, Manufacture and/or Commercialize
                                            COVID Products under this Agreement that is described in the Know-How, or within the scope
                                            of the specification of the Patents Rights, Controlled by GSK (excluding, for clarity any
                                            CureVac Know-How or CureVac Patent Rights), in each case for the Development, Manufacturing
                                            or Commercialization of COVID Products, infringes Third Party rights and will require a freedom-to-operate
                                            license from such Third Party, the Parties will discuss the issue and the strategy for obtaining
                                            a sublicensable license in the IP Sub-Committee, with final endorsement by the JSC. Upon
                                            request of such Third Party or the other Party, the requested Party will consider in good
                                            faith whether and how it may support obtaining a freedom-to-operate license, e.g.,
                                            by granting a cross-license under its Background Technology to such Third Party. If the Third
                                            Party rights are reasonably expected to affect the COVID Products as well as other products,
                                            and if they are necessary to obtain freedom to operate with respect to any CureVac Elements,
                                            CureVac shall reasonably consider obtaining such freedom-to-operate license, and that license,
                                            if sublicensable, will become an additional In-Licensing Agreement as set forth in Section
                                            2.7.1. For any COVID Product other than the Pathogen Combination Products, the license fees
                                            payable under such In-Licensing Agreement will be reflected in the profit sharing under Section
                                            8.2.1. With respect to Pathogen Combination Products, if such license is obtained by GSK
                                            and required to obtain freedom-to-operate under CureVac Elements, as between the Parties,
                                            any costs shall be borne in accordance with Section 8.3.6. If such license is required to
                                            obtain freedom-to-operate with respect to a Pathogen Combination Product (but not under any
                                            CureVac Elements), the costs will be borne by GSK.

 

		11.	CONFIDENTIALITY.

 

		11.1	Obligation
                                            of Confidentiality. As at and after the Effective Date, all Confidential Information
                                            disclosed, revealed or otherwise made available to one Party or its Affiliates (“Receiving
                                            Party”) by or on behalf of the other Party (“Disclosing Party”)
                                            under, or as a result of, this Agreement is made available to the Receiving Party solely
                                            to permit the Receiving Party to exercise its rights, and perform its obligations, under
                                            this Agreement and the 2020 Collaboration Agreement. The Receiving Party shall not use any
                                            of the Disclosing Party’s Confidential Information for any other purpose, and shall
                                            not disclose, reveal or otherwise make any of the Disclosing Party’s Confidential Information
                                            available to any other person, firm, corporation or other entity, without the prior written
                                            authorization of the Disclosing Party, except as explicitly stated in this Section 11. Without
                                            limiting the foregoing no Receiving Party shall be permitted under this Agreement to share
                                            any Confidential Information supplied by a Disclosing Party with (i) any Third Party (or
                                            such Third Party’s Affiliates) that becomes an Affiliate of that Receiving Party solely
                                            as a result of a Change of Control in that Receiving Party or (ii) in the case of CureVac,
                                            any Third Party sublicensee under the CureVac Technology (including those identified in item
                                            (iii) of the Disclosure Letter).

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		11.2	Additional
                                            Obligations.

 

		11.2.1	Appropriate
                                            Safeguards. In furtherance of the Receiving Party’s obligations under Section 11.1
                                            hereof, the Receiving Party shall take all reasonable steps, and shall implement all appropriate
                                            and reasonable safeguards, to seek to prevent the unauthorized use or disclosure of any of
                                            the Disclosing Party’s Confidential Information. The Parties will jointly agree a protocol
                                            with information security measures to be implemented to safeguard secured exchange of Confidential
                                            Information and personal information, no later than [*****] after the Closing Date.

 

		11.2.2	Unauthorized
                                            Use or Disclosure. The Receiving Party shall furnish the Disclosing Party with written
                                            notice immediately of it becoming aware and indicating details of any unauthorized use or
                                            disclosure of any of the Disclosing Party’s Confidential Information by any employee,
                                            officer, director, consultant, CRO, CMO, contractors, agent(s), consultant(s), and Sublicensees,
                                            or Financial Partner of/the Receiving Party, and shall take all actions reasonably required
                                            in order to prevent any further unauthorized use or disclosure of the Disclosing Party’s
                                            Confidential Information. Notwithstanding the foregoing, the Receiving Party remains responsible
                                            and liable for any unauthorized use by any employee, officer, director, consultant, CRO,
                                            CMO, contractors, agent(s), consultant(s), and Sublicensees, or Financial Partner of the
                                            Receiving Party.

 

	11.3	Limitations.
                                            The Receiving Party’s obligations under Sections 11.1 shall not apply to the extent
                                            that the Receiving Party can demonstrate by competent written evidence that any of the Disclosing
                                            Party’s Confidential Information:

 

		(i)	is
                                            known by the Receiving Party at the time of its receipt, and not through a prior disclosure
                                            by or on behalf of the Disclosing Party under this Agreement;

 

		(ii)	is
                                            in the public domain by use and/or publication before its receipt from the Disclosing Party,
                                            or thereafter enters the public domain through no fault of the Receiving Party;

 

		(iii)	is
                                            subsequently disclosed to the Receiving Party by a Third Party who may lawfully do so and
                                            is not under an obligation of confidentiality regarding the Confidential Information; or

 

		(iv)	is
                                            developed by the Receiving Party independently of Confidential Information or material received
                                            from the Disclosing Party.

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		11.4	Authorized
                                            Disclosures.

 

		11.4.1	Necessary
                                            Disclosures. Each Party may disclose the other Party’s Confidential Information
                                            as expressly permitted by this Agreement or if and to the extent such disclosure is reasonably
                                            necessary in the following instances:

 

		(i)	disclosure
                                            to judicial, governmental or other regulatory agencies or authorities in connection with
                                            the filing, prosecution, maintenance and defense of Patent Rights as permitted by this Agreement;

 

		(ii)	disclosure
                                            to judicial, governmental or other regulatory agencies or authorities to gain or maintain
                                            approval, authorizations or the like to Develop, Manufacture or Commercialize a given COVID
                                            Product that such Party has a license or right to Develop, Manufacture or Commercialize hereunder
                                            in a given country or jurisdiction;

 

		(iii)	prosecuting
                                            or defending litigation as permitted by this Agreement;

 

		(iv)	disclosure
                                            to its and its Affiliates’ employees, officers, directors, consultants, CROs, CMOs,
                                            contractors, agent(s), consultant(s), to Sublicensees (in the case of GSK) or permitted sublicensees
                                            (in the case of CureVac) or the LNP Provider, in each case on a need-to-know basis for the
                                            purposes as expressly authorized and contemplated by this Agreement, including for the Development,
                                            Manufacturing and/or Commercialization of the COVID Products (or for such entities to determine
                                            their interest in performing such activities) in accordance with this Agreement, on the condition
                                            that such Affiliates or Third Parties agree to be bound by confidentiality and non-use obligations
                                            that substantially are no less stringent than those confidentiality and non-use provisions
                                            contained in this Agreement;

 

		(v)	disclosure
                                            to such Party’s attorneys, independent accountants or financial advisors for the sole
                                            purpose of enabling such attorneys, independent accountants or financial advisors to provide
                                            advice to the Receiving Party, on the condition that such attorneys, independent accountants
                                            and financial advisors agree to be bound by the confidentiality and non-use obligations contained
                                            in this Agreement; or

 

		(vi)	disclosure
                                            to any bona fide potential or actual investor, insurer, acquirer, merger partner, Sublicensee
                                            (in the case of GSK), or permitted sublicensees (in the case of CureVac) or other bona fide
                                            potential or actual financial partner or funding source (“Financial Partner”)
                                            solely for the purpose of evaluating or carrying out an actual or potential investment, acquisition,
                                            license or collaboration, and to any related persons directly connected with such activity
                                            being contemplated with the Financial Partner, such as an advisory firm or investment bank;
                                            provided that in connection with such disclosure, the Disclosing Party shall notify each
                                            disclosee of the confidential nature of such Confidential Information and disclosure shall
                                            be subject to the agreement of each disclosee to be bound by confidentiality and non-use
                                            obligations that substantially are no less stringent than those confidentiality and non-use
                                            provisions contained in this Agreement;

 

provided,
however, that before the effective date of Option Exercise, First-Gen COVID Vaccine Products Dossiers/Data, may not be disclosed under
this Section 11.4.1, unless it is in the public domain through no fault of GSK.

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		11.4.2	Required
                                            Disclosures. If a Party is required by judicial, governmental or administrative process,
                                            including to comply with Applicable Laws (including stock exchange rules) or pursuant to
                                            Section 11.4.1 to disclose Confidential Information that is subject to the non-disclosure
                                            provisions of Section 11.1, such Party shall to the extent reasonably possible provide the
                                            other Party with reasonable advance notice of the disclosure that is being sought in order
                                            to provide the other Party an opportunity to challenge or limit the disclosure obligations.
                                            Confidential Information that is disclosed by judicial, governmental or administrative process
                                            shall remain otherwise subject to the confidentiality and non-use provisions of this Section
                                            11, and the Party disclosing Confidential Information pursuant to judicial, governmental
                                            or administrative process shall take all steps reasonably necessary, including to seek an
                                            order of confidentiality, to ensure the continued confidential treatment of such Confidential
                                            Information.

 

	11.5	Survival.
                                            All of the Receiving Party’s obligations under this Section 11 hereof, with respect
                                            to the protection of the Disclosing Party’s Confidential Information, shall for a period
                                            of [*****] survive the expiry or termination of this Agreement for any reason whatsoever.

 

	11.6	Public
                                            Announcements, Press Releases. Except as otherwise expressly permitted in this Agreement,
                                            and except as may be required by Applicable Law, including the listing standards or agreements
                                            of any national or international securities exchange, neither Party shall issue any press
                                            release or public statement disclosing information relating to this Agreement or the transactions
                                            contemplated hereby or the terms hereof without the prior written consent of the other Party,
                                            not to be unreasonably withheld, conditioned, or delayed. Each Party may repeat any information
                                            relating to this Agreement that has already been publicly disclosed in accordance with this
                                            Section 11.6, provided such information continues at such time to be accurate.

 

	11.7	Publication
                                            of Development Data. The Parties acknowledge the merit of publishing Development Data
                                            regarding the COVID Products (other than CMC Development Data) in searchable, peer-reviewed
                                            scientific literature in accordance with international scientific publishing practices and
                                            standards (including regarding the recognition of contribution and authorship). Either Party
                                            may request the other Party to discuss and determine in good faith a joint publication strategy
                                            for the Development Data regarding the COVID Products, which shall be effective upon endorsement
                                            by the IP Sub-Committee and the respective Alliance Managers. As between the Parties, the
                                            Party by whom or on whose behalf the experiment or study generating such Development Data
                                            has been conducted, shall be responsible for the publication of such Development Data, unless
                                            defined otherwise in a joint publication strategy. Any intended publication of Development
                                            Data regarding a COVID Product (including presentations to Third Parties or publication in
                                            intellectual property filings) shall be notified to the IP Sub-Committee by the relevant
                                            Party as soon as reasonably practicable and in any event at least [*****] before
                                            the final decision to publish, to allow the other Party to review and comment on the publication.
                                            The other Party may demand that the publication of the proposed presentation or publication
                                            is delayed for a period of [*****] in order to assess whether the Development Data
                                            intended to be published is patentable. If the other Party decides to pursue patent protection,
                                            it may request the publishing Party to further delay the publication of the proposed presentation
                                            or publication for a time not exceeding [*****]  from the date of the publishing
                                            Party’s notification, to enable adequate protection and prosecution of Patent Rights
                                            by either Party or their Affiliates.

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With
respect to any agreements between a Party and Third Parties (including clinical investigators) that a Party enters into after the Closing
Date relating to the Development of any COVID Product or otherwise relating to Development activities under this Agreement, such Party
shall use reasonable efforts to include publication provisions regarding results of the experiments and studies for such COVID Products
that allow such Party to receive and provide a copy of any proposed publications or public presentations to the other Party, which such
Party shall submit to the other Party with a reasonable amount of time for review as described in this Section 11.7.

 

Subject
to the above review, a Party shall have the right as required by Applicable Law or its policies and standard operating procedures to
(a) publish protocol summaries, results summaries, protocols, clinical study reports, plain language summaries and other study documents
of all Clinical Studies conducted by or on behalf of such Party during the Term of this Agreement in any clinical trial register, including
any of its own clinical trial registers; (b) publicly disclose results from other Clinical Studies where that Party determines that the
results are scientifically important or relevant for patient care; and (c) make any other public disclosures of clinical Development
Data that become required by GSK or CureVac due to Applicable Laws.

 

	12.	COMPLIANCE,
                                            QUALITY, INTEGRITY

 

	12.1	Legal
                                            Compliance. Each Party shall procure that it and its personnel performs this Agreement
                                            in accordance with Applicable Laws.

 

	12.2	GxP.
                                            GSK and CureVac shall undertake the Development activities regarding the COVID Products,
                                            in compliance with GxP. With regard to any Clinical Studies conducted by CureVac under this
                                            Agreement, GSK may require CureVac to comply with the policies and standards of the GSK regarding
                                            the human subject research conducted to its benefit, and shall in this respect allow GSK,
                                            at its request, to review and approve at least the protocol and informed consent forms associated
                                            with such Clinical Studies.

 

		12.3	Data
                                            Integrity. GSK and CureVac shall carry out their respective Development activities under
                                            this Agreement, and collect and record any data generated therefrom, in a manner consistent
                                            with the following good data management practices: (i) Development Data shall be generated
                                            using sound scientific techniques and processes; (ii) Development Data shall be analyzed
                                            appropriately, without bias and in accordance with good scientific practices; and (iii) Development
                                            Data shall be accurately recorded in accordance with good scientific practices by the individuals
                                            performing the research and in accordance with the ALCOA CCEA data integrity principles:
                                            (A) Attributable: data are traceable to the originator, (person and/or a computerized system,
                                            a device, an instrument), including any changes made to data, i.e. who performed an action
                                            and when, so that key decisions made during the conduct of the research, presentations made
                                            about the research and conclusions reached in respect of the research can be easily demonstrated
                                            and reconstructed; (B) Legible: data are readable and understandable; (C) Contemporaneous:
                                            data are recorded at the time they are generated or observed as per regulatory requirements;
                                            or in absence of regulatory requirements, local business practices; (D) Original (true copy):
                                            data as the file or format in which it was first generated, e.g. first paper record of manual
                                            observation, or electronic raw data file from a computerized system as per regulatory requirements;
                                            or in absence of regulatory requirements, local business practices; (E) Accurate: data, including
                                            error corrections and edits, are correct, truthful and to the appropriate precision; (F)
                                            Complete: all expected elements of the data are present (i.e., no unexplained gaps in the
                                            data) and the full meaning and context is preserved with the data; (G) Consistent: all elements
                                            of the record follow in the expected sequence; (H) Enduring: data are recorded in a permanent
                                            medium (paper or electronic) and continue to be retained in a human readable format for as
                                            long as specified in applicable record retention requirements; and (I) Available: data are
                                            maintained securely in such a way that they are accessible and retrievable in reasonable
                                            times (“Good Data Management Practices”). Each Party shall maintain written
                                            policies and standards related to Good Data Management Practices and shall ensure appropriate,
                                            documented training of its relevant personnel with respect to Good Data Management Practices.

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	12.4	Human
                                            Biological Samples. If the Parties wish to source Human Biologicals Samples on each other’s
                                            behalf or exchange Human Biological Samples between them, such exchange shall be recorded
                                            in separate addendums to this Agreement setting forth further terms and conditions for the
                                            specific purpose. GSK and CureVac undertake that the Human Biological Samples used or collected
                                            in connection with the Development have been obtained and will be stored, transferred, used
                                            and disposed of in accordance with all Applicable Laws and any generally accepted ethical
                                            guidelines regarding the collection, use, transport and disposal of human tissue, including
                                            with regard to consents from patients, volunteers and other donors.

 

	12.5	Privacy;
                                            Information Security. The Parties shall comply with Data Protection Laws (as defined
                                            in Exhibit 12.5), including those concerning medical confidentiality and privacy in
                                            relation to human subjects of the Development activities regarding the COVID Products. The
                                            Parties acknowledge that they do not intend that one Party processes personal information
                                            for and on behalf of the other Party. If personal information is transferred between the
                                            Parties (as between controllers) pursuant to the performance of this Agreement or any Ancillary
                                            Agreement, the Parties shall comply with Exhibit 12.5, which may be amended from time to
                                            time by the Parties as is required by Applicable Laws. The Parties will enter into further
                                            data protection agreements if required by Applicable Laws.

 

	12.6	Ethical
                                            Care of Animals. The Parties shall comply with all Applicable Laws for the care, welfare
                                            and ethical treatment of animals in the country where animal testing or animal research is
                                            performed. The Parties shall implement the “3Rs” Principles – reducing
                                            the number of animals used, replacing animal with non-animal methods whenever possible and
                                            refining the research techniques used. All work shall be performed in adherence to the core
                                            principles for animals identified below. Local customs, norms, practices or laws may be additive
                                            to the core principles, but each Party agrees to comply and shall procure and ensure that
                                            those acting for or on behalf of such Party (including its subcontractors) comply, as a minimum,
                                            with these core principles: (i) access to species appropriate food and water; (ii) access
                                            to species specific housing, including species appropriate temperature and humidity levels;
                                            (iii) provision of humane care and a program of veterinary care through guidance of a veterinarian;
                                            (iv) animal housing that minimizes the development of abnormal behaviors; (v) adherence to
                                            principles of replacement, refinement and reduction in the design of in vivo or ex vivo studies
                                            with processes to optimize animal use and to ensure effective population management; (vi)
                                            supported by a relevant scientific justification/rationale, approved by an institutional
                                            ethical review process and subjected to independent scientific review; (vii) commitment to
                                            minimizing pain and distress during in vivo and ex vivo studies; and (viii) work is performed
                                            by personnel documented as trained and competent to conduct the procedures for which they
                                            are responsible. Each Party agrees that all protocols involving animal research or animal
                                            testing for in connection with the COVID Products shall undergo an ethical review, whether
                                            or not required by Applicable Law, and that written documentation confirming ethical review
                                            shall be maintained by such Party until [*****] after the completion of the experiment
                                            or test, demonstrating that the review was completed. If a Party is currently accredited
                                            by AAALACi, such Party agrees to make commercially reasonable efforts to maintain its AAALACi
                                            accreditation during the life of this Agreement. Each Party shall have procedures in place
                                            to assess and approve its external suppliers and distributors who supply animals to it to:
                                            (i) ascertain and confirm the quality of the animals supplied; (ii) ensure legal requirements
                                            for the care and welfare of animals are met; and (iii) ensure that only purpose bred animals
                                            are used to perform the animal testing or research. The distance of suppliers from the test
                                            facility shall be minimized (where practicable) and transport processes (e.g. stocking densities,
                                            carrying crates, food and water) shall ensure minimum stress. On arrival, each Party shall
                                            ensure checks are in place to confirm only healthy animals are used. Each Party shall document
                                            the approval of its animal suppliers and distributors, which documentation shall be made
                                            available to the other Party upon request. GSK shall have the right, but not the obligation,
                                            to approve any supplier of non-human primates or other animals, which right may be invoked
                                            upon notice to CureVac.

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	12.7	Environment,
                                            Health and Safety. CureVac shall: (i) maintain an “EHS” (environment, health
                                            and safety) policy and risk-based management system with a commitment to provide a safe and
                                            healthy workplace and protect the environment surrounding its operations; (ii) ensure there
                                            is at least one senior executive with responsibility for EHS and the organization has access
                                            to technical expertise to support the company in meeting EHS obligations; (iii) provide relevant
                                            information, education and training to workers on the hazards, risks and controls associated
                                            with their job; (iv) provide the physical infrastructure, workplace and engineering controls
                                            necessary to ensure safe storage, handling and processing of materials and waste in order
                                            to protect people, the environment and local communities from harm; and (v) provide and maintain
                                            emergency detection systems and an effective response and healthcare capabilities.

 

	12.8	Sanctions
                                            and export controls. The Parties represent and warrant that they are aware of, and undertake
                                            in carrying out their obligations under this Agreement and the agreements referred to within
                                            this Agreement that they will not violate and prevent becoming exposed to penalties under,
                                            all sanctions, export control, and anti-boycott laws, regulations, orders, directives, designations,
                                            licenses, and decisions of the European Union, the United Kingdom, the United States of America,
                                            and of any other country with jurisdiction over activities undertaken in connection with
                                            this Agreement, if applicable (“Sanctions & Trade Controls”). Each
                                            Party undertakes that, at all times, in the performance of their obligations under this Agreement
                                            and the agreements referred to within this Agreement, they will not take any action that
                                            causes the other Party to violate or otherwise become exposed to penalties under any Sanctions
                                            & Trade Controls. Neither Party shall be required to take or refrain from taking any
                                            action, nor shall it be required to furnish any information, that would be prohibited under
                                            any Sanctions & Trade Controls (as defined above).

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	12.9	Anti-bribery
                                            and corruption. Each Party shall comply fully at all times with all Applicable Laws,
                                            including but not limited to anti-corruption laws, and represents and warrants that it has
                                            not, and covenants that it will not, in connection with the performance of this Agreement,
                                            directly or indirectly, make, promise, authorize, ratify or offer to make, or take any act
                                            in furtherance of any payment or transfer of anything of value for the purpose of influencing,
                                            inducing or rewarding any act, omission or decision to secure an improper advantage; or improperly
                                            assisting in obtaining or retaining business, or in any way with the purpose or effect of
                                            public or commercial bribery, and warrants that it has taken reasonable measures to prevent
                                            subcontractors, agents or any other Third Parties, subject to its control or determining
                                            influence, from doing so. For the avoidance of doubt this includes facilitating payments,
                                            which are unofficial, improper, small payments or gifts offered or made to Government Officials
                                            to secure or expedite a routine or necessary action to which a Party is legally entitled.
                                            Either Party shall be entitled to terminate this Agreement immediately on written notice
                                            to the other Party, if the other Party fails to perform its obligations in accordance with
                                            this Section 12.9. A Party shall have no claim against the other Party for compensation for
                                            any loss of whatever nature by virtue of the termination of this Agreement in accordance
                                            with this Section 12.9. Either Party shall inform the other Party in writing, if, during
                                            the course of this Agreement, it is convicted of or pleads guilty to a criminal offence involving
                                            fraud or corruption, or becomes the subject of any government investigation for such offenses,
                                            or is listed by any government agency as debarred, suspended, proposed for suspension or
                                            debarment, or otherwise ineligible for government programs. Either Party shall ensure that
                                            all transactions under the Agreement are properly and accurately recorded in all material
                                            respects on its books and records and each document upon which entries such books and records
                                            are based is complete and accurate in all material respects. Either Party must maintain a
                                            system of internal accounting controls reasonably designed to ensure that it maintains no
                                            off-the-books accounts.

 

	12.10	Changes
                                            to Compliance Framework. At any time during the term of this Agreement, either Party
                                            may suggest reasonable amendments to this Section 12 and the clauses of this Agreement referencing
                                            this Section 12, or any provision of any Ancillary Agreement concerning compliance, quality,
                                            safety or integrity, where such Party reasonably believes such changes are required to ensure
                                            compliance with Applicable Laws, or such Party’s interpretation of Applicable Laws
                                            as reflected in the values, quality, integrity, safety or compliance framework of the group
                                            to which that Party belongs. The other Party shall not unreasonably refuse or delay its agreement
                                            to such amendments. In case of any conflict between the Parties’ interpretation of
                                            frameworks, the more stringent interpretation or framework shall be reflected in the amendment.

 

	12.11	Breaches.
                                            Each Party shall promptly notify the other Party of any significant deficiencies impacting
                                            the performance of this Agreement having regard to its compliance with this Section 12 and
                                            any corrective actions taken.

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	12.12	Audit.
                                            GSK or its nominee shall have the right to enter the CureVac’s manufacturing facilities
                                            and any of CureVac’s other offices, facilities, records and information systems to
                                            carry out an audit to verify and monitor CureVac’s compliance with Section 12 [*****] per Calendar Year, save any “For Cause” audits. The scope of the audit may include,
                                            but need not be limited to, a tour of the facility, the opportunity to view relevant standard
                                            operating procedures (SOPs), training records, building management records, animal health
                                            records, ethical review documents, and any other documents reasonably necessary to assess
                                            compliance by CureVac. The duration of the inspection shall be at the sole reasonable discretion
                                            of GSK. Audits conducted under this Section 12.12 shall require reasonable prior notice of
                                            at least [*****], except in case of For Cause audits (as defined below), in
                                            which case such limitation a prior notice of [*****] shall suffice. Audits
                                            conducted under this Section 12.12 shall be scheduled in such a manner so as not to impact
                                            the production schedule or CureVac’s normal business activities and shall be conducted
                                            during regular business hours. For the purposes of this Section 12.12, a “For Cause”
                                            audit shall be an audit conducted based on a substantiated suspicion by GSK of a material
                                            lack of compliance with Section 12, in respect of which GSK has shared with CureVac documentation
                                            substantiating its suspicion prior to the audit. Persons conducting the on-site audits shall
                                            be required to comply with reasonable CureVac rules applicable to the site and GSK shall
                                            ensure that any person involved in any audit (including a document-only inspection) shall
                                            be bound by an obligation of confidentiality. CureVac shall use commercially reasonable efforts
                                            to ensure that the same audit rights for GSK as described in this Section 12.12 apply with
                                            respect to the premises of any subcontractors authorized in accordance with this Agreement.
                                            This Section 12.12 shall apply mutatis mutandis to the extent GSK is Manufacturing
                                            COVID Products under this Agreement.

 

	13.	INDEMNIFICATION
                                            AND REPRESENTATIONS AND WARRANTIES.

 

	13.1	Indemnification
                                            by GSK. GSK will defend, indemnify and hold CureVac and its Affiliates and their directors,
                                            officers, employees, consultants, agents, permitted sublicensees and contractors (the “CureVac
                                            Indemnified Parties”) harmless from and against any and all losses, liabilities,
                                            claims, suits, proceedings, expenses, fees, recoveries and damages, including reasonable
                                            and demonstrable legal expenses and costs including attorneys’ fees, resulting or arising
                                            out of any claim by any Third Party resulting or arising from (i) the negligence or willful
                                            misconduct of GSK, any of its Affiliates or Sublicensees, or any of their respective directors,
                                            officers, employees, agents or contractors; (ii) the Development, Manufacturing and/or Commercialization
                                            of the Pathogen Combination Products by or on behalf of GSK (other than as conducted by CureVac),
                                            any of its Affiliates or any of their respective Sublicensees or (iii)   any breach
                                            of this Agreement by GSK, any of its Affiliates or any of their Sublicensees; except, in
                                            each case, to the extent caused by the negligence or willful misconduct of any of the CureVac
                                            Indemnified Parties.

 

	13.2	Indemnification
                                            by CureVac.CureVac will defend, indemnify and hold GSK and its Affiliates and their directors,
                                            officers, employees, consultants, agents, Sublicensees and contractors (the “GSK
                                            Indemnified Parties”) harmless from and against any and all losses, liabilities,
                                            claims, suits, proceedings, expenses, fees, recoveries and damages, including reasonable
                                            and demonstrable legal expenses and costs including attorneys’ fees, resulting or arising
                                            out of any claim by any Third Party resulting or arising from (i) the negligence or willful
                                            misconduct of CureVac, any of its Affiliates, or any of their respective directors, officers,
                                            employees, consultants, agents or contractors (including an approved subcontractor or approved
                                            CMO); or (ii) the Development, Manufacture and/or Commercialization of any of the Pathogen
                                            Combination Products, if any, by or on behalf of CureVac (other than as conducted by GSK),
                                            any of its Affiliates, or their approved subcontractors or approved other CMOs; or (iii)
                                            any breach of this Agreement by CureVac, or any of its Affiliates; except, in each case,
                                            to the extent caused by the negligence or willful misconduct of any of the GSK Indemnified
                                            Parties.

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	13.3	Indemnification
                                            Procedures. The indemnified Party will give the indemnifying Party prompt notice of any
                                            such claim or lawsuit. Such notice shall include a reasonable identification of the alleged
                                            facts giving rise to such claim for indemnification. The failure to deliver written notice
                                            to the indemnifying Party within a reasonable time after the commencement of any action with
                                            respect to a claim shall only relieve the indemnifying Party of its indemnification obligations
                                            if and to the extent the indemnifying Party is actually and materially prejudiced thereby.
                                            The indemnifying Party shall notify the indemnified Party of its intentions as to the defense
                                            of the claim in writing within [*****] after the indemnifying Party’s receipt
                                            of notice of the claim from the indemnified Party. If the indemnifying Party assumes defense
                                            of the claim, the indemnified Party may participate in, but not control, the defense of such
                                            claim using attorneys of its choice and at its sole cost and expense (i.e., with such cost
                                            and expense not being covered by the indemnifying Party). The indemnified Party shall reasonably
                                            cooperate with the indemnifying Party in its defense of the claim at the indemnifying Party’s
                                            reasonable, pre-approved expense. The indemnifying Party will have the right to compromise,
                                            settle or defend any such claim or lawsuit; provided that (i) no offer of settlement, settlement
                                            or compromise by the indemnifying Party shall be binding on the indemnified Party without
                                            its prior written consent, not to be unreasonably withheld, conditioned or delayed, unless
                                            such settlement fully releases the indemnified Party without any liability, loss, cost or
                                            obligation incurred by the indemnified Party and in no event shall any settlement or compromise
                                            admit or concede that any aspect of any Patent Right owned or Controlled by the indemnified
                                            Party is invalid or unenforceable or adversely affect the scope of any Patent Right owned
                                            or Controlled by the indemnified Party; and (ii) the indemnifying Party shall not have authority
                                            to admit any wrongdoing or misconduct on the part of the indemnified Party except with the
                                            indemnified Party’s prior written consent. If the indemnifying Party does not agree
                                            to assume the defense of the claim asserted against the indemnified Party (or does not give
                                            notice that it is assuming such defense), or if the indemnifying Party assumes the defense
                                            of the claim in accordance with this Section 13.3, but yet fails to defend or take other
                                            reasonable, timely action, in response to such claim asserted against the indemnified Party,
                                            the indemnified Party shall have the right to defend or take other reasonable action to defend
                                            its interests in such proceedings, and shall have the right to litigate, settle or otherwise
                                            dispose of any such claim; provided, however, that no Party shall have the right to
                                            settle a claim in a manner that would adversely affect the rights granted to the other Party
                                            hereunder, or would materially conflict with this Agreement, without the prior written consent
                                            of the Party entitled to control the defense of such claim, which consent shall not be unreasonably
                                            withheld, delayed or conditioned.

  

	13.4	CureVac
                                            Representations and Warranties. Subject to the disclosures in the attached Exhibit
                                            13.4 (“Disclosure Letter”) CureVac represents and warrants to GSK
                                            as at the Effective Date, that:

 

		(i)	it
                                            is the sole and exclusive owner of the Patent Rights listed in Exhibit 1.55 or otherwise
                                            Controls such Patent Rights;

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		(ii)	to
                                            CureVac’s knowledge, it has the full right, power and authority to grant the rights
                                            and licenses it purports to grant hereunder;

 

		(iii)	neither
                                            CureVac nor any of its Affiliates has granted any Third Party any rights or licenses that
                                            would interfere or be inconsistent with GSK’s rights and licenses hereunder;

 

		(iv)	CureVac
                                            has received no written notice of or any written demand relating to any threatened or pending
                                            litigation, and no other matters are within CureVac’s knowledge, which would reasonably
                                            lead it to believe that GSK’s exercise of any rights purported to be granted by CureVac
                                            under this Agreement will infringe any Patent Rights or infringe or misappropriate any other
                                            intellectual property right of any Third Party;

 

		(v)	there
                                            is no currently pending administrative proceedings or litigation and no administrative proceedings
                                            or litigation seeking to invalidate or otherwise challenge any CureVac Patent Right(s) has
                                            been threatened in writing;

 

		(vi)	CureVac
                                            has not given any written notice to any Third Party asserting infringement by such Third
                                            Party of any of the CureVac Technology or LNP Technology and, to CureVac’s Knowledge,
                                            there is no unauthorized use, infringement or misappropriation of the CureVac Technology;

 

		(vii)	the
                                            CureVac Technology is free and clear of all encumbrances, security interests, options, and
                                            charges of any kind;

 

		(viii)	to
                                            CureVac’s knowledge, the In-Licensing Agreements are valid and effective and CureVac
                                            has not received a written notice of termination for any of these In-Licensing Agreements;

 

		(ix)	to
                                            CureVac’s knowledge, there is no ongoing litigation in respect of, litigation reasonably
                                            in prospect in connection with, and no reasonable prospect of termination under the In-Licensing
                                            Agreements by the respective counterparties under those agreements ahead of the respective
                                            expiry dates of such In-Licensing Agreements;

 

		(x)	to
                                            CureVac’s knowledge, the information and documents set forth in or referred to in the
                                            Disclosure Letter are true, complete and accurate in all material respects;

 

		(xi)	to
                                            CureVac’s knowledge, the information and documents regarding the In-Licensing Agreements,
                                            CureVac’s portfolio of Patent Rights, toxicology studies, clinical data, process and
                                            analytical information, manufacturing process information, material filing and correspondence
                                            with Regulatory Authorities, disclosed in the [*****] e-data room prior to the Effective
                                            Date as a part of GSK’s due diligence, is true, complete and accurate in all material
                                            respects; and

 

		(xii)	CureVac
has disclosed to GSK all redacted drug safety monitoring board meeting minutes, internal safety review committee meeting minutes for
the [*****] as of its Initiation, and there are no other material issues identified in any letters or notices to or from Regulatory
Authorities (including EMA/Rapporteur meetings) involving these [*****]. 

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	13.5	LNP
                                            Warranties. To the extent permitted under the LNP Agreement, CureVac hereby warrants
                                            to GSK on a pass-through basis each matter which is the subject of any representation or
                                            warranty given by the LNP Provider to CureVac under the LNP Agreement.

 

	13.6	Representations,
                                            Warranties of the Parties to Each Other. CureVac and GSK each represents and warrants
                                            and covenants with respect to itself only as at the Effective Date that:

 

		(i)	the
                                            execution, delivery and performance of this Agreement have been duly authorized by all necessary
                                            action on the part of such Party, its officers and directors, and does not conflict with,
                                            violate, or breach any agreement to which such Party is a party, or such Party’s corporate
                                            charter, bylaws or similar organizational documents;

 

		(ii)	this
                                            Agreement constitutes a legal, valid and binding obligation of such Party that is enforceable
                                            against it in accordance with its terms, except as such enforceability may be limited by
                                            general principles of equity or to applicable competition, bankruptcy, insolvency, reorganization,
                                            moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement
                                            of applicable creditors’ rights and remedies;

 

		(iii)	it
                                            is a company or corporation duly organized, validly existing, and in good standing under
                                            the laws of the jurisdiction in which it is incorporated.

 

	13.7	Due
                                            Diligence. Prior to the execution of any Ancillary Agreement, other than the Clinical
                                            Supply Agreement, GSK shall be entitled to perform further due diligence regarding CureVac’s
                                            capabilities to perform in accordance with terms defined herein for such agreement. Without
                                            prejudice to the Parties’ other rights and remedies, the Parties shall in good faith
                                            cooperate to address and remedy any issue identified during the due diligence referred to
                                            in this Section 13.7. For the avoidance of doubt, if GSK discovers a material issue regarding
                                            CureVac’s capabilities to comply with such agreement, GSK may in addition to its other
                                            rights and remedies suspend the execution of any such agreement until such ground has been
                                            remedied by CureVac.

 

	13.8	Disclaimer.
                                            Except as expressly set forth in this Agreement, each Party expressly disclaims, waives,
                                            releases, and renounces any representation or warranty of any kind, express or implied either
                                            in fact or by operation of law, by statute or otherwise, whether written or oral, or arising
                                            from course of performance, course of dealing or usage of trade, including any representation
                                            or warranty with respect to non-infringement, value, adequacy, freedom from fault, quality,
                                            efficiency, suitability, characteristics or usefulness, or merchantability or fitness for
                                            a particular purpose.

 

	13.9	Limitation
                                            of Liability. Except in the case of any breach of Section 11 or in case of willful misconduct
                                            or gross negligence, neither Party shall be liable to the other Party for any indirect, punitive
                                            or consequential damages, or for damages for loss of profits or loss of business opportunity,
                                            whether based on contract or tort, or arising under Applicable Laws or otherwise.

 

	14.	TERM
                                            AND TERMINATION.

 

	14.1	Term.
                                            The term of this Agreement will commence on the Closing Date and end on the expiry of
                                            all applicable payment obligations to CureVac under this Agreement, unless terminated earlier
                                            according to the terms and conditions of this Agreement (“Term”).

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	14.2	Termination
                                            at Will by GSK. GSK may terminate this Agreement in its entirety at any time without
                                            cause upon [*****] prior written notice to CureVac.

 

	14.3	Opt-out
                                            Right of CureVac. On a COVID Product-by COVID Product basis, CureVac may notify GSK of
                                            its decision to opt-out of the funding of the Development, Manufacture and Commercialization
                                            of a COVID Product under this Agreement; that notice shall terminate this Agreement in part
                                            in relation to the relevant COVID Product(s) with immediate effect. CureVac may equally decide
                                            to opt-out of the funding of the Development of a COVID Product under this Agreement required
                                            specifically for obtaining Regulatory Approval for marketing in a Major Market; that notice
                                            shall terminate this Agreement in part in relation to that COVID Product for that Major Market
                                            with immediate effect.

 

	14.4	Termination
                                            for Cause by Either Party before First Commercial Sale. Before the First Commercial Sale
                                            of a COVID Product in a Territory, if either Party (“Breaching Party”)
                                            commits a material breach or default of any of its obligations hereunder, such breach to
                                            include a material breach by GSK of its diligence obligations under Section 4.10 with respect
                                            to a COVID Product, the other Party hereto (“Non-Breaching Party”) may
                                            give the Breaching Party written notice of such material breach or default, and shall request
                                            that such material breach or default be cured as soon as reasonably practicable. If the Breaching
                                            Party fails to cure such breach or default within [*****] after the date
                                            of the Non-Breaching Party’s written notice thereof, the Non-Breaching Party may terminate
                                            this Agreement by giving written notice of termination to the Breaching Party. If the Breaching
                                            Party indicates in writing that it will be unable or is unwilling to cure the breach, this
                                            Agreement may be terminated by the Non-Breaching Party with immediate effect.

 

	14.5	Termination
                                            for Cause by Either Party after First Commercial Sale. After the First Commercial Sale
                                            of a COVID Product in a Territory, if: (i) GSK fails to pay any amount payable under Section
                                            8 or any Ancillary Agreement; (ii) CureVac fails to pay any amount payable under any Ancillary
                                            Agreement; (iii) either Party commits any willful and material breach of the restrictions
                                            on any license granted to that Party pursuant to this Agreement; (iv) either Party commits
                                            a material breach of the non-compete obligations under Section 2.3; (v) GSK commits a material
                                            breach of its diligence obligations under Section 5.5, or (vi) either Party commits any persistent
                                            and material breach of Section 11, and the Breaching Party fails to cure such breach or default
                                            within [*****] after the date of the written notice thereof from the Non-Breaching
                                            Party, the Non-Breaching Party may terminate this Agreement by giving written notice of termination
                                            to the Breaching Party. If the Breaching Party indicates in writing that it will be unable
                                            or is unwilling to cure the breach, this Agreement may be terminated by the Non-Breaching
                                            Party with immediate effect.

 

	14.6	Termination
                                            in respect of Anti-bribery and Corruption. Either Party shall be entitled to terminate
                                            this Agreement in the circumstances specified in Section 12.9.

 

	14.7	Non-exclusive
                                            remedy. Termination of this Agreement in accordance with Sections 14.4, 14.5, or 14.6
                                            shall not affect or impair the Non-Breaching Party’s right to pursue any legal remedy,
                                            including the right to recover damages, for any harm suffered or incurred by the Non-Breaching
                                            Party as a result of such breach or default.

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	15.	CONSEQUENCES
                                            OF TERMINATION.

 

		15.1	Opt-Out
                                            by CureVac. GSK shall notify CureVac in writing within [*****] of receipt of
                                            notice of an opt-out decision by CureVac in accordance with Section 14.3, it GSK wishes to:

 

		(i)	cease
                                            the Development and Commercialization of the relevant COVID Product(s) and decline the transfer
                                            of any rights and be released from all obligations under this Agreement in relation to the
                                            Development, Manufacture and Commercialization of the relevant COVID Products under this
                                            Agreement (the “GSK COVID Cease Option”); or

 

		(ii)	continue
                                            the Development and Commercialization of the COVID Product(s) (the “GSK COVID Continue
                                            Option”).

 

	15.2	Election
                                            by CureVac on Termination by GSK at Will or Termination by CureVac for Cause. CureVac
                                            shall notify GSK in writing within [*****] of notice of termination in accordance
                                            with Sections 14.2, 14.4, 14.5, or 14.6 if CureVac wishes to:

 

		(iii)	cease
                                            the Development and Commercialization of the COVID Products and decline the transfer of any
                                            rights in relation to the Development, Manufacture and Commercialization of the COVID Products
                                            under this Agreement (the “CureVac Cease Option”); or

 

		(iv)	continue,
                                            itself or with a Third Party, with the Development and Commercialization of the COVID Product(s)
                                            (the “CureVac Continue Option”).

 

	15.3	Election
                                            by GSK on Termination by GSK for Cause. GSK shall notify CureVac in writing within [*****] of notice of termination in accordance with Sections 14.4, 14.5, or 14.6 if GSK
                                            wishes to:

 

		(i)	cease
                                            the Development and Commercialization of the COVID Products and decline the transfer of any
                                            rights in relation to Development, Manufacture and Commercialization of the COVID Products
                                            under this Agreement, (the “GSK Cease Option”); or

 

		(ii)	continue
                                            with the Development and Commercialization of the COVID Products (the “GSK Continue
                                            Option”).

 

	15.4	Specific
                                            consequences of CureVac Cease Option, the GSK Cease Option and the GSK COVID Cease Option.
                                            If CureVac elects the CureVac Cease Option or GSK elects the GSK Cease Option or the
                                            GSK COVID Cease Option, then:

 

		(i)	Reversion
                                            of Rights: At the effective date of termination, all of CureVac’s rights to the
                                            CureVac Technology and LNP Technology shall automatically revert back to CureVac and all
                                            of GSK’s rights to the GSK Technology shall automatically revert back to GSK.

 

		(ii)	Wind-Down
                                            (including costs): Each Party shall, at its own cost (subject to Sections 15.4(iii) and
                                            15.4(iv)), wind-down any on-going activities and commitments in connection with this Agreement
                                            and the Ancillary Agreements and use all reasonable efforts (obligation de moyen)
                                            to do so by the effective date of termination. If GSK exercises the GSK COVID Cease Option,
                                            the Parties will work towards completion of those activities within [*****] after
                                            the date of the GSK COVID Cease Option.

 

		(iii)	Costs
                                            (On Opt-Out by CureVac): If CureVac gives notice of an opt-out decision by CureVac in
                                            accordance with Section 14.3 and GSK exercises the GSK COVID Cease Option, neither party
                                            shall have any further obligation to reimburse Development Costs, from the date of notice
                                            of the opt-out decision by CureVac in accordance with Section 14.3.

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		(iv)	Costs
                                            (On Termination by GSK at Will): If CureVac elects the CureVac Cease Option following
                                            a termination by GSK in accordance with Section 14.2 while the COVID R&D Plan for a COVID
                                            Product has not been completed, GSK shall reimburse CureVac for the Development Costs until
                                            the effective date of termination.

 

		(v)	Costs
                                            (On Termination by CureVac for Cause): If CureVac elects the CureVac Cease Option following
                                            a termination by CureVac for cause in accordance with Section 14.4, 14.5 or 14.6, GSK shall
                                            reimburse CureVac for the Development Costs until the effective date of termination and reimburse
                                            CureVac for its demonstrable stranded costs arising from the early termination of the COVID
                                            R&D Plan(s). CureVac shall use reasonable endeavors to mitigate those stranded costs.

 

	15.5	Specific
                                            consequences of the CureVac Continue Option. If CureVac elects the CureVac Continue Option,
                                            then the following shall apply:

 

		(i)	Transition:
                                            The JSC shall promptly meet to devise a transition plan, which provides for an orderly and
                                            cost-effective transition of, and which sets forth the responsibilities and a timetable for
                                            transferring, all Development, Manufacturing and Commercialization responsibilities to CureVac
                                            or a Third Party selected by CureVac for this purpose (the “Transition Plan”).
                                            Each Party will bear its own costs to agree and implement the Transition Plan unless CureVac
                                            has terminated this Agreement for cause in accordance with Section 14.4, 14.5 or 14.6, in
                                            which case GSK shall reimburse CureVac for its reasonable and demonstrable direct costs incurred
                                            to implement the Transition Plan.

 

		(ii)	Reversion
                                            of Rights: All of CureVac’s rights to the CureVac Technology and LNP Technology
                                            shall automatically revert back to CureVac, except that if the date of termination occurs
                                            after the First Commercial Sale of a COVID Product, (i) the termination of the rights and
                                            obligations of the Parties, and the transfer and/or return of rights pursuant to this Section
                                            15, shall take effect on a country-by-country basis, at time as CureVac is able to take over
                                            the Commercialization of the COVID Product in such country where that COVID Product is sold
                                            with no adverse impact on the continuous availability of COVID Products in that country (the
                                            “Cut-Over Date”) and (ii) until such date in such country, the licenses
                                            granted to GSK under this Agreement (including Article 2) and any rights and obligations
                                            associated with such licenses (including GSK’s payment obligations under Section 8)
                                            shall survive.

 

		(iii)	Transfer
                                            of Development Data and Regulatory Approvals. CureVac shall have the right to request
                                            in writing, as part of the Transition Plan:

 

		(a)	a
                                            complete copy of all Development Data Controlled by GSK to be provided in original form and
                                            access to all other Know-How in GSK’s possession or under its Control relating to the
                                            COVID Products, such Development Data and other Know-How to be provided within [*****] of such request; and

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		(b)	the
                                            transfer of Regulatory Approvals held by GSK, its Affiliates or Sublicensees, and if Regulatory
                                            Approvals have not been obtained by GSK, its Affiliates or Sublicensees, CureVac may require
                                            that GSK transfers to CureVac the status of any application for the Regulatory Approvals
                                            and notifies the competent Regulatory Authority thereof and supplies CureVac with all documents
                                            and clinical data already prepared by GSK, its Affiliates or Sublicensees for the filing
                                            of applications for Regulatory Approvals (with GSK using its good faith efforts to promptly
                                            undertake such actions).

 

		(iv)	GSK
                                            Trademark License: As part of the Transition Plan, on receipt of a written request from
                                            CureVac, GSK grants to CureVac an exclusive (even as to GSK), cost-free, perpetual and worldwide
                                            license (with the right to sublicense in multiple tiers) under the trademarks Controlled
                                            by GSK and used for the COVID Products in the relevant jurisdiction(s) for the Manufacture
                                            and Commercialization of the COVID Products in the Territory, excluding, however, any such
                                            trademarks – or such parts of a trademark - that include, in whole or part, any corporate
                                            name or logo of GSK, its Affiliates or Sublicensees, and excluding any trademark –
                                            or such part of a trademark - which contains the letters “[*****]” as prefix
                                            or suffix (in which case GSK will not oppose any application by CureVac to register a trademark
                                            which is similar to any trademark owned by GSK but does not use the letters “[*****]”
                                            as prefix or suffix).

 

		(v)	GSK
                                            Technology License. On a COVID Product-by-COVID Product and country-by-country basis
                                            effective from the Cut-Over Date, GSK grants to CureVac (i) an exclusive (even as to GSK),
                                            perpetual and worldwide license (with the right to sublicense in multiple tiers) under GSK’s
                                            interest in Joint Product Inventions and Joint Other Inventions, and, upon CureVac’s
                                            election, to be exercised no later than [*****] after the effective date of termination,
                                            (ii) a non-exclusive royalty-bearing, perpetual and worldwide license (with the right to
                                            sublicense in multiple tiers) under the other GSK Technology which has been used by GSK for
                                            the Development, Manufacture and/or Commercialization of the terminated COVID Products and
                                            is required for the further Development, Manufacture and/or Commercialization of such COVID
                                            Products, in each case of (i) and (ii) for the continued Development, Manufacture and Commercialization
                                            of the COVID Products in the Territory.

 

		(vi)	Post-Termination
                                            Financial Terms (Termination by GSK at Will): If GSK terminates this Agreement in its
                                            entirety in accordance with Section 14.2 and CureVac elects the CureVac Continue Option and
                                            the license to the GSK Technology under Section 15.5(ii), then, on a COVID Product-by-COVID
                                            Product basis, effective from the Cut-Over Date, in consideration of the licenses granted
                                            in Section 15.5(ii), CureVac shall pay GSK royalties as forth in Exhibit 15.5.

 

		(vii)	Post-Termination
                                            Financial Terms (Termination by CureVac for Cause): If CureVac terminates this Agreement
                                            for cause in accordance with Section 14.4, 14.5 or 14.6, CureVac shall pay GSK the fair market
                                            value for acquisition by CureVac of the COVID Product(s) and the associated exclusive license
                                            rights and benefits pursuant to this Section 15.5, provided that CureVac may, if CureVac
                                            claims or seeks to claim damages in relation to breach of this Agreement by GSK, suspend
                                            the payment of such fair market value until the amount of damages suffered or incurred by
                                            CureVac has been agreed between the Parties or determined by an arbitration panel in accordance
                                            with Section 16.5, at which point those damages (if any) shall be set off against such fair
                                            market value payment (and any fair market value payment which would remain outstanding after
                                            the set off of damages shall become due and payable within [*****] after
                                            the agreement or determination of the amount of damages).

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		(viii)	Expert
                                            Panel. For the purposes of Section 15.4(iv), the “fair market value” shall
                                            be agreed by the Parties, or if the Parties are unable to agree within [*****] from the date
                                            of election in accordance with Section 15.2, either Party may refer the matter to be determined
                                            by a panel of experts in accordance with this Section 15.5. The Parties shall agree on the
                                            appointment of the panel of experts, comprising three (3) members experienced in the biopharmaceutical
                                            sector, in transactions within the biopharmaceutical sector, and the valuation of technology
                                            of the biopharmaceutical sector, and shall agree with the experts the terms of their appointment.
                                            If the Parties are unable to agree on the identity of the experts within [*****] after expiry of the aforementioned term [*****] term, or if any of the persons
                                            proposed is unable or unwilling to act, then each Party shall nominate one expert, which
                                            two experts shall together select the third and final expert, who shall preside the expert
                                            panel. The experts shall act on the following basis: (i) on their appointment, the experts
                                            shall confirm their neutrality, independence and the absence of conflicts in determining
                                            the fair market value for the rights granted pursuant to this Section 15; (ii) the experts
                                            shall act as experts and not arbitrators; (iii) the experts’ determination shall (in
                                            the absence of manifest error) be final and binding on the Parties and not subject to appeal;
                                            (iv) the experts shall decide the procedure to be followed in the determination in accordance
                                            with this Agreement; (v) the costs of the determination, including the fees and expenses
                                            of the experts (but excluding the parties’ own costs which shall be borne by the Party
                                            incurring those costs), shall be borne by GSK; and (vi) the expert determination and all
                                            matters connected with it shall be held in complete confidence by each of the Parties and
                                            shall not be disclosed to any other person except as permitted under Section 11.

 

		15.6	Specific
                                            Consequences of the GSK Continue Option.

 

If
GSK terminates this Agreement under Sections 14.4, 14.5 or 14.6, the rights and obligations of the Parties hereunder shall terminate
as at the effective date of such termination (or, if later, the Cut-Over Date) and the consequences set forth in this Section 15.6 shall
apply:

 

		(i)	Survival
                                            of licenses: The licenses granted to GSK under this Agreement (including under Section
                                            2) and any rights associated with such licenses shall survive the termination of this Agreement.

 

		(ii)	Post-Termination
                                            Financial Terms: Save as set out in Section 15.6(iii) below, GSK shall pay CureVac the
                                            fair market value for acquisition by GSK of the COVID Product(s) (other than any Pathogen
                                            Combination Product) and the associated exclusive license rights and benefits pursuant to
                                            this Section 15.6, provided that GSK may, if GSK claims or seeks to claim damages in relation
                                            to breach of this Agreement by CureVac, suspend the payment of such fair market value until
                                            the amount of damages suffered or incurred by GSK has been agreed between the Parties or
                                            determined by an arbitration panel in accordance with Section 16.5, at which point those
                                            damages (if any) shall be set off against such fair market value payment (and any fair market
                                            value payment which remains outstanding after the set off of damages shall become due and
                                            payable within [*****] after the agreement or determination of the amount
                                            of damages).

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		(iii)	Post-Termination
                                            Financial Terms (Pathogen Combination Products): In relation to any Pathogen Combination
                                            Product, all payment obligations under Section 8 shall remain in effect. With respect to
                                            royalties arising after the effective date of termination, GSK may, if GSK also claims or
                                            seeks to claim damages in relation to breach of this Agreement by CureVac, suspend the payment
                                            of such royalty payments until the amount of damages suffered or incurred by GSK has been
                                            agreed between the Parties or determined by an arbitration panel in accordance with Section
                                            16.5, at which point those damages (if any) shall be set off against such royalty payments
                                            (and royalty payment which would remain outstanding after the set off of damages shall become
                                            due and payable within [*****] after the agreement or determination of
                                            the amount of damages).

 

		(iv)	Costs
                                            (On Termination by GSK for Cause): CureVac shall undertake (at its own cost and without
                                            the right to be reimbursed) the transfer of Know-How in accordance with Sections 4.7 and
                                            5.2.1, and shall reimburse all reasonable and demonstrable direct costs and expenses incurred
                                            by GSK in connection with those activities.

 

		15.7	Specific
                                            Consequences of the GSK COVID Continue Option.

 

If
CureVac gives notice of an opt-out decision by CureVac in accordance with Section 14.3 and GSK exercises the GSK COVID Continue Option:

 

		(i)	Continuation
                                            under 2020 Collaboration Agreement: GSK shall have the right to continue the further
                                            Development, Manufacture and Commercialization of the COVID Products pursuant to the 2020
                                            Collaboration Agreement, and the respective COVID Product shall be deemed an “Other
                                            Product” under the 2020 Collaboration Agreement, and all provisions of the 2020 Collaboration
                                            Agreement applying to Other Products shall apply to the COVID Products, including diligence
                                            obligations, decision making in the JSC and milestone and royalty payments to CureVac. For
                                            clarity, the Program(s) relating to each COVID Product which is subject to the GSK COVID
                                            Continue Option shall not count towards the limit on the number of concurrent Programs under
                                            the 2020 Collaboration Agreement.

 

		(ii)	Termination
                                            of this Agreement: For the avoidance of doubt, no further payment obligations shall arise
                                            under this Agreement (including Section 8).

 

		15.8	General
                                            Consequences of Expiry and Termination.

 

On
any termination of this Agreement the rights and obligations of the Parties hereunder shall terminate as at the effective date of such
termination (unless stated otherwise in this Section 15) and the following shall apply:

 

		(i)	Reversion
                                            of Rights on Expiry: Upon expiry of this Agreement in a country and provided and to the
                                            extent that this Agreement is not terminated after such expiry by CureVac in accordance with
                                            Section 14.4, Section 14.5, or Section 14.6, or by GSK pursuant to Section 14.2, the licenses
                                            granted to GSK under Section 2 for such country shall become a fully paid-up, perpetual,
                                            and non-exclusive license.

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		(ii)	Reversion
                                            of Rights on Termination: Except as set forth in this Section 15, the rights and obligations
                                            of the Parties under this Agreement shall automatically lapse as at the effective date of
                                            the termination in question.

 

		(iii)	Return
                                            of Information: No later than [*****] after the effective date of termination,
                                            each Party shall return or cause to be returned to the other Party or, at the other Party’s
                                            option, destroy (and certify in writing the destruction of), all Confidential Information
                                            of the Disclosing Party in tangible form received from the other Party and all copies in
                                            any medium thereof; provided, however, that each Party may retain any Confidential Information
                                            reasonably necessary for such Party’s continued Development, Manufacture or Commercialization
                                            of the COVID Products pursuant to this Section 15, and may retain the Confidential Information
                                            solely for the purpose of ensuring its compliance with this Agreement and Applicable Law
                                            by electronic files created in the ordinary course of business during automatic system back-up
                                            procedures pursuant to its electronic record retention and destruction practices that apply
                                            to its own general electronic files and information so long as such electronic files are
                                            (i) maintained only on centralized storage servers (and not on personal computers or devices),
                                            (ii) not accessible by any of its personnel (other than its information technology specialists),
                                            and (iii) are not otherwise accessed subsequently except with the written consent of the
                                            other Party or as required by law. Such retained copies of documents and Confidential Information
                                            shall remain subject to the confidentiality and non-use obligations set forth in this Agreement.

 

		(iv)	Settlement
                                                                                                                                                                                                         of Outstanding Sums: Each Party shall pay all amounts then due and owing as at the termination effective date. Except in cases
                                                                                                                                                                                                         where (i) CureVac exercises its opt-out right pursuant to Section 14.3 or (ii) GSK terminates at will pursuant to Section 14.2 at a
                                                                                                                                                                                                         time when GSK commercializes a vaccine product in a Major Market targeting SARS-CoV-2 other than a COVID Product and CureVac elects
                                                                                                                                                                                                         the CureVac Cease Option, CureVac shall be required to pay GSK [*****] of any Development Costs exceeding the cap set out in Section
                                                                                                                                                                                                         4.5, to the extent those Development Costs were incurred by GSK and, at the date of termination, CureVac’s share of those
                                                                                                                                                                                                         Development Costs has not been reimbursed by CureVac by way of offset against Net Profits in accordance with Section 4.5; provided
                                                                                                                                                                                                         that: (i) in cases where GSK has exercised the GSK Continue Option or the GSK COVID Continue Option, CureVac may offset such
                                                                                                                                                                                                         Development Costs against up to [*****] of the royalty payments to be made by GSK to CureVac under Section 15.6 or Section 15.7 (and
                                                                                                                                                                                                         the 2020 Collaboration Agreement), as applicable; and (ii) in all other cases, the Parties shall agree in good faith on instalment
                                                                                                                                                                                                         payments over a period of [*****] as of the effective date of termination.

 

		(v)	Continuation
                                            of Ongoing Clinical Trials: In any event of termination, each Party may complete any
                                            clinical trial involving a COVID Product it has initiated prior to the termination of this
                                            Agreement in accordance with the protocol for such trial, at its cost and such Party shall
                                            be granted by the other Party a cost-free, non-exclusive, sublicensable (as set forth in
                                            this Agreement), worldwide license under the CureVac Technology and the LNP Technology or
                                            respectively the GSK Technology to complete such clinical trials in accordance with their
                                            protocols.

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		15.9	Effect
                                            of Expiry or Termination; Survival. Expiry or termination of this Agreement shall not
                                            relieve the Parties of any obligation accruing prior to such expiry or termination. Any expiry
                                            or termination of this Agreement shall be without prejudice to the rights of either Party
                                            against the other accrued or accruing under this Agreement prior to expiry or termination.
                                            The provisions of Sections 1, 2.6, 4.6, 4.8.6, 8.7, 9.1, 9.3, 9.4, 11, 13.1, 13.2, 13.3,
                                            13.8, 13.9, 15, 16.3, 16.4, 16.5, 16.7, 16.8, 16.11 and 16.12 and all other provisions contained
                                            in this Agreement that by their explicit terms or from which it is clear from the context
                                            survive expiry or termination of this Agreement, and any schedules contained in this Agreement
                                            to which reference is made in any surviving term, shall survive the expiry or termination
                                            of this Agreement. In the event of a termination of this Agreement with respect to only one
                                            of the COVID Products, and continuation of other COVID Products under this Agreement, the
                                            termination and consequences of termination provisions only apply to the terminated COVID
                                            Product, and the Agreement will remain in full force and effect with respect to the continuing
                                            COVID Products.

 

	16.	GENERAL
                                            PROVISIONS.

 

	16.1	Assignment.
                                            This Agreement may not be assigned or otherwise transferred by either Party without the
                                            prior written consent of the other Party, which consent will not be unreasonably withheld,
                                            conditioned or delayed; provided, however, each of the Parties may, without such consent,
                                            but with notification, assign this Agreement and its rights and obligations hereunder to
                                            any of its Affiliates or in connection with the transfer or sale of all or substantially
                                            all of the portion of its business to which this Agreement relates or in the event of its
                                            merger or consolidation with a Third Party. Any permitted assignee will assume all obligations
                                            of its assignor under this Agreement in writing concurrent with the assignment. Any purported
                                            assignment in violation of this Section 16.1 will be void. Except as otherwise provided herein,
                                            this Agreement shall be binding upon and inure to the benefit of the Parties and their successors
                                            and permitted assignors under this Section 16.1.

 

	16.2	Force
                                            Majeure. If the performance of any part of this Agreement by either Party, or any obligation
                                            under this Agreement, is prevented, restricted, interfered with or delayed by reason of any
                                            cause beyond the reasonable control of the Party liable to perform, unless conclusive evidence
                                            to the contrary is provided, the Party so affected shall, upon giving written notice to the
                                            other Party, be excused from such performance to the extent of such prevention, restriction,
                                            interference or delay, provided that the affected Party shall use commercially reasonable
                                            efforts to avoid or remove such causes of non-performance and shall continue performance
                                            with the utmost dispatch whenever such causes are removed. When such circumstances arise
                                            and persist for a period of at least sixty (60) calendar days, the Parties shall discuss
                                            what, if any, modification of the terms of this Agreement may be required in order to arrive
                                            at an equitable solution.

 

	16.3	Notices.
                                            All notices which are required or permitted hereunder shall be in writing and sufficient
                                            if delivered personally, sent by e-mail, sent by internationally-recognized overnight courier
                                            or sent by registered or certified mail, postage prepaid, return receipt requested, addressed
                                            as follows:

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		(i)	if
                                            to CureVac, addressed to: 

 

CureVac
AG

 

		Attention:	CEO
                                            and General Counsel

 

with
copy to: General Counsel

 

		Address:	[*****]

 

		Email:	[*****]

 

		(ii)	if
                                            to GSK, addressed to: 

 

GlaxoSmithKline Biologicals S.A.

 

		Attention:	President
                                            of GSK Vaccines

 

with
copy to: Vaccines General Counsel

 

		Address:	[*****]

 

		Email:	[*****]

 

or
to such other address(es) as the Party to whom notice is to be given may have furnished to the other Party in writing in accordance herewith.
Any such notice shall be deemed to have been given: (a) when delivered if personally delivered or sent by e-mail on a Business Day (or
if delivered or sent on a non-Business Day, then on the next Business Day); (b) on the Business Day after dispatch if sent by nationally-recognized
overnight courier; or (c) on the [*****] following the date of mailing, if sent by mail.

 

	16.4	Governing
                                            Law. This Agreement and all disputes arising hereunder, shall be exclusively governed
                                            by, and interpreted and enforced in accordance with Belgian law. The United Nations Convention
                                            of International Contracts on the Sale of Goods (the Vienna Convention) does not apply to
                                            this Agreement.

 

		16.5	Dispute
                                            Resolution.

 

		16.5.1	Unless
                                            otherwise set forth in this Agreement, in the event of any dispute arising out of or in connection
                                            with this Agreement, including any alleged breach under this Agreement or any dispute relating
                                            to the validity, performance, construction or interpretation of this Agreement, the Parties
                                            shall refer such dispute to the CEO (or its C-level delegate) of CureVac and the President
                                            of Vaccines (or another member of the global corporate execute team) of GSK. If the dispute
                                            has not been settled pursuant to the said rules within [*****] days following the reference
                                            of the dispute to the senior management representatives of the Parties, either Party may
                                            submit the dispute to final and binding arbitration.

 

		16.5.2	Any
                                            dispute arising out of or in connection with this Agreement, including any issue relating
                                            to the validity, performance, construction or interpretation of this Agreement, which cannot
                                            be resolved amicably between the Parties after following the procedure set forth in Section
                                            16.5.1, shall be submitted to and settled by arbitration in accordance with the arbitration
                                            rules of the World Intellectual Property Organization (the “WIPO”) in
                                            effect on the date of the commencement of the arbitration proceedings. The existence, nature
                                            and details of any such dispute(s), and all communications between the Parties related thereto,
                                            shall be considered Confidential Information of the Parties and shall be treated in accordance
                                            with the terms of Section 11 above. Any Confidential Information may be disclosed by either
                                            Party to counsel, experts or other advisors on the arbitration under obligations of confidentiality.
                                            The decision of the arbitrators shall be final and binding upon the Parties. The location
                                            of arbitration will be Zurich, Switzerland. The arbitration will be heard and determined
                                            by three (3) arbitrators, with one arbitrator being appointed by each Party and the third
                                            arbitrator being appointed by the WIPO. The language of the arbitration proceeding will be
                                            English. Notwithstanding the provisions of this Section 16.5.2, each Party shall have the
                                            right to seek interim injunctive relief in any court of competent jurisdiction as such Party
                                            deems necessary to preserve its rights and to protect its interests.

    90

     

    

	16.6	Severability.
                                            If any provision of this Agreement is determined by any court or administrative tribunal
                                            of competent jurisdiction to be invalid or unenforceable, the Parties shall negotiate in
                                            good faith a replacement provision that is commercially equivalent, to the maximum extent
                                            permitted by Applicable Law, to such invalid or unenforceable provision. The invalidity or
                                            unenforceability of any provision of this Agreement shall not affect the validity or enforceability
                                            of the other provisions of this Agreement. Nor shall the invalidity or unenforceability of
                                            any provision of this Agreement in one country or jurisdiction affect the validity or enforceability
                                            of such provision in any other country or jurisdiction in which such provision would otherwise
                                            be valid or enforceable.

 

	16.7	Entire
                                            Agreement and Amendments. This Agreement, together with all Exhibits attached hereto,
                                            constitutes the entire agreement between the Parties regarding the subject matter hereof,
                                            and supersedes all prior agreements, understandings and communications between the Parties,
                                            with respect to the subject matter hereof, including the Confidentiality Agreements. The
                                            foregoing may not be interpreted as a waiver of any remedies available to either Party as
                                            a result of any breach prior to the Effective Date, by the other Party of its obligations
                                            under the Confidentiality Agreements. No modification or amendment of this Agreement shall
                                            be binding upon the Parties unless in writing and executed by the duly authorized representative
                                            of each of the Parties; this shall also apply to any change of this Section 16.7.

 

	16.8	Waivers.
                                            The failure by either Party hereto to assert any of its rights hereunder, including the
                                            right to terminate this Agreement due to a breach or default by the other Party hereto, shall
                                            not be deemed to constitute a waiver by that Party of its right thereafter to enforce each
                                            and every provision of this Agreement in accordance with its terms.

 

	16.9	Counterparts.
                                            This Agreement may be executed in any number of counterparts, by original or electronic
                                            (including “pdf”) signature, each of which shall be deemed an original but all
                                            of which together shall constitute one and the same instrument.

 

	16.10	Independent
                                            Contractors. The Parties are independent contractors and it is the intention of the Parties
                                            that this Agreement does not constitute or give rise to an employer-employee, agency, partnership
                                            or joint venture relationship among the Parties, but that each Party’s performance
                                            hereunder is that of a separate, independent entity.

    91

     

    

	16.11	Third
                                            Parties. Except as set out in this Section 16.11, none of the provisions of this Agreement
                                            shall be for the benefit of or enforceable by any Third Party which shall be a Third Party
                                            beneficiary to this Agreement.

 

	16.12	Costs.
                                            Except as is otherwise expressly set forth herein, each Party shall bear its own expenses
                                            in connection with the activities contemplated and performed hereunder.

 

	16.13	Insurance.
                                            Each Party will procure and maintain during the Term and for [*****] after termination
                                            or expiry of this Agreement, insurance in line with industry standards. GSK will be permitted
                                            to satisfy any or all of its obligations under this Section 16.13 through a program of self-insurance.
                                            Such insurance policies will be primary and non-contributing with respect to any other similar
                                            insurance policies available to the other Party or its Affiliates. Any deductibles for such
                                            insurance will be assumed by insured Party. Each Party will provide the other Party with
                                            evidence of such insurance upon the other Party’s request and prior to expiry of any
                                            one coverage. Any insurance will not be construed to create a limit of the insured Party’s
                                            liability with respect to its indemnification obligations under this Agreement.

 

☐ ☐ Signature
page follows ☐ ☐

    92

     

    

In
Witness Whereof, the Parties have executed this Agreement to be effective as at the Closing Date.

 

Signed
on behalf of

GlaxoSmithKline
Biologicals S.A.

 

[*****]

[*****]

Date
Signed:

 

Signed
on behalf of

GlaxoSmithKline
Biologicals S.A.

 

[*****]

[*****]

Date
Signed:

 

Signed
on behalf of

CureVac
AG

 

[*****]

[*****]

Date
Signed:

 

Signed
on behalf of

CureVac
AG

 

[*****]

[*****]

Date
Signed:

    93

     

    

 

Exhibit
1.50

CureVac Know How

 

[*****] 

 

     

     

    

Exhibit
1.55

CureVac
Patent Rights

 

[*****]

 

     

     

    

Exhibit
1.79

Existing
COVID Projects 

 

[*****] 

 

    

     

    

Exhibit
1.102

Existing
Government and NGO Contracts 

 

[*****] 

 

     

     

    

Exhibit
1.120

In-Licensing
Agreements 

 

[*****] 

 

    

     

    

Exhibit
2.1.2

License
Terms under LNP Technology 

 

[*****] 

 

     

     

    

Exhibit
2.1.2 PART B

Licensed
LNP as at the Effective Date 

 

[*****] 

 

     

     

    

Exhibit
2.7.4

Ever-Warm
Strategy 

 

[*****] 

 

    

     

    

Exhibit
4.1

Initial
Covid R&D Plan 

 

[*****] 

 

     

     

    

Exhibit
5.1

Key
Terms of a Clinical Supply Agreement 

 

[*****] 

 

     

     

    

Exhibit
5.2

Key
Terms of a Commercial Supply Agreement 

 

[*****] 

 

     

     

    

Exhibit
6.2

Key
Distribution Terms 

 

[*****] 

 

     

     

    

Exhibit
8.3.6

Third
Party Offset 

 

[*****] 

 

     

     

    

Exhibit
12.5 

Data
Protection Terms 

 

The
Parties agree that the processing of Personal Information under or in connection with this Agreement shall be in accordance with this
Exhibit, including all Annexes.

 

	1.	Definitions

 

In
this Exhibit:

 

“CureVac”
means CureVac as defined in the Agreement and its Affiliates.

 

“Data
Protection Authority” means each person having regulatory or supervisory authority over GSK or CureVac in the area of protection
of Personal Information;

 

“Data
Protection Laws” means: (a) the GDPR; and (b) all other laws concerning the processing of Personal Information;

 

“GDPR”
means the General Data Protection Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal
data and on the free movement of such data;

 

“GSK”
means GSK as defined in the Agreement and its Affiliates.

 

“Party”
or “Parties” means CureVac and GSK as defined in this Exhibit.

 

“Personal
Information” means information relating to an identified or identifiable individual;

 

“Personal
Information Breach” means any actual breach of security leading to the accidental or unlawful destruction, loss, alteration,
unauthorised disclosure of, or access to, Personal Information transmitted, stored or otherwise processed; and

 

“Transferred
Personal Information” means any Personal Information that is transferred pursuant to this Agreement (i) that is transferred
to CureVac by GSK operating in the European Union; or (ii) that is transferred to GSK by CureVac operating in the European Union.

 

	2.	Data
                                            Processing

 

		a.	Status
                                            of each Party under Data Protection Laws

 

GSK
and CureVac acknowledge that the status of each Party is a question of fact determined under Data Protection Laws. Without limiting the
foregoing, GSK and CureVac each understand that, in relation to the Transferred Personal Information, GSK and CureVac independently determine
how and why Transferred Personal Information is processed (and accordingly each acts as a controller) and all processing of Transferred
Personal Information shall be undertaken in accordance with Annex 1 (Controller Terms) to this Exhibit 12.5.

    1 

     

    

		b.	Description
                                            of processing

 

The
Parties will document the following information in writing (including in electronic form)

 

	Duration,
    nature and purpose of processing
	Duration
    of processing	[to
    be documented]
	Nature
    and purpose of processing	[to
    be documented]
	Personal
    Information	 
	Individuals
    may include any of:	[to
    be documented]
	Categories
    of Personal Information may include any of:	[to
    be documented]
	Special
                                            categories of Personal 

        Information
        may include any of: 
	[to
    be documented]

 

	3.	Termination
                                            or expiry

 

On
termination or expiry of this Agreement, this Exhibit shall survive and continue in full effect for as long as Transferred Personal Information
is processed by the other Party.

 

	4.	Further
                                            Assurance

 

		a.	If
                                            any Data Protection Authority adopts revised standard contractual clauses for the matters
                                            addressed in this Exhibit (including any Annex) and one Party notifies the other Party that
                                            it wishes to incorporate any element of those standard contractual clauses into this Exhibit,
                                            the other Party shall agree to changes (limited only to the extent of the requirement under
                                            such revised standard contractual clauses) as reasonably requested by such Party.

 

		b.	Both
                                            Parties agree that, upon the request of any Party, they shall execute any specific form of
                                            data transfer agreement as reasonably requested by such Party to enable the other Party to
                                            comply with applicable Data Protection Laws or the requirements of any Data Protection Authority.

    2 

     

    

ANNEX
1 TO EXHIBIT 12.5 - CONTROLLER TERMS

 

	1.	General
                                            terms

 

		a.	Subject
                                            to the remaining provisions of this Annex 1, in relation to the processing of all Transferred
                                            Personal Information, each Party:

 

		i.	shall
                                            comply with its obligations under Data Protection Laws; and

 

		ii.	acknowledges
                                            that, except as expressly stated otherwise under this Annex 1 or otherwise in the Agreement,
                                            it is (as between the Parties) solely responsible for meeting all of its obligations under
                                            Data Protection Law.

 

	2.	Legal
                                            basis and privacy notices

 

		a.	Unless
                                            expressly agreed otherwise in writing, each Party shall be responsible for the lawfulness
                                            of the collection and disclosure to the other Party of the Transferred Personal Information,
                                            in particular, for obtaining any consent required by law from all individuals to whom the
                                            Transferred Personal Information relates in respect of all processing undertaken by that
                                            Party (including any disclosure to the other Party).

 

		b.	If
                                            the transferring Party obtains consent for the processing of Transferred Personal Information,
                                            such consent shall cover the transfer and the further processing of Transferred Personal
                                            Information by the other Party for the purposes identified in this Exhibit.

 

		c.	Unless
                                            expressly agreed otherwise in writing, each Party shall be responsible for providing privacy
                                            notices to all individuals to whom the Transferred Personal Information relates in respect
                                            of all processing undertaken by that Party. If either Party expressly agrees in writing to
                                            provide a privacy notice on behalf of the other Party, it shall ensure that the relevant
                                            privacy notices effectively address all information required to be provided under Data Protection
                                            Laws and take account of any reasonable proposals by the other Party.

 

	3.	Communications

 

		a.	If
                                            either Party receives any communication from a Data Protection Authority which relates directly
                                            or indirectly to:

 

		i.	the
                                            other Party’s processing of Transferred Personal Information; or

 

		ii.	a
                                            potential failure to comply with Data Protection Laws in relation to the processing of Transferred
                                            Personal Information,

 

the
receiving Party, shall, to the extent permitted by Applicable Laws, promptly forward the communication to the other Party and provide
the other Party with reasonable cooperation and assistance in relation to the same.

    3 

     

    

	4.	Handling
                                            of transferred personal information

 

		a.	Each
                                            Party shall ensure that Transferred Personal Information supplied to it by or on behalf of
                                            the other Party:

 

		i.	is
                                            only used for the purposes for which it was collected;

 

		ii.	is
                                            not disclosed to any of its staff unless those persons that have committed themselves to
                                            confidentiality and have undergone appropriate training in data protection;

 

		iii.	is
                                            transferred to another Party or Third Parties only: in accordance with Applicable Laws; and

 

		iv.	is
                                            kept securely, including by application of the measures set out in Annex 2 (Information Security)
                                            to this Exhibit 12.5.

 

	5.	Rights
                                            of individuals

 

If
an individual makes a written request to either Party to exercise any of their rights under Data Protection Laws in respect of Transferred
Personal Information, the receiving Party shall respond to that request in accordance with Data Protection Laws. To the extent the request
concerns processing of Transferred Personal Information undertaken by the other Party, the receiving Party shall: (i) promptly forward
the request to the other Party; and (ii) cooperate and provide reasonable assistance in relation to that request to enable the other
Party to respond in accordance with Data Protection Laws.

 

	6.	Personal
                                            information breach

 

		a.	Without
                                            limiting any provision of Annex 2 (Information Security) to this Exhibit 12.5, if a Party
                                            becomes aware of a Personal Information Breach affecting Transferred Personal Information
                                            supplied to it by the other Party, the Party shall:

 

		i.	notify
                                            the other Party without undue delay, and provide the other Party with a reasonable description
                                            of the Personal Information Breach without undue delay as such information becomes available;
                                            and

 

not
publish any communication concerning the Personal Information Breach without first consulting the other Party, save that it may disclose
a breach to the extent required by Applicable Laws (e.g. to Data Protection Authority or to individual(s)).

 

ANNEX
2 TO EXHIBIT 12.5 – INFORMATION SECURITY

 

[to
be completed as soon as reasonably practicable after the Effective Date]

    4 

     

    

Exhibit
13.4  

Disclosure
Letter 

 

[*****] 

 

     

     

    

Exhibit
15.5

Post-Termination
Royalties 

 

Where
this Exhibit 15.5 applies, CureVac shall pay GSK, on a Product-by-Product and country-by-country basis, the royalty payments set forth
below for Net Sales by CureVac, its Affiliates, or Sublicensees of such Product, depending in what stage of development that Product
finds itself at the effective date of termination. With respect to any payments to be made by CureVac to GSK, the definition of “Net
Sales” in Section 1.144 and the provisions of Sections 8.3.2, 8.3.3, 8.5, 8.6, 8.7 and 8.9 shall apply mutatis mutandis.

 

[*****]Exhibit 4.3

   

  

  EXECUTION VERSION

   

   

  Dated 25 January 2019

   

  TAKEAWAY.COM N.V.

   

  as Issuer

   

  and

   

  STICHTING TRUSTEE TAKEAWAY.COM

   

  as Trustee

   

  TRUST DEED

   

  constituting

  €250,000,000 2.25 per cent. Senior Unsecured Convertible Bonds due 2024

   

  

  Linklaters

   

  Ref: BJD/CD

   

  Linklaters LLP

    

  
     

    
        

  

   

  Table of Contents

   

  

  	 	Contents	Page
	 	 	 
	1	Interpretation	3
	 	 	 
	2	Amount of the Original Bonds and Covenant to pay	7
	 	 	 
	3	Form of the Original Bonds	8
	 	 	 
	4	Stamp Duties and Taxes	8
	 	 	 
	5	Further Issues	9
	 	 	 
	6	Application of Moneys received by the Trustee	10
	 	 	 
	7	Covenant to Comply	11
	 	 	 
	8	Covenants relating to Conversion Rights and Investor Cash Settlement Rights	11
	 	 	 
	9	Covenants	12
	 	 	 
	10	Remuneration and Indemnification of the Trustee	14
	 	 	 
	11	Proceedings and Actions by the Trustee	15
	 	 	 
	12	Trustee’s Rights and Obligations	16
	 	 	 
	13	Modification, Waiver and Proof of Default	21
	 	 	 
	14	Trustee not precluded from entering into Contracts	21
	 	 	 
	15	Appointment, Retirement and Removal of the Trustee:	21
	 	 	 
	16	Currency Indemnity	23
	 	 	 
	17	Communications	24
	 	 	 
	18	No rescission	24
	 	 	 
	19	Governing Law and Jurisdiction	24
	 	 	 
	20	Counterparts	25
	 	 	 
	 	SCHEDULE 1 Terms and Conditions of the Bonds	26
	 	 	 
	 	SCHEDULE 2 Form of Original Individual Certificate	69
	 	 	 
	 	SCHEDULE 3 Form of Original Global Bond Certificate	73
	 	 	 
	 	SCHEDULE 4 Provisions for Meetings of Bondholders	77
	 	 	 
	 	SCHEDULE 5 Form of Directors’ Certificate	83

  

   

  

  
  
     

  

  
  2 

  
     

    
        

  

   

  This Trust Deed is made on 25 January 2019 between:

   

  		(1)	TAKEAWAY.COM N.V., a limited liability company (naamloze vennootschap) incorporated
            under the laws of the Netherlands, having its corporate seat (statutaire zetel) in Amsterdam, the Netherlands, and its office at Oosterdoksstraat 80, 1011 DK Amsterdam, the Netherlands, and registered with the trade register of the
            chamber of commerce under number 08142836, as issuer (the “Issuer”); and

   

  		(2)	STICHTING TRUSTEE TAKEAWAY.COM, a foundation (stichting) incorporated under the laws of
            the Netherlands, having its corporate seat (statutaire zetel) in Amsterdam, the Netherlands, with its office at Hoogoorddreef 15, 1101 BA Amsterdam, and registered with the trade register of the chamber of commerce under number 73734675,
            as trustee (the “Trustee”, which expression shall, where the context so admits, include all persons for the time being the trustee or trustees of this Trust Deed).

   

  Whereas:

   

  		(A)	The Issuer has by resolutions of (i) its management board passed on 17 January 2019, (ii) its
            supervisory board passed on 17 January 2019 and (iii) the convertible pricing committee established by the management board passed on 18 January 2019, authorised the issue of €250,000,000 2.25 per cent. Senior Unsecured Convertible Bonds due
            2024 to be constituted by this Trust Deed and, following satisfaction of the Share Settlement Condition, the issue of the Shares on conversion of the Bonds.

   

  		(B)	The Trustee has agreed to act as trustee of this Trust Deed on the following terms and conditions.

   

  This Deed witnesses and it is declared as follows:

   

  		1	Interpretation

   

  		1.1	Definitions: The following expressions shall have the following meanings:

   

  “Agents” means, in relation to the Original
      Bonds, the Principal Paying, Transfer and Conversion Agent, the Registrar and any other paying and conversion agent appointed pursuant to the Paying, Transfer and Conversion Agency Agreement (and “Agent” means any one of them) and, in relation
      to any Further Bonds, means any agent or registrar appointed in relation to them;

   

  “Bondholder” and “holder” mean, in
      relation to a Bond, the person in whose name the Bond is registered in the Bonds Register;

   

  “Bonds” means the Original Bonds and/or, as
      the context may require, any Further Bonds except that in Schedules 2 and 3 “Bonds” means the Original Bonds;

   

  “Bonds Register” has the meaning specified
      in Section 14 of the Conditions;

   

  “Business Day” means a calendar day other
      than a Saturday or a Sunday which in Amsterdam is neither a public holiday nor a calendar day on which banking institutions are closed;

   

  “Certification Date” has the meaning specified in Clause 9.5;

   

  “Clearstream, Luxembourg” means Clearstream Banking S.A.;

   

  “Conditions” means, in relation to the
      Original Bonds, the terms and conditions set out in Schedule 1 and, in relation to any Further Bonds, the terms and conditions relating to such Further Bonds (which may, for the avoidance of doubt, be the terms and conditions set out in Schedule 1)
      as any of the same may from time to time be modified in accordance with this Trust Deed, and, with respect to any Bonds evidenced by a Global Bond Certificate, as modified by the provisions of such Global Bond Certificate and references in this Trust
      Deed to a particular numbered Section of the Conditions shall be construed accordingly and, in relation to any Further Bonds, as a reference to the provision (if any) in the Conditions thereof which corresponds to the particular Section of the
      Conditions of the Original Bonds;

  

   

  

  
  
     

  

  
  3 

  
     

    
        

  

    

  “Consolidated Financial Statements” means
      the Issuer’s audited consolidated annual financial statements or its unaudited condensed consolidated interim financial statements, as the case may be, including the relevant accounting policies and notes to the accounts and in each case prepared in
      accordance with IFRS from time to time;

   

  “Contractual Currency” has the meaning specified in Clause 16.1;

   

  “Conversion Price” has the meaning specified in Section 5.1(a) of
      the Conditions;

   

  “Conversion Rights” has the meaning specified in Section 5.1(a) of the Conditions;

   

  “Euroclear” means Euroclear Bank SA/NV;

   

  “Event of Default” means any of the events described in Section 8
      of the Conditions;

   

  “Extraordinary Resolution” has the meaning set out in Schedule 4;

   

  “Further Bonds” means any further Bonds issued
      in accordance with the provisions of Clause 5 and the Conditions and constituted by a deed supplemental to this Trust Deed;

   

  “Global Bond Certificate” means the Original
      Global Bond Certificate and/or as the context may require any other global bond certificate evidencing Further Bonds or any of them except that in Schedule 3 Global Bond Certificate means the Original Global Bond Certificate;

   

  a “holding company” of a company or a
      corporation means any company or corporation of which the first mentioned company or corporation is a subsidiary;

   

  “IFRS” means the international accounting
      standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements, as amended;

   

  “Individual Certificates” means the Original
      Individual Certificates and/or as the context may require any other individual certificates evidencing Further Bonds or any of them;

   

  “Investor Cash Settlement Rights” has the meaning specified in
      Section 5.1(a) of the Conditions;

   

  “Liability” and “Liabilities” mean
      any loss, damage, cost, charge, claim, demand, expense, judgment, action, proceeding or other liability whatsoever (including, without limitation, in respect of taxes, duties, levies, imposts and other charges) and including any value added tax or
      similar tax charged or chargeable in respect thereof and legal fees and expenses on a full indemnity basis;

   

  “Original Bonds” means the bonds in or
      substantially in the form set out in Schedule 2 comprising the €250,000,000 2.25 per cent. Senior Unsecured Convertible Bonds due 2024 constituted by this Trust Deed and for the time being outstanding or, as the context may require, a specific number
      of them and includes any replacement Bonds issued pursuant to the Conditions and (except for the purposes of Clauses 3.1 and 3.2) the Global Bond Certificate;

  

   

  

  
  
     

  

  
  4 

  
     

    
        

  

   

  “Original Bondholders” means, in relation to
      an Original Bond, the person in whose name the Original Bond is registered in the Bonds Register;

   

  “Original Individual Certificates” means
      those Original Bonds for the time being evidenced by definitive certificates in the form or substantially in the form set out in Schedule 2 and in accordance with Section 1.1 of the Conditions;

   

  “Original Global Bond Certificate” means the
      global bond certificate in registered form which will evidence the Original Bonds, substantially in the form set out in Schedule 3, and evidencing the registration of the person named therein in the Bonds Register;

   

  “outstanding” means, in relation to the
      Bonds, all the Bonds issued except (a) those which have been redeemed in accordance with the Conditions, (b) those in respect of which Conversion Rights have been exercised and all the obligations of the Issuer to issue or transfer and deliver Shares
      have been performed in relation thereto, (c) those in respect of which Investor Cash Settlement Rights have been exercised and all the obligations of the Issuer to pay the relevant Cash Alternative Amount have been satisfied, (d) those in respect of
      which the date for redemption has occurred and the redemption moneys (including all interest accrued on such Bonds to the date for such redemption and any interest payable under the Conditions after such date) have been duly paid to the relevant
      Bondholder or on its behalf or to the Trustee or to the Principal Paying, Transfer and Conversion Agent as provided in Clause 2 and remain available for payment against surrender of Bonds (if so required), as the case may be, (e) those which have
      become void or those in respect of which claims have become prescribed, (f) those mutilated or defaced Bonds which have been surrendered in exchange for replacement Bonds (if so required), (g) those which have been purchased and cancelled as provided
      in the Conditions and (h) the Global Bond Certificate to the extent that it shall have been exchanged for interests in another Global Bond Certificate and any certificate to the extent that it shall have been exchanged for Individual Certificates
      pursuant to its provisions;

   

  “Paying, Transfer and Conversion Agency
        Agreement” means, in relation to the Original Bonds, the Paying, Transfer and Conversion Agency Agreement dated on or about the date hereof, as altered from time to time, between the Issuer, the Trustee, the Principal Paying, Transfer and
      Conversion Agent, and the Registrar whereby the initial Principal Paying, Transfer and Conversion Agent and the Registrar were appointed in relation to the Original Bonds and includes any other agreements approved in writing by the Trustee (such
      approval not to be unreasonably withheld or delayed) appointing Successor Agents amending or modifying any of such agreements;

   

  “Principal Paying, Transfer and Conversion Agent”
      means, in relation to the Original Bonds, ABN AMRO Bank N.V. at its specified office, in its capacity as Principal Paying, Transfer and Conversion Agent (in respect of the Original Bonds) and, in relation to any Further Bonds, the Principal Paying,
      Transfer and Conversion Agent appointed in respect of such Further Bonds and, in each case, any Successor Principal Paying, Transfer and Conversion Agent;

   

  “Proceedings” has the meaning specified in
      Clause 19.2;

   

  “Registrar” means Bank of America Merrill
      Lynch International Designated Activity Company at its specified office, in its capacity as Registrar and any Successor Registrar;

   

  

  
  
     

  

  
  5 

  
     

    
        

  

   

  “Shares” has the meaning specified in
      Section 14 of the Conditions;

   

  “specified office” means, in relation to any
      Agent, either the office identified with its name in Section 15.7 of the Conditions or any other office approved by the Trustee and notified to the Bondholders pursuant to Clause 9.11;

   

  “Subsidiary” has the meaning specified in
      Section 14 of the Conditions;

   

  “Successor” means, in relation to the
      Agents, such other or further person as may from time to time be appointed by the Issuer as an Agent with the prior written approval of, and on terms approved in writing by, the Trustee (such approval not to be unreasonably withheld or delayed) and
      notice of whose appointment is given to Bondholders pursuant to Clause 9.11; and

   

  “this Trust Deed” means this Trust Deed, the
      Schedules (as from time to time amended, modified and/or supplemented in accordance with this Trust Deed) and any other document executed in accordance with this Trust Deed (as from time to time so altered) and expressed to be supplemental to this
      Trust Deed.

   

  		1.2	Construction of Certain References: 

   

  References to:

   

  		1.2.1	costs, charges, remuneration or expenses shall include any value added tax, turnover tax or similar
            tax charged in respect thereof;

   

  		1.2.2	“euro” and “€” means the currency introduced at the start of the third stage of
            European economic and monetary union pursuant to the Treaty establishing the European Community, as amended;

   

  		1.2.3	any action, remedy or method of judicial proceedings for the enforcement of rights of creditors shall
            include, in respect of any jurisdiction other than the Netherlands, references to such action, remedy or method of judicial proceedings for the enforcement of rights of creditors available or appropriate in such jurisdiction as shall most
            nearly approximate thereto;

   

  		1.2.4	any provision of any statute shall be deemed also to refer to any statutory modification or
            re-enactment thereof or any statutory instrument, order or regulation made thereunder or under such modification or re-enactment;

   

  		1.2.5	“such approval not to be unreasonably withheld or delayed” or like references shall mean, when
            used in this Trust Deed, the Paying, Transfer and Conversion Agency Agreement or the Conditions, in relation to the Trustee that, in determining whether to give consent or approval, the Trustee shall have due regard to the interests of
            Bondholders and any determination as to whether or not its consent or approval is unreasonably withheld or delayed shall be made on that basis; and

   

  		1.2.6	references in this Trust Deed to “reasonable” or “reasonably” and similar expressions
            relating to the Trustee and any exercise of power, opinion, determination or other similar matter shall be construed as meaning reasonable or reasonably (as the case may be) having due regard to, and taking into account the interests of, the
            Bondholders.

   

  		1.3	Conditions: Words and expressions defined in the Conditions and not defined in the main body
            of this Trust Deed shall when used in this Trust Deed (including the recitals) have the same meanings as are given to them in the Conditions.

   

  

  
  
     

  

  
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  		1.4	Headings: Headings shall be ignored in construing this Trust Deed.

   

  		1.5	Schedules: The Schedules are part of this Trust Deed and shall have effect accordingly.

   

  		1.6	Modification etc. of Statutes: References to a statutory provision include that provision as
            from time to time modified or re-enacted whether before or after the date of this Trust Deed.

   

  		1.7	Certificates: Where a director of the Issuer is required pursuant to the provisions of this
            Trust Deed to sign a certificate, any such certificate shall be given for and on behalf of the Issuer and the relevant director shall have no personal liability therefor.

   

  		2	Amount of the Original Bonds and Covenant to pay

   

  		2.1	Amount of the Original Bonds: The aggregate principal amount of the Original Bonds is limited
            to €250,000,000.

   

  		2.2	Covenant to pay: Unless previously redeemed, converted, settled or purchased and cancelled as
            provided for in the Conditions, the Issuer will, on any date when any Original Bonds become due to be redeemed, in accordance with this Trust Deed or the Conditions, unconditionally pay (or procure to be paid) to or to the order of the Trustee
            in euro in same day funds the principal amount of the Original Bonds or such other amount as provided in the Conditions becoming due for redemption on that date and will (subject to the Conditions) until such payment (both before and after
            judgment) unconditionally so pay or procure to be paid to or to the order of the Trustee interest on the principal amount of the Original Bonds outstanding as set out in the Conditions provided that:

   

  		2.2.1	subject to the provisions of Clause 2.4, payment of any sum due in respect of the Original Bonds made
            to or to the account of the Principal Paying, Transfer and Conversion Agent as provided in the Paying, Transfer and Conversion Agency Agreement shall, to that extent, satisfy such obligation except to the extent that there is failure in its
            subsequent payment to the relevant Original Bondholders under the Conditions; and

   

  		2.2.2	a payment made after the due date or pursuant to Section 8 of the Conditions will be deemed to have
            been made when the full amount due has been received by the Trustee or the Principal Paying, Transfer and Conversion Agent and notice to that effect has been given to the Original Bondholders (if required under Clause 9.6), except to the extent
            that there is a failure in the subsequent payment to the relevant holders under the Conditions.

   

  		2.3	Discharge: Subject to Clause 2.4, any payment to be made in respect of the Bonds by the Issuer
            or the Trustee may be made as provided in the Conditions and any payment so made will (subject to Clause 2.4) to such extent be a good discharge to the Issuer or the Trustee, as the case may be.

   

  		2.4	Payment after a Default: At any time after an Event of Default has occurred, the Trustee may:

   

  		2.4.1	by notice in writing to the Issuer and the Agents, require the Agents (or any of them), until
            notified by the Trustee to the contrary, so far as permitted by any applicable law:

   

  		(i)	to act as Agents of the Trustee under this Trust Deed and the Bonds on the terms of the Paying,
            Transfer and Conversion Agency Agreement (with consequential amendments as necessary and except that the Trustee’s liability for the indemnification, remuneration and all other out-of-pocket expenses of the Agents will be limited to the amounts
            for the time being held by the Trustee in respect of the Bonds on the terms of this Trust Deed) and thereafter to hold all Bonds and all moneys, documents and records held by them in respect of Bonds to the order of the Trustee; or

   

  

  
  
     

  

  
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  		(ii)	to deliver all Bonds and all moneys, documents and records held by them in respect of the Bonds to
            the Trustee or as the Trustee directs in such notice, provided that such notice shall be deemed not to apply to any documents or records which the relevant Agent is obliged not to release by any law or regulation; and

   

  		2.4.2	by notice in writing to the Issuer, require the Issuer to make all subsequent payments in respect of
            the Bonds to, or to the order of, the Trustee and not to the Principal Paying, Transfer and Conversion Agent with effect from the issue of any such notice to the Issuer; and from then until such notice is withdrawn, proviso 2.2.1 to Clause 2.2 shall cease to have effect.

   

  		3	Form of the Original Bonds

   

  		3.1	The Original Global Bond Certificate: The Original Bonds will be evidenced by the Original
            Global Bond Certificate initially in the principal amount of €250,000,000 and the Issuer shall procure that appropriate entries be made in the Bonds Register by the Registrar to reflect the issue of such Original Bonds. The Original Global Bond
            Certificate will be delivered to and the Original Bonds registered in the name of a common depositary for Euroclear and Clearstream, Luxembourg. The Original Global Bond Certificate will be exchangeable for Original Individual Certificates in
            accordance with Section 13.3 of the Conditions.

   

  		3.2	The Original Individual Certificates: The Original Individual Certificates may be printed or
            typed and need not be security printed unless otherwise required by applicable stock exchange requirements. The Original Individual Certificates and Original Global Bond Certificate will be in or substantially in the respective forms set out in
            Schedules 2 and 3. Original Individual Certificates will be endorsed with the Conditions.

   

  		3.3	Signature: The Original Global Bond Certificate and any Original Individual Certificate (if
            issued) will be signed manually or in facsimile by an executive director of the Issuer and will be authenticated by or on behalf of the Registrar. The Issuer may use the manual or facsimile signature of any person who is at the date of this
            Trust Deed an executive director of the Issuer even if at the time of issue of any Original Bonds he no longer holds such office. Original Bonds (including the Original Global Bond Certificate) so executed and authenticated will be valid and
            binding obligations of the Issuer.

   

  		4	Stamp Duties and Taxes

   

  		4.1	Stamp Duties: The Issuer will pay any capital, stamp, issue, registration, transfer and other
            taxes and duties (excluding, for the avoidance of doubt, capital gains tax or similar taxes on gains or profits) payable (i) in the Netherlands, Belgium or Luxembourg on or in respect of the creation, issue and initial offering of the Bonds and
            the execution of this Trust Deed and (ii) in the Netherlands upon the issue or delivery of the Shares on conversion pursuant to the Conditions. The Issuer will also indemnify the Trustee and the Bondholders from and against all capital, stamp,
            issue, registration, transfer and other taxes (excluding, for the avoidance of doubt, capital gains tax or similar taxes on gains or profits) paid by any of them in any jurisdiction in relation to which the liability to pay arises directly as a
            result of any action taken by or on behalf of the Trustee or, as the case may be and where entitled under Section 10 of the Conditions to do so, the Bondholders to enforce the obligations of the Issuer under this Trust Deed or the Bonds.

   

  

  
  
     

  

  
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  		4.2	Change of Taxing Jurisdiction: If the Issuer becomes subject generally to the taxing
            jurisdiction of any territory or any authority of or in that territory having power to tax other than or in addition to the Netherlands then the Issuer will (unless the Trustee otherwise agrees) give to the Trustee an undertaking satisfactory
            to the Trustee in terms corresponding to the terms of Section 6 of the Conditions with the substitution for, or (as the case may require) the addition to, the references in that Condition to the Netherlands of references to that other territory
            or authority or additional territory or authority to whose taxing jurisdiction the Issuer has become so subject (provided that such undertaking shall be subject to such exceptions as reflect exceptions under the law of the relevant taxing
            jurisdiction and as are similar in scope and effect to those exceptions set out in Section 6 of the Conditions) and in such event this Trust Deed and the Bonds will be read accordingly.

   

  		5	Further Issues

   

  		5.1	Liberty to Create: The Issuer may, from time to time without the consent of the Bondholders,
            create and issue further bonds, notes or debentures either having the same terms and conditions in all respects (or in all respects except for the amount and due date for the first payment of interest thereon and the first date on which
            Conversion Rights may be exercised) as (i) the Original Bonds or (ii) any previously issued Further Bonds so that the same shall be consolidated and form a single series with the Original Bonds or any Further Bonds, or (in any case) upon such
            terms as to interest, conversion, cash settlement, premium, redemption and otherwise as the Issuer may at the time of issue thereof determine.

   

  		5.2	Means of Constitution: Any further bonds, notes or debentures created and issued pursuant to
            the provisions of Clause 5.1 so as to form a single series with the Original Bonds and/or the Further Bonds of any series shall be constituted by a deed supplemental to this Trust Deed and any other Further Bonds of any series created and
            issued pursuant to the provisions of Clause 5.1 may be so constituted. The Issuer shall, prior to the issue of any Further Bonds to be so constituted, execute and deliver to the Trustee a deed supplemental to this Trust Deed and containing a
            covenant by the Issuer in the form mutatis mutandis of Clause 2 of this Trust Deed in relation to such Further Bonds and such other provisions (corresponding to any of the provisions contained in this Trust Deed) as the Trustee shall
            require.

   

  		5.3	Notice of Further Issues: Whenever it is proposed to create and issue any Further Bonds, the
            Issuer shall give to the Trustee not less than 14 days’ notice in writing of its intention to do so, stating the principal amount of Further Bonds proposed to be created or issued. The Trustee shall keep this information confidential in
            accordance with Clause 12.2.13.

   

  		5.4	Separate Series: Any Further Bonds not forming a single series with the Original Bonds and/or
            previously issued Further Bonds of any series shall form a separate series and accordingly, unless for any purpose the Trustee in its absolute discretion shall otherwise determine, the provisions of Clauses 5 and 6.2 and Clauses 7 to 20
            (inclusive) and Schedule 4 shall apply mutatis mutandis separately and independently to the Bonds of each such series and in such Clauses and Schedule the expressions “Bonds” and “Bondholders” shall be construed
            accordingly.

   

  

  
  
     

  

  
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  		6	Application of Moneys received by the Trustee

   

  		6.1	Application: All moneys received by the Trustee in respect of the Original Bonds and any
            Further Bonds forming a single series with the Original Bonds or amounts payable under this Trust Deed will, regardless of any appropriation of all or part of them by the Issuer, be applied by the Trustee (subject to Clause 6.2):

   

  		6.1.1	first, in payment of all fees, costs, charges, expenses and liabilities properly incurred by the
            Trustee (including remuneration and any indemnity amounts payable to it) and/or any agent or delegate appointed by the Trustee in carrying out its or their functions under this Trust Deed;

   

  		6.1.2	secondly, in payment of any amounts owing in respect of the Original Bonds and any Further Bonds
            forming a single series with the Original Bonds pari passu and rateably; and

   

  		6.1.3	thirdly, in payment of the balance (if any) to the Issuer for itself.

   

  If the Trustee holds any moneys in respect of
      Original Bonds and any Further Bonds forming a single series with the Original Bonds which have become void or in respect of which claims have become prescribed under the Conditions, the Trustee will hold them in accordance with this Clause 6.1.

   

  		6.2	Accumulation: If the amount of the moneys at any time available for payment in respect of the
            Bonds under Clause 6.1 is less than 10 per cent. of the principal amount of the Bonds then outstanding, the Trustee may, at its discretion, invest such moneys. The Trustee may retain such investments and accumulate the resulting income until
            the investments and the accumulations, together with any other funds for the time being under the control of the Trustee and available for such payment, amount to at least 10 per cent. of the principal amount of the Bonds then outstanding
            whereupon such investments, accumulations and funds (after deduction of, or provision for, any applicable taxes) will be applied as specified in Clause 6.1.

   

  		6.3	Investment: Moneys held by the Trustee may be invested in the name, or under the control, of
            the Trustee in any investments or other assets anywhere, for the time being authorised by Dutch law for the investment by trustees of trust monies, whether or not they produce income, or placed on deposit in the name or under the control of the
            Trustee at such bank or other financial institution and in such currency as the Trustee may, in its absolute discretion, think fit. If that bank or institution is the Trustee or a subsidiary, holding company or associated company of the
            Trustee, it need only account for an amount of interest equal to the standard amount of interest payable by it on such a deposit to an independent customer. The Trustee may at any time vary or transpose any such investments or assets for or
            into other such investments or assets or convert any moneys so deposited into any other currency, and will not be responsible to any person whatsoever for any loss occasioned thereby, whether by depreciation in value, fluctuation in exchange
            rates or otherwise.

   

  

  
  
     

  

  
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  		7	Covenant to Comply

   

  So long as any Bond remains outstanding, the Issuer
      hereby covenants with the Trustee that it will comply with and perform and observe all the provisions of this Trust Deed which are expressed to be binding on it. The Conditions shall be binding on the Issuer and the Bondholders. The Trustee shall be
      entitled to enforce the obligations of the Issuer under the Bonds and the Conditions as if the same were set out and contained in this Trust Deed which shall be read and construed as one document with the Bonds. The provisions contained in Schedule 1
      shall have effect in the same manner as if herein set forth.

   

  

  		8	Covenants relating to Conversion Rights and Investor Cash Settlement Rights

   

  So long as any Bond is outstanding, the Issuer
      hereby undertakes to and covenants with the Trustee that:

   

  		8.1	Conversion Rights: it will, save with the approval of an Extraordinary Resolution or with the
            approval of the Trustee where, in the Trustee’s opinion, it is not materially prejudicial to the interests of the Bondholders to give such approval, observe and perform all its obligations under the Conditions and this Trust Deed with respect
            to Conversion Rights, it being acknowledged that Conversion Rights shall be exercisable by a Bondholder only after the Share Settlement Condition has been satisfied.

   

  		8.2	Investor Cash Settlement Rights: it will, save with the approval of an Extraordinary
            Resolution or with the approval of the Trustee where, in the Trustee’s opinion, it is not materially prejudicial to the interests of the Bondholders to give such approval, observe and perform all its obligations under the Conditions and this
            Trust Deed with respect to Investor Cash Settlement Rights, it being acknowledged that Investor Cash Settlement Rights shall be exercisable by a Bondholder only during a Change of Control Period.

   

  		8.3	Notices:

   

  		8.3.1	Share Settlement Condition: it, not later than 5 Business Days following the Long Stop Date
            (or, if the Share Settlement Condition is satisfied prior to the Long Stop Date, not later than 5 Business Days following satisfaction of the Share Settlement Condition) give notice to the Bondholders in accordance with Section 15.7 of the
            Conditions and to the Principal Paying, Transfer and Conversion Agent, the Registrar and the Calculation Agent: (i) where the Share Settlement Condition has been satisfied, stating that with effect from and including the Physical Settlement
            Date specified in such notice, Conversion Rights shall be exercisable; or (ii) where the Share Settlement Condition has not been satisfied, stating that the Share Settlement Condition has not been satisfied and that it intends to redeem the
            Bonds by publishing a Shareholder Event Notice in accordance with Section 7.3 of the Conditions.

   

  		8.3.2	Adjustment to Conversion Price: as soon as practicable after the announcement of the terms of
            any event giving rise to an adjustment of the Conversion Price, give notice to the Bondholders in accordance with Section 15.7 of the Conditions advising them of the date on which the relevant adjustment of the Conversion Price is likely to
            become effective and of the effect of exercising their Conversion Rights pending such date; and

   

  

  
  
     

  

  
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  		(i)	Directors’ Certificate: upon the happening of an event as a result of which the Conversion Price will be adjusted, as soon as reasonably practicable deliver to the
            Trustee a certificate signed by an executive director of the Issuer (which the Trustee shall be entitled to accept and rely on without further enquiry or liability in respect thereof as sufficient evidence of the correctness of the matters
            referred to therein) setting forth brief particulars of the event, and the adjusted Conversion Price and the date on which such adjustment takes effect and in any case setting forth such other particulars and information as the Trustee may
            reasonably require.

   

  		9	Covenants

   

  So long as any Bond is outstanding, the Issuer
      covenants with the Trustee that it will:

   

  		9.1	Books of Account: keep, and procure that each Subsidiary keeps, proper books of account.

   

  		9.2	Notice of Events of Default etc: notify the Trustee in writing immediately on becoming aware
            of the occurrence of any Event of Default or Change of Control.

   

  		9.3	Information: so far as permitted by applicable law, give or procure to be given to the Trustee
            such information as it reasonably requires to perform its functions.

   

  		9.4	Financial Statements, etc.: send to the Trustee:

   

  		9.4.1	as soon as the same become available, but in any event within the longer of 120 days of its most
            recent financial year-end and the legal period for making this document generally available, a copy of the Issuer’s audited annual Consolidated Financial Statements for such financial year, prepared and presented in accordance with IFRS,
            together with the report thereon by the Issuer’s independent auditors; and

   

  		9.4.2	as soon as the same become available, but in any event within the longer of 90 days of the end of the
            first half of each financial year and the legal period of making this document generally available, a copy of the Issuer’s interim Consolidated Financial Statements, prepared and presented in accordance with IFRS, as at, and for the period
            ending on, the end of such period,

   

  each certified by an executive director of the
      Issuer as presenting a true and fair view of the consolidated financial position of the Issuer and its consolidated subsidiaries as at the relevant date, and the consolidated results of operations and changes in consolidated financial position of the
      Issuer and its consolidated subsidiaries for the relevant period then ended.

   

  		9.5	Certificate of executive directors: send to the Trustee within 14 days of the Issuer’s audited
            annual Consolidated Financial Statements being made publicly available, and also within 14 days of any request by the Trustee a certificate substantially in the form set out in Schedule 5 from the Issuer signed by any executive director that,
            having made all reasonable enquiries, to the best of the knowledge, information and belief of the Issuer as at a date (the “Certification Date”) not more than five days before the date of the certificate, no Change of Control, Event of
            Default or other breach of this Trust Deed had occurred since the Certification Date of the last such certificate or (if none) the date of this Trust Deed or, if such an event had occurred, giving details of it.

   

  

  
  
     

  

  
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  		9.6	Notices to Bondholders: send or procure to be sent to the Trustee not less than three days
            prior to the date of publication, for the Trustee’s review, a copy of each notice to be given to the Bondholders as a class in accordance with the Conditions and not publish such notice without consulting the Trustee, and upon publication, send
            to the Trustee a copy of such notice. The Trustee shall keep this information confidential in accordance with Clause 12.2.13.

   

  		9.7	Further Acts: so far as permitted by applicable law, do such further things as may be
            necessary in the reasonable opinion of the Trustee to give effect to this Trust Deed.

   

  		9.8	Notice of late payment: forthwith upon request by the Trustee give notice to the Bondholders
            of any unconditional payment to the Principal Paying, Transfer and Conversion Agent or the Trustee of any sum due in respect of the Bonds made after the due date for such payment.

   

  		9.9	Obligations of Agents and Registrar: observe and comply with its obligations and use all
            reasonable endeavours to procure that the Agents observe and comply with all their obligations under the Paying, Transfer and Conversion Agency Agreement and notify the Trustee immediately if it becomes aware of any material breach or failure
            by an Agent in relation to the Bonds.

   

  		9.10	Listing and Trading: use its reasonable endeavours to obtain the admission of the Original
            Bonds to trading on an EEA Regulated Market no later than 25 July 2019. Thereafter, and in respect of any Further Bonds, the Issuer will use its reasonable endeavours to maintain such listing and admission to trading. If, however, the Issuer
            determines in good faith that it can no longer comply with its requirements for such listing, having used such endeavours, or if the maintenance of such listing or admission to trading is unduly onerous, the Issuer will instead use its
            reasonable endeavours to obtain and maintain a listing on such other stock exchange or admission to trading on such other securities market of the Bonds as the Issuer may (with the written approval of the Trustee, such approval not to be
            unreasonably withheld or delayed) decide, and shall upon obtaining a quotation or listing of the Bonds on such other stock exchange or exchanges or securities market or markets as aforesaid, comply with the requirements of any such stock
            exchange or securities market.

   

  		9.11	Change in Agents: give at least 14 days’ prior notice to the Bondholders of any future
            appointment, resignation or removal of an Agent or of any change by an Agent of its specified office and not make any such appointment or removal without the Trustee’s written approval (such approval not to be unreasonably withheld or delayed).

   

  		9.12	Early Redemption: give prior notice to the Trustee and the Bondholders of any proposed
            redemption pursuant to Sections 4.1 to 4.3 of the Conditions in accordance therewith.

   

  		9.13	Authorised but Unissued Capital: at all times, following the date on which the Physical
            Settlement Notice is given, keep available for issue free from pre-emptive rights a sufficient number of Shares to enable the exercise of Conversion Rights pursuant to the Conditions and all other rights of subscription and exchange for Shares,
            to be satisfied in full at the then current Conversion Price.

   

  		9.14	Bonds Register: deliver or procure the delivery to the Trustee of an up-to-date copy of the
            Bonds Register in respect of the Bonds, certified as being a true, accurate and complete copy, as soon as practicable following the date hereof and in any event within three Business Days following the date hereof and at such other times as the
            Trustee may reasonably require.

   

  

  
  
     

  

  
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  		10	Remuneration and Indemnification of the Trustee 

   

  		10.1	Normal Remuneration: So long as any Bond is outstanding, the Issuer will pay to the Trustee by
            way of remuneration for its services as Trustee such sum as may from time to time be agreed between them. Such remuneration will accrue from day to day from the date of this Trust Deed and shall be payable in advance, annually as may be agreed
            between the Issuer and the Trustee. However, if any payment to a Bondholder of the moneys due in respect of any Bond is improperly withheld or refused upon due surrender (if so required) of such Bond, such remuneration will again accrue as from
            the date of such surrender (if so required) until payment to such Bondholder is duly made.

   

  		10.2	Extra Remuneration: If an Event of Default shall have occurred, the Issuer hereby agrees that
            the Trustee shall be entitled to be paid additional remuneration calculated at its normal hourly rates in force from time to time for any additional time spent on its duties that is reasonably attributable to that Event of Default. In any other
            case, if the Trustee finds it expedient or necessary or is requested by the Issuer to undertake duties which the Trustee and the Issuer agree to be of an exceptional nature or otherwise outside the scope of the Trustee’s normal duties under
            this Trust Deed and the Trustee’s scope of work agreed between the Issuer and the Trustee, the Issuer will pay such additional reasonable remuneration as they may agree (and which may be calculated by reference to the Trustee’s normal hourly
            rates in force from time to time) or, failing agreement as to any of the matters in this Clause (or as to such sums referred to in Clause 10.1), as determined by a financial institution or person (acting as an expert) selected by the Trustee
            and approved by the Issuer. The expenses involved in such nomination and such financial institution’s fee will be borne by the Issuer. The determination of such financial institution or person will, in the absence of manifest error, be
            conclusive and binding on the Issuer, the Trustee and the Bondholders.

   

  		10.3	Expenses: Subject to the separate fee arrangements made between the Issuer and the Trustee,
            the Issuer will on demand by the Trustee pay or discharge all reasonable and documented costs, charges, liabilities and expenses properly incurred by the Trustee in the preparation and execution of this Trust Deed and the performance of its
            functions under this Trust Deed including, but not limited to, legal and travelling expenses and any stamp, documentary or other taxes or duties paid by the Trustee in connection with any legal proceedings properly brought or reasonably
            contemplated by the Trustee against the Issuer to enforce any provision of this Trust Deed and the Bonds. Such costs, charges, liabilities and expenses will:

   

  		10.3.1	in the case of payments made by the Trustee before such demand carry interest from the date of the
            demand at a rate equal to the Trustee’s cost of funding for the relevant period of time, and

   

  		10.3.2	in other cases carry interest at such rate from 30 days after the date of the demand or (where the
            demand specifies that payment is to be made on an earlier date) from such earlier date.

   

  		10.4	Indemnity: The Issuer will on demand by the Trustee indemnify it in respect of Amounts or
            Claims paid or properly incurred by it in acting as trustee under this Trust Deed (including (1) any Agent/Delegate Liabilities and (2) in respect of disputing or defending any Amounts or Claims made against the Trustee or any Agent/Delegate
            Liabilities). The Issuer will on demand by such agent or delegate indemnify it against such Agent/Delegate Liabilities. “Amounts or Claims” are losses, liabilities, claims, actions, and “Agent/Delegate Liabilities” are Amounts or
            Claims which the Trustee is or would be obliged to pay or reimburse to any of its agents or delegates appointed pursuant to this Trust Deed.

   

  

  
  
     

  

  
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  		10.5	Provisions Continuing: The provisions of Clauses 10.3 and 10.4 will continue in full force and
            effect in relation to the Trustee even if it may have ceased to be Trustee and not withstanding any termination or discharge of this Trust Deed.

   

  		11	Proceedings and Actions by the Trustee 

   

  		11.1	Trustee not bound unless specific action taken:

   

  		11.1.1	The Trustee may at any time, at its discretion and without notice, take such proceedings, actions or
            steps (including lodging an appeal in any proceedings) against the Issuer as it may think fit to enforce the provisions of this Trust Deed and the Bonds, but it shall not be bound to take any such proceedings, actions or steps in relation to
            this Trust Deed or the Bonds unless (i) it shall have been so directed by an Extraordinary Resolution of the Bondholders or so requested in writing by the holders of at least one-quarter in principal amount of the Bonds then outstanding, and
            (ii) it shall have been indemnified and/or secured and/or prefunded to its satisfaction.

   

  		11.1.2	In urgent cases, such as imminent bankruptcy, moratorium or reorganisation of the Issuer, the Trustee
            will be entitled at its discretion to relinquish, reduce or alter the rights of Bondholders in whole or in part, and to take other measures which it considers to be in the interests of the Bondholders, if the Trustee considers, in its sole
            discretion, that such action can no longer be delayed. For the avoidance of doubt, any such action may be taken by the Trustee without having been previously directed or authorised by an Extraordinary Resolution of the Bondholders. The Trustee
            will forthwith notify the Bondholders of any such actions and steps at a meeting of Bondholders to be convened by the Trustee within one month after such action has been taken by the Trustee. The Trustee will in no event be liable in respect of
            the exercise, or failure to exercise, the power of the Trustee granted to it in this Clause 11.1.2 or the consequences thereof.

   

  		11.1.3	Notwithstanding Clauses 11.1.1 and 11.1.2 above, the Trustee may: (i) refrain from taking any
            proceedings, actions or steps in any jurisdiction if the taking of such action in that jurisdiction would, in its opinion based upon legal advice in the relevant jurisdiction, be contrary to any law of that jurisdiction; and (ii) refrain from
            taking any proceedings, actions or steps in any jurisdiction if in its opinion based upon legal advice in the relevant jurisdiction it would or may render it liable to any person in that jurisdiction or, it would or may not have the power to do
            the relevant thing in that jurisdiction by virtue of any applicable law in that jurisdiction or if it is determined by any court or other competent authority in that jurisdiction that it does not have such power.

   

  		11.1.4	No Bondholder shall be entitled to (i) take any proceedings, actions or steps against the Issuer to
            enforce the performance of any of the provisions of this Trust Deed or the Bonds or (ii) take any other proceedings, actions or steps (including lodging an appeal in any proceedings) in respect of or concerning the Issuer, in each case unless
            the Trustee, having become bound so to take any such proceedings, actions or steps or fails so to do within a reasonable period and the failure shall be continuing.

   

  

  
  
     

  

  
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  		11.2	Accounts: If at any time the Issuer’s obligations under the Bonds have become immediately due
            and payable, the Trustee may draw up duly specified accounts of all amounts due in relation to the Bonds outstanding according to the records made available by the Principal Paying, Transfer and Conversion Agent and the Registrar under the
            Paying, Transfer and Conversion Agency Agreement, together with accrued interest and any other amounts owed by the Issuer in respect of the Bonds, including the Trustee’s fee and indemnification for costs incurred by the Trustee. The Issuer
            will act in accordance with and fully accept the accounts drawn up by the Trustee, subject to evidence to the contrary.

   

  		11.3	Action by Trustee:

   

  		11.3.1	Only the Trustee may enforce the rights under the Bonds of the Bondholders against the Issuer. Save
            as provided in Section 10 of the Conditions, no person shall be entitled to proceed directly against the Issuer to enforce the performance of any provision of the Bonds.

   

  		11.3.2	If any Bonds become due and payable under Section 8 of the Conditions the only remedy of the Trustee
            against the Issuer consists of enforcing the rights granted to the Trustee pursuant to this Trust Deed and the Conditions.

   

  		12	Trustee’s Rights and Obligations 

   

  		12.1	Reliance on Information 

   

  		12.1.1	Advice: The Trustee may in relation to this Trust Deed act, without thereby incurring any
            Liability, on a report, confirmation or certificate or any advice of any lawyers, accountants, financial advisers, financial institution or other expert, whether or not addressed to it and whether or not their liability in relation thereto is
            limited (by its terms or by any engagement letter relating thereto entered into by the Trustee or in any other manner) by reference to a monetary cap, methodology or otherwise. The Trustee may accept and shall be entitled to rely on any such
            report, confirmation or certificate or advice and such report, confirmation or certificate or advice shall be binding on the Issuer, the Trustee and the Bondholders;

   

  		12.1.2	Certificate of an Executive Director: the Trustee may call for and shall be at liberty to
            accept a certificate signed by any executive director as to any fact or matter prima facie within the knowledge of the Issuer as sufficient evidence thereof and a like certificate to the effect that any particular dealing, transaction
            or step or thing is, in the opinion of the person so certifying, expedient as sufficient evidence that it is expedient and the Trustee shall not be bound in any such case to call for further evidence or be responsible for any Liability that may
            be occasioned by its failing so to do;

   

  		12.1.3	Resolution of Bondholders: the Trustee shall not be responsible for acting upon any resolution
            purporting to have been passed at a meeting of Bondholders in respect whereof minutes have been made and signed, even though it may subsequently be found that there was some defect in the constitution of the meeting of Bondholders or the
            passing of the resolution or that for any reason the resolution purporting to have been passed at any meeting of Bondholders was not valid or binding upon the Bondholders;

   

  

  
  
     

  

  
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  		12.1.4	Reliance on certification of clearing system: the Trustee may call for any certificate or
            other document issued by Euroclear or Clearstream, Luxembourg or any other relevant clearing system or a common depository therefor. Any such certificate or other document shall, in the absence of manifest error, be conclusive and binding for
            all purposes. Any such certificate or other document may comprise any form of statement or print out of electronic records provided by the relevant clearing system (including Euroclear’s EUCLID or Clearstream, Luxembourg’s CreationOnline
            system) in accordance with its usual procedures and in which the holder of a particular principal or nominal amount of the Bonds is clearly identified together with the amount of such holding. The Trustee shall not be liable to any person by
            reason of having accepted as valid or not having rejected any certificate or other document to such effect purporting to be issued by Euroclear, Clearstream, Luxembourg, or any other relevant clearing system and subsequently found to be forged
            or not authentic;

   

  		12.1.5	Entry on the Bonds Register: the Trustee shall not be liable to the Issuer or any Bondholder
            by reason of having accepted as valid or not having rejected any entry on the Bonds Register later found to be forged or not authentic and shall assume for all purposes in relation hereto that any entry on the Bonds Register is correct;

   

  		12.1.6	Forged Bonds: the Trustee shall not be liable to the Issuer or any Bondholder by reason of
            having accepted as valid or not having rejected any Bond or assignment deed or notification thereof as such and subsequently found to be forged or not authentic; and

   

  		12.1.7	Trustee not responsible for investigations: the Trustee shall not be responsible for, or for
            investigating any matter which is the subject of, any recital, statement, representation, warranty or covenant of any person contained in this Trust Deed, the Paying, Transfer and Conversion Agency Agreement, the Bonds, or any other agreement
            or document relating to the transactions herein or therein contemplated or for the execution, legality, effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence thereof and shall assume the accuracy and
            correctness thereof nor shall the Trustee, by execution of this Trust, be deemed to make any representation as to the validity, sufficiency or enforceability of either the whole or any part of the Trust Deed.

   

  		12.2	Trustee’s powers and duties 

   

  		12.2.1	Trustee’s determination: The Trustee may determine whether or not a default in the performance
            by the Issuer of any obligation under the provisions of or contained in the Trust Deed or the Bonds is capable of remedy and/or materially prejudicial to the interests of the Bondholders. If the Trustee shall certify that any such default is,
            in its opinion, not capable of remedy and/or materially prejudicial to the interests of the Bondholders, such certificate shall be conclusive and binding upon the Issuer and/or, as the case may be, the Bondholders;

   

  		12.2.2	Determination of questions: the Trustee as between itself and the Bondholders shall have full
            power to determine all questions and doubts arising in relation to any of the provisions of the Trust Deed and the Bonds and every such determination, whether made upon a question actually raised or implied in the acts or proceedings of the
            Trustee, shall be conclusive and shall bind the Trustee and the Bondholders;

   

  

  
  
     

  

  
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  		12.2.3	Trustee’s discretion: the Trustee shall (save as expressly otherwise provided herein) as
            regards all the trusts, powers, authorities and discretions vested in it by this Trust Deed or by operation of law have absolute and uncontrolled discretion as to the exercise or non-exercise thereof and the Trustee shall not be responsible for
            any Liability that may result from the exercise or non-exercise thereof but, whenever the Trustee is under the provisions of this Trust Deed bound to act at the request or direction of the Bondholders, the Trustee shall nevertheless not be so
            bound unless first indemnified and/or provided with security to its satisfaction against all actions, proceedings, claims and demands to which it may render itself liable and all Liabilities which it may incur by so doing;

   

  		12.2.4	Trustee’s consent: any consent given by the Trustee for the purposes of the Trust Deed and the
            Bonds may be given on such terms and subject to such conditions (if any) as the Trustee may require and (notwithstanding any provision to the contrary) may be given retrospectively;

   

  		12.2.5	Conversion of currency: where it is necessary or desirable for any purpose in connection with
            this Trust Deed to convert any sum from one currency to another it shall (unless otherwise provided by this Trust Deed or required by law) be converted at such rate(s) of exchange, in accordance with such method and as at such date for the
            determination of such rate(s) of exchange as may be specified by the Trustee in its absolute discretion as relevant and any rate of exchange, method and date so specified shall be binding on the Issuer and the Bondholders;

   

  		12.2.6	Application of proceeds: the Trustee shall not be responsible for the receipt or application
            by the Issuer of the proceeds of the issue of the Bonds;

   

  		12.2.7	Events of Default: the Trustee shall inform the Bondholders upon its receipt of a notice in
            writing from the Issuer of the occurrence of an Event of Default or a breach of the covenants given by the Issuer, however, the Trustee shall not be bound to take any steps to ascertain whether any Event of Default has happened and, until it
            shall have actual knowledge or express notice to the contrary, the Trustee shall be entitled to assume that no Event of Default has happened and that the Issuer is observing and performing all the obligations on its part contained in the Trust
            Deed, the Bonds or any other agreement or document relating to the transactions herein or therein contemplated and no event has happened as a consequence of which any of the Bonds may become repayable;

   

  		12.2.8	Initiate proceedings: the Trustee may settle or litigate any claims, debts or damages due by
            it or owing to it, it may take all action, initiate all proceedings and exercise all rights and powers as it may deem appropriate for the purposes of this Trust Deed;

   

  		12.2.9	External advice: the Trustee may, in the conduct of its obligations pursuant to the Trust Deed and the Bonds,
            appoint and pay reasonable fees to an external adviser, whether or not a lawyer or other professional person, to advise or provide legal or expert assistance, or concur in advising or providing such assistance, on any business and such
            appointment shall be notified to the Issuer and the Trustee shall not be responsible for any misconduct or omission on the part of any person appointed by it hereunder or be bound to supervise the proceedings or acts of, and shall not in any way or to any extent be responsible for any Liability incurred by reason of the misconduct, omission or default on the part of, any such person (except insofar as the same are incurred because of the
              wilful misconduct or gross negligence of the Trustee or such other third parties). The Trustee shall not appoint an external adviser who provides similar services to the Issuer;

   

  

  
  
     

  

  
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  		12.2.10	Bondholders as a class: whenever in this Trust Deed or the Conditions the Trustee is required
            in connection with the exercise of its functions to have regard to the interests of the Bondholders, it shall have regard to the interests of the Bondholders as a class. The Trustee shall not have regard to any interests arising from
            circumstances particular to individual Bondholders (whatever their number) and, in particular but without limitation, shall not have regard to the consequences of the exercise of its trusts, powers or discretions for individual Bondholders
            resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory, and the Trustee shall not be entitled to require, nor shall any Bondholder be
            entitled to claim, from the Issuer or any other person any indemnification or payment in respect of any tax consequence of any such exercise upon individual Bondholders, except to the extent provided for in this Trust Deed or the Conditions;

   

  		12.2.11	Agents: the Trustee may, in conducting its rights and obligations under this Trust Deed
            instead of acting personally, employ and pay an agent on any terms, whether or not a lawyer or other professional person, to transact or conduct, or concur in transacting or conducting, any business and to do or concur in doing all acts
            required to be done by the Trustee (including the receipt and payment of money) and the Trustee shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or
            default on the part of any person appointed by it hereunder to the extent that the Trustee has selected the agent exercising due care and has exercised reasonable oversight over the agent’s actions;

   

  		12.2.12	Delegation: the Trustee may, in the execution and exercise of all or any of the powers,
            authorities and discretions vested in it by the Trust Deed, whenever it thinks fit, whether by power of attorney or otherwise, delegate to any person or persons reasonably deemed competent for the intended purpose all or any of the powers,
            authorities and discretions vested in it by the Trust Deed. Any such delegation may be made upon such terms and conditions and subject to such regulations (including power to sub-delegate with the consent of the Trustee) as the Trustee may
            think fit in the interests of the Bondholders and the Trustee shall not in any way or to any extent be responsible for any Liability incurred by reason of the misconduct, omission or default on the part of such delegate or sub-delegate to the
            extent that the Trustee has selected the delegate or sub-delegate exercising due care and has exercised reasonable oversight over its actions; and

   

  		12.2.13	Confidentiality: the Trustee shall, and shall ensure that each of its agents as referred to in Clause 12.2.11
            above and its delegates and sub-delegates as referred to in Clause 12.2.12 above will and are bound by the same obligation to, respect and protect the confidentiality of all information acquired as a result of or pursuant to the Trust Deed,
            including (but not limited to) any notices pursuant to Clause 5.3 or Clause 9.6 and the Issuer's intention to give any such notice, and will not, without the Issuer's prior written consent, disclose any such information to a third party, unless it is required to do so by any applicable law or regulation or is specifically authorised to do so hereunder or by any separate agreement, especially where the provision of such information is the
              object or part of the service to be provided by the Trustee. Where any such information may constitute price-sensitive information, the Trustee shall, and shall ensure that each of its delegates and sub-delegates will and are bound by the
              same obligation to keep that information strictly confidential until that information has been made publicly available other than as a result of a breach by the Trustee or any of its delegates or sub-delegates of this Clause.

   

  

  
  
     

  

  
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  		12.3	Financial matters 

   

  		12.3.1	Annual Reports: The Trustee shall make available for public inspection, at its Amsterdam
            office and at the Principal Paying, Transfer and Conversion Agent’s specified office, copies of the Trustee’s balance sheet and its profit and loss account for the preceding calendar year, and a written report of its activities during that
            calendar year;

   

  		12.3.2	Expenditure by the Trustee: the Trustee may refrain from taking any action or exercising any
            right, power, authority or discretion vested in it under the Bonds, the Trust Deed or any other agreement relating to the transactions herein or therein contemplated or from taking any action to enforce the security until it has been
            indemnified and/or secured to its satisfaction against any and all Liabilities which might be brought, made or conferred against or suffered, incurred or sustained by it as a result (which may include payment on account). When determining
            whether an indemnity or any security or pre-funding is satisfactory to it, the Trustee shall be entitled (i) to evaluate its risk in any given circumstance by considering the worst-case scenario and (ii) to require that any indemnity or
            security or prefunding given to it by the Bondholders or any of them be given on a joint and several basis and be supported by evidence satisfactory to it as to the financial standing and creditworthiness of each counterparty and/or as to the
            value of the security and an opinion as to the capacity, power and authority of each counterparty and/or the validity and effectiveness of the security. Nothing contained in the Trust Deed or the Bonds shall require the Trustee to expend or
            risk its own funds or otherwise incur any financial liability in the performance of its duties or the exercise of any right, power, authority or discretion hereunder if it has grounds for believing the repayment of such funds or adequate
            indemnity against, or security for, such risk or liability is not reasonably assured to it; and

   

  		12.3.3	Deductions and withholdings: notwithstanding anything contained in the Trust Deed or the
            Bonds, to the extent required by applicable law, if the Trustee is required to make any deduction or withholding from any distribution or payment made by it under the Trust Deed or the Bonds (other than in connection with its remuneration as
            provided for herein) or if the Trustee is otherwise charged to, or may become liable to, tax as a consequence of performing its duties under the Trust Deed or the Bonds, then the Trustee shall be entitled to make such deduction or withholding
            or (as the case may be) to retain out of sums received by it an amount sufficient to discharge any liability to tax which relates to sums so received or distributed or to discharge any such other liability of the Trustee to tax from the funds
            held by the Trustee pursuant to the Trust Deed.

   

  

  
  
     

  

  
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  		12.4	Trustee Liability: Notwithstanding anything to the contrary in the Trust Deed or the
            Conditions, the Trustee shall not be liable to any person for any matter or thing done or omitted in any way in connection with or in relation to the Trust Deed or the Conditions save in relation to its own wilful misconduct or gross
            negligence.

   

  		13	Modification, Waiver and Proof of Default 

   

  		13.1	Modification and Waiver: The Trustee may agree, without the consent of the Bondholders, to (i)
            any modification of any of the provisions of this Trust Deed, any trust deed supplemental to this Trust Deed, the Paying, Transfer and Conversion Agency Agreement, any agreement supplemental to the Paying, Transfer and Conversion Agency
            Agreement, the Bonds or the Conditions which in the Trustee’s opinion is of a formal, minor or technical nature or is made to correct a manifest error or to comply with mandatory provisions of law, and (ii) any other modification to this Trust
            Deed, any trust deed supplemental to this Trust Deed, the Paying, Transfer and Conversion Agency Agreement, any agreement supplemental to the Paying, Transfer and Conversion Agency Agreement, the Bonds or the Conditions (except the matters set
            out in paragraph 16.7 of Schedule 4), and any waiver or authorisation of any breach or proposed breach, of any of the provisions of this Trust Deed, any trust deed supplemental to this Trust Deed, the Paying, Transfer and Conversion Agency
            Agreement, any agreement supplemental to the Paying, Transfer and Conversion Agency Agreement, the Bonds or the Conditions which is, in the opinion of the Trustee, not materially prejudicial to the interests of the Bondholders. The Trustee may,
            without the consent of the Bondholders, determine that any Event of Default should not be treated as such, provided that in the opinion of the Trustee, the interests of Bondholders will not be materially prejudiced thereby. Any such
            modification, authorisation, waiver or determination shall be binding on the Bondholders and, if the Trustee so requires, shall be notified to the Bondholders promptly in accordance with the proviso to paragraph 16 of Schedule 4.

   

  		13.2	Proof of Default: If it is proved that as regards any specified Bond the Issuer has made
            default in paying any sum due to the relevant Bondholder, such proof will (unless the contrary be proved) be sufficient evidence that the same default has been made as regards all other Bonds which are then payable.

   

  		14	Trustee not precluded from entering into Contracts 

   

  The Trustee and any other person, whether or not acting for itself may acquire,
      hold or dispose of, any Bond or any Shares or other securities (or any interest therein) of the Issuer or any other person with the same rights as it would have had if the Trustee were not Trustee and may enter into or be interested in any contracts
      or transactions with the Issuer or any such person and may act on, or as depositary or agent for, any committee or body of holders of any securities of any such person in each case with the same rights as it would have had if the Trustee were not
      acting as Trustee and need not account for any profit.

   

  		15	Appointment, Retirement and Removal of the Trustee:

   

  		15.1	Appointment: Subject as provided in Clause 15.2 below, the Issuer has the power of appointing
            a new trustee or trustees but no one may be so appointed unless previously approved by an Extraordinary Resolution. Any appointment of a new Trustee will be notified by the Issuer to the Bondholders and the Principal Paying, Transfer and
            Conversion Agent as soon as practicable.

   

  

  
  
     

  

  
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  		15.2	Retirement and Removal: Any Trustee may retire at any time on giving not less than three
            months’ notice in writing to the Issuer without giving any reason and without being responsible for any costs (which costs shall be borne by the Issuer) occasioned by such retirement and the Bondholders may by Extraordinary Resolution remove
            any Trustee. If a trustee gives notice of retirement or an Extraordinary Resolution is passed for its removal under this Clause 15.2, the Issuer will use all reasonable endeavours to procure that another trustee be appointed as Trustee but if
            it fails to do so before the expiry of such three month notice period, the Trustee shall have the power to appoint a new Trustee.

   

  		15.3	Appointment, Resignation and Removal of Directors:

   

  		15.3.1	Pursuant to the Trustee’s articles of association, the Trustee’s board (bestuur) shall consist
            of one or more Trustee directors (bestuurders) to be appointed by the Trustee’s board. Trustee directors may only be trust companies in the Netherlands having a licence under the Dutch Act on Supervision of Trust Companies (Wet
              toezicht trustkantoren) as well as natural persons and/or legal entities engaged by such trust companies. Trustee directors may be suspended and dismissed by the Trustee’s board. The Bondholders may also dismiss a Trustee director by
            Extraordinary Resolution, provided that neither the Trustee nor the Trustee director so dismissed shall be responsible for any costs or expenses arising from any such dismissal.

   

  		15.3.2	The Trustee’s board shall elect out of its midst a chairman, in case the Trustee’s board would
            consist of more than one Trustee director.

   

  		15.3.3	In case of one or more vacancies in the Trustee’s board, the remaining Trustee directors unanimously
            (or the sole remaining Trustee director) shall fill such vacancy or vacancies by the appointment of one or more successors within three months after the creation of the vacancy or vacancies.

   

  	

        	15.3.4	In case of any vacancies then the remaining Trustee directors or the sole remaining Trustee director
            shall nevertheless constitute a lawful Trustee’s board.

   

   

  
  		15.3.5	In case of any disagreement among the remaining Trustee directors about the appointment and also in
            case at any time all Trustee directors would be absent and finally in case the remaining Trustee directors should fail to fill the vacancy or vacancies within the period mentioned in Clause 15.3.3, those vacancies shall be filled by the
            Bondholders by Extraordinary Resolution.

   

  		15.3.6	Membership of the Trustee’s board shall terminate by:

   

  		(i)	death or dissolution;

   

  		(ii)	loss of free disposal of assets;

   

  		(iii)	voluntary resignation (vrijwillig aftreden), provided that in case the resigning Trustee
            director was the sole Trustee director (for the avoidance of doubt, unless dismissal is automatic per the Trustee’s articles of association), such resignation will not become effective until a successor Trustee director has been appointed;

   

  		(iv)	dismissal by virtue of Section 2:298 of the Dutch Civil Code;

   

  

  
  
     

  

  
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  		(v)	a resolution of the other Trustee directors passed unanimously;

   

  		(vi)	cancellation of the licence under the Dutch Act on Financial Supervision of Trust Companies (Wet
              toezicht trustkantoren);

   

  		(vii)	bankruptcy or suspension of payments;

   

  		(viii)	Extraordinary Resolution, provided that neither the Trustee nor the Trustee director so removed shall
            be responsible for any costs or expenses arising from any such removal; or

   

  		(ix)	in case a Trustee director engaged by a trust company as defined in Clause 15.3.1 is no longer
            engaged by such trust company.

   

  		15.4	Merger: A corporation or other legal entity into which the Trustee may be merged or converted,
            or any corporation or other legal entity with which the Trustee may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, shall, on the date when the merger, conversion
            or consolidation becomes effective and to the extent permitted by any applicable laws and subject to any requirements set out in this Trust Deed become the successor trustee under this Trust Deed without the execution or filing of any paper or
            any further act on the part of the parties to this Trust Deed, unless otherwise required by the Issuer, and after the said effective date, all references in this Trust Deed to the Trustee shall be deemed to be references to such successor
            corporation or legal entity. Written notice of any such merger, conversion or consolidation shall immediately be given to the Issuer by the Trustee.

   

  		16	Currency Indemnity 

   

  		16.1	Currency of Account and Payment: Euro (the “Contractual Currency”) is the sole currency of account and
            payment for all sums payable by the Issuer under or in connection with this Trust Deed and the Bonds, including damages.

   

  		16.2	Extent of Discharge: An amount received or recovered in a currency other than the Contractual
            Currency (whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the insolvency, winding-up or dissolution of the Issuer or otherwise) by the Trustee or any Bondholder in respect of any sum
            expressed to be due to it from the Issuer will only discharge the Issuer to the extent of the Contractual Currency amount which the recipient is able to purchase with the amount so received or recovered in that other currency on the date of
            that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so).

   

  		16.3	Indemnity: If that Contractual Currency amount is less than the Contractual Currency amount
            expressed to be due to the recipient under this Trust Deed or the Bonds, the Issuer will indemnify it against any loss sustained by it as a result. In any event, the Issuer will indemnify the recipient against the cost of making any such
            purchase.

   

  		16.4	Indemnity separate: The indemnities in this Clause 16 and in Clause 10.4 constitute separate
            and independent obligations from the other obligations in this Trust Deed, will give rise to a separate and independent cause of action.

  

   

  

  
  
     

  

  
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  		17	Communications 

   

  Any communication shall be by letter, facsimile transmission or electronic
      communication:

   

  in the case of the Issuer, to it at:

   

  	
          Address:

          

        	Takeaway.com N.V.
	 	 
	 	Oosterdoksstraat 80, 1011 DK Amsterdam, the Netherlands
	 	 
	Email:	brent.wissink@takeaway.com / jitse.groen@takeaway.com
	Attention:	Brent Wissink / Jitse Groen
	 	 
	and in the case of the Trustee, to it at:
	 	 
	Address:	Stichting Trustee Takeaway.com
	 	Hoogoorddreef 15, 1101 BA, Amsterdam
	 	 
	Fax no.:	+31 20 5222 500
	Email:	NLSupervisory@sgggroup.com
	Attention:	The Directors

   

  or to such other address, facsimile number, email address or attention details of
      which shall have been notified in writing (in accordance with this Clause 17) to the other parties hereto.

   

  Communications will take effect, in the case of a letter, when delivered, in the
      case of a fax, when the relevant delivery receipt is received by the sender, or in the case of an electronic communication when the relevant receipt of such communication being read is given, or where no read receipt is requested by the sender, at
      the time of sending, provided that no delivery failure notification is received by the sender within 24 hours of sending such communication; provided that any communication which is received (or deemed to take effect in accordance with the foregoing)
      outside business hours or on a non-business day in the place of receipt shall be deemed to take effect at the opening of business on the next following business day in such place. Any communication delivered to any party under this Trust Deed which
      is to be sent by fax or electronic communication will be written legal evidence.

   

  		18	No rescission 

   

  Each party to this Trust Deed waives its rights under Sections 6:228 (Dwaling),

      6:265 (Ontbinding) and, to the extent legally permissible, 6:230 (Wijziging op verzoek) of the Dutch Civil Code to rescind, annul or to dissolve this Trust Deed in whole or in part.

   

  		19	Governing Law and Jurisdiction 

   

  		19.1	Governing Law: This Trust Deed and any non-contractual obligations arising out of or in
            connection with it, including, for the avoidance of doubt, Clause 19.2, shall be governed by and construed in accordance with the law of The Netherlands.

   

  		19.2	Jurisdiction: The courts of Amsterdam, the Netherlands, subject to the authority of the
            Trustee, if it considers this expedient to do so, to agree to prorogation (prorogatie), are to have exclusive jurisdiction to settle any disputes which may arise out of or in connection with this Trust Deed or the Bonds (and any
            non-contractual obligations arising out of or in connection with them) and accordingly any legal action or proceedings arising out of or in connection with this Trust Deed or the Bonds (“Proceedings”) may be brought in such courts. The
            Issuer irrevocably submits to the jurisdiction of such courts and waives any objections to Proceedings in such courts on the ground of venue or on the ground that the Proceedings have been brought in an inconvenient forum. This submission is
            for the benefit of each of the Trustee and the Bondholders.

   

  

  
  
     

  

  
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  		20	Counterparts 

   

  This Trust Deed and any trust deed supplemental hereto may be executed in any
      number of counterparts, and by each party on separate counterparts. Each counterpart is an original, but all counterparts shall together constitute one and the same instrument. Delivery of a counterpart of this Trust Deed or any trust deed
      supplemental hereto by email attachment or telecopy shall be an effective mode of delivery.

   

  

  
  
     

  

  
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  SCHEDULE 1

  Terms and Conditions of the Bonds

   

  		1	General

   

  		1.1	Description

   

  Each Bond evidenced by this certificate is one of a duly authorised issue of debt
      securities of Takeaway.com N.V., a limited liability company (naamloze vennootschap) incorporated under the laws of The Netherlands (the “Issuer”), designated as its €250,000,000 2.25 per cent. convertible bonds due 2024 (the “Bonds”,

      which expression shall include any Further Bonds issued pursuant to Section 15.6). The Bonds will mature on 25 January 2024 (the “Maturity Date”). The Bonds are issued in denominations of €100,000 each. The Bonds are constituted by a Trust
      Deed (the “Trust Deed”) dated 25 January 2019 between the Issuer and Stichting Trustee Takeaway.com (the “Trustee” which expression shall include all persons for the time being the trustee or trustees under the Trust Deed) as trustee
      for the holders of the Bonds. The Issuer has also entered into a paying, transfer and conversion agency agreement (the “Agency Agreement”) dated 25 January 2019 with ABN AMRO Bank N.V., as principal paying, transfer and conversion agent (the “Principal

        Paying, Transfer and Conversion Agent”) and as registrar in respect of the Bonds (the “Registrar”) and the other paying and conversion agents named therein (the “Conversion Agents” and, together with the Principal Paying, Transfer
      and Conversion Agent and the Registrar, collectively, the “Agents”, which term shall include successors and assigns of any such Agent as the context requires). The holders of the Bonds are entitled to the benefit of, are bound by, and are
      deemed to have notice of, all the provisions of the Trust Deed and are deemed to have notice of those applicable to them of the Agency Agreement. The Issuer has also entered into a calculation agency agreement dated 25 January 2019 (the “Calculation

        Agency Agreement”) with Conv-Ex Advisors Limited (the “Calculation Agent”, which expression shall include any successor as calculation agent under the Calculation Agency Agreement) whereby the Calculation Agent has been appointed to make
      certain calculations in relation to the Bonds. Copies of the Trust Deed, Agency Agreement and Calculation Agency Agreement are available for inspection by holders of the Bonds during usual office hours at the office of the Trustee at Hoogoorddreef
      15, 1101 BA, Amsterdam, the Netherlands, and at the specified offices of the Principal Paying, Transfer and Conversion Agent and the Registrar.

   

  		1.2	Definitions

   

  Capitalised terms used herein are defined in Section 14. Capitalised terms used but
      not defined in these terms and conditions (these “Conditions”) shall have the meanings attributed to them in the Trust Deed unless the context requires otherwise or unless otherwise stated.

   

  		2	Status of the Bonds and Negative Pledge

   

  		2.1	Status

   

  The Bonds constitute direct, unconditional, unsubordinated and (subject to Section
      2.2) unsecured obligations of the Issuer and shall at all times rank pari passu and without preference among themselves and at least equally with all other unsecured and unsubordinated obligations of the Issuer, present and future (subject to
      any obligations preferred by mandatory provisions of law).

   

  

  
  
     

  

  
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  		2.2	Negative Pledge

   

  So long as any Bond remains outstanding (as defined in the Trust Deed), the Issuer
      will not, and will ensure that none of its Material Subsidiaries will, create or permit to subsist any mortgage, charge, lien, pledge or other security interest, upon the whole or any part of its present or future undertaking, assets or revenues
      (including any uncalled capital) to secure any Capital Markets Indebtedness or to secure any guarantee or indemnity in respect of any Capital Markets Indebtedness, without at the same time or prior thereto providing the Bonds with the same security
      as is created or subsisting to secure any such Capital Markets Indebtedness, guarantee or indemnity or such other security as either (i) the Trustee shall in its absolute discretion deem not materially less beneficial to the interest of the
      Bondholders or (ii) shall be approved by an Extraordinary Resolution of the Bondholders.

   

  In this Section 2.2, “Capital Markets Indebtedness” means any present or future
      indebtedness (whether being principal, interest or other amounts) which is in the form of, or represented or evidenced by, bonds, notes, debentures, loan stock or other securities, whether issued for cash or in whole or in part for a consideration
      other than cash, which for the time being are, or are intended to be or capable of being, quoted, listed or dealt in or traded on any stock exchange or over-the-counter or other securities market.

   

  		3	Payments

   

  		3.1	Principal

   

  Unless previously redeemed, converted, settled or purchased and cancelled as provided
      herein, the principal amount of each Bond will be payable on the Maturity Date. The amount due on the Maturity Date shall be 100 per cent. of its principal amount (the “Redemption Price”).

   

  		3.2	Interest

   

  		(a)	Generally

   

  The Bonds bear interest from and including the Closing Date at a rate of 2.25 per
      cent. per annum, payable semi-annually in arrear in equal instalments on 25 July and 25 January in each year and on the Maturity Date (each an “Interest Payment Date”), commencing on 25 July 2019. The interest payable on each Interest Payment
      Date will be the interest accrued (a) in respect of the interest period commencing on the Closing Date, from and including the Closing Date to but excluding such Interest Payment Date; and (b) in respect of each subsequent interest period, from and
      including the most recent prior Interest Payment Date to which interest on the Bonds has been fully paid or duly provided for, to but excluding such Interest Payment Date (each, an “Interest Period”). The amount of interest payable in respect
      of a Bond for any period (a “Short Period”) which is shorter than an Interest Period shall be calculated on the basis of the number of days in such Short Period from (and including) the first day of such Short Period to (but excluding) the
      last day of such Short Period divided by the product of (x) the number of days from (and including) the first day of such Short Period to (but excluding) the Interest Payment Date falling after the first day of such Short Period and (y) the number of
      Interest Periods normally ending in any year.

   

  		(b)	Accrued Interest

   

  In respect of any Bonds for which a Conversion Notice has been given, interest shall
      cease to accrue with effect from the Interest Payment Date immediately preceding the relevant Conversion Date (or, if none, the Closing Date) and, subject as provided below, no interest shall be paid on such Bonds in respect of any period commencing
      on or after such Interest Payment Date (or, as the case may be, the Closing Date) to which interest on the Bonds has been fully paid or duly provided for.

   

  

  
  
     

  

  
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  In respect of Bonds for which the Issuer has given a Redemption Notice and
      subsequently Conversion Rights have been exercised, interest shall accrue at the rate provided in Section 3.2(a) above to but excluding the Conversion Date if the Redemption Notice is given on or after the 15th Business Day prior to a Dividend Determination Date in respect of any Cash or Stock Dividend on the Shares, and the redemption date specified in such notice falls on or prior to 14 Business
      Days after the first Interest Payment Date following such Dividend Determination Date. The Issuer shall pay any such interest by not later than 14 days after the relevant Conversion Date by transfer to a euro account with a bank in a city in which
      banks have access to the TARGET System in accordance with instructions given by the relevant Bondholder in the relevant Conversion Notice. However, no such interest shall be paid if the relevant Cash or Stock Dividend on the Shares has resulted in an
      adjustment to the Conversion Price and which is applicable to the relevant exercise of Conversion Rights.

   

  Where a Bond is redeemed pursuant to Section 4.1, 4.2, 4.3 or 4.4, interest on such
      Bond will accrue up to, but excluding, the due date for redemption thereof unless payment of principal is improperly withheld or refused, in which event interest will continue to accrue at the rate specified in Section 3.2(a) (both before and
      after judgment) up to, but excluding, the Relevant Date.

   

  		(c)	Repayment of Certain Amounts

   

  If any Bondholder shall have received any interest payment to which it was not
      entitled by virtue of Section 3.2(d) below, such Bondholder shall promptly repay the amount of such interest payment to the Issuer by wire transfer in immediately available funds or in such other manner notified by the Issuer to such
      Bondholder.

   

  		(d)	Record Date

   

  The interest payable on any Interest Payment Date will be paid to the Person in whose
      name the Bonds are registered at 5:00 p.m. (local time in the place of payment) on the Record Date. In these Conditions, “Record Date” means the date falling five Business Days before the due date for any payment.

   

  		3.3	Due Date not a Business Day

   

  Notwithstanding any other provision of the Bonds or the Agency Agreement, if the date
      on which any principal, interest or other payment obligation is due falls on a day that is not a Business Day, the Issuer shall have until (and including) the next succeeding Business Day to satisfy its payment obligation, and any such payment shall
      be given the same force and effect as if made on the date on which such principal, interest or other payment obligation was due. Bondholders shall not be entitled to any further interest or other payments for such delay.

   

  		3.4	Overdue Payment Obligations

   

  Any overdue principal of or interest on the Bonds, or any other overdue amount on any
      payment obligation hereunder, will bear interest payable on demand at a rate per annum equal to EURIBOR but not less than zero, from and including the date of default to but excluding the date when paid.

   

  

  
  
     

  

  
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  		3.5	Payment Procedures

   

  The Issuer will, unless otherwise specified in these Conditions, discharge its payment
      obligations hereunder by paying to the Principal Paying, Transfer and Conversion Agent under the Agency Agreement, and causing the Principal Paying, Transfer and Conversion Agent to tender to each Bondholder, on or before the due date thereof for
      value as of such due date an amount of euros in immediately available funds that is sufficient to satisfy such payment obligation. All amounts payable to any Bondholder hereunder, or to the Principal Paying, Transfer and Conversion Agent under the
      Agency Agreement will, unless otherwise specified in these Conditions, be paid to such account as appears on the Bonds Register at 5:00 p.m. (local time in the place of payment) on the Record Date or as the Principal Paying, Transfer and Conversion
      Agent shall notify to the Issuer, as the case may be, in accordance with the terms of the Agency Agreement. Bonds in certificated form shall be presented and surrendered for payment on maturity at the office of the Principal Paying, Transfer and
      Conversion Agent or such other establishment as notified to the Bondholders from time to time in accordance with Section 15.7.

   

  		4	Redemption

   

  		4.1	Redemption at the Option of the Issuer

   

  On giving not less than 30 nor more than 60 days’ notice (an “Optional Redemption
        Notice”) to the Principal Paying, Transfer and Conversion Agent, the Trustee and to the Bondholders in accordance with Section 15.7, the Issuer may elect to redeem all but not some only of the Bonds on the date (the “Optional Redemption Date”)

      specified in the Optional Redemption Notice at the Redemption Price, together with accrued but unpaid interest up to (but excluding) the Optional Redemption Date:

   

  		(a)	at any time on or after 9 February 2022, if the
            Parity Value on each of at least 20 Trading Days in any period of 30 consecutive Trading Days ending not more than seven Trading Days prior to the giving of the relevant Optional Redemption Notice, shall have equalled or exceeded €130,000, as
            verified by the Calculation Agent; or

   

  		(b)	at any time following the date on which
            Conversion Rights become exercisable if, prior to the date the relevant Optional Redemption Notice is given, Conversion Rights or Investor Cash Settlement Rights shall have been exercised and/or purchases (and corresponding cancellations)
            and/or redemptions effected in respect of 85 per cent. or more in principal amount of the Bonds originally issued (which shall for this purpose include any Further Bonds).

   

  		4.2	Redemption for Taxation Reasons

   

  At any time the Issuer may, having given not less than 30 nor more than 60 days’
      notice (a “Tax Redemption Notice”) to the Principal Paying, Transfer and Conversion Agent, the Trustee and the Bondholders in accordance with Section 15.7, redeem (subject to the second following paragraph) all but not some only of the Bonds
      outstanding on the date (the “Tax Redemption Date”) specified in the Tax Redemption Notice at the Redemption Price plus accrued interest to but excluding the Tax Redemption Date, if (a) the Issuer satisfies the Trustee immediately prior to the
      giving of such notice that the Issuer has or will become obliged to pay additional amounts in respect of payments of interest on the Bonds pursuant to Section 6 as a result of any change in, or amendment to, the laws or regulations of any Taxing
      Jurisdiction or any political subdivision or any authority thereof or therein having power to tax, or any change in the general application or official interpretation of such laws or regulations, which change or amendment becomes effective on or
      after 18 January 2019, and (b) such obligation cannot be avoided by the Issuer taking reasonable measures available to it, provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer
      would be obliged to pay such additional amounts were a payment in respect of the Bonds then due. Prior to the publication of any notice of redemption pursuant to this paragraph, the Issuer shall deliver to the Trustee (1) a certificate signed by a
      member of the board of management (lid van de raad van bestuur) of the Issuer stating that the Issuer is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Issuer
      so to redeem have occurred, and (2) an opinion of independent legal or tax advisers of recognised standing to the effect that such change or amendment has occurred and that the Issuer has or will become obliged to pay such additional amounts as a
      result thereof (irrespective of whether such amendment or change is then effective).

   

  

  
  
     

  

  
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  On the Tax Redemption Date the Issuer shall (subject to the next following paragraph)
      redeem the Bonds at the Redemption Price, together with accrued interest to such date.

   

  If the Issuer gives a Tax Redemption Notice, each Bondholder will have the right to
      elect that its Bonds shall not be redeemed and that the provisions of Section 6 shall not apply in respect of any payment of interest to be made on such Bonds which falls due after the relevant Tax Redemption Date, whereupon no additional amounts
      shall be payable in respect thereof pursuant to Section 6 and payment of all amounts of such interest on such Bonds shall be made subject to the deduction or withholding of any taxation in the relevant Taxing Jurisdiction required to be withheld or
      deducted. To exercise such right, the holder of the relevant Bond must complete, sign and deposit at the specified office of the Principal Paying, Transfer and Conversion Agent or any Conversion Agent, a duly completed and signed notice of election,
      in the form for the time being current, obtainable from the specified office of the Principal Paying, Transfer and Conversion Agent or any Conversion Agent together with the relevant Bonds on or before the day falling 10 days prior to the Tax
      Redemption Date.

   

  		4.3	Redemption due to non-satisfaction of Share Settlement Condition

   

  The Issuer (A) may, at any time after an EGM has been held (at which Shareholder
      Resolutions have been presented) but the Shareholder Resolutions have not been passed, and (B) shall, (i) if the Shareholder Resolutions have not been passed on or before the Long Stop Date or (ii) a No-Acquisition Event has occurred, having given
      not less than 30 nor more than 60 days’ notice to the Principal Paying, Transfer and Conversion Agent, the Trustee and the Bondholders in accordance with Section 15.7:

   

  		(i)	in the case of (A) or (B)(i) above, such notice
            (a “Shareholder Event Notice”) to be given not later than the date which is the tenth Business Day following the Long Stop Date (the “Shareholder Event Notice Deadline”); or

   

  		(ii)	in the case of (B)(ii) above, such notice (a “No-Acquisition

              Event Notice”) to be given not later than the date which is the tenth Business Day following the date on which the No-Acquisition Event occurs,

   

  in each case, redeem all but not some only of the Bonds outstanding on the date (the “Fair

        Bond Value Redemption Date”) falling three Business Days after the end of the Fair Bond Value Calculation Period at an amount equal to the Fair Bond Value Redemption Price.

   

  

  
  
     

  

  
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  		4.4	Redemption at the Option of Bondholders upon a Change of Control

   

  Following the occurrence of a Change of Control, the holder of each Bond will have the
      right to require the Issuer to redeem that Bond on the Change of Control Put Date at its Redemption Price, plus accrued interest to but excluding the Change of Control Put Date. To exercise such right, the holder of the relevant Bond must deliver
      such Bond to the specified office of the Principal Paying, Transfer and Conversion Agent or any Conversion Agent, together with a duly completed and signed notice of exercise in the form for the time being current obtainable from the specified office
      of the Principal Paying, Transfer and Conversion Agent or any Conversion Agent (a “Change of Control Put Exercise Notice”), at any time during the Change of Control Period. The “Change of Control Put Date” shall be the fourteenth
      calendar day after the expiry of the Change of Control Period.

   

  Payment in respect of any such Bond shall be made by transfer to a euro account with a
      bank in a city in which banks have access to the TARGET System as specified by the relevant Bondholder in the relevant Change of Control Put Exercise Notice.

   

  A Change of Control Put Exercise Notice, once delivered, shall be irrevocable and the
      Issuer shall redeem all Bonds the subject of Change of Control Put Exercise Notices delivered as aforesaid on the Change of Control Put Date.

   

  Within 14 calendar days following the occurrence of a Change of Control, the Issuer
      shall give notice thereof to the Bondholders in accordance with Section 15.7 (a “Change of Control Notice”). The Change of Control Notice shall contain a statement informing Bondholders of their entitlement to exercise their Investor Cash
      Settlement Rights or Conversion Rights, as the case may be, as provided in these Conditions and their entitlement to exercise their rights to require redemption of their Bonds pursuant to this Section 4.4.

   

  The Change of Control Notice shall also specify:

   

  		(a)	all information material to Bondholders concerning the Change of
            Control;

   

  		(b)	the Conversion Price immediately prior to the
            occurrence of the Change of Control and the Change of Control Conversion Price applicable pursuant to Section 5.4(c) during the Change of Control Period on the basis of the Conversion Price in effect immediately prior to the occurrence
            of the Change of Control;

   

  		(c)	the Closing Price of the Shares as at the latest practicable date
            prior to the publication of the Change of Control Notice;

   

  		(d)	the Change of Control Period;

   

  		(e)	the Change of Control Put Date; and

   

  		(f)	such other information relating to the Change of Control as the
            Trustee may reasonably require.

   

  The Trustee shall not be required to monitor or take any steps to ascertain whether a
      Change of Control or any event which could lead to a Change of Control has occurred or may occur and will not be responsible or liable to Bondholders or any other person for any loss arising from any failure by it to do so.

   

  		4.5	Redemption Notices

   

  Any Redemption Notice shall be irrevocable. Any such notice shall specify (i) the
      Optional Redemption Date, the Tax Redemption Date or, as the case may be, the expected Fair Bond Value Redemption Date which shall be a Business Day, (ii) the Conversion Price, the aggregate principal amount of the Bonds outstanding and the Closing
      Price of the Shares, in each case as at the latest practicable date prior to the publication of the Redemption Notice and (iii) the last day on which Investor Cash Settlement Rights or Conversion Rights, as applicable, may be exercised by
      Bondholders.

   

  

  
  
     

  

  
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  		5	Conversion Rights and Investor Cash Settlement Rights

   

  		5.1	Conversion Rights, Investor Cash Settlement Rights and Conversion Price

   

  		(a)	Conversion Rights and Investor Cash Settlement Rights

   

  Subject as provided in these Conditions, each Bond shall entitle the Bondholder to require the Issuer to:

   

  		(i)	if the Issuer shall have given a Physical
            Settlement Notice and provided that the relevant Conversion Date falls during the Conversion Period, convert each Bond into the relevant number of Shares as provided in Section 5.3 (“Conversion Rights”), as determined by the Calculation
            Agent by reference to the conversion price (the “Conversion Price”) in effect on the relevant Conversion Date; and

   

  		(ii)	upon the occurrence of a Change of Control (if
            any) prior to the start of the Conversion Period and in circumstances where the relevant Conversion Date falls within the Change of Control Period and prior to the Conversion Period, settle such Bond at the relevant Cash Alternative Amount (the
            “Investor Cash Settlement Right”).

   

  Subject to and as provided in these Conditions and following the Physical Settlement
      Date (if any), Conversion Rights may only be exercised from the later of (i) such Physical Settlement Date (inclusive) and (ii) 7 March 2019 (inclusive) in each case, until (and including) the earlier of (a) the seventh Business Day preceding the
      Maturity Date or (b) if the Bonds have been called for redemption prior to the Maturity Date, the seventh Business Day preceding the relevant redemption date.

   

  The period during which Conversion Rights may (subject as provided herein) be
      exercised by a Bondholder is referred to as the “Conversion Period”. Investor Cash Settlement Rights may not be exercised at any time if the relevant Conversion Date would fall during the Conversion Period.

   

  The Issuer shall, not later than 5 Business Days following the Long Stop Date (or, if
      the Share Settlement Condition is satisfied prior to the Long Stop Date, not later than 5 Business Days following satisfaction of the Share Settlement Condition) give notice to the Bondholders in accordance with Section 15.7 and to the Principal
      Paying, Transfer and Conversion Agent, the Registrar and the Calculation Agent:

   

  		(1)	where the Share Settlement Condition has been
            satisfied, stating that with effect from and including the Physical Settlement Date specified in such notice, Conversion Rights shall be exercisable (such notice, the “Physical Settlement Notice”); or

   

  		(2)	where the Share Settlement Condition has not
            been satisfied, stating that the Share Settlement Condition has not been satisfied and that it intends to redeem the Bonds by publishing a Shareholder Event Notice in accordance with Section 4.3(i).

   

  

  
  
     

  

  
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  		(b)	Conversion Price

   

  The initial Conversion Price is €69.525 per Share. The Conversion Price is subject to adjustment in the
      circumstances described in Section 5.4.

   

  		5.2	Procedures for Exercising Investor Cash Settlement Rights and
              Conversion Rights

   

  		(a)	Delivery of Conversion Notice on exercise of Investor Cash
              Settlement Rights and Conversion Rights

   

  Subject to the terms and conditions of this Section 5.2, each Bondholder may exercise
      its Investor Cash Settlement Rights or Conversion Rights by giving at its own expense to the Conversion Agent a conversion notice (and, if required under Section 5.2(c) below, the relevant Bond certificate) substantially in the form set forth
      in the Agency Agreement (a “Conversion Notice”). The Business Day following the day on which such Conversion Notice shall have been received (or, if such day is not a Business Day, the following Business Day) by the Conversion Agent shall be
      the “Conversion Date” and shall be deemed to be the date on which Investor Cash Settlement Rights or, as the case may be, Conversion Rights, have been exercised. Copies of the Conversion Notice can be obtained during normal business hours at
      the registered office of the Conversion Agent. Shares to be delivered following an exercise of Conversion Rights will be delivered by credit to an account with a financial institution. The Bondholder must include sufficient details about the account
      and the financial institution in the Conversion Notice to permit the Issuer to make or to cause to be made such delivery by credit to such account. Once delivered to the Conversion Agent, a Conversion Notice will be irrevocable unless an Event of
      Default shall have occurred and is continuing on the Delivery Date, in which case the relevant Bondholders shall be entitled to revoke the relevant Conversion Notice by giving notice to the Conversion Agent.

   

  		(b)	Write-down of Global Bond Certificate

   

  If the Bondholder is a Central Securities Depository (as defined below) and the
      certificate evidencing the Bonds being converted is the Global Bond Certificate, the Bondholder must certify to the Conversion Agent that the principal amount of such global certificate will be written down upon the conversion to reflect such
      conversion as provided in the Agency Agreement.

   

  		(c)	Surrender of Bond Certificates

   

  Any other Bondholder must surrender any certificate evidencing the Bonds being converted to the Conversion
      Agent on or before the Conversion Date.

   

  		5.3	Delivery of Shares and Payment of Cash Alternative Amount

   

  		(a)	Delivery of Shares

   

  Where Conversion Rights shall have been exercised, the Issuer shall deliver to the
      relevant Bondholder or Bondholders such number of Shares equal to the Reference Shares in respect of such exercise, thereby satisfying by way of set off the obligation to pay up the issue price of the Shares (which issue price shall be equal to the
      principal amount of the Bonds to be converted).

   

  

  
  
     

  

  
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  		(b)	Fractions

   

  Fractions of Shares will not be issued or transferred and delivered and no cash
      payment or other adjustment will be made in lieu thereof.

   

  If a Conversion Right in respect of more than one Bond is exercised at any one time
      such that Shares to be issued and delivered in respect of such exercise are to be delivered to the same person, the number of Shares to be issued and delivered in respect thereof shall be calculated by the Calculation Agent on the basis of the
      aggregate principal amount of such Bonds, and rounded down to the nearest whole number of Shares in accordance with, and subject to, the definition of Reference Shares.

   

  		(c)	Procedures for Delivery of Shares

   

  Following the exercise of Conversion Rights by a Bondholder, the Issuer shall deliver,
      or procure the delivery, to the relevant Bondholder or Bondholders the Reference Shares (if any) on or before the relevant Delivery Date by crediting the account with the financial institution specified by in the relevant Conversion Notice with the
      Reference Shares.

   

  All Shares delivered to Bondholders on exercise of Conversion Rights will be fully
      paid and non-assessable on the relevant Delivery Date. In these Conditions, “non-assessable” (which term has no equivalent in Dutch) means that neither the Issuer nor any other Person has any right to require the holder of a Share to pay to
      the Issuer or any other Person any additional or further amount solely as a result of its holding of such Share.

   

  “Delivery Date” means the date on which the relevant Reference Shares are
      issued and/or delivered to the relevant Bondholder, which shall be no later than the date falling five Trading Days following the relevant Conversion Date (or, if later, the date falling five Trading Days following the first date on which the
      Conversion Price in effect on the Conversion Date is capable of being determined in accordance with these Conditions).

   

  		(d)	Settlement Disruption Event

   

  If a Settlement Disruption Event occurs between the Conversion Date and the Delivery
      Date, and delivery of any Shares cannot be effected on the Delivery Date, then solely for purposes of this Section 5.3 the Delivery Date will be postponed until the first succeeding calendar day on which delivery of the Shares can take place through
      a national or international settlement system or in any other commercially reasonable manner.

   

  		(e)	No Payment or Adjustment for Accrued Dividends

   

  Shares made available to Bondholders on exercise of their Conversion Rights will rank
      pari passu in all respects with the fully paid Shares in issue on the relevant Delivery Date, except that Bondholders will not be entitled to receive any dividend or other distribution declared payable to holders of Shares by reference to a
      record date falling prior to the Conversion Date. No interest or other amount or adjustment will be paid or made in respect of any such dividend or dividends.

   

  		(f)	Ranking

   

  Where a Bondholder shall have exercised its Conversion Rights, the relevant Bondholder
      or Bondholders shall be entitled to all dividends, distributions and other entitlements determined by reference to a record date on or after the relevant Conversion Date.

   

  

  
  
     

  

  
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  		(g)	Cash Alternative Amount

   

  The Issuer will pay the Cash Alternative Amount, together with any other amount due in
      satisfaction of the relevant exercise of Investor Cash Settlement Rights, by not later than five Trading Days following the last day of the Cash Alternative Calculation Period by transfer to a euro account with a bank in a city in which banks have
      access to the TARGET System in accordance with instructions given by the relevant Bondholder in the relevant Conversion Notice. The Bondholder must include sufficient details about the account and the financial institution in the Conversion Notice to
      permit the Issuer to make or to cause to be made such delivery by credit to such account.

   

  		5.4	Adjustment of Conversion Price

   

  		(a)	Non-Merger Events

   

  The Conversion Price will be adjusted by (unless otherwise specified) the Calculation
      Agent as follows under the following circumstances (each, an “Adjustment Event”):

   

  		(i)	Stock Split or Consolidation

   

  If there shall have occurred a subdivision or consolidation of the Shares (except for
      a Merger Event) into a greater or lesser number of Shares, the Conversion Price will be adjusted as of the date on which such event occurred by multiplying the Conversion Price then in effect by Formula 1 in Section 5.4(b) below.

   

  		(ii)	Granting of Rights or Warrants for Shares

   

  If the Issuer grants or causes to be granted a right, warrant or other security to
      existing holders of Shares as a class giving them the right to purchase or subscribe for additional Shares, (for the avoidance of doubt, other than constituting a Cash or Stock Dividend), the Conversion Price will be adjusted as of the Ex-Date of
      such grant by multiplying the Conversion Price then in effect by Formula 2 in Section 5.4(b) below.

   

  		(iii)	Sale of Shares at a Substantial Discount

   

  If the Issuer issues Shares for no consideration or sells Shares for cash, or causes
      Shares to be sold for cash, for a price that is less than 95 per cent. of the Current Market Price for the Shares on the date of first public announcement of the terms of such sale (other than in the circumstances the subject of Section 5.4(a)(ii)

      or 5.4(a)(iv)), the Conversion Price will be adjusted as of the date of issuance of the Shares by multiplying the Conversion Price then in effect by Formula 3 in Section 5.4(b) below.

   

  

  
  
     

  

  
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  		(iv)	Free Distributions of Shares

   

  If the Issuer makes or causes to be made a free distribution of Shares by way of
      capitalisation of profits or reserves to existing holders of Shares as a class (other than constituting a Cash or Stock Dividend), the Conversion Price will be adjusted as of the Ex-Date of such distribution by multiplying the Conversion Price then
      in effect by Formula 1 in Section 5.4(b) below.

   

  		(v)	Free Distribution of an Equity-Linked Security

   

  If the Issuer makes or causes to be made a free distribution or dividend of securities
      that are convertible, exchangeable or otherwise exercisable into the Shares to existing holders of Shares as a class (other than in the circumstances the subject of Section 5.4(a)(ii)), the Conversion Price will be adjusted as of the Ex-Date
      of such free distribution or dividend by multiplying the Conversion Price then in effect by Formula 2 in Section 5.4(b) below.

   

  		(vi)	Granting of Rights or Warrants for an Equity-Linked Security

   

  If the Issuer grants or causes to be granted a right, warrant or other security to
      existing holders of Shares as a class giving them the right to purchase or subscribe for securities that are convertible, exchangeable or otherwise exercisable into the Shares, (other than in the circumstances the subject of Section 5.4(a)(v))
      the Conversion Price will be adjusted as of the Ex-Date of such grant by multiplying the Conversion Price then in effect by Formula 2 in Section 5.4(b) below.

   

  		(vii)	Issuance of Equity-Linked Securities at a Substantial Discount

   

  If the Issuer issues for no consideration or issues and sells for cash, or causes to
      be issued and sold for cash, securities that are convertible, exchangeable or otherwise exercisable into, or grants rights or options to purchase or subscribe, Shares (other than in the circumstances the subject of Section 5.4(a)(v) or Section
      5.4(a)(vi)) and the price per equity-linked security (determined on a per Share basis by reference to the initial conversion or exchange price or ratio) together with any other consideration received or receivable by the Issuer in respect of
      such equity-linked security (determined on a per Share basis as aforesaid) is less than 95 per cent. of the Current Market Price for the Shares on the date of first public announcement of the terms of such newly issued equity-linked securities, the
      Conversion Price will be adjusted as of the date of issuance of such equity-linked security by multiplying the Conversion Price then in effect by Formula 3 in Section 5.4(b) below.

   

  		(viii)	Granting of Rights or Warrants for other Property

   

  If the Issuer grants a right, warrant or other security giving the right to purchase
      at less than Fair Market Value (determined as at the Ex-Date of such grant), any other property (not covered by another Section of this Section 5.4(a)) to existing holders of Shares, the Conversion Price will be adjusted as of the Ex-Date of
      such grant by multiplying the Conversion Price then in effect by Formula 2 in Section 5.4(b) below.

  

   

  

  
  
     

  

  
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  	 	(ix)	Cash or Stock Dividend

  

  If a Cash or Stock Dividend is paid or made on the Shares, where the Ex-Date in respect
      of such Cash or Stock Dividend falls on or after the Closing Date, then the Conversion Price will be adjusted as of the Ex-Date of such Cash or Stock Dividend, by multiplying the Conversion Price then in effect by Formula 5 in Section 5.4(b)
      below.

  	 	(x)	Spin-off or Subdivision of Shares into Classes

  

  If the Issuer distributes, or causes to be distributed, to existing holders of Shares
      (a “Spin-off Event”) equity securities of any entity other than the Issuer (the “Spin-off Securities”), or subdivides (a “Reclassification”) the Shares into two or more separately quoted classes of equity securities (such new
      classes of equity securities, the “Reclassified Securities”), then one of the following adjustments will be made (as appropriate and subject as provided therein), as selected by the Issuer (in consultation with an Independent Financial
      Adviser) from among the options applicable to such event, effective as of the Ex-Date of any Spin-off Event or as of the effective date of any Reclassification:

  	 	(1)	in the case of a Spin-off Event or a Reclassification where the Spin-off Securities or Reclassified Securities, as the case may be, are
            publicly traded on a Recognised Exchange, the Shares shall thereafter comprise the securities comprising either the Shares immediately prior to such adjustment together with the Spin-off Securities (in the case of a Spin-off Event) or the
            Reclassified Securities (in the case of a Reclassification), in either case in the same amount as the Bondholder would have been entitled to receive had he converted the Bonds into Shares immediately prior to the record date of such Spin-off
            Event or the effective date of such Reclassification;
	 	 	 
	 	(2)	in the case of a Spin-off Event, the Conversion Price will be adjusted by multiplying the Conversion Price then in effect by the fraction
            expressed by Formula 2 in Section 5.4(b) below;
	 	 	 
	 	(3)	in the case of a Spin-off Event, where the Spin-off Securities are publicly traded on a Recognised Exchange, within five Trading Days after the
            Ex-Date of the Spin-off Event, the Issuer will deliver the Spinoff Securities to each Bondholder in the same amount as the Bondholder would have been entitled to receive had he converted the Bonds into Shares immediately prior to the record
            date of such Spin-off Event or the effective date of such Reclassification; or
	 	 	 
	 	(4)	in the case of a Spin-off Event, where the Spin-off Securities are publicly traded on a Recognised Exchange, within five Trading Days after the
            Ex-Date of the Spin-off Event, the Issuer will pay to each Bondholder an amount in cash in euros (rounded to the nearest €0.01, with €0.005
            rounded upwards) equal to the number of such Spin-off Securities as such Bondholder would have been entitled to receive had he converted the Bonds into Shares immediately prior to the record date of such Spin-off Event multiplied by the Fair
            Market Value of the Spin-off Securities on a per Share basis. 

  

  
  
     

  

  
  37

  
    
        

  

   

  If the Issuer selects option (1):

  	 	(y)	in the case of a Spin-off Event, each Bond will thereafter be convertible into the Shares and the relevant Spin-off Securities (in the amount
            determined as provided in option (1) subject to adjustment mutatis mutandis as provided in these Conditions and for such purposes the initial Conversion Price in respect of such Spin-off Securities upon the relevant Spin-off Event shall
            be calculated by dividing the principal amount of each Bond by the number of Spin-off Securities the holder of such Bond would have been entitled to receive had he converted the Bonds into Shares immediately prior to the record date of such
            Spin-off Event). 

  

  No adjustment shall be made to the Conversion Price in respect of the Shares as a
      result of such Spin-off Event.

  	 	(z)	in the case of a Reclassification, the Bonds will thereafter be convertible into each class of the Reclassified Securities (in each case in the
            amount determined as provided in option (1) subject to adjustment mutatis mutandis as provided in these Conditions) and for such purposes the initial Conversion Price in respect of each class of Reclassified Securities upon the
            Reclassification shall be calculated by dividing the principal amount of each Bond by the number of such Reclassified Securities as the holder of such Bond would have been entitled to receive had he converted the Bonds into Shares immediately
            prior to the effective date of such Reclassification. If the Issuer shall select option (3) or (4) the Bonds will continue to be convertible into Shares as provided in these Conditions and no adjustment shall be made to the Conversion Price as
            a result of the relevant Spin-off Event. 

  

  	 	(xi)	Share Buybacks by means of a Tender or Exchange Offer above Market

  

  If the Issuer or any of its Subsidiaries commences a tender or exchange offer for the
      Shares and the Fair Market Value of the cash and other consideration offered per Share (determined as at the Expiration Time) exceeds the value of “P” in Formula 4 in Section 5.4(b) below, the Conversion Price will be adjusted as of the
      Trading Day immediately following the Expiration Time (as defined below) by multiplying the Conversion Price then in effect by the fraction (which shall not be greater than one) expressed by Formula 4 in Section 5.4(b) below. For the avoidance
      of doubt, this clause does not apply to on-market buybacks by the Issuer other than by means of a tender or exchange offer (such as on-market buybacks that are part of a buyback programme).

  
  
     

  

  
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  	 	(b)	Adjustment Formulae

  

  The formulae to be applied in Section 5.4(a) above to adjust the Conversion
      Price are as follows:

  Formula 1 (Sections 5.4(a)(i) and 5.4(a)(iv) above):

  	X
	Y

  

  	 	where:	 
	 	 	 	 
	 	X	=	the number of Shares outstanding immediately prior to the occurrence of such event.
	 	 	 	 
	 	Y	=	the number of Shares outstanding immediately after the occurrence of such event.

  

  Formula 2 (Sections 5.4(a)(ii), 5.4(a)(v), 5.4(a)(vi), 5.4(a)(viii)

      and 5.4(a)(x)(2) above):

  	P - d
	P

  	 	 	 
	 	where:	 
	 	 	 	 
	 	P	=	the Current Market Price on the first day on which the Shares are traded on the Relevant Exchange ex the relevant distribution, dividend,
            rights, warrants or other securities or other property.
	 	 	 	 
	 	d	=	the Fair Market Value per Share of the distribution, dividend, rights, warrants or securities or other property the subject of the relevant
            grant, as the case may be, such Fair Market Value as aforesaid being determined as at the first day on which the Shares are traded on the Relevant Exchange ex such distribution, dividend, rights, warrants or other securities or other property.
	 	 	 	 
	 	Formula 3 (Sections 5.4(a)(iii) and 5.4(a)(vii) above):
	 	 

  	X + (Z x c/P)
	X + Z

  	 	 	 
	 	where:	 
	 	 	 	 
	 	X	=	the number of Shares outstanding immediately prior to the date of first public announcement of the terms of the relevant issue or sale.
	 	 	 	 
	 	P	=	the Current Market Price on the date of first public announcement of the terms of the relevant issue or sale.
	 	 	 	 
	 	Z	=	the number of (i) Shares to be sold or (ii) Shares into which such other securities to be sold or issued are convertible, exchangeable or
            otherwise exercisable.
	 	 	 	 
	 	c	=	(i) the sale price per security of the Shares to be sold or (ii) the sale price of the securities to be sold or issued that are convertible,
            exchangeable or otherwise exercisable into the Shares, together with any other consideration received or receivable in respect of such securities, in each case determined on a per Share basis by reference to the initial issue, sale, conversion
            or exchange price or ratio, as the case may be (and in any such case if the relevant Shares or securities are issued for no consideration, the sale price shall be zero).

  

  
  
     

  

  
  39

  
    
        

  

   

  Formula 4 (Section 5.4(a)(xi) above):

  	N1 x P
	A + (N2 x P)

   

  	 	where:	 
	 	 	 	 
	 	N1	=	the number of Shares outstanding at the latest time (the “Expiration Time”) tenders or exchanges may be made pursuant to such tender or
            exchange offer (as it shall have been amended), inclusive of all Shares validly tendered or exchanged and not withdrawn as of the Expiration Time (the “Purchased Shares”).
	 	 	 	 
	 	N2	=	the number of Shares outstanding at the Expiration Time, exclusive of any Purchased Shares.
	 	 	 	 
	 	P	=	the Current Market Price of the Shares on the date of first public announcement of the terms of the tender or exchange offer.
	 	 	 	 
	 	A	=	the Fair Market Value (determined as at the Expiration Time) of the aggregate consideration payable to holders of Shares based on the
            acceptance (up to any maximum specified in the terms of the tender or exchange offer) of the Purchased Shares.
	 	 	 	 
	 	Formula 5 (Section 5.4(a)(ix) above):
	 	 	 	 

  	P - d
	P

  	 	 	 	 
	 	P	=	the Current Market Price of the Shares on the Ex-Date in respect of the relevant Cash or Stock Dividend.
	 	 	 	 
	 	d	=	the Fair Market Value of the relevant Cash or Stock Dividend per Share as at the Ex-Date of such Cash or Stock Dividend.

  

  	 	(c)	Change of Control

  

  If a Change of Control occurs, the Conversion Price (the “Change of Control
        Conversion Price”) in respect of any Bonds in respect of which Investor Cash Settlement Rights or Conversion Rights are exercised and the Conversion Date falls during the Change of Control Period, will be determined as set out below:

  COCCP = OCP/(1+ (CP x c/t))

  	 	 	 	 
	 	where:	 	 
	 	 	 	 	 
	 	 	COCCP	=	means the Change of Control Conversion Price
	 	 	 	 	 
	 	 	OCP	=	means the Conversion Price in effect on the relevant Conversion Date
	 	 	 	 	 
	 	 	CP	=	means 35 per cent.
	 	 	 	 	 
	 	 	c	=	means the number of days from and including the date the Change of Control occurs to but excluding the Maturity Date
	 	 	 	 	 
	 	 	t	=	means the number of days from and including the Closing Date to but excluding the Maturity Date

  

  
  
     

  

  
  40

  
    
        

  

   

  	 	(d)	Merger Events 

  

  If, in respect of a Merger Event, the consideration for the Shares consists (or, at the
      option of the holder of the Shares, may consist) of New Securities, Other Consideration or Combined Consideration, then on or after the Merger Date each Bond shall be convertible into the number of New Securities, the amount of Other Consideration or
      the amount of Combined Consideration, as the case may be, to which a holder of the number of Shares which would have been required to be delivered had such Bond been converted immediately prior to the Merger Event would be entitled upon consummation
      of the Merger Event. Where pursuant to the foregoing the Bonds will be convertible into property including or comprising New Securities, the initial Conversion Price in respect of such New Securities shall be calculated by dividing the principal
      amount of each Bond by the number of such New Securities (determined as provided above), all as determined by an Independent Financial Adviser.

  	 	(e)	Other Adjustments

  

  No adjustment to the Conversion Price will be required other than those specified
      above. However, if the Issuer (following consultation with the Calculation Agent) determines in good faith that an adjustment should be made to the Conversion Price (or that a determination should be made as to whether an adjustment should be made)
      as a result of one or more events or circumstances not referred to above in this Section 5.4 (even if the relevant event or circumstances are specifically excluded from the operation of any or all of Sections 5.4(a) and 5.4(c) above),
      the Issuer shall, at its own expense and acting reasonably, in consultation with the Calculation Agent, request an Independent Financial Adviser to determine as soon as practicable what adjustment (if any) to the Conversion Price is fair and
      reasonable to take account of such events or circumstances and the date on which such adjustment should take effect. Upon such determination, such adjustment (if any) shall be made and shall take effect in accordance with such determination.

  	 	(f)	Procedures

  

  Except as otherwise provided, the Calculation Agent (or, to the extent so specified in
      these Conditions, an Independent Financial Adviser) will make all adjustments to the Conversion Price pursuant to Sections 5.4(a), 5.4(c), 5.4(d) and 5.4(e) above, and its calculation shall be binding on all parties
      except in the event of bad faith or manifest or proven error.

  The Calculation Agent shall act solely as agent of the Issuer and will not thereby
      assume any obligation towards, or relationship of agency or trust with, and shall not incur any liability in respect of anything done or omitted to be done when acting in such Calculation Agency capacity as against the Trustee or the Bondholders, and
      the Calculation Agent shall not be required or be under any duty to monitor whether any event or other circumstance shall have occurred that would give rise to an adjustment to the Conversion Price. The Calculation Agent shall not be under any duty
      to monitor whether any event or circumstance has occurred or exists or may occur or exist which would entitle the Bondholders to exercise Investor Cash Settlement Rights or Conversion Rights.

  
  
     

  

  
  41

  
    
        

  

   

  The Calculation Agent may consult, at the expense of the Issuer, on any matter
      (including but not limited to, any legal matter), any legal or other professional adviser and it shall be able to rely upon, and it shall not be liable and shall incur no liability as against the Trustee or the Bondholders in respect of anything
      done, or omitted to be done, relating to that matter in good faith in accordance with, that adviser’s opinion.

  Any Independent Financial Adviser appointed pursuant to these Conditions will not
      assume any obligation towards or relationship of agency or trust with, and shall not be liable and shall incur no liability in respect of anything done, or omitted to be done in good faith, in accordance with these Conditions as against the Trustee
      or the Bondholders.

  All references in the foregoing provisions to the number of Shares outstanding shall
      exclude Shares held by or on behalf of the Issuer or any Subsidiary.

  None of the foregoing adjustment provisions shall apply to any bona fide plan for the
      benefit of employees, directors or consultants of the Issuer or any of its Subsidiaries now or hereafter in effect.

  The Conversion Price resulting from any adjustment provided for in Section 5.4(a),
      5.4(c) or 5.4(e) above will be rounded down to the nearest 0.0001, subject to Section 5.4(g).

  	 	(g)	De Minimis Exception

  

  No adjustment to the Conversion Price pursuant to Sections 5.4(a), 5.4(c) and

      5.4(e) above will be made if the adjustment would result in a change in the Conversion Price of less than 1 per cent. of the then prevailing Conversion Price, provided that any adjustment that would otherwise be required to be made and any
      amount by which the Conversion Price has been rounded down pursuant to Section 5.4(f) above will be carried forward and taken into account in any subsequent adjustment.

  	 	(h)	Notice

  

  The Issuer shall give notice to the Principal Paying, Transfer and Conversion Agent,
      the Trustee and the Bondholders in accordance with Section 15.7 of any change (or, at the Issuer’s discretion, any prospective change) to the Conversion Price as soon as reasonably practicable following such change (or, if the notice is given in
      respect of a prospective change, at such time as the Issuer shall determine).

  	 	(i)	Share or Option Schemes, Dividend Reinvestment Plans 

  

  No adjustment will be made to the Conversion Price pursuant to this Section 5.4 where
      Shares or other securities (including rights, warrants and options) are issued, offered, exercised, allotted, purchased, appropriated, modified or granted to, or for the benefit of, employees or former employees (including directors holding or
      formerly holding executive office or non-executive office or the personal service company of any such person) or their spouses or relatives, in each case, of the Issuer or any of its Subsidiaries or any associated company or to a trustee or trustees
      to be held for the benefit of any such person, in any such case pursuant to any share or option scheme or pursuant to any dividend reinvestment plan or similar plan or scheme.

  
  
     

  

  
  42

  
    
        

  

   

  	 	5.5	Stamp, Transfer, Registration or other Taxes or Duties 

  

  The Issuer shall pay all capital, stamp, issue, registration, transfer and other taxes
      or duties imposed by The Netherlands, or any jurisdiction in which the Issuer may be domiciled or resident or to whose taxing jurisdiction the Issuer may generally be subject, payable upon delivery of Shares on exercise of Conversion Rights (“Specified

        Taxes”). If the Issuer shall fail to pay any Specified Taxes, the relevant Bondholder shall be entitled to tender and pay the same and the Issuer as a separate and independent stipulation, covenants to reimburse and indemnify each Bondholder in
      respect of any payment thereof and any penalties payable in respect thereof.

  A Bondholder exercising Conversion Rights must pay directly to the relevant authorities
      any capital, stamp, issue, registration, transfer and other taxes or duties arising on the exercise of such Conversion Rights, other than any Specified Taxes. A Bondholder must also pay all, if any, taxes imposed on it and arising by reference to any
      disposal or deemed disposal by it of a Bond or interest therein in connection with the exercise of Investor Cash Settlement Rights or Conversion Rights by it.

  Any duties or taxes payable by a Bondholder pursuant to this Section 5.5 in the
      jurisdiction of the Conversion Agent with whom the relevant Conversion Notice is deposited shall be required to be paid to such Conversion Agent as a condition precedent to conversion. None of the Issuer, the Trustee or any Agent will impose any
      charge upon the exercise of Investor Cash Settlement Rights or Conversion Rights.

  	 	5.6	Repurchase of Bonds 

  

  The Issuer and any Subsidiary may at any time purchase Bonds at any price in the open
      market or in privately negotiated transactions, provided that such purchases are in compliance with applicable law and stock exchange regulations. All Bonds which are so purchased will forthwith be cancelled and may not be reissued or resold, and the
      principal amount of the Global Bond Certificate will be reduced.

  	6	Withholding Taxes 

  

  All payments of principal, interest and other amounts made by the Issuer in respect of
      the Bonds (including any Cash Alternative Amounts) will be made without deduction or withholding for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied, collected, withheld
      or assessed by or on behalf of any Taxing Jurisdiction, unless the withholding or deduction of such taxes, duties, assessments or governmental charges is required by law or regulation or by the official interpretation thereof. If any corporation
      assumes the Issuer’s rights and obligations under the Bonds, the term “Taxing Jurisdiction” will include each jurisdiction in which such corporation is resident for tax purposes from the time it assumes the Issuer’s rights and obligations.

  In the event that any such withholding or deduction is required to be made, the Issuer
      will pay such additional amounts as will result in the receipt by the Bondholders of the amounts which would otherwise have been receivable had no such withholding or deduction been required, except that no such additional amount shall be payable in
      respect of interest on any Bond to a Bondholder (or to a third party on behalf of a Bondholder) who is subject to such taxes, duties, assessments or governmental charges in respect of such Bond by reason of its having some connection with such Taxing
      Jurisdiction otherwise than merely by holding the Bond or by the receipt of amounts in respect of the Bond.

  
  
     

  

  
  43

  
    
        

  

   

  References in these Conditions to principal and/or interest and/or any other amounts
      payable in respect of the Bonds shall be deemed also to refer to any additional amounts which may be payable under this Section 6 or any undertaking or covenant given in addition thereto or in substitution therefor pursuant to the Trust Deed.

  The provisions of this Section 6 shall not apply in respect of any payments of interest
      which fall due after the relevant Tax Redemption Date in respect of any Bonds which are the subject of a Bondholder election pursuant to Section 4.2.

  	7	Covenants  

  

  So long as any Bond remains outstanding, save with the approval of an Extraordinary
      Resolution or with the prior written approval of the Trustee where, in its opinion, it is not materially prejudicial to the interest of the Bondholders to give such approval:

  	 	(a)	Covenant not to Merge, Consolidate, Amalgamate, Sell, Lease or Transfer Assets under Certain Conditions: The Issuer will not
            consolidate or amalgamate with or merge into any other corporation or corporations (other than where the Issuer is the continuing entity), or sell, lease, or transfer all or substantially all its assets, unless (A) the corporation formed by
            such consolidation or amalgamation, or into which the Issuer shall have been merged, or which shall have acquired such assets upon any such sale, lease or transfer shall have expressly assumed the due and punctual payment of the principal of
            and interest on all the Bonds and the due and punctual performance and observance of all of the covenants and conditions of the Bonds to be performed or observed by the Issuer and (B) (x) each Bond shall thereafter be convertible into the class
            and amount of Shares and other securities, property and assets (including cash) receivable upon such consolidation, amalgamation or merger or sale, lease or transfer by a holder of the number of Shares which would have been required to be
            delivered had such Bond been converted into Shares immediately prior to such merger, consolidation, amalgamation, sale, lease or transfer or (y) if, in the case of any such sale, lease or transfer, no such Shares or other securities, property
            or assets are receivable by holders of Shares, the Bonds will be convertible into Shares or common stock or the like (comprising equity securities) of the corporation which shall have acquired the relevant assets on such basis and with a
            Conversion Price (subject to adjustment as provided in these Conditions) as determined in good faith an Independent Financial Adviser. For the purposes thereof, the Issuer shall execute and deliver to each of the Agents a supplement to the
            Agency Agreement satisfactory to the Principal Paying, Transfer and Conversion Agent. Such supplement will provide for adjustments which will be as nearly equivalent as may be practicable to the adjustments provided for in these Conditions. The
            provisions of this Section 7(a) will apply in the same way to any subsequent merger, consolidation, amalgamation, sale, lease or transfer. In case of any such consolidation, merger, sale, lease or transfer, and following such an
            assumption by the successor corporation, such successor corporation will succeed to and be substituted for the Issuer with the same effect as if it had been named herein. In the event of any such sale, lease or transfer, following such an
            assumption by the successor corporation, the Issuer will be discharged from all obligations and covenants under the Bonds and the Agency Agreement and may be liquidated and dissolved. 

  

  	 	(b)	Reservation of Share Capital: The Issuer undertakes that it will, at all times following the date on which the Physical Settlement
            Notice is given, maintain treasury shares or authorised share capital, free of pre-emption rights sufficient in aggregate for the issuance of Shares that would be required to be delivered to Bondholders on exercise of Conversion Rights in
            respect of all outstanding Bonds from time to time. 

  

  
  
     

  

  
  44

  
    
        

  

   

  	 	(c)	Listing of Shares: The Issuer undertakes to use all reasonable endeavours to ensure that the Shares issued upon exercise of the
            Conversion Rights will be admitted to Euronext Amsterdam and will be listed, quoted or dealt in on any other stock exchange or securities market on which the Shares may then be listed or quoted or dealt in. 
	 	 	 
	 	(d)	Listing of Bonds: The Issuer undertakes to use its reasonable endeavours to cause the Bonds to be admitted to trading on an EEA
            Regulated Market (the “Admission”) no later than 25 July 2019 and use its reasonable endeavours to maintain such Admission for so long as any of the Bonds remain outstanding.  
	 	 	 
	 	(e)	Terms and Conditions: The Issuer undertakes that by no later than the Closing Date it will (i) publish a copy of these Conditions
            (including a legend regarding the intended target market for the Bonds) on its website and (ii) thereafter (and for so long as any of the Bonds remain outstanding) maintain the availability of these Conditions (as the same may be amended in
            accordance with their terms) on such website. 
	 	 	 
	 	(f)	Independent Financial Adviser: The Issuer undertakes, whenever a function expressed in these Conditions to be performed by an
            Independent Financial Adviser falls to be performed, to appoint and (for so long as such function is required to be performed) maintain an Independent Financial Adviser. 

  

  	8	Events of Default  

  

  If any of the following events (each an “Event of Default”) occurs and is
      continuing, the Trustee at its discretion may, and if so requested by a meeting of Bondholders shall, give notice to the Issuer at its registered office that the Bonds are, and they shall accordingly immediately become, due and repayable at their
      Redemption Price together with accrued interest (if any) to the date of payment or, in the case of a failure to give a Physical Settlement Notice if required to do so under Section 5.1, the Fair Bond Value Redemption Price (provided that for such
      purpose the Fair Bond Value Calculation Period shall be deemed to commence on the Trading Day following the Shareholder Event Notice Deadline):

  	 	(a)	Payment Default: the Issuer fails to pay the principal of or interest on or any other amount in respect of any Bonds (including any Cash
            Alternative Amount) when the same becomes due and payable and such failure continues for a period of 10 days; or 
	 	 	 
	 	(b)	Conversion: there is a failure to issue or transfer and deliver Shares upon exercise of Conversion Rights when the same is required to
            be delivered or otherwise a failure to duly and punctually comply with any of the Issuer’s obligations in respect of the exercise of Conversion Rights and such default continues for a period of seven days; or 
	 	 	 
	 	(c)	Breach of Agreement: a default in the observance or performance of any other covenant or agreement contained in these Conditions or the
            Trust Deed which default continues for a period of 30 days after the Issuer receives written notice specifying the default (and demanding that such default be remedied) from the Trustee; or 
	 	 	 
	 	(d)	Cross-Default: (i) any other present or future indebtedness of the Issuer or any of its Material Subsidiaries for or in respect of
            moneys borrowed or raised becomes (or becomes capable of being declared) due and payable prior to its stated maturity by reason of any actual or potential default, event of default or the like (howsoever described), or (ii) any such
            indebtedness is not paid when due or, as the case may be, within any originally applicable grace period, or (iii) the Issuer or any of its Material Subsidiaries fails to pay when due any amount payable by it under any present or future
            guarantee for, or indemnity in respect of, any moneys borrowed or raised provided that the aggregate amount of the relevant indebtedness, guarantees and indemnities in respect of which one or more of the events mentioned above in this Section
            8(d) have occurred equals or exceeds €15,000,000 or its equivalent (as
            reasonably determined by the Trustee); or

  

  
  
     

  

  
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  	 	(e)	Insolvency:  

  

  	 	(i)	the Issuer or any Material Subsidiary: 

  

  	 	(A)	is unable or admits inability to pay its debts generally as they fall due;
	 	 	 
	 	(B)	suspends making payments on any of its debts generally; or
	 	 	 
	 	(C)	by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling
            all or a material part of its indebtedness. 

  

  	 	(ii)	a moratorium is declared in respect of any indebtedness of the Issuer or any Material Subsidiary. 

  

  	 	(f)	Insolvency Proceedings:  

  

  	 	(i)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary
            arrangement, scheme of arrangement or otherwise) of the Issuer or any Material Subsidiary other than a solvent liquidation or reorganisation of any Material Subsidiary (other than the Issuer);
	 	 	 
	 	(i)	a composition, compromise, assignment or arrangement with any creditor of the Issuer or any Material Subsidiary; or 
	 	 	 
	 	(ii)	the appointment of a liquidator (other than in respect of a solvent liquidation of the Issuer or any Material Subsidiary), receiver,
            administrative receiver, administrator, compulsory manager or other similar officer in respect of the Issuer or any Material Subsidiary or any of its assets, which, in the case of an involuntary case or proceeding, remains unstayed and in
            effect for a period of 90 consecutive days,  

  

  or any analogous procedure or step is taken in any jurisdiction; or

  This paragraph (f) shall not apply to any winding-up petition which is frivolous or
      vexatious and is discharged, stayed or dismissed within 30 days of commencement.

  	 	(g)	Creditors’ Process: any expropriation, attachment, sequestration, distress or execution affects any material part of the asset or assets
            of the Issuer or any Material Subsidiary provided that it shall not be an Event of Default under this paragraph (g) if the relevant expropriation, attachment, sequestration, distress or execution is released or discharged within, in respect of
            an interlocutory attachment (conservatoir beslag), 30 days and, in respect of any other attachment, 14 days; or
	 	 	 
	 	(h)	Analogous Proceedings: there occurs, in relation to any Material Subsidiary, in any jurisdiction to which it or any of its assets are
            subject, any event which reasonably corresponds with any of those mentioned in Section 8(e) to 8(g) above; 
	 	 	 
	 	(i)	Illegality: it is or will become unlawful for the Issuer to perform or comply with any one or more of its obligations under any of the
            Bonds or the Trust Deed; or
	 	 	 
	 	(j)	Cessation of Business: the Issuer or any Material Subsidiary ceases (or threatens to cease) to carry on all or a substantial part of its
            business. 

  

  
  
     

  

  
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  	9	Meetings of Bondholders, Modification and Waiver 

   

  		9.1	Meetings of Bondholders

   

  The Trust Deed contains provisions
      for convening meetings of Bondholders to consider matters affecting their interests, including the sanctioning by Extraordinary Resolution of a modification of any of these Conditions or any provisions of the Trust Deed. Such a meeting may be
      convened by the Issuer or the Trustee and shall be convened by the Issuer if requested in writing by Bondholders holding not less than 10 per cent. in principal amount of the Bonds for the time being outstanding. The quorum for any meeting convened
      to consider an Extraordinary Resolution will be one or more persons holding or representing a clear majority in principal amount of the Bonds for the time being outstanding, or at any adjourned meeting one or more persons being or representing
      Bondholders whatever the principal amount of the Bonds so held or represented, unless the business of such meeting includes consideration of proposals, inter alia, (i) to change the Maturity Date or the dates on which interest is payable in
      respect of the Bonds, (ii) to modify the circumstances in which the Issuer or Bondholders are entitled to redeem the Bonds pursuant to Section 4.1, 4.2, 4.3 or 4.4 (other than removing the right of the Issuer to redeem the Bonds pursuant to Section
      4.1 or 4.2), (iii) to reduce or cancel the principal amount of, or interest on, the Bonds or to reduce the amount payable on redemption of the Bonds, (iv) to modify the basis for calculating the interest payable in respect of the Bonds, (v) to modify
      the provisions relating to, or cancel, Investor Cash Settlement Rights or Conversion Rights or the rights of Bondholders to receive Shares or a Cash Alternative Amount on exercise of Investor Cash Settlement Rights or Conversion Rights, as
      applicable, pursuant to these Conditions (other than a reduction to the Conversion Price), (vi) to increase the Conversion Price (other than in accordance with these Conditions), (vii) to modify the basis for calculating the Cash Alternative Amount,
      (viii) to change the currency of the denomination of the Bonds or of any payment in respect of the Bonds, (ix) to change the governing law of the Bonds, the Trust Deed or the Agency Agreement, or (x) to modify the provisions concerning the quorum
      required at any meeting of Bondholders or the majority required to pass an Extraordinary Resolution, in which case the necessary quorum will be one or more persons holding or representing not less than two-thirds, or at any adjourned meeting not less
      than one-half, in principal amount of the Bonds for the time being outstanding. Any Extraordinary Resolution duly passed by the Bondholders shall be binding on all Bondholders (whether or not they were present at any meeting at which such resolution
      was passed and whether or not they voted on such resolution).

   

  The Trust Deed provides that (i) a resolution in
      writing signed by or on behalf of the holders of not less than 75 per cent. of the aggregate principal amount of Bonds outstanding (which may be contained in one document or several documents in the same form, each signed by or on behalf of one or
      more Bondholders) or (ii) consents given by way of electronic consent through the relevant clearing system(s) (in a form satisfactory to the Trustee) by or on behalf of the holders of not less than 75 per cent. of the aggregate principal amount of
      the Bonds outstanding, shall, in any such case, be effective as an Extraordinary Resolution passed at a meeting of Bondholders duly convened and held.

   

  		9.2	Modification and Waiver

   

  The Trustee may agree, without the consent of the
      Bondholders, to (i) any modification of any of the provisions of the Trust Deed, any trust deed supplemental to the Trust Deed, the Agency Agreement, any agreement supplemental to the Agency Agreement, the Bonds or these Conditions which in the
      Trustee’s opinion is of a formal, minor or technical nature or is made to correct a manifest error or to comply with mandatory provisions of law, and (ii) any other modification to the Trust Deed, any trust deed supplemental to the Trust Deed, the
      Agency Agreement, any agreement supplemental to the Agency Agreement, the Bonds or these Conditions (except as mentioned in the Trust Deed), and any waiver or authorisation of any breach or proposed breach, of any of the provisions of the Trust Deed,
      any trust deed supplemental to the Trust Deed, the Agency Agreement, any agreement supplemental to the Agency Agreement, the Bonds or these Conditions which is, in the opinion of the Trustee, not materially prejudicial to the interests of the
      Bondholders. The Trustee may, without the consent of the Bondholders, determine that any Event of Default should not be treated as such, provided that in the opinion of the Trustee, the interests of Bondholders will not be materially prejudiced
      thereby. Any such modification, authorisation, waiver or determination shall be binding on the Bondholders and, if the Trustee so requires, shall be notified to the Bondholders promptly in accordance with Section 15.7.

   

  

  
  
     

  

  
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  		9.3	Entitlement of the Trustee

   

  In connection with the exercise of its functions
      (including but not limited to those referred to in this Section 9) the Trustee shall have regard to the interests of the Bondholders as a class but shall not have regard to any interests arising from circumstances particular to individual Bondholders
      (whatever their number) and, in particular but without limitation, shall not have regard to the consequences of the exercise of its trusts, powers or discretions for individual Bondholders resulting from their being for any purpose domiciled or
      resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory, and the Trustee shall not be entitled to require, nor shall any Bondholder be entitled to claim, from the Issuer or any other person any
      indemnification or payment in respect of any tax consequence of any such exercise upon individual Bondholders, except to the extent provided for in these Conditions or the Trust Deed.

   

  	10	Enforcement

   

  The Trustee may at any time, at its discretion and
      without notice, take such proceedings, actions or steps (including lodging an appeal in any proceedings) against the Issuer as it may think fit to enforce the provisions of the Trust Deed and the Bonds, but it shall not be bound to take any such
      proceedings, actions or steps in relation to the Trust Deed or the Bonds unless (i) it shall have been so directed by an Extraordinary Resolution of the Bondholders or so requested in writing by the holders of at least one-quarter in principal amount
      of the Bonds then outstanding, and (ii) it shall have been indemnified and/or secured and/or prefunded to its satisfaction. Notwithstanding the above:

   

  		(a)	the Trustee may refrain from taking any proceedings, actions or steps in any jurisdiction if the taking of such action in that jurisdiction would, in its opinion based
            upon legal advice in the relevant jurisdiction, be contrary to any law of that jurisdiction; and

   

  		(b)	the Trustee may refrain from taking any proceedings, actions or steps in any jurisdiction if in its opinion based upon legal advice in the relevant jurisdiction it would
            or may render it liable to any person in that jurisdiction or, it would or may not have the power to do the relevant thing in that jurisdiction by virtue of any applicable law in that jurisdiction or if it is determined by any court or other
            competent authority in that jurisdiction that it does not have such power.

   

  No Bondholder shall be entitled to (i) take any
      proceedings, actions or steps against the Issuer to enforce the performance of any of the provisions of the Trust Deed or the Bonds or (ii) take any other proceedings, actions or steps (including lodging an appeal in any proceedings) in respect of or
      concerning the Issuer, in each case unless the Trustee, having become bound so to take any such proceedings, actions or steps, fails so to do within a reasonable period and the failure shall be continuing.

   

  

  
  
     

  

  
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  	11	The Trustee

   

  The Trust Deed contains provisions for the indemnification of the Trustee
      and for its relief from responsibility, including:

   

  		(a)	provisions relieving it from taking any proceedings, actions or steps unless indemnified and/or secured and/or prefunded to its satisfaction; and

   

  		(b)	provisions limiting or excluding its liability in certain circumstances.

   

  The Trustee is entitled to enter into business transactions with the
      Issuer and any entity related to the Issuer without accounting for any profit.

   

  The Trust Deed provides that, when determining
      whether an indemnity or any security or pre-funding is satisfactory to it, the Trustee shall be entitled (i) to evaluate its risk in any given circumstance by considering the worst-case scenario and (ii) to require that any indemnity or security or
      prefunding given to it by the Bondholders or any of them be given on a joint and several basis and be supported by evidence satisfactory to it as to the financial standing and creditworthiness of each counterparty and/or as to the value of the
      security and an opinion as to the capacity, power and authority of each counterparty and/or the validity and effectiveness of the security.

   

  The Trustee may rely without liability to Bondholders
      on a report, confirmation or certificate or any advice of any accountants, financial advisers, financial institution or other expert, whether or not addressed to it and whether their liability in relation thereto is limited (by its terms or by any
      engagement letter relating thereto entered into by the Trustee or in any other manner) by reference to a monetary cap, methodology or otherwise. The Trustee may accept and shall be entitled to rely on any such report, confirmation or certificate or
      advice and such report, confirmation or certificate or advice shall be binding on the Issuer, the Trustee and the Bondholders.

   

  	12	Agents

   

  		12.1	Agent to the Issuer

   

  The Agents and the Calculation Agent, when acting in
      that capacity, act solely as agents of the Issuer and do not assume any obligation towards or relationship of agency or trust for or with any Bondholder or any Person holding an interest in respect of any Bond through an account with a financial
      intermediary or otherwise.

   

  		12.2	Appointment and Termination of Agents and the Calculation Agent

   

  The Issuer has initially appointed the Principal
      Paying, Transfer and Conversion Agent, the Registrar, the Conversion Agents and the Calculation Agent for the Bonds as stated above. The Issuer may at any time, with the approval of the Trustee, appoint additional or other Agents or Calculation Agent
      and terminate the appointment of such Agents or Calculation Agent. Notice of any such termination or appointment and of any change in the office through which any Agent will act will be promptly given to each Bondholder in the manner described in
      Section 15.7 hereof.

   

  		12.3	Duty to Maintain Office

   

  As long as the Bonds, including in the event that
      some but not all Bonds originally issued, are outstanding, the Issuer shall maintain a Principal Paying, Transfer and Conversion Agent and a Calculation Agent which shall each be a financial institution of international repute or a financial adviser
      with appropriate expertise.

   

  

  
  
     

  

  
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  	13	Securities Holding Structure

   

  		13.1	Form and Custody of Bonds

   

  The entire issue of the Bonds will be initially
      evidenced by a global certificate (the “Global Bond Certificate”) in fully registered form which will be deposited on the Closing Date with and registered in the name of a common depositary or its nominee for Euroclear Bank SA/NV (“Euroclear”)

      and Clearstream Banking, S.A. (“Clearstream, Luxembourg” and together with Euroclear, the “Central Securities Depositories” and each a “Central Securities Depository”).

   

  		13.2	Multi-Tiered Holding System

   

  As long as the Global Bond Certificate is on deposit with the Central
      Securities Depositories or any of their respective successors, then:

   

  		(a)	any Person wishing to acquire, hold or transfer an interest in respect of the Bonds must do so through an account with a Central Securities Depository or any of their
            respective successors or another securities intermediary holding an equivalent interest in respect of the Bonds directly or indirectly through a Central Securities Depository or any of its successors;

   

  		(b)	there will be one or more financial intermediaries standing between each such accountholder and the underlying Bonds;

   

  		(c)	the Issuer and the Trustee will have the right to treat the Central Securities Depositories or their respective successors or agents as the holders or Persons exclusively
            entitled to receive interest and other payments or property in respect of or in exchange for the Bonds, including the Shares, and otherwise to exercise all the rights and powers with respect to any Bond;

   

  		(d)	the obligation of the Issuer to make payments of interest and principal (except as provided by a Bondholder pursuant to a Change of Control Put Exercise Notice or
            Conversion Notice) and other amounts with respect to any Bond shall be discharged at the time payment in the appropriate amount is made in accordance with the Agency Agreement to a Central Securities Depository or its successor or agent;

   

  		(e)	the obligation of the Issuer to deliver Shares upon the exercise by any Bondholder of any Conversion Rights shall be discharged at the time the Shares are delivered to a
            Central Securities Depository or its successor or agent in accordance with Section 5.3; and

   

  		(f)	any Person that acquires, holds or transfers interests in respect of any Bond through accounts with a Central Securities Depository or with any other financial
            intermediary will be subject to the laws and contractual provisions governing such Person’s relationship with its financial intermediary, as well as the laws and contractual provisions governing the relationship between its financial
            intermediary and each other financial intermediary, if any, standing between itself and the Global Bond Certificate and, the Bonds Register to determine (A) the legal nature of its interest in respect of any Bond and whether such interest is
            protected against the insolvency of its financial intermediary or any financial intermediary standing between such investor and the underlying Bonds and, the Bonds Register, (B) whether a Central Securities Depository or its successor, and each
            other securities intermediary, if any, standing between such Person and the underlying Bonds and, the Bonds Register, is required to enforce the payment and other terms of the Bonds against the Issuer or to put its accountholders in a position
            to do so directly and (C) whether such Person’s financial intermediary and each financial intermediary, if any, standing between such Person and the underlying Bonds and, the Bonds Register, is required to pass on to such Person the benefits of
            ownership of any Bonds.

   

  

  
  
     

  

  
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  	13.3	Right to Obtain Individual Certificates in Exchange for the Global Bond Certificate

   

  Except as described in this Section 13.3, the Global
      Bond Certificate will not be exchangeable for individual certificates each evidencing a single Bond or less than the entire issue of the Bonds. Subject to the foregoing sentence, if (A) a Central Securities Depository or its successor notifies the
      Issuer that it is unwilling or unable to continue as depository and a successor depository is not appointed within 14 days, (B) an Event of Default shall have occurred and the maturity of the Bonds shall have been accelerated in accordance with the
      terms of the Bonds or (C) the Issuer shall have decided in its sole discretion that the Bonds should no longer be evidenced solely by the Global Bond Certificate, then upon having prepared a deed or deeds with a fixed date, governed by Dutch law,
      between the relevant Bondholder, the relevant Central Securities Depository and the relevant accountholders of such Central Securities Depository with an interest in such Bonds:

   

  		(a)	the Issuer will promptly and in any event not later than 10 Business Days thereafter cause individual certificates each evidencing a single Bond or such other number of
            Bonds as specified by the Central Securities Depositories or their respective successors to be duly executed, authenticated and delivered to the Central Securities Depositories or their respective successors and, registered in the name of the
            relevant Central Securities Depository or its nominee, against surrender of the Global Bond Certificate by the Central Securities Depositories or their respective successors;

   

  		(b)	notwithstanding any other provision of these Conditions or the Agency Agreement, the individual certificates so delivered to the Central Securities Depositories or their
            respective successors may be delivered by them to their respective accountholders in such amounts as shall correspond to the amount of Bonds credited to the accounts of such accountholders on the records of the Central Securities Depositories
            or their respective successors at the time of such delivery and, the Issuer will register the Bonds evidenced by such individual certificates in such names and amounts as the Central Securities Depositories or their respective successors shall
            specify to the Issuer or the Principal Paying, Transfer and Conversion Agent, which specification shall serve as notification of transfer (mededeling); and

   

  		(c)	if for any reason individual certificates are not issued, authenticated and delivered to the Central Securities Depositories or their respective successors in accordance
            with Sections 13.3(a) and 13.3(b) above, then:

   

  		(i)	each Central Securities Depository or its respective successor may provide to each of its accountholders a statement of each accountholder’s interest in the Bonds
            evidenced by the Global Bond Certificate held by such Central Securities Depository or its successor, together with a copy of the Global Bond Certificate; and

   

  		(ii)	notwithstanding any other provision of these Conditions or of the Agency Agreement, each such accountholder or its successors and assigns (x) shall have a claim, directly
            against the Issuer, for the payment of any amount due or to become due in respect of such accountholder’s interest in the Bonds evidenced by the Global Bond Certificate, and shall be empowered to bring any claim, to the extent of such
            accountholder’s interest in the Bonds evidenced by the Global Bond Certificate and to the exclusion of such Central Securities Depository or its successor, that as a matter of law could be brought by the holder of the Global Bond Certificate
            and the Person in whose name the Bonds are registered and (y) may, without the consent and to the exclusion of such Central Securities Depository or its successor, file any claim, take any action or institute any proceeding, directly against
            the Issuer, to compel the payment of such amount or enforce any such rights, as fully as though the interest of such accountholder in the Bonds evidenced by the Global Bond Certificate were evidenced by an individual certificate in such
            accountholder’s actual possession and as if an amount of Bonds equal to such accountholder’s stated interest were registered in such accountholder’s name and without the need to produce the Global Bond Certificate in its original form. This
            Section 13.3(c)(ii) constitutes an unconditional and irrevocable third party stipulation (derdenbeding, as used in Article 6:253 of The Netherlands Civil Code).

   

  

  
  
     

  

  
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  For purposes of this Section 13.3, the account
      records of a Central Securities Depository or its successor will, in the absence of manifest error, be conclusive evidence of the identity of each accountholder that has any interest in the Bonds evidenced by the Global Bond Certificate held by such
      Central Securities Depository or its successor and the amount of such interest. Individual certificates will be issued in denominations of €100,000 of that amount and, when delivered against surrender of such Global Bond Certificate shall be issued
      in registered form without coupons.

   

  	13.4	Direct Holding System

   

  Subject to Section 13.2, if the Global Bond Certificate is exchanged for
      individual certificates each evidencing a single Bond or less than the entire issue of Bonds, then:

   

  		(a)	the Issuer and the Trustee will have the right to treat each Bondholder as the holder and Person exclusively entitled to receive interest and other payments or property in
            respect of or in exchange for the Bonds, including the Shares, and otherwise to exercise all the rights and powers with respect to any Bond;

   

  		(b)	the obligation of the Issuer to make payments of interest and principal and other amounts with respect to the Bonds shall be discharged at the time payment in the
            appropriate amount is made in accordance with the Agency Agreement to each Bondholder; and

   

  		(c)	the obligation of the Issuer to deliver Shares upon the exercise by any Bondholder of any Conversion Rights shall be discharged at the time the Shares are delivered to
            such Bondholder in accordance with Section 5.3.

   

  	13.5	Lost, Stolen or Mutilated Certificates

   

  In case any certificate evidencing one or more Bonds
      shall become mutilated, defaced or apparently destroyed, lost or stolen, the Issuer may execute, and, upon the request of the Issuer, the Registrar shall authenticate and deliver, a new certificate evidencing such Bonds, bearing a number not
      contemporaneously outstanding, in exchange and substitution for the mutilated or defaced certificate evidencing such Bonds or in lieu of and in substitution for the apparently destroyed, lost or stolen certificate evidencing such Bonds. In every case
      the applicant for a substitute certificate evidencing such Bonds shall furnish to the Issuer and to the Registrar such security or indemnity as may be required by them to indemnify and defend and to save each of them and any agent of the Issuer or
      the Registrar harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the apparent destruction, loss or theft of such certificate evidencing such Bonds and of the ownership thereof. Upon the issuance of any
      substitute certificate evidencing such Bonds, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the
      Registrar) connected therewith together with such indemnity or security as is reasonably required by the Issuer and the Registrar.

   

  

  
  
     

  

  
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  	14	Definitions

   

  As used herein, the following capitalised terms have the meanings set
      forth below:

   

  “Agency Agreement” has the meaning set forth in Section 1.1.

   

  “Agents” has the meaning set forth in Section 1.1.

   

  “Bond Market Price” means, in respect of any
      Trading Day, as determined by an Independent Financial Adviser, the arithmetic average of the Mid-Market Bond Prices in respect of such Trading Day from at least three Leading Institutions as such Independent Financial Adviser shall consider
      appropriate (or such lesser number of such Leading Institutions (if any) as such Independent Financial Adviser is able to obtain a Mid-Market Bond Price from), provided that where such Independent Financial Adviser is able to obtain only one such
      Mid-Market Bond Price, the Bond Market Price shall be such Mid-Market Bond Price, and provided further that where such Independent Financial Adviser is not able to obtain any Mid-Market Bond Price, the Bond Market Price shall be considered (by such
      Independent Financial Adviser in making its determination) not to be available in respect of such Trading Day.

   

  “Bondholder” means any Person who is registered as the owner of
      such Bonds on the Bonds Register.

   

  “Bonds” has the meaning set forth in Section 1.1.

   

  “Bonds Register” means the register of the Bonds maintained by the
      Registrar to register ownership of the Bonds.

   

  “Business Day” means a calendar day other than
      a Saturday or a Sunday which in Amsterdam is neither a public holiday nor a calendar day on which banking institutions are closed and, in the case of payments in euro, on which the TARGET System is open and, in the case of surrender of a certificate
      evidencing a Bond, in the place where such certificate is surrendered.

   

  “Calculation Agent” has the meaning set forth in Section 1.1.

   

  “Capital Markets Indebtedness” has the meaning set forth in Section
      2.2.

   

  “cash” includes any promise or undertaking to pay cash or any
      release or extinguishment of, or set-off against, a liability to pay a cash amount.

   

  “Cash Alternative Amount” means, in respect of
      any exercise of Investor Cash Settlement Rights, an amount (rounded to nearest €0.01, with €0.005 rounded upwards) calculated by the Calculation Agent in accordance with the following formula and which shall be payable by the Issuer to a Bondholder
      in respect of the Reference Shares:

   

  

  
  
     

  

  
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  	where:	 
	 	 
	CAA =	the Cash Alternative Amount;
	 	 
	S    =	the Reference Shares;
	 	 
	Pn   =	the Volume Weighted Average Price of a Share on the nth Trading Day of the Cash Alternative Calculation Period; and
	 	 
	N    =	25, being the number of Trading Days in the Cash Alternative Calculation Period,

   

  provided that:

   

  		(a)	if any dividend or other entitlement in respect of the Shares is announced, whether on or prior to or after the relevant Conversion Date in circumstances where the record
            date or other due date for the establishment of entitlement in respect of such dividend or other entitlement shall be on or after the relevant Conversion Date and if on any Trading Day in the Cash Alternative Calculation Period the Volume
            Weighted Average Price determined as provided above is based on a price ex-such dividend or ex-such other entitlement, then such Volume Weighted Average Price shall be increased by an amount equal to the Fair Market Value of any such dividend
            or other entitlement per Share as at the Ex-Date in respect of such dividend or entitlement, determined on a gross basis and disregarding any withholding or deduction required to be made for or on account of tax, and disregarding any associated
            tax credit, all as determined by the Calculation Agent;

   

  		(b)	if any Adjustment Event is announced, whether on or prior to or after the relevant Conversion Date in circumstances where the Deemed Record Date in respect thereof shall
            be prior to the relevant Conversion Date but the relevant adjustment to the Conversion Price is not yet in effect on the relevant Conversion Date, and if any Trading Day in the Cash Alternative Calculation Period falls on or after the Deemed
            Ex-Date in respect of such Adjustment Event, then the Volume Weighted Average Price on any such Trading Day shall be divided by the adjustment factor subsequently determined by the Calculation Agent to be applicable in respect of the relevant
            Conversion Price adjustment (provided that if such adjustment factor is not (but for the operation of this proviso) capable of being determined in accordance with these Conditions on or before the date falling two Business Days prior to the day
            on which the Cash Alternative Amount is to be paid in accordance with these Conditions, such adjustment factor shall (solely for the purpose of this definition) be determined by an Independent Financial Adviser by no later than such date as
            aforesaid); and

   

  		(c)	if any doubt shall arise as to the calculation of the Cash Alternative Amount or if such amount cannot be determined as provided above, the Cash Alternative Amount shall
            be equal to such amount as is determined in such other manner as an Independent Financial Adviser shall consider in good faith to be appropriate to give the intended result.

   

  “Cash Alternative Calculation Period” means,
      in respect of any exercise of Investor Cash Settlement Rights, the period of 25 consecutive Trading Days commencing on the second Trading Day following the Conversion Date.

   

  

  
  
     

  

  
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  “Cash or Stock Dividend” means (i) any
      dividend or distribution paid or payable solely in cash on a Share, and (ii) any dividend or distribution which shall be treated to be paid or payable in cash on a Share pursuant to the following provisions:

   

  	 	(a)	(i)	where a dividend or distribution in cash is announced which is to be, or may at the election of a holder or holders of a Share be, satisfied by the issue or delivery of Shares or other property or assets; or

   

  		(ii)	where a capitalisation of profits or reserves is announced which is to be, or may at the election of a holder or holders of a Share be, satisfied by the payment of cash,

   

  then the dividend, distribution or capitalisation in
      question shall be treated as a dividend or distribution in cash of an amount equal to the greater of:

   

  		(x)	the Fair Market Value of such cash amount as at the Ex-Date in relation to such dividend or distribution; and

   

  		(y)	the Current Market Price of such Shares, or, as the case may be, the Fair Market Value of such other property or assets, as at the Ex-Date in relation to such dividend or
            distribution or capitalisation or, in any such case, if later, the date on which the number of Shares (or amount of such other property or assets, as the case may be) which may be issued or delivered is determined; or

   

  		(b)	where there shall be (other than in the circumstances the subject of paragraph (a) above) any issue of Shares by way of capitalisation of profits or reserves where
            such issue is expressed to be, or in lieu of, a dividend or distribution in cash (whether or not a cash dividend or distribution equivalent or amount is announced or would otherwise be payable to holders of the Shares, whether at their election
            or otherwise), then the issue in question shall be treated as a dividend or distribution in cash of an amount equal to the Current Market Price of such Shares as at the Ex-Date in respect of such dividend or entitlement in relation to such
            issue or, if later, the date on which the number of Shares to be issued is determined.

   

  “Central Securities Depositories” has the meaning set forth in
      Section 13.1.

   

  A “Change of Control” shall occur if a person
      or persons acting together acquires or acquire directly or indirectly (i) more than 50 per cent. of Voting Rights or (ii) the right to appoint and/or remove all or a majority of the members of the executive board (raad van bestuur) or
      supervisory board (raad van commissarissen) of the Issuer, provided that a Change of Control will not be deemed to have occurred solely as a result of the issuance of cumulative preference shares in the capital of the Issuer to Stichting
      Continuïteit Takeaway.com or subsequent cancellation or repurchase thereof.

   

  “Change of Control Conversion Price” has the meaning set forth in
      Section 5.4(c).

   

  “Change of Control Notice” has the meaning set forth in Section
      4.4.

   

  “Change of Control Period” means the period
      commencing on the occurrence of a Change of Control and ending 60 calendar days following the Change of Control or, if later, 60 calendar days following the date on which a Change of Control Notice is given to Bondholders as required by Section 4.4.

   

  “Change of Control Put Date” has the meaning set forth in Section
      4.4.

   

  “Change of Control Put Exercise Notice” has the meaning set forth
      in Section 4.4.

   

  “Closing Date” means 25 January 2019.

   

  

  
  
     

  

  
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  “Closing Price” means, in respect of a Share,
      Security, Reclassified Security or, as the case may be, a Spin-off Security, option, warrant or other right or asset, on any Trading Day, the closing price of a Share, Security, Reclassified Security, or, as the case may be, a Spin-off Security,
      option, warrant or other right or asset published by or derived from Bloomberg page HP (setting “Last Price”, or any other successor setting and using values not adjusted for any event occurring after such Trading Day; and for the avoidance of doubt,
      all values will be determined with all adjustment settings on the DPDF Page, or any successor or similar setting, switched off) in respect of such Share, Security, Reclassified Security, Spin-off Security, options, warrants or other rights or assets
      and such Relevant Exchange (and for the avoidance of doubt such Bloomberg page for the Shares as at the Closing Date is TKWY NA Equity HP) if any, or, in any other case, such other pricing source (if any) as shall be determined to be appropriate by
      an Independent Financial Adviser on such Trading Day and translated, if not in the Relevant Currency, into the Relevant Currency at the Prevailing Rate on such Trading Day, provided that if on any such Trading Day (for the purpose of this definition,
      the “Original Date”) such price is not available or cannot otherwise be determined as provided above, the Closing Price of a Share, Security, Reclassified Security, a Spin-off Security, option, warrant or other right or asset, as the case may
      be, in respect of such Trading Day shall be the Closing Price, determined as provided above, on the immediately preceding Trading Day on which the same can be so determined, and further provided that if such immediately preceding Trading Day falls
      prior to the fifth day before the Original Date, an Independent Financial Adviser shall determine the Closing Price in respect of the Original Date in good faith, all as determined by (where specifically provided above) an Independent Financial
      Adviser or (in any other case) the Calculation Agent.

   

  “Combined Consideration” means New Securities in combination with
      Other Consideration.

   

  “Conditions” has the meaning set forth in Section 1.2.

   

  “Conversion Agent” has the meaning set forth in Section 1.1.

   

  “Conversion Date” has the meaning set forth in Section 5.2.

   

  “Conversion Notice” has the meaning set forth in Section 5.2.

   

  “Conversion Period” has the meaning set forth in Section 5.1.

   

  “Conversion Price” has the meaning set forth in Section 5.1.

   

  “Conversion Rights” has the meaning set forth in Section 5.1.

   

  “Current Market Price” means, in respect of a
      Share at a particular date, the arithmetic average of the daily Volume Weighted Average Price of a Share on each of the five consecutive Trading Days ending on the Trading Day immediately preceding such date, as determined by the Calculation Agent,
      provided that:

   

  		(a)	for the purposes of determining the Current Market Price pursuant to Section 5.4(a)(ii) or (iii) (and pursuant to Formulas 2 and 3 when used in the application thereof) in
            circumstances where the relevant event relates to an issue of Shares, if at any time during the said five Trading Day period (which may be on each of such five Trading Days) the Volume Weighted Average Price shall have been based on a price
            ex-dividend (or ex- any other entitlement) and/or during some other part of that period (which may be on each of such five Trading Days) the Volume Weighted Average Price shall have been based on a price cum-dividend (or cum- any other
            entitlement), in any such case which has been declared or announced, then:

   

  		(i)	if the Shares to be so issued do not rank for the dividend (or entitlement) in question, the Volume Weighted Average Price on the dates on which the Shares shall have been
            based on a price cum-dividend (or cum- any other entitlement) shall for the purpose of this definition be deemed to be the amount thereof reduced by an amount equal to the Fair Market Value of any such dividend or entitlement per Share as at
            the Ex-Date in respect of such dividend or entitlement (or, where on each of the said five Trading Days the Volume Weighted Average Price shall have been based on a price cum-dividend (or cum-any other entitlement), as at the date of first
            public announcement of such dividend or entitlement), in any such case, determined by the Calculation Agent on a gross basis and disregarding any withholding or deduction required to be made on account of tax, and disregarding any associated
            tax credit; or

   

  

  
  
     

  

  
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  		(ii)	if the Shares to be so issued or transferred and delivered (if applicable) do rank for the dividend or entitlement in question, the Volume Weighted Average Price on the
            dates on which the Shares shall have been based on a price ex-dividend (or ex- any other entitlement) shall for the purpose of this definition be deemed to be the amount thereof increased by an amount equal to the Fair Market Value of any such
            dividend or entitlement per Share as at the Ex-Date in respect of such dividend or entitlement, in any such case, determined by the Calculation Agent on a gross basis and disregarding any withholding or deduction required to be made for or on
            account of tax, and disregarding any associated tax credit; and

   

  		(b)	if any day during the said five Trading Day period was the Ex-Date in relation to any dividend (or any other entitlement) the Volume Weighted Average Prices that shall
            have been based on a price cum- such dividend (or cum- such entitlement) shall for the purpose of this definition be deemed to be the amount thereof reduced by an amount equal to the Fair Market Value of any such dividend or entitlement per
            Share as at the Ex-Date in respect of such dividend or entitlement.

   

  “Deemed Ex-Date” means in respect of any
      Adjustment Event (i) the Ex-Date in relation to any Adjustment Event pursuant to Sections 5.4(a)(i), 5.4(a)(ii), 5.4(a)(iv), 5.4(a)(v), 5.4(a)(vi), 5.4(a)(viii), 5.4(a)(ix) or 5.4(a)(x) or (ii) the relevant date of first public announcement as
      referred to in Sections 5.4(a)(iii) or 5.4(a)(vii) (or the Trading Day immediately following the Expiration Time as referred to in Sections 5.4(a)(xi)) in respect of which an adjustment is required to be made to the Conversion Price pursuant to
      Sections 5.4(a)(iii) or 5.4(a)(vii) (or, as the case may be, Section 5.4(a)(xi)).

   

  “Deemed Record Date” means in respect of any
      Adjustment Event (i) the record date or other due date for the establishment of entitlement in respect of the relevant Adjustment Event pursuant to Sections 5.4(a)(i), 5.4(a)(ii), 5.4(a)(iv), 5.4(a)(v), 5.4(a)(vi), 5.4(a)(viii), 5.4(a)(ix) or
      5.4(a)(x) or (ii) (in respect of any other Adjustment Event) the Deemed Ex-Date in respect thereof.

   

  “Delivery Date” has the meaning set forth in Section 5.3(c).

   

  “Dividend Determination Date” means the record date or other due
      date for establishment of entitlement in respect of the relevant Cash or Stock Dividend.

   

  “EEA Regulated Market” means a regulated
      market which complies with the requirements set out on Article 4.1(21) of Directive 2014/65/EU of the European Parliament and of the Council on Markets in Financial Instruments.

   

  “EGM” means an extraordinary general meeting of Shareholders.

   

  

  
  
     

  

  
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  “equity securities” means, in relation to any
      entity, its issued share capital, excluding any part of that capital which does not carry any right to participate beyond a specified amount in a distribution of dividends or assets.

   

  “euro” and “€” means the currency
      introduced at the start of the third stage of European economic and monetary union pursuant to the Treaty establishing the European Community, as amended.

   

  “Euronext Amsterdam” means Euronext in
      Amsterdam, a regulated market of Euronext Amsterdam N.V. or any successor thereof.

   

  “Event of Default” has the meaning set forth
      in Section 8.

   

  “Ex-Date” means, in respect of any Cash or
      Stock Dividend, other dividend, distribution, entitlement, capitalisation, resignation, reclassification, sub-division, issue, offer, grant or other entitlement, the first date on which the Shares are traded ex- such relevant Cash or Stock Dividend,
      other dividend, distribution, entitlement, capitalisation, resignation, reclassification, sub-division, issue, offer, grant or other entitlement on the Relevant Exchange (or, in the case of a dividend which is a purchase or redemption of Shares (or,
      as the case may be, any depositary or other receipts or certificates representing Shares), the date on which such purchase or redemption is made).

   

  “Expiration Time” has the meaning set forth in
      Section 5.4(b).

   

  “Extraordinary Resolution” has the meaning set
      forth in the Trust Deed.

   

  “Fair Bond Value” means, as determined by an
      Independent Financial Adviser, the arithmetic average of (A) the Bond Market Price on each Trading Day comprised in the Fair Bond Value Calculation Period and on which such Bond Market Price is available, subject to such Bond Market Price being
      available in respect of a minimum of three Trading Days, or (B) (where (A) does not apply) in respect of each Trading Day comprised in the Fair Bond Value Calculation Period, the Bond Market Price on each Trading Day on which such Bond Market Price
      is available (if any) or (if no such Bond Market Price in available in respect of such Trading Day) the fair mid-market value (as determined by such Independent Financial Adviser on the basis of a commonly accepted market valuation method and taking
      account of such factors as it considers appropriate) per €100,000 in principal amount of the Bonds (as at the close of business on such Trading Day and using a reference price for the Share equal to the closing price of the Share on such Trading
      Day).

   

  “Fair Bond Value Calculation Period” means the
      period of five consecutive Trading Days commencing on the second Trading Day following (i) in the case of redemption following the giving of a Shareholder Event Notice, the date on which the Shareholder Event Notice is given to the Bondholders in
      accordance with Section 15.7 and (ii) in the case of redemption following the occurrence of a No-Acquisition Event, the date on which the No-Acquisition Event Notice is given to the Bondholders in accordance with Section 15.7.

   

  “Fair Bond Value Redemption Date” has the meaning set forth in
      Section 4.3.

   

  “Fair Bond Value Redemption Price” means an
      amount equal to the greater of (i) 102 per cent. of the principal amount of the Bonds, together with accrued but unpaid interest to (but excluding) the Fair Bond Value Redemption Date and (ii) 102 per cent. of the Fair Bond Value of the Bonds,
      together with accrued but unpaid interest to (but excluding) the Fair Bond Value Redemption Date.

   

  “Fair Market Value” means, on any date (the “FMV Date”):

   

  		(a)	in the case of a Cash or Stock Dividend, the amount of such Cash or Stock Dividend, as determined in good faith by the Calculation Agent;

   

  

  
  
     

  

  
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  		(b)	in the case of any other cash amount, the amount of such cash, as determined in good faith by the Calculation Agent;

   

  		(c)	in the case of Securities (including Shares), Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets that are publicly traded on a
            Relevant Exchange of adequate liquidity (as determined in good faith by the Calculation Agent or an Independent Financial Adviser), the arithmetic mean of (i) in the case of Shares or (to the extent constituting equity securities) other
            Securities, Reclassified Securities or Spin-Off Securities, the daily Volume Weighted Average Prices of the Shares or such other Securities, Reclassified Securities or Spin-Off Securities and (ii) in the case of other Securities, Reclassified
            Securities or Spin-Off Securities (to the extent not constituting equity securities), options, warrants or other rights or assets, the Closing Prices of such Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other
            rights or assets, in the case of both (i) and (ii) during the period of five Trading Days on the Relevant Exchange for such Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets commencing on such
            FMV Date (or, if later, the date (the “Adjusted FMV Date”) which falls on the first such Trading Day on which such Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets are publicly traded,
            provided that where such Adjusted FMV Date falls after the fifth day following the FMV Date, the Fair Market Value of such Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets shall instead be
            determined pursuant to paragraph (d) below, and no such Adjusted FMV Date shall be deemed to apply) or such shorter period as such Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets are
            publicly traded, all as determined in good faith by the Calculation Agent;

   

  		(d)	in the case of Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets that are not publicly traded on a Relevant Exchange of
            adequate liquidity (as aforesaid) or where otherwise provided paragraph (c) above to be determined pursuant to this paragraph (d), an amount equal to the fair market value of such Securities, Reclassified Securities, Spin-Off Securities,
            options, warrants or other rights or assets as determined in good faith by an Independent Financial Adviser, on the basis of a commonly accepted market valuation method and taking account of such factors as it (acting reasonably) considers
            appropriate, including the market price per Share, the dividend yield of an Share, the volatility of such market price, prevailing interest rates and the terms of such Securities, Reclassified Securities, Spin-Off Securities, options, warrants
            or other rights or assets, and including as to the expiry date and exercise price (if any) thereof.

   

  Such amounts shall, if necessary, be translated into
      the Relevant Currency (if not expressed in the Relevant Currency on the FMV Date (or, as the case may be, the Adjusted FMV Date)) at the Prevailing Rate on the FMV Date (or, as the case may be, the Adjusted FMV Date), all as determined in good faith
      by the Calculation Agent. In addition, in the case of (i) and (ii) above, the Fair Market Value shall be determined on a gross basis and disregarding any withholding or deduction required to be made for or on account of tax, and disregarding any
      associated tax credit.

   

  “Further Bonds” means any further Bonds issued
      pursuant to Section 15.6 and consolidated and forming a single series with the then outstanding Bonds.

   

  “Global Bond Certificate” has the meaning set
      forth in Section 13.1.

   

  “indebtedness” shall be construed so as to
      include any obligation for the payment or repayment of money, whether present or future, actual or contingent.

   

  

  
  
     

  

  
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  “Independent Financial Adviser” means an
      independent institution with appropriate expertise, which may be the initial Calculation Agent, appointed by the Issuer (other than where the initial Calculation Agent is appointed) in consultation with the Calculation Agent and (other than where the
      initial Calculation Agent is appointed) approved in writing by the Trustee or, if the Issuer fails to make such appointment and such failure continues for a reasonable period (as determined by the Trustee in its sole discretion) and the Trustee is
      indemnified and/or secured and/or prefunded to its satisfaction against the costs, fees and expenses of such adviser and otherwise in connection with such appointment, appointed by the Trustee (without liability for so doing) following notification
      to the Issuer.

   

  “Interest Payment Date” has the meaning set forth in Section 3.2.

   

  “Interest Period” has the meaning set forth in Section 3.2.

   

  “Investor Cash Settlement Right” has the meaning set forth in
      Section 5.1.

   

  “Judgment Currency” has the meaning set forth in Section 15.4.

   

  “Leading Institution” means an investment bank
      or any other bank or financial institution of recognised standing which is a leading European convertible bond dealer or a market maker in pricing European corporate convertible bond issues.

   

  “Long Stop Date” means 25 October 2019.

   

  “Market Disruption Event” means, for any
      Trading Day, any suspension of or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) (i) in the Shares on the Relevant Exchange occurring or existing during the one-half
      hour period immediately prior to the close of business of the Relevant Exchange or (ii) in any options contracts or futures contracts relating to the Shares on the Relevant Exchange if, in any such case, such suspension or limitation is, in the
      determination of an Independent Financial Adviser, material.

   

  a “Material Subsidiary” means any Subsidiary:

   

  		(a)	whose (i) total assets or (ii) total revenues (consolidated in the case of a Subsidiary which itself has subsidiaries) represent five per cent. or more of the consolidated
            total assets of the Issuer and its Subsidiaries or, as the case may be, consolidated total revenues of the Issuer and its Subsidiaries, in each case as calculated by reference to the then latest audited financial statements of such Subsidiary
            (consolidated or, as the case may be, unconsolidated) and the then latest audited consolidated financial statements of the Issuer provided that:

   

  		(i)	in the case of a Subsidiary acquired or an entity which becomes a Subsidiary after the end of the financial period to which the then latest audited consolidated financial
            statements of the Issuer relate, the reference to the then latest audited consolidated financial statements of the Issuer for the purposes of the calculation of the above shall until the consolidated audited financial statements of the Issuer
            are published for the financial period in which the acquisition is made or, as the case may be, in which such entity becomes a Subsidiary, be deemed to be a reference to the then latest consolidated financial statements of the Issuer adjusted
            in such manner as may be deemed appropriate by the Issuer to consolidate the latest audited financial statements (consolidated or, as the case may be, unconsolidated) of such Subsidiary in such financial statements;

   

  

  
  
     

  

  
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  		(ii)	if, in the case of any Subsidiary, no audited financial statements (consolidated or, as the case may be, unconsolidated) are prepared, then the determination of whether or
            not such Subsidiary is a Material Subsidiary shall be determined by reference to its unaudited annual financial statements (if any) or on the basis of pro forma financial statements (consolidated or, as the case may be, unconsolidated); and

   

  		(iii)	if the latest financial statements of any Subsidiary are not prepared on the basis of the same accounting principles, policies and practices of the latest consolidated
            audited financial statements of the Issuer, then the determination of whether or not such Subsidiary is a Material Subsidiary shall be based on pro forma financial statements or, as the case may be, consolidated financial statements of such
            Subsidiary prepared on the same accounting principles, policies and practices as adopted in the latest consolidated audited financial statements of the Issuer, or an appropriate restatement or adjustment to the relevant financial statements of
            each Subsidiary; or

   

  		(b)	to which is transferred all or substantially all of the business, undertaking and assets of a Subsidiary which immediately prior to such transfer is a Material Subsidiary,
            whereupon the transferor Subsidiary shall immediately cease to be a Material Subsidiary and the transferee Subsidiary shall immediately become a Material Subsidiary under the provisions of this sub-paragraph (b) upon publication of its next
            audited financial statements but so that such transferor Subsidiary or such transferee Subsidiary may be a Material Subsidiary on or at any time after the date on which such audited financial statements have been published by virtue of the
            provisions of sub-paragraph (a) above or (as a result of another transfer to which this sub-paragraph (b) applies) before, on or at any time after such date by virtue of the provisions of this sub-paragraph (b).

   

  “Maturity Date” has the meaning set forth in Section 1.1.

   

  “Merger Date” means, in respect of any Merger
      Event, the date on which all holders of the Shares (other than, in the case of a takeover offer, any Shares owned or controlled by the offeror) have agreed or irrevocably become obligated to transfer their Shares.

   

  “Merger Event” means any (i) consolidation,
      amalgamation or merger of the Issuer with or into another entity (other than a consolidation, amalgamation or merger where the Issuer is the continuing entity) or (ii) a statutory split up (other than a Spin-off Event).

   

  “Mid-Market Bond Price” means, in respect of
      any Trading Day and from any Leading Institution, the average of the prices (per €100,000 in principal amount of the Bonds) provided by such Leading Institution for (x) the purchase by such Leading Institution (bid price), and (y) the purchase from
      such Leading Institution (ask price), in each case in respect of the Bonds as at the close of business on such Trading Day and using a reference price for the Share equal to the closing price of the Share on such Trading Day.

   

  “New Securities” means equity securities (whether of the Issuer or
      a third party) which are publicly traded on a Recognised Exchange.

   

  A “No-Acquisition Event” shall occur if (i) on
      or before the Long Stop Date, the Issuer announces to the public that its acquisition of the German business of Delivery Hero S.E. (as announced by the Issuer on 21 December 2018) will not proceed or (ii) the Issuer has not, on or before the Long
      Stop Date, announced completion of the Acquisition.

   

  “No-Acquisition Event Notice” has the meaning set forth in Section
      4.3.

   

  “Optional Redemption Date” has the meaning set forth in Section
      4.1.

   

  

  
  
     

  

  
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  “Optional Redemption Notice” has the meaning set forth in Section
      4.1.

   

  “Other Consideration” means cash, securities (other than New
      Securities) or other property (whether of the Issuer or a third party).

   

  “Parity Value” means, in respect of any Trading Day, the amount
      determined in good faith by the Calculation Agent and calculated as follows:

   

  	PV	=	N x VWAP
	 	 	 
	where:	 	 
	 	 	 
	PV	=	the Parity Value.
	 	 	 
	N	=	€100,000 divided by the Conversion Price in effect on such Trading Day, provided that if (A) such Trading Day falls on or after the Deemed
            Ex-Date in respect of an Adjustment Event, and (B) such adjustment is not yet in effect on such Trading Day, the Conversion Price in effect on such Trading Day shall for the purpose of this definition only be multiplied by the adjustment factor
            subsequently determined by the Calculation Agent to be applicable in respect of the relevant Conversion Price adjustment.
	 	 	 
	VWAP	=	the Volume Weighted Average Price of a Share on such Trading Day.

   

  “Person” means an individual, a corporation, a
      limited liability company, a partnership, an association, a trust or any other entity or organisation, including a government or political subdivision or an agency or instrumentality thereof.

   

  “Physical Settlement Date” means the date
      specified as such in any Physical Settlement Notice, which shall be not earlier than 10 nor later than 20 Business Days after the date on which the Physical Settlement Notice is given.

   

  “Physical Settlement Notice” has the meaning set forth in Section
      5.1.

   

  “Prevailing Rate” means in respect of any pair
      of currencies on any day, the spot mid-rate of exchange between the relevant currencies prevailing as at or about 12 noon (Amsterdam time) on that day (for the purpose of this definition, the “Original Date”) as appearing on or derived from
      Bloomberg page BFIX (or any successor page) in respect of such pair of currencies, or, if such a rate cannot be so determined, the rate prevailing as at 12 noon (Amsterdam time) on the immediately preceding day on which such rate can be so
      determined, provided that if such immediately preceding day falls earlier than the fifth day prior to the Original Date or if such rate cannot be so determined (all as determined in good faith by the Calculation Agent), the Prevailing Rate in respect
      of the Original Date shall be the rate determined in such other manner as an Independent Financial Adviser shall consider appropriate.

   

  “Principal Paying, Transfer and Conversion Agent” has the meaning
      set forth in Section 1.1.

   

  “Purchased Shares” has the meaning set forth in Section 5.4(b).

   

  “Reclassification” has the meaning set forth in Section 5.4(a)(x).

   

  “Reclassified Securities” has the meaning set forth in Section 5.4(a)(x).

   

  “Recognised Exchange” means a regulated and regularly operating stock exchange.

   

  “Record Date” has the meaning set forth in Section 3.2(d).

   

  “Redemption Notice” means an Optional Redemption Notice, a Tax
      Redemption Notice, a Shareholder Event Notice or a No-Acquisition Event Notice.

   

  

  
  
     

  

  
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  “Redemption Price” has the meaning set forth in Section 3.1.

   

  “Reference Shares” means, in respect of the
      exercise of Investor Cash Settlement Rights or Conversion Rights by a Bondholder, the number of Shares (rounded down, if necessary, to the nearest whole number of Shares) determined in good faith by the Calculation Agent by dividing the aggregate
      principal amount of the Bonds being the subject of the relevant exercise of Investor Cash Settlement Rights or Conversion Rights by the Conversion Price in effect on the relevant Conversion Date, except that where the Conversion Date falls on or
      after the date an adjustment to the Conversion Price takes effect pursuant to Sections 5.4(a)(i), (ii), (iv), (v), (vi), (viii), (ix) or (x) but on or prior to the record date or other due date for establishment of entitlement in respect of the
      relevant event giving rise to such adjustment, then (provided, in respect of an exercise of Conversion Rights only, that the Issuer is able to confer the benefit of the relevant consolidation, reclassification, redesignation or subdivision, dividend,
      issue or grant (as the case may be) on the relevant Bondholder in respect of the relevant Shares to be issued or transferred and delivered to such Bondholder), the Conversion Price in respect of such exercise shall be such Conversion Price as would
      have been applicable to such exercise had no such adjustment been made.

   

  “Relevant Currency” means the euro.

   

  “Relevant Date” means, in respect of any Bond, whichever is the
      later of:

   

  		(i)	the date on which payment in respect of it first becomes due; and

   

  		(ii)	if any payment is improperly withheld or refused, the earlier of (a) the date on which payment in full of the amount outstanding is made or (b) the date falling seven days
            after the date on which notice is given to Bondholders that, upon further presentation of the Bond, where required pursuant to these Conditions, being made, such payment will be made, provided that such payment is in fact made as provided in
            these Conditions.

   

  “Relevant Exchange” means:

   

  		(i)	in respect of the Shares, Euronext Amsterdam or, if at the relevant time the Shares are not at that time listed and admitted to trading on Euronext Amsterdam, the
            principal stock exchange or securities market on which the Shares are then listed, admitted to trading or quoted or dealt in, and

   

  		(ii)	in respect of any Securities (other than Shares), Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets, the principal stock exchange
            or securities market on which such Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets are then listed, admitted to trading or quoted or dealt in,

   

  where “principal stock exchange or securities
        market” shall mean the stock exchange or securities market on which such Shares, Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets are listed, admitted to trading or quoted or dealt in,
      provided that if such Shares, Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets are listed, admitted to trading or quoted or dealt in (as the case may be) on more than one stock exchange or
      securities market at the relevant time, then “principal stock exchange or securities market” shall mean that stock exchange or securities market on which such Shares, Securities, Reclassified Securities, Spin-Off Securities, options, warrants or
      other rights or assets are then traded as determined by the Calculation Agent (if the Calculation Agent determines that it is able to make such determination) or (in any other case) by an Independent Financial Adviser by reference to the stock
      exchange or securities market with the highest average daily trading volume in respect of such Shares, Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets.

   

  

  
  
     

  

  
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  “Securities” means any securities including,
      without limitation, shares in the capital of the Issuer, or options, warrants or other rights to subscribe for or purchase or acquire shares in the capital of the Issuer.

   

  “Settlement Disruption Event” means an event
      beyond the control of the Issuer as a result of which any Central Securities Depository or any of their respective successors or any other central securities depository cannot settle the book-entry transfer of the Shares on such date.

   

  “Share Settlement Condition” means the
      approval at a general meeting of the Shareholders of such resolutions as are required to enable the issuance of, or transfer and delivery of, such number of Shares as may be required to be issued or transferred and delivered from time to time to
      satisfy the exercise of Conversion Rights pursuant and subject to these Conditions.

   

  “Shareholder Event Notice” has the meaning set
      forth in Section 4.3.

   

  “Shareholder Resolutions” means resolutions in
      respect of (i) the granting of rights to subscribe for Shares and the disapplication of pre-emptive rights in respect thereof to enable the issue of Shares in connection with the conversion of the Bonds and (ii) the approval of the Issuer’s
      acquisition of the German business of Delivery Hero S.E. (as announced by the Issuer on 21 December 2018).

   

  “Shareholders” means the holders of Shares.

   

  “Shares” means the ordinary shares in the
      capital of the Issuer with, as at the Closing Date, a nominal value €0.04 each.

   

  “Short Period” has the meaning set forth in
      Section 3.2.

   

  “Spin-off Event” has the meaning set forth in
      Section 5.4(a)(x).

   

  “Spin-off Securities” has the meaning set
      forth in Section 5.4(a)(x).

   

  “Subsidiary” means a subsidiary (dochtermaatschappij)
      as defined in Section 2:24a of Book 2 of the Dutch Civil Code.

   

  “TARGET” means the Trans-European Automated
      Real-Time Gross Settlement Express Transfer System (known as TARGET 2) or any successor thereto.

   

  “TARGET System” means the Trans-European
      Automated Real-Time Gross Settlement Express Transfer (TARGET2) System.

   

  “Tax Redemption Date” has the meaning set
      forth in Section 4.2.

   

  “Tax Redemption Notice” has the meaning set
      forth in Section 4.2.

   

  “Taxing Jurisdiction” means, in respect of any
      entity, the jurisdiction in which it is resident for tax purposes generally or any political subdivision or territory or possession or taxing authority thereof or therein.

   

  “Trading Day” means any calendar day other
      than a Saturday or Sunday that is (or, but for the occurrence of a Market Disruption Event, would have been) a trading day on which the Relevant Exchange is scheduled to be open for business and on which the Shares are scheduled to be capable of
      being dealt in (other than a day on which trading is scheduled to close prior to the regular closing time).

   

  “Trustee” has the meaning set forth in Section
      1.1.

   

  “Volume Weighted Average Price” means, in
      respect of a Share, Security, Reclassified Security or, as the case may be, a Spin-Off Security, on any Trading Day, the volume weighted average price on such Trading Day on the Relevant Exchange of a Share, Security, Reclassified Security or, as the
      case may be, a Spin-Off Security, as published by or derived from Bloomberg page HP (or any successor page) (setting “Weighted Average Line”, or any other successor setting and using values not adjusted for any event occurring after such Trading Day;
      and for the avoidance of doubt, all values will be determined with all adjustment settings on the DPDF Page, or any successor or similar setting, switched off) in respect of such Share, Security, Reclassified Security or, as the case may be, Spin-Off
      Security and such Relevant Exchange (and for the avoidance of doubt such Bloomberg page for the Shares as at the Closing Date is TKWY NA Equity HP), if any or, in any such case, such other pricing source (if any) as shall be determined in good faith
      to be appropriate by an Independent Financial Adviser on such Trading Day and translated, if not in the Relevant Currency, into the Relevant Currency at the Prevailing Rate on such Trading Day, provided that if on any such Trading Day (for the
      purposes of this definition, the “Original Date”) such price is not available or cannot otherwise be determined as provided above, the Volume Weighted Average Price of a Share, Security, Reclassified Security or Spin-Off Security, as the case
      may be, in respect of such Trading Day shall be the Volume Weighted Average Price, determined as provided above, on the immediately preceding Trading Day on which the same can be so determined and further provided that if such immediately preceding
      Trading Day falls prior to the fifth day before the Original Date, an Independent Financial Adviser shall (acting reasonably) determine the Volume Weighted Average Price in respect of the Original Date in good faith, all as determined by (where
      specifically provided above) an Independent Financial Adviser or (in any other, case) the Calculation Agent.

   

  

  
  
     

  

  
  64

   

  

  
    
      
 

  

   

  “Voting Rights” means the right generally to
      vote at a general meeting of shareholders of the Issuer (irrespective of whether or not, at the time, stock of any other class or classes shall have, or might have, voting power by reason of the happening of any contingency) or to elect the majority
      of the members of the board of management or supervisory board of the Issuer.

   

  References to any issue or offer or grant to existing
      holders of Shares “as a class” shall be taken to be references to an issue or offer or grant to all or substantially all existing holders of Shares, other than those to whom, by reason of the laws of any territory or requirements of any
      recognised regulatory body or any other stock exchange or securities market in any territory or in connection with fractional entitlements, it is determined not to make such issue or offer or grant.

   

  	15	Miscellaneous

   

  		15.1	Authentication

   

  The Bonds evidenced by this certificate shall not
      become valid or obligatory until the certificate of authentication hereon shall have been duly signed by the Registrar acting under the Agency Agreement.

   

  		15.2	Repayment of Funds

   

  All monies paid by the Issuer to the Principal
      Paying, Transfer and Conversion Agent or Conversion Agent for payment of principal or interest on any Bond which remain unclaimed at the end of two years after such payment has been made will be repaid to the Issuer and all liability of such Agent
      with respect thereto will cease, and, to the extent permitted by law, the Bondholders shall thereafter look only to the Issuer for payment as a general unsecured creditor thereof.

   

  		15.3	Prescription

   

  Claims for payment on the Bonds which are not
      exercised within five years from the due date of the relevant payment will lapse and revert to the Issuer.

   

  

  
  
     

  

  
  65

   

  
    
      
 

  

  

  

   

  		15.4	Indemnification of Judgment Currency

   

  The Issuer will indemnify each Bondholder against loss
      incurred by such Bondholder as a result of any judgment or order being given or made for any amount due under the Bonds and such judgment or order being expressed and paid in a currency other than euro (the “Judgment Currency”) and as a result
      of any variation as between (i) the rate of exchange at which euro is converted into the Judgment Currency for the purpose of such judgment or order and (ii) the spot rate of exchange in euro at which the Bondholder on the date of payment of such
      judgment or order is able to purchase euro with the amount of the Judgment Currency actually received by the Bondholder.

   

  		15.5	Descriptive Headings

   

  The descriptive headings appearing in these Conditions
      are for convenience of reference only and shall not alter, limit or define the provisions hereof.

   

  		15.6	Further Issues

   

  The Issuer may from time to time without the consent
      of the Bondholders create and issue further bonds having the same terms and conditions in all respects as the outstanding Bonds or in all respects except for the first payment of interest on them and the first date on which Conversion Rights may be
      exercised and so that such further issue shall be consolidated and form a single series with the outstanding Bonds. Any further notes, bonds or debentures forming a single series with the outstanding Bonds constituted by the Trust Deed or any deed
      supplemental to it shall, and any other notes, bonds or debentures may, with the consent of the Trustee, be constituted by a deed supplemental to the Trust Deed. The Trust Deed contains provisions for convening a single meeting of the Bondholders and
      the holders of notes, bonds or debentures of other series in certain circumstances where the Trustee so decides.

   

  		15.7	Notices

   

  		(a)	Notice to the Issuer

   

  Any notice or demand to or on the Issuer may be given or served by being
      deposited in the mail, first class postage prepaid (if available), and addressed to:

   

  Takeaway.com N.V. 

  Oosterdoksstraat 80, 

  1011 DK Amsterdam 

  The Netherlands 

   

  Attention: Brent Wissink / Jitse Groen

   

  or such other address as the Issuer may provide to the Bondholders, the
      Trustee and the Agents in writing.

   

  		(b)	Notice to the Trustee

   

  Any notice or demand to or on the Trustee may be given or served by being
      deposited in the mail, first class postage prepaid (if available), and addressed to:

   

  Stichting Trustee Takeaway.com 

  Hoogoorddreef 15 

  1101 BA 

  Amsterdam 

  The Netherlands

   

  

  
  
     

  

  
  66

   

  
    
        

  

   

  Attention: The Directors

   

  or such other address as the Trustee may provide to a Bondholder, the
      Issuer or the Agents in writing.

   

  		(c)	Notice to Agents

   

  Any notice or demand to or on the Agents may be given or served by being
      deposited in the mail, first class postage prepaid (if available), and addressed to:

   

  The Principal Paying, Transfer and Conversion Agent:

   

  ABN AMRO Bank N.V. 

  Gustav Mahlerlaan 10 

  1082 PP Amsterdam 

  The Netherlands

   

  Attention: Equity Capital Markets

   

  The Registrar:

   

  Bank of America Merrill Lynch International Designated Activity Company 

  Bank of America Merrill Lynch 

  Block D, Central Park 

  Leopardstown 

  D18 N924 

  Ireland

   

  Attention: Asset Services, Common Depository/Registrar

   

  or such other address as the Agents may provide to a Bondholder, the
      Issuer or the Trustee in writing.

   

  		(d)	Notice to Bondholders

   

  Where these Bonds or the Trust Deed requires any
      notice to be given to a Bondholder then unless specified otherwise in these Conditions, such notice shall be given as follows: (A) (x) in the case of Bonds evidenced by the Global Bond Certificate on deposit with a Central Securities Depository, such
      notice shall be delivered in writing to such Central Securities Depository (and the date on which such notice is so delivered shall be the date on which such notice shall be deemed to have been given) and (y) in the case of Bonds evidenced by
      individual certificates in registered form, such notice shall be given by publication on the website of the Issuer (and the date on which such notice is so published shall be the date on which such notice shall be deemed to have been given), and (B)
      so long as the Bonds are listed on any stock exchange or trading platform (and the rules of that stock exchange or trading platform so require), published in a manner which complies with the rules and regulations of such stock exchange or trading
      platform) (and the date on which such notice is so published shall be the date on which such notice shall be deemed to have been given).

   

  If any notice is required to be given more than once
      or on different dates pursuant to this Section 15.7(d), then such notice shall be deemed to have been given on the first date on which such notice is deemed to be given as provided above. 

   

  

  
  
     

  

  
  67

   

  
    
        

  

   

  In addition, at the direction of the Issuer and if the
      Calculation Agent determines in its sole discretions it is able to do so, the Calculation Agent will request Bloomberg to publish the relevant notice on the relevant page for the Bonds (at the expense (if any) of the Issuer) for information purposes
      only.

   

  		15.8	Governing Law and Jurisdiction

   

  The Bonds (including, for the avoidance of doubt, the
      second paragraph of this Section 15.8), the Trust Deed and the Agency Agreement, and any non-contractual obligations arising out of or in connection with them, shall be governed by, and construed in accordance with, the law of The Netherlands.

   

  Any dispute in connection with or arising from the
      Bonds, the Trust Deed and the Agency Agreement or their implementation will be exclusively decided by the competent courts of Amsterdam, The Netherlands, subject to the authority of the Trustee, if it considers this expedient to do so, to agree to
      prorogation (prorogatie).

   

  

  
  
     

  

  
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  SCHEDULE 2 

  Form of Original Individual Certificate

   

  On the front:

   

  ISIN: XS1940192039

   

  THE BONDS EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
      AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES, THE BONDS ARE BEING OFFERED AND SOLD
      OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT. THE BONDS MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
      OF THE SECURITIES ACT. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT.

   

  TAKEAWAY.COM N.V. 

  (a limited liability company (naamloze vennootschap)
        incorporated under the laws of the Netherlands with registered number 08142836)

   

  €250,000,000 2.25 per cent. Senior Unsecured
        Convertible Bonds due 2024

   

  This Bond is an Individual Certificate and forms part of
      a series designated as specified in the title (the “Bonds”) of Takeaway.com N.V. (the “Issuer”) and constituted by the Trust Deed referred to on the reverse hereof. The Bonds are subject to, and have the benefit of, that Trust Deed and
      the terms and conditions (the “Conditions”) set out on the reverse hereof.

   

  The Issuer hereby certifies that [●] is/are, at the date
      hereof, entered in the Bonds Register as the holder(s) of Bonds in the principal amount of €[●].

   

  The Bonds evidenced by this Individual Certificate are
      convertible into ordinary shares of the Issuer (“Shares”) as provided in the Conditions. On the relevant Delivery Date, the Issuer will issue or transfer and deliver to the converting holder such number of Shares, or make payment to the
      relevant holder of the relevant cash amounts, all as specified in and subject to and in accordance with the Conditions and the Trust Deed.

   

  This Individual Certificate is evidence of entitlement
      only. Title to Bonds passes only on due registration on the Bonds Register and only the duly registered holder is entitled to payments in respect of this Individual Certificate.

   

  This Individual Certificate and any non-contractual
      obligations arising out of or in connection with it are governed by, and shall be construed in accordance with, Dutch law.

   

  Capitalised terms not defined herein shall have the
      meaning ascribed thereto in the Trust Deed and the Conditions.

   

  

  
  
     

  

  
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  In Witness whereof the Issuer has caused this Bond to be signed in
      facsimile on its behalf.

   

  Dated ________

   

  	 	 

  Authorised Signatory

   

  For and on behalf of

   

  TAKEAWAY.COM N.V.

   

  This Individual Certificate is authenticated without recourse, warranty or
      liability by or on behalf of the Registrar

   

  BANK OF AMERICA MERRILL LYNCH INTERNATIONAL DESIGNATED ACTIVITY COMPANY

   

  	By:	By:
	 	 
	Authorised Signatory	Authorised Signatory

   

  For use by the Principal Paying, Transfer and Conversion Agent:

   

  	☐	Following the exercise by the Issuer on ......................... of its tax redemption option pursuant to Section 4.2 of the Conditions, a Bondholder’s Tax
            Redemption Notice was received by the Principal Paying, Transfer and Conversion Agent on ....................... in respect of the Bonds evidenced by this Individual Certificate. Accordingly, the provisions of Section 6 of the Conditions shall not apply in
            respect of any payment in respect of principal or interest to be made on such Bonds which falls due after the Tax Redemption Date specified in the Tax Redemption Notice.

   

  

  
  
     

  

  
  70 

   

  
    
        

  

   

  On the back:

   

  Terms and Conditions of the Bonds

   

  [THE TERMS AND CONDITIONS THAT ARE SET OUT IN
          SCHEDULE 1 TO THE TRUST DEED WILL BE SET OUT HERE]

   

  Principal Paying, Transfer and Conversion Agent

   

  ABN AMRO Bank N.V. 

  Gustav Mahlerlaan 10 

  1082 PP Amsterdam 

  The Netherlands 

  Fax no.: +31 (0) 20 383 1661 

  Email: as.exchange.agency@nl.abnamro.com 

  Attention: AS Exchange Agency / Corporate Broking

   

  Registrar

   

  Bank of America Merrill Lynch International Designated
      Activity Company 

  Bank of America Merrill Lynch 

  Block D, Central Park 

  Leopardstown 

  D18 N924 

  Ireland 

  Email: common.depository@bankofamerica.com;
      ipa.europe@baml.com 

  Attention: Asset Services, Common Depository/Registrar

   

  

  
  
     

  

  
  71

   

  
    
        

  

   

  Form of Transfer

   

  FOR VALUE RECEIVED the undersigned hereby transfers to

   

  	 	 
	 	 
	 	 

   

  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF TRANSFEREE)

   

  (not more than four names may appear as joint holders)

   

  €[●] in principal amount of this Bond, and all rights in respect thereof, and
      irrevocably requests the Registrar to transfer such principal amount of this Bond on the books kept for registration thereof.

   

  	Dated	 	 
	 	 	 
	Signed	 	 

   

  Notes:

   

  	(i)	The signature to this transfer must correspond with the name as it appears on the face of this Bond.

   

  	(ii)	A representative of the Bondholder should state the capacity in which he signs e.g. executor.

   

  	(iii)	The signature of the person effecting a transfer shall conform to any list of duly authorised specimen signatures supplied by the registered
            holder or be certified by a recognised bank, notary public or in such other manner as the Registrar may require.

   

  	(iv)	Any transfer of Bonds shall be in the minimum amount of €100,000.

   

  

  
  
     

  

  
  72

   

  
    
        

  

   

  SCHEDULE 3 

  Form of Original Global Bond Certificate

   

  THE BONDS EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
      AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES, THE BONDS ARE BEING OFFERED AND SOLD
      OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT. THE BONDS MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
      OF THE SECURITIES ACT. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT.

   

  ISIN: XS1940192039

   

  TAKEAWAY.COM N.V. 

  (a limited liability company (naamloze vennootschap)
        incorporated under the laws of the Netherlands with registered number 08142836)

   

  €250,000,000 2.25 per cent. Senior Unsecured
        Convertible Bonds due 2024

   

  Global Bond Certificate

   

  	Registered Holder	:	Bank of America GSS Nominees Limited as nominee of Bank of
	 	 	America N.A., London Branch, as Common Depositary for
	 	 	Euroclear and Clearstream Luxembourg.
	 	 	 
	Address of Registered	:	2 King Edward Street
	Holder	 	London EC1A 1HQ
	 	 	United Kingdom

   

  This Global Bond Certificate is issued in respect of the
      €250,000,000 2.25 per cent. Senior Unsecured Convertible Bonds due 2024 (the “Bonds”) of Takaway.com N.V. (the “Issuer”). This Global Bond Certificate certifies that the Registered Holder (as defined above) is registered as the holder
      of such nominal amount of the Bonds at the date hereof.

   

  Interpretation and Definitions

   

  References in this Global Bond Certificate to the
      “Conditions” are to the Terms and Conditions applicable to the Bonds (which are in the form set out in Schedule 1 to the Trust Deed dated 25 January 2019 between the Issuer and Stichting Trustee Takeaway.com as Trustee, as such form is supplemented
      and/or modified and/or superseded by the provisions of this Global Bond Certificate, which in the event of any conflict shall prevail). Other capitalised terms used in this Global Bond Certificate shall have the meanings given to them in the
      Conditions or the Trust Deed.

   

  Promise to Pay

   

  The Issuer, for value received, promises to pay to the
      registered holder of the Bonds evidenced by this Global Bond Certificate (subject to surrender of this Global Bond Certificate if no further payment falls to be made in respect of such Bonds) on the Maturity Date (or on such earlier date as the
      amount payable upon redemption under the Conditions may become payable in accordance with the Conditions) the amount payable upon redemption under the Conditions in respect of the Bonds evidenced by this Global Bond Certificate and to pay interest in
      respect of such Bonds from 25 July 2019 in arrear at the rates, in the amounts and on the dates for payment provided for in the Conditions together with such other sums and additional amounts (if any) as may be payable under the Conditions, in
      accordance with the Conditions.

   

  

  
  
     

  

  
  73

   

  
    
        

  

   

  For the purposes of this Global Bond Certificate, (a)
      the holder of the Bonds evidenced by this Global Bond Certificate is bound by the provisions of the Trust Deed, (b) the Issuer certifies that the Registered Holder is, at the date hereof, entered in the Bonds Register as the holder of the Bonds
      evidenced by this Global Bond Certificate, (c) this Global Bond Certificate is evidence of entitlement only, (d) title to the Bonds evidenced by this Global Bond Certificate passes only on due registration on the Bonds Register, and (e) only the
      holder of the Bonds evidenced by this Global Bond Certificate is entitled to payments in respect of the Bonds evidenced by this Global Bond Certificate.

   

  Meetings

   

  The holder of the Bonds evidenced by this Global Bond
      Certificate shall (unless this Global Bond Certificate represents only one Bond) be treated as two persons for the purposes of any quorum requirements of a meeting of Bondholders.

   

  Conversion

   

  For so long as this Global Bond Certificate is held on
      behalf of any one or more of Euroclear, Clearstream, Luxembourg or an alternative clearing system, Conversion Rights and Investor Cash Settlement Rights may be exercised as against the Issuer in accordance with the Conditions by the delivery to or to
      the order of the Conversion Agent in accordance with the standard procedures of Euroclear, Clearstream, Luxembourg or the alternative clearing system of one or more Conversion Notices duly completed by or on behalf of a holder of a book-entry
      interest representing entitlements to the Global Bond Certificate. Upon exercise of Conversion Rights or Investor Cash Settlement Rights, the Conversion Agent shall annotate Schedule A hereto accordingly.

   

  This Global Bond Certificate shall not become valid for
      any purpose until authenticated by or on behalf of the Registrar.

   

  

  
  
     

  

  
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  In witness whereof the Issuer has caused this Global Bond Certificate
      to be signed on its behalf. 

   

  Dated 25 January 2019

   

  TAKEAWAY.COM N.V.

   

  By:

   

  Authorised Signatory

   

  This Global Bond Certificate is authenticated by or on behalf of the
      Registrar.

   

  BANK OF AMERICA MERRILL LYNCH INTERNATIONAL DESIGNATED ACTIVITY COMPANY

   

  By:

   

  Authorised Signatory

   

  Authorised Signatory

   

  For the purposes of authentication only.

   

  

  
  
     

  

  
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  Schedule A 

  Schedule of Reductions in Principal Amount of Bonds in
        respect of which this 

  Global Bond Certificate is Issued

   

  The following reductions in the principal amount of the
      Bonds in respect of which this Global Bond Certificate is issued have been made as a result of: (i) exercise of Conversion Rights or Investor Cash Settlement Rights attaching to the Bonds, or (ii) redemption of the Bonds, or (iii) purchase and
      cancellation of the Bonds or (iv) issue of Individual Certificates in respect of the Bonds:

   

  	Date of Conversion/Investor Cash Settlement Redemption/ Purchase and Cancellation/ Issue of Individual Certificates (stating which)	 	Amount of decrease in principal amount of this Global Bond Certificate (€)	 	Principal Amount of this Global Bond Certificate following such decrease (€)	 	Notation made by or on behalf of the Principal Paying, Transfer and Conversion Agent

   

  

  
  
     

  

  
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  SCHEDULE 4 

  Provisions for Meetings of Bondholders

   

  	1	In this Schedule the following expressions have the following meanings:

   

  	1.1	“Electronic Consent” has the meaning set out in paragraph 19;

   

  	1.2	“Extraordinary Resolution” means a resolution passed (i) at a meeting of Bondholders duly convened and held in accordance with these
            provisions by or on behalf of the Bondholder(s) of not less than 75 per cent. of the persons eligible to vote at such meeting, (ii) by a Written Resolution or (iii) by an Electronic Consent; and

   

  	1.3	“Written Resolution” means a resolution in writing signed by or on behalf of Bondholders representing in aggregate not less than 75 per
            cent. in aggregate principal amount of the Bonds for the time being outstanding.

   

  	2	         

   

  	2.1	A holder of a Bond in registered form may by an instrument in writing in the form available from any Agent in English signed by the holder or,
            in the case of a corporation, executed under its common seal or signed on its behalf by an attorney or a duly authorised officer of the corporation and delivered to any Agent not later than 48 hours before the time fixed for any meeting,
            appoint any person as a proxy to act on his or its behalf in connection with any meeting or proposed meeting of Bondholders.

   

  	2.2	A holder of a Bond (whether such Bonds are evidenced by a Global Bond Certificate or an Individual Certificate) in registered form which is a
            corporation may, by delivering to any Agent not later than 48 hours before the time fixed for any meeting a resolution in English of its directors or other governing body, authorise any person to act as its representative (a “representative”)

            in connection with any meeting or proposed meeting of Bondholders.

   

  	2.3	A proxy or representative so appointed shall so long as such appointment remains in force be deemed, for all purposes in connection with any
            meeting or proposed meeting of Bondholders specified in such appointment, to be the holder of the Bonds to which such appointment relates and the holder of the Bonds shall be deemed for such purposes not to be the holder.

   

  	3	Each of the Issuer and the Trustee at any time may, and the Issuer upon a request in writing of Bondholders holding not less than 10 per cent.
            in principal amount of the Bonds for the time being outstanding shall, convene a meeting of Bondholders. Whenever any such party is about to convene any such meeting, it shall forthwith give notice in writing to each other party of the day,
            time and place of the meeting and of the nature of the business to be transacted at it. Every such meeting shall be held at such time and place as the Trustee may approve.

   

  	4	At least 21 days’ notice (exclusive of the day on which the notice is given and of the day on which the meeting is held) specifying the day,
            time and place of meeting shall be given to the Bondholders. A copy of the notice shall in all cases be given by the party convening the meeting to each of the other parties. Such notice shall also specify the nature of the resolutions to be
            proposed.

   

  	5	A person (who may, but need not, be a Bondholder) nominated in writing by the Trustee may take the chair at every such meeting but if no such
            nomination is made or if at any meeting the person nominated shall not be present within 15 minutes after the time fixed for the meeting, the Bondholders present shall choose one of their number to be chairman, failing which the Issuer may
            appoint a chairman. The chairman of an adjourned meeting need not be the same person as was chairman of the original meeting.

   

  

  
  
     

  

  
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  	6	At any such meeting any one or more persons present in person holding Bonds or being proxies or representatives and holding or representing in
            the aggregate not less than 15 per cent. in aggregate principal amount of the Bonds for the time being outstanding shall (except for the purpose of passing an Extraordinary Resolution) form a quorum for the transaction of business and no
            business (other than the choosing of a chairman) shall be transacted at any meeting unless the requisite quorum be present at the commencement of business. The quorum at any such meeting for passing an Extraordinary Resolution shall (subject as
            provided below) be one or more persons present in person holding Bonds or being proxies or representatives and holding or representing in the aggregate a majority in principal amount of the Bonds for the time being outstanding; provided that at
            any meeting the business of which includes any of the matters specified in the proviso to paragraph 16, the quorum shall be one or more persons present in person holding Bonds or being proxies or representatives and holding or representing in
            the aggregate not less than two-thirds in principal amount of the Bonds for the time being outstanding, a holder of a Global Bond Certificate being treated as two persons.

   

  	7	If within 15 minutes from the time fixed for any such meeting a quorum is not present, the meeting shall, if convened upon the requisition of
            Bondholders, be dissolved. In any other case it shall stand adjourned (unless the Issuer and the Trustee agree that it be dissolved) for such period, not being less than 14 days nor more than 42 days, and to such place, as may be decided by the
            chairman. At such adjourned meeting one or more persons present in person holding Bonds or voting certificates or being proxies or representatives (whatever the principal amount of the Bonds so held or represented) shall form a quorum and may
            pass any resolution and decide upon all matters which could properly have been dealt with at the meeting from which the adjournment took place had a quorum been present at such meeting; provided that at any adjourned meeting at which is to be
            proposed an Extraordinary Resolution for the purpose of effecting any of the modifications specified in the proviso to paragraph 16, the quorum shall be one or more persons so present holding Bonds or being proxies or representatives and
            holding or representing in the aggregate not less than one-half in principal amount of the Bonds for the time being outstanding. If a quorum is not present within 15 minutes from the time fixed for a meeting so adjourned, the meeting shall be
            dissolved.

   

  	8	The chairman may with the consent of (and shall if directed by) any meeting adjourn such meeting from time to time and from place to place but
            no business shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from which the adjournment took place.

   

  	9	At least 10 days’ notice of any meeting adjourned through want of a quorum shall be given in the same manner as for an original meeting and
            such notice shall state the quorum required at such adjourned meeting. It shall not, however, otherwise be necessary to give any notice of an adjourned meeting.

   

  	10	Every question submitted to a meeting shall be decided in the first instance by a show of hands and in case of equality of votes the chairman
            shall both on a show of hands and on a poll have a casting vote in addition to the vote or votes (if any) which he may have as a Bondholder or as a proxy or representative.

   

  

  
  
     

  

  
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  	11	At any meeting, unless a poll is (before or on the declaration of the result of the show of hands) demanded by the chairman, the Issuer, the
            Trustee or by one or more persons holding one or more Bonds or being proxies or representatives and holding or representing in the aggregate not less than one-fiftieth in principal amount of the Bonds for the time being outstanding, a
            declaration by the chairman that a resolution has been carried or carried by a particular majority or lost or not carried by any particular majority shall be conclusive evidence of the fact without proof of the number or proportion of the votes
            recorded in favour of or against such resolution.

   

  	12	If at any meeting a poll is so demanded, it shall be taken in such manner and (subject as provided below) either at once or after such an
            adjournment as the chairman directs and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded as at the date of the taking of the poll. The demand for a poll shall not prevent the
            continuation of the meeting for the transaction of any business other than the question on which the poll has been demanded.

   

  	13	Any poll demanded at any meeting on the election of a chairman or on any question of adjournment shall be taken at the meeting without adjournment.

   

  	14	The Issuer and the Trustee (through their respective representatives) and their respective financial and legal advisers may attend and speak at
            any meeting of Bondholders. No one else may attend at any meeting of Bondholders or join with others in requesting the convening of such a meeting unless he is the holder of a Bond or is a proxy or a representative of a Bondholder.

   

  	15	At any meeting on a show of hands every person who is present in person and who produces a Bond or is a proxy or a representative shall have
            one vote and on a poll every person who is so present shall have one vote in respect of each €100,000 in principal amount of the Bonds so produced or represented or in respect of which he is a proxy or a representative. Without prejudice to the
            obligations of proxies, any person entitled to more than one vote need not use all his votes or cast all the votes to which he is entitled in the same way.

   

  	16	A meeting of Bondholders shall, subject to the Conditions, in addition to the powers given above, but without prejudice to any powers conferred
            on other persons by this Trust Deed, have power exercisable by Extraordinary Resolution:

   

  	16.1	to sanction any proposal by the Issuer or the Trustee for any modification, abrogation, variation or compromise of, or arrangement in respect
            of, the rights of the Bondholders against the Issuer or against any of its property whether such rights shall arise under this Trust Deed, the Paying, Transfer and Conversion Agency Agreement, or otherwise;

   

  	16.2	to sanction any scheme or proposal for the exchange, substitution or sale of the Bonds for, or the conversion of the Bonds into, or the
            cancellation of the Bonds in consideration of, shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities of the Issuer or any other body corporate formed or to be formed, or partly for or into or in
            consideration of such shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities as aforesaid;

   

  	16.3	to assent to any modification of this Trust Deed or the Conditions which shall be proposed by the Issuer or the Trustee;

   

  

  
  
     

  

  
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  	16.4	to authorise anyone to concur in and do all such things as may be necessary to carry out and to give any authority, direction or sanction which
            under this Trust Deed or the Bonds is required to be given by Extraordinary Resolution;

   

  	16.5	to appoint any persons (whether Bondholders or not) as a committee or committees to represent the interests of the Bondholders and to confer
            upon such committee or committees any powers or discretions which the Bondholders could themselves exercise by Extraordinary Resolution;

   

  	16.6	to approve a person proposed to be appointed as a new Trustee and to remove any Trustee; and

   

  	16.7	to discharge or exonerate the Trustee from any liability in respect of any act or omission for which it may become responsible under this Trust
            Deed or the Bonds,

   

  		provided that the special quorum provisions contained in the proviso to paragraph 6 and, in the case of an adjourned meeting, in the proviso to
            paragraph 7 shall apply in relation to any Extraordinary Resolution for the purpose of paragraph 16.2 and making any modification to the provisions contained in this Trust Deed or the Conditions which would have the effect of:

  

   

  		(i)	changing the Maturity Date or the dates on which interest is payable in respect of the Bonds,

   

  		(ii)	modifying the circumstances in which the Issuer or Bondholders are entitled to redeem the Bonds pursuant to Sections 4.1, 4.2, 4.3 or 4.4 of
            the Conditions (other than removing the right of the Issuer to redeem the Bonds pursuant to Sections 4.1 or 4.2 of the Conditions);

   

  		(iii)	reducing or cancelling the principal amount of, or interest on, the Bonds or to reduce the amount payable on redemption of the Bonds;

   

  		(iv)	modifying the basis for calculating the interest payable in respect of the Bonds;

   

  		(v)	modifying the provisions relating to, or cancelling, Investor Cash Settlement Rights or Conversion Rights or the rights of Bondholders to
            receive Shares or a Cash Alternative Amount on exercise of Investor Cash Settlement Rights or Conversion Rights, as applicable, pursuant to the Conditions (other than a reduction to the Conversion Price);

   

  		(vi)	increasing the Conversion Price (other than in accordance with the Conditions);

   

  		(vii)	modifying the basis for calculating the Cash Alternative Amount;

   

  		(viii)	changing the currency of the denomination of the Bonds or of any payment in respect of the Bonds;

   

  		(ix)	changing the governing law of the Bonds, the Trust Deed or the Paying, Transfer and Conversion Agency Agreement;

   

  		(x)	modifying the provisions concerning the quorum required at any meeting of Bondholders or the majority required to pass an Extraordinary Resolution; or

   

  		(xi)	amending this proviso.

   

  	17	An Extraordinary Resolution passed at a meeting of Bondholders duly convened and held in accordance with this Trust Deed shall be binding upon
            all the Bondholders, whether or not present at such meeting and whether or not they vote in favour, and each of the Bondholders shall be bound to give effect to it accordingly. The passing of any such resolution shall be conclusive evidence
            that the circumstances of such resolution justify the passing of it.

   

  

  
  
     

  

  
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  	18	Minutes of all resolutions and proceedings at every such meeting shall be made and entered in the books to be from time to time provided for
            that purpose by the Issuer or the Trustee and any such minutes, if purporting to be signed by the chairman of the meeting at which such resolutions were passed or proceedings transacted or by the chairman of the next succeeding meeting of
            Bondholders, shall be conclusive evidence of the matters contained in them and until the contrary is proved every such meeting in respect of the proceedings of which minutes have been so made and signed shall be deemed to have been duly
            convened and held and all resolutions passed or proceedings transacted at it to have been duly passed and transacted.

   

  	19	Subject to the following paragraph, a Written Resolution may be contained in one document or in several documents in like form, each signed by
            or on behalf of one or more of the Bondholders.

   

  For so long as the Bonds are in the form of a Global
      Bond Certificate registered in the name of a common depositary for Euroclear, Clearstream, Luxembourg or another clearing system, or a nominee of any of the above then, in respect of any resolution proposed by the Issuer or the Trustee:

   

  		(i)	where the terms of the proposed resolution have been notified to the Bondholders through the relevant clearing system(s), each of the Issuer
            and the Trustee shall be entitled to rely upon approval of such resolution proposed by the Issuer or the Trustee (as the case may be) given by way of electronic consents communicated through the electronic communications systems of the relevant
            clearing system(s) in accordance with their operating rules and procedures by or on behalf of the Bondholder(s) of not less than 75 per cent. in aggregate principal amount of the Bonds for the time being outstanding (“Electronic Consent”).

            Neither the Issuer nor the Trustee shall be liable or responsible to anyone for such reliance; and

   

  		(ii)	where Electronic Consent is not being sought, for the purpose of determining whether a Written Resolution has been validly passed, the Issuer
            and the Trustee shall be entitled to rely on consent or instructions given in writing directly to the Issuer and/or the Trustee, as the case may be, by accountholders in the clearing system with entitlements to such Global Bond Certificate or,
            where the accountholders hold any such entitlement on behalf of another person, on written consent from or written instruction by the person for whom such entitlement is ultimately beneficially held, whether such beneficiary holds directly with
            the accountholder or via one or more intermediaries and provided that, in each case, the Issuer and the Trustee have obtained commercially reasonable evidence to ascertain the validity of such holding and have taken reasonable steps to ensure
            that such holding does not alter following the giving of such consent or instruction and prior to the effecting of such amendment. Any resolution passed in such manner shall be binding on all Bondholders, even if the relevant consent or
            instruction proves to be defective. As used in this paragraph, “commercially reasonable evidence” includes any certificate or other document issued by Euroclear, Clearstream, Luxembourg or any other relevant clearing system, and/or
            issued by an accountholder of them or an intermediary in a holding chain, in relation to the holding of interests in the Bonds. Any such certificate or other document shall, in the absence of manifest error, be conclusive and binding for all
            purposes. Any such certificate or other document may comprise any form of statement or print out of electronic records provided by the relevant clearing system (including Euroclear’s EUCLID or Clearstream, Luxembourg’s CreationOnline system) in
            accordance with its usual procedures and in which the accountholder of a particular principal or nominal amount of the Bonds is clearly identified together with the amount of such holding. Neither the Issuer nor the Trustee shall be liable to
            any person by reason of having accepted as valid or not having rejected any certificate or other document to such effect purporting to be issued by any such person and subsequently found to be forged or not authentic.

   

  

  
  
     

  

  
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  A Written Resolution and/or Electronic Consent shall
      take effect as an Extraordinary Resolution. A Written Resolution and/or Electronic Consent will be binding on all Bondholders, whether or not they participated in such Written Resolution and/or Electronic Consent.

   

  	20	Subject to all other provisions contained in this Trust Deed the Trustee may without the consent of the Bondholders prescribe such further
            regulations regarding the holding of meetings of Bondholders and attendance and voting at them as the Trustee may in its sole discretion determine including particularly (but without prejudice to the generality of the foregoing) such
            regulations and requirements as the Trustee thinks reasonable:

   

  	20.1	so as to satisfy itself that persons who purport to requisition a meeting in accordance with paragraph 3 or who purport to make any requisition
            to the Trustee in accordance with this Trust Deed are in fact Bondholders; and

   

  	20.2	so as to satisfy itself that persons who purport to attend or vote at any meeting of Bondholders are entitled to do so in accordance with this
            Trust Deed.

   

  	21	Nothing in this Trust Deed shall prevent any of the proxies named in any form of proxy from being a director, managing director, officer or
            representative of, or otherwise connected with, the Issuer or any of its other Subsidiaries.

   

  	22	References in this Schedule to Agents shall, where the context requires, be taken to be references to Principal Paying, Transfer and Conversion Agent.

   

  

  
  
     

  

  
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  SCHEDULE 5 

  Form of Directors’ Certificate

   

  [ON THE HEADED PAPER OF THE ISSUER]

   

  	To:	Stichting Trustee Takeaway.com

  Hoogoorddreef 15 

  1101 BA 

  Amsterdam

   

  [Date]

   

  Dear Sirs

   

  Takeaway.com N.V. 

  €250,000,000 2.25 per cent. Senior Unsecured Convertible Bonds due 2024

   

  This certificate is delivered to you in accordance with
      Clause 9.5 of the Trust Deed dated 25 January 2019 (the “Trust Deed”) and made between Takeaway.com N.V. (the “Issuer”) and Stichting Trustee Takeaway.com (the “Trustee”). All words and expressions defined in the Trust Deed shall
      (save as otherwise provided herein or unless the context otherwise requires) have the same meanings herein. The undersigned, having made all reasonable enquiries to the best of their knowledge, information and belief, hereby confirms (but without any
      personal liability):

   

  	(a)	As at [●]1, no Event of Default or Change of Control existed
            [other than [●]]2 and no Event of Default or Change of Control had existed at any time since [●]3 [the Certification Date (as defined in the Trust Deed) of the last certificate delivered under Clause 9.54]/[the date of this Trust Deed]
            [other than [●]]5; and

   

  	(a)	From and including [●]3 [the Certification Date of the last
            certificate delivered under Clause 9.5]4/[the date of this Trust Deed] to and including [●]1, the Issuer confirms that there has been no breach in respect of its obligations under the Trust Deed [other than [●]]6 and that no Change of
            Control [other than [●]]7 has occurred.

   

  For and on behalf of the Issuer

   

  Executive Director

   

  
  
     

  

  
  	1	Specify a date not more than 5 days before the date of delivery of the certificate.

  

  	2	If any Event of Default or Change of Control did exist, give details; otherwise delete.

  

  	3	Insert date of Trust Deed in respect of the first certificate delivered under Clause 9.5, otherwise delete.

  

  	4	Include unless the certificate is the first certificate delivered under Clause 9.5, in which case delete.

  

  	5	If any Event of Default or Change of Control did exist, give details; otherwise delete.

  

  	6	If the Issuer has failed to comply with any obligation(s), give details; otherwise delete.

  

  	7	If a Change of Control has occurred, give details; otherwise delete.

   

  

  
  
     

  

  
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  	SIGNED by	 
	 	 
	TAKEAWAY.COM N.V.	 
	 	 
	By:	 
	 	 
	/s/ Brent Wissink	 
	 	 
	Authorised Signatory
	 
	Name: Brent Wissink
	Title:   Managing Director

   

  

  
  
     

  

  
  Signature page to Trust Deed

   

  
    
        

  

   

  	SIGNED by	 	 
	 	 	 
	STICHTING TRUSTEE TAKEAWAY.COM	 	 
	 	 	 
	By:	SGG Custody B.V.	 	 
	 	 	 
	/s/ Douglas Tessers	 	/s/ J. van der Sluis
	 	 	
          J. van der Sluis

          Director

        
	Authorised Signatory	 	 
	 	 	 
	Douglas Tessers	 	 
	Proxy Holder	 	 

   

  

  
  
     

  

  
  Signature page to Trust Deed

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