Document:

Exhibit 4.1

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), NOR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE SOLD,
PLEDGED, OFFERED FOR SALE, ASSIGNED OR TRANSFERRED UNLESS (a) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER
THE SECURITIES ACT, AND ANY APPLICABLE STATE SECURITIES LAW REQUIREMENTS HAVE BEEN MET OR (B) EXEMPTIONS FROM THE REGISTRATION
REQUIREMENTS UNDER THE SECURITIES ACT AND THE REGISTRATION OR QUALIFICATION REQUIREMENTS OF APPLICABLE STATE SECURITIES LAWS ARE
AVAILABLE.

 

CONVERTIBLE NOTE

 

	$20,000.00	Issue Date: August 18, 2020
	 	New York, New York

 

FOR VALUE RECEIVED,
Newtown Lane Marketing, Incorporated, a Delaware corporation (the “Company”), promises to pay to the order of Ironbound
Partners Fund, LLC (“Holder”), at c/o Graubard Miller, 405 Lexington Avenue, 11th Floor, New York,
New York 10174 or such other address as instructed by Holder, the principal sum of Twenty Thousand dollars and no cents (US$20,000.00)
with interest thereon at the rate of five percent (5%) per annum. Interest as aforesaid shall be calculated on the basis of actual
number of days elapsed over a year of 360 days.

 

The principal amount and
all accrued interest of this Note is due on August 31, 2021 (the “Maturity Date”).

 

This Note is subject to
the following additional provisions:

 

Section 1. Definitions.
For the purposes hereof, in addition to the terms defined elsewhere in this Note, the following terms shall have the following
meanings:

 

“Business Day” means any
day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day on which banking institutions
in the State of New York are authorized or required by law or other government action to close.

 

“Common Stock” means the
common stock, par value $0.001 per share, of the Company and stock of any other class into which such shares may hereafter have
been reclassified or changed.

 

“Conversion Date” shall
have the meaning set forth in Section 3(a) hereof.

 

“Conversion Price” shall
have the meaning set forth in Section 3(b).

 

“Conversion Shares” means
the shares of Common Stock issuable upon conversion of this Note or as payment of interest, all in accordance with the terms hereof.

 

“Event of Default” shall
have the meaning set forth in Section 5.

 

“Fundamental Transaction”
shall have the meaning set forth in Section 3(a) hereof.

 

“Person” means a corporation,
an association, a partnership, organization, a business, an individual, a government or political subdivision thereof or a governmental
agency.

 

Section 2. Registration of Transfers and Exchanges.

 

(a) Different Denominations. This
Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations as requested by the
Holder surrendering the same, No service charge will be made for such registration of transfer or exchange.

 

(b) Reliance on Note Register.
Prior to due presentment to the Company for transfer of this Note, the Company and any agent of the Company may treat the Person
in whose name this Note is duly registered on the Note Register as the owner hereof for the purpose of receiving payment as herein
provided and for all other purposes, whether or not this Note is overdue, and neither the Company nor any such agent shall be affected
by notice to the contrary.

 

    

     

    

 

Section 3. Conversion.

 

(a) Optional Conversion. From and
after the consummation of a “Qualified Financing” (as defined below),or upon the consummation of a business combination
transaction (by merger, asset purchase, stock-swap or otherwise) with an entity that is engaged in an active trade or business
(a “Fundamental Transaction”), then, upon the election of the Holder, the principal and accrued but unpaid interest
payable hereunder may be converted into shares of Common Stock in accordance with the provisions of Section 3(b) and (c) hereof.
The “Conversion Date” shall be deemed to be (a) in the event of an election to convert subsequent to a Qualified Financing,
the date of delivery by the Holder of a conversion notice, or (b) in the event of the consummation of a Fundamental Transaction,
the date such transaction is consummated. At least ten (10) days prior to the consummation of a Fundamental Transaction, the Company
shall give the Holder written notice of the proposed consummation of a Fundamental Transaction. Within five (5) days of receipt
of written notice of the proposed consummation of a Fundamental Transaction, Holder shall advise the Company if he elects to convert
this Note in accordance with the provisions of Section 3(b) and (c) hereof. If Holder fails to deliver a conversion notice within
such period, upon the closing of the Fundamental Transaction, the principal amount and all accrued interest of this Note shall
be due and payable. For the purposes of the provision, a “Qualified Financing” shall mean the first sale of equity
to an unaffiliated party yielding gross proceeds to the Company of at least $100,000.

 

(b) Conversion Price. The conversion
price shall be equal to the per share price attributable to the Company’s Common Stock in a Qualified Financing, or if no
Qualified Financing shall have been consummated, the per share price in the Fundamental Transaction as determined in good faith
by the Board of Directors of the Company (the “Conversion Price”).

 

(c) Mechanics of Conversion

 

i. Conversion Shares Issuable Upon
Conversion of Principal Amount. The number of shares of Common Stock issuable upon a conversion hereunder shall be determined
by the quotient obtained by dividing (x) the amount of this Note (including both principal and accrued but unpaid interest) to
be converted by (y) the Conversion Price.

 

ii. Delivery of Certificate Upon Conversion.
Not later than five (5) Business Days after any Conversion Date, the Company will deliver to the Holder at an address in the United
States (A) a certificate or certificates representing the Conversion Shares representing the number of shares of Common Stock being
acquired upon the conversion of Note.

 

iii. Reservation of Shares Issuable
Upon Conversion. The Company covenants that it will at all times reserve and keep available out of its authorized and unissued
shares of Common Stock solely for the purpose of issuance upon conversion of this Note (after taking into account all existing
issued and outstanding shares of Common Stock and all shares reserved for issuance under the Company’s issued and outstanding
convertible securities), free from preemptive rights or any other actual contingent purchase rights of persons other than the Holder,
not less than such number of shares of the Common Stock as shall be issuable upon the conversion of the outstanding principal amount
and accrued interest under this Note. The Company covenants that all shares of Common Stock that are issuable upon conversion of
this Note shall, upon issuance, be duly and validly authorized, issued and fully paid and nonassessable.

 

iv. Fractional Shares. Upon a conversion
hereunder the Company shall not be required to issue stock certificates representing fractions of shares of the Common Stock, but
may if otherwise permitted, make a cash payment in respect of any final fraction of a share based on the fair market value of a
share at such time. If the Company elects not, or is unable, to make such a cash payment, the Holder shall be entitled to receive,
in lieu of the final fraction of a share, one whole share of Common Stock.

 

v. Transfer Taxes. The issuance
of certificates for shares of the Common Stock on conversion of this Note shall be made without charge to the Holder for any documentary
stamp or similar taxes that may be payable in respect of the issue or delivery of such certificate, provided that the Company shall
not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such
certificate upon conversion in a name other than that of the Holder of such Notes so converted and the Company shall not be required
to issue or deliver such certificates unless or until the person or persons requesting the issuance thereof shall have paid to
the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid.

 

    

     

    

 

Section 4. Events of Default.

 

(a) Event of Default. Wherever
used herein, means any one of the following events (whatever the reason and whether it shall be voluntary or involuntary or effected
by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative
or governmental body):

 

i. any default in the payment of (A) the
principal, or (B) interest on this Note as and when the same shall become due and payable which default is not cured within two
(2) Trading Days after written notice from the Holder;

 

ii. any representation or warranty made
herein shall be untrue or incorrect in any material respect as of the date when made or deemed made; or

 

iii. (i) there is commenced against the
Company thereof a case under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto,
or any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or
liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Company thereof which remains
undismissed for a period of 60 days or a voluntary petition is made by the Company under the provisions of the Federal Bankruptcy
Code or any state statute for the relief of debtors; or (ii) the Company thereof is adjudicated by a court of competent jurisdiction
insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or (iii) the Company
suffers any appointment of any custodian or the like for it or any substantial part of its property which continues undischarged
or unstayed for a period of 60 days.

 

(b) Remedies Upon Event of Default.
Upon the occurrence of an Event of Default specified in Sections 4(a)(i) or 4(a)(ii), Holder may, by written notice to the Company,
declare this Note to be due and payable, whereupon the principal amount of this Note, together with accrued interest thereon and
all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice
of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the
contrary notwithstanding. Upon the occurrence of an Event of Default specified in Section 4(a)(iii), the unpaid principal balance
of, all accrued, unpaid interest thereon, and all other sums payable with regard to, this Note shall automatically and immediately
become due and payable, in all cases without any action on the part of Holder. If an Event of Default occurs, the rate of interest
applicable to the unpaid principal amount shall be adjusted to eighteen percent (18%) per annum from the Maturity Date (or such
earlier date if the obligation to repay this Note is accelerated) until the date of repayment; provided, that in no event shall
the interest rate exceed the maximum rate permitted by law.

 

Section 5. Miscellaneous.

 

(a) Notices. Any and all notices
or other communications or deliveries to be provided by the Holder hereunder, shall be in writing and delivered personally, by
facsimile, sent by a nationally recognized overnight courier service, addressed to the Company, at c/o Graubard Miller, 405 Lexington
Avenue, 11th Floor, New York, New York 10174, or such other address or facsimile number as the Company may specify
for such purposes by notice to the Holder delivered in accordance with this Section. Any and all notices or other communications
or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by email, at the email address
of such Holder appearing on the books of the Company, by facsimile, sent by a nationally recognized overnight courier service addressed
to the Holder at the facsimile, telephone number or address of such Holder appearing on the books of the Company, or if no such
facsimile telephone number or address appears, at the principal place of business of the Holder. Any notice or other communication
or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile telephone number specified in this Section prior to 5:30 p.m. (New York
City time), (ii) the date after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile
telephone number specified in this Section later than 5:30 p.m. (New York City time) on any date and earlier than 11:59 p.m. (New
York City time) on such date, (iii) the second Business Day following the date of mailing, if sent by nationally recognized overnight
courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.

 

    

     

    

 

(b) Absolute Obligation. Except
as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of, interest and liquidated damages (if any) on, this Note at the time, place, and rate,
and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company.

 

(c) Lost or Mutilated Note. If
this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange and substitution for
and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed Note, a new Note for
the principal amount of this Note so mutilated, lost, stolen or destroyed but only upon receipt of evidence of such loss, theft
or destruction of such Note, and of the ownership hereof; and indemnity, if requested, all reasonably satisfactory to the Company.

  

(d) Governing Law. All questions
concerning the construction, validity, enforcement and interpretation of this Note, and any claim, controversy or dispute arising
under or related to this Note, the relationship of the parties, and/or the interpretation and enforcement of the rights and duties
of the parties hereunder shall be governed by and construed and enforced in accordance with the internal laws of the State of New
York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the
interpretations, enforcement and defense of the transactions contemplated by any of the Transaction Documents (whether brought
against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced
in the state or federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”). Each
party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to
the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, or such New York Courts are improper
or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service
shall constitute good and sufficient service of process and notice thereof Nothing contained herein shall be deemed to limit in
any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this
Note or the transactions contemplated hereby. If either party shall commence an action or proceeding to enforce any provisions
of this Note, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney’s
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

(e) Waiver. Any waiver by the Company
or the Holder of a breach of any provision of this Note shall not operate as or be construed to be a waiver of any other breach
of such provision or of any breach of any other provision of this Note. The failure of the Company or the Holder to insist upon
strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive that party of the
right thereafter to insist upon strict adherence to that term or any other term of this Note. Any waiver must be in writing.

 

(f) Severability. If any provision
of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any provision is inapplicable
to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances. If it shall be found
that any interest or other amount deemed interest due hereunder violates applicable laws governing usury, the applicable rate of
interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest. The Company covenants (to
the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take
the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying
all or any portion of the principal of or interest on this Note as contemplated herein, wherever enacted, now or at any time hereafter
in force, or which may affect the covenants or the performance of this indenture, and due Company (to the extent it may lawfully
do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to any such
law, binder, delay or impeded the execution of any power herein granted to the Holder, but will suffer and permit the execution
of every such as though no such law has been enacted.

 

    

     

    

 

(g) Next Business Day. Whenever
any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next
succeeding Business Day.

 

(h) Headings. The headings contained
herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit or affect any of the provisions
hereof.

 

(i) Application of Payments. All
payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including
(without limitation) reasonable attorneys’ fees, then to the payment in full of any accrued, unpaid interest and finally
to the reduction of the unpaid principal balance of this Note

 

IN WITNESS WHEREOF,
the Company has caused this Note to be duly executed by a duly authorized officer as of the date first above indicated.

 

	 	NEWTOWN LANE MARKETING, INCORPORATED
	 	 	 
	 	By:	/s/ Jonathan J. Ledecky  
	 	 	Jonathan J. Ledecky, PresidentEX-10.1

 Exhibit 10.1 

NuCana plc 
 Company
Number 03308778 
 2020 LONG-TERM INCENTIVE PLAN 
  

 
 Approved by shareholders on
25 June 2020 
 Adopted by the board of directors on 25 June 2020 

 CONTENTS 
  

							
	Rule	 	 	  	Page	 
			
	 1.
	 	INTRODUCTION	  	 	2	 
			
	 2.
	 	DEFINITIONS AND INTERPRETATION	  	 	2	 
			
	 3.
	 	PROVISIONS RELATING TO A GRANT OF AN AWARD	  	 	5	 
			
	 4.
	 	GRANT OF AWARDS	  	 	6	 
			
	 5.
	 	ISO LIMITS	  	 	8	 
			
	 6.
	 	VESTING OF AWARDS	  	 	9	 
			
	 7.
	 	CONSEQUENCES OF VESTING	  	 	10	 
			
	 8.
	 	EXERCISE OF OPTIONS	  	 	11	 
			
	 9.
	 	CASH ALTERNATIVE	  	 	13	 
			
	 10.
	 	LAPSE OF AWARDS	  	 	14	 
			
	 11.
	 	CESSATION OF OFFICE, EMPLOYMENT OR CONSULTANCY	  	 	15	 
			
	 12.
	 	TAKEOVERS AND OTHER CORPORATE EVENTS	  	 	16	 
			
	 13.
	 	ADJUSTMENT OF AWARDS	  	 	18	 
			
	 14.    
	 	ALTERATIONS	  	 	19	 
			
	 15.
	 	MISCELLANEOUS	  	 	19	 

  
 -1- 

 RULES OF THE 

NUCANA PLC 2020 LONG-TERM INCENTIVE PLAN 
  

	1.	 INTRODUCTION 

The Plan is a discretionary benefit offered by NuCana plc for the benefit of Employees, directors and consultants of its Group Members.

 The Plan allows for the grant of Awards in the form of: 
  

	 	(a)	 Conditional Awards, which are rights to receive Shares for free automatically to the extent the Award
Vests; and 

  

	 	(b)	 Options, which are Awards under which the Participant can buy Shares, to the extent the Award has
Vested, during the Exercise Period at a price set when the Option is granted. 

 Share-based Awards may be settled in cash
under Rule 9 (Cash Alternative) where applicable. 
 ISO Options may be granted to eligible US Taxpayers, to the extent permitted or
desirable. 
  

	2.	 DEFINITIONS AND INTERPRETATION 

 

	2.1	 In the Plan, unless the context otherwise requires: 

“ADS” means an American Depositary Share (also known as an American Depositary Receipt or ADS), each of which represents 1
ordinary share of nominal value £0.04 in the capital of the Company (the underlying Ordinary Share); 
 “Award” means
a Conditional Award or an Option; 
 “Board” means the board of directors of the Company or a duly authorised committee of
the Board or a duly authorised person; 
 “Committee” means the remuneration committee of the Board or, on and after the
occurrence of a corporate event described in Rule 12 (Takeovers and other corporate events), the remuneration committee of the Board as constituted immediately before such event occurs; 

“Company” means NuCana plc (registered in England and Wales with registered number 03308778); 

“Conditional Award” means a conditional right to acquire Shares granted under the Plan which is designated as a conditional
award under Rule 4.2 (Type of Award); 
 “Consultant” means an individual who is contracted to provide services to a
Participating Company or a Group Member (as applicable) and who is not an employee or director of that company; 
 “Control”
means control within the meaning of section 719 of ITEPA; 
 “Early Vesting Date” means either: 

 

	 	(a)	 the date of Vesting referred to in Rule 12.1 (General offers), Rule 12.2 (Schemes of arrangement and
winding up) or Rule 12.3 (Demergers and similar events) (as applicable); or 

  
 -2- 

	 	(b)	 such other date on which the Committee allows Discretionary Vesting before the Normal Vesting Date in
accordance with Rule 6.1 (Timing of Vesting: Normal Vesting Date); 

 “Eligible Person” means an
individual who is an Employee or director (including a non- executive director) of, or a Consultant to, a Participating Company, provided, however, that an individual who is subject to Section 409A of the IRS Code will not be an Eligible Person
unless he or she is an employee of, or a director to, the Company or a Subsidiary in which the Company has a “controlling interest” (for purposes of US Code Section 409A). ; 

“Employee” means any employee of a Group Member (including, without limitation, an employee who is also serving as an officer
or director of the Company or a Subsidiary), designated by the Committee to be eligible to be granted one or more Awards under the Plan; 

“Employer Social Security Liability” means employer’s national insurance contributions (secondary class 1) or equivalent
in jurisdictions other than the UK, to the extent lawfully recoverable from the relevant employee, for which any Group Member or former Group Member is liable to account to the relevant authority; 

“Engaged Person” means an individual who is an employee or director (including a non-
executive director) of, or a Consultant to, a Group Member; 
 “Exercise Period” means the
ten-year period commencing on the Grant Date; as referred to in Rule 7.2 during which an Option may be exercised; 

“Fair Market Value” means, with respect to a Share, as of any date (i) if the Shares are admitted to trading on a
securities exchange, the closing price of a Share on the preceding day on such securities exchange or, if no such sale is reported on that date, on the last preceding date on which a sale was so reported; (ii) if the Shares are not at the time
listed or admitted to trading on a stock exchange, the closing average of the closing bid and asked price of a Share on the preceding day in the over-the-counter market,
as such price is reported in a publication of general circulation selected by the Committee and regularly reporting the market price of the Shares in such market; or (iii) if the Shares are not listed or admitted to trading on any stock
exchange or traded in the over-the-counter market, as determined by the Committee in good faith using a reasonable application of a reasonable valuation method. For
purposes of Options granted to US Taxpayers, Fair Market Value shall also be determined in a manner compliant with Section 409A or, in the case of an ISO Option, in compliance with Section 422 of the IRS Code. 

“Grant Date” means the date on which an Award is granted; 

“Group Member” means each of the Company and its Subsidiaries; 

“IRS Code” means the United States Internal Revenue Code, as the same may be amended from time to time and any successor
thereto; 
 “ISO Option” means an Option granted to an Employee that is intended to be, and qualifies as, an incentive stock
option within the meaning of Section 422 of the IRS Code; 
 “ITEPA” means the Income Tax (Earnings and Pensions) Act
2003; 
 “Normal Vesting Date” means the date on which an Award Vests under Rule 6.1 (Timing of Vesting: Normal
Vesting Date), in the absence of an Early Vesting Date; 

  
 -3- 

 “Option” means a right to acquire Shares granted under the Plan which is
designated as an option under Rule 4.2 (Type of Award); 
 “Option Price” means the amount, if any, payable per Share
on the exercise of an Option; 
 “Ordinary Shares” means fully paid ordinary shares of nominal value £0.04 in the
capital of the Company; 
 “Participant” means such Eligible Person to whom an Award is granted including his personal
representatives, and in the case of ISO Options, the Participant’s Survivor(s); 
 “Participating Company” means the
Company or any Subsidiary of the Company; 
 “Performance Condition” means a condition related to performance which is
specified by the Committee under Rule 4.1 (Terms of grant); 
 “Plan” means the NUCANA PLC 2020 LONG-TERM
INCENTIVE PLAN as amended from time to time; 
 “Regular Option” means an Option other than a Short-Term Option or an RSU-style Option; 
 “RSU-style Option” is an
Option with an Option Price equal to the nominal value of an Ordinary Share whether it is an option to acquire Ordinary Shares or an option to acquire ADSs, which is automatically exercised in accordance with the provisions of Rule 8.4 (Method of
exercise: RSU-style Option) as soon as it becomes exercisable; 
 “Rule” means a
rule of the Plan; 
 “Section 409A” means Section 409A of the IRS Code and the Treasury Regulations and other guidance
published by the United States Treasury Department and the United States Internal Revenue Service with respect thereto, and any United States state law of similar effect. 

“Shares” means Ordinary Shares or ADSs, as the context so admits; 

“Short-Term Deferral Period” means the short-term deferral period (within the meaning of IRS Code Section 409A and Treas.
Regs. §1.409A-1(b)(4)); 
 “Short-Term Option” is an Option which may not
be exercised later than the end of the Short-Term Deferral Period in relation to that Option; 
 “Subsidiary” means a body
corporate which is a subsidiary (within the meaning of section 1159 of the Companies Act 2006); 
 “Survivor” means a
deceased Participant’s legal representatives and/or any person or persons who acquired the Participant’s rights to an Award by will or by the laws of descent and distribution, as applicable. 

“Tax Liability” means any amount of tax or social security contributions for which a Participant would or may be liable and
for which any Group Member or former Group Member would or may be obliged to (or would or may suffer a disadvantage if it were not to) account for to any relevant authority, together with any Employer Social Security Liability in relation to a
specific Award to the extent that the Committee determined at the Grant Date that such liability was to be recovered from the Participant; 

  
 -4- 

 “Ten Percent Shareholder” means an individual who on any given date owns,
either directly or indirectly (taking into account the attribution rules contained in IRS Code Section 424(d)), stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or a “parent” or
“subsidiary” company (within the meaning of IRS Code Section 424). 
 “Treasury Regulations” or
“Treas. Regs.” means the United States Treasury Regulations, as the same may be amended from time to time and any successor thereto; 

“US Taxpayer” means a person who is subject to the federal income tax laws of the United States; 

“Vest” means: 
  

	 	(a)	 in relation to a Conditional Award, a Participant becoming entitled to have the legal and beneficial title to
the Shares transferred to him (or his nominee) subject to the Rules; 

  

	 	(b)	 in relation to an Option, it becoming exercisable (subject to the conditions contained in Rule 8.1
(Restrictions on the exercise of an Option: regulatory and tax issues)); 

 and Vesting, Vested, Vests and Vest
shall be construed accordingly; 
 “Vested Shares” means those Shares in respect of which an Award Vests. 

 

	2.2	 Any reference in the Plan to any enactment includes a reference to that enactment as from time to time
modified, extended or re-enacted. 

  

	2.3	 Expressions in italics and headings are for guidance only and do not form part of the Plan.

  

	3	 PROVISIONS RELATING TO THE GRANT OF AN AWARD 

 

	3.1	 In its absolute discretion, the Committee has the power to grant an Award under this Plan to Eligible Persons:

 (a)    subject to the limitations and conditions contained in this Plan; 

(b)    provided that the Award is not prohibited by law; and 

(c)    for commercial reasons in order to recruit or retain or reward an Eligible Person. 

 

	3.2	 The Committee will, from time to time, set the policies for the Company’s operation and administration of
the Plan within the terms of the Rules, which may include the determination of: 

  

	 	(a)	 the Eligible Persons to whom Awards shall be granted and the intended Date of Grant; 

 

	 	(b)	 the maximum number of Shares subject to the Award or which each such Eligible Person shall be entitled to
acquire/receive on the exercise of the Award; 

  

	 	(c)	 the Option Price, the periods during which the Award may be exercised, and any Performance Condition to apply
to the Award; 

  

	 	(d)	 the type of Award to be granted as set out in Rule 4.2 below; 

  
 -5- 

	 	(e)	 whether or not the Participant is to indemnify against Employer Social Security Liability by directing if, for
the purposes of the Award, whether Tax Liability extends to such Employer Social Security Liability; 

  

	3.3	 It shall be a condition of the grant of an Award that the Participant indemnifies the Company and any other
Group Member to the extent permitted by law against any Tax Liabilities which shall include, where the Committee so requires, Employer Social Security Liability all in accordance with Rule 6. 

 

	4.	 GRANT OF AWARDS 

 

	4.1	 Terms of grant 

Subject to Rule 4.6 (Timing of grant), Rule 4.7 (Approvals and consents) and Rule 5 (ISO Limits), the Committee may
resolve to grant an Award on: 
  

	 	(a)	 the terms set out in the Plan; and 

 

	 	(b)	 such additional terms (whether a Performance Condition and/or any other terms) as the Committee may specify

 to such Eligible Persons as it decides. 

ISO Options 
 The
following conditions apply to awards of ISO Options in addition to or, where inconsistent, in lieu of those described in the Plan: 
  

	 	•	 	 Eligibility. Only Employees of the Company or any “subsidiary corporation” of the Company (as such term
is defined in Section 424(f) of the IRS Code, respectively), shall be eligible to receive ISO Options on such terms established by the Committee in compliance with the requirements of Section 422 of the IRS Code. 

 

	 	•	 	 Option Price. In the case of a Ten Percent Shareholder, the price at which a Share may be purchased upon exercise
of an ISO Option shall not be less than 110% of the Fair Market Value of such Share on the Grant Date. 

  

	 	•	 	 Term of Options. In the case of a Ten Percent Shareholder, the term of an ISO Option shall be no greater than
five years. 

  

	 	•	 	 Certain Dollar Limitations. The aggregate Fair Market Value, determined as of the Grant Date, for ISO Options
granted under the Plan (or any other stock plan required to be taken into account under IRS Code Section 422(d)) that are intended to be ISO Options which are first exercisable by the US Taxpayer during any calendar year shall not exceed
$100,000. 

  

	4.2	 Type of Award 

On or before the Grant Date, the Committee shall determine whether an Award shall be: 

 

	 	(a)	 granted in relation to Ordinary Shares or ADSs; 

 

	 	(b)	 in the form of a Conditional Award or an Option; 

  
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	 	(c)	 if granted as an Option, whether it is a Regular Option (and if granted to a US Taxpayer, whether it is
intended to be an ISO Option), a Short-Term Option or an RSU-style Option; 

 Any
Option granted to a US Taxpayer with an Option Price that is less than Fair Market Value on the Grant Date that is not granted as an RSU-style Option shall be deemed a Short-Term Option. 

 

	4.3	 Method of grant 

An Award shall be granted as follows: 
  

	 	(a)	 by deed executed by the Company; and 

 

	 	(b)	 if an Award is an Option, the Committee shall determine the Option Price on or before the Grant Date provided
that, except in the case of an Option granted to a US Taxpayer, the Committee may reduce or waive such Option Price on or prior to the exercise of the Option. In the case of a Regular Option granted to a US Taxpayer, the Option Price per Share
shall, subject to any adjustments permitted by Section 409A of the IRS Code and its regulations for corporate transactions, never be less than the Fair Market Value of such Share on the Grant Date. 

In the case of an Option granted to a US Taxpayer, for the avoidance of doubt, the following actions shall have occurred as of the Grant Date:
(i) the recipient of the grant of the Option shall have been identified, (ii) the maximum number of Shares that can be purchased under the Option shall have been established, (iii) the Option Price shall have been established;
(iv) whether the Option is granted in relation to Ordinary Shares or ADSs shall have been established (all Options not designated otherwise shall be Options to acquire ADSs); and (v) the recipient of the grant shall have acquired a legally
binding right to the Option (which may, however, be subject to lapse or forfeiture). 
  

	4.4	 Acceptance of RSU-style Options 

An RSU-style Option is subject to the requirement that the Participant executes as a deed an acceptance
in such form as the Committee may specify agreeing to be bound by the terms of the Award, and undertaking to pay the Option Price for the Award upon its exercise in accordance with Rule 8.4 (Method of exercise:
RSU-style Option) (an “Acceptance”) and delivers the same to the Company. If the Participant has not duly executed and delivered an Acceptance by midnight on the date 30 days after the
Grant Date the Company may, at any time before the delivery of a duly executed Acceptance determine that the Award has lapsed. The undertaking to pay the Option Price shall be deemed an undertaking to pay the subscription price for the Ordinary
Shares, or underlying Ordinary Shares, as appropriate, subject to the Award. 
  

	4.5	 Method of satisfying Awards 

Unless specified to the contrary by the Committee on the Grant Date, an Award may be satisfied: 

 

	 	(a)	 by the issue of new Shares; and/or 

 

	 	(b)	 by the transfer of existing Shares. 

The Committee may decide to change the way in which it is intended that an Award may be satisfied after it has been granted. 

  
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	4.6	 No grants after expiry of five-year grant period 

No Awards may be granted after 17 June 2025 (that is, the expiry of the period of 5 years beginning with the date on which the Plan is
approved by the shareholders of the Company). The Plan shall remain in effect after that date in relation to any Awards granted before that date which are still outstanding. 
  

	4.7	 Approvals and consents 

The grant of any Award shall be subject to obtaining any approval or consent required under any applicable rules of any exchange on which
Shares or securities of the Company are listed or traded, any relevant share dealing code of the Company, the City Code on Takeovers and Mergers, or any other relevant UK or overseas regulation or enactment. 

 

	4.8	 Non-transferability and bankruptcy 

An Award granted to any person: 
  

	 	(a)	 shall not be transferred, assigned, encumbered, pledged, charged or otherwise disposed of (save as expressly
permitted below in this Rule 4.8 and except on his death to his personal representatives) and shall lapse immediately on any attempt to do so; and 

  

	 	(b)	 shall lapse immediately if he is declared bankrupt. 

Notwithstanding the foregoing and subject to the IRS Code rules applicable to ISO Options, Participants resident in the United States of
America may with the permission of the Committee transfer an Award to family members by gift or pursuant to a domestic relations order, within the parameters permitted for registration of the Shares on a Form
S-8 Registration Statement under the US Securities Act of 1933, as amended and other applicable securities rules. In no event may any Award be transferred for consideration. 

Each Employee who receives an ISO Option must agree to notify the Company in writing immediately after the Employee makes a Disqualifying
Disposition of any Shares acquired pursuant to the exercise of an ISO Option. A Disqualifying Disposition is defined in Section 424(c) of the IRS Code and includes any disposition (including any sale or gift) of such Shares before the later of
(a) two years after the date the Employee was granted the ISO Option, or (b) one year after the date the Employee acquired Shares by exercising the ISO Option, except as otherwise provided in Section 424(c) of the IRS Code. 

 

	5.	 ISO OPTION LIMITS 

The aggregate maximum number of Ordinary Shares which have been and may be acquired by Participants (including the underlying Ordinary Shares
in relation to ADSs) pursuant to the exercise of ISO Options granted under the Plan since its adoption shall be 2,000,000 (the “ISO Limit”), subject to such adjustment as the Committee may determine to be appropriate upon any change
that is made in, or other events that occur with respect to, the Shares without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, share dividend, dividend in property other
than cash, large nonrecurring cash dividend, share split, reverse share split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or any similar equity restructuring transaction. 

  
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	6.	 VESTING OF AWARDS 

 

	6.1	 Timing of Vesting: Normal Vesting Date 

Subject to Rule 6.3 (Restrictions on Vesting: tax issues), an Award shall Vest (in whole or in part) on the later of: 

 

	 	(a)	 the date on which the Committee determines whether or not any Performance Condition and any other condition
imposed on the Vesting of the Award has been satisfied (in whole or part); and 

  

	 	(b)	 on such other date as the Committee may determine on or before the grant of the relevant Award,

 except where earlier Vesting occurs on an Early Vesting Date under Rule 11.1 or Rule 12 (Takeovers and other
corporate events) or where the Committee in its discretion permits earlier Vesting, whether pursuant to a separate written plan or agreement approved by the Committee or otherwise (“Discretionary Vesting”). 

 

	6.2	 Extent of Vesting 

An Award shall only Vest to the extent: 
  

	 	(a)	 that any Performance Condition is satisfied on the Normal Vesting Date or, if appropriate, the Early Vesting
Date; 

  

	 	(b)	 permitted by any other term imposed on the Vesting of the Award, or pursuant to a separate written plan or
agreement approved by the Committee; and 

  

	 	(c)	 in relation to Vesting before the Normal Vesting Date, as permitted by Rules 11.1 and 12.5 (Reduction in
number of Vested Shares), or, in the case of Discretionary Vesting to the extent determined by the Committee in its discretion. 

Where, under Rule 11.1 or Rule 12 (Takeovers and other corporate events) or in the case of Discretionary Vesting, an Award would
(subject to the satisfaction of any Performance Condition) Vest before the end of the full period over which performance would be measured under Performance Condition then, unless provided to the contrary by the Performance Condition, the extent to
which the Performance Condition has been satisfied in such circumstances shall be determined by the Committee on such reasonable basis as it decides. 
  

	6.3	 Restrictions on Vesting: tax issues 

An Award shall not Vest unless and until the following conditions are satisfied: 

 

	 	(a)	 if, on the Vesting of the Award, a Tax Liability would arise by virtue of such Vesting and the Committee
decides that such Tax Liability shall not be satisfied by the sale of Shares pursuant to Rule 6.5 (Payment of Tax Liability) then the Participant must have entered into arrangements acceptable to the Committee that the relevant Group Member
will receive the amount of such Tax Liability; and 

  

	 	(b)	 where the Committee requires, the Participant has entered into, or agreed to enter into, a valid election under
Part 7 of ITEPA (Employment income: elections to disapply tax charge on restricted securities) or any similar arrangement in any overseas jurisdiction. 

  
 -9- 

 For the purposes of this Rule 6.3, references to Group Member include any former Group
Member. 
 In the case of a Participant who is a US Taxpayer, any delay in the Vesting of an Award for the satisfaction of the conditions in
Rule 6.3(a) or (b) shall not delay the distribution of Shares or cash in lieu of Shares beyond the Short-Term Deferral Period in relation to the Award, and if any of those conditions is not satisfied by the end of that Short-Term Deferral
Period the Award shall lapse without any further obligation of the Company, the Participant’ s employer, or any other Group Member to the Participant with respect thereto. 

 

	6.4	 Tax Liability before Vesting 

If any Tax Liability will or is likely to arise before the Vesting of an Award then the Participant must enter into arrangements acceptable to
any relevant Group Member to ensure that it receives the amount of such Tax Liability. If no such arrangement is made then the Participant shall be deemed to have authorised the Company to sell or procure the sale of sufficient of the Shares subject
to his Award on his behalf to ensure that the relevant Group Member receives the amount required to discharge the Tax Liability and the number of Shares subject to his Award shall be reduced accordingly. 

For the purposes of this Rule 6.4, references to Group Member include any former Group Member. 

 

	6.5	 Payment of Tax Liability 

The Participant authorises the Company to: 
  

	 	(a)	 sell or procure the sale of sufficient Vested Shares on or following the Vesting of his Award on his behalf to
ensure that any relevant Group Member or former Group Member receives the amount required to discharge the Tax Liability which arises on Vesting; or 

  

	 	(b)	 to withhold from the number of Shares deliverable on the Vesting of the Award such number of Shares as has a
Fair Market Value on the date the Tax Liability is to be determined equal to the Tax Liability in satisfaction of the Participant’ s obligations in relation to that Tax Liability, 

except to the extent that the Committee decides that all or part of the Tax Liability shall be funded in a different manner. 

 

	7.	 CONSEQUENCES OF VESTING 

 

	7.1	 Conditional Awards 

On or as soon as reasonably practicable after the Vesting of a Conditional Award, the Company shall, subject to Rule 6.5 (Payment of Tax
Liability) and any arrangement made under Rules 6.3(a) and 6.3(b) (Restrictions on Vesting: tax issues), transfer or procure the transfer of the Vested Shares to the Participant (or a nominee for him). 

  
 -10- 

	7.2	 Options 

An Option shall, subject to Rule 8.1 (Restrictions on the exercise of an Option: regulatory and tax issues), be exercisable in respect
of Vested Shares at any time prior to: 
  

	 	(a)	 in relation to a Regular Option, the tenth anniversary of the Grant Date; and 

 

	 	(b)	 in relation to a Short-Term Option, the end of the Short-Term Deferral Period in relation to that Option,

 unless, in each case, it otherwise lapses earlier in accordance with the Rules of the Plan. 

An RSU-style Option shall be automatically exercised upon Vesting in accordance with the provisions of
Rule 8.4 (Method of exercise: RSU-style Option) and therefore there is no period where the Participant may exercise it. 
  

	8.	 EXERCISE OF OPTIONS 

 

	8.1	 Restrictions on the exercise of an Option: regulatory and tax issues 

An Option which has Vested may not be exercised unless the following conditions are satisfied: 

 

	 	(a)	 the exercise of the Option and the issue or transfer of Shares after such exercise would be lawful in all
relevant jurisdictions and in compliance with any applicable rules of any exchange on which Shares or securities of the Company are listed or traded, any relevant share dealing code of the Company, the City Code on Takeovers and Mergers and any
other relevant UK or overseas regulation or enactment; 

  

	 	(b)	 if, on the exercise of the Option, a Tax Liability would arise by virtue of such exercise and the Committee
decides that such Tax Liability shall not be satisfied by the sale of Shares pursuant to Rule 8.5 (Payment of Tax Liability) then the Participant must have entered into arrangements acceptable to the Committee that the relevant Group Member
will receive the amount of such Tax Liability; and 

  

	 	(c)	 where the Committee requires, the Participant has entered into, or agreed to enter into, a valid election under
Chapter 2, Part 7, ITEPA (Employment income: elections to disapply tax charge on restricted securities) or any similar arrangement in any overseas jurisdiction. 

In no event shall any restrictions under this Rule 8.1 on the exercise of a Vested Option extend the Exercise Period beyond the limit of Rule
7.2(a) (for a Regular Option) and Rule 7.2(b) (for a Short-Term Option). For the purposes of this Rule 8.1, references to Group Member include any former Group Member. 
  

	8.2	 Exercise in whole or part 

An Option must be exercised over at least 100 Shares on any occasion unless the Committee decides that a Participant may exercise the Option in
respect of such fewer number of Shares as it decides or there are fewer than 100 Shares (or such other number as the Committee may decide) in respect of which the Option may be exercised at the relevant time, in which case the Option must be
exercised to the maximum extent possible at that time. 

  
 -11- 

	8.3	 Method of exercise: Options other than RSU-style Options

 The exercise of any Option other than an RSU-style Option shall be effected in
the form and manner prescribed by the Committee. Unless the Committee, acting fairly and reasonably determines otherwise, any notice of exercise shall, subject to Rule 8.1 (Restrictions on the exercise of an Option: regulatory and tax
issues), take effect only when the Company receives it, together with payment of any relevant Option Price (unless other arrangements have entered into acceptable to the Committee including, if the Committee so permits, an undertaking to pay
that amount,). An RSU-style Option shall be automatically exercised in accordance with the provisions of Rule 8.4. 
  

	8.4	 Method of exercise: RSU-style Options 

An RSU-style Option shall be automatically exercised to the full extent of the Vested Shares on the day
it becomes exercisable in relation to those Vested Shares (taking account of any restrictions on exercise pursuant to Rule 8.1), and the Participant’ s undertaking to pay the Option Price shall satisfy the obligation to pay the Option Price. By
accepting the RSU-style Option the Participant shall: 
  

	 	(a)	 authorise the Company to sell or procure the sale of sufficient Vested Shares on or following exercise of his RSU-style Option on his behalf to ensure that the Company receives the amount required to discharge that undertaking to pay (and authorises the Company to apply that amount in discharging the undertaking);

  

	 	(b)	 if the Company does not so sell or procure the sale of Vested Shares, authorise the Company to recover a
sufficient amount to discharge the undertaking to pay from any amounts payable to the Participant by any Group Member whether by way of salary or otherwise; and 

 

	 	(c)	 otherwise agree to be bound by all provisions of the Plan in relation to the
RSU-style Option, including, without limitation, in relation to its exercise. 

  

	8.5	 Payment of Tax Liability 

The Participant authorises the Company to: 
  

	 	(a)	 sell or procure the sale of sufficient Vested Shares on or following exercise of his Option on his behalf to
ensure that any relevant Group Member receives the amount required to discharge the Tax Liability which arises on such exercise; or 

  

	 	(b)	 to withhold from the number of Shares deliverable on exercise of the Option such number of Shares as has a Fair
Market Value on the date the Tax Liability is to be determined equal to the Tax Liability in satisfaction of the Participant’ s obligations in relation to that Tax Liability, except to the extent that he and the Company agree that all or part
of the Tax Liability is to be funded in a different manner. 

  

	8.6	 Transfer or allotment timetable 

As soon as reasonably practicable after an Option has been exercised, the Company shall, subject to Rule 8.5 (Payment of Tax Liability)
and any arrangement made under Rules 8.1(b) and 8.1(c) 

  
 -12- 

 
(Restrictions on exercise: regulatory and tax issues), transfer or procure the transfer to him (or a nominee for him) or, if appropriate, allot to him (or a nominee for him) the number of
Shares in respect of which the Option has been exercised. 
  

	8.7	 Lapse of Options 

An Option which has become exercisable shall lapse at the end of the Exercise Period to the extent it has not been exercised. 

 

	9.	 CASH ALTERNATIVE 

 

	9.1	 Committee determination 

Where a Conditional Award Vests or where an RSU-style Option has been automatically exercised and
Vested Shares have not yet been allotted or transferred to the Participant (or his nominee), the Committee may determine that, in substitution for his right to acquire such number of Vested Shares as the Committee may decide (but in full and final
satisfaction of his right to acquire those Shares), he shall be paid by way of additional employment income a sum equal to the cash equivalent (as defined in Rule 9.4) of that number of Shares in accordance with the following provisions of this Rule
9. For the avoidance of doubt where the Committee so determines that all or part of any Award be satisfied by a cash equivalent the Company may retain and apply such sums towards satisfying any Tax Liability in accordance with its right to do so
under these Rules. 
  

	9.2	 Where an Option (other than an RSU-style Option) has been exercised and
Vested Shares have not yet been allotted or transferred to the Participant (or his nominee), the Committee may determine subject always to the Participant’s consent, in substitution for his right to acquire such number of Vested Shares as the
Committee may decide (but in full and final satisfaction of his right to acquire those Shares), he shall be paid by way of additional employment income a sum equal to the cash equivalent (as defined in Rule 9.4) of that number of Shares in
accordance with the following provisions of this Rule 9. For the avoidance of doubt where the Committee so determines that all or part of any Award be satisfied by a cash equivalent the Company may retain and apply such sums towards satisfying any
Tax Liability in accordance with its right to do so under these Rules. 

  

	9.3	 Limitation on the use of Rules 9.1 or 9.2 

Rule 9.1 and/or Rule 9.2 shall not apply in relation to an Award made to a Participant in any jurisdiction where the presence of such Rule
would cause: 
  

	 	(a)	 the grant of the Award to be unlawful or for it to fall outside any applicable securities law exclusion or
exemption; or 

  

	 	(b)	 adverse tax or social security contribution consequences for the Participant or any Group Member as determined
by the Committee; 

 provided that this Rule 9.3 shall only apply if its application would prevent the occurrence of a
consequence referred to in (a) or (b) above. 
  

	9.4	 Cash equivalent 

For the purpose of this Rule 9, the cash equivalent of a Share is: 
  

	 	(a)	 in the case of a Conditional Award, the Fair Market Value of a Share on the day when the Award Vests;

  
 -13- 

	 	(b)	 in the case of an Option, the Fair Market Value of a Share on the day when the Option is exercised reduced by
the Option Price. 

  

	9.5	 Payment of cash equivalent 

Subject to Rule 9.6 (Share alternative), as soon as reasonably practicable after the Committee has determined under Rule 9.1 or that the
Participant has consented in accordance with Rule 9.2 (where applicable) that a Participant shall be paid a sum in substitution for his right to acquire any number of Vested Shares and where the Committee has not determined to retain and apply such
sums towards satisfying any Tax Liability in accordance with Rule 9.1 and/or 9.2: 
  

	 	(a)	 the Company shall pay to him or procure the payment to him of that sum in cash; and 

 

	 	(b)	 if he has already paid the Company for those Shares, the Company shall return to him the amount so paid by him.

  

	9.6	 Share alternative 

If the Committee so decides, the whole or any part of the sum payable under Rule 9.5 shall, instead of being paid to the Participant in cash,
be applied on his behalf: 
  

	 	(a)	 in subscribing for Shares at a price equal to the market value by reference to which the cash equivalent is
calculated; or 

  

	 	(b)	 in purchasing such Shares; or 

 

	 	(c)	 partly in one way and partly in the other 

and the Company shall allot or transfer to him (or his nominee) or procure the transfer to him (or his nominee) of the Shares so subscribed for
or purchased. 
  

	9.7	 Deductions 

There shall be deducted from any payment under this Rule 9 such amounts (on account of tax or similar liabilities or in satisfaction of any
Option Price outstanding) as may be required by law or as the Committee may reasonably consider to be necessary or desirable and permitted by law. 
  

	10.	 LAPSE OF AWARDS 

 

	10.1	 General 

An Award shall lapse: 
  

	 	(a)	 in accordance with the Rules of the Plan; or 

 

	 	(b)	 to the extent it does not Vest under the Rules of the Plan. 

 

	10.2	 Short-Term Options 

A Short-Term Option shall lapse at the end of the Short-Term Deferral Period in relation to that Option (or such shorter period set forth in
the grant documentation or as specified by the Committee in order to avoid adverse tax consequences), if not exercised. 

  
 -14- 

	11.	 CESSATION OF OFFICE, EMPLOYMENT AND/OR CONSULTANCY 

 

	11.1	 Where a Participant ceases to be an Engaged Person for any reason all Awards which are unvested shall lapse
forthwith unless the Committee decides in its sole discretion that, subject to Rule 6.3 (Restrictions on Vesting: tax issues), his Award shall Vest on the date of such cessation or such later date that the Committee may determine; provided,
however, that in the case of an Award granted to a US Taxpayer, Rule 11 shall be administered in a manner that either complies with Section 409A of the IRS Code, or in a manner that does not result in the Award becoming subject to
Section 409A. In applying such discretion the Committee may determine a reduction to the number of Vested Shares as it sees fit. 

  

	11.2	 If a Participant dies before exercising an Award or part thereof which has Vested prior to the date of death,
the Award may (and must, if at all) be exercised by his personal representatives within the period ending on the earlier of: 

  

	 	(a)	 the expiry of 12 months after the date of death; and 

 

	 	(b)	 the expiry of the Exercise Period, 

and failing such exercise the Award shall lapse. 
  

	11.3	 If a Participant ceases to be an Engaged Person otherwise than upon death: 

 

	 	(a)	 by reason of cessation of his office, employment or consultancy contract with any Group Member due to ill
health, injury or disability, redundancy or retirement on reaching the age at which he is bound to retire in accordance with the terms of his contract of employment; or 

 

	 	(b)	 by reason only that his office or employment or consultancy contract is in or with a company of which the
Company ceases to have Control; or 

  

	 	(c)	 his office or employment or consultancy contract relates to a business or part of a business which is
transferred to a person who is neither an Group Member nor a company of which the Company has Control; or 

  

	 	(d)	 by reason of cessation of his office or employment or consultancy contract for any other reason, apart from
summary dismissal or termination for fraud or gross misconduct; 

 then any Award held by him may be exercised, always only
to the extent Vested at the time when the Participant ceased to be an Engaged Person, at any time prior to the earlier of: 
  

	 	(i)	 the expiry of the period of 12 months (or such longer period as the Committee may determine) after such
cessation; and 

  

	 	(ii)	 the expiry of the Exercise Period; 

and any Award not so exercised shall automatically lapse. 

For the avoidance of doubt:- 
  

	 	•	 	 where a Participant ceases to be an Engaged Person any part of an Award which has not vested shall lapse
forthwith subject to Rule 11.1; and/or 

  
 -15- 

	 	•	 	 when a Participant ceases to be an Engaged Person due to his office, employment or consultancy contract being
summarily dismissed/terminated by any member of the Group for fraud or gross misconduct any Award (whether Vested or not yet Vested) held by that person and not exercised prior to cessation shall automatically lapse on such cessation

 To the extent that an Award is not exercised within the Exercise Period, it shall (regardless of any other provision of
the Plan) lapse at the end of that Exercise Period. 
  

	11.4	 Meaning of ceasing to be an Engaged Person 

A Participant shall not be treated for the purposes of this Rule 11 as ceasing to be an Engaged Person until such time as he is no longer a
director or employee of, or a Consultant to, any Group Member. If any Participant ceases to be such a director or employee before the Vesting of his Award in circumstances where he retains a statutory right to return to work then he shall be treated
as not having ceased to be such a director or employee until such time (if at all) as he ceases to have such a right to return to work while not acting as an employee or director. In the case of a US Taxpayer, a Participant shall not be treated for
the purposes of this Rule 11 as ceasing to be an Engaged Person unless and until the Participant has also had a “separation from service” for purposes of Section 409A. 

The reason for the termination of office or employment of a Participant, or the relevant consultancy contract, shall be determined by reference
to Rules 11.3 regardless of whether such termination was lawful or unlawful. 
  

	12.	 TAKEOVERS AND OTHER CORPORATE EVENTS

  

	12.1	 General offers 

If any person (or group of persons acting in concert): 
  

	 	(a)	 obtains (or, in the reasonable opinion of the Committee, is expected to obtain) Control of the Company as a
result of making a general offer to acquire Shares; or 

  

	 	(b)	 having obtained Control of the Company makes such an offer and such offer becomes unconditional in all respects

 the Committee shall within 7 days of becoming aware of that event or forming such opinion (as applicable) notify every
Participant accordingly and, subject to Rule 12.4 (Internal reorganisations), the following provisions shall apply: 
  

	 	(i)	 subject to Rule 6.3 (Restrictions on Vesting: tax issues), all Awards shall Vest on such date as the
Committee may determine (being no later than the date of the change in Control of the Company or the offer becoming unconditional in all respects, as applicable) (such date being the Early Vesting Date) if they have not then Vested and Rule 12.5
(Corporate events: reduction in number of Vested Shares) shall apply; and 

  

	 	(ii)	 any Option may, subject to Rule 8.1 (Restrictions on the exercise of an Option: regulatory and tax
issues), be exercised within one month of the Early Vesting Date (or such shorter period of time approved by the Committee, not to be less than five days), except for RSU-style Options, which shall be
automatically exercised to the full extent of the Vested Shares upon the Early Vesting Date, but to the extent that an Option is not exercised within that period, that Option shall (regardless of any other provision of the Plan) lapse at the end of
that period. 

  
 -16- 

	12.2	 Schemes of arrangement and winding up 

In the event that: 
  

	 	(a)	 a compromise or arrangement is sanctioned by the Court under section 899 of the Companies Act 2006 in
connection with or for the purposes of a change in Control of the Company; or 

  

	 	(b)	 the Company passes a resolution for a voluntary winding up of the Company; or 

 

	 	(c)	 an order is made for the compulsory winding up of the Company 

or, in the reasonable opinion of the Committee, any of the above events is expected to occur, all Awards shall, subject to Rule 6.3
(Restrictions on Vesting: tax issues) and Rule 12.4 (Internal reorganisations), Vest on such date as the Committee may determine (being no later than the date of such event) (such date being the Early Vesting Date) if they have not
then Vested and Rule 12.5 (Corporate events: reduction in number of Vested Shares) shall apply. 
 If an event as described in this
Rule 12.2 occurs (or, in the reasonable opinion of the Committee, is expected to occur) then an Option may, subject to Rule 8.1 (Restrictions on the exercise of an Option: regulatory and tax issues) and Rule 12.4 (Internal
reorganisations), be exercised within one month of the Early Vesting Date (except for RSU- style Options, which shall be automatically exercised to the full extent of the Vested Shares upon the Early Vesting Date), but to the extent that the
Option is not exercised within that period, it shall (regardless of any other provision of the Plan) lapse at the end of that period. 
  

	12.3	 Demergers and similar events 

If a demerger, special dividend or other similar event (the “Relevant Event”) is proposed which, in the opinion of the
Committee, would affect the market price of Shares to a material extent, then the Committee may, at its discretion, decide that the following provisions shall apply: 
  

	 	(a)	 the Committee shall, as soon as reasonably practicable after deciding to apply these provisions, notify a
Participant that, subject to earlier lapse under Rule 11, his Award Vests and, if relevant, his Option may be exercised on such terms as the Committee may determine and during such period preceding the Relevant Event or on the Relevant Event as the
Committee may determine and shall lapse at the end of that period to the extent unexercised; 

  

	 	(b)	 if an Award Vests, or an Option is exercised, conditional upon the Relevant Event and such event does not occur
then the conditional Vesting or exercise shall not be effective and the Award shall continue to subsist; and 

  

	 	(c)	 if the Committee decides that an Award Vests under this Rule 12.3 then the date of that Vesting shall be the
Early Vesting Date and the provisions of Rule 12.5 (Corporate events: reduction in number of Vested Shares) shall apply. 

  
 -17- 

	12.4	 Internal reorganisations 

In the event that: 
  

	 	(a)	 a company (the “Acquiring Company”) is expected to obtain Control of the Company as a result
of an offer referred to in Rule 12.1 (General offers) or a compromise or arrangement referred to in Rule 12.2(a) (Schemes of arrangement and winding up); and 

 

	 	(b)	 at least 75% of the shares in the Acquiring Company are expected to be held by substantially the same persons
who immediately before the obtaining of Control of the Company were shareholders in the Company 

 then the Committee, with
the consent of the Acquiring Company, may decide before the obtaining of such Control that an Award shall not Vest under Rule 12.1 or Rule 12.2 but shall be automatically surrendered in consideration for the grant of a new award which the Committee
determines is equivalent to the Award it replaces except that it will be over shares in the Acquiring Company or some other company. 
 The
Rules will apply to any new award granted under this Rule 12.4 as if references to Shares were references to shares over which the new award is granted and references to the Company were references to the company whose shares are subject to the new
award. 
 In the case of an Award granted to a US Taxpayer, Rule 12.4 shall be administered in a manner that either complies with
Section 409A of the IRS Code, or in a manner that does not result in the Award becoming subject to Section 409A. 
  

	12.5	 Corporate events: reduction in number of Vested Shares 

If an Award Vests under any of Rules 12.1 to 12.3, the Committee shall determine in its absolute discretion, including by way of an agreement
approved by the Committee, the number of Vested Shares of that Award. Without limitation to the generality of the foregoing, the Committee may determine that number by the following steps: 

 

	 	(a)	 applying any Performance Condition and any other condition imposed on the Vesting of the Award; and

  

	 	(b)	 if the Committee so decides, by applying such reduction to the number of Shares determined under Rule 12.5(a)
as it sees fit (such reduction to be, unless it decides otherwise, on such pro-rata basis as it may determine). 

If an Award Vests under any of Rules 12.1 to 12.3 after the holder of that Award has ceased to be an Engaged Person then Rule 11.1 shall take
precedence. 
  

	13.	 ADJUSTMENT OF AWARDS 

 

	13.1	 General rule 

In the event of: 
  

	 	(a)	 any variation of the share capital of the Company; or 

 

	 	(b)	 a demerger, special dividend or other similar event which affects the market price of Shares to a material
extent 

 the Committee may make such adjustments as it considers appropriate under Rule 13.2 (Method of
adjustment). 

  
 -18- 

	13.2	 Method of adjustment 

An adjustment made under this Rule shall be to one or more of the following: 

 

	 	(a)	 the number of Shares comprised in an Award; 

 

	 	(b)	 subject to Rule 13.3 (Adjustment below nominal value), the Option Price; and 

 

	 	(c)	 where any Award has Vested or Option has been exercised but no Shares have been transferred or allotted after
such Vesting or exercise, the number of Shares which may be so transferred or allotted and (if relevant) the price at which they may be acquired. 

In the case of any Award granted to a US Taxpayer, any adjustment under this Rule 13.2 shall be made in a manner that complies with
Sections 409A and, in the case of ISO Options, 424 of the Code. 
  

	13.3	 Adjustment below nominal value 

An adjustment under Rule 13.2 may have the effect of reducing the price at which Shares may be subscribed for on the exercise of an Option to
less than their nominal value, but only if and to the extent that the Board is authorised: 
  

	 	(a)	 to capitalise from the reserves of the Company a sum equal to the amount by which the nominal value of the
Shares in respect of which the Option is exercised and which are to be allotted after such exercise exceeds the price at which the Shares may be subscribed for; and 

 

	 	(b)	 to apply that sum in paying up such amount on such Shares 

so that on exercise of any Option in respect of which such a reduction shall have been made the Board shall capitalise that sum (if any) and
apply it in paying up that amount. 
  

	14.	 ALTERATIONS 

Any alteration shall take effect without the requirement for the prior approval of the shareholders of the Company, except as otherwise
required by applicable law and/or the rules of any securities exchange on which the Shares (or securities representing Shares) may be listed. 
  

	15.	 MISCELLANEOUS 

 

	15.1	 Employment, office or consultancy 

The rights and obligations of any individual under the terms of his office or employment with any Group Member, or the contract pursuant to
which he is a Consultant, shall not be affected by his participation in the Plan or any right which he may have to participate in it. An individual who participates in the Plan waives any and all rights to compensation or damages in consequence of
the termination of his office, employment or consultancy for any reason whatsoever insofar as those rights arise or may arise from him ceasing to have rights under an Award as a result of such termination. Participation in the Plan shall not confer
a right to continued employment, office or consultancy upon any individual who participates in it. 

  
 -19- 

	15.2	 No implied right to participate 

No Engaged Person has a right to participate in the Plan. The grant of any Award does not imply that any further Award will be granted nor that
a Participant has any right to receive any further Award. Participation in the Plan or the grant of Awards on a particular basis in any year does not create any right to or expectation of participation in the Plan or the grant of Awards on the same
basis, or at all, in any future year. 
  

	15.3	 Disputes 

In the event of any dispute or disagreement as to the interpretation of the Plan, or as to any question or right arising from or relating to
the Plan, the decision of the Committee shall be final and binding upon all persons. 
  

	15.4	 Exercise of powers and discretions 

The exercise of any power or discretion by the Committee shall not be open to question by any person and a Participant or former Participant
shall have no rights in relation to the exercise of or omission to exercise any such power or discretion. 
  

	15.5	 Share rights 

All Shares allotted under the Plan shall rank equally in all respects with Shares then in issue except for any rights attaching to such Shares
by reference to a record date before the date of the allotment. 
 Where Vested Shares are transferred to Participants (or their nominee)
they shall be entitled to all rights attaching to such Shares by reference to a record date on or after the date of such transfer. 
  

	15.6	 Notices 

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

 

	 	(a)	 by personal delivery or by post, in the case of a company to its registered office, and in the case of an
individual to his last known address, or, where he is an Engaged Person, either to his last known address or to the address of the place of business at which he performs the whole or substantially the whole of the duties of his office, employment or
other arrangement pursuant to which he is an Engaged Person; 

  

	 	(b)	 in an electronic communication to their usual business address or such other address for the time being
notified for that purpose to the person giving the notice; or 

  

	 	(c)	 by such other method as the Committee determines. 

 

	15.7	 Third parties 

No third party has any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of the Plan. 

 

	15.8	 Benefits not pensionable 

Benefits provided under the Plan shall not be pensionable. 

  
 -20- 

	15.9	 Data Protection 

Each Participant consents to the collection, processing and transfer of his personal data for any purpose relating to the operation of the
Plan. This includes: 
  

	 	(a)	 providing personal data to any Group Member and any third party such as trustees of any employee benefit trust,
administrators of the Plan, registrars, brokers and any of their respective agents; 

  

	 	(b)	 processing of personal data by any such Group Member or third party; 

 

	 	(c)	 transferring personal data to a country outside the European Economic Area (including a country which does not
have data protection laws equivalent to those prevailing in the European Economic Area); and 

  

	 	(d)	 providing personal data to potential purchasers of the Company, the Participant’ s employer or the
business in which the Participant works. 

  

	15.10	 Governing law 

The Plan and all Awards shall be governed by and construed in accordance with the law of England and Wales and the Courts of England and Wales
have exclusive jurisdiction to hear any dispute. 
  

	15.11	 Section 409A 

Although neither the Company, the Committee nor any Group Member guarantees any particular tax treatment to a US Participant, all Awards
granted to US Taxpayers are intended to be exempt from, or compliant with, the application of Section 409A of the IRS Code: 
  

	 	(a)	 in the case of Awards other than Regular Options, pursuant to the short-term deferral exception set forth
Treas. Regs. §1.409A-1(b)(4)); and 

  

	 	(b)	 in the case of Regular Options, as options which are exempt from Section 409A; 

and this Plan shall be limited, construed and administered consistent with that intent. Accordingly, without limiting the generality of the
foregoing and notwithstanding any Rule in the Plan to the contrary, in the case of Awards granted to US Taxpayers: 
  

	 	(c)	 in any instance in which a new Regular Option is substituted for an outstanding Option pursuant to a corporate
transaction or in any instance in which an outstanding Regular Option is assumed pursuant to a corporate transaction, the number of Shares and the Option Price shall be adjusted in accordance with the principles set forth in Sections 1.424-1(a)(5) and 1.409A-1(b)(5)(v)(D) of the Treasury Regulations. The instances in which there may be a substitution of a new Regular Option for an outstanding Option
pursuant to a corporate transaction shall be limited to those corporate transactions authorized by the Plan but shall be further limited to only those corporate transactions described in Section 1.424(a)(3) of the Treasury Regulations. In the
case of a stock split (including a reverse stock split), or stock dividend involving the Shares where the only effect of the stock split or stock dividend is to increase or decrease on a pro rata basis the number of Shares owned by each shareholder,
the Option Price and the number of Shares subject to an Option shall be proportionally adjusted to reflect such stock split or stock dividend; 

  

	 	(d)	 The Shares underlying any Regular Option granted to a US Taxpayer shall in all instances constitute
“service recipient stock” and shall be issued by a Group Member that is, with respect to such US Taxpayer, an “eligible issuer of service recipient stock” for purposes of IRS Code Section 409A; 

  
 -21- 

	 	(e)	 To the extent that any amount payable under the Plan constitutes
non-exempt “deferred compensation” for purposes of Section 409A and would otherwise be payable or distributable under the Plan by reason of the occurrence of a corporate transaction, such amount
or benefit will not be payable or distributable to the Participant who is a US Taxpayer by reason of such corporate transaction unless the circumstances giving rise to such corporate transaction constitutes a “change in control event” in
Section 409A of the IRS Code. If this provision prevents the payment or distribution of any amount, such payment or distribution shall be made on the next earliest payment or distribution date or event specified in the Plan that is permissible
under Section 409A; and 

	 	

	 	(f)	 If any amount or benefit that constitutes non-exempt “deferred
compensation” for purposes of Section 409A would otherwise be payable or distributable under this Plan by reason of a Participant’s separation from service during a period in which the Participant is a Specified Employee (as defined
below), then, subject to any permissible acceleration of payment by the Committee under Treas. Reg. Section 1.409A -3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes), the
Participant’s right to receive payment or distribution of such non-exempt deferred compensation will be delayed until the earlier of the Participant’s death or the first day of the seventh month
following the Participant’s separation from service. For purposes of this Plan, the term “Specified Employee” has the meaning given such term in Section 409A, provided, however, that, as permitted thereunder, the Company’s
Specified Employees and its application of the six-month delay rule of IRS Code Section 409A(a)(2)(B)(i) shall be determined in accordance with rules adopted by the Committee, which shall be applied
consistently with respect to all nonqualified deferred compensation arrangements of the Company applicable to US Taxpayers, including this Plan. 

	 	

	 	(g)	 In the event any Award is subject to US Code Section 409A, the Board or the Company’s general counsel
may, in their sole discretion and without a US Taxpayer’s prior consent, amend this Plan or the Award, adopt policies and procedures, or take any other actions as deemed appropriate by the Board or the Company’s general counsel to
(i) exempt the Plan and/or any Award from the application of Section 409A, (ii) preserve the intended tax treatment of any such Award or (iii) comply with the requirements of Section 409A. Neither the Company nor any of its
Subsidiaries shall be held liable for any taxes, interest, penalties or other amounts owed by a US Taxpayer under Section 409A. 

	 	

	 	(h)	 It is intended that each installment of the payments and benefits provided under this Plan shall be treated as
a separate “payment” for purposes of Section 409A. Neither the Company nor the Participant shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or
required by Section 409A. 

  
 -22-

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