Document:

EX-10.5

 Exhibit 10.5 

ROCKLEY PHOTONICS HOLDINGS LIMITED 

2021 STOCK INCENTIVE PLAN 

(Adopted by the Board of Directors on March 31, 2021) 

(Approved by the Shareholders on August 6, 2021) 

Effective Date: August 11, 2021 
  

  
 1 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 SECTION 1.
	 	 ESTABLISHMENT AND PURPOSE
	  	 	6	 
			
	 SECTION 2.
	 	 DEFINITIONS
	  	 	6	 
			
	 (a)
	 	“2013 Plan”	  	 	6	 
			
	 (b)
	 	“Affiliate”	  	 	6	 
			
	 (c)
	 	“Award”	  	 	6	 
			
	 (d)
	 	“Award Agreement”	  	 	6	 
			
	 (e)
	 	“Board of Directors” or “Board”	  	 	6	 
			
	 (f)
	 	“Cash-Based Award”	  	 	6	 
			
	 (g)
	 	“Change in Control”	  	 	6	 
			
	 (h)
	 	“Code”	  	 	7	 
			
	 (i)
	 	“Committee”	  	 	7	 
			
	 (j)
	 	“Company”	  	 	7	 
			
	 (k)
	 	“Consultant”	  	 	7	 
			
	 (l)
	 	“Disability”	  	 	7	 
			
	 (m)
	 	“Employee”	  	 	7	 
			
	 (n)
	 	“Exchange Act”	  	 	8	 
			
	 (o)
	 	“Exercise Price”	  	 	8	 
			
	 (p)
	 	“Fair Market Value”	  	 	8	 
			
	 (q)
	 	“ISO”	  	 	8	 
			
	 (r)
	 	“Nonstatutory Option” or “NSO”	  	 	8	 
			
	 (s)
	 	“Option”	  	 	8	 
			
	 (t)
	 	“Outside Director”	  	 	8	 
			
	 (u)
	 	“Parent”	  	 	8	 
			
	 (v)
	 	“Participant”	  	 	8	 
			
	 (w)
	 	“Plan”	  	 	8	 
			
	 (x)
	 	“Purchase Price”	  	 	9	 
			
	 (y)
	 	“Restricted Share”	  	 	9	 
			
	 (z)
	 	“Restricted Stock Unit”	  	 	9	 
			
	 (aa)
	 	“Returning Shares”	  	 	9	 
			
	 (bb)
	 	“SAR”	  	 	9	 
			
	 (cc)
	 	“Section 409A”	  	 	9	 
			
	 (dd)
	 	“Securities Act”	  	 	9	 
			
	 (ee)
	 	“Service”	  	 	9	 

  
 2 

							
	 	 	 	  	Page	 
			
	 (ff)
	 	“Share”	  	 	9	 
			
	 (gg)
	 	“Stock”	  	 	9	 
			
	 (hh)
	 	“Subsidiary”	  	 	9	 
			
	 SECTION 3.
	 	ADMINISTRATION	  	 	10	 
			
	 (a)
	 	Committee Composition	  	 	10	 
			
	 (b)
	 	Committee Appointment	  	 	10	 
			
	 (c)
	 	Committee Responsibilities	  	 	10	 
			
	 SECTION 4.
	 	ELIGIBILITY	  	 	11	 
			
	 (a)
	 	General Rule	  	 	11	 
			
	 (b)
	 	Ten-Percent Shareholders	  	 	11	 
			
	 (c)
	 	Attribution Rules	  	 	11	 
			
	 (d)
	 	Outstanding Stock	  	 	11	 
			
	 SECTION 5.
	 	STOCK SUBJECT TO PLAN; DIRECTOR COMPENSATION LIMIT	  	 	11	 
			
	 (a)
	 	Basic Limitation	  	 	11	 
			
	 (b)
	 	Additional Shares	  	 	12	 
			
	 (c)
	 	Substitution and Assumption of Awards	  	 	12	 
			
	 (d)
	 	Outside Director Compensation Limit	  	 	12	 
			
	 SECTION 6.
	 	RESTRICTED SHARES	  	 	13	 
			
	 (a)
	 	Restricted Share Award Agreement	  	 	13	 
			
	 (b)
	 	Payment for Awards	  	 	13	 
			
	 (c)
	 	Vesting	  	 	13	 
			
	 (d)
	 	Voting and Dividend Rights	  	 	13	 
			
	 (e)
	 	Restrictions on Transfer of Shares	  	 	13	 
			
	 SECTION 7.
	 	TERMS AND CONDITIONS OF OPTIONS	  	 	13	 
			
	 (a)
	 	Option Award Agreement	  	 	13	 
			
	 (b)
	 	Number of Shares	  	 	13	 
			
	 (c)
	 	Exercise Price	  	 	14	 
			
	 (d)
	 	Withholding Taxes	  	 	14	 
			
	 (e)
	 	Exercisability and Term	  	 	14	 
			
	 (f)
	 	Exercise of Options	  	 	14	 
			
	 (g)
	 	No Rights as a Shareholder	  	 	14	 
			
	 (h)
	 	Modification, Extension and Renewal of Options	  	 	14	 
			
	 (i)
	 	Restrictions on Transfer of Shares	  	 	14	 
			
	 (j)
	 	Buyout Provisions	  	 	15	 

  
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	 	 	 	  	Page	 
			
	 SECTION 8.
	 	PAYMENT FOR SHARES	  	 	15	 
			
	 (a)
	 	General Rule	  	 	15	 
			
	 (b)
	 	Surrender of Stock	  	 	15	 
			
	 (c)
	 	Services Rendered	  	 	15	 
			
	 (d)
	 	Cashless Exercise	  	 	15	 
			
	 (e)
	 	Exercise/Pledge	  	 	15	 
			
	 (f)
	 	Net Exercise	  	 	15	 
			
	 (g)
	 	Promissory Note	  	 	15	 
			
	 (h)
	 	Other Forms of Payment	  	 	15	 
			
	 (i)
	 	Limitations under Applicable Law	  	 	16	 
			
	 SECTION 9.
	 	STOCK APPRECIATION RIGHTS	  	 	16	 
			
	 (a)
	 	SAR Award Agreement	  	 	16	 
			
	 (b)
	 	Number of Shares	  	 	16	 
			
	 (c)
	 	Exercise Price	  	 	16	 
			
	 (d)
	 	Exercisability and Term	  	 	16	 
			
	 (e)
	 	Exercise of SARs	  	 	16	 
			
	 (f)
	 	Modification, Extension or Assumption of SARs	  	 	16	 
			
	 (g)
	 	Buyout Provisions	  	 	16	 
			
	 SECTION 10.
	 	RESTRICTED STOCK UNITS	  	 	16	 
			
	 (a)
	 	Restricted Stock Unit Award Agreement	  	 	16	 
			
	 (b)
	 	Payment for Awards	  	 	17	 
			
	 (c)
	 	Vesting Conditions	  	 	17	 
			
	 (d)
	 	Voting and Dividend Rights	  	 	17	 
			
	 (e)
	 	Form and Time of Settlement of Restricted Stock Units	  	 	17	 
			
	 (f)
	 	Death of Participant	  	 	17	 
			
	 (g)
	 	Creditors’ Rights	  	 	    	 
			
	 SECTION 11.
	 	 CASBASED AWARDS
	  	 	18	 
			
	 SECTION 12.
	 	 ADJUSTMENT OF SHARES
	  	 	18	 
			
	 (a)
	 	Adjustments	  	 	18	 
			
	 (b)
	 	Dissolution or Liquidation	  	 	18	 
			
	 (c)
	 	Merger or Reorganization	  	 	18	 
			
	 (d)
	 	Change in Control	  	 	19	 
			
	 (e)
	 	Reservation of Rights	  	 	19	 
			
	 SECTION 13.
	 	 DEFERRAL OF AWARDS
	  	 	20	 

  
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	 	 	 	  	Page	 
			
	 (a)
	 	Committee Powers	  	 	20	 
			
	 (b)
	 	General Rules	  	 	20	 
			
	 SECTION 14.
	 	 AWARDS UNDER OTHER PLANS
	  	 	20	 
			
	 SECTION 15.
	 	 PAYMENT OF DIRECTOR’S FEES IN SECURITIES
	  	 	20	 
			
	 (a)
	 	Effective Date	  	 	20	 
			
	 (b)
	 	Elections to Receive NSOs, SARs, Restricted Shares, or Restricted Stock Units	  	 	21	 
			
	 (c)
	 	Number and Terms of NSOs, SARs, Restricted Shares or Restricted Stock Units	  	 	21	 
			
	 SECTION 16.
	 	 LEGAL AND REGULATORY REQUIREMENTS
	  	 	21	 
			
	 SECTION 17.
	 	 TAXES
	  	 	21	 
			
	 (a)
	 	Withholding Taxes	  	 	21	 
			
	 (b)
	 	Share Withholding	  	 	21	 
			
	 (c)
	 	Section 409A	  	 	21	 
			
	 SECTION 18.
	 	 TRANSFERABILITY
	  	 	22	 
			
	 SECTION 19.
	 	 PERFORMANCE BASED AWARDS
	  	 	22	 
			
	 SECTION 20.
	 	 RECOUPMENT OF AWARDS
	  	 	22	 
			
	 SECTION 21.
	 	 NO EMPLOYMENT RIGHTS
	  	 	22	 
			
	 SECTION 22.
	 	 DURATION AND AMENDMENTS
	  	 	23	 
			
	 (a)
	 	Term of the Plan	  	 	23	 
			
	 (b)
	 	Right to Amend the Plan	  	 	23	 
			
	 (c)
	 	Effect of Termination	  	 	23	 
			
	 SECTION 23.
	 	 AWARDS TO NON-U.S. PARTICIPANTS
	  	 	23	 
			
	 SECTION 24.
	 	 GOVERNING LAW
	  	 	23	 
			
	 SECTION 25.
	 	 SUCCESSORS AND ASSIGNS
	  	 	24	 
			
	 SECTION 26.
	 	 EXECUTION
	  	 	24	 

  

  
 5 

 ROCKLEY PHOTONICS HOLDINGS LIMITED 

2021 STOCK INCENTIVE PLAN 
 
SECTION 1. ESTABLISHMENT AND PURPOSE. 
 The Plan was adopted by the Board of Directors on March 31, 2021 and is effective
on August 11, 2021 (the “Effective Date”). The Plan’s purpose is to enhance the Company’s ability to attract, retain, incent, reward, and motivate persons who make (or are expected to make) important contributions to
the Company and its Subsidiaries and Affiliates by providing Participants with equity ownership and other incentive opportunities. 
 
SECTION 2. DEFINITIONS. 
 (a) “2013 Plan” means the 2013 Equity Incentive Plan of
Rockley Photonics Limited, as amended. 
 (b) “Affiliate” means any entity other than a
Subsidiary, if the Company and/or one or more Subsidiaries own not less than 50% of such entity. 
 (c)
“Award” means any award of an Option, a SAR, a Restricted Share, a Restricted Stock Unit, a Stock-Based Award or a Cash-Based Award under the Plan. 

(d) “Award Agreement” means the agreement between the Company and the recipient of an
Award which contains the terms, conditions and restrictions pertaining to such Award. 
 (e) “Board
of Directors” or “Board” means the Board of Directors of the Company, as constituted from time to time. 
 
(f) “Cash-Based Award” means an Award that entitles the Participant to receive a cash-denominated payment. 
 
(g) “Change in Control” means the occurrence of any of the following events: 
  

	 	(i)	 A change in the composition of the Board occurs, as a result of which fewer than
one-half of the incumbent directors are directors who either: 

  

	 	(A)	 Had been directors of the Company on the “look-back date” (as defined below) (the “original
directors”); or 

  

	 	(B)	 Were elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the
aggregate of the original directors who were still in office at the time of the election or nomination and the directors whose election or nomination was previously so approved (the “continuing directors”); 

provided, however, that for this purpose, the “original directors” and “continuing directors” shall not include any
individual whose initial assumption of office occurred as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of
a person other than the Board; 
  

	 	(ii)	 Any “person” (as defined below) who by the acquisition or aggregation of securities, is or becomes
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the
Company’s then outstanding securities ordinarily (and apart from rights accruing under special circumstances) having the right to vote at elections of directors (the “Base Capital Stock”); except that any change in the relative
beneficial ownership of the Company’s securities by any person resulting solely from a reduction in the aggregate number of outstanding Shares of Base 

  
 6 

	 	
Capital Stock, and any decrease thereafter in such person’s ownership of securities, shall be disregarded until such person increases in any manner, directly or indirectly, such
person’s beneficial ownership of any securities of the Company; 

  

	 	(iii)	 The consummation of a merger or consolidation of the Company or a Subsidiary of the Company with or into
another entity or any other corporate reorganization, if persons who were not shareholders of the Company immediately prior to such merger, consolidation or other reorganization own immediately after such merger, consolidation or other
reorganization 50% or more of the voting power of the outstanding securities of each of (A) the Company (or its successor) and (B) any direct or indirect parent corporation of the Company (or its successor); or 

 

	 	(iv)	 The sale, transfer, or other disposition of all or substantially all of the Company’s assets.

 For purposes of subsection (g)(i) above, the term “look-back” date means the later of (1) the Effective
Date and (2) the date that is 24 months prior to the date of the event that may constitute a Change in Control. 
 For purposes of
subsection (g)(ii) above, the term “person” shall have the same meaning as when used in Sections 13(d) and 14(d) of the Exchange Act, but shall exclude (1) a trustee or other fiduciary holding securities under an employee benefit plan
maintained by the Company or a Parent or Subsidiary and (2) a corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of the Stock. 

Any other provision of this Section 2(g) notwithstanding, a transaction shall not constitute a Change in Control if its sole purpose is
to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction, and a Change
in Control shall not be deemed to occur if the Company files a registration statement with the United States Securities and Exchange Commission in connection with an initial or secondary public offering of securities or debt of the Company to the
public. 
 (h) “Code” means the United States Internal Revenue Code of 1986, as amended, and
the rules and regulations promulgated thereunder. 
 (i) “Committee” means the Compensation
Committee as designated by the Board, which is authorized to administer the Plan, as described in Section 
3 hereof. 
 (j) “Company” means Rockley Photonics Holding Limited, a Cayman Islands exempted
company limited by shares, or any successor thereto. 
 (k) “Consultant” means an individual
who is a consultant or advisor and who provides bona fide services to the Company, a Parent, a Subsidiary, or an Affiliate as an independent contractor (not including service as a member of the Board) or a member of the board of directors of a
Parent or a Subsidiary, in each case who is not an Employee. 
 (l) “Disability”(i) means any
permanent and total disability as defined by Section 22(e)(3) of the Code. 
 (m) “Employee”
means any individual who is a common-law employee of the Company, a Parent, a Subsidiary, or an Affiliate. 

(n) “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder. 
 (o) “Exercise Price” means, in the case of an
Option, the amount for which one Share may be purchased upon exercise of such Option, as specified in the applicable Option Award Agreement. “Exercise Price” means, in the case of a SAR, an amount, as specified in the applicable SAR Award
Agreement, which is subtracted from the Fair Market Value of one Share in determining the amount payable upon exercise of such SAR. 

  
 7 

 (p) “Fair Market Value” with respect to a
Share, means the market price of one Share, determined by the Committee as follows: 
  

	 	(i)	 If the Stock was traded
over-the-counter on the date in question, then the Fair Market Value shall be equal to the last transaction price quoted for such date by the OTC Bulletin Board or, if
not so quoted, shall be equal to the mean between the last reported representative bid and asked prices quoted for such date by the principal automated inter-dealer quotation system on which the Stock is quoted or, if the Stock is not quoted on any
such system, by the Pink Quote system; 

  

	 	(ii)	 If the Stock was traded on any established stock exchange (such as the New York Stock Exchange, The Nasdaq
Global Market or The Nasdaq Global Select Market) or national market system on the date in question, then the Fair Market Value shall be equal to the closing price reported for such date by the applicable exchange or system; or

  

	 	(iii)	 If none of the foregoing provisions is applicable, then the Fair Market Value shall be determined by the
Committee in good faith on such basis as it deems appropriate. 

 For any date that is not a trading day, the Fair Market Value of a share
of Stock for such date shall be determined under clauses (i) and (ii) above with reference to the immediately preceding trading day. In all cases, the determination of Fair Market Value by the Committee shall be conclusive and binding on all
persons and shall be consistent with the rules of Section 409A and Section 
422 of the Code to the extent applicable. 
 (q) “ISO” means an Option intended to be an
“incentive stock option” described in Section 422 of the Code. Each Option granted pursuant to the Plan will be treated as providing by its terms that it is to be an NSO unless, as of the date of grant, it is expressly designated as
an ISO in the applicable Award Agreement. 
 (r) “Nonstatutory Option” or “NSO”
means an Option that is not an ISO. 
 (s) “Option” means an option entitling the holder
to acquire Shares upon payment of the exercise price. 
 (t) “Outside Director” means a member
of the Board who is not a common-law employee of the Company, a Parent or a Subsidiary. 
 
(u) “Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations other than the Company owns stock possessing 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Parent on a date after the adoption of the Plan shall be a Parent commencing as of such date. 

(v) “Participant” means a person who holds an Award. 

(w) “Plan” means this 2021 Stock Incentive Plan of Rockley Photonics Limited, as amended from time to
time. 
 (x) “Purchase Price” means the consideration for which one Share may be acquired
under the Plan (other than upon exercise of an Option), as specified by the Committee. 
 (y) “Restricted
Share” means a Share subject to restrictions requiring that it be forfeited, redelivered or offered for sale to the Company if specified performance or other vesting conditions are not satisfied awarded under the Plan. 

(z) “Restricted Stock Unit” means a bookkeeping entry representing the Company’s obligation
to deliver one Share (or distribute cash) measured by the value of a Share on a future date and may be subject to the satisfaction of performance or other vesting conditions. 

  
 8 

 (aa) “Returning Shares” means Shares subject to
outstanding stock awards granted under the 2013 Plan and that following the Effective Date: (A) are subsequently forfeited or terminated for any reason before being exercised or settled; (B) are not issued because such stock award or any
portion thereof is settled in cash; (C) are subject to vesting restrictions and are subsequently forfeited; (D) are withheld or reacquired to satisfy the exercise, strike or purchase price; or (E) are withheld or reacquired to satisfy
a tax withholding obligation. 
 (bb) “SAR” means a right entitling the holder upon exercise to
receive an amount (payable in cash or in Shares of equivalent value) equal to the excess of the Fair Market Value of the Shares subject to the right over the Exercise Price from which appreciation under the SAR is to be measured. 

(cc) “Section 409A” means Section 409A of the Code. 

(dd) “Securities Act” means the United States Securities Act of 1933, as amended, the rules and
regulations promulgated thereunder. 
 (ee) “Service” means service as an Employee, Consultant
or Outside Director, subject to such further limitations as may be set forth in the Plan or the applicable Award Agreement. Service does not terminate when an Employee goes on a bona fide leave of absence, that was approved by the Company in
writing, if the terms of the leave provide for continued Service crediting, or when continued Service crediting is required by applicable law. However, for purposes of determining whether an Option is entitled to ISO status, an Employee’s
employment will be treated as terminating three months after such Employee went on leave, unless such Employee’s right to return to active work is guaranteed by law or by a contract. Service terminates in any event when the approved leave ends,
unless such Employee immediately returns to active work. The Company determines which leaves of absence count toward Service, and when Service terminates for all purposes under the Plan. 

(ff) “Share” means one Share of Stock, as adjusted in accordance with Section 12 (if
applicable). 
 (gg) “Stock” means the Common Shares of the Company. 

(hh) “Stock-Based Award”(ii) means an Award other than an Option, a SAR, a Restricted Share, a
Restricted Stock Unit that is convertible into or otherwise based on Stock. 
 (jj) “Subsidiary” means any corporation, if
the Company owns and/or one or more other Subsidiaries own not less than 50% of the total combined voting power of all classes of outstanding stock of such corporation. A corporation that attains the status of a Subsidiary on a date after the
adoption of the Plan shall be considered a Subsidiary commencing as of such date. The determination of whether an entity is a “Subsidiary” shall be made in accordance with Section 424(f) of the code. 

SECTION 3. ADMINISTRATION. 

(a) Committee Composition. The Plan shall be administered by a Committee appointed by the Board, or by the
Board acting as the Committee. The Committee shall consist of two or more directors of the Company. In addition, to the extent required by the Board, the composition of the Committee shall satisfy such requirements of the New York Stock Exchange or
the Nasdaq Stock Market, as applicable, and as the Securities and Exchange Commission may establish for administrators acting under plans intended to qualify for exemption under Rule 16b-3 (or its successor)
under the Exchange Act. 
 (b) Committee Appointment. The Board may also appoint one or more separate
committees of the Board, each composed of one or more directors of the Company who need not satisfy the requirements of Section 3(a), who may administer the Plan, grant Awards under the Plan and determine all terms of such grants, in each case
with respect to all Employees, Consultants and Outside Directors (except such as may be on such committee), 

  
 9 

 
provided that such committee or committees may perform these functions only with respect to Employees who are not considered officers or directors of the Company under Section 16 of the
Exchange Act. Within the limitations of the preceding sentence, any reference in the Plan to the Committee shall include such committee or committees appointed pursuant to the preceding sentence. To the extent permitted by applicable laws, the Board
or Committee may also authorize one or more officers of the Company to designate Employees, other than officers under Section 16 of the Exchange Act, to receive Awards and/or to determine the number of such Awards to be received by such
persons; provided, however, that the Board or Committee shall specify the total number of Awards that such officers may so award. 
 
(c) Committee Responsibilities. Subject to the provisions of the Plan, the Committee shall have full authority and discretion to take the following actions: 
  

	 	(i)	 To interpret the Plan and to apply its provisions; 

 

	 	(ii)	 To adopt, amend, or rescind rules, procedures, and forms relating to the Plan; 

 

	 	(iii)	 To adopt, amend, or terminate sub-plans established for the purpose of
satisfying applicable foreign laws including qualifying for preferred tax treatment under applicable foreign tax laws; 

  

	 	(iv)	 To authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes
of the Plan; 

  

	 	(v)	 To determine when Awards are to be granted under the Plan; 

 

	 	(vi)	 To select the Participants to whom Awards are to be granted; 

	 	(vii)	 To determine the type of Award and number of Shares or amount of cash to be made subject to each Award;

  

	 	(viii)	 To prescribe the terms and conditions of each Award, including (without limitation) the Exercise Price and
Purchase Price, and the vesting or duration of the Award (including accelerating the vesting of Awards, either at the time of the Award or thereafter, without the consent of the Participant), to determine whether an Option is to be classified as an
ISO or as an NSO, and to specify the provisions of the agreement relating to such Award; 

  

	 	(ix)	 To amend any outstanding Award Agreement, subject to applicable legal restrictions and to the consent of the
Participant if the Participant’s rights or obligations would be materially impaired; 

  

	 	(x)	 To prescribe the consideration for the grant of each Award or other right under the Plan and to determine the
sufficiency of such consideration; 

  

	 	(xi)	 To determine the disposition of each Award or other right under the Plan in the event of a Participant’s
divorce or dissolution of marriage; 

  

	 	(xii)	 To determine whether Awards under the Plan will be granted in replacement of other grants under an incentive or
other compensation plan of an acquired business; 

  

	 	(xiii)	 To correct any defect, supply any omission, or reconcile any inconsistency in the Plan or any Award Agreement;

  

	 	(xiv)	 To establish or verify the extent of satisfaction of any performance goals or other conditions applicable to
the grant, issuance, exercisability, vesting, and/or ability to retain any Award; and 

  

	 	(xv)	 To take any other actions deemed necessary or advisable for the administration of the Plan.

 Subject to the requirements of applicable law, the Committee may designate persons other than members of the Committee to carry out its
responsibilities and may prescribe such conditions and limitations as it may deem appropriate, except that the Committee may not delegate its authority with regard to the selection for participation of or the granting of Awards under the Plan to
persons subject to Section 16 of the Exchange Act. All decisions, interpretations and other actions of the Committee shall be final and binding on all Participants and 

  
 10 

 
all persons deriving their rights from a Participant. No member of the Committee shall be liable for any action that the member has taken or has failed to take in good faith with respect to the
Plan or any Award under the Plan. 
 SECTION 4. ELIGIBILITY. 

(a) General Rule. The Committee will select Participants from among Employees, Consultants and Outside
Directors. Eligibility for ISOs is limited to individuals described in the first sentence of this Section 4(a) who are employees of the Company or of a “parent corporation” or “subsidiary corporation” of the Company as those
terms are defined in Section 424 of the Code. Eligibility for Stock Options, other than ISOs, and SARs is limited to individuals described in the first sentence of this Section 4(a) who are providing direct services on the date of grant of
the Award to the Company or to a subsidiary of the Company that would be described in the first sentence of Section 1.409A-1(b)(5)(iii)(E) of the Treasury Regulations. 

(b) Ten-Percent Shareholders. An Employee who owns more
than 10% of the total combined voting power of all classes of outstanding stock of the Company, a Parent or Subsidiary shall not be eligible for the grant of an ISO unless such grant satisfies the requirements of Section 422(c)(5) of the Code.

 (c) Attribution Rules. For purposes of Section 4(b) above, in determining stock ownership, an
Employee shall be deemed to own the stock owned, directly or indirectly, by or for such Employee’s brothers, sisters, spouse, ancestors, and lineal descendants. Stock owned, directly or indirectly, by or for a corporation, partnership, estate,
or trust shall be deemed to be owned proportionately by or for its shareholders, partners, or beneficiaries. 

(d) Outstanding Stock. For purposes of Section 4(b) above, “outstanding stock” shall
include all stock actually issued and outstanding immediately after the grant. “Outstanding stock” shall not include Shares authorized for issuance under outstanding options held by the Employee or by any other person. 

SECTION 5. STOCK SUBJECT TO PLAN; DIRECTOR COMPENSATION LIMIT. 

(a) Basic Limitation. Shares offered under the Plan shall be authorized but unissued Shares, treasury
Shares, or previously issued Shares acquired by the Company. No fractional Shares will be delivered under the Plan. The maximum aggregate number of Shares authorized for issuance as Awards under the Plan shall not exceed the sum of
(i) 7,631,196 Shares, plus (ii) the number of reserved Shares on an as converted basis1 which, but for their cancellation immediately prior to the Effective Date, were at such time
reserved under the 2013 Plan but not issued or subject to outstanding grants remaining available for issuance under the 2013 Plan plus (iii) the sum of any Returning Shares which become available from time to time, plus (iv) an annual
increase on the first day of each fiscal year for a period of not more than ten (10) years beginning on January 1, 2022, and ending on (and including) January 1, 2031, in an amount equal to (x) four percent (4%) of the
outstanding Shares on the last day of the immediately preceding fiscal year or (y) such lesser amount (including zero) that the Committee or Board determines for purposes of the annual increase for that fiscal year. Notwithstanding the
foregoing, the number of Shares that may be delivered in the aggregate pursuant to the exercise of ISOs granted under the Plan shall not exceed five (5) times the number of Shares provided under clause (i) above plus, to the extent
allowable under Section 422 of the Code, any Shares that become available for issuance under the Plan pursuant to Section 5(b), but nothing in this Section 5 will be construed as requiring that any, or any fixed number of, ISOs be
awarded under the Plan. The limitations of this Section 5(a) shall be subject to adjustment pursuant to Section 12. The number of Shares that are subject to Awards outstanding at any time under the Plan shall not exceed the number of
Shares which then remain available for issuance under the Plan. The Company shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan. 

(b) Additional Shares. If Restricted Shares or Shares issued upon the exercise of options are forfeited,
then such Shares shall again become available for Awards under the Plan. If Restricted Stock Units, Options, or SARs 
  

	1 	 Such conversion shall be accomplished by multiplying such number of shares reserved for issuance under the 2013
Plan by the Exchange Ratio, as such term is defined under the Business Combination Agreement and Plan of Merger executed by and among SC Health Corporation, Rockley Photonics Limited and the Company on March 19, 2021. 

  
 11 

 
are forfeited or terminate for any reason before being exercised or settled, or an Award is settled in cash without the delivery of Shares to the holder, then the corresponding Shares shall again
become available for Awards under the Plan. If Restricted Stock Units or SARs are settled, then only the number of Shares (if any) actually issued in settlement of such Restricted Stock Units or SARs shall reduce the number available in
Section 5(a) and the balance (including any Shares withheld to satisfy tax withholding obligations) shall again become available for Awards under the Plan. Any Shares withheld to satisfy the Exercise Price or tax withholding obligation pursuant
to any Award of Options or SARs shall be added back to the Shares available for Awards under the Plan. Notwithstanding the foregoing provisions of this Section 5(b), Shares that have actually been issued shall not again become available for
Awards under the Plan, except for Shares that are forfeited and do not become vested. 
 (c) Substitution
and Assumption of Awards. The Committee may make Awards under the Plan by assumption, substitution, or replacement of stock options, stock appreciation rights, restricted stock units, or similar awards granted by another entity (including
a Parent or Subsidiary), if such assumption, substitution, or replacement is in connection with an asset acquisition, stock acquisition, merger, consolidation, or similar transaction involving the Company (and/or its Parent or Subsidiary) and such
other entity (and/or its affiliate). The terms of such assumed, substituted, or replaced Awards shall be as the Committee, in its discretion, determines is appropriate, notwithstanding limitations on Awards in the Plan. Any such substitute or
assumed Awards shall not count against the Share limitation set forth in Section 5(a) (nor shall Shares subject to such Awards be added to the Shares available for Awards under the Plan as provided in Section 5(b) above), except that
Shares acquired by exercise of substitute ISOs will count against the maximum number of Shares that may be issued pursuant to the exercise of ISOs under the Plan. 

(d) Outside Director Compensation Limit. The maximum number of Shares subject to Awards granted under the
Plan during any one calendar year to any Outside Director taken together with any cash fees paid by the Company to such Outside Director during such calendar year for service on the Board (other than the calendar year in which an Outside Director
commences service on the Board), will not exceed seven hundred fifty thousand dollars ($750,000) in total value (calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes). Initial
Awards granted under the Plan to Outside Directors who are members of the Board on the Effective Date or who first join the Board in the calendar year of the Effective Date shall not be taken into account for purposes of this limitation. 

SECTION 6. RESTRICTED SHARES. 

(a) Restricted Share Award Agreement. Each grant of Restricted Shares under the Plan shall be evidenced by
a Restricted Share Award Agreement between the Participant and the Company. Such Restricted Shares shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of
the various Restricted Share Award Agreements entered into under the Plan need not be identical. 
 (b)
Payment for Awards. Restricted Shares may be sold or awarded under the Plan for such consideration as the Committee may determine, including (without limitation) cash, cash equivalents, full-recourse promissory notes, past services, and
future services. 
 (c) Vesting. Each Award of Restricted Shares may or may not be subject to vesting.
Vesting shall occur, in full or in installments, upon satisfaction of the conditions specified in the Restricted Share Award Agreement. A Restricted Share Award Agreement may provide for accelerated vesting in the event of the Participant’s
death, Disability or retirement or other events. 
 (d) Voting and Dividend Rights. A holder of
Restricted Shares awarded under the Plan shall have the same voting, dividend, and other rights as the Company’s other shareholders, except that in the case of any unvested Restricted Shares, the holder shall not be entitled to any dividends or
other distributions paid or distributed by the 

  
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Company in respect of outstanding Shares. Notwithstanding the foregoing, at the Committee’s discretion, the holder of unvested Restricted Shares may be credited with such dividends and other
distributions, provided that such dividends and other distributions shall be paid or distributed to the holder only if, when and to the extent such unvested Restricted Shares vest. The value of dividends and other distributions payable or
distributable with respect to any unvested Restricted Shares that do not vest shall be forfeited. At the Committee’s discretion, the Restricted Share Award Agreement may require that the holder of Restricted Shares invest any cash dividends
received in additional Restricted Shares. Such additional Restricted Shares shall be subject to the same conditions as the Award with respect which the dividend was paid. For the avoidance of doubt, other than with respect to the right to receive
dividends and other distributions, the holders of unvested Restricted Shares shall have the same voting rights and other rights as the Company’s other shareholders in respect of such unvested Restricted Shares. 

(e) Restrictions on Transfer of Shares. Restricted Shares shall be subject to such rights of repurchase,
rights of first refusal, or other restrictions as the Committee may determine. Such restrictions shall be set forth in the applicable Restricted Share Award Agreement and shall apply in addition to any general restrictions that may apply to all
holders of Shares. 
 SECTION 7. TERMS AND CONDITIONS OF OPTIONS. 

(a) Option Award Agreement. Each grant of an Option under the Plan shall be evidenced by an Option Award
Agreement between the Participant and the Company. Such Option shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan and which the Committee
deems appropriate for inclusion in an Option Award Agreement. The Option Award Agreement shall specify whether the Option is an ISO or an NSO. The provisions of the various Option Award Agreements entered into under the Plan need not be identical.

 (b) Number of Shares. Each Option Award Agreement shall specify the number of Shares that are subject
to the Option and shall provide for the adjustment of such number in accordance with Section 12. 
 (c)
Exercise Price. Each Option Award Agreement shall specify the Exercise Price. The Exercise Price of an ISO shall not be less than 100% of the Fair Market Value of a Share on the date of grant (110% for ISOs granted to Employees described in
Section 4(b)), and the Exercise Price of an NSO shall not be less than 100% of the Fair Market Value of a Share on the date of grant. Subject to the foregoing in this Section 7(c), the Exercise Price under any Option shall be determined by
the Committee in its sole discretion. The Exercise Price shall be payable in one of the forms described in Section 
8. 
 (d) Withholding Taxes. As a condition to the exercise of an Option, the Participant shall make such
arrangements as the Committee may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such exercise. The Participant shall also make such arrangements as the Committee
may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with the disposition of Shares acquired by exercising an Option. 

(e) Exercisability and Term. Each Option Award Agreement shall specify the date when all or any
installment of the Option is to become exercisable. The Option Award Agreement shall also specify the term of the Option; provided that the term of an ISO shall in no event exceed 10 years from the date of grant (five years for ISOs granted to
Employees described in Section 4(b)). An Option Award Agreement may provide for accelerated exercisability in the event of the Participant’s death, Disability, or retirement or other events and may provide for expiration prior to the end
of its term in the event of the termination of the Participant’s Service. Options may be awarded in combination with SARs, and such an Award may provide that the Options will not be exercisable unless the related SARs are forfeited. Subject to
the foregoing in this Section 7(e), the Committee in its sole discretion shall determine when all or any installment of an Option is to become exercisable and when an Option is to expire. 

  
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 (f) Exercise of Options. Each Option Award Agreement
shall set forth the extent to which the Participant shall have the right to exercise the Option following termination of the Participant’s Service with the Company and its Subsidiaries, and the right to exercise the Option of any executors or
administrators of the Participant’s estate or any person who has acquired such Option(s) directly from the Participant by bequest or inheritance. Such provisions shall be determined in the sole discretion of the Committee, need not be uniform
among all Options issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination of Service. 
 
(g) No Rights as a Shareholder. A Participant shall have no rights as a shareholder with respect to any Shares covered by an Option until the date of the issuance of a share certificate for such Shares. No adjustments shall be
made, except as provided in Section 12. 
 (h) Modification, Extension and Renewal of Options.
Within the limitations of the Plan, the Committee may modify, extend, or renew outstanding options or may accept the cancellation of outstanding options (to the extent not previously exercised), whether or not granted hereunder, in return for the
grant of new Options for the same or a different number of Shares and at the same or a different Exercise Price, or in return for the grant of a different Award for the same or a different number of Shares or for cash. The foregoing notwithstanding,
no modification of an Option shall, without the consent of the Participant, materially impair the Participant’s rights or obligations under such Option; provided, however, that an amendment or modification that may cause an ISO to become a NSO,
and any amendment or modification that is required to comply with the rules applicable to ISOs, shall not be treated as materially impairing the rights or obligations of the Participant. 

(i) Restrictions on Transfer of Shares. Any Shares issued upon exercise of an Option shall be subject to
such special forfeiture conditions, rights of repurchase, rights of first refusal, and other transfer restrictions as the Committee may determine. Such restrictions shall be set forth in the applicable Option Award Agreement and shall apply in
addition to any general restrictions that may apply to all holders of Shares. 
 (j) Buyout Provisions.
The Committee may at any time (i) offer to buy out for a payment in cash or cash equivalents an Option previously granted or (ii) authorize a Participant to elect to cash out an Option previously granted, in either case at such time and
based upon such terms and conditions as the Committee shall establish. 
 SECTION 8. PAYMENT FOR SHARES. 

(a) General Rule. The entire Exercise Price or Purchase Price of Shares issued under the Plan shall be
payable in lawful money of the United States of America at the time when such Shares are purchased, except as provided in Section 8(b) through Section 8(h) below. 

(b) Surrender of Stock. To the extent that an Option Award Agreement so provides, payment may be made all
or in part by surrendering, or attesting to the ownership of, Shares which have already been owned by the Participant or the Participant’s representative. Such Shares shall be valued at their Fair Market Value on the date when the new Shares
are purchased under the Plan. The Participant shall not surrender, or attest to the ownership of, Shares in payment of the Exercise Price if such action would cause the Company to recognize compensation expense (or additional compensation expense)
with respect to the Option for financial reporting purposes. 
 (c) Services Rendered. At the discretion
of the Committee, Shares may be awarded under the Plan in consideration of services rendered to the Company or a Subsidiary. If Shares are awarded without the payment of a Purchase Price in cash, the Committee shall make a determination (at the time
of the Award) of the value of the services rendered by the Participant and the sufficiency of the consideration to meet the requirements of Section 6(b). 

(d) Cashless Exercise. To the extent that an Option Award Agreement so provides, if the Stock is traded on
an established securities market, payment may be made all or in part by delivery (on a form prescribed by the Committee) of an irrevocable direction to a securities broker to sell Shares and to deliver all or part of the sale proceeds to the Company
in payment of the aggregate Exercise Price. 

  
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 (e) Exercise/Pledge. To the extent that an Option Award
Agreement so provides, payment may be made all or in part by delivery (on a form prescribed by the Committee) of an irrevocable direction to a securities broker or lender to pledge Shares, as security for a loan, and to deliver all or part of the
loan proceeds to the Company in payment of the aggregate Exercise Price. 
 (f) Net Exercise. To the
extent that an Option Award Agreement so provides, by a “net exercise” arrangement pursuant to which the number of Shares issuable upon exercise of the Option shall be reduced by the largest whole number of Shares having an aggregate Fair
Market Value that does not exceed the aggregate Exercise Price (plus tax withholdings, if applicable) and any remaining balance of the aggregate Exercise Price (and/or applicable tax withholdings) not satisfied by such reduction in the number of
whole Shares to be issued shall be paid by the Participant in cash or any other form of payment permitted under the Option Award Agreement. 

(g) Promissory Note. To the extent that an Option Award Agreement or Restricted Share Award Agreement so
provides, payment may be made all or in part by delivering (on a form prescribed by the Company) a full-recourse promissory note. 
 
(h) Other Forms of Payment. To the extent that an Option Award Agreement or Restricted Share Award Agreement so provides, payment may be made in any other form that is consistent with applicable laws, regulations, and rules. 

(i) Limitations under Applicable Law. Notwithstanding anything herein or in an Option Award Agreement or
Restricted Share Award Agreement to the contrary, payment may not be made in any form that is unlawful, as determined by the Committee in its sole discretion. 

SECTION 9. STOCK APPRECIATION RIGHTS. 

(a) SAR Award Agreement. Each grant of a SAR under the Plan shall be evidenced by a SAR Award Agreement
between the Participant and the Company. Such SAR shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various SAR Award Agreements entered into
under the Plan need not be identical. 
 (b) Number of Shares. Each SAR Award Agreement shall specify
the number of Shares to which the SAR pertains and shall provide for the adjustment of such number in accordance with Section 
12. 
 (c) Exercise Price. Each SAR Award Agreement shall specify the Exercise Price. The Exercise Price
of a SAR shall not be less than 100% of the Fair Market Value of a Share on the date of grant. Subject to the foregoing in this Section 9(c), the Exercise Price under any SAR shall be determined by the Committee in its sole discretion. 

(d) Exercisability and Term. Each SAR Award Agreement shall specify the date when all or any installment
of the SAR is to become exercisable. The SAR Award Agreement shall also specify the term of the SAR. A SAR Award Agreement may provide for accelerated exercisability in the event of the Participant’s death, Disability, retirement, or other
events and may provide for expiration prior to the end of its term in the event of the termination of the Participant’s Service. SARs may be awarded in combination with Options, and such an Award may provide that the SARs will not be
exercisable unless the related Options are forfeited. A SAR may be included in an ISO only at the time of grant but may be included in an NSO at the time of grant or thereafter. A SAR granted under the Plan may provide that it will be exercisable
only in the event of a Change in Control. 
 (e) Exercise of SARs. Upon exercise of a SAR, the
Participant (or any person having the right to exercise the SAR after the Participant’s death) shall receive from the Company (i) Shares, (ii) cash or (iii) a combination of Shares and cash, as the Committee shall determine. The
amount of cash and/or the Fair Market Value of Shares received upon exercise of SARs shall, in the aggregate, be equal to the amount by which the Fair Market Value (on the date of surrender) of the Shares subject to the SARs exceeds the Exercise
Price. 

  
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 (f) Modification, Extension or Assumption of SARs.
Within the limitations of the Plan, the Committee may modify, extend, or assume outstanding SARs or may accept the cancellation of outstanding SARs (whether granted by the Company or by another issuer) in return for the grant of new SARs for the
same or a different number of Shares and at the same or a different Exercise Price, or in return for the grant of a different Award for the same or a different number of Shares or cash. The foregoing notwithstanding, no modification of a SAR shall,
without the consent of the holder, materially impair the holder’s rights or obligations under such SAR. 

(g) Buyout Provisions. The Committee may at any time (i) offer to buy out for a payment in cash or
cash equivalents a SAR previously granted, or (ii) authorize a Participant to elect to cash out a SAR previously granted, in either case at such time and based upon such terms and conditions as the Committee shall establish. 

SECTION 10. RESTRICTED STOCK UNITS. 

(a) Restricted Stock Unit Award Agreement. Each grant of Restricted Stock Units under the Plan shall be
evidenced by a Restricted Stock Unit Award Agreement between the Participant and the Company. Such Restricted Stock Units shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the
Plan. The provisions of the various Restricted Stock Unit Award Agreements entered into under the Plan need not be identical. 
 
(b) Payment for Awards. To the extent that an Award is granted in the form of Restricted Stock Units, no cash consideration shall be required of the Award recipients. 

(c) Vesting Conditions. Each Award of Restricted Stock Units may or may not be subject to vesting. Vesting
shall occur, in full or in installments, upon satisfaction of the conditions specified in the Restricted Stock Unit Award Agreement. A Restricted Stock Unit Award Agreement may provide for accelerated vesting in the event of the Participant’s
death, Disability, retirement, or other events. 
 (d) Voting and Dividend Rights. The holders of
Restricted Stock Units shall have no voting rights. Prior to settlement or forfeiture, any Restricted Stock Unit awarded under the Plan may, at the Committee’s discretion, carry with it a right to dividend equivalents. Such right, if awarded,
entitles the holder to be credited with an amount equal to all cash dividends paid on one Share while the Restricted Stock Unit is outstanding. Settlement of dividend equivalents may be made in the form of cash, in the form of Shares, or in a
combination of both. Dividend equivalents may also be converted into additional Restricted Stock Units at the Committee’s discretion. Dividend equivalents shall not be distributed prior to settlement of the Restricted Stock Unit to which the
dividend equivalents pertain. Prior to distribution, any dividend equivalents shall be subject to the same conditions and restrictions (including without limitation, any forfeiture conditions) as the Restricted Stock Units to which they attach. The
value of dividend equivalents payable or distributable with respect to any unvested Restricted Stock Units that do not vest shall be forfeited. Any entitlement to dividend equivalents or similar entitlements will be established and administered
either consistent with an exemption from, or in compliance with, the applicable requirements of Section 
409A. 
 (e) Form and Time of Settlement of Restricted Stock Units. Settlement of vested Restricted Stock
Units may be made in the form of (i) cash, (ii) Shares or (iii) any combination of both, as determined by the Committee. The actual number of Restricted Stock Units eligible for settlement may be larger or smaller than the number included
in the original Award, based on predetermined performance factors. Methods of converting Restricted Stock Units into cash may include (without limitation) a method based on the average Fair Market Value of Shares over a series of trading days. A
Restricted Stock Unit Award Agreement may provide that vested Restricted Stock Units may be settled in a lump sum or in installments. A Restricted Stock Unit Award Agreement may provide that the distribution may occur or commence when all vesting
conditions applicable to the Restricted Stock Units have been satisfied or have lapsed, or it may be deferred to any later date, subject to compliance with Section 409A. The amount of a deferred distribution may be increased by an interest
factor or by dividend equivalents. Until an Award of Restricted Stock Units is settled, the number of such Restricted Stock Units shall be subject to adjustment pursuant to Section 12. 

  
 16 

 (f) Death of Participant. Any Restricted Stock Unit
Award that becomes payable after the Participant’s death shall be distributed to the Participant’s beneficiary or beneficiaries. Each recipient of a Restricted Stock Unit Award under the Plan shall designate one or more beneficiaries for
this purpose by filing the prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time before the Participant’s death. If no beneficiary was designated or if no
designated beneficiary survives the Participant, then any Restricted Stock Units Award that becomes payable after the Participant’s death shall be distributed to the Participant’s estate. 

SECTION 11. CASH-BASED AWARDS AND STOCK-BASED AWARDS 

The Committee may, in its sole discretion, grant Cash-Based Awards and Stock-Based Awards to any Participant in such number or amount and upon
such terms, and subject to such conditions, as the Committee shall determine at the time of grant and specify in an applicable Award Agreement. The Committee shall determine the maximum duration of the Cash-Based Award or Stock-Based Award, the
amount of cash which may be payable pursuant to the Cash-Based Award, the conditions upon which the Cash-Based Award or Stock-Based Award shall become vested or payable, and such other provisions as the Committee shall determine. Each Cash-Based
Award shall specify a cash-denominated payment amount, formula, or payment ranges as determined by the Committee. Payment, if any, with respect to a Cash-Based Award or Stock-Based Award shall be made in accordance with the terms of the Award and
may be made in cash or in Shares, as the Committee determines. 
 SECTION 12. ADJUSTMENT OF SHARES. 

(a) Adjustments. 

(i) Recapitalization transactions. In the event of a subdivision of the outstanding Stock, a declaration of a dividend
payable in Shares, a declaration of a dividend payable in a form other than Shares in an amount that has a material effect on the price of Shares, a combination or consolidation of the outstanding Stock (by reclassification or otherwise) into a
lesser number of Shares, a recapitalization, a spin-off or a similar occurrence, the Committee shall make appropriate and equitable adjustments in: 

 

	 	(A)	 The class(es) and number of securities available for future Awards and the limitations set forth under
Section 5; 

  

	 	(B)	 The class(es) and number of securities covered by each outstanding Award; and 

 

	 	(C)	 The Exercise Price under each outstanding Option and SAR. 

(ii) Other adjustments. In the event of other transactions, the Committee may make such changes as provided in
subsection (a) herein, as it determines are necessary or appropriate to avoid distortion in the operation of the Plan. 

(iii) The Committee’s determinations hereunder will be final, binding and conclusive. 

(b) Dissolution or Liquidation. To the extent not previously exercised or settled, Options, SARs, and
Restricted Stock Units shall terminate immediately prior to the dissolution or liquidation of the Company. 

(c) Merger or Reorganization. In the event that the Company is a party to a merger or other
reorganization, outstanding Awards shall be subject to the agreement of merger or reorganization. Such agreement may provide, without limitation, for one or more of the following: 

 

	 	(i)	 The continuation of the outstanding Awards by the Company, if the Company is a surviving corporation;

  

	 	(ii)	 The assumption of the outstanding Awards by the surviving corporation or its parent or subsidiary;

  
 17 

	 	(iii)	 The substitution by the surviving corporation or its parent or subsidiary of its own awards for the outstanding
Awards; 

  

	 	(iv)	 Immediate vesting, exercisability, or settlement of outstanding Awards followed by the cancellation of such
Awards upon or immediately prior to the effectiveness of such transaction; 

  

	 	(v)	 Cancellation of the Award, to the extent not vested or not exercised prior to the effective time of the merger
or reorganization, in exchange for such cash or equity consideration (including no consideration) as the Committee, in its sole discretion, may consider appropriate; or 

 

	 	(vi)	 Settlement of the intrinsic value of the outstanding Awards (whether or not then vested or exercisable) in cash
or cash equivalents or equity (including cash or equity subject to deferred vesting and delivery consistent with the vesting restrictions applicable to such Awards or the underlying Shares) followed by the cancellation of such Awards (and, for the
avoidance of doubt, if as of the date of the occurrence of the transaction the Committee determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such
Award may be terminated by the Company without payment), provided that any such amount may be delayed to the same extent that payment of consideration to the holders of Stock in connection with the merger or reorganization is delayed as a result of
escrows, earnouts, holdbacks or other contingencies; 

 in each case without the Participant’s consent. Any acceleration of payment
of an amount that is subject to Section 409A will be delayed, if necessary, until the earliest time that such payment would be permissible under Section 409A without triggering any additional taxes applicable under Section 409A. Any
actions hereunder will comply with, or be exempt from, Section 409A to the extent determined by the Committee to be reasonably practicable. 
 The
Company will have no obligation to treat all Awards, all Awards held by a Participant, or all Awards of the same type, similarly. 
 
(d) Change in Control. In addition to (and not in limitation of) the actions that may be taken under Section 12(c), in the event of a Change in Control in which the surviving corporation or acquiring corporation (or the surviving or
acquiring corporation’s parent company) does not continue or assume or settle (subject to vesting) outstanding Awards, or substitute similar stock awards for outstanding Awards, then with respect to any such Awards that have not been continued,
assumed, settled or substituted, the Committee may determine, at the time of granting an Award or thereafter, that the vesting (and exercisability, if applicable) of any such Awards (or portion thereof) will be accelerated in full (and with respect
to any Awards subject to performance-based vesting, that vesting shall be deemed satisfied at the target level, or based on actual performance measured in accordance with the applicable performance goals as of the date of the Change in Control, or
the greater thereof) to a date prior to the effective time of the Change in Control (contingent upon the closing or completion of the Change in Control) as the Committee will determine (or, if the Committee does not determine such a date, to the
date that is five days prior to the effective time of the Change in Control), and any reacquisition or repurchase rights held by the Company with respect to such vested Awards will lapse (contingent upon the closing or completion of the Change in
Control). In addition, the Committee may determine, at the time of granting an Award or thereafter, that such Award shall become exercisable or vested as to all or part of the Shares subject to such Award in the event that a Change in Control occurs
with respect to the Company. The Committee will have no obligation to treat all Awards, all Awards held by a Participant, or all Awards of the same type, similarly. Upon consummation of a Change in Control, all Awards that are not assumed,
substituted or continued will terminate without payment therefor, except as otherwise determined by the Committee in accordance with this Section 12. 

(e) Reservation of Rights. Except as provided in this Section 12, a Participant shall have no rights
by reason of any subdivision or consolidation of Shares of stock of any class, the payment of any dividend or any other increase or decrease in the number of Shares of stock of any class. Any issue by the Company of Shares of stock

  
 18 

 
of any class, or securities convertible into Shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or Exercise Price of
Shares subject to an Award. The grant of an Award pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, to merge
or consolidate or to dissolve, liquidate, sell, or transfer all or any part of its business or assets. In the event of any change affecting the Shares or the Exercise Price of Shares subject to an Award, including a merger or other reorganization,
for reasons of administrative convenience, the Company in its sole discretion may refuse to permit the exercise of any Award during a period of up to 30 days prior to the occurrence of such event. 

SECTION 13. DEFERRAL OF AWARDS. 

(a) Committee Powers. Subject to compliance with Section 409A, the Committee (in its sole discretion)
may permit or require a Participant to: 
  

	 	(i)	 Have cash that otherwise would be paid to such Participant as a result of the exercise of a SAR or the
settlement of Restricted Stock Units credited to a deferred compensation account established for such Participant by the Committee as an entry on the Company’s books; 

 

	 	(ii)	 Have Shares that otherwise would be delivered to such Participant as a result of the exercise of an Option or
SAR converted into an equal number of Restricted Stock Units; or 

  

	 	(iii)	 Have Shares that otherwise would be delivered to such Participant as a result of the exercise of an Option or
SAR or the settlement of Restricted Stock Units converted into amounts credited to a deferred compensation account established for such Participant by the Committee as an entry on the Company’s books. Such amounts shall be determined by
reference to the Fair Market Value of such Shares as of the date when they otherwise would have been delivered to such Participant. 

(b) General Rules. A deferred compensation account established under this Section 13 may be
credited with interest or other forms of investment return, as determined by the Committee. A Participant for whom such an account is established shall have no rights other than those of a general creditor of the Company. Such an account shall
represent an unfunded and unsecured obligation of the Company and shall be subject to the terms and conditions of the applicable agreement between such Participant and the Company. If the deferral or conversion of Awards is permitted or required,
the Committee (in its sole discretion) may establish rules, procedures, and forms pertaining to such Awards, including (without limitation) the settlement of deferred compensation accounts established under this Section 13. 

SECTION 14. AWARDS UNDER SUB-PLANS. 

The Committee may at any time and from time to time (including before or after an Award is granted) establish, adopt, or revise any rules and
regulations as it may deem necessary or advisable to administer the Plan for Participants based outside of the U.S. and/or subject to the laws of countries other than the U.S., including by establishing one or more
sub-plans, supplements or appendices under the Plan or any Award Agreement for the purpose of complying or facilitating compliance with non-U.S. laws or taking advantage
of tax favorable treatment or for any other legal or administrative reason determined by the Committee. Any such sub-plan, supplement or appendix may contain, in each case, (i) such limitations on the
Committee’s discretion under the Plan and (ii) such additional or different terms and conditions, as the Committee deems necessary or desirable and will be deemed to be part of the Plan but will apply only to Participants within the group
to which the sub-plan, supplement or appendix applies (as determined by the Committee); provided, however, that no sub-plan, supplement or appendix, rule
or regulation established pursuant to this provision shall increase the number of Shares available under Section 5. 

SECTION 15. PAYMENT OF DIRECTOR’S FEES IN SECURITIES. 

(a) Effective Date. No provision of this Section 15 shall be effective unless and until the Board has
determined to implement such provision. 

  
 19 

 (b) Elections to Receive NSOs, SARs, Restricted Shares, or
Restricted Stock Units. An Outside Director may elect to receive annual retainer payments and/or meeting fees from the Company in the form of cash, NSOs, SARs, Restricted Shares, Restricted Stock Units, or a combination thereof, as determined by
the Board. Alternatively, the Board may mandate payment in any of such alternative forms. Such NSOs, SARs, Restricted Shares, and Restricted Stock Units shall be issued under the Plan. An election under this Section 15 shall be filed with the
Company on the prescribed form. 
 (c) Number and Terms of NSOs, SARs, Restricted Shares or Restricted Stock
Units. The number of NSOs, SARs, Restricted Shares, or Restricted Stock Units to be granted to Outside Directors in lieu of annual retainers and meeting fees that would otherwise be paid in cash shall be calculated in a manner determined by the
Board. The terms of such NSOs, SARs, Restricted Shares, or Restricted Stock Units shall also be determined by the Board. 

SECTION 16. LEGAL AND REGULATORY REQUIREMENTS. 

Shares shall not be issued under the Plan unless the issuance and delivery of such Shares complies with (or is exempt from) all applicable
requirements of law, including (without limitation) the United States Securities Act, state securities laws and regulations and the regulations of any stock exchange on which the Company’s securities may then be listed, and the Company has
obtained the approval or favorable ruling from any governmental agency which the Company determines is necessary or advisable. The Company shall not be liable to a Participant or other persons as to: (a) the
non-issuance or sale of Shares as to which the Company has not obtained from any regulatory body having jurisdiction the authority deemed by the Company’s counsel to be necessary to the lawful issuance
and sale of any Shares under the Plan; and (b) any tax consequences expected, but not realized, by any Participant or other person due to the receipt, exercise or settlement of any Award granted under the Plan. 

SECTION 17. TAXES. 

(a) Withholding Taxes. To the extent required by applicable federal, state, local, or foreign law, a
Participant or the Participant’s successor shall make arrangements satisfactory to the Company for the satisfaction of any withholding tax obligations that arise in connection with the Plan. The Company shall not be required to issue any Shares
or make any cash payment under the Plan until such obligations are satisfied. 
 (b) Share Withholding.
The Committee may permit a Participant to satisfy all or part of the Participant’s withholding or income tax obligations by having the Company withhold all or a portion of any Shares that otherwise would be issued to the Participant or by
surrendering all or a portion of any Shares that the Participant previously acquired. Such Shares shall be valued at their Fair Market Value on the date when taxes otherwise would be withheld in cash. In no event may a Participant have Shares
withheld that would otherwise be issued to the Participant in excess of the number necessary to satisfy the maximum legally required tax withholding. 

(c) Section 409A. 
  

	 	(i)	 Without limiting the generality of Section 24(b) hereof, each Award will contain such terms as the
Committee determines and will be construed and administered such that the Award either qualifies for an exemption from the requirements of Section 409A or satisfies such requirements. 

 

	 	(ii)	 Each Award that provides for “nonqualified deferred compensation” within the meaning of
Section 409A shall be subject to such additional rules and requirements as specified by the Committee from time to time in order to comply with Section 409A. If any amount under such an Award is payable upon a “separation from
service” (within the meaning of Section 409A) to a Participant who is then considered a “specified employee” (within the meaning of Section 409A), then no such payment shall be made prior to the date that is the earlier of
(i) six months and one day after the Participant’s separation from service, or (ii) the Participant’s death, but only to the 

  
 20 

	 	
extent such delay is necessary to prevent such payment from being subject to interest, penalties, and/or additional tax imposed pursuant to Section 409A. In addition, the settlement of any
such Award may not be accelerated except to the extent permitted by Section 409A. With regard to any payment considered to be nonqualified deferred compensation under Section 409A, to the extent applicable, that is payable upon a Change in
Control of the Company or other similar event, to the extent required to avoid the imposition of an additional tax, interest or penalty under Section 409A, no amount will be payable unless such change in control constitutes a “change in
control event” within the meaning of Section 1.409A-3(i)(5) of the Treasury Regulations. 

  

	 	(iii)	 Notwithstanding anything to the contrary in the Plan or any Award Agreement, the Committee may unilaterally
amend, modify or terminate the Plan or any outstanding Award, including but not limited to changing the form of the Award, if the Committee determines that such amendment, modification or termination is necessary or desirable to avoid the imposition
of an additional tax, interest or penalty under Section 409A. 

  

	 	(iv)	 For purposes of Section 409A, each payment made under the Plan or any Award will be treated as a separate
payment. 

 SECTION 18. TRANSFERABILITY. 

Unless the agreement evidencing an Award (or an amendment thereto authorized by the Committee) expressly provides otherwise, no Award granted
under the Plan, nor any interest in such Award, may be sold, assigned, conveyed, gifted, pledged, hypothecated, or otherwise transferred in any manner (prior to the vesting and lapse of any and all restrictions applicable to Shares issued under such
Award), other than by will or the laws of descent and distribution; provided, however, that an ISO may be transferred or assigned only to the extent consistent with Section 422 of the Code. Any purported assignment, transfer, or encumbrance in
violation of this Section 17 shall be void and unenforceable against the Company. 
 SECTION 19. PERFORMANCE
BASED AWARDS. 
 The number of Shares or other benefits granted, issued, retained, and/or vested under an Award may be made subject to
the attainment of performance goals. The Committee may utilize any performance criteria selected by it in its sole discretion to establish performance goals. 

SECTION 20. RECOUPMENT OF AWARDS. 

The Company will recoup incentive-based compensation from executive officers to the extent required under the Dodd-Frank Wall Street Reform and
Consumer Protection Act and any rules, regulations and listing standards that may be issued under that act. Any right of recoupment under this provision will be in addition to, and not in lieu of, any other rights of recoupment that may be available
to the Company. No recovery of compensation under any clawback policy or this Section 20 will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement
with the Company or any of its Subsidiaries or Affiliates. 
 SECTION 21. NO EMPLOYMENT RIGHTS. 

No provision of the Plan, nor any Award granted under the Plan, shall be construed to give any person any right to become, to be treated as, or
to remain an Employee or Consultant. The Company and its Subsidiaries reserve the right to terminate any person’s Service at any time and for any reason, with or without notice. 

SECTION 22. DURATION AND AMENDMENTS. 

(a) Term of the Plan. The Plan, as set forth herein, shall come into existence on the date of its adoption
by the Board; provided, however, that no Award may be granted hereunder prior to the Effective Date. The Board or 

  
 21 

 
the Committee may suspend or terminate the Plan at any time. No ISOs may be granted after the tenth (10th) anniversary of the earlier of
(i) the date the Plan is adopted by the Board, or (ii) 
the date the Plan is approved by the shareholders of the Company. 
 (b) Right to Amend the Plan. The
Board or the Committee may amend the Plan at any time and from time to time. Rights and obligations under any Award granted before amendment of the Plan shall not be materially impaired by such amendment, except with consent of the Participant. An
amendment of the Plan shall be subject to the approval of the Company’s shareholders only to the extent required by applicable laws, regulations or rules. 

(c) Effect of Termination. No Awards shall be granted under the Plan after the termination thereof. The
termination of the Plan shall not affect Awards previously granted under the Plan. 
 SECTION 23. AWARDS TO NON-U.S. PARTICIPANTS. 
 Awards may be granted to Participants who are
non-United States nationals or employed or providing services outside the United States, or both, on such terms and conditions different from those applicable to Awards to Participants who are employed or
providing services in the United States as may, in the judgment of the Committee, be necessary or desirable to recognize differences in local law, tax policy, or custom. The Committee also may impose conditions on the exercise, vesting, or
settlement of Awards in order to minimize the Company’s obligation with respect to tax equalization for Participants on assignments outside their home country. 

SECTION 24. MISCELLANEOUS 

(a) Waiver of Jury Trial. By accepting or being deemed to have accepted an Award under the Plan, each Participant
waives (or will be deemed to have waived), to the maximum extent permitted under applicable law, any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan or any Award, or under any amendment,
waiver, consent, instrument, document or other agreement delivered or which in the future may be delivered in connection therewith, and agrees (or will be deemed to have agreed) that any such action, proceedings or counterclaim will be tried before
a court and not before a jury. By accepting or being deemed to have accepted an Award under the Plan, each Participant certifies that no officer, representative, or attorney of the Company has represented, expressly or otherwise, that the Company
would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers. Notwithstanding anything to the contrary in the Plan, nothing herein is to be construed as limiting the ability of the Company and a
Participant to agree to submit any dispute arising under the terms of the Plan or any Award to binding arbitration or as limiting the ability of the Company to require any individual to agree to submit such disputes to binding arbitration as a
condition of receiving an Award hereunder. 
 (b) Limitation of Liability. Notwithstanding anything to the
contrary in the Plan or any Award, neither the Company, nor any of its Subsidiaries, nor the Committee, nor any person acting on behalf of the Company, any of its Subsidiaries, or the Committee, will be liable to any Participant, to any permitted
transferee, to the estate or beneficiary of any Participant or any permitted transferee, or to any other person by reason of any acceleration of income, any additional tax, or any penalty, interest or other liability asserted by reason of the
failure of an Award to satisfy the requirements of Section 422 or Section 409A or by reason of Section 4999 of the Code, or otherwise asserted with respect to any Award. 

(c) Unfunded Plan. The Company’s obligations under the Plan are unfunded, and no Participant
will have any right to specific assets of the Company in respect of any Award. Participants will be general unsecured creditors of the Company with respect to any amounts due or payable under the Plan. 

  
 22 

 SECTION 25. GOVERNING LAW. 

The Plan and each Award Agreement shall be governed by the laws of the state of California, without application of the conflicts of law
principles thereof. 
 SECTION 26. SUCCESSORS AND ASSIGNS. 

The terms of the Plan shall be binding upon and inure to the benefit of the Company and any successor entity, including any successor entity
contemplated by Section 12(c). 
 SECTION 27. EXECUTION. 

To record the adoption of the Plan by the Board, the Company has caused its authorized officer to execute the same. 

 

			
	ROCKLEY PHOTONICS HOLDINGS LIMITED
		
	By:	 	 /s/ Andrew Rickman

	Name:	 	Andrew Rickman
	Title:	 	Chief Executive Officer

  
 23 

 Schedule A 

The Equity Scheme 
 The Equity Scheme will
be implemented either by way of a cancellation or a transfer scheme of arrangement under Part 26 of the Act. Company Shareholders will be invited to vote in favor of the Equity Scheme at the Equity Scheme Court Meeting, which is a meeting of Company
Shareholders convened by the Company with the permission of the Court. 
 The Equity’ Scheme will become effective in accordance with
its terms: 
 (a) if it is approved by a majority (in person or by proxy) in number, representing at least 75 per cent. in value, of the
members present and voting at the Equity Scheme Court Meeting; 
 (b) if it is subsequently sanctioned by an order of the Court (the
“Equity Scheme Court Order”); and 
 (c) upon an office copy of the Equity Scheme Court Order being delivered to the UK
Registrar of Companies for registration. 
 If the Equity Scheme becomes effective, then either: 

(a) in the case of a cancellation scheme, the Company Ordinary Shares of the Company Shareholders shall be cancelled and Company Ordinary
Shares shall be issued to HoldCo, resulting in HoldCo becoming the holding company of the Company. In consideration for the cancellation of the Company Ordinary Shares and issuance of shares to HoldCo, HoldCo shall issue an identical number of
HoldCo Ordinary Shares to those cancelled to the Company Shareholders; or 
 (b) in the case of a transfer scheme, the Company Ordinary
Shares of the Company Shareholders shall be transferred to HoldCo. In consideration for the transfer of the Company Ordinary Shares to HoldCo, HoldCo shall issue an identical number of HoldCo Ordinary Shares to the Company Shareholders, resulting in
HoldCo becoming the holding company of the Company. 
 The Creditor Scheme 

The Creditor’s Scheme will be implemented by way of a creditor’s scheme of arrangement under Part 26 of the Act. Pursuant to the
Creditors Scheme: 
 (a) if the Equity Scheme is a cancellation scheme, the Company proposes to novate its obligations under the Company
Convertible Notes to Holdco and the Scheme Creditors will accept the performance by HoldCo of the Company Convertible Notes in place of performance by the Company and discharge Holdco from further obligations under the Company Convertible Notes. The
consideration for the novation shall be an inter-company loan equal to the market value of the Scheme Convertible Notes; and 
 (b) if the
Equity Scheme is a transfer scheme, HoldCo proposes to acquire Scheme Convertible Notes from each Scheme Creditor in consideration of HoldCo entering into new convertible loan note with each Scheme Creditor on substantially the same terms, and the
Scheme Convertible Notes will be amended to a form of inter-company loan between HoldCo and the Company. 
 The Scheme Creditors will be
invited to vote in favor of the Creditors’ Scheme at the Creditors’ Scheme Court Meeting, being a meeting convened by the Company with the permission of the Court. The Creditors’ Scheme will become effective in accordance with its
terms: 
 (a) if it is approved by a majority (in person or by proxy) in number, and at least 75 per cent. in value, of the members of
the class of creditors present and voting at the Creditors’ Scheme Court Meeting; 

  
 24 

 (b) if it is subsequently sanctioned by an order of the Court (the “Creditor Scheme
Court Order”); and 
 (c) upon an office copy of the Creditor Scheme Court Order being delivered to the UK Registrar of Companies
for registration. 

  
 25EX-10.7

 Exhibit 10.7 

ROCKLEY PHOTONICS HOLDINGS LIMITED 

2021 EMPLOYEE STOCK PURCHASE PLAN 

(Adopted by the Board of Directors on March 31, 2021) 

(Approved by the Stockholders on August 6, 2021) 

Effective Date: August 11, 2021 

 Table of Contents 

 

							
	 	  	 	  	Page	 
	 SECTION 1
	  	Purpose Of The Plan	  	 	4	 
			
	 SECTION 2
	  	Definitions	  	 	4	 
	 (a)
	  	“Board”	  	 	4	 
	 (b)
	  	“Code”	  	 	4	 
	 (c)
	  	“Committee”	  	 	4	 
	 (d)
	  	“Company”	  	 	4	 
	 (e)
	  	“Compensation”	  	 	4	 
	 (f)
	  	“Corporate Reorganization”	  	 	4	 
	 (g)
	  	“Eligible Employee”	  	 	4	 
	 (h)
	  	“Exchange Act”	  	 	5	 
	 (i)
	  	“Fair Market Value”	  	 	5	 
	 (j)
	  	“Offering”	  	 	5	 
	 (k)
	  	“Offering Date”	  	 	5	 
	 (l)
	  	“Offering Period”	  	 	5	 
	 (m)
	  	“Participant”	  	 	5	 
	 (n)
	  	“Participating Company”	  	 	5	 
	 (o)
	  	“Plan”	  	 	5	 
	 (p)
	  	“Plan Account”	  	 	5	 
	 (q)
	  	“Purchase Date”	  	 	5	 
	 (r)
	  	“Purchase Period”	  	 	5	 
	 (s)
	  	“Purchase Price”	  	 	5	 
	 (t)
	  	“Stock”	  	 	5	 
	 (u)
	  	“Subsidiary”	  	 	5	 
			
	 SECTION 3
	  	Administration Of The Plan	  	 	6	 
	 (a)
	  	Administrative Powers and Responsibilities	  	 	6	 
	 (b)
	  	International Administration	  	 	6	 
			
	 SECTION 4
	  	Enrollment And Participation	  	 	6	 
	 (a)
	  	Offering Periods	  	 	6	 
	 (b)
	  	Enrollment	  	 	7	 
	 (c)
	  	Duration of Participation	  	 	7	 
			
	 SECTION 5
	  	Employee Contributions	  	 	7	 
	 (a)
	  	Frequency of Payroll Deductions	  	 	7	 
	 (b)
	  	Amount of Payroll Deductions	  	 	7	 
	 (c)
	  	Changing Withholding Rate	  	 	7	 
	 (d)
	  	Discontinuing Payroll Deductions	  	 	8	 
			
	 SECTION 6
	  	Withdrawal From The Plan	  	 	8	 
	 (a)
	  	Withdrawal	  	 	8	 
	 (b)
	  	Re-enrollment After Withdrawal	  	 	8	 
			
	 SECTION 7
	  	Change In Employment Status	  	 	8	 
	 (a)
	  	Termination of Employment	  	 	8	 
	 (b)
	  	Leave of Absence	  	 	8	 
	 (c)
	  	Death	  	 	8	 
			
	 SECTION 8
	  	Plan Accounts and Purchase Of Shares	  	 	8	 
	 (a)
	  	Plan Accounts	  	 	8	 
	 (b)
	  	Purchase Price	  	 	8	 
	 (c)
	  	Number of Shares Purchased	  	 	9	 
	 (d)
	  	Available Shares Insufficient	  	 	9	 

							
	 	  	 	  	Page	 
	 (e)
	  	Issuance of Stock	  	 	9	 
	 (f)
	  	Unused Cash Balances	  	 	9	 
	 (g)
	  	Stockholder Approval	  	 	9	 
			
	 SECTION 9
	  	Limitations On Stock Ownership	  	 	9	 
	 (a)
	  	Five Percent Limit	  	 	9	 
	 (b)
	  	Dollar Limit	  	 	10	 
			
	 SECTION 10
	  	Rights Not Transferable	  	 	10	 
			
	 SECTION 11
	  	No Rights As An Employee	  	 	10	 
			
	 SECTION 12
	  	No Rights As A Stockholder	  	 	10	 
			
	 SECTION 13
	  	Securities Law Requirements	  	 	10	 
			
	 SECTION 14
	  	Stock Offered Under The Plan	  	 	11	 
	 (a)
	  	Authorized Shares	  	 	11	 
	 (b)
	  	Antidilution Adjustments	  	 	11	 
	 (c)
	  	Reorganizations	  	 	11	 
			
	 SECTION 15
	  	Amendment Or Discontinuance	  	 	11	 
			
	 SECTION 16
	  	Execution	  	 	12	 

  

 ROCKLEY PHOTONICS HOLDINGS LIMITED 

2021 EMPLOYEE STOCK PURCHASE PLAN 
 
SECTION 1 Purpose Of The Plan. 
 The Plan was adopted by the Board of Directors on March 31, 2021 and is effective
on August 11, 2021 (the “Effective Date”). The purpose of the Plan is to provide a broad-based employee benefit to attract the services of new Eligible Employees, to retain the services of existing Eligible Employees, and to provide
incentives for such individuals to exert maximum efforts toward the Company’s success by purchasing Stock from the Company on favorable terms and to pay for such purchases through payroll deductions. The Plan is intended to qualify under
section 423 of the Code and to be exempt from the application and requirements of Section 
409A of the Code, and is to be construed accordingly. 
 SECTION 2 Definitions. 

(a) “Board” means the Board of Directors of the Company, as constituted from time to time. 

(b) “Code” means the Internal Revenue Code of 1986, as amended. 

(c) “Committee” means the Compensation Committee of the Board or such other committee, comprised
exclusively of one or more directors of the Company, as may be appointed by the Board from time to time to administer the Plan. 
 
(d) “Company” means Rockley Photonics Holdings Limited, a Cayman Islands exempted company limited by shares. 
 
(e) “Compensation” means, unless provided otherwise by the Committee in the terms and conditions of an Offering, base salary and wages paid in cash to a Participant by a Participating Company, without reduction for any pre-tax contributions made by the Participant under sections 401(k) or 125 of the Code. “Compensation” shall, unless provided otherwise by the Committee in the terms and conditions of an Offering, exclude
variable compensation (including commissions, bonuses, incentive compensation, overtime pay and shift premiums), all non-cash items, moving or relocation allowances, cost-of-living equalization payments, car allowances, tuition reimbursements, imputed income attributable to cars or life insurance, severance pay, fringe benefits, contributions or benefits received under
employee benefit plans, income attributable to the exercise of stock options, and similar items. The Committee shall determine whether a particular item is included in Compensation. 

(f) “Corporate Reorganization” means: 

(i) The consummation of a merger or consolidation of the Company with or into another entity, or any other corporate
reorganization; or 
 (ii) The sale, transfer or other disposition of all or substantially all of the Company’s assets
or the complete liquidation or dissolution of the Company. 
 (g) “Eligible Employee” means any
employee of a Participating Company whose customary employment is for more than five months per calendar year and for more than 20 hours per week. 

The foregoing notwithstanding, an individual shall not be considered an Eligible Employee if such individual’s participation in the Plan
is prohibited by the law of any country which has jurisdiction over the individual. 
  

ROCKLEY PHOTONICS HOLDINGS LIMITED 

2021 EMPLOYEE STOCK PURCHASE PLAN 

  
 4 

 (h) “Exchange Act” means the Securities
Exchange Act of 1934, as amended. 
 (i) “Fair Market Value” means the fair market value of a
share of Stock, determined as follows: 
 (i) If Stock was traded on any established national securities exchange including
the New York Stock Exchange or The Nasdaq Stock Market on the date in question, then the Fair Market Value shall be equal to the closing price as quoted on such exchange (or the exchange with the greatest volume of trading in the Stock) on such date
as reported in the Wall Street Journal or such other source as the Committee deems reliable; or 
 (ii) If the
foregoing provision is not applicable, then the Fair Market Value shall be determined by the Committee in good faith on such basis as it deems appropriate. 

For any date that is not a Trading Day, the Fair Market Value of a share of Stock for such date shall be determined by using the closing sale
price for the immediately preceding Trading Day. Determination of the Fair Market Value pursuant to the foregoing provisions shall be conclusive and binding on all persons. 

(j) “Offering” means the grant of options to purchase shares of Stock under the Plan to Eligible
Employees. 
 (k) “Offering Date” means the first day of an Offering. 

(l) “Offering Period” means a period with respect to which the right to purchase Stock may be
granted under the Plan, as determined pursuant to Section 4(a). 
 (m) “Participant”
means an Eligible Employee who elects to participate in the Plan, as provided in Section 4(b). 
 (n)
“Participating Company” means (i) the Company and (ii) each present or future Subsidiary designated by the Committee as a Participating Company. 

(o) “Plan” means this Rockley Photonics Limited 2021 Employee Stock Purchase Plan, as it may be
amended from time to time. 
 (p) “Plan Account” means the account established for each
Participant pursuant to Section 8(a). 
 (q) “Purchase Date” means one or more dates
during an Offering on which shares of Stock may be purchased pursuant to the terms of the Offering. 
 (r)
“Purchase Period” means one or more successive periods during an Offering, beginning on the Offering Date or on the day after a Purchase Date, and ending on the next succeeding Purchase Date. 

(s) “Purchase Price” means the price at which Participants may purchase shares of Stock under
the Plan, as determined pursuant to Section 8(b). 
 (t) “Stock” means the Common Stock
of the Company. 
 (u) “Subsidiary” means any corporation (other than the Company) in an
unbroken chain of corporations beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain. 
  
 ROCKLEY PHOTONICS HOLDINGS LIMITED

 2021 EMPLOYEE STOCK PURCHASE PLAN 

  
 5 

 (r) “Trading Day” means a day on which the national stock exchange on which
the Stock is traded is open for trading. 
 SECTION 3 Administration Of The Plan. 

(a) Administrative Powers and Responsibilities. The Plan shall be administered by the Committee. The
Committee shall have full power and authority, subject to the provisions of the Plan, to promulgate such rules and regulations as it deems necessary for the proper administration of the Plan, to interpret the provisions and supervise the
administration of the Plan, and to take all action in connection therewith or in relation thereto as it deems necessary or advisable. Any decision reduced to writing and signed by all of the members of the Committee shall be fully effective as if it
had been made at a meeting duly held. The Committee’s determinations under the Plan, unless otherwise determined by the Board, shall be final and binding on all persons. The Company shall pay all expenses incurred in the administration of the
Plan. No member of the Committee shall be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan, and all members of the Committee shall be fully indemnified by the Company with respect to any
such action, determination or interpretation. The Committee may adopt such rules, guidelines and forms as it deems appropriate to implement the Plan. Subject to the requirements of applicable law, the Committee may designate persons other than
members of the Committee to carry out its responsibilities and may prescribe such conditions and limitations as it may deem appropriate. All decisions, interpretations and other actions of the Committee shall be final and binding on all Participants
and all persons deriving their rights from a Participant. No member of the Committee shall be liable for any action that he has taken or has failed to take in good faith with respect to the Plan. Notwithstanding anything to the contrary in the Plan,
the Board may, in its sole discretion, at any time and from time to time, resolve to administer the Plan. In such event, the Board shall have all of the authority and responsibility granted to the Committee herein. 

(b) International Administration. The Committee may establish
sub-plans (which need not qualify under section 423 of the Code) and initiate separate Offerings through such sub-plans for the purpose of (i) facilitating
participation in the Plan by non-U.S. employees in compliance with foreign laws and regulations without affecting the qualification of the remainder of the Plan under section 423 of the Code or
(ii) qualifying the Plan for preferred tax treatment under foreign tax laws (which sub-plans, at the Committee’s discretion, may provide for allocations of the authorized shares reserved for issue
under the Plan as set forth in Section 14(a)). The rules, guidelines and forms of such sub-plans (or the Offerings thereunder) may take precedence over other provisions of the Plan, with the exception of
Section 4(a)(i), Section 5(b), Section 8(b) and Section 14(a), but unless otherwise superseded by the terms of such sub-plan, the provisions of the Plan shall govern the operation of such sub-plan. Alternatively and in order to comply with the laws of a foreign jurisdiction, the Committee shall have the power, in its discretion, to grant options in an Offering to citizens or residents of a non-U.S. jurisdiction (without regard to whether they are also citizens of the United States or resident aliens) that provide terms which are less favorable than the terms of options granted under the same Offering
to employees resident in the United States, subject to compliance with section 423 of the Code. 
 SECTION 4
Enrollment And Participation. 
 (a) Offering Periods. While the Plan is in effect, the Committee
may from time to time grant options to purchase shares of Stock pursuant to the Plan to Eligible Employees during a specified Offering Period. Each such Offering shall be in such form and shall contain such terms and conditions as the Committee
shall determine, subject to compliance with the terms and conditions of the Plan (which may be incorporated by reference) and the requirements of section 423 of the Code, including the requirement that all Eligible Employees have the same rights and
privileges. The Committee shall specify prior to the commencement of each Offering (i) the period during which the Offering shall be effective, which may not exceed 27 months from the Offering 

 
 ROCKLEY PHOTONICS HOLDINGS LIMITED 

2021 EMPLOYEE STOCK PURCHASE PLAN 

  
 6 

 
Date and may include one or more successive Purchase Periods within the Offering, (ii) the Purchase Dates and Purchase Price for shares of Stock which may be purchased pursuant to the
Offering, and (iii) if applicable, any limits on the number of shares purchasable by a Participant, or by all Participants in the aggregate, during any Offering Period or, if applicable, Purchase Period, in each case consistent with the
limitations of the Plan. The Committee shall have the discretion to provide for the automatic termination of an Offering following any Purchase Date on which the Fair Market Value of a share of Stock is equal to or less than the Fair Market Value of
a share of Stock on the Offering Date, and for the Participants in the terminated Offering to be automatically re-enrolled in a new Offering that commences immediately after such Purchase Date. The terms and
conditions of each Offering need not be identical, and shall be deemed incorporated by reference and made a part of the Plan. 
 
(b) Enrollment. Any individual who, on the day preceding the first day of an Offering Period, qualifies as an Eligible Employee may elect to become a Participant in the Plan for such Offering Period by completing the enrollment process
prescribed and communicated for this purposes from time to time by the Company to Eligible Employees. 
 (c)
Duration of Participation. Once enrolled in the Plan, a Participant shall continue to participate in the Plan until the Participant ceases to be an Eligible Employee or withdraws from the Plan under Section 6(a). A Participant who
withdrew from the Plan under Section 6(a) may again become a Participant, if the Participant then is an Eligible Employee, by following the procedure described in Subsection (b) above. A Participant whose employee contributions were
discontinued automatically under Section 9(b) shall automatically resume participation at the beginning of the earliest Offering Period ending in the next calendar year, if the Participant then is an Eligible Employee. When a Participant
reaches the end of an Offering Period but the Participant’s participation is to continue, then such Participant shall automatically be re-enrolled for the Offering Period that commences immediately after
the end of the prior Offering Period. 
 SECTION 5 Employee Contributions. 

(a) Frequency of Payroll Deductions. A Participant may purchase shares of Stock under the Plan solely by
means of payroll deductions; provided, however, that to the extent provided in the terms and conditions of an Offering, a Participant may also make contributions through payment by cash or check prior to one or more Purchase Dates during the
Offering. Payroll deductions, subject to the provisions of Subsection (b) below or as otherwise provided under the terms and conditions of an Offering, shall occur on each payday during participation in the Plan. 

(b) Amount of Payroll Deductions. An Eligible Employee shall designate during the enrollment process the
portion of Compensation that such Eligible Employee elects to have withheld for the purchase of Stock. Such portion shall be a whole percentage of the Eligible Employee’s Compensation, but not less than 1% nor more than 15% (or such lower rate
of Compensation specified as the limit in the terms and conditions of the applicable Offering). 
 (c)
Changing Withholding Rate. Unless otherwise provided under the terms and conditions of an Offering, a Participant may not increase the rate of payroll withholding during the Offering Period, but may discontinue or decrease the rate of payroll
withholding during the Offering Period to a whole percentage of the Participant’s Compensation in accordance with such procedures and subject to such limitations as the Company may establish for all Participants. A Participant may also increase
or decrease the rate of payroll withholding effective for a new Offering Period by submitting an authorization to change the payroll deduction rate pursuant to the process prescribed by the Company from time to time. The new withholding rate shall
be a whole percentage of the Eligible Employee’s Compensation consistent with Subsection (b) above. 
  

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 (d) Discontinuing Payroll Deductions. If a Participant
wishes to discontinue employee contributions entirely, the Participant may do so by withdrawing from the Plan pursuant to Section 6(a). In addition, employee contributions may be discontinued automatically pursuant to Section 9(b). 

SECTION 6 Withdrawal From The Plan. 

(a) Withdrawal. A Participant may elect to withdraw from the Plan by giving notice pursuant to the process
prescribed and communicated by the Company from time to time. Such withdrawal may be elected at any time before the last day of an Offering Period, except as otherwise provided in the Offering. In addition, if payment by cash or check is permitted
under the terms and conditions of an Offering, Participants may be deemed to withdraw from the Plan by declining or failing to remit timely payment to the Company for the shares of Stock. As soon as reasonably practicable thereafter, payroll
deductions shall cease and the entire amount credited to the Participant’s Plan Account shall be refunded to the Participant in cash, without interest. No partial withdrawals shall be permitted. 

(b) Re-enrollment After Withdrawal. A former Participant who has
withdrawn from the Plan shall not be a Participant until the Participant re-enrolls in the Plan under Section 4(b). Re-enrollment may be effective only at the
commencement of an Offering Period. 
 SECTION 7 Change In Employment Status. 

(a) Termination of Employment. Termination of employment as an Eligible Employee for any reason, including
death, shall be treated as an automatic withdrawal from the Plan under Section 6(a). A transfer from one Participating Company to another shall not be treated as a termination of employment. 

(b) Leave of Absence. For purposes of the Plan, employment shall not be deemed to terminate when the
Participant goes on a military leave, a sick leave or another bona fide leave of absence, if the leave was approved by the Company in writing. Employment, however, shall be deemed to terminate three months after the Participant goes on a leave,
unless a contract or statute guarantees the Participant’s right to return to work. Employment shall be deemed to terminate in any event when the approved leave ends, unless the Participant immediately returns to work. 

(c) Death. In the event of the Participant’s death, the amount credited to the Participant’s
Plan Account shall be paid to the Participant’s estate. 
 SECTION 8 Plan Accounts and Purchase Of Shares.

 (a) Plan Accounts. The Company shall maintain a Plan Account on its books in the name of each
Participant. Whenever an amount is deducted from the Participant’s Compensation under the Plan, such amount shall be credited to the Participant’s Plan Account. Amounts credited to Plan Accounts shall not be trust funds and may be
commingled with the Company’s general assets and applied to general corporate purposes. No interest shall be credited to Plan Accounts. 

(b) Purchase Price. The Purchase Price for each share of Stock purchased during an Offering Period shall
be the lesser of: 
 (i) 85% of the Fair Market Value of such share on the Purchase Date; or 

(ii) 85% of the Fair Market Value of such share on the Offering Date. 

 
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 The Committee may specify an alternate Purchase Price amount or formula in the terms and
conditions of an Offering, but in no event may such amount or formula result in a Purchase Price less than that calculated pursuant to the immediately preceding formula. 

(c) Number of Shares Purchased. As of each Purchase Date, each Participant shall be deemed to have elected
to purchase the number of shares of Stock calculated in accordance with this Subsection (c), unless the Participant has previously elected to withdraw from the Plan in accordance with Section 6(a). The amount then in the Participant’s
Plan Account shall be divided by the Purchase Price, and the number of shares that results shall be purchased from the Company with the funds in the Participant’s Plan Account. Unless provided otherwise by the Committee prior to commencement of
an Offering, the maximum number of shares of Stock which may be purchased by an individual Participant during such Offering is 5,000 shares. The foregoing notwithstanding, no Participant shall purchase more than such number of shares of Stock as may
be determined by the Committee with respect to the Offering Period, or Purchase Period, if applicable, nor more than the amounts of Stock set forth in Sections 9(b) and 14(a). For each Offering Period and, if applicable, Purchase Period, the
Committee shall have the authority to establish additional limits on the number of shares purchasable by all Participants in the aggregate. 

(d) Available Shares Insufficient. In the event that the aggregate number of shares that all Participants
elect to purchase during an Offering Period exceeds the maximum number of shares remaining available for issuance under Section 14(a), or which may be purchased pursuant to any additional aggregate limits imposed by the Committee, then the
number of shares to which each Participant is entitled shall be determined by multiplying the number of shares available for issuance by a fraction, the numerator of which is the number of shares that such Participant has elected to purchase and the
denominator of which is the number of shares that all Participants have elected to purchase. 
 (e) Issuance
of Stock. Certificates representing the shares of Stock purchased by a Participant under the Plan shall be issued to the Participant as soon as reasonably practicable after the applicable Purchase Date, except that the Company may
determine that such shares shall be held for each Participant’s benefit by a broker designated by the Company. Shares may be registered in the name of the Participant or jointly in the name of the Participant and the Participant’s spouse
as joint tenants with right of survivorship or as community property. 
 (f) Unused Cash Balances. An
amount remaining in the Participant’s Plan Account that represents the Purchase Price for any fractional share may be carried over in the Participant’s Plan Account to the next Purchase Period or Offering Period or refunded to the
Participant in cash at the end of the Purchase Period or Offering Period, without interest, if the Participant’s participation is not continued. Any amount remaining in the Participant’s Plan Account that represents the Purchase Price for
whole shares that could not be purchased by reason of Subsection (c) or (d) above, Section 9(b) or Section 14(a) shall be refunded to the Participant in cash, without interest. 

(g) Stockholder Approval. The Plan shall be submitted to the stockholders of the Company for their
approval within twelve (12) months after the date the Plan is adopted by the Board. Any other provision of the Plan notwithstanding, no shares of Stock shall be purchased under the Plan unless and until the Company’s stockholders have
approved the adoption of the Plan. 
 SECTION 9 Limitations On Stock Ownership. 

(a) Five Percent Limit. Any other provision of the Plan notwithstanding, no Participant shall be granted a
right to purchase Stock under the Plan if such Participant, immediately after the Participant’s election to purchase such Stock, would own stock possessing 5% or more of the total combined voting power or value of all classes of 

 
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stock of the Company or any parent or Subsidiary of the Company. For purposes of this Subsection (a), the following rules shall apply: 

(i) Ownership of stock shall be determined after applying the attribution rules of section 424(d) of the Code; 

(ii) Each Participant shall be deemed to own any stock that the Participant has a right or option to purchase under this or any
other plan; and 
 (iii) Each Participant shall be deemed to have the right to purchase up to the maximum number of shares of
Stock that may be purchased by a Participant under this Plan under the individual limit specified pursuant to Section 8(c) with respect to each Offering Period. 

(b) Dollar Limit. Any other provision of the Plan notwithstanding, no Participant shall accrue the right
to purchase Stock at a rate which exceeds $25,000 of Fair Market Value of such Stock per calendar year (under this Plan and all other employee stock purchase plans of the Company or any parent or Subsidiary of the Company), determined in accordance
with the provisions of section 423(b)(8) of the Code and applicable Treasury Regulations promulgated thereunder. 
 For purposes of this
Subsection (b), the Fair Market Value of Stock shall be determined as of the beginning of the Offering Period in which such Stock is purchased. Employee stock purchase plans not described in section 423 of the Code shall be disregarded. If
a Participant is precluded by this Subsection (b) from purchasing additional Stock under the Plan, then the Participant’s employee contributions may automatically be discontinued. 

SECTION 10 Rights Not Transferable. 

The rights of any Participant under the Plan, or any Participant’s interest in any Stock or moneys to which the Participant may be
entitled under the Plan, shall not be transferable by voluntary or involuntary assignment or by operation of law, or in any other manner other than by the laws of descent and distribution. If a Participant in any manner attempts to transfer, assign
or otherwise encumber the Participant’s rights or interest under the Plan, other than by the laws of descent and distribution, then such act shall be treated as an election by the Participant to withdraw from the Plan under Section 6(a).

 SECTION 11 No Rights As An Employee. 

Nothing in the Plan or in any right granted under the Plan shall confer upon the Participant any right to continue in the employ of a
Participating Company for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Participating Companies or of the Participant, which rights are hereby expressly reserved by each, to terminate the
Participant’s at-will employment at any time and for any reason, with or without cause. 
 
SECTION 12 No Rights As A Stockholder. 
 A Participant shall have no rights as a stockholder with respect to any shares
of Stock that the Participant may have a right to purchase under the Plan until such shares have been purchased on the applicable Purchase Date. 
 
SECTION 13 Securities Law Requirements. 
 Shares of Stock shall not be issued under the Plan unless the issuance and
delivery of such shares comply with (or are exempt from) all applicable requirements of law, including (without limitation) the Securities Act of 
  

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1933, as amended, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market on which the
Company’s securities may then be traded. 
 SECTION 14 Stock Offered Under The Plan. 

(a) Authorized Shares. The maximum aggregate number of shares of Stock available for purchase under the
Plan is 1,526,239 shares plus an annual increase to be added on the first day of each of the Company’s fiscal years for a period of up to ten years, beginning with the fiscal year that begins January 1, 2022, equal to the least of (i) one
percent (1%) of the outstanding shares of Stock on such date, (ii) 7,631,196 shares, or (iii) a lesser amount determined by the Committee or Board. The aggregate number of shares available for purchase under the Plan (and the limit in clause
(ii) to the annual increase thereto) shall at all times be subject to adjustment pursuant to Section 
14(b). 
 (b) Antidilution Adjustments. The aggregate number of shares of Stock offered under the Plan,
the individual and aggregate Participant share limitations described in Section 8(c) and the price of shares that any Participant has elected to purchase shall be adjusted proportionately by the Committee in the event of any change in the
number of issued shares of Stock (or issuance of shares other than Common Stock) by reason of any forward or reverse share split, subdivision or consolidation, or share dividend or bonus issue, recapitalization, reclassification, merger,
amalgamation, consolidation, split-up, spin-off, reorganization, combination, exchange of shares of Stock, the issuance of warrants or other rights to purchase shares of
Stock or other securities, or any other change in corporate structure or in the event of any extraordinary distribution (whether in the form of cash, shares of Stock, other securities or other property), in any case, in a manner that complies with
Section 423 of the Code. 
 (c) Reorganizations. Any other provision of the Plan notwithstanding,
in the event of a Corporate Reorganization in which the Plan is not assumed by the surviving corporation or its parent corporation pursuant to the applicable plan of merger or consolidation, the Offering Period then in progress shall terminate
immediately prior to the effective time of such Corporate Reorganization and either shares shall be purchased pursuant to Section 8 or, if so determined by the Board or Committee, all amounts in all Participant Accounts shall be refunded
pursuant to Section 15 without any purchase of shares. The Plan shall in no event be construed to restrict in any way the Company’s right to undertake a dissolution, liquidation, merger, consolidation or other reorganization. 

SECTION 15 Amendment Or Discontinuance. 

The Board or Committee shall have the right to amend, suspend or terminate the Plan at any time and without notice; provided,
however, that any amendment that would be treated as the adoption of a new plan for purposes of Section 423 of the Code will have no force or effect unless approved by the shareholders of the Company within twelve (12) months before
or after its adoption. Upon any such amendment, suspension or termination of the Plan during an Offering Period, the Board or Committee may in its discretion determine that the applicable Offering shall immediately terminate and that all amounts in
the Participant Accounts shall be carried forward into a payroll deduction account for each Participant under a successor plan, if any, or promptly refunded to each Participant. Except as provided in Section 14, any increase in the aggregate
number of shares of Stock to be issued under the Plan shall be subject to approval by a vote of the stockholders of the Company. In addition, any other amendment of the Plan shall be subject to approval by a vote of the stockholders of the Company
to the extent required by an applicable law or regulation. This Plan shall continue until the earlier to occur of (a) termination of this Plan pursuant to this Section 15 or (b) issuance of all of the shares of Stock reserved for
issuance under this Plan. 
  
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 SECTION 16 Limitation on Liability. 

Notwithstanding anything to the contrary in the Plan, neither the Company, nor any of its Subsidiaries, nor the Committee, nor any person acting on behalf of
the Company, any of its Subsidiaries, or the Committee, will be liable to any Participant, to any permitted transferee, to the estate or beneficiary of any Participant or any permitted transferee, or to any other person by reason of any acceleration
of income, any additional tax, or any penalty, interest or other liability asserted by reason of the failure of the Plan or any option to purchase Stock to satisfy the requirements of Section 423, or otherwise asserted with respect to the Plan
or any option to purchase Stock. 
 SECTION 17 Unfunded Plan. 

The Company’s obligations under the Plan are unfunded, and no Participant will have any right to specific assets of the Company in respect of any option
to purchase Stock. Participants will be general unsecured creditors of the Company with respect to any amounts due or payable under the Plan. 
 
SECTION 18 Governing Law 
 The Plan shall be governed by the laws of the state of California, without application of the conflicts of law
principles thereof. 
 SECTION 19 Execution. 

To record the adoption of the Plan by the Board, the Company has caused its authorized officer to execute the same. 

 

			
	ROCKLEY PHOTONICS HOLDINGS LIMITED
		
	By:	 	 /s/ Andrew Rickman

	Name:	 	Andrew Rickman
	Title:	 	Chief Executive Officer
		
	Date:	 	

  
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 2021 EMPLOYEE STOCK PURCHASE PLAN 

  
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