Document:

Exhibit 10.5

 

Dated 23 February 2015

 

(1)                                 PARTIES LISTED IN SCHEDULE 1 as EXISTING INVESTORS

 

(2)                                 PARTIES LISTED IN SCHEDULE 1 as NEW INVESTORS

 

(3)                                 ADAPTIMMUNE THERAPEUTICS LIMITED

 

(4)                                 ADAPTIMMUNE LIMITED

 

 

SHAREHOLDERS’ AGREEMENT

relating to ADAPTIMMUNE THERAPEUTICS

LIMITED

 

 

MAYER · BROWN

 

LONDON

 

 

CONTENTS

 

	
Clause
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    
	
1.
    	
Definitions
    	
 
    	
1
    
	
2.
    	
Commencement   of this Agreement and termination of 2014 Shareholders’ Agreement
    	
 
    	
9
    
	
3.
    	
The   Company’s Business
    	
 
    	
9
    
	
4.
    	
Corporate   Affairs
    	
 
    	
11
    
	
5.
    	
Board   Representation
    	
 
    	
12
    
	
6.
    	
Matters   Requiring Consent
    	
 
    	
15
    
	
7.
    	
Transfers
    	
 
    	
19
    
	
8.
    	
Restrictive   Covenants
    	
 
    	
20
    
	
9.
    	
Undertakings
    	
 
    	
22
    
	
10.
    	
Representations
    	
 
    	
23
    
	
11.
    	
Confidentiality
    	
 
    	
24
    
	
12.
    	
Announcements
    	
 
    	
25
    
	
13.
    	
Costs   and Expenses
    	
 
    	
25
    
	
14.
    	
Termination
    	
 
    	
25
    
	
15.
    	
General
    	
 
    	
25
    
	
16.
    	
Notices
    	
 
    	
27
    
	
 
    	
 
    	
 
    	
 
    
	
Schedules
    
	
 
    	
 
    
	
1.
    	
Details of the Company
    
	
2.
    	
Deed of Adherence
    
	
3.
    	
Worked Examples
    

 

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THIS SHAREHOLDERS’ AGREEMENT is dated 23 February 2015 and made between:

 

(1)                                 Those Parties listed in Schedule 1 and identified as Existing Investors, (each an “Existing Investor” and together, the “Existing Investors”);

 

(2)                                 Those Parties listed in Schedule 1 and identified as New Investors, (each a “New Investor” and together, the “New Investors”);

 

(3)                                 ADAPTIMMUNE THERAPEUTICS LIMITED a company incorporated in England with registered number 9338148 whose registered office is at 91 Park Drive, Milton Park, Abingdon, Oxfordshire OX14 4RY, England (the “Company”); and

 

(4)                                 ADAPTIMMUNE LIMITED a company incorporated in England with registered number 6456741 whose registered office is at 91 Park Drive, Milton Park, Abingdon, Oxfordshire OX14 4RY (“Adaptimmune”),

 

(the Existing Investors, New Investors, the Company and Adaptimmune each a “Party” and together the “Parties”).

 

WHEREAS:

 

(A)                               The Existing Investors and the New Investors were previously shareholders in Adaptimmune. Pursuant to a share for share exchange agreement dated 23 February 2015 (the “Share Exchange Agreement”) the Existing Investors and New Investors agreed to transfer their respective entire holdings of shares in Adaptimmune to the Company wholly in consideration for the issue to them by the Company of shares in the Company in respect of and in proportion to their respective entire holdings of shares in Adaptimmune.

 

(B)                               The Existing Investors hold the number of Ordinary Shares set out against their respective names in Schedule 1 (Details of the Company).

 

(C)                               The New Investors hold the number of Series A Preferred Shares, set forth opposite each New Investor’s name in Schedule 1 (Details of the Company).

 

(D)                               The Existing Investors and New Investors have agreed to enter into this Shareholders’ Agreement in order to regulate the relationship between the Existing Investors and New Investors and confirm other aspects of the affairs of, and dealings with, the Company.

 

(E)                                Adaptimmune is a party to this Agreement for the purposes of terminating an amended and restated shareholders’ agreement between (1) the Existing Investors, (2) the New Investors and (3) Adaptimmune dated 23 September 2014 (the “2014 Shareholders’ Agreement”).

 

IT IS AGREED that:

 

1.                                      DEFINITIONS

 

1.1                               Words and expressions used in this Agreement have the meanings ascribed to them below, except to the extent that the context otherwise requires:

 

 

“Act” means the Companies Act 2006;

 

“Acting in Concert” has the meaning given to it in The City Code on Takeovers and Mergers published by the Panel on Takeovers and Mergers (as amended from time to time);

 

“Affiliate” means, with respect to any Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including without limitation any general partner, limited partner, member, manager, employee, managing member, officer or director of such Person, any venture capital fund, any mutual fund or other pooled investment vehicle now or hereafter existing that is advised or managed by the same investment adviser as, or an Affiliate of the investment adviser of, or controlled by one or more general partners or managing members of, or shares the same management company with, such Person. For the purposes of this definition only the term “control”, when used with respect to any Person means the power to direct the management policies of such Person, directly or indirectly whether through ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” shall be interpreted accordingly;

 

“Articles” means the articles of association of the Company adopted on or about the date of this Agreement (as amended from time to time);

 

“Assignment and Exclusive Licence” means the agreement dated 20 May 2013 between Adaptimmune and Immunocore Limited (as amended and supplemented from time to time);

 

“Associate” means, in relation to any Person, any Person who is connected with that Person within the meaning of sections 993 and 994 of the Income Tax Act 2007;

 

“Board” means the board of directors of the Company from time to time;

 

“Board Majority” has the meaning set forth in the Articles;

 

“Budget” has the meaning set out in the Series A Preferred Share Purchase Agreement, as such budget may be updated by the Board from time to time;

 

“Business” means the business of the Company as carried on by it from time to time;

 

“Business Day” means a day (other than a Saturday, Sunday or bank or public holiday in England and Wales) on which banks are open for ordinary banking business in London;

 

“Businesses” means all and any trades or other commercial activities of any Group Member:

 

(a)                                 with which the relevant Shareholder shall have been concerned or involved to any material extent at any time during the period of nine months prior to the Termination Date and which the relevant Group Member shall carry on with a view to profit; or

 

(b)                                 which the relevant Group Member shall at the Termination Date have determined to carry on with a view to profit in the immediate or foreseeable

 

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future and in relation to which the relevant Shareholder shall at the Termination Date possess any Confidential Business Information;

 

“Company Intellectual Property” has the meaning given in the Series A Preferred Share Purchase Agreement;

 

“Competitor” has the meaning given to it in the Articles;

 

“Completion” means completion of the transactions contemplated by the Share Exchange Agreement;

 

“Confidential Business Information” means all and any Corporate Information, Marketing Information, Technical Information, information about Employees and other information (whether or not recorded in documentary form or on computer disk or tape) which, in each case:

 

(a)                                 is of a commercially sensitive or confidential nature or information in respect of which a Group Member owes an obligation of confidentiality to any third party:

 

(b)                                 the relevant Person shall acquire or has acquired at any time as a result of being a shareholder, director or employee of, or a consultant to, a Group Member; and

 

(b)                                 is not readily ascertainable to Persons not connected with the relevant Group Member either at all or without a significant expenditure of labour, skill or money;

 

“Connected” means, in relation to an individual, that the relevant individual is an employee, a director or shareholder of, or a consultant to, a Group Member;

 

“Corporate Information” means all and any information (whether or not recorded in documentary form or on computer disk or tape) relating to the business methods, corporate plans, management systems, finances, maturing new business opportunities or research and development projects of any Group Member;

 

“Customer” means any Person with whom the relevant Shareholder shall have had contact or about whom he became aware of or informed whilst that Shareholder was Connected with a Group Member and:

 

(a)                                 who shall at the Termination Date be negotiating with a Group Member for the supply of any Restricted Products or the provision of any Restricted Services; or

 

(b)                                 to whom a Group Member shall at any time during the period of nine months prior to the Termination Date have supplied any Restricted Products or provided any Restricted Services;

 

“Deed of Adherence” means a deed of adherence to this Agreement in the form set out at Schedule 2, subject to such amendments to such form as the Board and Shareholders may approve;

 

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“Employee” means any Person who shall have been, at any time during the period of nine months ending on the Termination Date, employed or engaged (including as a consultant) by a Group Member in a senior management, senior sales, senior technical or research and development position and who, by reason of such a position, possesses any Confidential Business Information or is likely to be able to solicit the custom of any Customer or to induce any Customer to cease dealing with the relevant Group Member, were he to accept any employment or engagement offered by such Group Member;

 

“Enforcement Action” means any formal allegation, voluntary disclosure, investigation, prosecution or other enforcement action related to the FCPA, the UK Bribery Act or any other anti-corruption law;

 

“Exempted Securities” has the meaning given to it in the Articles;

 

“Existing Investor” means those Parties defined as such at the beginning of this Agreement;

 

“Existing Investor Director” has the meaning given in Clause 5.1;

 

“Fidelity” means Beacon Bioventures Fund III Limited Partnership;

 

“Fidelity Letter” has the meaning given in the Share Exchange Agreement;

 

“Foreign Private Issuer” has the meaning given in the Investors’ Rights Agreement;

 

“Founder Members” means together James Noble, Bent Jakobsen and Helen Katrina Tayton-Martin;

 

“Group” means the group of companies consisting of the Company and any company which is a subsidiary or subsidiary undertaking of the Company at any time (including any overseas companies or undertakings);

 

“Group Member” means a company in the Group and, for the avoidance of doubt, includes the Company whether or not it has any subsidiaries;

 

“GSK Agreement” means the collaboration and licence agreement between Adaptimmune and GlaxoSmithKline Intellectual Property Development Ltd dated 30 May 2014 (as amended and supplemented from time to time);

 

“Independent Director” means any independent non-executive director appointed to the Board in accordance with Clause 5.3;

 

“Investor” means any of the Existing Investors and/or any of the New Investors and/or any other Person who is designated as an Investor in a Deed of Adherence executed by him for so long as, in each case, he remains a Shareholder;

 

“Investor Director” has the meaning given in the Articles;

 

“Investors’ Rights Agreement” means the agreement among the Company and the New Investors in the agreed form to be dated on or around the date of this Agreement;

 

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“Listing” has the meaning given to it in the Articles;

 

“Major Investor” has the meaning set forth in the Articles;

 

“Marketing Information” means all and any information (whether or not recorded in documentary form or on computer disk or tape) relating to the marketing or sales of any past, present or future product or service of a Group Member including, sales targets and statistics, market research reports, sales techniques, price lists, discount structures, advertising and promotional material, the names, addresses, telephone numbers, contact names and identities of customers and potential customers, commercial, technical contacts of and suppliers and potential suppliers or consultants to a Group Member, the nature of their business operations, their requirements for any product or service sold or purchased by a Group Member and all confidential aspects of their business relationship with the relevant Group Member;

 

“Material Interest” means:

 

(a)                                 the holding of any position as director, officer, employee, consultant, partner, principal or agent;

 

(b)                                 the direct or indirect control or ownership (whether jointly or alone) of any shares (or any voting rights attached to them) or debentures save for the ownership for investment purposes only of not more than 3 per cent of the issued ordinary share capital of any company whose shares are listed on any Recognised Investment Exchange; or

 

(c)                                  the direct or indirect provision of any financial assistance;

 

“NEA” means New Enterprise Associates, 14 L.P.;

 

“New Investor” means those Parties defined as New Investors at the beginning of this Agreement;

 

“New Securities” has the meaning given to it in the Articles;

 

“Option Exchange” has the meaning given in the Articles;

 

“Option Scheme” has the meaning given in the Articles;

 

“OrbiMed” means OrbiMed Private Investments V L.P;

 

“Ordinary Majority” means Existing Investors holding between them in excess of fifty percent (50%) of the total number of Ordinary Shares held by the Existing Investors from time to time;

 

“Ordinary Shares” means ordinary shares of £0.001 each in the capital of the Company;

 

“Parties” means the parties to this Agreement and Party means any one of them, including any other member of the Company to whom Shares are transferred or issued in accordance with the Articles and who agrees to be bound by this Agreement by executing a Deed of Adherence;

 

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“Person” means any natural person, corporation, limited liability company, joint stock company, joint venture, partnership, enterprise, trust, unincorporated organisation or any other entity or organisation;

 

“Preferred Majority” means those Investors who between them hold Series A Preferred Shares representing at least fifty-five percent (55%) of the total number of votes of Series A Preferred Shares capable of being cast by the Investors at a general meeting of the Company calculated on an as-converted basis in accordance with Article 3.2.4(b) of the Articles;

 

“Qualified Public Offering” has the meaning given to it in the Articles;

 

“Recognised Investment Exchange” has the meaning given to it in the Articles;

 

“Restricted Period” means (a) in relation to the Existing Investors the period commencing on the date of this Agreement and ending 9 months after the Termination Date; and (b) in relation to Founder Members the period commencing on the date of this Agreement and ending 12 months after the Termination Date;

 

“Registrable Securities” means (a) the Ordinary Shares issuable or issued upon conversion of the Series A Preferred Shares; and (b) any Ordinary Shares issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in (a) above;

 

“Restricted Products” means all and any products of a kind which shall be dealt in, produced, marketed or sold by a Group Member in the ordinary course of the Businesses;

 

“Restricted Services” means all and any services of a kind which shall be provided by a Group Member in the ordinary course of the Businesses;

 

“Restricted Supplies” means any goods or services supplied to any Group Member in the ordinary course of the Businesses on terms which as to the nature of the supplies and/or the terms of supply are unique to the relationship between the supplier and the relevant Group Member;

 

“Sale” has the meaning given to it in the Articles;

 

“Series A Preferred Shares” means the new Series A Preferred Shares of £0.001 each in the capital of the Company having the rights set out in the Articles;

 

“Series A Preferred Share Purchase Agreement” means the agreement among Adaptimmune and the New Investors pursuant to which the New Investors subscribed for series A preferred shares in Adaptimmune dated 23 September 2014;

 

“Service Agreements” means the service agreements, employment contracts or agreements for service between the Company and any Key Employee (as defined in the Series A Preferred Share Purchase Agreement);

 

“Share” means a share in the capital of the Company for the time being in issue;

 

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“Shareholder” means a holder of Shares;

 

“Shareholder Majority” means Shareholders who between them hold Shares representing at least a majority of the total number of votes of the outstanding Shares capable of being cast by the Shareholders at a general meeting of the Company calculated on an as-converted basis in accordance with Article 3.2.4(b) of the Articles;

 

“Special Majority” means the approval in writing of both (a) a Preferred Majority, and (b) a Board Majority;

 

“Special Board Matter” means any matter, transaction or other course of action (including without limitation any amendment of the Articles) relating to the implementation of:

 

(a)                                 a Listing; or

 

(b)                                 a Sale,

 

in circumstances where it is intended to invoke the provisions of Clauses 6.3 and 6.4;

 

“Special Shareholder Matter” means any matter, transaction or other course of action relating to the implementation of:

 

(a)                                 any amendment proposed to be made to the Articles, including without limitation in relation to a further financing of the Company; or

 

(b)                                 any amendment to or variation of this Agreement, or any waiver of any provision of this Agreement,

 

in circumstances where it is intended to invoke the provisions of Clauses 6.3 and 6.4;

 

“Supplier” means any Person with whom the relevant Shareholder shall have dealt or of whom or of which he shall have knowledge by virtue of his duties in the nine months preceding the relevant date and who has during the period of nine months preceding the relevant date provided, or been in negotiations to provide, Restricted Supplies to any Group Member;

 

“Technical Information” means all and any trade secrets, source codes, computer programs, inventions, designs, know-how discoveries, research and development techniques or processes, data created as a result of or in relation to such research and development techniques or processes, technical specifications and other technical information (whether or not recorded in documentary form or on computer disk or tape) relating to the creation, production or supply of any past, present or future product or service of a Group Member;

 

“Termination Date” means the date on which the relevant Shareholder ceases to be a Shareholder;

 

“Transaction Documents” means this Agreement, the Investors’ Rights Agreement and the Share Exchange Agreement;

 

“UK Bribery Act” means the Bribery Act 2010; and

 

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“Wellington Letter” has the meaning given in the Share Exchange Agreement.

 

1.2                               Words and expressions defined in the Act (except words and expressions expressly defined in this Agreement) shall have the same respective meanings wherever used in this Agreement except in so far as the context otherwise requires.

 

1.3                               References in this Agreement to statutory provisions shall (where the context so admits and unless otherwise expressly provided) be construed as references to those provisions as amended, consolidated, extended or re-enacted from time to time, and to the corresponding provisions of any earlier legislation (whether repealed or not) directly or indirectly amended consolidated extended or replaced thereby or re-enacted and to any orders regulations instruments or other subordinate legislation made under relevant statute provided that, as between the Parties, that amendment, consolidation, extension or re-enactment shall not apply to the extent that it would impose any new or extended obligation, liability or restriction on, or otherwise adversely affect the rights of, any of the Parties.

 

1.4                               In this Agreement:

 

(a)                                 clause headings are included for convenience only and shall not affect the construction of this Agreement;

 

(b)                                 words denoting the singular shall include the plural and vice versa;

 

(c)                                  words denoting one gender shall include each gender and all genders;

 

(d)                                 references to Recitals, Clauses, Schedules and Parties are references to recitals, clauses, schedules and parties to or of this Agreement;

 

(e)                                  references to paragraphs in a Schedule are, unless otherwise expressly provided, references to paragraphs of the Schedule in which the references appear;

 

(f)                                   references to documents being in agreed form mean in the form initialled by or on behalf of the Parties for the purpose of identification;

 

(g)                                  references to a Shareholder include that Shareholder’s successors in title, assignees, estate and permitted assignees (in each case who shall have adhered to this Agreement in accordance with its terms) and legal and personal representatives; and

 

(h)                                 references in this Agreement to writing include any method of reproducing words in a legible and non-transitory form but excludes electronic mail.

 

1.5                               The Recitals and the Schedules shall be deemed to be incorporated in this Agreement.

 

1.6                               In this Agreement any phrase introduced by the terms “including”, “include”, “in particular” or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms.

 

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2.                                      COMMENCEMENT OF THIS AGREEMENT AND TERMINATION OF 2014 SHAREHOLDERS’ AGREEMENT

 

2.1                               The provisions of this Agreement shall come into force at, and in connection with, the completion of the transactions contemplated by the Share Exchange Agreement.

 

2.2                               With effect from the commencement of this Agreement:

 

(a)                                 each of the Parties undertakes to and covenants with the other Parties to comply with the provisions of and to perform all its obligations in this Agreement; and

 

(b)                                 each Party shall have the benefit of the provisions of this Agreement relevant to it.

 

2.3                               With effect from the commencement of this Agreement:

 

(a)                                 those Parties being parties to the 2014 Shareholders’ Agreement hereby agree that the 2014 Shareholders’ Agreement shall terminate; and

 

(b)                                 each such Party waives its rights and releases and discharges the other relevant Parties from their respective contractual and other legal obligations and liabilities whether known or unknown arising under or in connection with the 2014 Shareholders’ Agreement.

 

3.                                      THE COMPANY’S BUSINESS

 

3.1                               The Company shall:

 

(a)                                 carry on and conduct its business and affairs in a proper and efficient manner and for its own benefit in accordance with the provisions of this Agreement and in the general manner contemplated by the Budget;

 

(b)                                 transact all its business on arm’s length terms;

 

(c)                                  other than in the ordinary course of business, not enter into any agreement or arrangement restricting its competitive freedom to:

 

(i)                                     provide and take goods and services by such means and from and to such Persons as it may think fit; or

 

(ii)                                  enter into any agreements, arrangements, collaborations or relationships with such Persons or bodies as it thinks appropriate;

 

(d)                                 procure that all business of the Company, other than routine day-to-day business and business that has been delegated by the Board to individual office holders, shall be undertaken and transacted by the Board;

 

(e)                                  procure that the business of the Company shall be carried on in a manner that is consistent with the policies laid down from time to time by the Board and the Businesses and any further expansion, development or evolution of the

 

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Businesses, or any other businesses of the Group, will be effected only through the Company or another Group Member;

 

(f)                                   maintain with a well-established and reputable insurer adequate insurance against all risks usually insured against by companies carrying on the same or a similar business and (without prejudice to the generality of the foregoing) for the full replacement or reinstatement value of all its assets of an insurable nature (including key person insurance if the Board determines such insurance to be in the best interests of the Company);

 

(g)                                  at all times:

 

(i)                                     maintain proper accounting and other financial records;

 

(ii)                                  maintain effective and appropriate control systems in relation to the financial, accounting and record-keeping functions of the Company; and

 

(iii)                               ensure that the annual accounts of the Company comply with the requirements of the Act and all current statements of standard accounting practice and financial reporting standards applicable to a company incorporated in England and Wales of the same size and status as the Company;

 

(h)                                 procure that if the Company requires any approval, consent or licence for the carrying on of its business in the places and in the manner in which it is from time to time carried on or proposed to be carried on, the Company will use reasonable endeavours to maintain the same in full force and effect;

 

(i)                                     take such action as is reasonable and prudent:

 

(A)                               to protect the Company’s assets including the Company Intellectual Property;

 

(B)                               to procure that Adaptimmune enforces its rights under each of the Assignment and Exclusive Licence, the Service Agreements and the GSK Agreement; and

 

(C)                               to comply with its obligations under the Transaction Documents;

 

(j)                                    not, without the prior written consent of the Board, do any act or thing within the Company’s power and control which will result in the Company ceasing to be a Foreign Private Issuer,

 

and the expression “the Company”, where used above in this Clause 3.1, shall be deemed to include each of the other companies in the Group from time to time to the intent and effect that the provisions of Clause 3.1 shall apply in relation to each such company as they apply in relation to the Company, save for those provisions which expressly or by implication relate only to the Company

 

3.2                               The Parties acknowledge their intention to work towards a Qualified Public Offering within 12 calendar months of 23 September 2014.

 

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3.3                               In the event the Company effects a Listing outside the US (for example on the London Stock Exchange), the Company shall procure that all Registrable Securities will be freely transferable on the relevant Recognised Investment Exchange with effect from closing of the Listing, subject always to compliance with any restrictions on transfer required by any underwriter(s) or resulting from law or regulation applicable to an Investor.

 

4.                                      CORPORATE AFFAIRS

 

4.1                               Save where a Board meeting is required to be held on shorter notice where the giving of notice pursuant to this Clause would be prejudicial to the interests of the Company or the Investors, all directors shall be given 10 Business Days’ notice of all meetings of the Board.

 

4.2                               The Board shall initially be comprised of up to seven (7) directors, and may in future be increased up to ten (10) directors by further appointments made in accordance with the Articles and Clause 5.8 herein.

 

4.3                               The quorum for any meeting of the Board shall be four directors (and shall not require the physical attendance in the same room of the directors but shall include directors attending via electronic or other telecommunications means) including at least one Investor Director and at least one Existing Investor Director.

 

4.4                               If any meeting of the Board is adjourned because a quorum is not present then all directors shall, save where a Board meeting is required to be held on shorter notice where the giving of notice pursuant to this Clause would be prejudicial to the interests of the Company or the Investors, be given at least 10 Business Days’ notice of time appointed for the adjourned meeting at which the same business is to be transacted.

 

4.5                               If at the adjourned meeting of the Board referred to in Clause 4.4 a quorum is not present within one hour from the time appointed for the meeting, the directors present will form a quorum.

 

4.6                               The Company shall hold a formal meeting of the Board at least once in every three calendar months with a minimum of at least four board meetings in each calendar year.

 

4.7                               Until such time as the Company’s shares have been listed or admitted to trading on a Recognised Investment Exchange and without prejudice to the provisions of the Investors’ Rights Agreement or the Articles with respect to the rights of any Major Investor, the Company shall provide to each Existing Investor:

 

(a)                                 copies of the profit and loss account and balance sheet of the Company in respect of each financial year as soon as they become available and in any event not later than one hundred and twenty days from the end of each accounting reference period;

 

(b)                                 a quarterly high level summary report by the chief executive officer;

 

(c)                                  the annual budgets (following approval by the Board); and

 

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(d)                                 as soon as reasonably practicable such further information as may from time to time be considered as being reasonably necessary to share with Investors as to any matter relating to the business, financial position and the affairs of the Group.

 

4.8                               Until such time as the Company’s Shares have been listed or admitted to trading on a Recognised Investment Exchange the Company shall permit each Existing Investor, at such Existing Investor’s expense, to:

 

(a)                                 visit and inspect the Company’s properties;

 

(b)                                 examine its books of account and records; and

 

(c)                                  discuss the Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by such Existing Investor,

 

provided, however, that the Company shall not be obligated pursuant to this Clause 4.8 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.

 

4.9                               If the Company fails to provide the information in Clause 4.7 by the times set out above.

 

(a)                                 any Existing Investor may with the prior written consent of the Chairman which shall not be unreasonably withheld or delayed, give notice to the Company that if the Company fails to provide such information within 10 Business Days of the date of the notice the relevant Existing Investor will appoint a firm of accountants to produce such financial information at the Company’s reasonable expense and if the Company fails to provide the information within such period then the relevant Existing Investor may make such appointment; and

 

(b)                                 the Company will provide any information reasonably required by the accountants for this purpose.

 

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4.10                        The Shareholders acknowledge that Schedule 3 sets out worked examples as to the intended operation of Articles 3.2.6 and 3.2.7 of the Articles and that such Articles should be interpreted to give effect to their intended operation in accordance with the worked examples in the event of any doubt or dispute arises concerning their operation, it being recognised that such worked examples assume an aggregate number of 1,758,418 Series A Preferred Shares in issue and a subscription price of £35.5702 per share, rather than 175,841,800 Series A Preferred Shares in issue and a subscription price of £0.355702 per share.

 

5.                                      BOARD REPRESENTATION

 

5.1                               An Ordinary Majority may appoint up to three directors to the Company and may remove from office any person so appointed and (subject to such removal) may appoint another person in his place (each such director, an “Existing Investor Director”). Such appointments and removals shall be made by notice in writing to the Company signed by or on behalf of the relevant Ordinary Majority, following which such appointments and removals as applicable shall be promptly effected by the Board pursuant to Article 18.2.2 of the Articles and the holders of a majority of the Series A Preferred Shares shall be deemed to have consented in writing to such appointments for the purposes of that Article. The initial Existing Investor Directors deemed to have been appointed pursuant to this Clause 5.1 shall be James Noble as Chief Executive Officer, Jonathan Knowles as Chairman and Ian Laing.

 

5.2                               The New Investors agree that the rights under Article 18.3 of the Articles to appoint up to three Investor Directors shall be exercised in accordance with this Clause 5.2:

 

(a)                                 for so long as NEA (or its Affiliates) holds not less than sixty-six percent (66%) of the original Series A Preferred Shares allotted to NEA pursuant to the Series A Preferred Share Purchase Agreement, NEA may appoint up to two Investor Directors to the Company and may remove from office any person so appointed and (subject to such removal) may appoint another person in his place in accordance with this Agreement and the Articles;

 

(b)                                 for so long as OrbiMed (or its Affiliates) holds not less than sixty-six percent (66%) of the original Series A Preferred Shares allotted to OrbiMed pursuant to the Series A Preferred Share Purchase Agreement, OrbiMed may appoint one Investor Director to the Company, and may remove from office any person so appointed and (subject to such removal) may appoint another person in his place in accordance with this Agreement and the Articles;

 

(c)                                  any such appointments and removals pursuant to Clauses 5.2(a) and (b) above shall be made by notice in writing served on the Company signed on behalf of the NEA or OrbiMed as the case may be and shall take effect at the time it is served, in accordance with Article 16.4 of the Articles;

 

(d)                                 the initial Investor Directors appointed by NEA pursuant to Clause 5.2(a) shall be David Mott and Ali Behbahani;

 

(e)                                  the initial Investor Director appointed by OrbiMed pursuant to Clause 5.2(b) shall be Peter Thompson; and

 

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(f)                                   in the event that NEA or OrbiMed’s ownership of Series A Preferred Shares falls below the foregoing sixty-six percent (66%) threshold, such applicable Investor shall lose the foregoing right to designate its foregoing Investor Directors, and a Preferred Majority will be entitled to appoint such Investor Directors previously appointed by NEA or OrbiMed, as may be applicable in accordance with this Agreement and the Articles.

 

5.3                               The Board will also include an independent non-executive director with relevant industry expertise who is acceptable to all members of the Board and who is appointed in accordance with Article 18.2 of the Articles. Any such independent nonexecutive director shall be required to remain independent at all times as they remain in office, and for the purpose of this Clause 5.3, “independent” will be considered having regard to the criteria set out in Section 5605(a)(2) of the NASDAQ listing standards, as amended from time to time. The initial Independent Director appointed pursuant to this Clause 5.3, shall be Elliott Sigal.

 

5.4                               For so long as Fidelity (including its Affiliates) holds not less than sixty-six percent (66%) of the original Series A Preferred Shares allotted to Fidelity pursuant to the Series A Preferred Share Purchase Agreement, Fidelity shall be entitled to appoint one representative to attend Board meetings as an unpaid observer (a “Fidelity Observer”), provided that such person shall not be entitled to vote at the meeting but shall (if permitted from time to time by the Chairman or a majority of the Board) be entitled to speak at the meeting. Any Fidelity Observer shall be entitled to receive notice of each meeting of the Board. Fidelity may also remove any Fidelity Observer and appoint another person in his place. Each such appointment and removal shall be made by notice in writing served on the Company and shall take effect at the time it is served. The initial Fidelity Observer appointed pursuant to this Clause 5.4 shall be Alex Pasteur.

 

5.5                               If at any time there is a vacancy in the number of directors able to be appointed pursuant to Clauses 5.1 or 5.2, an Ordinary Majority or a Preferred Majority, respectively, shall be entitled for so long as a vacancy in the number of directors able to be appointed pursuant to Clause 5.1 and 5.2, respectively, subsists to appoint one person in respect of each such vacancy to be an unpaid observer who shall have the right to attend and speak at all meetings of the Board and all committees thereof in a non-voting observer capacity (“Observer”). An Ordinary Majority or a Preferred Majority (as applicable) may also remove any person so appointed by an Ordinary Majority or a Preferred Majority, respectively, and appoint another person in his place. Each such appointment and removal shall be made by notice in writing served on the Company and shall take effect at the time it is served.

 

5.6                               The appointment of any Observer or Fidelity Observer shall be subject to (i) the Board receiving such undertakings and/or assurances as the Board may reasonably request; and (ii) taking any actions reasonably necessary to exclude any Observer or Fidelity Observer in each case as necessary to maintain the confidentiality of confidential information and/or attorney client privilege relating to the Company by the relevant Observer or Fidelity Observer.

 

5.7                               Any Observer or Fidelity Observer shall be entitled to receive copies of all notices, documents and papers forwarded to Board members in preparation for meetings of the

 

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Board and all committees thereof at least seven days prior to the meeting to which they refer and may share these papers with the party who appointed them.

 

5.8                               Notwithstanding any of the foregoing to the contrary, the appointment of any additional directors to the Board, not being appointed for the purposes of Clauses 5.1, 5.2 or 5.3, shall require the prior approval in writing of a Preferred Majority.

 

5.9                               Directors shall be entitled to have reimbursed to them any reasonable expenses incurred by them in the performance of their duties but shall not be entitled to any remuneration without the prior approval in writing of a Preferred Majority.

 

5.10                        The Company undertakes to the Investors that it shall maintain insurance for its directors against liability incurred by them in the lawful performance of their duties.

 

5.11                        The Board shall form a compensation committee of the Board which shall be responsible for making recommendations to the Board on all matters concerning the appointment and removal of directors, other than the Existing Investor Directors or Investor Directors, and the pay and benefits of employees (the “Compensation Committee”). The Compensation Committee, which shall have a majority of nonexecutive directors, shall include such members as the Board determines including at least one Investor Director and at least one Existing Investor Director.

 

5.12                        The Board shall form an audit committee of the Board which shall be responsible for overseeing the annual audit of the Company (the “Audit Committee”). The Audit Committee shall be responsible for:

 

(a)                                 reviewing the financial statements of the Company and the consolidated financial statements of the Group before publication and ensuring that the principles and policies adopted comply with statutory requirements and with the best practices in accounting standards;

 

(b)                                 consulting with the external auditors regarding the scope of their work and reviewing with them all material issues arising from the auditors’ management letters;

 

(c)                                  overseeing the internal control and compliance environment within the Group and ensuring its procedures are adequate and effective; and

 

(d)                                 recommending to the Board the appointment and level of remuneration of the external auditors.

 

The Audit Committee, which shall have a majority of non-executive directors, shall include such members as the Board determines including at least one Investor Director and at least one Existing Investor Director.

 

6.                                      MATTERS REQUIRING CONSENT

 

6.1                               For so long as any Series A Preferred Shares remain in issue, in addition to any other vote or consent required herein, by another Transaction Document or by law, the Company undertakes to the New Investors (to the extent valid and enforceable at law)

 

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that it shall not without the prior written consent of the Preferred Majority undertake any of the following:

 

(a)                                 any amendment, alteration or repeal of any provision of the Articles that would adversely affect the preferences, rights, privileges, or powers of the Series A Preferred Shares;

 

(b)                                 any material change in the nature of the Business of the Group;

 

(c)                                  any increase in the number of issued Series A Preferred Shares or Ordinary Shares or number of such Shares the Company has agreed to allot pursuant to any option, warrant or other subscription, save where the increase is in connection with a Qualified Public Offering or in connection with the creation, allotment or issue of shares or other securities pursuant to any of this Agreement, the Option Schemes, any securities in issue at the date of this Agreement, or in accordance with Articles 3.2.5, 3.2.6 or 6.10.2;

 

(d)                                 any authorisation, designation or issuance, whether by reclassification or otherwise, of any new class or series of shares or any other securities convertible into equity securities of the Company ranking on a parity with or senior to the existing Series A Preferred Shares in right of redemption, liquidation preference, voting or dividends;

 

(e)                                  any repurchase with respect to the Ordinary Shares (excluding Shares repurchased upon termination of an employee or consultant pursuant to a restricted share purchase agreement);

 

(f)                                   any agreement between the Company and any of its Shareholders (or any Affiliates of any of its Shareholders) regarding a sale, lease, transfer or other acquisition or disposition of material assets by the Company;

 

(g)                                  any payment or declaration of a dividend on any of the Ordinary Shares or Series A Preferred Shares;

 

(h)                                 any voluntary dissolution or liquidation of the Company or any reclassification or recapitalisation of the issued share capital of the Company;

 

(i)                                     any increase or decrease in the maximum number of members of the Board;

 

(j)                                    any incurrence of borrowings, loans or guarantees for indebtedness in excess of £1,000,000 in aggregate;

 

(k)                                 any material related party transaction, unless approved by the Board (including a disinterested majority of directors); and

 

(1)                                 any material variation of, or any waiver of rights under, the Assignment and Exclusive Licence or the GSK Agreement, in each case, which may have an adverse effect to any Group Member’s interest in or rights connected to the Company Intellectual Property.

 

6.2                               For the purposes of Clause 6.1(k), a “related party transaction” means a transaction that would, if the Company was listed on the official list of the UK Listing Authority,

 

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constitute a related party transaction as defined by the Listing Rules of the UK Listing Authority.

 

6.3                               In the event that (a) a Special Majority determines that the Company should undertake any matter, transaction or other course of action which constitutes a Special Board Matter, or (b) a Special Majority and a Shareholder Majority determine that the Company should undertake any matter, transaction or other course of action which constitutes a Special Shareholder Matter, then in each case the procedures set out in Clause 6.4 shall apply.

 

6.4                               In relation to any Special Board Matter or Special Shareholder Matter, following determination in accordance with Clause 6.3 that the relevant matter should be undertaken and notification to the Company that the matter should proceed:

 

(a)                                 the Company shall within 5 Business Days give notice to all its Shareholders of the relevant Special Board Matter and/or Special Shareholder Matter, as may be applicable, which notice shall include details of:

 

(i)                                     the matter, transaction or course of action which is the subject of the Special Board Matter and/or the Special Shareholder Matter;

 

(ii)                                  the proposed implementation of the Special Board Matter and/or the Special Shareholder Matter by the Company; and

 

(iii)                               any consent or approval of the Existing Investors, the New Investors and/or any of its Shareholders required pursuant to this Agreement, or the Articles or otherwise determined by the Board for the Special Board Matter and/or the Special Shareholder Matter to proceed (a “Special Notice”);

 

(b)                                 each Shareholder undertakes to each of the other Shareholders to take, in relation to the Company, all such steps, do all such acts and things and exercise all voting rights and powers of control available to him to procure that any action that is required of him in any Special Notice is undertaken in the manner and within any period of time requested by the Company in a Special Notice in order to enable the Company fully and effectively to implement the Special Board Matter and/or Special Shareholder Matter as the case may be; and

 

(c)                                  if any Shareholder fails in any respect to comply with the requirements of any Special Notice, the Company and each of its directors shall be constituted the agent of each such defaulting Shareholder irrevocably authorised by any such Shareholder to do all such acts and things as that defaulting Shareholder was required to do pursuant to the Special Notice in order to enable the Company to fully and effectively implement the matters described in the Special Notice.

 

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6.5                               Notwithstanding any of the foregoing to the contrary, in the event that a Board Majority determines to effect a Listing as a Special Board Matter, the New Investors agree not to unreasonably withhold their vote in favour of such Listing such that a Preferred Majority cannot be achieved pursuant to Clause 6.3.

 

6.6                               Each Shareholder undertakes to the other Shareholders to use its reasonable endeavours (and to exercise its powers in relation to the Company) to ensure that:

 

(a)                                 save as provided in Clause 6.6(e), unless otherwise determined by special resolution or in relation to any Exempted Securities, if the Company proposes to allot any New Securities, those New Securities shall not be allotted to any person unless the Company has first offered them to all Major Investors (other than any Major Investor who at that time is required to give a transfer notice in accordance with these Articles or who is deemed to have given a transfer notice under these Articles) on the same terms and conditions and at the same price, as those New Securities are being offered to other persons and otherwise on a pari passu and pro rata basis to the number of Series A Preferred Shares held by the relevant Major Investors (as nearly as possible without involving fractions). Such offer:

 

(i)                                     shall be in writing, and give details of the number and subscription price of the New Securities and shall stipulate a period during which the offer is open for acceptance which shall be not less than 15 Business Days from the date of such offer; and

 

(ii)                                  may stipulate that any relevant Major Investor who wishes to subscribe for a number of New Securities in excess of the proportion to which each is entitled shall, in his acceptance, state the number of excess New Securities (“Excess Securities”) for which they wish to subscribe;

 

(b)                                 any New Securities not accepted by a Major Investor pursuant to the offer made to them in accordance with Clause 6.6(a) shall be used for satisfying any requests for Excess Securities made pursuant to Clause 6.6(a). If there are insufficient Excess Securities to satisfy such requests, the Excess Securities shall be allotted to the applicants pro rata to the number of Shares held by the applicants immediately before the offer was made to each Major Investor in accordance with Clause 6.6(a) (as nearly as possible without involving fractions or increasing the number of Excess Securities allotted to any Major Investor beyond that applied for by him);

 

(c)                                  if after the allotments have been made pursuant to Clause 6.6 (a) and (b) all of the New Securities have not been allotted, unallocated New Securities shall then be offered to all Shareholders (other than the Major Investors and other than any Shareholder who at that time is required to give a transfer notice in accordance with the Articles or who is deemed to have given a transfer notice under the Articles) on a pari passu and pro rata basis to the number of Shares held by the relevant Shareholder (as nearly as possible without involving fractions). Such offer:

 

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(i)                                     shall be in writing, and give details of the number and subscription price of the New Securities and shall stipulate a period during which the offer is open for acceptance which shall be not less than 15 Business Days from the date of such offer; and

 

(ii)                                  may stipulate that any relevant Shareholder who wishes to subscribe for a number of New Securities in excess of the proportion to which each is entitled shall, in his acceptance, state the number of excess New Securities (“Further Excess Securities”) for which they wish to subscribe;

 

(d)                                 any New Securities not accepted by a Shareholder pursuant to the offer made to them in accordance with Clause 6.6(c) shall be used for satisfying any requests for Further Excess Securities made pursuant to Clause 6.6(c). If there are insufficient Further Excess Securities to satisfy such requests, the Further Excess Securities shall be allotted to the applicants pro rata to the number of Shares held by the applicants immediately before the offer was made to each Shareholder in accordance with Clause 6.6(c) (as nearly as possible without involving fractions or increasing the number of Further Excess Securities allotted to any Shareholder beyond that applied for by him). After that allotment, any unallocated New Securities remaining shall be offered to any other person as the directors may determine, at the same price and on the same terms as the offer to the Shareholders; and

 

(e)                                  the pre-emption provisions contained in Clauses 6.6(a) to (d) shall not apply:

 

(i)                                     to the allotment of bonus shares on a pari passu and pro rata basis;

 

(ii)                                  to the grant of options to subscribe for Ordinary Shares pursuant to an Option Scheme or an Option Exchange (and the issue of Ordinary Shares on exercise of options granted pursuant to an Option Scheme or an Option Exchange) provided that the maximum number of Ordinary Shares which would be issued if all options granted pursuant to an Option Scheme or an Option Exchange and remaining capable of being exercised following the relevant grant were exercised in full does not exceed 32,446,000 Ordinary Shares unless otherwise approved by a Special Majority (or such equivalent number of resulting Shares following any consolidation and/or sub division of Ordinary Shares after the date of this Agreement);

 

(iii)                               to the allotment of Ordinary Shares pursuant to Articles 3.2.5 to 3.2.9;

 

(iv)                              to the allotment of any Exempted Securities; and

 

(f)                                   to the allotment of shares issued in connection with a Qualified Public Offering.

 

6.7                               If required pursuant to clause 4.3 of the Share Exchange Agreement, each Shareholder undertakes to the Company and the other Shareholders to use its reasonable endeavours (and to exercise its powers in relation to the Company) to ensure that the

 

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Company shall adhere to its obligation under clause 4.3 of the Share Exchange Agreement with respect to re-registering in accordance with section 755(3) of the Act.

 

7.                                      TRANSFERS

 

7.1                               Any holder of Series A Preferred Shares may freely transfer its rights under this Agreement in connection with any transfer of Shares by it subject to compliance with the Articles and this Agreement. Each Party undertakes with the others not to transfer any interest (whether legal or equitable) in, or rights attaching to, any Shares, except in accordance with the Articles and this Agreement.

 

7.2                               No Existing Investor may transfer more than five percent (5%) of his Shares in any twelve (12) month period, such period to commence on the date of the first transfer of any Shares provided that this Clause 7.2 shall not apply:

 

(a)                                 where the Board consents (including the approval of an Investor Director) to the Existing Investor transferring Shares notwithstanding this clause; or

 

(b)                                 to any transfer of Shares in accordance with Articles 13, 14 or 15.

 

7.3                               Notwithstanding the Articles, no Party shall transfer any of its Shares to an entity which is not a Party to this Agreement unless, prior to such transfer, the transferee shall have entered into a Deed of Adherence. On receipt of such Deed of Adherence by the Company, and upon completion of the transfer, the transferee shall be deemed for all purposes to be a Party to this Agreement, and to have undertaken and covenanted to comply with the provisions of and to perform all the obligations of this Agreement and to have the benefit of all the covenants and undertakings conferred upon such Party in the capacity to which it shall have adhered to this Agreement.

 

7.4                               No Party may transfer any Share to any Competitor of the Company otherwise than pursuant to an offer made in accordance with Article 15 of the Articles.

 

7.5                               The provisions of Clause 7.3 shall apply mutatis mutandis to any issue of Shares to a Person who is not a Party or a nominee of a Party at the date of such issue.

 

7.6                               Notwithstanding any of the foregoing to the contrary and subject to Clause 7.7 below, nothing above in this Clause 7 shall prohibit any transfers of Shares by a New Investor to an Affiliate (the “Transferee Affiliate”, or for the avoidance of doubt by any Transferee Affiliate to its respective Affiliates) provided that such Transferee Affiliate or any of its respective Affiliates as the case may be agrees to adhere to this Agreement by signing a Deed of Adherence and be bound by the same obligations in respect of the Company as such transferring New Investor.

 

7.7                               In the event that the Transferee Affiliate shall cease to be an Affiliate (of the New Investor) for the purposes of this Agreement, the Transferee Affiliate shall be required to deliver a Transfer Notice (as defined in the Articles) in respect of such Shares when requested to do so by the Board.

 

8.                                      RESTRICTIVE COVENANTS

 

8.1                               Subject to Clause 8.3 and 8.4 below, in order to protect the Group’s legitimate business interests, each of the Existing Investors and the Founder Members

 

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undertakes to the Company and to each of the New Investors that he will not, whether directly or indirectly, and whether alone or in conjunction with any other Person and whether as principal, shareholder, director, employee, agent, consultant or otherwise and that he will procure that each of his Associates, holding company or subsidiaries will not (other than on behalf of a Group Member):

 

(a)                                 at any time during the Restricted Period hold any Material Interest in any business which competes, to any material extent, with any of the Businesses;

 

(b)                                 at any time during the Restricted Period, seek in any capacity whatsoever any business, orders or custom for any Restricted Products or Restricted Services from any Customer;

 

(c)                                  at any time during the Restricted Period, accept in any capacity whatsoever orders for any Restricted Products or Restricted Services from any Customer;

 

(d)                                 at any time during the Restricted Period seek or accept the supply by any Supplier of Restricted Supplies;

 

(e)                                  at any time before or after the Termination Date, induce or seek to induce by any means involving the disclosure or use of Confidential Business Information any Customer or Supplier to cease dealing with a Group Member or to restrict or vary the terms upon which it deals with the relevant Group Member;

 

(f)                                   at any time during the Restricted Period be employed or engaged by any Person who at any time during the period of nine months prior to the Termination Date shall have been a Customer for the purpose of carrying out the same kind of work as he shall have performed for that Customer during the period of nine months prior to the Termination Date;

 

(g)                                  at any time during the Restricted Period endeavour to entice away from the relevant Group Member or knowingly employ or engage the services of or procure or assist any third party so to employ or engage the services of any Person who shall have been an Employee with whom he shall have dealt at any time during the period of nine months prior to the Termination Date;

 

(h)                                 at any time during the Restricted Period endeavour to entice away from a Group Member or knowingly employ or engage the services of or procure or assist any third party so to employ or engage the services of any Person who shall have been providing consultancy services to the relevant Group Member at any time in the period of nine months immediately prior to the Termination Date and who:

 

(i)                                     by reason of his engagement as a consultant by such Group Member is likely to be able to assist a business in or intending to be in competition with such Group Member so to compete; or

 

(ii)                                  by reason of his engagement as a consultant by such Group Member is likely to be in possession of any Confidential Business Information; or

 

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(iii)                               at any time after the Termination Date represents himself or permits himself to be held out by any Person, firm or company as being in any way connected with or interested in the Company other than as a Shareholder.

 

8.2                               In the interest of clarity and to avoid ambiguity, the New Investors shall not be bound in any way by the undertakings in Clause 8.1

 

8.3                               Each undertaking contained in Clause 8.1:

 

(a)                                 shall be construed as a separate undertaking by each of the Existing Investors and if any such undertaking is held to be against the public interest or unlawful or in any way an unreasonable restraint of trade the remaining undertakings shall continue in full force and effect and shall bind each of the Existing Investors; and

 

(b)                                 is considered by the Existing Investors to be reasonable.

 

8.4                               It is agreed between the Parties that, in its capacity as an Existing Investor, The University of Oxford shall only be:

 

(a)                                 bound by Clause 8.1(a) of Clause 8.1 and not by any other sub-clause of Section 8.1 thereof; and

 

(b)                                 deemed to be in breach of Clause 8.1(a) if it shall have a Material Interest in a company whose business involves use of T cells transduced with biotechnologically engineered T cell receptor genes.

 

8.5                               Nothing in the undertakings set out in Clause 8.1 shall be deemed to prohibit:

 

(a)                                 any action in respect of any business or part of any business in which (otherwise than as a result of any breach of any of those undertakings by the Existing Investors) the Company has ceased to be involved prior to any event giving rise to a claim;

 

(b)                                 a Shareholder from holding, for investment purposes only, securities dealt in on a Recognised Investment Exchange not exceeding three percent (3%) in nominal value of the securities of that class;

 

(c)                                  a Shareholder from having a Material Interest in Immunocore Limited, or any subsidiary of Immunocore Limited; or

 

(d)                                 any action which has been approved by the Company in writing with the prior approval of a Preferred Majority.

 

9.                                      UNDERTAKINGS

 

9.1                               If required by the Board prior to a Listing, and unless and to the extent not addressed in the employment or consultant agreement of any applicable employee or consultant, the Company shall procure that each Person now or hereafter employed by the Company or by any other Group Member (or engaged by the Company or any other

 

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Group Member as a consultant/independent contractor) shall sign a proprietary information agreement in such form as the Board may require providing that:

 

(a)                                 he or she is either an employee or consultant of the Company, as the case may be;

 

(b)                                 he or she will maintain all Confidential Business Information in confidence;

 

(c)                                  he or she will assign all inventions created by him or her as an employee or consultant during his or her employment or service to the Company; and

 

(d)                                 he or she will not solicit any employees from the Company either during, or for a period of twelve (12) months after the termination of his or her employment or service to the Company.

 

9.2                               Unless otherwise approved by the Board, all future employees and consultants of the Company who purchase, or receive options to purchase, or receive awards of Shares of the Company after the date of this Agreement shall be required to execute restricted stock or option agreements in such form as the Board may require, as applicable, providing that:

 

(a)                                 shares shall vest over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining shares vesting in equal monthly instalments over the following thirty-six (36) months; and

 

(b)                                 a lock up agreement substantially similar to the requirements of subsection 2.11 of the Investors’ Rights Agreement. In addition, unless otherwise approved by the Board, the Company shall retain the pre-emptive rights pursuant to the Articles on transfers of Shares held by employees or consultants until the Company’s Listing.

 

9.3                               The Company undertakes that it shall and shall procure that each Group Member shall use its reasonable endeavours to procure that its or their respective directors, officers, managers, employees, independent contractors, representatives or agents shall:

 

(a)                                 not promise, authorise or make any payment to, or otherwise contribute any item of value to, directly or indirectly, any third party, including any Non-U.S. Official (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”)), in each case, in violation of the FCPA, the UK Bribery Act, or any other applicable anti-bribery or anti-corruption law;

 

(b)                                 cease all of its or their respective activities, as well as remediate any actions taken by the Company, any Group Member, or any of their respective directors, officers, managers, employees, independent contractors, representatives or agents in violation of the FCPA (to the extent the Company is aware of such activities or violations), the UK Bribery Act, or any other applicable anti-bribery or anti-corruption law;

 

(c)                                  maintain adequate internal controls (including, accounting systems, purchasing systems and billing systems) to ensure compliance with the UK

 

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Bribery Act or any other applicable anti-bribery or anti-corruption law, and shall make reasonable endeavours toward compliance with the FCPA; and

 

(d)                                 upon request, provide any Investor who so requests with responsive information and/or certifications concerning its compliance with applicable anti-corruption laws.

 

The Company shall promptly notify each New Investor if the Company becomes aware of any Enforcement Action. The Company shall, and shall cause the other Group Members, whether now in existence or formed in the future, to comply with the FCPA and the UK Bribery Act. The Company shall use reasonable efforts to cause the other Group Members, whether now in existence or formed in the future, to comply in all material respects with all applicable laws.

 

10.                               REPRESENTATIONS

 

10.1                        Each of the Existing Investors and the Company severally warrants and represents to each of the New Investors, and each of the New Investors severally warrants and represents to the Existing Investors and to the Company, in respect of itself only and not in respect of any other party that:

 

(a)                                 it has full capacity and authority to enter into and perform all the terms of this Agreement;

 

(b)                                 this Agreement (and any other agreement or document entered into by it pursuant to this Agreement) constitutes, or will when executed constitute, valid and binding obligations, enforceable against it in accordance with their respective terms;

 

(c)                                  the execution of this Agreement (and any other agreement or document entered into by it pursuant to this Agreement) has been duly authorised by all necessary actions on its part; and

 

(d)                                 no consent, approval, authorisation or order of any court, governmental or local agency or body or any other Person is required by it for the execution, implementation and performance of this Agreement and compliance with the terms of this Agreement does not and will not conflict with, result in the breach of or constitute a default under any agreement, instrument or obligation by which it may be bound or any provision of its constitutional documents.

 

11.                               CONFIDENTIALITY

 

11.1                        Each of the Parties (other than the Company) undertakes to the Company and the other Parties to use all reasonable endeavours to keep secret and confidential all Confidential Business Information and not to disclose any such Confidential Business Information to any third party and not to use any such Confidential Business Information itself. This obligation shall not apply to information which:

 

(a)                                 was known to the disclosing Party before it became a shareholder in the Company, and was not impressed already with any obligation of confidentiality to any of the other Parties;

 

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(b)                                 is or becomes publicly known without the fault of the disclosing Party;

 

(c)                                  is obtained by the disclosing Party from a third party in circumstances where the disclosing Party has no reason to believe that there has been any breach of an obligation of confidentiality owed to any of the other Parties;

 

(d)                                 is independently developed by the disclosing Party;

 

(e)                                  is approved for release in advance and in writing by authorised representatives of all the other Parties; or

 

(f)                                   the disclosing Party is obliged to disclose by virtue of any law or regulatory requirement.

 

11.2                        Nothing contained in this Agreement shall prohibit the disclosure of any Confidential Business Information to the extent required to be disclosed:

 

(a)                                 in connection with any judicial, administration or regulatory investigation, inquiry or proceedings; or

 

(b)                                 by any applicable law or regulation.

 

11.3                        The Parties shall use all reasonable endeavours to keep the contents of this Agreement confidential, but may disclose such contents (but (save as required by law or regulation) not the identity of any Investor or the identity of any advisor to any Investor) to the extent necessary in carrying out the Company’s business and in discussion with banks, limited partners, potential investors in the Company and potential senior executives of the Company, provided that in such cases the disclosing Party uses reasonable endeavours to ensure that such disclosure is made under condition of confidentiality.

 

12.                               ANNOUNCEMENTS

 

12.1                        Except in accordance with Clause 12.2 or 12.3, the Parties shall not make any public announcement or issue a press release or respond to any enquiry from the press or other media concerning or relating to this Agreement or its subject matter, (including but not limited to the New Investors’ investment in the Company) or any ancillary matter.

 

12.2                        Notwithstanding Clause 12.1 (and subject to the Wellington Letter), any Party may make or permit to be made an announcement concerning or relating to this Agreement or its subject matter or any ancillary matter with the prior written approval of the Board (such consent not to be unreasonably withheld) or if and to the extent required by:

 

(a)                                 any applicable law, rule or regulation;

 

(b)                                 any securities exchange on which such party’s securities are listed or traded; or

 

(c)                                  any regulatory or governmental or other authority with relevant powers to which such party is subject or submits, whether or not the requirement has the force of law.

 

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13.                               COSTS AND EXPENSES

 

13.1                        Each Party shall bear their own costs and disbursements incurred in the negotiations leading up to and in the preparation of this Agreement and of matters incidental to this Agreement.

 

14.                               TERMINATION

 

14.1                        Subject to Clause 14.2 below and without prejudice to any Party’s accrued rights and obligations under this Agreement:

 

(a)                                 on a Sale or a Listing on a Recognised Investment Exchange the provisions of this Agreement shall terminate and cease to have any effect; and

 

(b)                                 when a Shareholder ceases to hold Shares, that Shareholder shall cease to be party to this Agreement (and the definition of “Shareholder” shall no longer include that Person).

 

14.2                        The provisions of Clause 14.1 shall not apply to Clauses 1, 8, 11, 14.2 and 15.

 

15.                               GENERAL

 

15.1                        No Investor shall be deemed to have assumed any obligations to, or a fiduciary relationship with, any other.

 

15.2                        All covenants and other obligations given or entered into or received by the Investors are given or entered into or received, as the case may be, severally (and not jointly except as otherwise expressly provided by this Agreement).

 

15.3                        Each Party (other than the Company) undertakes to each other Party to exercise (so far as it is lawfully able) the powers vested in it from time to time as Shareholder, member of the Board, officer or employee (as the case may be) of the Company, such as to procure compliance by the Company with the provisions of this Agreement and the Articles, including the undertakings of the Company set out in Clauses 3, 6 and 9.

 

15.4                        Each of the Parties shall do, execute and perform all such further deeds, documents, assurances, acts and things as may reasonably be required to give effect to the terms of this Agreement.

 

15.5                        In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of the Articles then, only as between the Shareholders as regards the way they shall exercise their rights as Shareholders, this Agreement shall prevail.

 

15.6                        The invalidity or unenforceability of any term of this Agreement, or of any right arising pursuant to this Agreement, shall not affect the remaining terms or rights in any way.

 

15.7                       Nothing in this Agreement shall create, imply or evidence any partnership between all or any of the Parties or the relationship of principal and agent between any of them.

 

15.8                        All and any of the provisions of this Agreement may be deleted, varied, supplemented, restated, waived or otherwise changed in any way at any time:

 

26

 

(a)                                 with the agreement in writing of all the Parties to this Agreement; or

 

(b)                                 as a Special Shareholder Matter with the approval of a Special Majority and a Shareholder Majority pursuant to the procedures set out in Clause 6.4,

 

and any such deletion, variation, supplement, restatement, waiver or other change shall be binding on all of the Parties hereto. Notwithstanding any of the foregoing to the contrary (i) so long as NEA or its Affiliates maintain the minimum share ownership set forth in Clause 5.2(a), NEA’s right to appoint Investor Directors in accordance with Clause 5.2(a) may not be amended or waived without NEA’s consent, and (ii) so long as OrbiMed or its Affiliates maintain the minimum share ownership set forth in Clause 5.2(b), OrbiMed’s right to appoint an Investor Director in accordance with Clause 5.2(b) may not be amended or waived without OrbiMed’s consent.

 

15.9                        This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute an original of this Agreement, but all the counterparts shall together constitute the same agreement. No counterpart shall be effective until each party has executed at least one counterpart.

 

15.10                 This Agreement and any dispute, claim or controversy arising out of or in connection with it or its subject matter (“Dispute”), including regarding its formation, existence, validity, enforceability, performance, interpretation or termination and including non-contractual Disputes, shall be governed by and interpreted in accordance with English law. Each Party irrevocably agrees that the English Courts shall have exclusive jurisdiction to deal with any Dispute which has arisen or may arise out of or in connection with this Agreement.

 

15.11                 If any one or more Clauses or sub-Clauses of this Agreement would result in this Agreement being prohibited pursuant to any applicable competition, unfair trading or anti-trust laws, then it or they shall be deemed to be omitted. The Parties shall uphold the remainder of this Agreement, and shall negotiate an amendment which, as far as legally possible, maintains the economic balance between the Parties.

 

15.12                 This Agreement is not transferable, and no Party may purport to assign it (in whole or in part) except in compliance with Clause 7. The Parties to this Agreement do not intend that by virtue of the Contracts (Rights of Third Parties) Act 1999 any of the terms of this Agreement should be enforceable by a Person who is not a Party to it.

 

15.13                 This Agreement and the other Transaction Documents together represent the whole and only agreement between the Parties in relation to the subject matter of this Agreement and supersede any previous agreement (other than the Wellington Letter and the Fidelity Letter) whether written or oral between all or any of the Parties in relation to that subject matter. Accordingly all other conditions, representations and warranties which could be implied (by law or otherwise) shall not form part of this Agreement.

 

15.14                 No Party shall have any liability or remedy in tort in respect of any representation, warranty or other statement (other than those contained in this Agreement) being false, inaccurate or incomplete unless it was made fraudulently, wilfully or deliberately.

 

27

 

15.15                 Without prejudice to any other rights, powers, privileges or remedies that the Shareholders may have, each of the Shareholders acknowledge and agree that damages alone would not be an adequate remedy for any breach by any Shareholder of the provisions of Clauses 6.3 and 6.4 of this Agreement and Article 15 of the Articles and that, accordingly, the Shareholders shall be entitled, without proof of special damages, to seek the remedies of injunction, specific performance or other equitable relief for any threatened or actual breach of the terms Clauses 6.3 and 6.4 of this Agreement and Article 15 of the Articles.

 

15.16                 Each Party acknowledges that in entering into this Agreement and the other Transaction Documents it places no reliance on any representation, warranty or other statement relating to the subject matter of this Agreement or other Transaction Documents (other than those contained in any of those documents).

 

16.                               NOTICES

 

16.1                        A notice or other communication given to a Party under or in connection with this Agreement:

 

(a)                                 shall be in writing and in English or accompanied by a properly prepared translation into English;

 

(b)                                 shall be signed by or on behalf of the Party giving it;

 

(c)                                  shall be sent to that Party at the address stated in Schedule 1 (Details of the Company) to this Agreement or to such other address as that Party may have subsequently notified to the other Parties, in accordance with the provisions of this Clause), any such change to take effect five Business Days after the notice is deemed to have been received or, if later, on the date specified in that notice; and

 

(d)                                 may be:

 

(i)                                     delivered personally; or

 

(ii)                                  sent by commercial courier; or

 

(iii)                               sent by pre-paid recorded delivery requiring signature on delivery; or

 

(iv)                              sent by airmail requiring signature on delivery.

 

16.2                        If a notice or other communication has been properly sent or delivered in accordance with this Clause, it will be deemed to have been received as follows:

 

(a)                                 if delivered personally, at the time of delivery; or

 

(b)                                 if sent by commercial courier, recorded delivery or airmail on the date and at the time of signature of the courier’s or other relevant delivery receipt.

 

16.3                        For the purposes of this Clause:

 

(a)                                 all times are to be read as local time in the place of deemed receipt; and

 

28

 

(b)                                 if deemed receipt under this Clause is not within business hours (meaning 9.00am to 5.30pm Monday to Friday on a day that is not a public holiday in the place of receipt), the notice or other communication shall be deemed to have been received when business next starts in the place of receipt.

 

16.4                        The provisions of this Clause shall not apply to the service of any proceedings or other documents in any legal action.

 

16.5                        A notice or other communication required to be given under or in connection with this Agreement shall not be validly given if sent by email.

 

EXECUTION:

 

29

 

SCHEDULE 1

DETAILS OF THE COMPANY

 

Name:                                                                                                                                                           ADAPTIMMUNE THERAPEUTICS LIMITED

 

Registered number:                                                                                       9338148

 

Registered office:                                                                                                 91 Park Drive

Milton Park

Abingdon

Oxfordshire

OX14 4RY

 

Date of incorporation:                                                                       3 December 2014

 

Issued Share Capital:                                                                            £357,211.90 divided into 181,370,100 Ordinary Shares of £0.001 each and 175,841,800 Series A Preferred Shares of £0.001 each

 

The following Ordinary Shares are held by the following, each being an Existing Investor:

 

	
 
    	
 
    	
Number of
    	
 
    	
 
    
	
Existing Investor Name:
    	
 
    	
Ordinary   Shares:
    	
 
    	
Address:
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
J   J Noble
    	
 
    	
9,972,600
    	
 
    	
Flat   12, Victoria Gardens,
    
	
 
    	
 
    	
 
    	
 
    	
15   Marston Ferry Road, Oxford,
    
	
 
    	
 
    	
 
    	
 
    	
OX2   7EF
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
N   J Cross
    	
 
    	
29,042,800
    	
 
    	
Lashford   House,
    
	
 
    	
 
    	
 
    	
 
    	
Church   Lane, Dry Sandford,
    
	
 
    	
 
    	
 
    	
 
    	
Abingdon,   Oxfordshire,
    
	
 
    	
 
    	
 
    	
 
    	
OX13   6JP
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
I   M Laing
    	
 
    	
29,042,800
    	
 
    	
4   Charlbury Road, Oxford,
    
	
 
    	
 
    	
 
    	
 
    	
OX2   6UT
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
B   K Jakobsen
    	
 
    	
4,736,500
    	
 
    	
Flat   7, Lincombe Lodge, Fox
    
	
 
    	
 
    	
 
    	
 
    	
Lane,   Boars Hill, Oxford
    
	
 
    	
 
    	
 
    	
 
    	
OX1   5DN
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
B   H Jakobsen
    	
 
    	
2,512,500
    	
 
    	
Long   Acre, Faringdon Road,
    
	
 
    	
 
    	
 
    	
 
    	
Frilford   Heath, Abingdon,
    
	
 
    	
 
    	
 
    	
 
    	
Oxfordshire   OX13 6QJ
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
G   E S Robinson
    	
 
    	
29,042,800
    	
 
    	
20   Campden Hill Square,
    
	
 
    	
 
    	
 
    	
 
    	
London   W8 7JY
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Joanne   Noble
    	
 
    	
714,300
    	
 
    	
38   Beech Croft Road,
    
	
 
    	
 
    	
 
    	
 
    	
Oxford   OX2 7AZ
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
W   T Chown
    	
 
    	
1,433,700
    	
 
    	
4   Rawlinson Road, Oxford
    
	
 
    	
 
    	
 
    	
 
    	
OX2   6UE
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
N   S Blackwell
    	
 
    	
9,466,800
    	
 
    	
The   Ham, Wantage,
    
	
 
    	
 
    	
 
    	
 
    	
Oxfordshire
    
	
 
    	
 
    	
 
    	
 
    	
OX12   9JA
    

 

30

 

	
C   Blackwell
    	
 
    	
4,622,200
    	
 
    	
The   Ham, Wantage,
    
	
 
    	
 
    	
 
    	
 
    	
Oxfordshire
    
	
 
    	
 
    	
 
    	
 
    	
OX12   9JA
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
The   Trustees of the Nigel Blackwell A&M
    	
 
    	
8,921,800
    	
 
    	
The   Ham, Wantage,
    
	
Trust
    	
 
    	
 
    	
 
    	
Oxfordshire
    
	
 
    	
 
    	
 
    	
 
    	
OX12   9JA
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
J   Pointer
    	
 
    	
4,692,000
    	
 
    	
Heathfield   House, Chilworth
    
	
 
    	
 
    	
 
    	
 
    	
Road,   Southampton,
    
	
 
    	
 
    	
 
    	
 
    	
S016   7JZ
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
J   Knowles
    	
 
    	
7,067,600
    	
 
    	
Paradiesstrasse   73, CH4102
    
	
 
    	
 
    	
 
    	
 
    	
Binningen,   Baselland,
    
	
 
    	
 
    	
 
    	
 
    	
Switzerland
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
V   E Treves
    	
 
    	
557,600
    	
 
    	
4   Alwyne Place,
    
	
 
    	
 
    	
 
    	
 
    	
London
    
	
 
    	
 
    	
 
    	
 
    	
N1   2NL
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Quester   Academic GP Limited as General
    	
 
    	
1,564,000
    	
 
    	
Smithfield   Business Centre,
    
	
Partner   of the Second Isis College Fund
    	
 
    	
 
    	
 
    	
5   St John’s Lane, London, EC1
    
	
Limited   Partnership
    	
 
    	
 
    	
 
    	
4BH
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
The   Chancellor, Masters and Scholars of
    	
 
    	
787,100
    	
 
    	
University   Offices
    
	
the   University of Oxford
    	
 
    	
 
    	
 
    	
Wellington   Square
    
	
 
    	
 
    	
 
    	
 
    	
Oxford   OX1 2JD
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Financial   Consultants (Jersey) Limited
    	
 
    	
1,329,500
    	
 
    	
a/c   91 - Centenary House,
    
	
 
    	
 
    	
 
    	
 
    	
La   Grande Route de St Pierre,
    
	
 
    	
 
    	
 
    	
 
    	
St   Peter, Jersey
    
	
 
    	
 
    	
 
    	
 
    	
JE3   7AY
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Nuframe   Limited
    	
 
    	
1,329,500
    	
 
    	
Centenary   House, La Grande
    
	
 
    	
 
    	
 
    	
 
    	
Route   de St Pierre, St Peter, Jersey
    
	
 
    	
 
    	
 
    	
 
    	
JE3   7AY
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
St   Catherine’s College in the University of
    	
 
    	
469,500
    	
 
    	
Manor   Road,
    
	
Oxford
    	
 
    	
 
    	
 
    	
Oxford,   OX1 3UJ
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Peter   Lammer
    	
 
    	
5,272,800
    	
 
    	
Manor   Cottage, Church Lane, Dry
    
	
 
    	
 
    	
 
    	
 
    	
Sandford,   Oxfordshire
    
	
 
    	
 
    	
 
    	
 
    	
OX13   6JP
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Helen   Katrina Tayton-Martin
    	
 
    	
1,815,000
    	
 
    	
Brock   House, Sheepdrove,
    
	
 
    	
 
    	
 
    	
 
    	
Lambourn,   Hungerford, Berks
    
	
 
    	
 
    	
 
    	
 
    	
RG17   7XA
    

 

31

 

	
Immunocore   Limited
    	
 
    	
26,976,700
    	
 
    	
90   Park Drive, Milton Park,
    
	
 
    	
 
    	
 
    	
 
    	
Abingdon,   Oxfordshire,
    
	
 
    	
 
    	
 
    	
 
    	
OX14   4RY
    

 

The following Series A Preferred Shares are held by the following, each being a New Investor:

 

	
 
    	
 
    	
Number of Series
    	
 
    	
 
    
	
 
    	
 
    	
A Preferred
    	
 
    	
 
    
	
New Investor Name:
    	
 
    	
Shares:
    	
 
    	
Address:
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
New   Enterprise Associates 14, Limited
    	
 
    	
59,269,000
    	
 
    	
c/o   New Enterprise Associates
    
	
Partnership
    	
 
    	
 
    	
 
    	
1954   Greenspring Drive, Suite 600
    
	
 
    	
 
    	
 
    	
 
    	
Timonium,   MD 21093
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
NEA   Ventures 2014, Limited Partnership
    	
 
    	
17,000
    	
 
    	
c/o   New Enterprise Associates
    
	
 
    	
 
    	
 
    	
 
    	
1954   Greenspring Drive, Suite 600
    
	
 
    	
 
    	
 
    	
 
    	
Timonium,   MD 21093
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
OrbiMed   Private Investments V, LP
    	
 
    	
25,408,300
    	
 
    	
c/o   OrbiMed Advisors, LLC
    
	
 
    	
 
    	
 
    	
 
    	
601   Lexington Avenue, 54th Floor,
    
	
 
    	
 
    	
 
    	
 
    	
New   York, NY 10022
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SMALLCAP   World Fund, Inc.
    	
 
    	
16,938,900
    	
 
    	
c/o   Capital Research and
    
	
 
    	
 
    	
 
    	
 
    	
Management   Company, Attention:
    
	
 
    	
 
    	
 
    	
 
    	
Erik   A, Vayntrub, 333 South Hope
    
	
 
    	
 
    	
 
    	
 
    	
Street,   33rd Floor, Los Angeles,
    
	
 
    	
 
    	
 
    	
 
    	
California   90071
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Beacon   Bioventures Fund III Limited
    	
 
    	
13,551,100
    	
 
    	
c/o   Fidelity Biosciences
    
	
Partnership
    	
 
    	
 
    	
 
    	
One   Main Street, 13th Floor
    
	
 
    	
 
    	
 
    	
 
    	
Cambridge,   MA 02142
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Ridgeback   Capital Management LP
    	
 
    	
11,857,200
    	
 
    	
75   Ninth Avenue, 5th Floor
    
	
 
    	
 
    	
 
    	
 
    	
New   York, NY 10011
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Foresite   Capital Fund II, LP
    	
 
    	
8,469,400
    	
 
    	
101   California St., Suite 4100
    
	
 
    	
 
    	
 
    	
 
    	
San   Francisco, CA 94111
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Novo   A/S
    	
 
    	
8,469,400
    	
 
    	
Novo   A/S
    
	
 
    	
 
    	
 
    	
 
    	
Tuborg   Havnevej 19
    
	
 
    	
 
    	
 
    	
 
    	
DK-2900   Hellerup
    
	
 
    	
 
    	
 
    	
 
    	
Denmark
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Salthill   Investors (Bermuda) L.P.
    	
 
    	
3,447,900
    	
 
    	
c/o   Wellington Management
    
	
 
    	
 
    	
 
    	
 
    	
Company,   LLP, 280 Congress
    
	
 
    	
 
    	
 
    	
 
    	
Street,   31st F1.
    
	
 
    	
 
    	
 
    	
 
    	
Boston   MA 02210
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Salthill   Partners, L.P.
    	
 
    	
5,021,500
    	
 
    	
c/o   Wellington Management
    
	
 
    	
 
    	
 
    	
 
    	
Company,   LLP, 280 Congress
    

 

32

 

	
 
    	
 
    	
 
    	
 
    	
Street,   31st F1.
    
	
 
    	
 
    	
 
    	
 
    	
Boston   MA 02210
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Bryan   White
    	
 
    	
1,124,000
    	
 
    	
601   Union Street, 56th Floor
    
	
 
    	
 
    	
 
    	
 
    	
Seattle,   WA 98103
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
QVT   Fund V LP
    	
 
    	
2,973,800
    	
 
    	
c/o   QVT Financial LP
    
	
 
    	
 
    	
 
    	
 
    	
1177   Avenue of the Americas, 9th
    
	
 
    	
 
    	
 
    	
 
    	
Floor
    
	
 
    	
 
    	
 
    	
 
    	
New   York, NY 10036
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
QVT   Fund IV LP
    	
 
    	
502,100
    	
 
    	
c/o   QVT Financial LP
    
	
 
    	
 
    	
 
    	
 
    	
1177   Avenue of the Americas, 9th
    
	
 
    	
 
    	
 
    	
 
    	
Floor
    
	
 
    	
 
    	
 
    	
 
    	
New   York, NY 10036
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Quintessence   Fund L.P.
    	
 
    	
386,100
    	
 
    	
c/o   QVT Financial LP
    
	
 
    	
 
    	
 
    	
 
    	
1177   Avenue of the Americas, 9th
    
	
 
    	
 
    	
 
    	
 
    	
Floor
    
	
 
    	
 
    	
 
    	
 
    	
New   York, NY 10036
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Fourth   Avenue Capital Partners LP
    	
 
    	
3,483,400
    	
 
    	
c/o   QVT Financial LP
    
	
 
    	
 
    	
 
    	
 
    	
1177   Avenue of the Americas, 9th
    
	
 
    	
 
    	
 
    	
 
    	
Floor
    
	
 
    	
 
    	
 
    	
 
    	
New   York, NY 10036
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Rock   Springs Capital Master Fund LP
    	
 
    	
3,387,800
    	
 
    	
650   S. Exeter Street
    
	
 
    	
 
    	
 
    	
 
    	
Suite 1070
    
	
 
    	
 
    	
 
    	
 
    	
Baltimore,   MD 21202
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
venBio   Select Fund LLC
    	
 
    	
3,387,800
    	
 
    	
120   West 45th Street
    
	
 
    	
 
    	
 
    	
 
    	
Suite 2802
    
	
 
    	
 
    	
 
    	
 
    	
New   York, NY 10036
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Merlin   Nexus IV, LP
    	
 
    	
1,693,900
    	
 
    	
424   West 33rd Street, Suite 330
    
	
 
    	
 
    	
 
    	
 
    	
New   York, NY 10001
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
The   Chancellor, Masters and Scholars of
    	
 
    	
2,811,300
    	
 
    	
University   Offices, Wellington
    
	
the   University of Oxford
    	
 
    	
 
    	
 
    	
Square
    
	
 
    	
 
    	
 
    	
 
    	
Oxford   OX1 2JD
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
St   Catherine’s College in the University of
    	
 
    	
1,693,900
    	
 
    	
Manor   Road, Oxford OX1 3UJ
    
	
Oxford
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Financial   Consultants (Jersey) Limited
    	
 
    	
1,693,900
    	
 
    	
a/c   91 - Centenary House, La
    
	
 
    	
 
    	
 
    	
 
    	
Grande   Route
    
	
 
    	
 
    	
 
    	
 
    	
de   St Pierre, St Peter, Jersey
    
	
 
    	
 
    	
 
    	
 
    	
JE3   7AY
    

 

33

 

	
Sigal   Family Investments, LLC
    	
 
    	
254,100
    	
 
    	
32   Brearly Road, Princeton,
    
	
 
    	
 
    	
 
    	
 
    	
NJ   08540
    

 

Directors:                                          Jonathan Knowles, James Julian Noble, David Mott, Ali Behbahani, Peter Thompson, Elliot Sigal and Ian Laing

 

Secretary: Margaret Henry

 

34

 

SCHEDULE 2

DEED OF ADHERENCE

 

THIS DEED is dated [·] and made between:

 

PARTY:                                                  [·] of [·] (the “New Party”)

 

BACKGROUND:

 

(A)                               On [·] 20[·], a shareholders agreement (the “Shareholders Agreement”) was entered into between (1) [insert name], (2) [insert name], (3) [·] Limited, (4) [·] Limited, (5) Adaptimmune Therapeutics Limited (the “Company”) and others.

 

[For a transfer of shares to a New Party:]

 

[(B)                           [·] (the “Transferor”) is [an original party] [a party by virtue of a deed of adherence dated [·]] to the Shareholders Agreement.

 

(C)                               The Transferor has agreed to sell and transfer to the New Party [insert number and type of shares] in the capital of the Company subject to the New Party entering into this Deed of Adherence.]

 

[For an allotment of shares to a New Party:]

 

[(B)                           The Company has agreed to issue and allot to the New Party [insert number and type of shares] in the capital of the Company subject to the New Party entering into this Deed of Adherence.]

 

[(C)/

 

(D)]                           The New Party wishes to [purchase and accept the transfer of] [subscribe for] those shares subject to that condition and, pursuant to the Shareholders Agreement, to enter into this Deed of Adherence in favour of those Persons whose names and addresses are set out in the Schedule (the “Continuing Parties”).

 

THIS DEED WITNESSES THAT:

 

1.                                      DEFINITIONS

 

Words and expressions used but not defined in this Deed shall (unless the context otherwise requires) have the meaning given in the Shareholders Agreement.

 

2.                                      PERFORMANCE OF OBLIGATIONS AND ASSUMPTION OF RIGHTS UNDER SHAREHOLDERS AGREEMENT

 

In the event of and with effect from the New Party being registered as a member of the Company:

 

35

 

(a)                                 the New Party undertakes to and covenants with the Continuing Parties to comply with the provisions of and to perform all the obligations in the Shareholders Agreement so far as they become due to be observed and performed on or after the date of this Deed as if the New Party had been an original party to the Shareholders Agreement and had been referred to in it as one of the Investors; and

 

(b)                                 the New Party shall become a Shareholder [and the Transferor shall cease to be a Shareholder] and the New Party shall have the benefit of the provisions of the Shareholders Agreement as if the New Party had been an original party to it and had been referred to in it as one of the Investors and the Shareholders Agreement shall be construed and apply accordingly;

 

3.                                      NOTICES

 

For the purposes of clause 16 of the Shareholders Agreement, the New Party’s initial details for service of notice shall be as follows:

 

Address:

Marked for the Attention of:

 

[·]

 

4.                                      GOVERNING LAW

 

The provisions of clauses 15.9 (Counterparts) and 15.10 (Governing law and jurisdiction) of the Shareholders Agreement shall apply to this Deed mutatis mutandis.

 

EXECUTION:

 

The parties have shown their acceptance of the terms of this Deed by executing it as a deed at the end of the Schedule.

 

36

 

SCHEDULE TO DEED OF ADHERENCE

 

CONTINUING PARTIES

 

	
Name
    	
 
    	
Address
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    

 

37

 

SCHEDULE 3

WORKED EXAMPLES

 

	
 
    	
 
    	
 
    	
 
    	
Ratchet & Issuance Illustrative Scenarios
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Financing 1: 1 Month Post Close
    	
 
    	
Financing 2: 13 Months Post Close
    	
 
    	
QIPO 24 Months
    	
 
    	
QIPO 36 Months
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
Pre Ratchet and issuance
    	
 
    	
10M Placement
    	
 
    	
Post Ratchet and
   Antidilution
    	
 
    	
10M placement
    	
 
    	
Post Ratchet and
   Antidilution
    	
 
    	
Pre QIPO
    	
 
    	
Pro Forma for Ratchet
    	
 
    	
Pre QIPO
    	
 
    	
Pro Forma for Ratchet
    	
 
    
	
SIP
    	
 
    	
Subscription Price
    	
 
    	
£
    	
35.57
    	
 
    	
£
    	
35.57
    	
 
    	
 
    	
 
    	
£
    	
35.57
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ESC
    	
 
    	
Number of Equity Shares   in issue plus the aggregate number of shares in respect of which options to   subscribe have been granted, or which are subject to convertible securities
    	
 
    	
3,672,696
    	
 
    	
3,672,696
    	
 
    	
3,965,580
    	
 
    	
3,965,580
    	
 
    	
4,293,530
    	
 
    	
4,258,222
    	
 
    	
4,846,103
    	
 
    	
4,258,222
    	
 
    	
6,023,630
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Size of Qualifying Issue
    	
 
    	
 
    	
 
    	
£
    	
10,000,000
    	
 
    	
 
    	
 
    	
£
    	
10,000,000
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
QISP
    	
 
    	
Lowest per share price   of the New Securities issued pursuant to the Qualifying Issue
    	
 
    	
 
    	
 
    	
£
    	
34.57
    	
 
    	
 
    	
 
    	
£
    	
34.57
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
NS
    	
 
    	
Number of New Securities   issued pursuant to the Qualifying Issue
    	
 
    	
 
    	
 
    	
289,268
    	
 
    	
 
    	
 
    	
289,268
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
WA
    	
 
    	
Weighted Average per   share price
    	
 
    	
 
    	
 
    	
£
    	
35.50
    	
 
    	
 
    	
 
    	
£
    	
35.50
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Z
    	
 
    	
Number of Series A   Preferred Shares held by the Series A Investor
    	
 
    	
1,758,418
    	
 
    	
1,758,418
    	
 
    	
 
    	
 
    	
1,762,034
    	
 
    	
 
    	
 
    	
1,765,408
    	
 
    	
 
    	
 
    	
1,765,408
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
N
    	
 
    	
Number of Anti-Dilution   Shares to be issued to the Series A Investors
    	
 
    	
 
    	
 
    	
3,616
    	
 
    	
 
    	
 
    	
3,374
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Total Ordinary Share   Equivalents held by Series A investors
    	
 
    	
 
    	
 
    	
 
    	
 
    	
1,762,034
    	
 
    	
 
    	
 
    	
1,800,716
    	
 
    	
 
    	
 
    	
2,353,289
    	
 
    	
 
    	
 
    	
3,530,816
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Number of   Series A-1 Shares held by Series A-1 Investors
    	
 
    	
n/a
    	
 
    	
289,268
    	
 
    	
 
    	
 
    	
289,268
    	
 
    	
 
    	
 
    	
289,268
    	
 
    	
 
    	
 
    	
289,268
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Number of   Series A-2 Shares held by Series A-2 Investors
    	
 
    	
n/a
    	
 
    	
—
    	
 
    	
 
    	
 
    	
289,268
    	
 
    	
 
    	
 
    	
289,268
    	
 
    	
 
    	
 
    	
289,268
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Series A Investor   Ownership
    	
 
    	
47.88
    	
%
    	
 
    	
 
    	
44.43
    	
%
    	
 
    	
 
    	
41.94
    	
%
    	
 
    	
 
    	
48.56
    	
%
    	
 
    	
 
    	
58.62
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Series A-1 Investor   Ownership
    	
 
    	
n/a
    	
 
    	
 
    	
 
    	
7.29
    	
%
    	
 
    	
 
    	
6.74
    	
%
    	
 
    	
 
    	
5.97
    	
%
    	
 
    	
 
    	
4.80
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Series A-2 Investor   Ownership
    	
 
    	
n/a
    	
 
    	
 
    	
 
    	
0.00
    	
%
    	
 
    	
 
    	
6.74
    	
%
    	
 
    	
 
    	
5.97
    	
%
    	
 
    	
 
    	
4.80
    	
%
    
																									

 

Note: For simplicity of illustration, assumes no anti-dilution or ratcheting rights to the Series A-1 or Series A-2 shareholders.

Note: For our starting ESC figure, see the Capitalization section of the purchase agreement (section 2.2). The figure consists of the following: 1,813,701 ordinary shares + 1,758,418 preferred slates + 100,577 options to purchase ordinary shares

 

 

	
 
    	
 
    	
 
    	
 
    	
Ratchet Impact
    	
 
    
	
 
    	
 
    	
Pre Ratchet
    	
 
    	
Ratchet @ 24 Months; During
   Adjustment Period
    	
 
    	
Ratchet @ 36 Months
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Number   of Series A Preferred Shares held by the Exercising Investor
    	
 
    	
1,758,418
    	
 
    	
1,758,418
    	
 
    	
1,758,418
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Then effective Conversion Rate
    	
 
    	
1.0x
    	
 
    	
1.0x
    	
 
    	
1.0x
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Multiplier
    	
 
    	
1.0x
    	
 
    	
1.3x
    	
 
    	
2.0x
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Applicable Conversion Rate
    	
 
    	
1.0x
    	
 
    	
1.3x
    	
 
    	
2.0x
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total   Ordinary Share equivalents held by Series A investors
    	
 
    	
1,758,418
    	
 
    	
2,343,971
    	
 
    	
3,516,836
    	
 
    

 

39

 

IN WITNESS whereof this Agreement has been executed as a Deed by the Parties or their duly authorised representatives:

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
/s/ Ian Michael Laing
    
	
under a power of attorney dated 13
    	
)
    	
 
    
	
February 2015, as attorney for JAMES
    	
)
    	
 
    
	
NOBLE in the presence of:
    	
 
    
	
 
    	
 
    
	
Witness’s signature:
    	
/s/ M. Henry
    
	
 
    	
 
    
	
Witness’s name
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    
	
 
    	
 
    
	
Witness’s address:
    	
64 THE PHELPS
    
	
 
    	
KIDLINGTON
    
	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
/s/ Ian Michael Laing
    
	
under a power of attorney
    	
)
    	
 
    
	
dated 16 February 2015, as attorney
    	
)
    	
 
    
	
for NICHOLAS JOHN CROSS in the
    	
)
    	
 
    
	
presence of :
    	
)
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Witness’s signature :
    	
/s/ M. Henry
    
	
 
    	
 
    
	
Witness’s name
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    
	
 
    	
 
    
	
Witness’s address:
    	
64 THE PHELPS
    
	
 
    	
KIDLINGTON
    
	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL
    	
)
    	
/s/ Ian Michael Laing
    
	
LAING in the presence of:
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
 
    
	
Witness’s signature:
    	
/s/ M. Henry
    
	
 
    	
 
    
	
Witness’s name
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    
	
 
    	
 
    
	
Witness’s address:
    	
64 THE PHELPS
    
	
 
    	
KIDLINGTON
    
	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
/s/ Ian Michael Laing
    
	
under a power of attorney dated 18
    	
)
    	
 
    
	
February 2015, as attorney for BENT
    	
)
    	
 
    
	
KARSTEN JAKOBSEN in the presence
    	
 
    
	
of:
    	
 
    
	
 
    	
 
    
	
Witness’s signature:
    	
/s/ M. Henry
    
	
 
    	
 
    
	
Witness’s name
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    
	
 
    	
 
    
	
Witness’s address:
    	
64 THE PHELPS
    
	
 
    	
KIDLINGTON
    
	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
/s/ Ian Michael Laing
    
	
under a power of attorney dated 18
    	
)
    	
 
    
	
February 2015, as attorney for BENTE
    	
)
    	
 
    
	
HELKJAER JAKOBSEN in the presence
    	
)
    	
 
    
	
of:
    	
 
    	
 
    
	
 
    	
 
    
	
Witness’s signature:
    	
/s/ M. Henry
    
	
 
    	
 
    
	
Witness’s name
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    
	
 
    	
 
    
	
Witness’s address:
    	
64 THE PHELPS
    
	
 
    	
KIDLINGTON
    
	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
/s/ Ian Michael Laing
    
	
under a power of attorney dated 13
    	
)
    	
 
    
	
February 2015, as attorney for GEORGE
    	
)
    	
 
    
	
EDWARD SILVANUS ROBINSON in the
    	
)
    	
 
    
	
presence of:
    	
 
    	
 
    
	
 
    	
 
    
	
Witness’s signature:
    	
/s/ M. Henry
    
	
 
    	
 
    
	
Witness’s name
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    
	
 
    	
 
    
	
Witness’s address:
    	
64 THE PHELPS
    
	
 
    	
KIDLINGTON
    
	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
/s/ Ian Michael Laing
    
	
under a power of attorney dated 16
    	
)
    	
 
    
	
February 2015, as attorney for JOANNE
    	
)
    	
 
    
	
NOBLE in the presence of:
    	
 
    	
 
    
	
 
    	
 
    
	
Witness’s signature:
    	
/s/ M. Henry
    
	
 
    	
 
    
	
Witness’s name
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    
	
 
    	
 
    
	
Witness’s address:
    	
64 THE PHELPS
    
	
 
    	
KIDLINGTON
    
	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
/s/ Ian Michael Laing
    
	
under a power of attorney dated 17
    	
)
    	
 
    
	
February 2015, as attorney for WILLIAM
    	
)
    	
 
    
	
THOMAS CHOWN in the presence of
    	
)
    	
 
    
	
 
    	
 
    
	
Witness’s signature:
    	
/s/ M. Henry
    
	
 
    	
 
    
	
Witness’s name
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    
	
 
    	
 
    
	
Witness’s address:
    	
64 THE PHELPS
    
	
 
    	
KIDLINGTON
    
	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
 
    
	
under a power of attorney dated 13
    	
)
    	
/s/ Ian Michael Laing
    
	
February 2015, as attorney for NIGEL
    	
)
    	
 
    
	
STIRLING BLACKWELL in the presence
    	
)
    	
 
    
	
of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s signature:
    	
 
    	
/s/ M. Henry
    
	
 
    	
 
    	
 
    
	
Witness’s name
    	
 
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s address:
    	
 
    	
64 THE PHELPS
    
	
 
    	
 
    	
KIDLINGTON
    
	
 
    	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
 
    
	
under a power of attorney dated 17
    	
)
    	
/s/ Ian Michael Laing
    
	
February 2015, as attorney for Nigel
    	
)
    	
 
    
	
Stirling Blackwell, Nigel Roots and Jane
    	
)
    	
 
    
	
Mary Maitland as trustees for the NIGEL
    	
)
    	
 
    
	
BLACKWELL A&M TRUST in the
    	
)
    	
 
    
	
presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s signature:
    	
 
    	
/s/ M. Henry
    
	
 
    	
 
    	
 
    
	
Witness’s name
    	
 
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s address:
    	
 
    	
64 THE PHELPS
    
	
 
    	
 
    	
KIDLINGTON
    
	
 
    	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
 
    
	
under a power of attorney dated 13
    	
)
    	
/s/ Ian Michael Laing
    
	
February 2015, as attorney for
    	
)
    	
 
    
	
CHRISTINA BLACKWELL in the
    	
)
    	
 
    
	
presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s signature:
    	
 
    	
/s/ M. Henry
    
	
 
    	
 
    	
 
    
	
Witness’s name
    	
 
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s address:
    	
 
    	
64 THE PHELPS
    
	
 
    	
 
    	
KIDLINGTON
    
	
 
    	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
 
    
	
under a power of attorney dated 16
    	
)
    	
/s/ Ian Michael Laing
    
	
February 2015, as attorney for JANED
    	
)
    	
 
    
	
POINTER in the presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s signature:
    	
 
    	
/s/ M. Henry
    
	
 
    	
 
    	
 
    
	
Witness’s name
    	
 
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s address:
    	
 
    	
64 THE PHELPS
    
	
 
    	
 
    	
KIDLINGTON
    
	
 
    	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
 
    
	
under a power of attorney dated 15
    	
)
    	
/s/ Ian Michael Laing
    
	
February 2015, as attorney for
    	
)
    	
 
    
	
JONATHAN KNOWLES in the presence
    	
)
    	
 
    
	
of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s signature:
    	
 
    	
/s/ M. Henry
    
	
 
    	
 
    	
 
    
	
Witness’s name
    	
 
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s address:
    	
 
    	
64 THE PHELPS
    
	
 
    	
 
    	
KIDLINGTON
    
	
 
    	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
 
    
	
under a power of attorney dated 16
    	
)
    	
/s/ Ian Michael Laing
    
	
February 2015, as attorney for VANNI
    	
)
    	
 
    
	
EMMANUELE TREVES in the presence
    	
)
    	
 
    
	
of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s signature:
    	
 
    	
/s/ M. Henry
    
	
 
    	
 
    	
 
    
	
Witness’s name
    	
 
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s address:
    	
 
    	
64 THE PHELPS
    
	
 
    	
 
    	
KIDLINGTON
    
	
 
    	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
 
    
	
under a power of attorney dated 20
    	
)
    	
/s/ Ian Michael Laing
    
	
February 2015, duly authorised for and on
    	
)
    	
 
    
	
behalf of Quester Academic G.P. Limited
    	
)
    	
 
    
	
as general partner of the SECOND ISIS
    	
)
    	
 
    
	
COLLEGE FUND LIMITED
    	
)
    	
 
    
	
PARTNERSHIP in the presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s signature:
    	
 
    	
/s/ M. Henry
    
	
 
    	
 
    	
 
    
	
Witness’s name
    	
 
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s address:
    	
 
    	
64 THE PHELPS
    
	
 
    	
 
    	
KIDLINGTON
    
	
 
    	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
EXECUTED AS A DEED by affixing
    	
)
    	

    
	
the COMMON SEAL of THE
    	
)
    
	
CHANCELLOR MASTERS AND
    	
)
    
	
SCHOLARS OF THE UNIVERSITY
    	
)
    
	
OF OXFORD in the presence of:-
    	
)
    
	
 
    	
 
    
	
/s/ Ms E. Rampton
    	
 
    
	
Deputy University Secretary
    	
 
    
	
MS E. RAMPTON
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
 
    
	
under a power of attorney dated 16
    	
)
    	
/s/ Ian Michael Laing
    
	
February 2015, duly authorised for and on
    	
)
    	
 
    
	
behalf of FINANCIAL CONSULTANTS
    	
)
    	
 
    
	
(JERSEY) LIMITED in the presence of:
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s signature:
    	
 
    	
/s/ M. Henry
    
	
 
    	
 
    	
 
    
	
Witness’s name
    	
 
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s address:
    	
 
    	
64 THE PHELPS
    
	
 
    	
 
    	
KIDLINGTON
    
	
 
    	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
 
    
	
under a power of attorney dated 16
    	
)
    	
/s/ Ian Michael Laing
    
	
February 2015, duly authorised for and on
    	
)
    	
 
    
	
behalf of NUFRAME LIMITED in the
    	
)
    	
 
    
	
presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s signature:
    	
 
    	
/s/ M. Henry
    
	
 
    	
 
    	
 
    
	
Witness’s name
    	
 
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s address:
    	
 
    	
64 THE PHELPS
    
	
 
    	
 
    	
KIDLINGTON
    
	
 
    	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
 
    
	
under power of attorney dated 13
    	
)
    	
/s/ Ian Michael Laing
    
	
February 2015, duly authorised for and on
    	
)
    	
 
    
	
behalf of ST CATHERINE’S COLLEGE in
    	
)
    	
 
    
	
the UNIVERSITY OF OXFORD in the
    	
)
    	
 
    
	
presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s signature:
    	
 
    	
/s/ M. Henry
    
	
 
    	
 
    	
 
    
	
Witness’s name
    	
 
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s address:
    	
 
    	
64 THE PHELPS
    
	
 
    	
 
    	
KIDLINGTON
    
	
 
    	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
 
    
	
under a power of attorney dated 17
    	
)
    	
/s/ Ian Michael Laing
    
	
February 2015, as attorney for PETER
    	
)
    	
 
    
	
LAMMER in the presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s signature:
    	
 
    	
/s/ M. Henry
    
	
 
    	
 
    	
 
    
	
Witness’s name
    	
 
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s address:
    	
 
    	
64 THE PHELPS
    
	
 
    	
 
    	
KIDLINGTON
    
	
 
    	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
 
    
	
under a power of attorney dated 19
    	
)
    	
/s/ Ian Michael Laing
    
	
February 2015, as attorney for HELEN
    	
)
    	
 
    
	
KATRINA TAYTON-MARTIN in the
    	
)
    	
 
    
	
presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s signature:
    	
 
    	
/s/ M. Henry
    
	
 
    	
 
    	
 
    
	
Witness’s name
    	
 
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s address:
    	
 
    	
64 THE PHELPS
    
	
 
    	
 
    	
KIDLINGTON
    
	
 
    	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
 
    
	
under power of attorney dated 16
    	
)
    	
/s/ Ian Michael Laing
    
	
February 2015, duly authorised for and on
    	
)
    	
 
    
	
behalf of IMMUNOCORE LIMITED in
    	
)
    	
 
    
	
the presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s signature:
    	
 
    	
/s/ M. Henry
    
	
 
    	
 
    	
 
    
	
Witness’s name
    	
 
    	
MARGARET HENRY
    
	
(in capitals):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness’s address:
    	
 
    	
64 THE PHELPS
    
	
 
    	
 
    	
KIDLINGTON
    
	
 
    	
 
    	
OXON OX5 1SU
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
 
    
	
Director, and Margaret Henry, Secretary,
    	
)
    	
/s/ Ian Michael Laing
    
	
duly authorised for and on behalf of
    	
)
    	
 
    
	
ADAPTIMMUNE THERAPEUTICS
    	
)
    	
 
    
	
LIMITED:
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ M. Henry
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by IAN MICHAEL LAING
    	
)
    	
 
    
	
Director, and Margaret Henry, Secretary,
    	
)
    	
/s/ Ian Michael Laing
    
	
duly authorised for and on behalf of
    	
)
    	
 
    
	
ADAPTIMMUNE LIMITED:
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ M. Henry
    

 

Shareholders’ Agreement Signature Page

 

 

New Enterprise Associates 14, Limited Partnership

By: NEA Partners 14, Limited Partnership, its

General Partner

 

Signed as a deed

 

By: NEA 14 GP, LTD, its General Partner

 

	
By:
    	
/s/ Louis Citron
    	
 
    
	
Name: 
    	
Louis Citron
    	
 
    
	
Title: 
    	
Chief Legal Officer
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
NEA Ventures 2014, Limited   Partnership, its General Partner
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Louis Citron
    	
 
    
	
Name: 
    	
Louis Citron
    	
 
    
	
Title: 
    	
Vice President
    	
 
    

 

Shareholders’ Agreement Signature Page

 

 

OrbiMed Private Investments V, LP

 

By: OrbiMed Capital GP V LLC, its General Partner

By: OrbiMed Advisors LLC, its Managing Member

 

 

Signed as a deed

 

	
By:
    	
/s/ Carl Gordon
    	
 
    
	
Name:
    	
Carl Gordon
    	
 
    
	
Title:
    	
Member
    	
 
    

 

Shareholders’ Agreement Signature Page

 

 

SMALLCAP World Fund, Inc.

 

 

Signed as a deed

By: Capital Research and Management Company,

for and on behalf of SMALLCAP World Fund, Inc.,

as beneficial holder, and Clipperbay & Co. (HG22),

as nominee for SMALLCAP World Fund, Inc.

 

	
By:
    	
/s/ Walter R. Burkley
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Walter R. Burkley
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
Authorized Signatory
    	
 
    

 

Shareholders’ Agreement Signature Page

 

 

Beacon Bioventures Fund III Limited Partnership

 

Signed as a deed

By: Beacon Bioventures Advisors Fund III Limited Partnership,

its General Partner

 

 

By: Impresa Management LLC,

its General Partner

 

 

	
By:
    	
/s/ Mary Bevelock Pendergast
    	
 
    
	
Name: 
    	
Mary Bevelock Pendergast
    	
 
    
	
Title: 
    	
Vice President
    	
 
    

 

Shareholders’ Agreement Signature Page

 

 

	
Ridgeback Capital   Management LP
    	
 
    
	
 
    	
 
    
	
Signed as a deed
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Christian Sheldon
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Christian Sheldon
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
C.T.O
    	
 
    

 

Shareholders’ Agreement Signature Page

 

 

	
Foresite Capital Fund II,   L. P.
    	
 
    
	
By: Foresite Capital   Management II, LLC,
    	
 
    
	
Its: General Partner
    	
 
    
	
 
    	
 
    
	
Signed as a deed
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Dennis D. Ryan
    	
 
    
	
Nam: 
    	
Dennis D. Ryan
    	
 
    
	
Title: 
    	
CFO
    	
 
    

 

Shareholders’ Agreement Signature Page

 

 

	
Novo A/S
    	
 
    
	
 
    	
 
    
	
Signed as a deed
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Thomas Dyrberg
    	
 
    
	
Name: 
    	
Thomas Dyrberg
    	
 
    
	
Title: 
    	
Senior Partner
    	
 
    

 

Novo A/S

Tuborg Havnevej 19

DK-2900 Hellerup

Denmark

 

Shareholders’ Agreement Signature Page

 

 

	
Salthill Investors (Bermuda) L.P.
    	
 
    
	
 
    	
 
    
	
Signed as a deed
    	
 
    
	
By:  Wellington Management   Company LLP
    	
 
    
	
as its investment adviser
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Steven M. Hoffman
    	
 
    
	
Name: 
    	
Steven M. Hoffman
    	
 
    
	
Title: 
    	
Managing Director and Counsel
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
Salthill Partners, L.P.
    	
 
    
	
 
    	
 
    
	
Signed as a deed
    	
 
    
	
By: Wellington Management   Company LLP
    	
 
    
	
as investment adviser
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Steven M. Hoffman
    	
 
    
	
Name: 
    	
Steven M. Hoffman
    	
 
    
	
Title: 
    	
Managing Director and Counsel
    	
 
    

 

Shareholders’ Agreement Signature Page

 

 

	
Fourth Avenue Capital Partners LP,
    	
 
    
	
by its general partner,
    	
 
    
	
Fourth Avenue Capital Partners GP LLC
    	
 
    
	
 
    	
 
    
	
Signed as a deed
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Tracy Fu
    	
 
    
	
Name: 
    	
Tracy Fu
    	
 
    
	
Title: 
    	
Managing Member
    	
 
    

 

Shareholders’ Agreement Signature Page

 

 

	
QVT Fund V LP,
    	
 
    
	
by its general partner,
    	
 
    
	
QVT Associates GP LLC
    	
 
    
	
 
    	
 
    
	
Signed as a deed
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Tracy Fu
    	
 
    
	
Name: 
    	
Tracy Fu
    	
 
    
	
Title: 
    	
Managing Member
    	
 
    

 

Shareholders’ Agreement Signature Page

 

 

	
SIGNED as a deed by BRYAN WHITE in
    	
)
    	
/s/ Debra Rother
    	
 
    
	
the presence of: Debra Rother
    	
)
    	
 
    

 

	
Witness’s signature:
    	
/s/ Debra Rother
    	
 
    

 

Witness’s name DEBRA ROTHER

(in capitals):  

 

Witness’s address:

601 Union Street, 56th Floor

Seattle, WA 98101

 

Shareholders’ Agreement Signature Page

 

 

	
Quintessence Fund L.P.,
    	
 
    
	
by its general partner,
    	
 
    
	
QVT Associates GP LLC
    	
 
    
	
 
    	
 
    
	
Signed as a deed
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Tracy Fu
    	
 
    
	
Name:
    	
Tracy Fu
    	
 
    
	
Title:
    	
Managing Member
    	
 
    

 

Shareholders’ Agreement Signature Page

 

 

	
QVT Fund IV LP,
    	
 
    
	
by its general partner,
    	
 
    
	
QVT Associates GP LLC
    	
 
    
	
 
    	
 
    
	
Signed as a deed
    	
 
    
	
 
    	
 
    	
 
    
	
By: :
    	
/s/ Tracy Fu
    	
 
    
	
Name: 
    	
Tracy Fu
    	
 
    
	
Title: 
    	
Managing Member
    	
 
    

 

Shareholders’ Agreement Signature Page

 

 

	
Rock Springs Capital Master Fund LP
    	
 
    
	
 
    	
 
    
	
By: Rock Springs GP LLC
    	
 
    
	
Its: General Partner
    	
 
    
	
 
    	
 
    
	
Signed as a deed
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Kris Jenner
    	
 
    
	
Name: 
    	
Kris Jenner
    	
 
    
	
Title: 
    	
Managing Director (Member)
    	
 
    

 

Shareholders’ Agreement Signature Page

 

 

	
venBio Select Fund LLC
    	
 
    
	
 
    	
 
    
	
Signed as a deed
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Scott Epstein
    	
 
    
	
Name: 
    	
Scott Epstein
    	
 
    
	
Title: 
    	
CFO & CCO, venBio Select Fund LLC
    	
 
    

 

Shareholders’ Agreement Signature Page

 

 

	
Merlin Nexus IV, LP
    	
 
    
	
 
    	
 
    
	
Signed as a deed
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Alberto Bianchinotti
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Alberto Bianchinotti
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
CFO
    	
 
    

 

Shareholders’ Agreement Signature Page

 

 

	
Sigal Family Investments,   LLC
    	
 
    
	
Elliott Sigal, Manager
    	
 
    
	
Signed as a deed
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Elliott Sigal
    	
 
    
	
Name: 
    	
Elliott Sigal
    	
 
    
	
Title: 
    	
Manager
    	
 
    

 

Shareholders’ Agreement Signature PageExhibit 10.6

 

ADAPTIMMUNE LIMITED

 

SERIES A PREFERRED SHARE PURCHASE AGREEMENT

 

SEPTEMBER 23, 2014

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    
	
1.
    	
Purchase   and Sale of Preferred Shares
    	
1
    
	
 
    	
1.1
    	
Sale   and Issuance of Series A Preferred Shares
    	
1
    
	
 
    	
1.2
    	
Closing;   Delivery
    	
1
    
	
 
    	
1.3
    	
Use   of Proceeds
    	
1
    
	
 
    	
1.4
    	
Defined   Terms Used in this Agreement
    	
1
    
	
 
    	
 
    	
 
    
	
2.
    	
Representations   and Warranties of the Company
    	
3
    
	
 
    	
2.1
    	
Organization,   Good Standing, Corporate Power and Qualification
    	
4
    
	
 
    	
2.2
    	
Capitalization
    	
4
    
	
 
    	
2.3
    	
Subsidiaries
    	
5
    
	
 
    	
2.4
    	
Authorization
    	
6
    
	
 
    	
2.5
    	
Valid   Issuance of Shares
    	
6
    
	
 
    	
2.6
    	
Governmental   Consents and Filings
    	
6
    
	
 
    	
2.7
    	
Litigation
    	
6
    
	
 
    	
2.8
    	
Intellectual   Property
    	
7
    
	
 
    	
2.9
    	
Compliance   with Other Instruments
    	
9
    
	
 
    	
2.10
    	
Agreements;   Actions
    	
10
    
	
 
    	
2.11
    	
Certain   Transactions
    	
11
    
	
 
    	
2.12
    	
Rights   of Registration and Voting Rights
    	
12
    
	
 
    	
2.13
    	
Property
    	
12
    
	
 
    	
2.14
    	
Financial   Statements
    	
12
    
	
 
    	
2.15
    	
Changes
    	
13
    
	
 
    	
2.16
    	
Employee   Matters
    	
14
    
	
 
    	
2.17
    	
Tax   Returns and Payments
    	
17
    
	
 
    	
2.18
    	
Controlled   Foreign Corporation
    	
18
    
	
 
    	
2.19
    	
Reserved
    	
18
    
	
 
    	
2.20
    	
Insurance
    	
18
    
	
 
    	
2.21
    	
Employee   Agreements
    	
19
    
	
 
    	
2.22
    	
Permits
    	
19
    
	
 
    	
2.23
    	
Corporate   Documents
    	
19
    
	
 
    	
2.24
    	
Environmental   and Safety Laws
    	
19
    
	
 
    	
2.25
    	
Disclosure
    	
20
    
	
 
    	
2.26
    	
Foreign   Corrupt Practices Act
    	
20
    
	
 
    	
2.27
    	
Information
    	
21
    
	
 
    	
2.28
    	
Budget
    	
21
    
	
 
    	
2.29
    	
Regulatory   Compliance
    	
21
    
	
 
    	
2.30
    	
Contracts   With Connected Persons
    	
21
    
	
 
    	
2.31
    	
Statutory   and Legal Requirements
    	
22
    
	
 
    	
2.32
    	
OFAC
    	
23
    
	
 
    	
 
    	
 
    
	
3.
    	
Representations   and Warranties of the Purchasers
    	
23
    
	
 
    	
3.1
    	
Authorization
    	
23
    
	
 
    	
3.2
    	
Purchase   Entirely for Own Account
    	
23
    

 

i

 

TABLE OF CONTENTS

(continued)

 

	
 
    	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
3.3
    	
Disclosure   of Information
    	
23
    
	
 
    	
3.4
    	
Restricted   Securities
    	
24
    
	
 
    	
3.5
    	
No   Public Market
    	
24
    
	
 
    	
3.6
    	
Legends
    	
24
    
	
 
    	
3.7
    	
Accredited   Investor
    	
24
    
	
 
    	
3.8
    	
Foreign   Investors
    	
24
    
	
 
    	
3.9
    	
No   General Solicitation
    	
25
    
	
 
    	
3.10
    	
Exculpation   Among Purchasers
    	
25
    
	
 
    	
3.11
    	
Residence
    	
25
    
	
 
    	
 
    	
 
    	
 
    
	
4.
    	
Conditions   to the Purchasers’ Obligations at Closing
    	
25
    
	
 
    	
4.1
    	
Representations   and Warranties
    	
25
    
	
 
    	
4.2
    	
Performance
    	
25
    
	
 
    	
4.3
    	
Compliance   Certificate
    	
25
    
	
 
    	
4.4
    	
Qualifications
    	
25
    
	
 
    	
4.5
    	
Opinion   of Company Counsel
    	
26
    
	
 
    	
4.6
    	
Board   of Directors
    	
26
    
	
 
    	
4.7
    	
Investors’   Rights Agreement and Shareholders Agreement
    	
26
    
	
 
    	
4.8
    	
Amended   Articles
    	
26
    
	
 
    	
4.9
    	
Secretary’s   Certificate
    	
26
    
	
 
    	
4.10
    	
Proceedings   and Documents
    	
26
    
	
 
    	
4.11
    	
Management   Rights Letter
    	
26
    
	
 
    	
4.12
    	
Wellington   Letter
    	
26
    
	
 
    	
4.13
    	
Fidelity   Letter
    	
26
    
	
 
    	
4.14
    	
Preemptive   Rights
    	
27
    
	
 
    	
 
    	
 
    	
 
    
	
5.
    	
Conditions   of the Company’s Obligations at Closing
    	
27
    
	
 
    	
5.1
    	
Representations   and Warranties
    	
27
    
	
 
    	
5.2
    	
Performance
    	
27
    
	
 
    	
5.3
    	
Qualifications
    	
27
    
	
 
    	
5.4
    	
Investors’   Rights Agreement and Shareholders Agreement
    	
27
    
	
 
    	
 
    	
 
    	
 
    
	
6.
    	
Miscellaneous
    	
27
    
	
 
    	
6.1
    	
Survival   of Warranties
    	
27
    
	
 
    	
6.2
    	
Successors   and Assigns
    	
27
    
	
 
    	
6.3
    	
Governing   Law
    	
27
    
	
 
    	
6.4
    	
Counterparts
    	
27
    
	
 
    	
6.5
    	
Titles   and Subtitles
    	
28
    
	
 
    	
6.6
    	
Notices
    	
28
    
	
 
    	
6.7
    	
Finder’s   Fees
    	
28
    
	
 
    	
6.8
    	
Fees   and Expenses
    	
28
    
	
 
    	
6.9
    	
Amendments   and Waivers
    	
28
    
	
 
    	
6.10
    	
Severability
    	
29
    
	
 
    	
6.11
    	
Delays   or Omissions
    	
29
    

 

ii

 

TABLE OF CONTENTS

(continued)

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
6.12
    	
Entire   Agreement
    	
29
    
	
6.13
    	
Dispute   Resolution
    	
29
    

 

	
Exhibit A -
    	
SCHEDULE   OF PURCHASERS
    
	
 
    	
 
    
	
Exhibit B -
    	
FORM OF   AMENDED ARTICLES OF ASSOCIATION
    
	
 
    	
 
    
	
Exhibit C -
    	
DISCLOSURE   SCHEDULE
    
	
 
    	
 
    
	
Exhibit D -
    	
FORM OF   INVESTORS’ RIGHTS AGREEMENT
    
	
 
    	
 
    
	
Exhibit E -
    	
FORMS   OF U.S. AND ENGLISH LAW OPINIONS OF MAYER BROWN LLP AND MAYER BROWN   INTERNATIONAL LLP
    

 

iii

 

SERIES A PREFERRED SHARE PURCHASE AGREEMENT

 

THIS SERIES A PREFERRED SHARE PURCHASE AGREEMENT (this “Agreement”), is made as of the 23rd day of September 2014 by and among Adaptimmune Limited, a private limited company incorporated under the laws of England and Wales (the “Company”) and the investors listed on Exhibit A attached to this Agreement (each a “Purchaser” and together the “Purchasers”).

 

The parties hereby agree as follows:

 

1.                                      Purchase and Sale of Preferred Shares.

 

1.1                               Sale and Issuance of Series A Preferred Shares.

 

(a)                                 The Company shall adopt on or before the Closing (as defined below) the Amended Articles of Association in the form of Exhibit B attached to this Agreement (the “Amended Articles”).

 

(b)                                 Subject to the terms and conditions of this Agreement, each Purchaser agrees to purchase at the Closing and the Company agrees to sell and issue to each Purchaser at the Closing that number of shares of Series A Preferred Shares, £0.001 par value per share (the “Series A Preferred Shares”), set forth opposite each Purchaser’s name on Exhibit A, at a purchase price of £35.5702 (U.S.$59.0359)(1) per share. The Series A Preferred Shares issued to the Purchasers pursuant to this Agreement shall be referred to in this Agreement as the “Preferred Shares.”

 

1.2                               Closing; Delivery.

 

(a)                                 The purchase and sale of the Preferred Shares shall take place remotely via the exchange of documents and signatures, at 2:00 p.m., on September 23, 2014, or at such other time and place as the Company and the Purchasers mutually agree upon, orally or in writing (which time and place are designated as the “Closing”).

 

(b)                                 At Closing, the Company shall deliver to each Purchaser a certificate representing the Preferred Shares being purchased by such Purchaser at such Closing against payment of the purchase price therefor by wire transfer to a bank account designated by the Company.

 

1.3                               Use of Proceeds. In accordance with the directions of the Company’s Board of Directors, the Company will use the proceeds from the sale of the Preferred Shares for working capital and general corporate purposes.

 

1.4                               Defined Terms Used in this Agreement. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

 

(1) Based on the exchange rate of $1.6597 = GBP1.00.

 

 

(a)                                 “Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including, without limitation, any general partner, limited partner, member, manager, employee, managing member, officer or director of such Person or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person. For purposes of this definition, the term “control” when used with respect to any Person means the power to direct the management or policies of such Person, directly or indirectly, whether through ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” shall have meanings correlative to the foregoing.

 

(b)                                 “Budget” means the budget for the Company for the year from July 1,2014 to June 30, 2015.

 

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

 

(d)                                 “Companies Act” means the Companies Act 2006, as amended, and any subordinate legislation in force thereunder.

 

(e)                                  “Company Covered Person” means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1).

 

(f)                                   “Company Intellectual Property” means all patents, patent applications, trademarks, trademark applications, service marks, service mark applications, tradenames, copyrights, trade secrets, domain names, mask works, information and proprietary rights, know how, and processes, similar or other intellectual property rights, subject matter of any of the foregoing, tangible embodiments of any of the foregoing, licenses in, to and under any of the foregoing, and any and all such cases that are owned or used by the Company in the conduct of the Company’s business as now conducted and presently proposed to be conducted.

 

(g)                                  “Data Site” means the electronic data room titled “Adaptimmune” maintained by Share Vault in relation to the Company as at the execution of this Agreement on the date hereof.

 

(h)                                 “Fidelity Letter” means the agreement between the Company and Beacon Bioventures Fund III Limited Partnership, dated as of the date of the Closing in the form as mutually agreed.

 

(i)                                     “Investors’ Rights Agreement” means the agreement among the Company and the Purchasers dated as of the date of the Closing, in the form of Exhibit C attached to this Agreement.

 

(j)                                    “Key Employee” means any executive-level employee (including department head and vice president-level positions) as well as any employee or consultant who plays a material role either alone or in concert with others in developing, inventing or designing any Company Intellectual Property.

 

2

 

(k)                                 “Knowledge” including the phrase “to the Company’s knowledge” shall mean the actual knowledge after reasonable investigation of James Noble, Helen Tayton-Martin and Bent Jakobsen.

 

(l)                                     “Management Rights Letter” means the agreement between the Company and NEA, dated as of the date of the Closing, in the form as mutually agreed.

 

(m)                             “Material Adverse Effect” means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property, or results of operations of the Company.

 

(n)                                 “NEA” means New Enterprise Associates 14, L.P.

 

(o)                                 “OFAC” means the Office of Foreign Assets Control of the U.S. Department of the Treasury.

 

(p)                                 “Orbimed” means Orbimed Private Investments V, L.P.

 

(q)                                 “Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 

(r)                                    “Purchaser” means each of the Purchasers who is a party to this Agreement as set forth in Exhibit A.

 

(s)                                   “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

(t)                                    “Shareholders Agreement” means the Amended and Restated Agreement among the Company, the Purchasers and the holders of Ordinary Shares (as defined herein), dated as of the date of the Closing.

 

(u)                                 “Transaction Agreements” means this Agreement, the Investors’ Rights Agreement and the Shareholders Agreement.

 

(v)                                 “Wellington Letter” means the agreement between the Company and certain of the Purchasers, dated as of the date of the Closing.

 

2.                                      Representations and Warranties of the Company. The Company hereby represents and warrants to each Purchaser that, except as set forth on the Disclosure Schedule attached as Exhibit C to this Agreement, which exceptions shall be deemed to be part of the representations and warranties made hereunder, the following representations are true and complete as of the date of the Closing, except as otherwise indicated. The Disclosure Schedule shall be arranged in sections corresponding to the numbered and lettered sections and subsections contained in this Section 2, and the disclosures in any section or subsection of the Disclosure Schedule shall qualify other sections and subsections in this Section 2 only to the extent it is readily apparent from a reading of the disclosure that such disclosure is applicable to such other sections and subsections.

 

3

 

For purposes of these representations and warranties (other than those in Subsections 2.2, 2.3, 2.4, 2.5, and 2.6), the term the “Company” shall include any subsidiaries of the Company, unless the context otherwise requires or as otherwise noted herein.

 

2.1                               Organization, Good Standing, Corporate Power and Qualification. The Company is a private limited company, duly incorporated under the laws of England and Wales and has all requisite corporate power and authority to carry on its business as presently conducted. The Company is duly qualified to transact business in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect. Adaptimmune LLC is a limited liability company duly organized under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as presently conducted. Adaptimmune LLC is duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect.

 

2.2                               Capitalization.

 

(a)                                 The issued share capital of the Company consists of:

 

(i)                                     immediately prior to the Closing, 1,813,701 ordinary shares, par value £0.001 per share (the “Ordinary Shares”). All of the outstanding Ordinary Shares have been duly authorized, are fully paid and non-assessable and were issued in compliance with all applicable English laws; and

 

(ii)                                  at the date of the Closing, 1,758,418 Preferred Shares, have been authorized and will be issued at the Closing. The rights, privileges and preferences of the Preferred Shares are as stated in the Amended Articles and as provided by the Companies Act.

 

(b)                                 In addition to the 1,813,701 Ordinary Shares that have been issued, the Company has reserved 324,460 Ordinary Shares for issuance to officers, directors, employees and consultants of the Company pursuant to its July 2008 and its April 2014 Share Option Scheme Rules duly adopted by the Board of Directors and approved by the Company shareholders (the “ Share Option Scheme Rules”). Of such reserved Ordinary Shares, options to purchase 100,577 Ordinary Shares have been granted and are currently outstanding, and from the date of the Closing options over 223,883 Ordinary Shares will be available to be granted to officers, directors, employees and consultants pursuant to the Share Option Scheme Rules. The Company has furnished to the Purchasers complete and accurate copies of the Share Option Scheme Rules and forms of agreements used thereunder.

 

(c)                                  Subsection 2.2(c) of the Disclosure Schedule sets forth the capitalization of the Company immediately following the Closing including the number of shares of the following: (i) issued and outstanding Ordinary Shares; (ii) granted share options that remain outstanding, including vesting schedule and exercise price; (iii) Ordinary Shares reserved for future award grants under the Share Option Scheme Rules; (iv) the Preferred Shares; and (v) warrants or share purchase rights, if any. Except for (A) the conversion privileges of the Preferred Shares to be issued under this Agreement, (B) the rights provided in Section 4 of the Investors’ Rights Agreement, and (C) the securities and rights described in Subsection 2.2(a)(ii) of this Agreement and Subsection 2.2(c) of the Disclosure Schedule, there are no outstanding

 

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options, warrants, rights (including conversion or preemptive rights and rights of first refusal or similar rights) or agreements, orally or in writing, to purchase or acquire from the Company any Ordinary Shares or Preferred Shares, or any securities convertible into or exchangeable for Ordinary Shares or Preferred Shares. All outstanding Ordinary Shares and all Ordinary Shares underlying outstanding options are subject to a right of pre-emption in favor of the other shareholders of the Company upon any proposed transfer (other than permitted transfers or transfers approved by the shareholders of the Company other than the proposing transferor, as set forth in the Amended Articles).

 

(d)                                 Except as set forth in Subsection 2.2(d), of the Disclosure Schedule, none of the Company’s share option documents contains a provision for acceleration of vesting (or lapse of a repurchase right) or other changes in the vesting provisions or other terms of such agreement or understanding upon the occurrence of any event or combination of events, including without limitation in the case where the Company’s share option plan(s) is not assumed in an acquisition. The Company has never adjusted or amended the exercise price of any share options previously awarded, whether through amendment, cancellation, replacement grant, repricing, or any other means. Except as set forth in the Amended Articles, the Company has no obligation (contingent or otherwise) to purchase or redeem any of its capital stock.

 

(e)                                  The Company has obtained valid waivers of any rights by other parties to purchase any of the Preferred Shares covered by this Agreement.

 

2.3                               Subsidiaries. Except as set forth in Subsection 2.3 of the Disclosure Schedule, the Company does not currently own or control, directly or indirectly, any interest in any other corporation, partnership, trust, joint venture, limited liability company, association, or other business entity and is not a participant in any joint venture, partnership or similar arrangement.

 

2.4                               Authorization. All corporate action required to be taken by the Company’s Board of Directors and shareholders in order to authorize the Company to enter into the Transaction Agreements, and to issue the Preferred Shares at the Closing and the Ordinary Shares issuable upon conversion of the Preferred Shares, has been taken or will be taken prior to the Closing. All action on the part of the officers of the Company necessary for the execution and delivery of the Transaction Agreements, the performance of all obligations of the Company under the Transaction Agreements to be performed as of the Closing, and the issuance and delivery of the Preferred Shares has been taken or will be taken prior to the Closing. The Transaction Agreements, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, or (iii) to the extent the indemnification provisions contained in the Investors’ Rights Agreement may be limited by applicable laws.

 

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2.5                               Valid Issuance of Shares.

 

(a)                                 The Preferred Shares, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement, will be validly issued, fully paid and non-assessable and free of restrictions on transfer other than restrictions on transfer under the Transaction Agreements, the Amended Articles and applicable laws. Assuming the accuracy of the representations of the Purchasers in Section 3 of this Agreement and subject to the filings described in Section 2.6, the Preferred Shares will be issued in compliance with all applicable federal and state securities laws. The Ordinary Shares issuable upon conversion of the Preferred Shares upon issuance in accordance with the terms of the Amended Articles, will be validly issued, fully paid and non-assessable and free of restrictions on transfer other than restrictions on transfer under the Transaction Agreements, the Amended Articles and applicable laws. Based in part upon the representations of the Purchasers in Section 3 of this Agreement, and subject to Section 2.6, the Ordinary Shares issuable upon conversion of the Preferred Shares will be issued in compliance with all applicable laws.

 

(b)                                 No “bad actor” disqualifying event described in Rule 506(d)(l)(i)-(viii) of the Securities Act (a “Disqualification Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person, except for a Disqualification Event as to which Rule 506(d)(2)(ii-iv) or (d)(3), is applicable.

 

2.6                               Governmental Consents and Filings. Assuming the accuracy of the representations made by the Purchasers in Section 3 of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for (i) the filing of the Amended Articles, (ii) the filings of resolutions, returns and notices pursuant to the Companies Act and (iii) filings pursuant to Regulation D of the Securities Act, and applicable state securities laws, which have been made or will be made in a timely manner.

 

2.7                               Litigation. There is no claim, action, suit, proceeding, arbitration, complaint, charge or to the Company’s knowledge any investigation pending or currently threatened in writing (i) against the Company or any officer or director or Key Employee of the Company arising out of their employment or board relationship with the Company; or (ii) that questions the validity of the Transaction Agreements or the right of the Company to enter into them, or to consummate the transactions contemplated by the Transaction Agreements; or (iii) that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. Neither the Company nor, to the Company’s knowledge, any of its officers or directors or Key Employee is a party or is named as subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality (in the case of officers or directors or Key Employees, such as would affect the Company). There is no action, suit, proceeding or investigation by the Company pending or which the Company intends to initiate. The foregoing includes, without limitation, actions, suits, proceedings or, to the Company’s knowledge investigations pending or threatened in writing (or any basis therefor known to the Company) involving the prior employment of any of the Company’s employees, their services provided in connection with the Company’s business, any information or

 

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techniques allegedly proprietary to any of their former employers or their obligations under any agreements with prior employers.

 

2.8                               Intellectual Property.

 

(a)                                 Except as set forth in Subsection 2.8(a) of the Disclosure Schedule, the Company owns or possesses or believes it can acquire on commercially reasonable terms sufficient legal rights to all Company Intellectual Property without any known conflict with, or infringement of, the rights of others.

 

(b)                                 Except as set forth in Subsection 2.8(a) of the Disclosure Schedule, to the Company’s knowledge, no product or service when marketed or sold (or proposed to be marketed or sold) by the Company (i) violates or will violate any license, infringes or will infringe any valid and enforceable intellectual property rights or misappropriates or will misappropriate any intellectual property rights of any other party or (ii) constitutes or will constitute unfair competition or unfair trade practices under applicable laws.

 

(c)                                  Other than with respect to commercially available software products under standard end-user object code license agreements and other than that which is identified in Subsection 2.8(c) of the Disclosure Schedule, there are no outstanding options, licenses, agreements, claims, encumbrances or shared ownership interests of any kind relating to the Company Intellectual Property, nor is the Company bound by or a party to any options, licenses or agreements of any kind with respect to the patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, proprietary rights and processes of any other Person.

 

(d)                                 The Company has not received any oral or written communications alleging that the Company has violated, or by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets, mask works or other proprietary rights or processes of any other Person.

 

(e)                                  To the Company’s knowledge, it will not be necessary to use any inventions of any of its employees or consultants (or Persons it currently intends to hire) made prior to their employment by or consulting relationship with the Company, and no such employee, consultant or Person is subject to a superseding obligation to assign inventions developed for the Company to another entity (including, but not limited to, a prior employer).

 

(f)                                   Each employee and consultant has expressly assigned to the Company all intellectual property rights he or she owns that are related to the Company’s business as now conducted and as presently proposed to be conducted.

 

(g)                                  Except as disclosed in Subsection 2.8(g) of the Disclosure Schedule, all of the Company’s confidentiality and other agreements where intellectual property has been or may be developed for the Company or based on the Company confidential information (e.g., manufacturing agreements, service agreements, pre-clinical/clinical trial agreements, etc.) include provisions that expressly assign any such intellectual property to the Company.

 

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(h)                                 The Company has made all filings and payments to maintain each item of Company Intellectual Property in full force and effect in accordance with applicable laws and deadlines.

 

(i)                                     No issuance or registration obtained and no application filed by the Company for any Company Intellectual Property has been cancelled, abandoned, allowed to lapse or not renewed, except where the Company has, in its reasonable business judgment, decided to cancel, abandon, allow to lapse or not renew such issuance, registration or application.

 

(j)                                    None of the Company Intellectual Property is or has been subject to any challenge by a third party, including any interference, derivation, reexamination, inter partes review, post grant challenge, cancellation, nullity action, third party observations, or opposition proceeding.

 

(k)                                 To the Knowledge of the Company, there is no prior art that could reasonably render any of the Company Intellectual Property unpatentable.

 

(l)                                     To the Knowledge of the Company, all individuals who owe any duty of candor, disclosure, and good faith to the United States Patent and Trademark Office or any other agency responsible for registration of patents with respect to the Company Intellectual Property have complied in all material respects with such duties under all applicable laws, including 37 C.F.R. § 1.56 with respect to United States patents and patent applications.

 

(m)                             No invention claimed in the Company Intellectual Property was described in a printed publication of the Company, or, to the Knowledge of the Company, of any other person prior to the date of priority applicable to such invention.

 

(n)                                 No invention claimed in the Company Intellectual Property was on sale by the Company or, to the Knowledge of the Company, by any other person, prior to the date of priority applicable to such invention.

 

(o)                                 All priority claims made in the patents and patent applications included in the Company Intellectual Property are accurate.

 

(p)                                 To the Knowledge of the Company, the appropriate individuals have been named as inventors on the patents and patent applications included in the Company Intellectual Property.

 

(q)                                 All invention assignments have been properly executed and recorded for all patents and patent applications included in the Company Intellectual Property.

 

(r)                                    No material rights under the Company Intellectual Property will be adversely affected by the execution of this Agreement.

 

(s)                                   To the Knowledge of the Company, the Company Intellectual Property is valid and enforceable.

 

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(t)                                    Other than as identified in Subsection 2.8(t) of the Disclosure Schedule, the Company has not made any oral or written claim against any Person alleging any infringement, misappropriation, or other violation of any Company Intellectual Property.

 

(u)                                 The Company has taken commercially reasonable measures to protect the confidentiality of any trade secrets included in the Company Intellectual Property.

 

(v)                                 Except as disclosed in Subsection 2.8(v) of the Disclosure Schedule, to the extent the Company uses any open source or copyleft software or is a party to open or public source or similar licenses, the Company is in compliance with the terms of any such licenses, and the Company is not required under any such license to (i) make or permit any disclosure or to make available any source code for its (or any of its licensors’) proprietary software or (ii) distribute or make available any of the Company’s proprietary software or intellectual property.

 

(w)                               Other than those identified in Subsection 2.8(w) of the Disclosure Schedule, no government funding and no facilities of any educational institution or research center were used in the development of any Company Intellectual Property owned by the Company, and to the Knowledge of the Company, any Company Intellectual Property licensed to the Company.

 

(x)                                 No governmental authority, educational institution or research center owns, purports to own, has any other rights in or to, or has any option to obtain any rights in or to, any Company Intellectual Property owned by the Company, and to the Knowledge of the Company, any Company Intellectual Property licensed to the Company.

 

(y)                                 Other than those identified in Subsection 2.8(y) of the Disclosure Schedule, there has been no breach of any provision in any material agreement related to Company Intellectual Property, either by the Company or the other party to the agreement.

 

(z)                                  For purposes of this Subsection 2.8, the Company shall be deemed to have knowledge of a patent right if the Company has actual knowledge of the patent right or would be found to be on notice of such patent right as determined by reference to applicable English and United States patent laws.

 

2.9                               Compliance with Other Instruments. To its knowledge, the Company is not in violation or default (i) of any provisions of its Amended Articles, (ii) of any instrument, judgment, order, writ or decree, (iii) under any note, indenture or mortgage, or (iv) under any lease, agreement, contract or purchase order to which it is a party or by which it is bound that is required to be listed on the Disclosure Schedule, or (v) of any provision of English law, rule or regulation applicable to the Company, in each instance where the violation of which would have a Material Adverse Effect. The execution, delivery and performance of the Transaction Agreements and the consummation of the transactions contemplated by the Transaction Agreements will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either (i) a default under any such provision, instrument, judgment, order, writ, decree, contract or agreement; or (ii) an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company or the

 

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suspension, revocation, forfeiture, or nonrenewal of any material permit or license applicable to the Company.

 

2.10                        Agreements; Actions.

 

(a)                                 Except for the Transaction Agreements and except as disclosed in the Disclosure Schedule to the Company’s knowledge, there are no material agreements, understandings, instruments, contracts or proposed transactions to which the Company is a party or by which it is bound that involve (i) obligations of, or payments to, the Company in excess of £2,500,000 per annum, (ii) the license of any patent, copyright, trademark, trade secret or other proprietary right to or from the Company, (iii) the grant of rights to manufacture, produce, assemble, license, market, or sell its products to any other Person that limit the Company’s exclusive rights to develop, manufacture, assemble, distribute, market or sell its products, or (iv) indemnification by the Company with respect to infringements of proprietary rights.

 

(b)                                 The Company has not (i) declared or paid any dividends, or authorized or made any distribution upon or with respect to any class or series of its capital stock, (ii) incurred any indebtedness for money borrowed, (iii) made any loans or advances to any Person (including to any shareholder or employee of the Company), other than ordinary advances for travel expenses, or (iv) sold, exchanged or otherwise disposed of any of its assets or rights, other than in the ordinary course of business. For the purposes of (a) and (b) of this Subsection 2.10, all indebtedness, liabilities, agreements, understandings, instruments, contracts and proposed transactions involving the same Person (including Persons the Company has reason to believe are affiliated with each other) shall be aggregated for the purpose of meeting the individual minimum pounds sterling amounts of such subsection.

 

(c)                                  The Company is not a guarantor or indemnitor of any indebtedness of any other Person.

 

(d)                                 The Company has not engaged in the past three (3) months in any discussion with any representative of any Person regarding (i) a sale or exclusive license of all or substantially all of the Company’s assets, or (ii) any merger, consolidation or other business combination transaction of the Company with or into another Person.

 

(e)                                  Except as disclosed in the Disclosure Schedule or in connection with the Transaction Agreements, the Company:

 

(i)                                    has no material capital commitments;

 

(ii)                                 is not a party to any contract, arrangement or commitment (whether in respect of capital expenditure or otherwise) which is of an unusual, onerous or long-term nature or which involves or could involve a material obligation or liability;

 

(iii)                              has not become bound and no Person has become entitled (or with the giving of notice and/or the issue of a certificate

 

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and/or the passage of time or otherwise may become entitled) to require it to repay any loan capital or other debenture, redeemable preference share capital, borrowed money or grant made to it by any governmental or other authority or person prior to the stipulated due date;

 

(iv)                             is not a party to any agreement which is or may become terminable as a result of the entry into or completion of this agreement;

 

(v)                                 has not entered into any agreement which requires or may require, or confers any right to require, the sale (whether for cash or otherwise) or the transfer by it of any asset;

 

(vi)                              is not a party to any joint venture, consortium, partnership, unincorporated association or profit sharing arrangement or agreement;

 

(vii)                           is not a party to or enjoys the benefit of any agreement requiring registration or notification under or by virtue of any statute; or

 

(viii)                        is not in default of any material agreement or arrangement to which it is a party.

 

(f)                                   The Company has not been and is not a party to any contract or arrangements binding upon it for the purchase or sale of property or the supply of goods or services at a price different to that reasonably obtainable on an arm’s length basis.

 

2.11                        Certain Transactions.

 

(a)                                 Other than (i) employment agreements and standard employee benefits generally made available to all employees, (ii) discretionary bonus awards described in Subsection 2.16 of the Disclosure Schedule, (iii) standard consultancy agreements under which consultants are generally engaged, described in Subsection 2.21 of the Disclosure Schedule, (iv) standard director and officer indemnification agreements approved by the Board of Directors, (v) arrangements as contemplated by the Amended Articles, and (vi) the purchase of shares of the Company’s capital stock and the issuance of options to purchase some of the Company’s Ordinary Shares, approved in the written minutes of the Board of Directors Remuneration Committee, there are no agreements, understandings or proposed transactions between the Company and any of its officers, directors or consultants, or any Affiliate thereof.

 

(b)                                 The Company is not indebted, directly or indirectly, to any of its directors, officers or employees or to their respective spouses or children or to any Affiliate of any of the foregoing, other than in connection with expenses or advances of expenses incurred in the ordinary course of business and for other customary employee benefits made generally available to all employees. None of the Company’s directors, officers or Key Employees, or any

 

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members of their immediate families, or any Affiliate of the foregoing are, directly or indirectly, indebted to the Company or, to the Company’s knowledge, have any (i) material commercial, industrial, banking, consulting, legal, accounting, charitable or familial relationship with any of the Company’s customers, suppliers, service providers, joint venture partners, licenses and competitors, (ii) direct or indirect ownership interest in any firm or corporation with which the Company is affiliated or with which the Company has a business relationship except as disclosed in Subsection 2.11(b) of the Disclosure Schedule, or any firm of corporation which competes with the Company except that directors, officers, employees or shareholders of the Company may own stock in (but not exceeding two percent (2%) of the outstanding capital stock of) publicly traded companies that may compete with the Company; or (iii) financial interest in any material contract with the Company.

 

2.12                        Rights of Registration and Voting Rights. Except as provided in the Investors’ Rights Agreement, the Company is not under any obligation to register under the Securities Act any of its currently outstanding securities or any securities issuable upon exercise or conversion of its currently outstanding securities. Except as previously disclosed to the Purchasers and as provided in the Shareholders Agreement, to the Company’s knowledge, no shareholder of the Company has entered into any agreements with respect to the voting of capital shares of the Company.

 

2.13                        Property. With respect to the leasehold property that the Company occupies under a letting arrangement with Immunocore Limited, details of which are disclosed in Subsection 2.13 of the Disclosure Schedule, the Company is in compliance with such letting arrangement and, occupies under a letting arrangement, which the Company has duly complied with and has no outstanding liabilities under, free of any liens, claims or encumbrances other than those of the lessors of such property or assets, no termination notice has been given by either the landlord, or the Company in relation to the letting arrangement. Except as disclosed in Subsection 2.13 of the Disclosure Schedule, it is the only property in which the Company has an interest or occupies, or in relation to which has any actual or contingent liability, including any actual or contingent liability as previous lessee or underleasee or guarantor or surety or covenantor in relation to any lease or underlease. The Company does not own any freehold property.

 

2.14                        Financial Statements. Except as identified in Subsection 2.14 of the Disclosure Schedule, the Company has disclosed to the Purchasers its audited financial statements as of June 30, 2013 and its unaudited financial statements (including balance sheet, income statement and statement of cash flows) as of May 31, 2014 (collectively, the “Financial Statements”). The audited Financial Statements have been prepared in accordance with U.K. Generally Accepted Accounting Standards (“UK GAAP”) and in accordance with the Financial Reporting Standard for Smaller Entities. The unaudited Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and adopted by the European Union, except that the unaudited Financial Statements may not contain all footnotes required by IFRS. The audited Financial Statements fairly present in all material respects the financial condition and operating results of the Company as of the dates, and for the periods, indicated therein. The unaudited Financial Statements are not inaccurate or misleading in any material respect, and are subject to

 

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normal year-end audit adjustments. Except as set forth in the Financial Statements, the Company has no material liabilities or obligations, contingent or otherwise, other than (i) liabilities incurred in the ordinary course of business subsequent to May 31, 2014; (ii) obligations under contracts and commitments incurred in the ordinary course of business; and (iii) liabilities and obligations of a type or nature not required under UK GAAP or IFRS (as applicable) to be reflected in the Financial Statements, which, in all such cases, individually and in the aggregate would not have a Material Adverse Effect. The Company maintains a standard system of accounting established and administered in accordance with IFRS.

 

2.15                        Changes. Except as identified in Subsection 2.15 of the Disclosure Schedule, since the date of the most recent Financial Statements there has not been:

 

(a)                                 any change in the assets, liabilities, financial condition or operating results of the Company from that reflected in the Financial Statements, except changes in the ordinary course of business that have not caused, in the aggregate, a Material Adverse Effect and the business has been carried on in the ordinary course, so as to maintain the same as a going concern;

 

(b)                                 any acquisition or disposals (or agreements to enter into an acquisition or disposal) of any business or material asset (other than trading stock in the ordinary course of the business carried on by it) or assumed any material liability (including a contingent liability);

 

(c)                                  any material deterioration or downturn by comparison from the most recent Financial Statements, in the trading or profitability of the business as regards turnover, state of order book, expenses and profit margins;

 

(d)                                 any damage, destruction or loss, whether or not covered by insurance, that would have a Material Adverse Effect;

 

(e)                                  any waiver or compromise by the Company of a valuable right or of a material debt owed to it;

 

(f)                                   any satisfaction or discharge of any lien, claim, or encumbrance or payment of any obligation by the Company, except in the ordinary course of business and the satisfaction or discharge of which would not have a Material Adverse Effect;

 

(g)                                  any material change to a material contract or agreement by which the Company or any of its assets is bound or subject, except for any material changes made to agreements that are required in order to implement the purchase of the Preferred Shares by the Purchasers;

 

(h)                                 any material change in any compensation arrangement or agreement with any employee, officer, director or shareholder nor has the Company paid any bonus or special remuneration to any of its employees, officers or directors, except as disclosed in Subsection 2.15 of the Disclosure Schedule;

 

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(i)                                     any resignation or termination of employment of director or executive officer or Key Employee of the Company;

 

(j)                                    any mortgage, pledge, transfer of a security interest in, or lien, created by the Company, with respect to any of its material properties or assets, except liens for taxes not yet due or payable and liens that arise in the ordinary course of business and do not materially impair the Company’s ownership or use of such property or assets;

 

(k)                                 any loans or guarantees made by the Company to or for the benefit of its employees, officers or directors, or any members of their immediate families, other than travel advances and other advances made in the ordinary course of its business;

 

(l)                                     any declaration, setting aside or payment or other distribution in respect of any of the Company’s capital stock, or any direct or indirect redemption, purchase, or other acquisition of any of such stock by the Company;

 

(m)                             any sale, assignment or transfer of any Company Intellectual Property that could reasonably be expected to result in a Material Adverse Effect;

 

(n)                                 to the Company’s knowledge, any other event or condition of any character, other than events affecting the economy or the Company’s industry generally, that could reasonably be expected to result in a Material Adverse Effect; or

 

(o)                                 any arrangement or commitment by the Company to do any of the things described in this Subsection 2.15, other than the transactions contemplated by the Transaction Agreements.

 

2.16                        Employee Matters.

 

(a)                                 As of September 23, 2014, Adaptimmune Limited employs 39 full-time employees and 2 part-time employees and engages 5 full-time equivalent consultants or independent contractors and Adaptimmune LLC employs 11 full-time employees and engages 0.5 full-time equivalent consultants or independent contractors. Subsection 2.16 of the Disclosure Schedule provides a summary description of compensation policy and a schedule providing a description of all compensation, including salary, bonus, severance obligations and deferred compensation paid or payable for each officer, employee, consultant and independent contractor of the Company employed or engaged by the Company as of August 8, 2014 who received salary awards or payments under consultancy agreements in excess of £50,000 per annum for the fiscal year ended June 30, 2014 or is anticipated to receive salary awards or payments under consultancy agreements in excess of £50,000 per annum for the fiscal year ended June 30, 2015, has been disclosed to the Purchasers prior to the date hereof through a compensation schedule referenced in the Disclosure Schedule and made available on the Data Site. The Company confirms that where it has employed or engaged additional individuals in the period from August 8, 2014 to the date of the Closing who are anticipated to receive salary awards or payments under consultancy agreements in excess of £50,000 per annum for the fiscal year ended June 30, 2015 then the Company has disclosed an updated compensation schedule to the Purchasers in the Data Site.

 

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(b)                                 To the Company’s knowledge, none of its employees is obligated under any contract (including licenses, covenants or commitments of any nature) or other agreement, or subject to any judgment, decree or order of any court or administrative agency, that would materially interfere with such employee’s ability to promote the interest of the Company or that would conflict with the Company’s business. Neither the execution or delivery of the Transaction Agreements, nor the carrying on of the Company’s business by the employees of the Company, nor the conduct of the Company’s business as now conducted and as presently proposed to be conducted, will, to the Company’s knowledge, conflict with or result in a breach of the terms, conditions, or provisions of, or constitute a default under, any contract, covenant or instrument under which any such employee is now obligated.

 

(c)                                  The Company is not delinquent to any material extent in payments to any of its employees, consultants, or independent contractors for any wages, salaries, commissions, bonuses, or other direct compensation for any service performed for it to the date hereof or amounts required to be reimbursed to such employees, consultants or independent contractors. The Company has complied in all material respects with all applicable English equal employment opportunity laws and with English laws related to employment, including those related to wages, hours, worker classification and collective bargaining. The Company has withheld and paid to the appropriate governmental entity or is holding for payment not yet due to such governmental entity all amounts required to be withheld from employees of the Company and is not liable for any arrears of wages, taxes, penalties or other sums for failure to comply with any of the foregoing.

 

(d)                                 To the Company’s knowledge, no Key Employee intends to terminate employment with the Company or is otherwise likely to become unavailable to continue as a Key Employee, nor does the Company have a present intention to terminate the employment of any of the foregoing. Except as identified in Subsection 2.16 of the Disclosure Schedule, the employment of each employee of Adaptimmune Limited is terminable on service of notice by the Company and the employment of each employee of Adaptimmune LLC is terminable at will. Except as set forth in Subsection 2.16 of the Disclosure Schedule or as required by law, upon termination of the employment of any such employees, no severance or other payments will become due. Except as required by law, the Company has no policy, practice, plan or program of paying severance pay or any form of severance compensation in connection with the termination of employment services. No director of the Company has given, or offered to give, a disqualification undertaking under Section 1A of the Company Directors Disqualification Act 1986.

 

(e)                                  The Company has not made any representations regarding equity incentive to any officer, employee, director or consultant that are inconsistent with the share amounts and terms set forth in the minutes of meetings of the Company’s Board of Directors Remuneration Committee.

 

(f)                                   Subsection 2.16 of the Disclosure Schedule references each employee benefit plan maintained, established or sponsored by the Company, or which the Company participates in or contributes to and which are disclosed through the Data Site. The Company has made all required contributions and has no liability to any such employee benefit

 

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plan, and has complied in all material respects with all applicable laws for any such employee benefit plan and has complied in all material respects with all pensions auto-enrolment legislation.

 

(g)                                  The Company is not bound by or subject to (and none of its assets or properties is bound by or subject to) any written or oral, express or implied, contract, commitment or arrangement with any labor union, and no labor union has requested or, to the knowledge of the Company, has sought to represent any of the employees, representatives or agents of the Company. There is no strike or other labor dispute involving the Company pending, or to the Company’s knowledge, threatened, which could have a Material Adverse Effect, nor is the Company aware of any labor organization activity involving its employees.

 

(h)                                 To the Company’s knowledge, except as disclosed to the Purchasers prior to the date hereof none of the Key Employees or directors or officers of the Company has been (a) subject to voluntary or involuntary petition under U.K. insolvency or the U.S. federal bankruptcy laws or any state insolvency law or the appointment of a receiver, fiscal agent or similar officer by a court for his business or property; (b) convicted in a criminal proceeding or named as a subject of a pending criminal proceeding (excluding traffic violations and other minor offenses); (c) subject to any order, judgment or decree (not subsequently reversed, suspended, or vacated) of any court of competent jurisdiction permanently or temporarily enjoining him from engaging, or otherwise imposing limits or conditions on his engagement in any securities, investment advisory, banking, insurance, or other type of business or acting as an officer or director of a public company; or (d) found by a court of competent jurisdiction in a civil action or by the Securities and Exchange Commission or the Commodity Futures Trading Commission to have violated any federal or state securities, commodities, or unfair trade practices law, which such judgment or finding has not been subsequently reversed, suspended, or vacated.

 

(i)                                     The Company does not operate any redundancy or maternity or paternity pay scheme which pays in excess of the minimum required by statute and, over the last five years, the Company has not paid any amount in excess of the minimum required by statute.

 

(j)                                    All employees of the Company are legally entitled to work in the country in which that individual is working for the Company.

 

(k)                                 There is no pending, current or outstanding grievances or disciplinary procedures or employment related litigation and, to the Company’s knowledge, there are no historic or current reasons why litigation may be brought by or on behalf of any officer, employee, consultant and independent contractor of the Company.

 

(l)                                     The Company does not recognize a trade union and there are no collective bargaining or trade union agreements in force.

 

(m)                             The Company has not ever operated and does not currently operate and has no plans to operate a defined benefit pension scheme.

 

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(n)                                 No employee who formerly participated in a defined benefit pension scheme has entered employment with the Company pursuant to the UK Transfer of Undertakings (Protection of Employment) Regulations 2006.

 

2.17                        Tax Returns and Payments.

 

(i)                                  There are no U.K. or U.S. federal, state, county, local or foreign taxes due and payable by the Company which have not been timely paid and there are no circumstances in which interest or penalties in respect of any tax not duly paid could be charted against the Company in respect of any period prior to Closing. With the exception of taxes arising in the ordinary course of the Company’s business, including but not limited to employment taxes such as national insurance, there are no accrued and unpaid U.K. or U.S. federal, state, county, local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable U.K. or U.S. federal, state, local or foreign governmental agency. The Company has duly and timely filed all U.K. and applicable U.S. federal, state, county, local and foreign tax returns required to have been filed by it and there are in effect no waivers of applicable statutes of limitations with respect to taxes for any year and the Company has not been involved in any dispute with the UK or US tax authorities concerning any matter likely to affect in any way the liability (whether accrued contingent or future) of it to tax and the Company is not aware of any matter which my lead to such dispute.

 

(ii)                               All documents to which the Company is a party or which form part of the Company’s title to any asset owned or possessed by it or which the Company may need to enforce or produce in evidence in the courts of the United Kingdom have been duly stamped and (where appropriate) adjudicated.

 

(iii)                            Except as identified in Subsection 2.17(iii) of the Disclosure Schedule, no directors, officers or employees of the Company have received any securities, interests in securities or securities options as defined in Part 7 Income Tax (Earnings and Pensions) Act 2003 (“ITEPA”).

 

(iv)                           No directors, employees or officers of the Company have received any securities or interests in securities in a form which is or could be treated as a “readily convertible asset” as defined in section 702 of ITEPA.

 

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(v)                                 Except as identified in Subsection 2.17(v) of the Disclosure Schedule, all directors, officers or employees of the Company who have received any securities or interests in securities falling with Chapter 2 of Part 7 of ITEPA have entered into elections jointly with the Company under section 431(1) of ITEPA within the statutory time limit and a schedule of any such directors, officer or employees and the elections entered into is attached to the Disclosure Schedules.

 

(vi)                              The Company is not and has never been a close investment-holding company as defined in section 34 of the UK Corporation Tax Act 2010 (“CTA”).

 

(vii)                           No distribution within section 1064 of the CTA has been made by the Company and no loan or advance within sections 455, 459 and 460 of the CTA has been made (and remains outstanding) or agreed to, by the Company, and the Company has not, since the date of the Financial Statements, released or written off the whole or part of the debt in respect of any such loan or advance.

 

(viii)                        Except as identified in Subsection 2.17 (viii) of the Disclosure Schedule, all acquisitions or disposals of assets by the Company and all supplies of services by and to the Company have occurred at arm’s length between unconnected persons and for a consideration in cash at market value.

 

(ix)                              The Company is registered for the purposes of the UK Value Added Tax Act 1994 (“VATA”) (and has not at any time been treated as a member of a group of companies for such purpose). The Company has complied with all statutory provisions, regulations and notices relating to VAT and has duly and punctually accounted for and/or paid HMRC all amounts of VAT which it ought to have so accounted for and/or paid.

 

2.18                        Controlled Foreign Corporation. The Company represents that as of the date of the Closing (and immediately thereafter) neither the Company nor any of its Subsidiaries shall be a “controlled foreign corporation” within the meaning of Section 957 of the Code.

 

2.19                        Reserved.

 

2.20                        Insurance. Subsection 2.20 of the Disclosure Schedule references all the insurance policies currently held by the Company, which are disclosed through the Data Site. In respect of such insurances, all premiums have been fully paid and are up to date, the policies are in full force and effect and are not voidable on account of any act, omission or non-disclosure on the part of the insured nor could they be declared null and void or as a consequence of which any claim might be rejected and, to the Company’s knowledge, there are no circumstances which would or might give rise to any claim and no insurance claim is outstanding.

 

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2.21                                Employee Agreements. Except as disclosed in Subsection 2.21 of the Disclosure Schedule, each current and former employee, consultant, director and officer of the Company has signed a contract of employment or consultancy agreement or service agreement, as the case may be, with the Company containing provisions regarding confidentiality and proprietary information (including an express present tense assignment of inventions to the Company) substantially in the form or forms disclosed to the Purchasers prior to the date hereof. No current or former director, officer, consultant or employee has excluded works or inventions from his or her assignment of inventions pursuant to his or her contract of employment or consultancy agreement of service agreement. Each current director of the Company has executed a service agreement or a letter of appointment containing non-competition and non-solicitation provisions described in Subsections 2.11 and 2.21 of the Disclosure Schedule. The Company is not aware that any of its current employees is in violation of any agreement covered by this Subsection 2.21.

 

2.22                                Permits. Except as disclosed in Subsection 2.22 of the Disclosure Schedule, the Company has all franchises, permits, licenses and any similar authority necessary for the conduct of its business, the lack of which could reasonably be expected to have a Material Adverse Effect. The Company is not in default in any material respect under any of such franchises, permits, licenses or other similar authority.

 

2.23                                Corporate Documents. The Amended Articles of the Company are in the form provided to the Purchasers. The Company has in its possession its register of members and other statutory books all of which have been properly kept and contain a record which is true, accurate and complete in all material respects of all matters with which they should deal. All returns, resolutions and other documents necessary or desirable to be filed with the Registrar of Companies have been duly filed and were correct when filed.

 

2.24                        Environmental and Safety Laws. Except as identified in Subsection 2.24 of the Disclosure Schedule and except as could not reasonably be expected to have a Material Adverse Effect to the best of the Company’s knowledge (a) the Company is and has been in compliance with all Environmental Laws; (b) there has been no release or threatened release of any pollutant, contaminant or toxic or hazardous material, substance or waste or petroleum or any fraction thereof (each a “Hazardous Substance”), on, upon, into or from any site currently or heretofore owned, leased or otherwise used by the Company; (c) there have been no Hazardous Substances generated by the Company that have been disposed of or come to rest at any site that has been included in any published U.S. federal, state or local “superfund” site list or any other similar list of hazardous or toxic waste sites published by any governmental authority in the United States; and (d) there are no underground storage tanks located on, no polychlorinated biphenyls (“PCBs”) or PCB-containing equipment used or stored on, and no hazardous waste stored on, any site owned or operated by the Company, except for the storage of hazardous waste in compliance with Environmental Laws. The Company has made available to the Purchasers true and complete copies of all material environmental records, reports, notifications, permits, pending permit applications, correspondence, engineering studies and environmental studies or assessments that are directly relevant to its operations.

 

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For purposes of this Subsection 2.24, “Environmental Laws” means any law, regulation, or other applicable requirement relating to (a) releases or threatened release of Hazardous Substance; (b) pollution or protection of employee health or safety, public health or the environment; or (c) the manufacture, handling, transport, use, treatment, storage, or disposal of Hazardous Substances.

 

2.25                        Disclosure. The Company has made available to the Purchasers all the information reasonably available to the Company that the Purchasers have requested for deciding whether to acquire the Preferred Shares, including slide show presentations (the “Presentations”). No representation or warranty of the Company contained in this Agreement, as qualified by the Disclosure Schedule, and no certificate furnished or to be furnished to Purchasers at the Closing contains any untrue statement of a material fact or, to the Company’s knowledge, omits to state a material fact necessary in order to make the statements contained herein or therein not misleading in light of the circumstances under which they were made. The Presentations were prepared in good faith; however, the Company does not warrant that it will achieve any results projected in the Presentations. It is understood that this representation is qualified by the fact that the Company has not delivered to the Purchasers, and has not been requested to deliver, a private placement or similar memorandum or any written disclosure of the types of information customarily furnished to purchasers of securities.

 

2.26                        Foreign Corrupt Practices Act. Neither the Company nor any of the Company’s directors, officers, employees or agents have, directly or indirectly, made, offered, promised or authorized any payment or gift of any money or anything of value to or for the benefit of any “foreign official” (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”)), foreign political party or official thereof or candidate for foreign political office for the purpose of (i) influencing any official act or decision of such official, party or candidate, (ii) inducing such official, party or candidate to use his, her or its influence to affect any act or decision of a foreign governmental authority, or (iii) securing any improper advantage, in the case of (i), (ii) and (iii) above in order to assist the Company or any of its affiliates in obtaining or retaining business for or with, or directing business to, any person. Neither the Company nor any of its directors, officers, employees or agents have made or authorized any bribe, rebate, payoff, influence payment, kickback or other unlawful payment of funds or received or retained any funds in violation of any law, rule or regulation. The Company further represents that it has maintained, and has caused each of its subsidiaries and affiliates to maintain, systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) to ensure compliance with the FCPA or any other applicable anti-bribery or anti-corruption law. Neither the Company, or, to the Company’s knowledge, any of its officers, directors or employees are the subject of any allegation, voluntary disclosure, investigation, prosecution or other enforcement action related to the FCPA or any other anti-corruption law (collectively, “Enforcement Action”). Neither the Company nor any person acting for or on behalf of the Company is being prosecuted for an offence, under the UK Bribery Act of 2010 or under applicable anti-corruption laws or regulations of any jurisdiction and there are no circumstances known to the Company likely to give rise to any such prosecution, investigation or enquiry.

 

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2.27                        Information. The information contained in the Data Site is at the date of this Agreement true and accurate in all material respects. The Company has no knowledge of any fact or matter not disclosed in writing to the Purchasers which directly affects the business, the disclosure of which might reasonably affect the willingness of a reasonable institutional investor to apply for shares in the capital of the Company or the price at or terms upon which an institutional investor would be willing to subscribe them.

 

2.28                        Budget. The Budget has been diligently prepared and, except as disclosed in Subsection 2.28 of the Disclosure Schedule, to the Knowledge of the Company it represents a realistic plan in relation to the future progress, expansion and development of the business. All factual information contained in the Budget was when given and is at the date of this Agreement true, complete and accurate in all material respects and not misleading. The financial forecasts, projections or estimates contained in the Budget have been diligently prepared, are fair, valid and reasonable nor have they been disproved in the light of any events or circumstances which have arisen subsequent to the preparation of the Budget up to the date of this Agreement. The assumptions upon which the Budget has been prepared have been carefully considered and are honestly believed to be reasonable, having regard to the information available and to the market conditions prevailing at the time of their preparation.

 

2.29                        Regulatory Compliance.

 

(a)                                         The Company has operated and currently is in compliance in all material respects with applicable statutes, regulations, guidances and orders administered or enforced by the U.S. Food and Drug Administration (“FDA”) and any other U.S. federal, state or local or foreign regulatory authority. To the Company’s knowledge, there is no pending or threatened claim, suit, proceeding, hearing, enforcement, audit, investigation, arbitration or other action from the FDA or any other U.S. federal, state or local or foreign regulatory authority or court alleging that any operation, product or activity of the Company is in violation of any applicable law, rule or regulation. The facilities used by the Company, the sites at which human clinical studies are conducted by the Company, and, to the Company’s knowledge, the sites at which human clinical studies are conducted on behalf of the Company or sponsored by the Company are not subject, as applicable, to any adverse inspection, finding of deficiency, finding of non-compliance, regulatory or warning letter, safety alert, mandatory or voluntary recall, investigation, Section 305 notice, or other compliance or enforcement action, from or by the FDA or any other U.S. federal, state or local or foreign regulatory authority.

 

(b)                                         The clinical, non-clinical and other studies, tests and trials conducted by or on behalf of the Company, or sponsored by the Company, or in which the products or product candidates of the Company have been tested, were and, if still pending, are being conducted in all material respects in accordance with, as applicable, good laboratory practices, good clinical practices and the protocols submitted to the FDA, if any, or any other regulatory authority and to institutional review boards or their foreign equivalents, were and, if still pending, are being conducted in all material respects in accordance with standard medical and scientific research procedures and controls and all applicable U.S. federal, state and local and foreign laws, rules, and regulations, including, but not limited to, the U.S. Federal Food, Drug, and Cosmetic Act and its implementing regulations. Neither the FDA nor any other

 

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regulatory authority has commenced, or to the Company’s knowledge, threatened to initiate, any action to terminate, delay or suspend any proposed or ongoing clinical investigation conducted or presently proposed to be conducted by or on behalf of the Company. Except as set forth in Section 2.29(b) of the Disclosure Schedule, the Company has not received any written notice or correspondence from any institutional review board or foreign equivalent requiring the termination or suspension of a clinical study, conducted by or on behalf of the Company.

 

(c)                                          All of the Company’s notifications, applications, reports or other submissions, if any, to the FDA or any other U.S. federal, state or local or foreign regulatory authority, whether oral, written or electronically delivered, were true, accurate and complete in all material respects as of the date made and did not include any false statements, and remain true, accurate and complete in all material respects and do no omit to state a material fact necessary to make the statements therein not misleading. The results of all clinical and non-clinical tests provided to the Purchasers, whether orally, in writing or electronically, were true, complete and accurate in all material respects and did not omit any information known to the Company and necessary or material to understanding such results.

 

(d)                                         The Company has not committed any act, made any statement or failed to make any statement that would breach the FDA’s policy with respect to “Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities” set forth in 56 Fed. Reg. 46191 (September 10, 1991), and any amendments or other modifications thereto, with respect to statements or submissions made to the FDA if any, or any similar laws, rules, regulations or policies under the jurisdiction of any other regulatory authority with respect to statements or submissions made to any other regulatory authority. Neither the Company nor, to the Company’s knowledge, any officer, employee or agent of the Company has been convicted of any crime or engaged in any conduct that would reasonably be expected to result in (i) debarment under 21 U.S.C. Section 335a or any similar state or foreign law or regulation or (ii) exclusion under 42 U.S.C. Section 1320a-7 or any similar state or foreign law or regulation, and neither the Company nor any such person has been so debarred or excluded.

 

2.30                        Contracts With Connected Persons. Except as disclosed in Subsections 2.2(c), 2.8 and 2.13 of the Disclosure Schedule, there are no existing contracts or arrangements to which the Company is a party and in which any of its directors or shareholders and/or any person connected with any of them is interested. Except as disclosed in Subsection 2.2(c) of the Disclosure Schedule, there are no agreements between any of the shareholders of the Company or between any of the shareholders and the Company other than the Shareholders Agreement. No shareholder nor any person connected with a shareholder owns any property used by the Company.

 

2.31                        Statutory and Legal Requirements. All statutory, municipal, governmental, court and other requirements applicable to the carrying on of the business of the Company, the formation, continuance in existence, creation and issue of securities, management, property or operation of the Company have been complied with in all material respects, and except as identified in Subsection 2.24 of the Disclosure Schedule, all permits, authorities, licenses and consents have been obtained and all conditions applicable thereto complied with and, to the knowledge of the Company, there are no circumstances which might lead to the

 

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suspension, alteration or cancellation of any such permits, authorities, licenses or consents, nor is there any agreement which materially restricts the fields within which the Company may carry on its business. The Company has obtained all export licenses required for all products, technology or services exported by or on behalf of the Company to or from any part of the world. The Company has not committed and is not liable for any criminal, illegal, unlawful, ultra vires or unauthorized act or breach of covenant, contract or statutory duty.

 

2.32                                OFAC. The Company and its directors, officers and employees are in compliance with, and have not previously violated, the USA Patriot Act of 2001, to the extent applicable to the Company and such persons, and all other applicable anti-money laundering laws. The Company will not, directly or indirectly, use the proceeds of the sale of the Preferred Shares pursuant to this Agreement, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person to fund or facilitate any activities or business of or with any person or in any country or territory that, at the time of such funding or facilitation, is the subject or target of any OFAC sanctions.

 

3.                                      Representations and Warranties of the Purchasers. Each Purchaser hereby represents and warrants to the Company, severally and not jointly, that:

 

3.1                               Authorization. The Purchaser has full power and authority to enter into the Transaction Agreements. The Transaction Agreements to which the Purchaser is a party, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, and as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies, or (b) to the extent the indemnification provisions contained in the Investors’ Rights Agreement may be limited by applicable federal or state securities laws.

 

3.2                               Purchase Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Preferred Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to any of the Preferred Shares. The Purchaser has not been formed for the specific purpose of acquiring the Preferred Shares.

 

3.3                               Disclosure of Information. The Purchaser has had an opportunity to discuss the Company’s business, management, financial affairs and the terms and conditions of the offering of the Preferred Shares with the Company’s management. The foregoing, however, does not limit or modify the representations and warranties of the Company in Section 2 of this Agreement or the right of the Purchasers to rely thereon.

 

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3.4                               Restricted Securities. The Purchaser understands that the Preferred Shares have not been, and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The Purchaser understands that the Preferred Shares are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Preferred Shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Purchaser acknowledges that the Company has no obligation to register or qualify the Preferred Shares, or the Ordinary Shares into which the Preferred Shares may be converted, for resale except as set forth in the Investors’ Rights Agreement. The Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Preferred Shares, and on requirements relating to the Company which are outside of the Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy.

 

3.5                               No Public Market. The Purchaser understands that no public market now exists for the Preferred Shares (or the Ordinary Shares), and that the Company has made no assurances that a public market will ever exist for the Preferred Shares (or the Ordinary Shares).

 

3.6                               Legends. The Purchaser understands that the Preferred Shares and any securities issued in respect of or exchange for the Preferred Shares, may be notated with one or all of the following legends:

 

(a)                                 “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED.”

 

(b)                                 Any legend set forth in, or required by, the other Transaction Agreements.

 

(c)                                  Any legend required by applicable U.K. securities laws or the securities laws of any state to the extent such laws are applicable to the Preferred Shares represented by the certificate, instrument, or book entry so legended.

 

3.7                               Accredited Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

 

3.8                               Foreign Investors. If the Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Code), the Purchaser hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Preferred Shares or any use of this Agreement, including (i) the legal

 

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requirements within its jurisdiction for the purchase of the Preferred Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Preferred Shares. The Purchaser’s subscription and payment for and continued beneficial ownership of the Preferred Shares will not violate any securities or other laws of the Purchaser’s jurisdiction in each case that are applicable to such Purchaser.

 

3.9                               No General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees, agents, stockholders or partners has either directly or indirectly, including, through a broker or finder (a) engaged in any general solicitation, or (b) published any advertisement in connection with the offer and sale of the Preferred Shares.

 

3.10                        Exculpation Among Purchasers. The Purchaser acknowledges that it is not relying upon Guggenheim Securities, LLC, the placement agent engaged by the Company in connection with the sale of the Preferred Shares hereunder (the “Placement Agent”), or any other Person, other than the Company and its officers and directors, in making its investment or decision to invest in the Company. The Purchaser agrees that neither any Purchaser nor the respective controlling Persons, officers, directors, partners, agents, or employees of any Purchaser shall be liable to any other Purchaser for any action heretofore taken or omitted to be taken by any of them in connection with the purchase of the Preferred Shares.

 

3.11                        Residence. If the Purchaser is an individual, then the Purchaser resides in the state or province identified in the address of the Purchaser set forth on Exhibit A: if the Purchaser is a partnership, corporation, limited liability company or other entity, then the office or offices of the Purchaser in which its principal place of business is identified in the address or addresses of the Purchaser set forth on Exhibit A.

 

4.                                      Conditions to the Purchasers’ Obligations at Closing. The obligations of each Purchaser to purchase Preferred Shares at the Closing are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

 

4.1                               Representations and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and correct in all respects as of the Closing.

 

4.2                               Performance. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Company on or before such Closing.

 

4.3                               Compliance Certificate. A Director or the Secretary of the Company shall deliver to the Purchasers at the Closing a certificate certifying that the conditions specified in Subsections 4.1 and 4.2 have been fulfilled.

 

4.4                               Qualifications. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any state that are required to be obtained by the Company in connection with the lawful issuance and sale of the Preferred Shares pursuant to this Agreement shall be obtained and effective as of such Closing.

 

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4.5                               Opinion of Company Counsel. The Purchasers and the Placement Agent shall have received from each of Mayer Brown LLP and from Mayer Brown International LLP, special U.S. and English law counsel for the Company, an opinion, dated as of the Closing, in substantially the form of Exhibit E attached to this Agreement.

 

4.6                               Board of Directors. As of the Closing, the authorized size of the Board of Directors shall be a maximum often (10), and the initial Board of Directors shall be seven (7), and the Board of Directors shall be comprised of James Noble, Jonathan Knowles, and one Company director to be named as soon as practicable following Closing (being three (3) deemed appointees of the holders of the Ordinary Shares), David Mott and Ali Behbahani (being two (2) Preferred Share appointees of NEA), Peter Thompson (being one (1) Preferred Share appointee of Orbimed) and Elliott Sigal (being one (1) independent industry representative who is mutually acceptable to all the other directors). As soon as practicable following the Closing, the Board of Directors shall form a compensation committee, comprised of at least one director designated by the holders of Preferred Shares and one director designated by the holders of Ordinary Shares, for the purposes of, among other things, reviewing and determining the compensation of the Company’s executive officers.

 

4.7                               Investors’ Rights Agreement and Shareholders Agreement. The Company and each Purchaser shall have executed and delivered the Investors’ Rights Agreement and Shareholders Agreement.

 

4.8                               Amended Articles. The Company shall have adopted the Amended Articles on or prior to the Closing, which shall continue to be in full force and effect as of the Closing.

 

4.9                               Secretary’s Certificate. The Secretary of the Company shall have delivered to the Purchasers at the Closing a certificate certifying (i) the Amended Articles of the Company, (ii) resolutions of the Board of Directors of the Company approving the Transaction Agreements and the transactions contemplated under the Transaction Agreements, and (iii) resolutions of the shareholders of the Company adopting the Amended Articles.

 

4.10                        Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated at the Closing and all documents incident thereto shall be reasonably satisfactory in form and substance to each Purchaser, and each Purchaser (or its counsel) shall have received all such counterpart or other copies of such documents as reasonably requested.

 

4.11                        Management Rights Letter. A Management Rights Letter shall have been executed by the Company and delivered to each Purchaser to whom it is addressed.

 

4.12                        Wellington Letter. The Wellington Letter shall have been executed by the Company and delivered to each Purchaser to whom it is addressed.

 

4.13                        Fidelity Letter. The Fidelity Letter shall have been executed by the Company and delivered to each Purchaser to whom it is addressed.

 

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4.14                        Preemptive Rights. The Company shall have fully satisfied (including with respect to rights of timely notification) or disapplied or obtained enforceable waivers in respect of any preemptive or similar rights directly or indirectly affecting any issue of its securities.

 

5.                                      Conditions of the Company’s Obligations at Closing. The obligations of the Company to sell Preferred Shares to the Purchasers at the Closing are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

 

5.1                               Representations and Warranties. The representations and warranties of each Purchaser contained in Section 3 shall be true and correct in all respects as of such Closing.

 

5.2                               Performance. The Purchasers shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by them on or before such Closing.

 

5.3                               Qualifications. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any state that are required to be obtained by the Purchasers in connection with the lawful issuance and acquisition of the Preferred Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

 

5.4                               Investors’ Rights Agreement and Shareholders Agreement. Each Purchaser shall have executed and delivered the Investors’ Rights Agreement and the Shareholders Agreement.

 

6.                                      Miscellaneous.

 

6.1                               Survival of Warranties. Unless otherwise set forth in this Agreement, the representations and warranties of the Company and the Purchasers contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf of the Purchasers or the Company.

 

6.2                               Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

6.3                               Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, including without limitation Section 5-1401 of the New York General Obligations Law.

 

6.4                               Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail

 

27

 

(including pdf or any electronic signature) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

6.5                               Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

6.6                               Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given as follows: (a) if given by personal delivery to the party to be notified then at the time of delivery, (b) if sent by electronic mail or facsimile during normal business hours of the recipient then immediately upon transmission provided that, in the case of electronic mail, the sender shall not have received any indication that the message has failed to be delivered and, in the case of facsimile transmission, the sender shall have received a transmission report indicating that all the pages of the notice have been transmitted to the correct facsimile number, provided that if any communication would otherwise become effective on a non-business day or outside of normal business hours then it shall instead become effective on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their address or to their electronic mail address or to their facsimile number as set forth on a signature page hereto or in Exhibit A. or to such e-mail address, facsimile number or address as subsequently modified by written notice given in accordance with this Subsection 6.6. If notice is given to the Company, a copy shall also be sent to David S. Bakst, Mayer Brown LLP, 1675 Broadway, New York, New York 10019 and to Richard Smith, Mayer Brown International LLP, 201 Bishopsgate, London EC2M 3AF, United Kingdom and if notice is given to the Purchasers, a copy shall also be given to Trevor J. Chaplick, Proskauer Rose LLP, 1001 Pennsylvania Avenue, NW, Suite 400 South, Washington, DC 20004-2533.

 

6.7                               Finder’s Fees. Each party agrees to bear the costs of any finder’s fee or commission that it may incur in connection with this Agreement or any transactions pursuant to it. Each party expressly excludes any liability for any finder’s fee or commission that may be incurred by any other party in connection with this Agreement or any transactions pursuant to it.

 

6.8                               Fees and Expenses. At the Closing, the Company shall pay the reasonable fees and expenses of Proskauer Rose LLP, King & Wood Mallesons LLP and Knobbe Martens, the U.S. and English law counsel for New Enterprise Associates 14, Limited Partnership and its affiliated funds and certain other Purchasers, in an amount not to exceed, in the aggregate, U.S.$ 100,000.

 

6.9                               Amendments and Waivers. Any term of this Agreement may be amended, terminated or waived only with the written consent of the Company, and the holders of at least a majority of the Preferred Shares. Any amendment or waiver effected in accordance with this Subsection 6.9 shall be binding upon the Purchasers and each transferee of the Preferred Shares

 

28

 

(or the Ordinary Shares issuable upon conversion thereof), each future holder of all such securities, and the Company.

 

6.10                        Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

 

6.11                        Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 

6.12                        Entire Agreement. This Agreement (including the Exhibits hereto), the Amended Articles and the other Transaction Agreements constitute the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties are expressly canceled.

 

6.13                        Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of the State of New York and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of the State of New York or the United States District Court for the Southern District of New York, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

 

WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION AGREEMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER

 

29

 

COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL

 

Each party will bear its own costs in respect of any disputes arising under this Agreement. The prevailing party shall be entitled to reasonable attorney’s fees, costs, and necessary disbursements in addition to any other relief to which such party may be entitled. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the U.S. District Court for the Southern District of New York or any court of the State of New York having subject matter jurisdiction.

 

30

 

IN WITNESS WHEREOF, the parties have executed this Series A Preferred Share Purchase Agreement as of the date first written above.

 

	
 
    	
 
    	
ADAPTIMMUNE LIMITED
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ N.J. Cross
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    	
N.J. Cross
    
	
 
    	
 
    	
 
    	
(print)
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address: 91 Park Drive, Milton Park, Abingdon,
    
	
 
    	
 
    	
Oxfordshire OX14 4RY, United Kingdom
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
New Enterprise Associates 14, Limited Partnership
    
	
 
    	
By: NEA Partners 14, Limited Partnership,
    
	
 
    	
its General Partner
    
	
 
    	
 
    
	
 
    	
By: 
    	
NEA 14 GP, LTD, its General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Louis S. Citron
    	
, Chief Legal Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
NEA Ventures 2014, Limited Partnership
    
	
 
    	
By: 
    	
/s/ Louis S. Citron
    
	
 
    	
Its Vice President
    
	
 
    	
 
    
	
 
    	
Address:
    
	
 
    	
c/o New Enterprise Associates
    
	
 
    	
1954 Greenspring Drive, Suite 600
    
	
 
    	
Timonium, MD 21093
    
	
 
    	
 
    
	
 
    	
Attn: Pamela Clark
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
OrbiMed Private Investments V, L.P.
    
	
 
    	
By: OrbiMed Capital GP V LLC, its General Partner
    
	
 
    	
 
    
	
 
    	
By: OrbiMed Advisors LLC, its Managing Member
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Carl Gordon
    
	
 
    	
Name:
    	
Carl Gordon
    
	
 
    	
Title:
    	
Member
    
	
 
    	
Address: 
    	
OrbiMed Private Investments V, L.P.
    
	
 
    	
Attn: 
    	
Legal
    
	
 
    	
 
    	
601 Lexington Avenue (at 53rd Street)
    
	
 
    	
 
    	
54th Floor
    
	
 
    	
 
    	
New York, NY 10022-4629
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
SMALLCAP World Fund, Inc.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: Capital Research and Management
    
	
 
    	
Company, for and on behalf of SMALLCAP
    
	
 
    	
World Fund, Inc., as beneficial holder, and
    
	
 
    	
Clipperbay & Co. (HG22), as nominee for
    
	
 
    	
SMALLCAP World Fund, Inc.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kristine M. Nishiyami
    
	
 
    	
Name:
    	
Kristine M. Nishiyami
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    
	
 
    	
Address:
    
	
 
    	
c/o Capital Research and Management
    
	
 
    	
Company
    
	
 
    	
333 South Hope Street, 33rd Floor
    
	
 
    	
Los Angeles, California 90071
    
	
 
    	
Attention: 
    	
Erik A. Vayntrub
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
BEACON BIOVENTURES FUND III
    
	
 
    	
LIMITED PARTNERSHIP
    
	
 
    	
 
    
	
 
    	
By: 
    	
Beacon Bioventures Advisors Fund III
    
	
 
    	
Limited Partnership, its General Partner
    
	
 
    	
 
    
	
 
    	
By: 
    	
Impresa Management LLC, its General
    
	
 
    	
Partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mary Bevelock Pendergast
    
	
 
    	
Name: 
    	
Mary Bevelock Pendergast
    
	
 
    	
Title: 
    	
Vice President
    
	
 
    	
 
    
	
 
    	
Address: Beacon Bioventures Advisors Fund
    
	
 
    	
III Limited Partnership
    
	
 
    	
c/o Fidelity Biosciences
    
	
 
    	
25 Cannon Street, 3rd Floor
    
	
 
    	
London, EC4M 5TA
    
	
 
    	
United Kingdom
    
	
 
    	
Attention: Alex Pasteur
    
	
 
    	
Email: alex.pasteur@fmr.com
    
					

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
Ridgeback Capital Management LP
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Bud Holman
    
	
 
    	
Name: 
    	
Bud Holman
    
	
 
    	
Title: 
    	
Director & General Counsel
    
	
 
    	
Address: 
    	
75 Ninth Ave., 5th F1.
    
	
 
    	
 
    	
New York, NY 10011
    
	
 
    	
Authorized Signatory
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
Foresite Capital Fund II, L. P.
    
	
 
    	
By: 
    	
Foresite Capital Management II, LLC
    
	
 
    	
Its: 
    	
General Partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Dennis D. Ryan
    
	
 
    	
Name:
    	
Dennis D. Ryan
    
	
 
    	
Title:
    	
CFO
    
	
 
    	
Address:
    	
101 California St., Suite 4100
    
	
 
    	
 
    	
San Francisco, CA 94111
    
				

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
Novo A/S
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Thomas Dyrberg
    
	
 
    	
Name:
    	
Thomas Dyrberg
    
	
 
    	
Title:
    	
Senior Partner
    
	
 
    	
Address:
    	
 
    
	
 
    	
 
    	
Thomas Dyrberg
    
	
 
    	
 
    	
Senior Partner
    
	
 
    	
 
    	
Novo A/S
    
	
 
    	
 
    	
Tuborg Havnevej 19
    
	
 
    	
 
    	
2900 Hellerup
    
	
 
    	
 
    	
Denmark
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
Salthill Investors (Bermuda) L.P.
    
	
 
    	
 
    
	
 
    	
By:
    	
Wellington Management Company, LLP
    
	
 
    	
 
    	
as investment adviser
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Steven M. Hoffman
    
	
 
    	
Name: Steven M. Hoffman
    
	
 
    	
Title: Vice President and Counsel
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Salthill Partners, L.P.
    
	
 
    	
 
    
	
 
    	
By:
    	
Wellington Management Company, LLP
    
	
 
    	
 
    	
as investment adviser.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Steven M. Hoffman
    
	
 
    	
Name: Steven M. Hoffman
    
	
 
    	
Title: Vice President and Counsel
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Address for notices to the above Purchasers:
    
	
 
    	
 
    
	
 
    	
c/o Wellington Management Company, LLP
    
	
 
    	
280 Congress Street
    
	
 
    	
Boston, MA 02210
    
	
 
    	
Attention: Emily Babalas
    
	
 
    	
Telephone No: +1-617-790-7770
    
	
 
    	
Fax No:+1-617-289-5699
    
	
 
    	
Email Address: seclaw@wellington.com
    
	
 
    	
 
    
	
 
    	
With a copy (which shall not constitute notice) to:
    
	
 
    	
 
    
	
 
    	
WilmerHale
    
	
 
    	
60 State St.
    
	
 
    	
Boston, MA 02482
    
	
 
    	
Attn: Jason L. Kropp
    
	
 
    	
jason.kropp@wilmerhale.com
    
	
 
    	
Facsimile: (617) 526-5000
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
Fourth Avenue Capital Partners LP, by its
    
	
 
    	
General Partner, Fourth Avenue Capital Partners GPLLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Tracy Fu
    
	
 
    	
Name:
    	
Tracy Fu
    
	
 
    	
Title:
    	
Managing Member
    
	
 
    	
Address:
    	
c/o QVT Financial LP
    
	
 
    	
 
    	
1177 Avenue of the Americas,
    
	
 
    	
 
    	
9th Floor
    
	
 
    	
 
    	
New York, NY 10036
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
QVT Fund V LP, by its General Partner, QVT
    
	
 
    	
Associates GP LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Tracy Fu
    
	
 
    	
Name:
    	
Tracy Fu
    
	
 
    	
Title:
    	
Managing Member
    
	
 
    	
Address:
    	
c/o QVT Financial LP
    
	
 
    	
 
    	
1177 Avenue of the Americas,
    
	
 
    	
 
    	
9th Floor
    
	
 
    	
 
    	
New York, NY 10036
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
Bryan White
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Bryan White
    
	
 
    	
Address:
    	
601 Union Street, 56th Floor
    
	
 
    	
 
    	
Seattle, WA 9810
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
Quintessence Fund L.P.,
    
	
 
    	
by its general partner,
    
	
 
    	
QVT Associates GP LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Tracy Fu
    
	
 
    	
Name:
    	
Tracy Fu
    
	
 
    	
Title:
    	
Managing Member
    
	
 
    	
Address:
    	
c/o QVT Financial LP
    
	
 
    	
 
    	
1177 Avenue of the Americas,
    
	
 
    	
 
    	
9th Floor
    
	
 
    	
 
    	
New York, NY 10036
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
QVT Fund IV LP, by its General Partner, QVT
    
	
 
    	
Associates GP LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Tracy Fu
    
	
 
    	
Name:
    	
Tracy Fu
    
	
 
    	
Title:
    	
Managing Member
    
	
 
    	
Address:
    	
c/o QVT Financial LP
    
	
 
    	
 
    	
1177 Avenue of the Americas,
    
	
 
    	
 
    	
9th Floor
    
	
 
    	
 
    	
New York, NY 10036
    

 

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
Rock Springs Capital Master Fund LP
    
	
 
    	
 
    
	
 
    	
By: Rock Springs GP LLC
    
	
 
    	
Its: General Partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kris Jenner
    
	
 
    	
Name:
    	
Kris Jenner
    
	
 
    	
Title:
    	
Managing Director / Member
    
	
 
    	
Address:
    	
Rock Springs Capital
    
	
 
    	
 
    	
650 S. Exeter St.
    
	
 
    	
 
    	
Suite 1070
    
	
 
    	
 
    	
Baltimore, MD 21202
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
venBio Select Fund LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Behzad Aghazadeh
    
	
 
    	
Name:
    	
Behzad Aghazadeh
    
	
 
    	
Title:
    	
Partner
    
	
 
    	
Address:
    	
1350 Avenue of the Americas
    
	
 
    	
 
    	
F1. 20th
    
	
 
    	
 
    	
New York, NY 10019
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
Merlin Biomed Private Equity Advisors, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Dominique Semon
    
	
 
    	
Name:
    	
Dominique Semon
    
	
 
    	
Title:
    	
Managing Partner
    
	
 
    	
Address:
    	
Merlin Nexus
    
	
 
    	
 
    	
424 West 33rd Street, Suite 330
    
	
 
    	
 
    	
New York, NY 10001
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

 

	
 
    	
The Chancellor, Masters and Scholars of the
    
	
 
    	
University of Oxford
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher Towler
    
	
 
    	
Name:
    	
Christopher Towler
    
	
 
    	
Title:
    	
Director, Oxford Spinout Equity Management
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Giles Kerr
    
	
 
    	
Name:
    	
Giles Kerr
    
	
 
    	
Title:
    	
Director of Finance
    
	
 
    	
 
    	
 
    
	
 
    	
Address: University Offices
    
	
 
    	
Wellington Square
    
	
 
    	
Oxford OX1 2JD
    
	
 
    	
United Kingdom
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
 
    	
St Catherine’s College in the University of Oxford
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ N J Cross
    	
 
    	
By:
    	
 
    
	
Signed by Nicholas John Cross,
    	
 
    	
Name:
    	
 
    
	
under & power of attorney dated
    	
 
    	
Title:
    	
 
    
	
24 July 2014, duly authorised
    	
 
    	
Address: Manor Road, Oxford, OX1 3UJ,
    
	
for and on behalf of St Catherine’s
    	
 
    	
United Kingdom
    
	
College in the University of Oxford
    	
 
    	
 
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
 
    	
Financial Consultants (Jersey) Limited
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ N J Cross
    	
 
    	
BY:
    	
 
    
	
Signed by Nicholas John Cross,
    	
 
    	
Name:
    	
 
    
	
under a power of attorney dated
    	
 
    	
Title:
    	
 
    
	
1 August 2014, duly authorised
    	
 
    	
Address: a/c 91 - Centenary House, La Grande
    
	
for and on behalf of financial
    	
 
    	
Route de St Pierre, St Peter, Jersey JE3 7AY
    
	
Consultants (Jersey) Limited
    	
 
    	
 
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

 

 

	
 
    	
Sigal Family Investments, LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Elliott Sigal
    
	
 
    	
Name:
    	
Elliott Sigal
    
	
 
    	
Title:
    	
Manager
    
	
 
    	
Address: 32 Brearly Road, Princeton, New
   Jersey 08540
    

 

SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

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