Document:

Exhibit 10.1

 

DATE: 10 AUGUST 2021 AT 13:10 PM

 

 

	(1)       	THE SUBSCRIBERS
	(2)       	THE NON INVESTING SHAREHOLDERS
	(3)       	THE MANAGER
	(4)       	EXSCIENTIA HOLDINGS LIMITED

 

	 
	

SHAREHOLDERS’ AGREEMENT RELATING TO

EXSCIENTIA HOLDINGS LIMITED
	 

 

     

     

    

  

CONTENTS

 

	Clause	 	Page  
	1.	Definitions
and Interpretation	3
	2.	SHARE
OPTION PLAN	10
	3.	The
Board	10
	4.	Information
Rights	13
	5.	Matters
Requiring Consent	15
	6.	Business
Undertakings	17
	7.	Sale, IPO
or Holding Company Reorganisation	17
	8.	Compliance
with Drag Rights	20
	9.	Shares
held by The Manager and other Individuals	20
	10.	Further
Issue and Transfer of Shares	21
	11.	Manager’s
Covenants	21
	12.	Confidentiality	23
	13.	Announcements	25
	14.	Costs
and Expenses	25
	15.	Survival
and Cessation of Obligations of the Manager	26
	16.	Effect
of Ceasing to Hold Shares	26
	17.	Cumulative
Remedies	26
	18.	Waiver	26
	19.	Entire
Agreement	26
	20.	Variation
and Termination	27
	21.	No
Partnership	27
	22.	ASSIGNMENT
and Transfer	27
	23.	Rights
of Third Parties	28
	24.	Conflict
between Agreements	28
	25.	Counterparts;
no originals	28
	26.	Notices	28
	27.	Severance	29
	28.	Governing
Law	29
	29.	Jurisdiction	29
	30.	Representation	29
	31.	Confirmation
by the Manager to the Investors	30
	Schedule 1	30
		PARTICULARS OF THE Subscribers, the NON INVESTING SHAREHOLDERS
AND THE MANAGER  	 

 

     

     

    

 

	Schedule 2	35
	 	reserved matters  
	Schedule 3	39
		undertakings	 
	Schedule 4	40
		DEED OF ADHERENCE  	 
	Schedule 5	42
		PFIC, CFC AND OTHER U.S. TAX MATTERS  	 

 

     

     

    

 

This Agreement is delivered on 10 August 2021
at 13:10 pm

 

PARTIES

 

		(1)	THE SUBSCRIBERS, whose names and addresses are set out in Part 1 of Schedule 1 (together the
 “Subscribers” and each a “Subscriber”);

 

		(2)	THE PERSONS, whose names and addresses are set out in Part 2 of Schedule 1 (together the “Non
Investing Shareholders” and each a “Non Investing Shareholder”);

 

		(3)	THE PERSON, whose name and address is set out in Part 3 of Schedule 1 (the “Manager”);
and

 

		(4)	EXSCIENTIA HOLDINGS LIMITED a company limited by shares incorporated in England and Wales (registered
number 13483814) and having its principal place of business at The Schrodinger Building, Heatley Road, Oxford Science Park, Oxford OX4
4GE (the “Company”).

 

RECITALS

 

		(A)	The Company is a company limited by shares incorporated in England and Wales under company number 13483814.

 

		(B)	The parties wish to regulate their conduct and the relationships between them in respect of the Company
on the terms set out in this Agreement.

 

AGREED TERMS

 

		1.	Definitions and Interpretation

 

In this Agreement, except where a different
interpretation is necessary in the context, the words and expressions set out below shall have the following meanings:

 

“Act” means the Companies
Act 2006;

 

“Adequate Procedures”
means adequate procedures, as referred to in section 7(2) of the Bribery Act 2010 and any guidance issued by the Secretary of State
under section 9 of the Bribery Act 2010 or as referred to in any other applicable anti-corruption laws or regulations of any other jurisdiction;

 

“Affiliate” means:

 

		(i)	save as it applies to SoftBank, the Fund and Mubadala, with respect to a specified undertaking, any other
undertaking that directly or indirectly through one or more intermediaries, Controls or is Controlled by, or is under common Control with,
the specified undertaking, except that notwithstanding the foregoing, neither the Company nor any of its Subsidiary Undertakings shall
be Affiliates of any Shareholder; and

 

		(ii)	as it applies to SoftBank, SoftBank Vision Fund II-2, L.P. and its Controlled subsidiaries;

 

		(iii)	as it applies to Mubadala, Mubadala Investment Company PJSC and its Controlled subsidiaries; and

 

		(iv)	as it applies to the Fund, MDC Capital Management (RS) Limited and its Controlled subsidiaries;

 

    3

     

    

 

“Approved Activities”
means in respect of Professor Andrew Hopkins carrying out his normal academic duties or ancillary matters under the terms of his appointment
with the Universities of Dundee and Oxford (respectively) whether in collaboration with or with the involvement of third parties or otherwise
provided that:

 

		(i)	any such third parties do not, with respect to the project being undertaken at the academic institution,
compete with any part or the whole of the business of the Company and the output of such activities is not intended for use by any person
or entity other than the Company in any commercial application which is competitive with any part or the whole of the business of the
Company; and

 

		(ii)	such activities do not involve the use of any Intellectual Property or confidential information owned
by or licensed to the Company;

 

“Associated Person”
means in relation to any person, a person (including an employee, agent or Subsidiary Undertaking) who performs services for or on that
person’s behalf;

 

“BLK” means each
of BlackRock Global Allocation Fund, Inc., BlackRock Global Funds -- Global Allocation Fund, BlackRock Global Allocation V.I. Fund
of BlackRock Variable Series Funds, Inc., BlackRock Global Allocation Portfolio of BlackRock Series Fund, Inc., BlackRock
Global Allocation Fund (Australia), BlackRock Global Allocation Collective Fund, BlackRock Global Funds – Global Dynamic Equity
Fund, BlackRock Capital Allocation Trust and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V (and for the avoidance
of doubt, any Relevant Securities held by BLK and any of its Affiliates and Permitted Transferees from time to time shall be deemed for
the purpose of this Agreement and the New Articles to be held by BLK as a single shareholder);

 

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

 

“Board Approval”
means a decision of the Board taken in accordance with the New Articles;

 

“Budget” means the
annual budget for each Financial Year (including a detailed annual budget, proposed investments, operational and staffing plan and income
and cash flow statements and projections by comparison to the operating budget set out in the then current Business Plan, in each case
on a monthly basis);

 

“Business” means
the design and development of small molecule therapeutics primarily by means of artificial intelligence and machine learning and the provision
of such services to others as more fully described in the Business Plan;

 

“Business Day” has
the meaning given to the term in the New Articles;

 

“Business Plan” means
the business plan for the Company as updated from time to time;

 

“CFC” has the meaning
given in paragraph 3 of Schedule 5;

 

“Control” means,
in relation to an undertaking: (i) beneficial ownership of at least 50% of the voting securities or other comparable equity interests
of such undertaking; or (ii) the possession, directly or indirectly, of the power to direct the management and policies of such undertaking,
whether through the ownership of voting securities, by contract, declaration of trust or otherwise, and the term “Controlled”
shall have a meaning correlative to the foregoing;

 

“CTA 2010” means
the Corporation Tax Act 2010;

 

“Deed of Adherence”
means a deed of adherence substantially in the form set out in Schedule 4;

 

    4

     

    

 

“Delayed Consideration”
has the same meaning as set out in the New Articles;

 

“Drag Rights” has
the meaning given in clause 8.1;

 

“Employee” shall
have the meaning given to the term in the New Articles;

 

“Encumbrance” means
any mortgage, charge (fixed or floating), standard security interest, lien, pledge, assignation by way of security, equity, claim, right
of pre-emption, option, covenant, restriction, reservation, lease, trust, order, decree, judgment, title defect (including retention of
title claim), conflicting claim of ownership or any other encumbrance of any nature whatsoever (whether or not perfected);

 

“Equity Facility”
has the same meaning as set out in the New Articles;

 

“Evotec Director”
means the director appointed by Evotec pursuant to clause 3.8 and Article 50.1.1 of the New Articles;

 

“Financial Year”
means a financial year as determined in accordance with section 390 of the Act;

 

“Fund” means MIC
Capital Partners (Ventures) Europe Parallel (Luxembourg) Aggregator, SCSp;

 

“Group” means the
Company and any Subsidiary Undertaking of the Company from time to time and “Group Company” shall be construed accordingly;

 

“GT” means GT Healthcare
Partners Fund III, L.P. and GT Nextgen Therapies Fund IV, L.P of 22 Pottinger Street, Central, Hong Kong;

 

“HMRC” means HM Revenue &
Customs;

 

“Holding Company”
has the same meaning as set out in the New Articles;

 

“Holding Company Reorganisation”
has the same meaning as set out in the New Articles;

 

“Intellectual Property”
means copyrights, trade and service marks, including the trade marks, trade names, business names, rights in logos and get-up, inventions,
confidential information, trade secrets and know-how, registered designs, design rights, patents, utility models, semi-conductor topographies,
all rights of whatsoever nature in computer software and data, domain names, all rights of privacy and all intangible rights and privileges
of a nature similar or allied to any of the foregoing, in every case in any part of the world and whether or not registered; and including
all granted registrations and all applications for registration in respect of any of the same and the right to apply for any of the same,
and renewals and extensions of any of the same, and the right of use in respect of any of the same;

 

“Investor Director Consent”
means the consent of at least two of the Investor Directors;

 

“Investor Directors”
means each of: (a) the Evotec Director; (b) the Series B Director; (c) the Novo Director; and (d) the SoftBank
Director;

 

“Investor Majority”
has the same meaning as set out in the New Articles;

 

“Investor Majority Consent”
has the same meaning as set out in the New Articles;

 

“Investors” means
each of the Subscribers, Evotec, Frontier IP Limited and any other person to whom any of them transfers their Series A Preference
Shares, Series B Preference Shares, Series C Preference Shares, Series C1 Preference Shares, Series D Preference Shares
or who subscribes for Series D Preference Shares and who becomes a party as an “Investor” by signing a Deed of Adherence
and is named therein as an “Investor”;

 

    5

     

    

 

“IPO” means the admission
of all or any of the Shares or securities representing those shares (including without limitation depositary interests, American depositary
receipts, American depositary shares and/or other instruments) on NASDAQ or on the Official List of the United Kingdom Listing Authority
or on the AIM Market operated by the London Stock Exchange Plc or on the Stock Exchange of Hong Kong Limited or any other recognised investment
exchange (as defined in section 285 of the Financial Services and Markets Act 2000);

 

“IRS” means the United
States Internal Revenue Service;

 

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

 

“Junior Series C Preference
Shares” means the junior series C preference shares of £2.00 each in the capital of the Company from time to time having
the rights set out in the New Articles;

 

“Key Employee” means
any Employee of the Company who has the word “Director”, “Head” or “Chief” in their job title;

 

“a Member of the same Fund
Group” has the same meaning as set out in the New Articles;

 

“a Member of the same Group”
has the same meaning as set out in the New Articles;

 

“Mubadala”
means MIC Capital Management 83 RSC Ltd;

 

“NASDAQ” means the
NASDAQ Stock Market of the NASDAQ OMX Group Inc.;

 

“New Articles” means
the new articles of association of the Company in the agreed form to be adopted on around the date of this Agreement as amended or superseded
from time to time;

 

“Novo Director” means
the director appointed by Novo pursuant to clause 3.9 and Article 50.1.2 of the New Articles;

 

“Observers” means:
(i) the observer appointed by Evotec pursuant to clause 3.14; (ii) the observer appointed by GT in accordance with clause 3.15;
(iii) the observer appointed by Novo in accordance with clause 3.16; (iv) the observer appointed by BLK in accordance with clause
3.17; and (v) the observer appointed by SoftBank in accordance with clause 3.18 from time to time (and “Observer”
shall mean any one of them);

 

“Ordinary A Directors”
means all of the directors (up to four) that have been appointed by an Ordinary A Majority pursuant to clause 3.6 and Article 50.2
of the New Articles (and “Ordinary A Director” shall mean any one of them);

 

“Ordinary A Majority”
has the same meaning as set out in the New Articles;

 

“Ordinary Shares”
means the ordinary class A shares of £2.00 each (“Ordinary Class A Shares”) and ordinary class B shares
of £2.00 each (“Ordinary Class B Shares”) in the capital of the Company from time to time each having the
rights set out in the New Articles;

 

“Period” means the
period of two years immediately preceding the Termination Date;

 

“Permitted Transferee”
shall have the meaning given in the New Articles;

 

“PFIC” has the meaning
given in paragraph 1 of Schedule 5;

 

    6

     

    

 

“QEF” has the meaning
given in paragraph 2 of Schedule 5;

 

“Quarter Date” means
in any year each of 31st March, 30th June, 30th September and 31st December;

 

“Relevant Securities”
means, in respect of the Company, any Share or other security in the capital of the Company from time to time, or any other security,
agreement or instrument which contains or otherwise provides for any right to subscribe or exchange for, convert into or otherwise call
for any issue of any Shares or other securities in the capital of the Company from time to time;

 

“Sale” means a Share
Sale or an Asset Sale, both as defined in the New Articles;

 

“Series A Preference Shares”
means the series A preference shares of £2.00 each in the capital of the Company from time to time having the rights set out in
the New Articles;

 

“Series B Director”
means the director that has been appointed by a Series B Investor Majority (subject to approval by the Board) pursuant to clause
3.7 and Article 50.1.3 of the New Articles;

 

“Series B Investor Majority”
has the same meaning as set out in the New Articles;

 

“Series B
Preference Shares” means the series B preference shares of £2.00 each in the capital of the Company from time to time
having the rights set out in the New Articles;

 

“Series C Preference Shares”
means the series C preference shares of £2.00 each in the capital of the Company from time to time having the rights set out in
the New Articles;

 

“Series C1 Preference
Shares” means the series C1 preference shares of £2.00 each in the capital of the Company from time to time having the
rights set out in the New Articles;

 

“Series D Preference Shares”
means the Series D1 Preference Shares, the Series D2 Preference Shares and the Series D3 Preference Shares;

 

“Series D1 Preference
Shares” means the series D1 preference shares of £2.00 each in the capital of the Company from time to time having the
rights set out in the New Articles;

 

“Series D2 Preference
Shares” means the series D2 preference shares of £2.00 each in the capital of the Company from time to time having the
rights set out in the New Articles;

 

“Series D3 Preference
Shares” means the series D3 preference shares of £2.00 each in the capital of the Company from time to time having the
rights set out in the New Articles;

 

“Share Option Plan”
means:

 

		(a)	the existing EMI share option plan of the Company;

 

		(b)	the existing unapproved share option plan of the Company;

 

		(c)	the existing CSOP share option plan of the Company; and

 

		(d)	any other share option plan(s) and/or share incentive plans adopted by the Company and/or share option
agreement(s) entered into by the Company (in each case the terms of which have been approved by the Board with the consent of at
least one Investor Director),

    7

     

    

 

in each case as amended by the Company,
with approval of the Board including the consent of at least one Investor Director;

 

“Share Option Pool”
means the maximum pool of Ordinary Shares which are reserved for issue or grant pursuant to any Share Option Plan, such number being 40,587
as at the date of this Agreement, comprising:

 

		(a)	37,606 options over Ordinary Shares that have been allocated as at the date of this Agreement; and

 

		(b)	2,981 Ordinary Shares that remain unallocated as at the date of this Agreement;

 

“Share Sale” has
the meaning given in the New Articles;

 

“Shareholder” means
any shareholder of the Company from time to time who is a party to this Agreement (but excludes the Company holding Shares as Treasury
Shares from time to time);

 

“Shares” means the
Ordinary Class A Shares, the Ordinary Class B Shares, the Series A Preference Shares, the Series B Preference Shares,
the Junior Series C Preference Shares, the Series C Preference Shares, the Series C1 Preference Shares and the Series D
Preference Shares and any other class of shares in the capital of the Company from time to time;

 

“SoftBank” means
SVF II Excel (DE) LLC;

 

“SoftBank Director”
means the director that has been appointed by SoftBank (subject to approval by the Board) pursuant to clause 3.10 and Article 50.1.4
of the New Articles;

 

“Subsidiary Undertaking”
has the meaning set out in section 1162 of the Act;

 

“Tax”
or “Taxation” means all forms of direct and indirect taxation, duties, rates, levies, contributions, withholdings,
deductions, liabilities to account, charges and imposts whether imposed in the United Kingdom or elsewhere in the world and shall include
all costs, fees, interest, fines, surcharges, assessments, penalties, charges and expenses in addition to Tax resulting from, attributable
or incidental to, or in relation to any proceedings, queries, contest or dispute with a Taxing Authority;

 

“Taxing Authority”
means HMRC and any other governmental, state, federal, provincial, local governmental or municipal authority, body or official whether
of the United Kingdom or elsewhere in the world, which is competent to impose or collect Taxation;

 

“Termination Date”
has the same meaning as set out in the New Articles;

 

“Treasury Shares”
means shares in the capital of the Company held by the Company as treasury shares within the meaning set out in section 724(5) of
the Act;

 

“VAT” means value
added tax chargeable under the VATA or under any legislation replacing it or under any legislation which the VATA replaced and further
means value added tax at the rate in force when the relevant supply is made and any tax of a similar nature which is introduced in substitution
for such value added tax; and

 

“VATA” means the
Value Added Tax Act 1994.

 

		1.1	The clause, Schedule and paragraph headings and the table of contents used in this Agreement are inserted
for ease of reference only and shall not affect construction.

 

		1.2	The Schedules form part of this Agreement and shall have effect as if set out in full in the body of this
Agreement. Any reference to this Agreement includes the Schedules.

 

    8

     

    

 

		1.3	References to a SoftBank Director, an Evotec Director, a Novo Director, a Series B Director, an Ordinary
A Director or an Observer shall include any alternate appointed to act in his place from time to time.

 

		1.4	References to persons shall include bodies corporate, unincorporated associations and partnerships, in
each case whether or not having a separate legal personality.

 

		1.5	Reference to a party or parties is to a party or parties of the agreement.

 

		1.6	References to documents “in the agreed form” are to documents in terms agreed on behalf
of the Company and the Subscribers and initialled on behalf of each such party or exchanged by way of email by their solicitors as being
in agreed form for the purposes of identification only.

 

		1.7	References to any English statute or other legislation or legal term for any action, remedy, method of
judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of any jurisdiction
other than England and Wales, be deemed to include a reference to that which most nearly approximates to the English legal term in that
jurisdiction.

 

		1.8	References to those of the parties that are individuals include their respective legal personal representatives.

 

		1.9	References to “writing” or “written” include any non-transitory
form of visible reproduction of words.

 

		1.10	References to the word “include” or “including” (or any similar
term) are not to be construed as implying any limitation and general words introduced by the word “other” (or any similar
term) shall not be given a restrictive meaning by reason of the fact that they are preceded or followed by words indicating a particular
class of acts, matters or things.

 

		1.11	Reference to “issued Shares” of any class or Shares of any class “in issue”
shall exclude any Shares of that class held as Treasury Shares from time to time, unless stated otherwise.

 

		1.12	Reference to the “holders” of a class of Shares shall exclude the Company holding Shares
of that class as Treasury Shares from time to time, unless stated otherwise.

 

		1.13	References to “USD”, “$” or “US$” are references
to the lawful currency from time to time of the United States of America.

 

		1.14	Except where the context specifically
requires otherwise, words importing one gender shall be treated as importing any gender, words importing individuals shall be treated
as importing corporations and vice versa, words importing the singular shall be treated as importing the plural and vice versa,
and words importing the whole shall be treated as including a reference to any part thereof.

 

		1.15	References to statutory provisions or enactments shall include references to any amendment, modification,
extension, consolidation, replacement or re-enactment of any such provision or enactment (whether before or after the date of this Agreement),
to any previous enactment which has been replaced or amended and to any regulation, instrument or order or other subordinate legislation
made under such provision or enactment unless any such change imposes upon any party any liabilities or obligations which are more onerous
than as at the date of this Agreement.

 

		1.16	Section 1122 of the CTA 2010 shall apply to determine whether one person is connected with another
for the purposes of this Agreement.

 

		1.17	In respect of any actions or matters requiring or seeking the acceptance, approval, agreement, consent
or words having similar effect of (a) a SoftBank Director, (b) an Evotec Director, (b) a Novo Director, or (d) a Series B
Director under this Agreement, if at any time a SoftBank Director, an Evotec Director, Novo Director or Series B Director (as applicable)
has not been appointed or a SoftBank Director, an Evotec Director, Novo Director or Series B Director (as applicable) declares in
writing to the Company and the Investors that he considers that providing such consent gives rise or may give rise to a conflict of interest
to his duties as a director, such action or matter shall require written consent from SoftBank (in the case of the SoftBank Director),
Evotec (in the case of an Evotec Director), Novo (in the case of a Novo Director) or a Series B Investor Majority (in the case of
a Series B Director).

 

    9

     

    

 

 

		1.18	References to BLK shall be deemed to refer to each entity referred to in the definition of BLK collectively,
but for the avoidance of doubt: (i) the obligations of each such entity under this Agreement shall be several, and not joint and
several; and (ii) any Relevant Securities held by such entities and any of their Affiliates and Permitted Transferees from time to
time shall be deemed for the purpose of this Agreement (including determining whether BLK holds the relevant threshold interest for the
purposes of certain rights under this Agreement) to be held by BLK as a single shareholder.

 

		2.	SHARE OPTION PLAN

 

The
Share Option Pool shall comprise 40,587 Ordinary Shares. Any options granted by the Company in accordance with a Share Option Plan
pursuant to this clause 2 or otherwise in relation to the Share Option Pool shall be granted to directors, employees and consultants of
the Company or any Group Company in such number, on such terms and on such occasions as may be decided by the Board with the consent of
at least one Investor Director.

 

		3.	The Board

 

		3.1	Board meetings will be held at intervals of not more than three months and at least four Board meetings
will be held in each calendar year. The Investor Directors may require, in aggregate, up to eight Board meetings (or such number as is
reasonably necessary) to be held in each calendar year.

 

		3.2	The Company shall send to all the directors and any Observer who may be appointed (in electronic form
if so required):

 

		3.2.1	reasonable advance notice of each meeting of the Board (being not fewer than five Business Days) and each
committee of the Board, such notice to be accompanied by:

 

		3.2.1.1	a written agenda specifying the business to be discussed at such meeting together with all relevant papers;
and

 

		3.2.1.2	such customary financial and operational information concerning the Company and its business as the Board
may agree from time to time;

 

		3.2.2	as soon as practicable after each meeting of the Board (or committee of the Board) a copy of the minutes;
and

 

		3.2.3	customary financial and operational information concerning the Company and its business at least five
Business Days before each general meeting.

 

		3.3	Save with Investor Director Consent, no business shall be transacted at any meeting of the Board (or committee
of the Board) save for that specified in the agenda referred to in clause 3.2.

 

		3.4	The quorum for Directors’ meetings shall be four directors and must include the attendance of at
least two Investor Directors and two Ordinary A Directors. The quorum for any committee of the Board shall be determined by the Board
(with Investor Director Consent). If such a quorum is not present within half an hour from the time appointed for the meeting, or if during
a meeting such quorum ceases to be present, the meeting shall stand adjourned to the same day in the next week at the same time and place
or at such time and place as determined by the Directors present at such meeting and notified to each Director (including, without limitation,
each Investor Director). If a quorum is not present at any such adjourned meeting within half an hour from the time appointed, then the
meeting shall proceed.

 

    10

     

    

 

		3.5	Subject to a maximum aggregate amount of £50,000 per calendar year for all Directors, the Company
will upon presentation of invoices in reasonable detail, reimburse those directors and any Observer appointed by an Investor with their
reasonable out of pocket expenses (in accordance with the Company’s travel policy) incurred by them in respect of attending meetings
of the Board and any committee of the Board, and with respect to other meetings or events attended by such person for and on behalf of
the Company. Any individual expense in excess of £1,500 will require the prior written approval of the Board.

 

		3.6	The holders of shares equal to at least an Ordinary A Majority shall have the right to appoint and maintain
in office up to four natural persons as directors, and to remove from office any person(s) so appointed and to appoint another person(s) in
his/their place, pursuant to Article 50.2 of the New Articles.

 

		3.7	The holders of shares equal to at least a Series B Investor Majority shall have the right to appoint
and maintain in office one natural person (who has been approved by way of Board Approval) as a director, and to remove from office any
person so appointed and to appoint another person in his place, pursuant to Article 50.1.3 of the New Articles.

 

		3.8	For so long as Evotec together with its Permitted Transferees holds Shares equivalent to at least 10%
of the total issued share capital of the Company, Evotec shall be entitled to appoint one person to act as a director, and to remove from
office any person so appointed and to appoint another person in his place, pursuant to Article 50.1.1 of the New Articles. In the
event that Evotec together with its Permitted Transferees hold Shares that are not equivalent to at least 10% of the total issued share
capital of the Company, Evotec shall procure that the person it has appointed to act as a director (if any) shall resign immediately.

 

		3.9	For so long as Novo together with its Permitted Transferees holds Shares equivalent to at least 10% of
the total issued share capital of the Company, Novo shall be entitled to appoint one person to act as a director, and to remove from office
any person so appointed and to appoint another person in his place, pursuant to Article 50.1.2 of the New Articles. In the event
that Novo together with its Permitted Transferees hold Shares that are not equivalent to at least 10% of the total issued share capital
of the Company, Novo shall procure that the person it has appointed to act as a director (if any) shall resign immediately.

 

		3.10	For so long as SoftBank together with its Permitted Transferees holds Shares equivalent to at least 10%
of the total issued share capital of the Company, SoftBank shall be entitled to appoint one person to act as a director, and to remove
from office any person so appointed and to appoint another person in his place, pursuant to Article 50.1.2 of the New Articles. In
the event that SoftBank together with its Permitted Transferees hold Shares that are not equivalent to at least 10% of the total issued
share capital of the Company, SoftBank shall procure that the person it has appointed to act as a director (if any) shall resign immediately.

 

		3.11	The parties agree that the Investor Directors shall be under no obligation to disclose any information
or opportunities to the Company except to the extent that the information or opportunity was passed to him expressly solely in his capacity
as a director of the Company.

 

		3.12	Each of SoftBank, Evotec and Novo shall procure that the SoftBank Director, Evotec Director or Novo Director
(as applicable) appointed by it shall comply with clause 12, save that such SoftBank Director, Evotec Director or Novo Director (as applicable)
shall be at liberty from time to time to disclose any information to SoftBank, Evotec or Novo (as applicable) itself, it being understood
that SoftBank, Evotec and Novo shall be bound by the provisions of clause 12 with respect to any such information disclosed by the SoftBank
Director, Evotec Director or Novo Director (as applicable).

 

    11

     

    

 

		3.13	Each of the Investor Directors shall be entitled at his request to be appointed to any committee of the
Board established from time to time.

 

		3.14	For so long as Evotec together
with its Permitted Transferees holds Shares equivalent to at least 5% but less than 10% of the total issued share capital of the Company,
Evotec shall be entitled to appoint one person to act as an observer who may attend and speak at Board meetings and meetings of Board
committees but not vote, and to remove from office any person so appointed and to appoint another person in his place. The observer
shall have the right to receive notice of all such meetings and all information and documents provided to the Board members, and shall
in general have all of the same information rights as Board members. In the event that Evotec together with its Permitted Transferees
hold Shares that are not equivalent to at least 5% or exceed 10% of the total issued share capital of the Company, Evotec shall procure
that the person it has appointed to act as an Observer (if any) shall resign immediately.

 

		3.15	For so long as GT together with its Permitted Transferees holds Shares equivalent to more than 5% of the
total issued share capital of the Company, GT shall be entitled to appoint one person to act as an observer who may attend and speak at
Board meetings and meetings of Board committees but not vote, and to remove from office any person so appointed and to appoint another
person in his place. The observer shall have the right to receive notice of all such meetings and all information and documents provided
to the Board members, and shall in general have all of the same information rights as Board members. In the event that GT together with
its Permitted Transferees hold Shares that are not equivalent to more than 5% of the total issued share capital of the Company, GT shall
procure that the person it has appointed to act as an Observer (if any) shall resign immediately.

 

		3.16	In addition to the Novo Director,
for so long as Novo together with its Permitted Transferees holds Shares equivalent to more than 5% of the total issued share capital
of the Company, Novo shall be entitled to appoint one person to act as an observer who may attend and speak at Board meetings and meetings
of Board committees but not vote, and to remove from office any person so appointed and to appoint another person in his place.
The observer shall have the right to receive notice of all such meetings and all information and documents provided to the Board members,
and shall in general have all of the same information rights as Board members. In the event that Novo together with its Permitted Transferees
hold Shares that are not equivalent to more than 5% of the total issued share capital of the Company, Novo shall procure that the person
it has appointed to act as an Observer (if any) shall resign immediately. For the avoidance of doubt, the right of Novo to appoint an
observer is in addition to its right to appoint a Novo Director.

 

		3.17	For so long as BLK together with its Permitted Transferees holds Shares equivalent to 5% or more of the
issued share capital of the Company, BLK shall be entitled to appoint one person to act as an observer who may attend and speak at Board
meetings and meetings of Board committees but not vote, and to remove from office any person so appointed and to appoint another person
in his place. The observer shall have the right to receive notice of all such meetings and all information and documents provided to the
Board members, and shall in general have all of the same information rights as Board members. In the event that BLK ceases to be entitled
to appoint an observer pursuant to this clause, BLK shall procure that the person it has appointed to act as an Observer (if any) shall
resign immediately.

 

		3.18	For so long as SoftBank together with its Permitted Transferees holds Shares equivalent to 5% or more
of the issued share capital of the Company, SoftBank shall be entitled to appoint one person to act as an observer who may attend and
speak at Board meetings and meetings of Board committees but not vote, and to remove from office any person so appointed and to appoint
another person in his place. The observer shall have the right to receive notice of all such meetings and all information and documents
provided to the Board members, and shall in general have all of the same information rights as Board members. In the event that SoftBank
ceases to be entitled to appoint an observer pursuant to this clause, SoftBank shall procure that the person it has appointed to act as
an Observer (if any) shall resign immediately

 

    12

     

    

 

		3.19	Each of Evotec, GT, Novo, BLK and SoftBank shall procure that any Observer appointed by it pursuant to
clauses 3.14 to 3.18 above (as applicable) shall comply with clause 12, save that such Observer: (i) shall not be bound by the provisions
of clause 12 with respect to any such information disclosed by the Observer to the Board; and (ii) shall be at liberty from time
to time to disclose any information to Evotec, Novo, GT, BLK or SoftBank (as applicable) itself, it being understood that Evotec, Novo,
GT, BLK and SoftBank shall be bound by the provisions of clause 12 with respect to any such information disclosed by the Observer.

 

		3.20	The parties agree that each Observer shall be under no obligation to disclose any information or opportunities
to the Company except to the extent that the information or opportunity was passed to him expressly solely in his capacity as an Observer
to the Board.

 

		4.	Information Rights

 

		4.1	The Company shall keep the Investors reasonably informed in a timely manner of all material developments
concerning the Business, affairs and prospects of the Company, including but not limited to all fundraisings, significant commercial partnerships,
regulatory developments, litigation, any material developments or offers which might lead to any Sale or IPO.

 

		4.2	The Company further undertakes
to each Investor that it shall deliver to each Investor within ninety (90) days (or 180 days, if such extension is approved by the Board)
of the end of the relevant Financial Year, (a) audited annual financial statements (including balance sheet, statement of earnings,
shareholders’ equity and cash flow statements for the applicable periods) of the Company in respect of such Financial Year prepared
in accordance with IFRS by independent public accountants of national standing, and (b) a consolidated management report in respect
of such Financial Year (including details of the progress of the Company and its business, the material developments in its research and
development projects, and its expenditure throughout the course of such Financial Year). To the extent such audited annual financial statements
and report are not available within 45 days of the end of the relevant Financial Year, the latest unaudited version of such annual financial
statements that are consistent with IFRS shall be provided to each Investor within 45 days of the end of the relevant Financial Year (without
prejudice to the obligation to provide such audited annual financial statements within the 90 day (or 180 day, if applicable) period which
shall still apply).

 

		4.3	The Company undertakes to each Investor (for as long as such Investor holds any Shares) that the Company
shall deliver to each Investor:

 

		4.3.1	within five (5) Business Days of each Quarter Date:

 

		4.3.1.1	a summary management report providing summary details of the progress of the Company and its business,
including a report on material developments in its research and development projects, and details of the Company’s expenditure throughout
the course of the relevant period;

 

		4.3.1.2	unaudited quarterly management accounts of the Company (for such quarter and the year-to-date), including
income statement, cash position and cash burn and cash flow statements and projections by comparison to the operating budget set out in
the then current Business Plan and Budget. Such quarterly management accounts shall be prepared by the Company with reasonable skill and
care and, save as noted in such accounts, on a basis reasonably consistent with IFRS, except that such quarterly management accounts do
not need to have notes attached and shall be subject to year-end audit adjustments; and

 

    13

     

    

 

		4.3.1.3	a statement showing:

 

		(i)	the number of shares in each class and series of Shares in sufficient detail to allow each Investor to
calculate its respective percentage ownership in the Company; and

 

		(ii)	the allocation of the Share Option Pool;

 

		4.3.2	no later than thirty (30) days (but no earlier than ninety (90) days) prior to the commencement of each
Financial Year, an updated draft Business Plan and a draft Budget for the next Financial Year; and

 

		4.3.3	within forty-five (45) days of each Quarter Date, unaudited quarterly financial statements of the Company,
which shall include a balance sheet, income statement and equity statement.

 

		4.4	Upon being given at least five (5) Business Days’ notice in writing, the Company shall permit
an Investor to enter the Company’s premises and to make reasonable inspection of its books and records and to have reasonable access
to the Employees and the Company’s advisers and accountants for the purposes of ascertaining the accurateness of any information
provided to that Investor, the Evotec Director, the Novo Director, the SoftBank Director or the Observers.

 

		4.5	If the Company fails to comply with any of its obligations to provide information to an Investor, the
Evotec Director, the Novo Director, the SoftBank Director or the Observers pursuant to the provisions of this clause 4, then the Investor
affected will be entitled to instruct a firm of accountants to prepare the relevant information and provide it to the Investors, the Evotec
Director, the Novo Director, the SoftBank Director and the Observers. The Company will permit reasonable access to its books and records
and its premises for this purpose. The reasonable costs of any such appointment (plus any VAT) will be paid by the Company.

 

		4.6	The Company undertakes to each
Shareholder that the Company shall deliver to each Shareholder within five (5) days after each calendar quarter quarterly profit
and loss accounts and balance sheets in respect of such calendar quarter prepared in accordance with IFRS, and shall within 60 days of
the end of each Financial Year provide each Shareholder with an overview of the Company’s progress over that year and meet
with such Shareholders as may so request to answer any questions they may have on the report.

 

		4.7	The Company undertakes to each Investor that the Company shall provide to the Investors all further documents
and information reasonably required by any Investor to fulfil its regulatory requirements (or those of any Member of the same Group or
Member of the same Fund Group) or requirements pursuant to the rules of any securities exchange on which securities of such Investor
(or any Member of the same Group or Member of the same Fund Group) are listed or traded.

 

		4.8	The Company undertakes to the Investors that the Company shall provide to the Investors all further documents
and information reasonably requested by the Investors in order to comply with regulatory, accounting or tax requirements and either to
provide such information or provide a valid reason why such documents or information cannot be provided.

 

		4.9	Subject to clause 4.10, but notwithstanding any other provisions of this Agreement:

 

		4.9.1	the Company shall be entitled
to not provide or redact or restrict any report, accounts, information, document or thing to be provided under this clause 4 or clause
3 to any Investor (or any Investor Director or Observer) (save for any information, document or thing provided to any Investor or Investor
Director pursuant to clauses 4.1 (excluding any information, document or thing in relation to any significant commercial partnerships
and/or regulatory developments of the Company) 4.2, 4.3.1.1, 4.6 and 4.8 (inclusive)) to the extent that the Board determines in
its reasonable discretion acting in good faith that the provision of such information or other thing to that Investor (or any Investor
Director or Observer) would or may conflict with the interests of the Company in respect of any business of a Group Company carried on
from time to time with any business invested in or acquired or developed by that Investor or any of its Affiliates directly or indirectly
and any Investor Director and/or Observer appointed by such Investor shall not, save as required to enable him to comply with his legal
duties as a director, have the right to receive such information by virtue of his position as a director of the Company or any Group Company
or observer; and

 

    14

     

    

 

		4.9.2	in the event of a prospective Sale that is in a bona fide competitive sales process with multiple bidders
and in which an Investor participates either in its own name or that of an Affiliate, such Investor shall not have the right to receive
any financial or other information in connection with such sales process by virtue of its position as an Investor or as a shareholder
in the Company and any Investor Director and/or observer appointed by such Investor shall not have the right to receive any financial
or other information in connection with such sales process by virtue of his position as a director of the Company or any Group Company
or observer,

 

and in any such circumstance described
in clauses 4.9.1 and 4.9.2 above, the Board shall be entitled to request that the Investor Director and/or Observer appointed by the relevant
Investor shall recuse himself or herself from the relevant part of such meeting of the Board or committee of the Board for such time as
such matters are being discussed. For the purposes of this clause 4.9, the term “Affiliate” shall also include any company
in respect of which that Investor or any of its Affiliates holds at least 10% of the issued share capital or a right to appoint a director
to the board.

 

		4.10	Prior to withholding, redacting or restricting any information from an Investor, Investor Director
or Observer in accordance with clause 4.9 or requesting that an Investor Director and/or Observer recuse himself or herself from the relevant
part of a meeting of the Board or committee of the Board, the Company shall (in good faith) discuss the circumstances with the relevant
Investor, Investor Director or Observer and consult with such Investor, Investor Director or Observer (acting reasonably) to
seek an alternative means of sharing such information to the extent reasonably practicable.

 

		5.	Matters Requiring Consent

 

		5.1	Subject to clauses 5.3, 5.4, 5.5 5.6 and 5.7 each of the Shareholders shall exercise all voting rights
and powers of control available to him in relation to the Company to procure that save with Board Approval (including Investor Director
Consent), the Company shall not effect any of the matters listed in Part 1 of Schedule 2 (except that only Board Approval and the
consent of one Investor Director, rather than Investor Director Consent, shall be required in the circumstances expressly stated in paragraphs
13, 14, 20 and 21 of Part 1 of Schedule 2) and that, save with Investor Majority Consent, the Company shall not effect any of the
matters referred to in Part 2 of Schedule 2.

 

		5.2	Subject to clauses 5.3, 5.4, 5.5, 5.6 and 5.7 and as a separate obligation that is severable from the
obligations in clause 5.1, the Company agrees that, save with Board Approval (including the Investor Director Consent), it shall not effect
any of the matters listed in Part 1 of Schedule 2 (except that only Board Approval and the consent of one Investor Director, rather
than Investor Director Consent, shall be required in the circumstances expressly stated in paragraphs 13, 14, 20 and 21 of Part 1
of Schedule 2) and that, save with Investor Majority Consent, it shall not effect any of the matters referred to in Part 2 of Schedule
2.

 

    15

     

    

 

		5.3	Subject to clause 5.7, the restrictions in this clause 5 and Schedule 2 shall apply to the Company and
each member of the Group and accordingly references in this clause and these Schedules to the Company shall be construed as a reference
to each member of the Group from time to time.

 

 

		5.4	Each of the Shareholders shall exercise all voting rights and powers of control available to him in relation
to the Company to procure that save with the prior written consent of the Investor concerned, the Company shall not effect any alteration
of the New Articles to the extent such alteration affects the specific rights or obligations of any Investor as a holder of Series A
Preference Shares, Series B Preference Shares, Series C Preference Shares, Series C1 Preference Shares or Series D
Preference Shares or with respect to the Evotec Director, the Novo Director, the SoftBank Director or any Observer.

 

		5.5	Notwithstanding the matters referred to in Schedule 2, the Company undertakes to Celgene that it shall
not use the name or logo of Celgene or any of its Affiliates without Celgene's prior written consent.

 

		5.6	Notwithstanding the matters referred to in Schedule 2, the Company undertakes to each of the Subscribers
that it shall not (and shall procure that each other member of the Group shall not), either directly or indirectly, release any announcement
containing, or use in advertising, any reference to any such Subscriber or any of their respective Affiliates, as applicable (including
any reference to any individual fund or account managed by a Subscriber or any of their respective Affiliates, as applicable), or use
any trade name, trademark owned by a Subscriber or any of their respective Affiliates without the relevant Subscriber’s, prior written
consent. This restriction does not affect any announcement or circular required by law or any regulatory body or the rules of any
relevant stock exchange, provided that if it is the Company that is required by law or any regulatory body or the rules of any relevant
stock exchange, to make an announcement, the Company shall in such announcement include only the minimum amount of information in relation
to the Subscriber, as is required to comply with law or any regulatory body or the rules of any relevant stock exchange.

 

		5.7	Notwithstanding anything in this Agreement to the contrary, including but not limited to clauses 5.1 -
5.3 (inclusive) and Schedule 2, neither Investor Director Consent nor Investor Majority Consent shall be required in connection with any
matter undertaken by the Company pursuant to the Equity Facility, including (but not limited to) the allotment and issue of any Series D
Preference Shares, and each Shareholder hereby (i) agrees to exercise all voting rights and powers of control available to him to
give effect to the Equity Facility as may be requested by the Board from time to time; and (ii) waives any rights of pre-emption
existing under the Act, the New Articles or otherwise with respect to the allotment and issue of Series D Preference Shares pursuant
to the Equity Facility.

 

		5.8	Each Investor Director, or such other person as an Investor may nominate (by giving notice in writing
to the Company), shall be authorised to communicate in writing the consent of its appointing Investor to any of the matters referred to
in Schedule 2.

 

		5.9	Without prejudice to clause 5.7, an Investor may provide its consent to any of the matters referred to
in Schedule 2 in the following ways:

 

		5.9.1	a document signed (including by electronic means) by such Investor or by an authorised representative
of such Investor; or

 

    16

     

    

 

		5.9.2	an email from a designated authorized officer, specifying the title and authority of such officer, of
such Investor expressly giving such consent on behalf of such Investor.

 

		6.	Business Undertakings

 

		6.1	The Manager shall promote the best interests of the Company and ensure, so far as he is able, that the
Business is conducted in accordance with the Business Plan and the Budget and with good business practice.

 

		6.2	The Manager and the Company severally undertake to the Investors to procure, so far as it lies within
their respective power to do so, that the Manager and each member of the Group will comply with the requirements set out in Schedule 3.
References to the Company in Schedule 3 shall be construed as a reference to each member of the Group from time to time.

 

		6.3	The Company will comply with the requirements set out in Schedule 5.

 

		7.	Sale, IPO or Holding Company Reorganisation

 

		7.1	Each party acknowledges and agrees that upon a Sale or an IPO:

 

		7.1.1	the Investors shall not be obliged to give warranties or indemnities except a warranty as to title to
the shares held by such Investor;

 

		7.1.2	each Investor’s liability shall be several and not on a joint basis with any other person and such
liability shall not exceed the aggregate amount of consideration received or receivable by such Investor; and

 

		7.1.3	the Investors shall not be obliged to give and shall not be bound by any covenants (including without
limitation relating to non-competition and non-solicitation).

 

Sale

 

		7.2	Any costs in relation to a Sale shall be borne by the Shareholders proportionately to the consideration
payable (including any Delayed Consideration), whether in cash or otherwise, to each of them pursuant to the terms of the Sale.

 

IPO

 

		7.3	Any underwriting costs and commissions in relation to an IPO shall be borne: (i) by the Company and
the Shareholders who sell in such IPO (the "IPO Selling Shareholders") proportionately to their sale of Shares to be
sold in such IPO; or (ii) if there are no IPO Selling Shareholders, wholly by the Company.

 

		7.4	It is hereby agreed by the parties that, on an IPO, the Shareholders shall:

 

		7.4.1	to the extent required by the applicable rules of the relevant exchange, retain such number of their
Shares held at the time of the IPO for such period after the IPO as is required by the applicable rules of the relevant exchange;
and

 

		7.4.2	have regard to the recommendation of the Company’s underwriters or brokers on an IPO in determining
their respective sale of shares upon the Company’s IPO and shall make such determination with a view to ensuring the success of
the IPO.

 

    17

     

    

 

		7.5	It is agreed that in the event of an initial public offering of the Company’s shares on a US stock
exchange (including NASDAQ) the Investors shall be entitled to registration rights on terms to be agreed which shall include:

 

		7.5.1	two demand registration rights commencing six months after the Company’s initial public offering;

 

		7.5.2	unlimited shelf and piggy back registrations on all registrations by the Company for its own account;
and

 

		7.5.3	all expenses of a registration will be payable by the Company including the legal costs of one professional
firm appointed to act on behalf of the Investors up to a maximum amount of US$60,000.

 

		7.6	All Investors shall be entitled to participate in the registration rights referenced in clause 7.5 on
a pro rata basis. The Company shall exercise all reasonable endeavours to procure that all of the registrable securities requested by
the Investors are included in any registration referenced in clause 7.5. If, after consultation with the Investors and the underwriters
that are appointed for the registration, the total number of registrable securities requested by the Investors to be included in the registration
exceeds the number of registrable securities that can be included in the registration, then the number of securities that may be included
in the registration shall be allocated to the Investors requesting inclusion of their registrable securities in such registration on a
pro rata basis. For the purposes of this clause 7.6, “pro rata” basis shall be determined, in respect of an Investor, by the
quotient of the number of registrable securities then outstanding in the Company held by such Investor (as the numerator) over the total
number of registrable securities then outstanding in the Company held by all Investors participating in the registration (as the denominator).

 

		7.7	In the event of an IPO that has been approved by the Board, the holder(s) of more than 55% of the
Shares and an Investor Majority (an “Approved IPO”), each Shareholder shall take all steps necessary to implement such
Approved IPO on such terms as are approved by the Board, the holder(s) of more than 55% of the Shares and an Investor Majority, including:

 

		7.7.1	consenting to, voting for, raising no objections to and waiving any applicable rights as is necessary
or desirable (in the opinion of the Board) to:

 

		7.7.1.1	give effect to a Holding Company Reorganisation pursuant to clause 7.9; and

 

		7.7.1.2	adopt new articles of association of the Company (or any Holding Company), in a form appropriate for a
public listed company at the relevant time listed on the relevant investment exchange;

 

		7.7.2	re-registering the Company as a public limited company (if applicable);

 

		7.7.3	executing a new shareholders’ agreement relating to any new Holding Company that is in the same
or substantially the same form as this Agreement;

 

		7.7.4	consenting to a general meeting of the Company (or any new Holding Company) being held on short notice
in accordance with section 307(4) of the Act and providing a proxy in favour of any Director to vote its Shares in favour of any
resolution and/or class consent proposed at such general meeting in connection with an Approved IPO;

 

		7.7.5	making all applications needed to a relevant investment exchange to apply for the listing or registration
of any shares; and

 

		7.7.6	executing (and or otherwise completing) any documents, resolutions, class consents, information requests,
agreements, certificates, transfers or other contracts (including without limitation any share exchange agreements, due diligence questionnaires,
disclosure schedules, underwriting agreements, share purchase agreements or other documents reasonably required by an underwriting to
complete the Approved IPO) (the “IPO Agreements”).

 

    18

     

    

 

		7.8	Each such Shareholder hereby irrevocably appoints any director of the Company to act as his duly authorised
agent and attorney (“IPO Attorney”) to take such actions where a party fails to comply with the provisions of clause
7.7 within five Business Days of being requested by the Company to do so (“IPO Defaulting Party”). The IPO Attorney
is (as security for the performance of the IPO Defaulting Party’s obligations) irrevocably appointed and authorised to be the true
and lawful attorney for the IPO Defaulting Party and in its name and on its behalf to exercise in the absolute discretion of the IPO Attorney
all voting rights attaching to the Shares. The power of attorney set out in this clause 7.8 is granted to secure the performance by the
Shareholder of his obligations under clause 7.8 and shall be irrevocable.

 

Holding Company Reorganisation

 

		7.9	In the event of a Holding Company Reorganisation approved by the Board, the holder(s) of more than
55% of the Shares and an Investor Majority (a “Proposed Reorganisation”), all Shareholders shall: (i) consent
to, vote for, raise no objections to and waive any applicable rights in connection with the Proposed Reorganisation; and (ii) take
all necessary actions to tender their Shares required to effect the Proposed Reorganisation (the “Reorganisation Actions”).
The Shareholders shall be required to take all Reorganisation Actions with respect to the Proposed Reorganisation as are necessary and
required by the Board with Investor Director Consent to facilitate the Proposed Reorganisation, provided that: (1) any such Holding
Company Reorganisation shall not affect the legal or economic rights of any Shareholder in a manner which is disproportionate to the manner
in which such Holding Company Reorganisation affects other Shareholders (having regard to their respective class and holdings of Shares),
except where such Shareholder approves such Holding Company Reorganisation; and (2) nothing in this clause shall require any Shareholder
to: (a) take any unlawful action or step; (b) incur any liabilities, obligations, including but not limited to taxes, levies,
fines or other liabilities or obligations owed by any Shareholder to any Taxing Authority; or (c) contribute more costs as a consequence
of the Reorganisation Actions, except, in each case, to the extent that such liabilities, obligations or costs (other than liabilities,
obligations or costs owed to any Taxing Authority) are deemed by the Board (acting reasonably) with Investor Director Consent to be immaterial.
Prior to the consummation of the Proposed Reorganisation or any of the Reorganisation Actions contemplated thereby, the Company shall
provide each Investor with reasonable notice of the Proposed Reorganisation and use reasonable efforts to procure that each Investor is
provided with a copy of a detailed steps-memo prepared by the Company’s accountants describing the Proposed Reorganisation, and
the Company shall discuss and consider in good faith the Proposed Reorganisation with such Investors.

 

		7.10	Each Shareholder hereby irrevocably appoints any director of the Company to act as his duly authorised
agent and attorney (“Holdco Attorney”) to take such actions where a party fails to comply with the provisions of clause
7.9 within five Business Days of being requested by the Company to do so (“Holdco Defaulting Party”). The Holdco Attorney
is (as security for the performance of the Holdco Defaulting Party’s obligations) irrevocably appointed and authorised to be the
true and lawful attorney for the Holdco Defaulting Party and in its name and on its behalf to exercise in the absolute discretion of the
Holdco Attorney all voting rights attaching to the Shares. The power of attorney set out in this clause 7.10 is granted to secure the
performance by the Shareholder of his obligations under clause 7.9 and shall be irrevocable.

 

		7.11	The obligations of each Shareholder pursuant to clauses 7.5 to 7.10 (inclusive) shall be absolute save
that where the fulfilment of such obligation is not within the reasonable control of such Shareholder, the obligations of such Shareholder
shall be to use its reasonable endeavours to fulfil the obligation.

 

    19

     

    

 

 

		8.	Compliance with Drag Rights

 

		8.1	Each party acknowledges that the rights set out in Article 26 of the New Articles (as may be varied,
supplemented, amended or replaced by similar compulsory transfer provisions from time to time) (the “Drag Rights”)
may result in a transfer of Shares or other Relevant Securities held by it and agrees and approves the application of the Drag Rights
in accordance with their terms.

 

		8.2	Subject to clauses 7.9 and 7.10, each Shareholder hereby appoints any director of the Company to act as
his duly authorised agent and attorney, to approve, agree and execute on behalf of, and in the name of, such Shareholder, any form(s) of
acceptance, transfer form(s), share certificate(s) (or an indemnity in a form reasonably acceptable to the Board in respect of any
lost share certificate(s)), any notice(s) of exercise or waiver of any right(s), and/or any other document(s), and as may be necessary
or desirable (as determined by the Board) to give effect to the Drag Rights. The power of attorney set out in this clause 8.2 is granted
to secure the performance by the Shareholder of his obligations under this clause 8 and the Drag Rights and shall be irrevocable.

 

		9.	Shares held by The Manager and other Individuals

 

		9.1	Provision of information to HMRC

 

The Company agrees with all of the parties
to this Agreement who are responsible persons for the purposes of section 421L of ITEPA that:

 

		9.1.1	it is the most appropriate responsible person to obtain information in relation to any Shares acquired
by the Manager prior to or at the date of this Agreement; and

 

		9.1.2	the Company shall provide HMRC, within any relevant time limits, with the information required by section
421J of ITEPA on the occasion of any reportable event relating to such shares as defined by section 421K of ITEPA, so that the other parties
to this Agreement who are responsible persons do not need to provide any information to HMRC.

 

		9.2	ITEPA elections

 

Each of the parties to this Agreement
who is an individual:

 

		9.2.1	undertakes to inform the Company whenever a reportable event occurs in relation to their Shares and that
they will provide the Company with the information required, to the extent that the Company does not have such information;

 

		9.2.2	acknowledges that any Shares acquired before the date of this Agreement are received by the individual
gross of tax; and

 

		9.2.3	agrees that any tax arising in relation to any Shares acquired before the date of this Agreement however
and whenever arising, shall be the sole responsibility of the individual concerned.

 

		9.3	ITEPA indemnity

 

Each
of the parties to this Agreement who is an individual undertakes fully and effectually to indemnify the Company, subject to clause 9.4,
against any liability of the Company to account to HMRC or any other Taxing Authority for any amounts of, or representing, income tax
or National Insurance contributions (including employer’s secondary Class 1 contributions to the extent permitted by law from
time to time) which may arise as a result of the operation of Part 7 of ITEPA in relation to any Shares acquired by, held by or disposed
of by him or any other person associated with him (within the meaning of section 421C of ITEPA) whether such acquisition, holding or disposal
occurs at any time before, on or after the date of this Agreement.

 

    20

     

    

 

		9.4	Secondary Class 1 National Insurance contributions

 

The provisions of clause 9.3 will not
have effect in relation to Secondary Class 1 National Insurance contributions on any occasion if to do so would contravene the provisions
of the Social Security Contributions and Benefits Act 1992 or of any regulations made under that act.

 

		9.5	Future issues to individuals

 

If ITEPA would apply to an issue of
Shares by the Company to an individual after the date of this Agreement, the Company shall not issue such Shares unless the individual
has first entered into:

 

		9.5.1	a valid joint election under section 431(1) of ITEPA, signed by the individual in question and the
Company in respect of such Shares; and

 

		9.5.2	a binding obligation in the terms of this clause 9 with the Company.

 

		10.	Further Issue and Transfer of Shares

 

		10.1	Each Shareholder undertakes to each other Shareholder, that he/she or it shall not, and shall not agree
to, transfer, mortgage, charge or otherwise dispose of the whole or any part of his/hers or its interest in, or grant any option or other
rights over, any Shares to any person except: (i) where required or specifically permitted to do so pursuant to the New Articles
or this Agreement; or (ii) with the consent of the Board with Investor Director Consent.

 

		10.2	No Shareholder shall effect any transfer, mortgage, charge or other disposal of any interest in Shares
nor shall the Company issue any Shares or equity securities (as defined in section 560 of the Act) or sell or transfer any Shares held
as Treasury Shares, to any person who is not a party to this Agreement without first obtaining from the transferee or subscriber a Deed
of Adherence save in respect of the grant or exercise of an option pursuant to the Share Option Plan unless otherwise approved by the
Board with Investor Director Consent.

 

		10.3	The Deed of Adherence shall be in favour of the Company, the Investors and any other parties to this Agreement
and shall be delivered to the Company at its registered office. Subject to clauses 10.1 and 10.2, no share transfer or issue of shares
shall be registered unless such Deed of Adherence has been delivered.

 

		11.	Manager’s Covenants

 

Restrictive covenants

 

		11.1	For the purpose of assuring to the Investors the value of the Business and the full benefit of the goodwill
of the business of the Company, the Manager hereby undertakes to and covenants with the Investors and the Company that (save for any interest
in the shares or other securities of a company so long as such interest does not extend to more than two per cent of the issued share
capital of the company or the class of securities concerned or save with Board consent) he shall not:

 

		11.1.1	while he is an Employee (i) carry on or be concerned, engaged or interested directly or indirectly
(in any capacity whatsoever) in any trade or business competing with the trade or business of the Company as carried on at the time or,
in relation to any trade or business of the Company that he has been engaged or involved in, at any time during a period of two years
immediately preceding that time or (ii) without the prior written consent of the Board with Investor Director Consent, carry out
any academic research or projects other than the Approved Activities; or

 

    21

     

    

 

		11.1.2	during the period of 18 months commencing on the Termination Date:

 

		11.1.2.1	without the prior written consent of the Board with Investor Director Consent, carry on or be materially
concerned, engaged or interested directly or indirectly in any capacity whatsoever and anywhere in the world in any trade or business
competing with the Business or part(s) of the Business in which he has been engaged or involved in to a material extent at any time
during the Period;

 

		11.1.2.2	without the prior written consent of the Board with Investor Director Consent, carry out any academic
research or projects other than the Approved Activities;

 

		11.1.2.3	either on his own behalf or in any other capacity whatsoever directly or indirectly do or say anything
which may lead to any person ceasing to do business with the Company on substantially the same terms as previously (or at all);

 

		11.1.2.4	either on his own behalf or in any other capacity whatsoever directly or indirectly endeavour to entice
away from the Company or solicit any person, firm or company who was a client, customer, supplier, agent or distributor of the Company
during the Period with whom he shall have been engaged or involved by virtue of his duties during the Period in competition with or to
the detriment of the Company or cause or endeavour to cause, such person, firm or company to materially adversely alter the terms on which
they do business with the Company;

 

		11.1.2.5	either on his own behalf or in any other capacity whatsoever directly or indirectly have any dealings
with any person, firm or company who was a client, customer, supplier, agent or distributor of the Company during the Period with whom
he shall have been engaged or involved by virtue of his duties during the Period in competition with or to the detriment of the Company;
or

 

		11.1.2.6	either on his own behalf or in any other capacity whatsoever directly or indirectly employ, engage or
induce, or seek to induce, to leave the service of the Company any person who is or was a Key Employee with whom he shall have had dealings
during the Period whether or not such person would commit any breach of his contract of employment by reason of so leaving the service
of the Company or otherwise; or

 

		11.1.3	at any time after the Termination Date represent himself as being in any way currently connected with
or interested in the business of the Company (other than as a shareholder if that be the case).

 

		11.2	Each of the restrictions contained in each paragraph of clause 11.1 is separate and distinct and is to
be construed separately from the other such restrictions. The Manager hereby acknowledges that he considers such restrictions to be reasonable
both individually and in the aggregate and that the duration, extent and application of each of such restrictions are no greater than
is necessary for the protection of the goodwill of the businesses of the Company and that the consideration paid by the Investors in respect
of their Shares takes into account and adequately compensates him for any restriction or restraint imposed thereby. However, if any such
restriction shall be found to be void or unenforceable but would be valid or enforceable if some part or parts thereof were deleted or
the period or area of application reduced, the Manager hereby agrees that such restriction shall apply with such modification as may be
necessary to make it valid.

 

		11.3	Any discovery, invention, secret process or improvement in procedure made or discovered by the Manager:
(i) while in the service of any Group Company in connection with or in any way affecting or relating to the Company's business or
capable of being used or adapted for use in or in connection with the Company's business; or (ii) following the Manager ceasing to
be in the service of any Group Company, arising from the use by such Manager of the Company’s Confidential Information, shall as
soon as reasonably practicable be disclosed to the Company and shall belong to and be the absolute property of the Group Company which
the Company nominates for the purpose. For the avoidance of doubt, (i) nothing in this Agreement shall be construed as permitting
the Manager that ceases to be in the service of any Group Company to use any of the Company's Confidential Information; and (ii) this
agreement shall not operate as a transfer instrument and any transfer of Intellectual Property rights shall be effected under a separate
agreement.

 

    22

     

    

 

		11.4	The Manager (whether before or after his ceasing to be a Shareholder in the Company or his ceasing to
be an employee or engaged as a consultant of any Group Company) shall, upon the request of, and at the expense of, the Company or its
nominee apply or join in applying for patent or other similar protection in the United Kingdom, the Republic of Ireland or any other part
of the world for any such discovery, invention, process or improvement as referred to in clause 11.3 and shall execute all instruments
and do all things necessary for vesting those letters patent or other similar protection when obtained and all right and title to and
interest in them in the Company (or its nominee) absolutely and as sole beneficial owner.

 

		11.5	The Manager shall have no claim against the Company or an Investor in respect of the termination of his
contract of employment in relation to any provision in the New Articles, this Agreement or any other agreement or arrangement which has
the effect of requiring the Manager to transfer, sell, convert, re-designate or otherwise dispose of the whole or any part of his interest
in any shares or other securities in the capital of the Company at any price or into any other class of share (if applicable) or which
causes any options or other rights granted to him to become prematurely exercisable or lapse.

 

		12.	Confidentiality

 

		12.1	Subject to clause 12.2, each of the parties agrees to keep secret and confidential and not to use, disclose
or divulge to any third party or to enable or cause any person to become aware of (except for the purposes of the Company’s business)
any Confidential Information.

 

		12.2	The Investors, and each Shareholder who is a director of the Company, shall be at liberty from time to
time to make such disclosure:

 

		12.2.1	to each Investor's partners, directors, officers or employees, professional advisers, auditors, lenders,
investors, proposed lenders and proposed investors (and those of any Member of the same Fund Group or Member of the same Group as such
Investor) that reasonably need to know the relevant Confidential Information;

 

		12.2.2	to any lender to the Company and/or to any shareholder of the Company;

 

		12.2.3	as may be required by law or by any regulatory authority to which the Investor (or any Member of the same
Group or Member of the same Fund Group) is subject or by the rules of any securities exchange on which an Investor’s securities
(or those of any Member of the same Group or Member of the same Fund Group) are listed or traded;

 

		12.2.4	to the Accountants and/or any other professional advisers of the Company and/or to the Investor’s
auditors and/or any other professional advisers of the Investor (or of any Member of the Same Fund Group or Member of the same Group as
such Investor); and

 

		12.2.5	to any person who is considering making an investment in the Company or purchasing Shares for the purposes
of evaluating any such investment or purchase,

 

in relation to the business affairs
and financial position of the Company as it may in its reasonable discretion think fit, provided that the recipient is subject to an obligation
to keep the disclosure confidential on terms no less restrictive as are set out in this Agreement.

 

    23

     

    

 

		12.3	For the purposes of this clause, “Confidential Information” means any information or
know-how of a secret or confidential nature relating to the Company or of any Investor, including (without limitation):

 

		12.3.1	any information regarding this Agreement and the investment by the Investor in the Company pursuant to
this Agreement;

 

		12.3.2	any financial information or trading information relating to the Company or of any Investor which a party
may receive or obtain as a result of entering into this Agreement;

 

		12.3.3	in the case of the Company, information concerning:

 

		12.3.3.1	its finances and financial data, business transactions, dealings and affairs and prospective business
transactions;

 

		12.3.3.2	any operational model, its business plans and sales and marketing information, plans and strategies;

 

		12.3.3.3	its customers, including, without limitation, customer lists, customer identities and contact details
and customer requirements;

 

		12.3.3.4	any existing and planned product lines, services, price lists and pricing structures (including, without
limitation, discounts, special prices or special contract terms offered to or agreed with customers);

 

		12.3.3.5	its technology or methodology associated with concepts, products and services including research activities
and the techniques and processes used for development of concepts, products and services;

 

		12.3.3.6	its computer systems, source codes and software, including, without limitation, software and technical
information necessary for the development, maintenance or operation of websites;

 

		12.3.3.7	its current and prospective Intellectual Property;

 

		12.3.3.8	its directors, officers, employees and shareholders (including, without limitation, salaries, bonuses,
commissions and the terms on which such individuals are employed or engaged and decisions or contents of board meetings);

 

		12.3.3.9	its suppliers, licensors, licensees, agents, distributors or contractors including the identity of such
parties and the terms on which they do business, or participate in any form of commercial co-operation with the Company;

 

		12.3.3.10	information concerning or provided to third parties, in respect of which the Company owes a duty of confidence
(in particular but without limitation, the content of discussions or communications with any prospective customers or prospective business
partner); and

 

		12.3.3.11	any other information which it may reasonably be expected would be regarded by a company as confidential
or commercially sensitive, but shall not include any information which:

 

		(i)	is, or which becomes (other than through a breach of this Agreement), available in the public domain or
otherwise available to the public generally without requiring a significant expenditure of labour, skill or money;

 

    24

     

    

 

		(ii)	is, at the time of disclosure, already known to the receiving party without restriction on disclosure;

 

		(iii)	is, or subsequently comes, into the possession of the receiving party without violation of any obligation
of confidentiality or comes into the possession of the receiving party as a result of a scientific or commercial collaboration between
the receiving party and the Company where the terms of such collaboration include separate obligations on the receiving party relating
to the confidentiality and use of Company information and those separate obligations are being complied with;

 

		(iv)	is independently developed by the receiving party without breach of this Agreement;

 

		(v)	is explicitly approved for release by the written consent of an authorised representative of the disclosing
party; or

 

		(vi)	a party is required to disclose by law, by any securities exchange on which such party’s, or any
Member of the same Group as such party’s, securities are listed or traded, by any regulatory or governmental or other authority
with relevant powers to which such party or Member of the same Group as such party, is subject or submits, whether or not the requirement
has the force of law, or by any court order.

 

		13.	Announcements

 

		13.1	Except in accordance with clause 13.2, 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 Investor’s investment in the Company) or any ancillary matter.

 

		13.2	Notwithstanding clause 13.1, any party may:

 

		13.2.1	make any press release to the effect that it has made an investment in the Company and/or that it is a
shareholder in the Company without obtaining the prior approval of any other parties (provided that in doing so it makes no reference
to any other shareholder in the Company without the prior consent of that shareholder having been obtained);

 

		13.2.2	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 or if and to the extent required by:

 

		13.2.2.1	law;

 

		13.2.2.2	any securities exchange on which such party’s securities are listed or traded;

 

		13.2.2.3	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; or

 

		13.2.2.4	any court order.

 

		14.	Costs and Expenses

 

Each of the parties shall pay its own
costs and expenses incurred in connection with the negotiation, preparation, execution, performance and implementation of this Agreement
and each document referred to in it.

 

    25

     

    

 

		15.	Survival and Cessation of Obligations of the Manager

 

The obligations on the Manager under
clauses 11, 12 and 13 shall survive any transfer by him of all or any Shares and shall survive him ceasing to be an Employee but otherwise
upon the Manager ceasing to hold Shares and ceasing to be an Employee he shall have no further obligation or liability under this Agreement
but without prejudice to the due performance by him of all obligations up to the date of such cessation.

 

		16.	Effect of Ceasing to Hold Shares

 

A party shall cease to be a party to
this Agreement for the purpose of receiving benefits and enforcing his rights with effect from the date he ceases to hold or beneficially
own any Shares (but without prejudice to any benefits and rights accrued prior to such cessation).

 

		17.	Cumulative Remedies

 

The rights, powers, privileges and remedies
conferred upon the Investors in this Agreement are cumulative and are not exclusive of any rights, powers, privileges or remedies provided
by law or otherwise.

 

		18.	Waiver

 

The express or implied waiver by any
party to this Agreement of any of its rights or remedies arising under this Agreement or by law shall not constitute a continuing waiver
of the right or remedy waived or a waiver of any other right or remedy.

 

		19.	Entire Agreement

 

		19.1	This Agreement and the documents referred to or incorporated in it constitute the entire agreement between
the parties relating to the subject matter of this Agreement and supersede and extinguish any prior drafts, agreements, undertakings,
representations, warranties and arrangements of any nature whatsoever, whether or not in writing, between the parties in relation to the
subject matter of this Agreement.

 

		19.2	Each of the parties acknowledges and agrees that it has not entered into this Agreement in reliance on
any statement or representation of any person (whether a party to this Agreement or not) other than as expressly incorporated in this
Agreement and the documents referred to or incorporated in this Agreement.

 

		19.3	Without limiting the generality of the foregoing, each of the parties irrevocably and unconditionally
waives any right or remedy it may have to claim damages and/or to rescind this Agreement by reason of any misrepresentation (other than
a fraudulent misrepresentation) having been made to it by any person (whether party to this Agreement or not) and upon which it has relied
in entering into this Agreement.

 

		19.4	Each of the parties acknowledges and agrees that damages alone may not be an adequate remedy for the breach
of any of the undertakings or obligations as set out in this Agreement. Accordingly, without prejudice to any other rights and remedies
the parties may have, the parties shall be entitled to seek the remedies of interdict, specific implement or other equitable relief for
any threatened or actual breach of the terms of this Agreement.

 

		19.5	Nothing contained in this Agreement or in any other document referred to or incorporated in it shall be
read or construed as excluding any liability or remedy as a result of fraud.

 

    26

     

    

 

		20.	Variation and Termination

 

		20.1	All and any of the provisions of this Agreement may be deleted, varied, supplemented, restated or otherwise
changed in any way at any time with the prior written consent of: (a) the Board; (b) Shareholders holding at least 75 per cent
of the issued Shares (excluding Treasury Shares) held by the Shareholders; and (c) an Investor Majority, in which event such change
shall be binding on all of the parties hereto provided that, if such change would: (i) impose any new obligations on a party; (ii) amend
a specific contractual right of a party pursuant to clause 3, 4, 5 and/or this clause 20 and/or any definitions relating to the foregoing;
(iii) increase any existing obligation; (iv) deprive an Investor of its rights under this Agreement without the consent of that
Investor, unless such amendment similarly deprives all Investors holding Shares of the same class as that Investor; or (v) materially
and adversely vary the rights attaching to any class of shares held by an Investor, the consent of the affected party or Investor (as
applicable) to such change shall be specifically required. For the purposes of the foregoing, if, at the time that consent to an amendment
to this Agreement is sought, Andrew Hopkins holds 25% or more of the issued voting Shares (excluding Treasury Shares) held by the Shareholders,
he shall, provided that such amendment affects each Shareholder equally (having regard to their respective class and holdings of Shares),
be deemed to hold 24.99% of such issued Shares for the purposes of this clause 20.1, and each other Shareholder shall be deemed to hold
such number of issued Shares that it actually holds plus a number of issued Shares equal to its pro rata portion of the disenfranchised
issued Shares of Andrew Hopkins (such “pro rata portion” being calculated based on the number of issued voting Shares held
between such other Shareholders).

 

		20.2	This Agreement may be terminated with the prior written consent of: (a) the Board; (b) Shareholders
holding at least 75 per cent of the issued Shares (excluding Treasury Shares) held by the Shareholders; and (c) an Investor Majority,
in which event such termination shall be binding on all of the parties hereto save that nothing in this clause shall release any party
from liability for breaches of this Agreement which occurred prior to its termination.

 

		20.3	This Agreement shall terminate and cease to have effect upon the first to occur of (i) an IPO; (ii) consummation
by the Company of a Holding Company Reorganisation (provided that a shareholders’ agreement relating to the new Holding Company
substantially on the terms of this Agreement has been entered into between the relevant parties); (iii) a Share Sale; and (iv) all
of the Subscribers and Non Investing Shareholders, and/or their Permitted Transferees, ceasing to hold or beneficially own any Shares,
save that nothing in this clause shall release any party from liability for breaches of this Agreement which occurred prior to its termination.

 

		21.	No Partnership

 

Nothing in this Agreement is intended
to or shall be construed as establishing or implying any partnership of any kind between the parties.

 

		22.	ASSIGNMENT and Transfer

 

		22.1	Subject to clauses 22.3, this Agreement is personal to the parties and no party shall:

 

		22.1.1	assign any of its rights under this Agreement;

 

		22.1.2	transfer any of its obligations under this Agreement;

 

		22.1.3	sub-contract or delegate any of its obligations under this Agreement; or

 

		22.1.4	charge or deal in any other manner with this Agreement or any of its rights or obligations.

 

    27

     

    

 

		22.2	Any purported assignment, transfer, sub-contracting, delegation, charging or dealing in contravention
of clause 22.1 shall be ineffective.

 

		22.3	An Investor may assign the whole or part of any of its rights in this Agreement to any person who has
received a transfer of shares in the capital of the Company from such Investor in accordance with the New Articles and has executed a
Deed of Adherence.

 

		23.	Rights of Third Parties

 

		23.1	Subject to clause 23.2, this agreement does not confer any rights on any person or party (other than the
parties to this Agreement).

 

		23.2	The general partner of an Investor or the management or advisory company authorised from time to time
to act on behalf of that Investor or another person or persons nominated by that Investor, shall be entitled to enforce all of the rights
and benefits under this Agreement at all times as if party to this Agreement.

 

		24.	Conflict between Agreements

 

Subject to any applicable law, in the
event of any ambiguity or conflict between this Agreement and the New Articles, the terms of this Agreement shall prevail as between the
Shareholders and in such event the Shareholders shall procure such modification to the New Articles as shall be necessary.

 

		25.	Counterparts; no originals

 

		25.1	This agreement may be executed in any number of counterparts, each of which shall constitute an original,
and all the counterparts shall together constitute one and the same agreement. The exchange of a fully executed version of this Agreement
(in counterparts or otherwise) by electronic transmission in PDF format or by facsimile shall be sufficient to bind the parties to the
terms and conditions of this Agreement and no exchange of originals is necessary.

 

		25.2	Where executed in counterparts:

 

		25.2.1	this Agreement shall not take effect until counterparts from at least the Company, the Subscribers and
the Requisite Parties have been delivered; and

 

		25.2.2	delivery will take place when the date of delivery is agreed between the parties after execution of this
Agreement as evidenced by the date inserted at the start of this Agreement.

 

		25.3	Where not executed in counterparts, this Agreement shall take effect after its execution upon the date
agreed between the parties as evidenced by the date inserted at the start of this Agreement.

 

		26.	Notices

 

		26.1	Any communication and/or information to be given in connection with this Agreement shall be in writing
in English and shall either be delivered by hand or sent by internationally recognized overnight courier or email or other electronic
form:

 

		26.1.1	to any company which is a party at its registered office (or such other address as it may notify to the
other parties to this Agreement for such purpose); or

 

		26.1.2	to any individual who is a party at the address of that individual shown in Parts 1 – 3 of Schedule
1,

 

(or in each such case such other address
as the recipient may notify to the other parties for such purpose).

 

    28

     

    

 

		26.2	A communication sent according to clause 26.1 shall be deemed to have been received:

 

		26.2.1	if delivered by hand, at the time of delivery;

 

		26.2.2	if sent by internationally recognized overnight courier, on the fifth day after posting; or

 

		26.2.3	if sent by email or other electronic form, at the time of completion of transmission by the sender,

 

except
that if a communication is received between 5.30 pm on a Business Day and 9.30 am on the next Business Day, it shall be deemed
to have been received at 9:30 am on the second of such Business Days.

 

		27.	Severance

 

		27.1	If any provision of this Agreement is held to be invalid or unenforceable by any judicial or other competent
authority, all other provisions of this Agreement will remain in full force and effect and will not in any way be impaired.

 

		27.2	If any provision of this Agreement is held to be invalid or unenforceable but would be valid or enforceable
if some part of the provision were deleted, the provision in question will apply with the minimum modifications necessary to make it valid
and enforceable.

 

		28.	Governing Law

 

This agreement (and any dispute or claim
relating to it or its subject matter (including non-contractual claims)) is governed by and is to be construed in accordance with English
law.

 

		29.	Jurisdiction

 

The parties irrevocably agree that the
courts of England and Wales shall have exclusive jurisdiction to settle any claim, dispute or issue (including non-contractual claims)
which may arise out of or in connection with this Agreement.

 

		30.	Representation

 

		30.1	Each party to this agreement acknowledges that Cooley (UK) LLP (“Cooley”), the Company’s
solicitors, has in the past performed and is or may now or in the future represent one or more Shareholders or their Affiliates in matters
unrelated to the transactions contemplated by this agreement (the “Financing”), including representation of such Shareholders
or their Affiliates in matters of a similar nature to the Financing. The applicable rules of professional conduct require that Cooley
inform the parties hereunder of this representation and obtain their consent. Cooley has served as outside general counsel to the Company
and has negotiated the terms of the Financing solely on behalf of the Company. The Company and each Shareholder hereby:

 

		30.1.1	acknowledge that they have had an opportunity to ask for and have obtained information relevant to such
representation, including disclosure of the reasonably foreseeable adverse consequences of such representation;

 

		30.1.2	acknowledge that, with respect to the Financing, Cooley has represented solely the Company, and not any
Shareholder or any stockholder, director or employee of the Company or any Shareholder; and

 

		30.1.3	gives its informed consent to Cooley’s representation of the Company in the Financing.

 

    29

     

    

 

 

		31.	Confirmation by the Manager to the Investors

 

		31.1	The Manager confirms to the Investors that, for the purposes of entering into the transactions contemplated
by this Agreement:

 

		31.1.1	he has entered into such transactions entirely on the basis of his own assessment of the risks and effect
thereof;

 

		31.1.2	he is owed no duty of care or other obligation by any Investor; and

 

		31.1.3	insofar as he is owed any such duty or obligation (whether in contract, tort or otherwise) by the Investors
he hereby waives, to the extent permitted by law, any rights (save
in the case of any fraudulent misrepresentation) which he may have in respect of such duty or obligation.

 

    30

     

    

 

IN WITNESS WHEREOF this Agreement is executed and delivered as a deed
on the date first mentioned above:

 

	EXECUTED as a DEED by	)	 
	EXSCIENTIA HOLDINGS	)	 
	LIMITED	)	 
		 	 
	acting by two directors	 	/s/
	 	 	  Director
	 	 	 
	 	 	 
	 	 	 
	   	 	/s/
	 	 	 Director

 

     

     

    

 

	EXECUTED as a DEED by	 
	NOVO HOLDINGS A/S	Signature:	/s/ Robert Ghenchev
	 	 	 
	 	Print Name: 	Robert Ghenchev

 

	Witness’s Signature: 	/s/ Adelina Grozdanova	 	 

 	Name:	Adelina Grozdanova	 
	 	 	 
	Address	1824 Jackson Street, apt D	 
	 	 	 
	 	San Francisco, CA 94109	 
	 	 	 
	 	 	 

 

	Occupation: 	Head of Investor Group	  	 

 

     

     

    

 

 

	EXECUTED as a DEED by	Signature:	/s/ Enno Spillner
	EVOTEC SE		
	 	Print Name: 	Enno Spillner

 

	Witness’s Signature: 	/s/ Heike Meyer-Zengerle	 	 

 

	Name:	Heike
    Meyer-Zengerle	 
	 	 	 
	Address	c/o Evotec SE	 
	 	 	 
	 	Essener Bogen 7	 
	 	 	 
	 	22419 Hamburg, Germany	 
	 	 	 
	 	 	 

 

	Occupation: 	Legal Operations Specialist Global Legal & Compliance	  	 

 

     

     

    

 

	EXECUTED as a DEED by	Signature:	/s/ Ian McLean
	SVF II EXCEL (DE) LLC		
	 	Print Name: 	Ian McLean

 

	Witness’s Signature: 	/s/ Jessica McLean	 	 

 

	Name:	Jessica McLean	 
	 	 	 
	Address	87 Central Ave.	 
	 	 	 
	 	-	 
	 	 	 
	 	San Francisco, CA 94117	 
	 	 	 
	 	USA	 

 

	Occupation: 	Designer	  	 

 

     

     

    

 

	EXECUTED as a DEED by BlackRock Global Allocation Fund, Inc.	 
	 	 	 
	By:	BlackRock Advisors, LLC, its Investment Advisor	 
	 	 	 
	 	 	 
	By:	/s/ William Abecassis	 
	 	 	 
	Name:	William Abecassis	 
	 	 	 
	Title:	Head of Innovation Capital	 

 

 

	Witness’s Signature: 	/s/ Brett Buchness	 	 

 

	Name:	Brett Buchness	 
	 	 	 
	Address	55 E 52nd St	 
	 	 	 
	 	New York, NY 10055	 
	 	 	 
	 		 
	 	 	 
	 		 

 

	Occupation: 	Portfolio
Manager	  	 

 

     

     

    

 

	EXECUTED as a DEED by BlackRock Global Funds – Global Allocation Fund	 
	 	 	 
	By:	BlackRock Investment Management, LLC, as Investment Sub-Advisor	 
	 	 	 
	 	 	 
	By:	/s/ William Abecassis	 
	 	 	 
	Name:	William Abecassis	 
	 	 	 
	Title:	Head of Innovation Capital	 

 

 

	Witness’s Signature: 	/s/ Brett Buchness	 	 

 

	Name:	Brett Buchness	 
	 	 	 
	Address	55 E 52nd St	 
	 	 	 
	 	New York, NY 10055	 
	 	 	 
	 		 
	 	 	 
	 		 

 

	Occupation: 	Portfolio
Manager	  	 

 

 

     

     

    

 

	EXECUTED as a DEED by BlackRock Global Allocation V.I. Fund of BlackRock Variable Series Funds, Inc.
	 	 	 
	By:	BlackRock Advisors, LLC,
its Investment Advisor	 
	 	 	 
	 	 	 
	By:	/s/ William Abecassis	 
	 	 	 
	Name:	William Abecassis	 
	 	 	 
	Title:	Head of Innovation Capital	 

 

 

	Witness’s Signature: 	/s/ Brett Buchness	 	 

 

	Name:	Brett Buchness	 
	 	 	 
	Address	55 E 52nd St	 
	 	 	 
	 	New York, NY 10055	 
	 	 	 
	 		 
	 	 	 
	 		 

 

	Occupation: 	Portfolio
Manager	  	 

 

     

     

    

 

	EXECUTED as a DEED by BlackRock Global Allocation Portfolio of BlackRock Series Fund, Inc.
	 	 	 
	By:	BlackRock Advisors, LLC,
its Investment Advisor	 
	 	 	 
	 	 	 
	By:	/s/ William Abecassis	 
	 	 	 
	Name:	William Abecassis	 
	 	 	 
	Title:	Head of Innovation Capital	 

 

 

	Witness’s Signature: 	/s/ Brett Buchness	 	 

 

	Name:	Brett Buchness	 
	 	 	 
	Address	55 E 52nd St	 
	 	 	 
	 	New York, NY 10055	 
	 	 	 
	 		 
	 	 	 
	 		 

 

	Occupation: 	Portfolio
Manager	  	 

 

     

     

    

 

 

	EXECUTED
as a DEED by BlackRock Global Allocation Fund (Australia)
	 	 	 
	By:	BlackRock Investment Management, LLC, as Investment Manager for BlackRock Investment Management (Australia) Limited, the Responsible Entity of BlackRock Global Allocation Fund (Australia)
	 	 	 
	 	 	 
	By:	/s/ William Abecassis	 
	 	 	 
	Name:	William Abecassis	 
	 	 	 
	Title:	Head of Innovation Capital	 

 

 

	Witness’s Signature: 	/s/ Brett Buchness	 	 

 

	Name:	Brett Buchness	 
	 	 	 
	Address	55 E 52nd St	 
	 	 	 
	 	New York, NY 10055	 
	 	 	 
	 		 
	 	 	 
	 		 

 

	Occupation: 	Portfolio
Manager	  	 

 

     

     

    

 

EXECUTED
as a DEED by BlackRock Global Allocation Collective Fund

 

	By:	BlackRock Institutional Trust Company, N.A., not in its individual capacity but as Trustee of the BlackRock Global Allocation Collective Fund

 

 

	By:	/s/
                                            William Abecassis	 

 

	Name:	William
                                Abecassis	 

 

	Title:	Head of Innovation Capital	 

 

 

	Witness’s Signature:	/s/
                                            Brett Buchness	 

 

	Name:	Brett
                                Buchness	 

 

	Address	55
E 52nd St	 

 

		New York, NY 10055	 

 

		 	 

 

		 	 

 

	Occupation:	Portfolio
Manager	 

 

     

     

    

 

EXECUTED
as a DEED by BlackRock Global Funds – Global Dynamic Equity Fund

 

	By:	BlackRock
                                            Investment Management, LLC, as Investment Sub-Adviser

 

 

	By:	/s/
                                            William Abecassis	 

 

	Name:	William Abecassis	 

 

	Title:	Head of Innovation Capital	 

 

 

	Witness’s Signature:	 	 

 

	Name:	Brett
                                            Buchness	 

 

	Address	55
                                            E 52nd St	 

 

		New York,
                           NY 10055	 

 

		 	 

 

		 	 

 

	Occupation:	Portfolio
Manager	 

 

     

     

    

 

EXECUTED
as a DEED by BlackRock Capital Allocation Trust

 

	By:	BlackRock
                                            Advisors, LLC, its Investment Advisor

 

 

	By:	/s/ William Abecassis	 

 

	Name:	William Abecassis	 

 

	Title:	Head of Innovation Capital	 

 

 

	Witness’s Signature:	/s/
                                            Brett Buchness	 

 

	Name:	Brett
                                            Buchness	 

 

	Address	55
                                  E 52nd St	 

 

		New York, NY 10055	 

 

		 	 

 

		 	 

 

	Occupation:	Portfolio
                                       Manager	 

 

     

     

    

 

EXECUTED
as a DEED by BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V

 

	By:	BlackRock Advisors, LLC, its Investment Advisor

 

 

	By:	/s/
                                            William Abecassis	 

 

	Name:	William
                                Abecassis	 

 

	Title:	Head of Innovation Capital	 

 

 

	Witness’s Signature:	/s/
                                            Brett Buchness	 

 

	Name:	Brett
                                            Buchness	 

 

	Address	55 E 52nd St	 

 

		New York, NY 10055	 

 

		 	 

 

		 	 

 

	Occupation:	Portfolio
Manager	 

 

     

     

    

 

 

	EXECUTED as a DEED by MIC CAPITAL 	)	 
	PARTNERS (VENTURES) EUROPE 	)	 
	PARALLEL (LUXEMBOURG) 	)	 
	AGGREGATOR, SCSP	)	 
	 	)	 
	By: MIC Capital Partners (Ventures)	)	 
	Europe Parallel (Luxembourg) GP S.À.R.L.,	)	 
	its unlimited partner (associé commandité) and	)	 
	manager (gérant)	)	/s/ Rodney Cannon
	 	 	Rodney Cannon

 

 

	Witness’s Signature:	/s/
                                            Matthew Ryan	 

 

	Name:	Matthew Ryan	 

 

	Address	PO Box 45005	 

 

		Abu Dhabi	 

 

		 	 

 

		 	 

 

	Occupation:	Lawyer	 

 

     

     

    

 

	EXECUTED as a DEED by MIC CAPITAL 	)	 
	MANAGEMENT 83 RSC LTD. acting by an	)	 
	authorised signatory	)	 /s/ Rodney Cannon
	 	 	Rodney Cannon

 

 

	Witness’s Signature:	/s/
                                            Matthew Ryan	 

 

	Name:	Matthew
                                            Ryan	 

 

	Address	PO
                                  Box 45005	 

 

		Abu Dhabi	 

 

		 	 

 

		 	 

 

	Occupation:	Lawyer	 

 

     

     

    

 

	EXECUTED as a DEED by MW XO	)	 
	HEALTH INNOVATIONS FUND, LP	)	 
	 	)	 
	By: Marshall Wace North America, LP, its	) 	 
	investment manager	)	 
	 	)	 
	By: Marshall Wace LLC, the general partner	)	 
	of its investment manager	)	/s/

 

 

	Witness’s Signature:	/s/
                                            Veena Malpani	 

 

	Name:	Veena
                                            Malpani	 

 

	Address	142
                                            Eighth St Apt 8C	 

 

		New
                           York, NY 10003	 

 

		 	 

 

		 	 

 

	Occupation:	 	 

 

     

     

    

 

	EXECUTED as a DEED by PIVOTAL 	)	 
	BIOVENTURE PARTNERS FUND I, L.P.	)	 
	 	)	 
	By: Pivotal bioVenture Partners Fund I	)	 
	G.P., L.P. its general partner	)	 
	 	)	 
	By: Pivotal bioVenture Partners Fund I	)	 
	U.G.P. Ltd, its general partner, acting by its	)	 
	the Managing Partner	)	 /s/ Robert Hopfner
	 	 	Robert Hopfner, Managing Partner

 

 

	Witness’s Signature:	/s/
                                            Ming Cheah	 

 

	Name:	Ming
                                            Cheah	 

 

	Address	340
                                            Vallejo Drive #56	 

 

		Millbrae
                           CA 94030	 

 

		USA	 

 

			 

 

	Occupation:	Venture
                                            capital investor	 

 

     

     

    

 

	EXECUTED as a DEED
    by NFLS ZETA 	)	 
	LIMITED acting by a director	)	/s/
	 	 	Director

 

	Witness’s Signature:	/s/
                                            Anna Sun	 

 

	Name:	Anna
                                            Sun	 

 

	Address	23F
                                            Nan Fung Tower	 

 

		88
                           Connaught Road Central	 

 

		Hong
                           Kong	 

 

		 	 

 

	Occupation:	Business	 

 

     

     

    

 

	EXECUTED as a DEED by ZONE III	)	 
	HEALTHCARE HOLDINGS, LLC	)	 
	 	)	 
	By: Farallon Capital Management, LLC, its	)	 
	manager acting by an authorised signatory	)	 /s/ Philip Dreyfuss
	 	 	Philip Dreyfuss, Authorised Signatory

 

 

	Witness’s Signature:	/s/
                                            Lexie Woolley	 

 

	Name:	Lexie
                                            Woolley	 

 

	Address	One
                                            Maritime Plaza	 

 

		Suite 2100	 

 

		San
                           Francisco, CA 94111	 

 

		 	 

 

	Occupation:	Assistant	 

 

     

     

    

 

 

	EXECUTED as a DEED by HONGKOU

                       CAPITAL MASTER FUND LP

                        

                       By: Hongkou
                       Capital GP LLC, its general

                       partner, acting
                       by its sole member 
	)

                                                                                       )

                                                                                       )

                                                                                       )

                                                                                )
	/s/
                                            Xiaotong Zhou
	 	 	Xiaotong Zhou

 

 

	Witness’s Signature:	/s/
                                            John Larre	 

 

	Name:	John Larre	 
	 	 	 
	Address	287 Park Avenue South	 
	 	 	 
	 	2nd Floor	 
	 	 	 
	 	New York, NY 10010	 
	 	 	 
	 	 	 
	 	 	 

	Occupation:	 Chief Operating Officer	 

 

     

     

    

 

	EXECUTED as a DEED by LAURION

                       CAPITAL MASTER FUND LTD.
	)

                                                                                )
	/s/
                                            Daniel Woelfel
	 	 	Daniel Woelfel

 

 

	Witness’s Signature:	/s/
                                            Laura Brancato	 

 

	Name:	Laura Brancato	 
	 	 	 
	Address	22 Forest Pk Ave	 
	 	 	 
	 	Larchmont, NY 10538	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

	Occupation:	 Homemaker	 

 

     

     

    

 

	EXECUTED as a DEED by GAVIN

                       RESOURCES LIMITED
	)

                                                                                )
	/s/

 

 

	Witness’s Signature:	/s/
                                            KANG Kowk Keung Derek	 

 

	Name:	KANG Kowk Keung Derek	 
	 	 	 
	Address	Flat D, 13/F., Block 2	 
	 	 	 
	 	The Grand Panorama	 
	 	 	 
	 	10 Robinson Road	 
	 	 	 
	 	Hong Kong	 
	 	 	 

	Occupation:	 Senior Investment Manager	 

 

     

     

    

 

	EXECUTED as a DEED by DATA

                       TROPHY LIMITED
	)

                                                                                )
	/s/

 

 

	Witness’s Signature:	/s/ Winnie Cheung	 

 

	Name:	Winnie Cheung	 
	 	 	 
	Address	32/F New World Tower	 
	 	 	 
	 	18 Queen’s Road Central	 
	 	 	 
	 	Hong Kong	 
	 	 	 
	 	 	 
	 	 	 

	Occupation:	 Assistant	 

 

     

     

    

 

	EXECUTED as a DEED by CELGENE

                       CORPORATION
	)

                                                                                )
	/s/

 

 

	Witness’s Signature:	/s/ Jill Konowich	 

 

	Name:	Jill Konowich	 
	 	 	 
	Address	18 Silverthorn Ln	 
	 	 	 
	 	Belle Mead NJ	 
	 	 	 
	 	USA	 
	 	 	 
	 	 	 
	 	 	 

	Occupation:	 Oncologist	 

 

     

     

    

 

	EXECUTED as a DEED by FRONTIER IP

                       LIMITED
	)

                                                                                )
	/s/
                                            Neil Crabb

 

 

	Witness’s Signature:	/s/ Jim Fish	 

 

	Name:	Jim Fish	 
	 	 	 
	Address	6 Moston Terrace	 
	 	 	 
	 	Edinburgh	 
	 	 	 
	 	EH9 2DE	 
	 	 	 
	 	 	 
	 	 	 

	Occupation:	 CFO	 

 

     

     

    

 

	EXECUTED as a DEED by GT

                       HEALTHCARE PARTNERS FUND III,

                       L.P
	)

                                                                                )

                                                                                )
	/s/

 

 

	Witness’s Signature:	/s/
                                            Gladys Chan	 

 

	Name:	Gladys Chan	 
	 	 	 
	Address	2/F., 22 Pottinger Street	 
	 	 	 
	 	Central, Hong Kong	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

	Occupation:	 Accountant	 

 

     

     

    

 

	EXECUTED as a DEED by HARMONY

                       WAY GROUP
	)

                                                                                )

                                                                                )
	/s/

 

 

	Witness’s Signature:	/s/ Tiffany Lai	 

 

	Name:	Tiffany Lai	 
	 	 	 
	Address	32/F New World Tower	 
	 	 	 
	 	18 Queen’s Road Central, HK	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

	Occupation:	 Personal Assistant	 

 

     

     

    

 

	EXECUTED as a DEED by RALLY

                       PROFIT LIMITED
	)

                                                                                )

                                                                                )
	/s/

 

 

	Witness’s Signature:	/s/
                                            Wong Man Leung	 

 

	Name:	WONG MAN LEUNG	 
	 	 	 
	Address	FLAT 24H TOWER 33	 
	 	 	 
	 	SOUTH HORIZONS	 
	 	 	 
	 	AP LEI CHAU	 
	 	 	 
	 	HONG KONG	 
	 	 	 

	Occupation:	BUSINESSMAN	 

 

     

     

    

 

	EXECUTED as a DEED by GT NEXTGEN

                       THERAPIES FUND IV, L.P.
	)

                                                                                )
	/s/

 

 

	Witness’s Signature:	/s/ Gladys Chan	 

 

	Name:	Gladys Chan	 
	 	 	 
	Address	2/F., 22 Pottinger Street	 
	 	 	 
	 	Central, Hong Kong	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

	Occupation: 	 Accountant	 

 

     

     

    

 

	EXECUTED
as a DEED by GT VISIONARY VENTURES LIMITED
	)

                                                                                )

                                                                                )
	/s/  

 

	Witness’s Signature:	/s/
                                            Gladys Chan	 

 

	Name:	Gladys
    Chan	 
	 	 	 
	Address	2/F., 22 Pottinger Street
	 
	 	 	 
	 	Central, Hong Kong
	 
	 	 	 
	 		 
	 	 	 
	 	 	 
	 	 	 

	Occupation:	 Accountant
	 

 

     

     

    

 

	EXECUTED as a DEED by CASDIN

                                                                                PRIVATE GROWTH EQUITY FUND, L.P.

                                                                                 

                                                                                 By: Casdin Private Growth Equity Fund

                                                                                GP, LLC., its General Partner
	)

                                                                                )

                                                                                )

                                                                                )

                                                                                )
	/s/ Kevin O’Brien 

 

	Witness’s Signature:	/s/ Jeanine O’Brien
	 

 

	Name:	Jeanine O’Brien
	 
	 	 	 
	Address	15 Harris St
	 
	 	 	 
	 	Bay Head, NJ 08742

	
	 	 	 
	 	USA
	 
	 	 	 
	 	 	 
	 	 	 

	Occupation:	 Decorator
	 

 

     

     

    

 

	EXECUTED as a DEED by THE 

                                                             UNIVERSITY OF DUNDEE
	)

                                                                                 )
	/s/  

 

	Witness’s Signature:	/s/
                                            Claire McGinnis
	 

 

	Name:	Claire McGinnis

	 
	 	 	 
	Address	c/o University of Dundee

	 
	 	 	 
	 	Nettergate, Dundee

	
	 	 	 
	 	DD1 4HN
	 
	 	 	 
	 	 	 
	 	 	 

	Occupation:	 Solicitor

	 

 

     

     

    

 

	EXECUTED as a DEED by ANDREW LEE 

                                                             HOPKINS
	)

                                                                                 )
	/s/ Andrew Lee Hopkins  

 

	Witness’s Signature:	/s/
                                            Chris Thomas

	 

 

	Name:	Chris Thomas

	 
	 	 	 
	Address	24 Annesley Road

	
	 	 	 
	 	Oxford

	
	 	 	 
	 	OX4 4JQ

	 
	 	 	 
	 	Oxfordshire	 
	 	 	 

	Occupation:	 HR

	 

 

     

     

    

 

	EXECUTED as a DEED by GEORGE

                                                             RICHARD BICKERTON
	)

                                                                                )
	/s/ Richard Bickerton  

 

	Witness’s Signature:	/s/
                                            Ruth Bickerton

	 

 

	Name:	Ruth Bickerton

	 
	 	 	 
	Address	16 South Drive

	
	 	 	 
	 	Liff

	
	 	 	 
	 	Dundee. DD2 5SJ

	 
	 	 	 
	 	 	 
	 	 	 

	Occupation:	 Post-graduate student

	 

 

     

     

    

 

	EXECUTED as a DEED by JEREMY

                                                                                BESNARD
	)

                                                                                )
	/s/ Jérémy Besnard

 

	Witness’s Signature:	/s/
                                            Milly Chen
	 

 

	Name:	Milly Chen

	 
	 	 	 
	Address	55 Old Witney Road

	
	 	 	 
	 	Eynsham

	
	 	 	 
	 	OX29 4PT

	 
	 	 	 
	 	 	 
	 	 	 

	Occupation:	 Executive Director of Strategic Development

	 

 

     

     

    

 

	EXECUTED as a DEED by SENGA

                                                                                OXENHAM
	)

                                                                                )
	/s/ Senga Oxenham  

 

	Witness’s Signature:	/s/
                                            Nicola Oxenham

	 

 

	Name:	Nicola Oxenham

	 
	 	 	 
	Address	90 Main Street, lauchars

	
	 	 	 
	 	St Andrews

	
	 	 	 
	 	FIFE, KY16 0HF

	 
	 	 	 
	 	 	 
	 	 	 

	Occupation:	 Analytical Chemist

	 

 

     

     

    

 

	EXECUTED as a DEED by GEORGY

                                                             EGOROV
	)

                                                                                )
	/s/ Georgy Egorov

 

	Witness’s Signature:	
/s/
                                            Amit Pilowsky
	 

 

	Name:	Amit Pilowsky

	 
	 	 	 
	Address	Flat 82 Eyre Court

	
	 	 	 
	 	3-21 Finchley Road

	
	 	 	 
	 	London NW8 9TX

	 
	 	 	 
	 	 	 
	 	 	 

	Occupation:	 Investor

	 

 

     

     

    

 

	EXECUTED
as a DEED by PATRICIA

                                                             BARCLAY
	)

                                                                                )
	/s/ Patricia Barclay  

 

	Witness’s Signature:	
/s/
                                            Alison Barr
	 

 

	Name:	Alison Barr

	 
	 	 	 
	Address	20 Kaimes Road

	
	 	 	 
	 	Edinburgh

	
	 	 	 
	 	EH12 6JS

	 
	 	 	 
	 	Scotland	 
	 	 	 

	Occupation:	 Secretary

	 

 

     

     

    

 

	EXECUTED as a DEED by IVA HOPKINS

                                                             NAVRATILOVA
	)

                                                                                )
	/s/ Iva Navratilova

 

	Witness’s Signature:	/s/
                                            Chris Thomas

	 

 

	Name:	Chris Thomas

	 
	 	 	 
	Address	24 Annesley Road

	
	 	 	 
	 	Oxford

	
	 	 	 
	 	OX4 4JQ

	 
	 	 	 
	 	 	 
	 	 	 

	Occupation:	 HR

	 

 

     

     

    

 

	EXECUTED as a DEED by MIROSLAVA	)	 
	PILAROVA	) 	/s/ Miroslava Pilarova

 

	Witness’s Signature: 	/s/ Ben Truesdale	 

 

	Name:	Ben Truesdale

                           
	 
	 	 	 
	Address	18 Church Hill Road	 
	 	 	 
		Oxford	 
	 	 	 
		Ox43se	 
	 	 	 
	 	 	 

 

	Occupation: 	Writer	 	 

 

     

     

    

 

	EXECUTED as a DEED by ANDREW 	)	 
	DOUGLAS	) 	/s/ Andrew Douglas

 

 

 

	Witness’s Signature: 	/s/ Sian Douglas	 

 

	Name:	Sian Douglas

                           
	 
	 	 	 
	Address	9 Church Green	 
	 	 	 
		Gresford, Wrexham	 
	 	 	 
		LL128RJ	 
	 	 	 
	 	 	 

 

	Occupation: 	Primary School Teacher	 	 

 

     

     

    

 

	EXECUTED as a DEED by KATHERINE	)	 
	LANSU	) 	/s/ Katherine Lansu

 

 

 

	Witness’s Signature: 	/s/ Marcia Lansu	 

 

	Name:	Marcia
    Lansu

                           
	 
	 	 	 
	Address	4424
    North Mozart Street	 
	 	 	 
		Chicago, Illinois	 
	 	 	 
		60625	 
	 	 	 
	 	 	 

 

	Occupation: 	Certified Public Accountant	 	 

 

 

     

     

    

 

	EXECUTED as a DEED by MARIO	)	 
	POLYWKA	) 	/s/ Mario Polywka

 

 

 

	Witness’s Signature: 	/s/ Susan Polywka	 

 

	Name:	Susan Polywka

                           
	 
	 	 	 
	Address	West Dene	 
	 	 	 
		Abingdon Road, Tubney	 
	 	 	 
		OX13 5QQ	 
	 	 	 
	 	 	 

 

	Occupation: 	Trustee	 	 

 

     

     

    

 

	EXECUTED as a DEED by ANDREW 	)	 
	SIMON BELL	) 	
/s/ Andrew Simon Bell

 

 

 

	Witness’s Signature: 	/s/ Alan D. Brown	 

 

	Name:	Alan D. Brown

                           
	 
	 	 	 
	Address	17 St Andrews Road	 
	 	 	 
		Deal, Kent, UK	 
	 	 	 
		CT14 6AT	 
	 	 	 
	 	 	 

 

	Occupation: 	Consultant	 	 

 

     

     

    

 

	EXECUTED as a DEED by MILLIE	)	 
	BRITTON	) 	
/s/ Millie Britton

 

 

 

	Witness’s Signature: 	/s/ Benjamin James Wilkins	 

 

	Name:	Benjamin
    James Wilkins

                           
	 
	 	 	 
	Address	92
    Medhurst Way	 
	 	 	 
		Littlemore	 
	 	 	 
		OX4 4NY	 
	 	 	 
	 	 	 

 

	Occupation: 	General
    Manager	 	 

 

     

     

    

 

	EXECUTED as a DEED by SIMON	)	 
	VARZAHDEH	) 	
/s/ Simon Varzahdeh

 

 

	Witness’s Signature: 	/s/ Tatiana Lobry	 

 

	Name:	Tatiana Lobry

                           
	 
	 	 	 
	Address	96 Medhurst Way	 
	 	 	 
		OX4 4NY	 
		 	 
	 	Oxford	 	 
	 	 	 
	 	 	 

 

	Occupation: 	Scientist	 	 

 

     

     

    

 

	EXECUTED as a DEED by SIMONE 	)	 
	CULURGIONI	) 	
/s/ Simone Culurgioni

 

 

 

	Witness’s Signature: 	/s/ Lara Clementi	 

 

	Name:	21a Mill Lane

                           
	 
	 	 	 
	Address	Oxford	 
	 	 	 
		OX30PY	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	Occupation: 	AdministrativeExhibit 10.2

 

THIS AGREEMENT is made on                                   2021.

 

BETWEEN

 

		(1)	EXSCIENTIA AI LIMITED, a company registered in Scotland with registered number SC428761 and having its registered office at
Level 3, Dundee One River Court, 5 West Victoria Dock Road, Dundee, United Kingdom (the “Company”); and

 

		(2)	ANDREW HOPKINS, residing at Copse House, 61B Oxford Road, Abingdon, Oxfordshire, OX14 2AA (the “Executive”).

 

BACKGROUND

 

On and from the Effective Date, the Company wishes
to employ the Executive as Chief Executive Officer on the terms and conditions of this Agreement and the Executive wishes to accept such
terms of employment.

 

IT IS AGREED as follows:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1.	Definitions

 

In this Agreement, unless
the context otherwise requires:

 

	“Basic Salary”	means the salary, as specified in Clause 6.1(a) or, as appropriate, the reviewed annual salary from time to time;
	“Board”	means the Board of directors of the Parent from time to time or any duly authorised committee thereof, or where the relevant powers have been reserved to the Parent’s members, its members from time to time;
	“Cause”	Means as defined in clause 17.1;
	“Change in Control”	means as defined in the Parent’s 2021 Equity Incentive Plan with Non-Employee Sub-Plan and CSOP Sub-Plan;
	“Confidential Information”	means all information which is identified or treated by the Company or any Group Company or any of the Group’s clients or customers as confidential or which by reason of its character or the circumstances or manner of its disclosure is evidently confidential including (without prejudice to the foregoing generality) any information about the personal affairs of any of the directors (or their families) of the Company or any Group Company, business plans, proposals relating to the acquisition or disposal of a company or business or proposed expansion or contraction of activities, maturing new business opportunities, research and development projects, designs, secret processes, trade secrets, product or services development and formulae, know-how, inventions, sales statistics and forecasts, marketing strategies and plans, costs, profit and loss and other financial information (save to the extent published in audited accounts), prices and discount structures and the names, addresses and contact and other details of: (a) employees and their terms of employment; (b) customers and potential customers, their requirements and their terms of business with the Company or Group; and (c) suppliers and potential suppliers and their terms of business (all whether or not recorded in writing or in electronic or other format);

 

     

     

    

 

	“Effective Date”	means the date of the underwriting agreement between the Parent and the underwriter(s) managing the initial public offering of the Parent’s ordinary shares (or securities representing such ordinary shares), pursuant to which such securities are priced for the initial public offering;
	“Employment”	means the employment of the Executive under this Agreement or, as the context requires, the duration of that employment;
	“Good Reason”	means any of the following actions taken by the Company without the Executive’s express written consent: (i) a material reduction by the Company of the Basic Salary (other than in a broad based reduction similarly affecting all other members of the Group’s executive management); (ii) the relocation of the Executive’s principal place of employment, without the Executive’s consent, in a manner that lengthens the Executive’s one-way commute distance by fifty (50) or more miles from the Executive’s then-current principal place of employment immediately prior to such relocation; (iii) a material reduction in the Executive’s duties, authority, or responsibilities for the Company relative to the Executive’s duties, authority, or responsibilities in effect immediately prior to such material reduction; or (iv) a material breach of this Agreement by the Company (or its successor) provided further, that, any such termination by the Executive shall only be deemed for Good Reason pursuant to this definition if: (1) the Executive gives the Board written notice of intent to terminate for Good Reason within thirty (30) days following the first occurrence of the condition(s) that the Executive believes constitute(s) Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s) within thirty (30) days following receipt of the written notice (the “Cure Period”); (3) the Company has not, prior to the Board receiving such notice from the Executive, already informed the Executive in writing that their employment with the Company is being terminated; and (4) the Executive voluntarily terminates their employment within thirty (30) days following the end of the Cure Period

 

    2

     

    

 

	“Group”	means together or separately the Parent, the Company, any holding company or undertaking of the Parent or the Company and any subsidiaries and subsidiary undertakings of the Parent of the Company or such holding company or holding companies or undertaking from time to time (and the words “subsidiary” and “holding company” shall have the meanings given to them in section 1159 in the Companies Act 2006);
	“Group Company”	means any company within the Group;
	“Health Care Scheme”	means any healthcare or disability scheme(s) or arrangement(s) as may be provided or introduced from time to time by the Company (at the Company’s discretion) for the benefit of similarly situated executives in the Company or Group;
	“Intellectual Property Rights”	means any and all existing and future intellectual or industrial property rights in and to any Works (whether registered or unregistered), including all existing and future patents, copyrights, design rights, database rights, trade marks, semiconductor topography rights, plant varieties rights, internet rights/domain names, know-how and any and all applications for any of the foregoing and any and all rights to apply for any of the foregoing in and to any Works;
	“Minority Holder”	means a person who either solely or jointly holds (directly or through nominees) any shares or loan capital in any company, whether or not it is listed or dealt in on a recognised stock exchange, provided that such holding does not, when aggregated with any shares or loan capital held by the Executive’s partner and/or his or his partner’s children under the age of 18, exceed 5% of the shares or loan capital of the class concerned for the time being issued;
	“Parent”	means Exscientia Limited, incorporated in England with company number 13483814;
	“Remuneration Committee”	means the remuneration committee appointed by the Board;
	“Settlement Agreement”	means a settlement agreement that includes, among other terms, a general release of claims in favour of the Company and each Group Company (subject to standard carve-outs preserving the Executive’s rights to accrued pension benefits), as well as mutual non-disparagement provisions, in a form presented by the Company and to be negotiated by the parties acting reasonably and in good faith;

 

    3

     

    

 

	“Termination Date”	means the date of termination of the Employment;
	“Works”	means any documents, materials, models, designs, drawings, processes, inventions, formulae, computer coding, methodologies, know-how, Confidential Information or other work, performed made, created, devised, developed or discovered by the Executive during the course of the Employment either alone or with any other person in connection with or in any way affecting or relating to the business of the Company or any Group Company or capable of being used or adapted for use therein or in connection therewith;

 

		1.2.	Interpretation and Construction

 

Save to the extent that the context
or the express provisions of this Agreement require otherwise, in this Agreement:

 

		(a)	words importing the singular shall include the plural and vice versa;

 

		(b)	words importing any gender shall include all other genders;

 

		(c)	words importing the whole shall be treated as including reference to any part of the whole;

 

		(d)	any reference to a Clause, the Schedule or part of the Schedule is to the relevant Clause, Schedule or
part of the Schedule of or to this Agreement unless otherwise specified;

 

		(e)	reference to this Agreement or to any other document is a reference to this Agreement or to that other
document as modified, amended, varied, supplemented, assigned, novated or replaced from time to time;

 

		(f)	reference to a provision of law is a reference to that provision as extended, applied, amended, consolidated
or re-enacted or as the application thereof is modified from time to time and shall be construed as including reference to any order,
instrument, regulation or other subordinate legislation from time to time made under it;

 

		(g)	references to a “person” includes any individual, firm, company, corporation, body corporate,
government, state or agency of state, trust or foundation, or any association, partnership or unincorporated body (whether or not having
separate legal personality) or two or more of the foregoing;

 

		(h)	general words shall not be given a restrictive meaning because they are followed by words which are particular
examples of the acts, matters or things covered by the general words and “including”, “include” and “in
particular” shall be construed without limitation; and

 

    4

     

    

 

		(i)	the meaning of any words coming after “other” or “otherwise” shall not be constrained
by the meaning of any words coming before “other” or “otherwise where a wider construction is possible.

 

		1.3.	Headings

 

The table of contents and the headings
in this Agreement are included for convenience only and shall be ignored in construing this Agreement.

 

		2.	THE EMPLOYMENT

 

		2.1.	Effectiveness and Appointment

 

This Agreement is effective as of, and
contingent upon, the occurrence of the Effective Date.

 

Subject to the provisions of this Agreement,
the Company employs the Executive and the Executive accepts employment as Chief Executive Officer of the Company on the terms of this
Agreement.

 

		2.2.	Work Permits and warranty

 

The Executive warrants that he is legally
entitled to work in the United Kingdom and will throughout the Employment continue to hold a valid United Kingdom work permit if appropriate.
The Executive warrants that he will notify the Company in advance of any possible change to his immigration status, as soon as he becomes
aware of any circumstances that might give rise to such change. Should the Company discover that the Executive does not have permission
to live and work in the United Kingdom or if any such permission is revoked, notwithstanding any other term of this Agreement the Company
reserves the right to terminate the Employment immediately and without notice or pay in lieu of notice and without referring to the warning
stages of the Company’s disciplinary procedure.

 

		3.	DURATION OF THE EMPLOYMENT

 

		3.1.	Continuous Employment

 

The Executive’s continuous period
of employment with the Company commenced on 20 July 2012. No previous employment shall count as part of the Executive’s continuous
period of employment.

 

		3.2.	Duration

 

Subject to the provisions of Clauses
3 and 17.1 the Employment shall continue unless and until terminated at any time by:

 

		(a)	the Company, which must give to the Executive not less than twelve months’ prior written notice
of termination of the Employment; or

 

		(b)	the Executive, who must give to the Company not less than twelve months’ prior written notice of
termination of the Employment.

 

		3.3.	Payment in lieu of notice

 

		(a)	The Company shall be entitled, at its sole discretion, to terminate the Employment immediately at any
time by giving the Executive notice in writing. In these circumstances, subject to the terms of Clause 3.3(b), the Company will
subsequently make a payment to the Executive in lieu of notice, calculated in accordance with the provisions of Clause 3.3(c) (the payment
being referred to as a “PILON”).

 

    5

     

    

 

		(b)	The PILON will be paid in equal monthly instalments less all deductions that are required or permitted
by law to be made including in respect of income tax, national insurance contributions and any sums due to the Company or any Group Company.

 

		(c)	The PILON will consist of a sum equivalent to the Basic Salary which the Executive would have received
in respect of any notice period outstanding on the Termination Date but will exclude (except to the extent expressly provided in this
Agreement) any bonus, commission and share of profit and any other benefits which he would have received or would have accrued to him
during that period.

 

		4.	HOURS AND PLACE OF WORK

 

		4.1.	Hours of work

 

The Executive agrees that he shall work
normal business hours together with such additional hours as are necessary for the proper performance of his duties.

 

		4.2.	Working Time Regulations

 

The Executive has autonomous decision-making
powers. The duration of his working time is not measured or predetermined. The Executive agrees that his employment falls within Regulation
20 of the Working Time Regulations 1998.

 

		4.3.	Place of work

 

		(a)	The Executive’s normal place of work will be at the Company’s offices at Oxford, but the Company
may require the Executive to work at any place within the United Kingdom on either a temporary or an indefinite basis. The Executive will
be given reasonable notice of any change in his permanent place of work.

 

		(b)	The Executive may be requested to be absent from the United Kingdom for a period exceeding 1 month at
any one time, but there are not currently any particulars to be entered in this regard.

 

		5.	SCOPE OF THE EMPLOYMENT

 

		5.1.	Duties of the Executive

 

During the Employment the Executive
shall:

 

		(a)	undertake and carry out to the best of his ability such duties and exercise such powers in relation to
the Company or Group’s business as may from time to time be assigned to or vested in him by the Board including where those duties
require the Executive to work for any Group Company;

 

		(b)	in the discharge of those duties and the exercise of those powers observe and comply with all lawful resolutions,
regulations and directions from time to time made by, or under the authority of, the Board and promptly upon request, give a full account
to the Board or a person duly authorised by the Board of all matters
with which he is involved. He will provide the information in writing if requested;

 

    6

     

    

 

		(c)	comply with the Articles of Association (as amended from time to time) of the Parent, the Company and
any Group Company;

 

		(d)	do, or refrain from doing, such things as are necessary or expedient to ensure compliance by himself,
the Parent, the Company and any Group Company with applicable law and regulations and all regulatory authorities relevant to the Parent,
the Company and any Group Company, and any codes of practice issued by the Parent, the Company and any Group Company (as amended from
time to time);

 

		(e)	act in accordance with all statutory, fiduciary and common law duties that he owes to the Parent, the
Company and any Group Company;

 

		(f)	refrain from doing anything which would cause him to be disqualified from acting as a director;

 

		(g)	unless prevented by ill-health, holidays or other unavoidable cause, devote the whole of his working time,
attention and skill to the business of the Parent, the Company and Group Companies and the discharge of his duties hereunder;

 

		(h)	faithfully and diligently perform his duties and at all times use his best endeavours to promote and protect
the interests of the Parent, the Company and the Group;

 

		(i)	promptly disclose to the Board full details of any wrongdoing by the Executive or any other employee of
any Group Company where that wrongdoing is material to that employee’s employment by the relevant company or to the interests or
reputation of any Group Company.

 

		5.2.	Right to suspend duties and powers

 

		(a)	During any notice period or for the purpose of investigating any matter in which the Executive is implicated
or involved, the Company reserves the right in its absolute discretion to suspend all or any of the Executive’s duties and powers
on terms it considers expedient or to require him to perform only such duties, specific projects or tasks as are assigned to him expressly
by the Company (including the duties of another position) in any case for such period or periods and at such place or places (including,
without limitation, the Executive’s home) as the Company in its absolute discretion deems necessary (the “Garden Leave”).
During any period of Garden Leave the terms and conditions set out in this Agreement shall continue to apply to the Executive.

 

		(b)	The Company may, at its sole discretion, require that during the Garden Leave the Executive shall not:

 

		(i)	enter or attend the premises of the Parent, the Company or any Group Company;

 

		(ii)	contact or have any communication with any client or prospective client or supplier of the Parent, the
Company or any Group Company in relation to the business of the Parent, the Company or any Group Company;

 

    7

     

    

 

		(iii)	contact or have any communication with any employee, officer, director, agent or consultant of the Parent,
the Company or any Group Company in relation to the business of the Parent, the Company or any Group Company, save that this restriction
shall (A) not prevent the Executive from contacting and communicating with his family members, and (B) be without prejudice to the Executive’s
rights as shareholder of the Parent;

 

		(iv)	remain or become involved in any aspect of the business of the Parent, the Company or any Group Company
except as required by such companies; or

 

		(v)	work either on his own account or on behalf of any other person.

 

		(c)	During Garden Leave, the Executive will continue to receive his Basic Salary and benefits but will not
(except to the extent expressly provided in this Agreement) accrue any bonus, commission or share of profit.

 

		(d)	If the Executive is suspended, other than during any notice period, for the purpose of investigating any
matter in which the Executive is implicated or involved and the Executive is subsequently exonerated, the Executive will be paid any amounts
not paid to the Executive in respect of the period of suspension where such amounts would have otherwise been paid were it not for the
operation of Clause5.2(c).

 

		(e)	For the avoidance of doubt, the Company may exercise its powers under this Clause 5.2 at any time during
the Employment including after notice of termination has been given by either party.

 

		6.	REMUNERATION

 

		6.1.	Basic Salary

 

		(a)	During the Employment the Company shall pay the Executive a Basic Salary of not less than £415,000
per annum. The Basic Salary shall accrue from day to day and be payable by credit transfer in equal monthly instalments in arrears on
or around the 25th day of each calendar month or otherwise as arranged from time to time.

 

		(b)	The Basic Salary shall be inclusive of all director’s fees (if any) to which the Executive may become
entitled including all remuneration and director’s fees in respect of services rendered by the Executive to any Group Company (including,
without limitation, the Parent).

 

		6.2.	Salary review

 

The Basic Salary shall be reviewed annually.
The Company is not obliged to increase the Basic Salary at any review.

 

    8

     

    

 

		6.3.	Annual bonus

 

		(a)	Subject to clause 6.3(b), the Executive shall be eligible to receive an annual performance bonus (the
“Annual Bonus”) with an annual target of 50% (the “Target Percentage”) of the Executive’s
then-current Base Salary (the “Target Bonus”). The Annual Bonus will be based upon the assessment of the Board (or
a committee thereof) of the Executive’s performance and Group’s attainment of targeted goals (as established by the Board
or a committee thereof in its sole discretion) over the applicable calendar
year. The Annual Bonus, if any, will be subject to applicable payroll deductions and withholdings. No amount of any Annual Bonus is guaranteed
at any time, and, except as otherwise expressly stated in clause 17 of this Agreement, the Executive must be an employee in good standing
(without having given or received notice) through the date of payment of the Annual Bonus in order to be eligible to receive an Annual
Bonus and no partial or prorated bonuses will be provided. Unless otherwise stated in clause 17 of this Agreement, any Annual Bonus, if
awarded, will be paid by the Company after receipt by the Parent of the audited financial statements of the Parent for the financial year
in question, but no later than 15 March of the year following the year to which such bonus relates, and will be paid in cash or in securities,
as determined by the Board (or committee thereof). Any Annual Bonus will be subject to recoupment in accordance with any clawback policy
that the Parent or the Company is required to adopt pursuant to the listing standards of any national securities exchange or association
on which the Parent’s or any Group Company’s securities are listed or as is otherwise required by applicable law and any clawback
policy that the Parent or the Company otherwise adopts, to the extent applicable and permissible under applicable law. No recovery of
compensation under such a clawback policy will be an event giving rise to Good Reason. Except as otherwise stated in clause 6.3(c) or
17 this Agreement, in the event the Executive leaves the employment of the Company for any reason prior to the date the Annual Bonus is
paid, the Executive is are not eligible to earn such Annual Bonus, prorated or otherwise.

 

		(b)	In respect of the 2021 calendar year the Executive’s Annual Bonus target shall be calculated as
follows: (a) an amount equal to the prorated portion of the Executive’s Annual Bonus target for the 2021 calendar year as in effect
immediately prior to the Effective Date (calculated using the number of days in the 2021 calendar year that have passed between 1 January
2021 and the date immediately preceding the Effective Date); plus (b) an amount equal to the prorated portion of the Target
Bonus as in effect on the Effective Date (calculated using the Target Percentage for the number of days in the 2021 calendar year that
have passed from (and including) the Effective Date and 31 December 2021).

 

		(c)	In the event that the Company terminates the Executive’s employment without Cause outside of a Change
in Control Measurement Period, and subject to the Executive (i) executing a Settlement Agreement; (ii) returning all Company property;
(iii) complying with the Executive’s termination and post-termination obligations under this Agreement; (iv) complying with the
terms of the Settlement Agreement, including without limitation any non-disparagement and confidentiality provisions contained therein;
and (v) resigning from any other positions held with the Company or any Group Company, including any position on the Board, effective
no later than the Termination Date (or such other date as requested by the Board), the Company will pay the Executive an amount equal
to the prorated portion of the Annual Bonus for the calendar year in which the Termination Date occurs (calculated using the Target Percentage
for the number of days in the calendar year that have passed prior to the Termination Date) (the “Pro-Rated Bonus”). The Pro-Rated
Bonus will be subject to standard deductions and withholdings and will be
paid in a lump sum on or before the 60th day following the Termination Date.

 

    9

     

    

 

		6.4.	Directors’ Remuneration Policy.

 

Executive understands
and agrees that, if and for so long as the Executive is a director of the Parent, the Executive’s remuneration shall be subject
to the terms of the Directors’ Remuneration Policy as may be adopted by the Parent in accordance with applicable law from time to
time.

 

		7.	EXPENSES

 

		7.1.	Out-of-pocket expenses

 

The Company shall reimburse to the Executive
(against receipts or other appropriate evidence as the Board may require) the amount of all out-of-pocket expenses reasonably and properly
incurred by him in the proper discharge of his duties hereunder to the extent that such expenses are incurred in accordance with the Group’s
applicable business expenses policy from time to time.

 

		8.	DEDUCTIONS

 

The Executive agrees that the Company
may deduct from any sums due to him under this Agreement any sums due by him to any Group Company including, without limitation, any debits
to his Company credit or charge card not authorised by the Company, the Executive’s pension contributions (if any), any overpayments,
loans or advances made to him by any Group Company, the cost of repairing any damage or loss to the Company’s property caused by
him and any losses suffered by the Group as a result of any negligence or breach of duty by the Executive.

 

		9.	PENSION SCHEME

 

During the period of the Executive’s
service with the Company, the Company will comply at all times with the employer duties under Part 1 of the Pensions Act 2008.

 

		10.	OTHER INSURANCE & BENEFITS

 

		10.1.	Health Care Scheme

 

Without prejudice to the terms of Clauses
3 and 17, the Executive shall be entitled during the Employment, to participate at the Company’s expense in any Health Care Scheme
subject to the following terms and conditions:

 

		(a)	the Executive’s participation is subject to the Company’s rules regarding eligibility in force
from time to time and the rules, terms and conditions of the relevant Health Care Scheme and/or insurance policy in force from time to
time;

 

		(b)	the Company reserves the right to terminate the Executive’s or the Company’s participation
in any of the Health Care Scheme(s), substitute a new scheme(s) for an existing scheme(s) and/or alter the level or type of benefits available
under any scheme(s);

 

		(c)	if a scheme provider (e.g. an insurance company or pensions provider) refuses for any reason (whether
under its own interpretation of the rules, terms and conditions of the relevant insurance policy or otherwise) to accept a claim and/or
provide the relevant benefit(s) to the Executive under the applicable Health Care Scheme,
the Company shall not be liable to provide (or compensate the Executive for the loss of) such benefit(s) nor shall it be obliged to take
action against the provider to enforce any rights under the Health Care Scheme;

 

    10

     

    

 

		(d)	the fact that the termination of the Employment may result in the Executive ceasing to be eligible to
receive or continue to receive benefits under any Health Care Scheme does not remove the Company’s right to terminate the Employment;
and

 

		(e)	the Executive’s acceptance of such variations to his terms and conditions of employment as may from
time to time be required by the Company.

 

		10.2.	Medical examinations

 

At any reasonable time during the Employment
the Company may require the Executive to undergo a medical examination by a medical practitioner appointed by the Company and at the Company’s
expense and the Executive will consent to such examination and to the results being made available to the Company.

 

		10.3.	Other leave and benefits

 

		(a)	The Executive may be eligible for other forms of paid leave, subject to any statutory eligibility requirements
or conditions and the Company's rules applicable to each type of leave in force from time to time. Further details of such leave are available
in the Company’s Staff Handbook. The Company may replace, amend or withdraw the Company's policy on any types of leave at any time.

 

		(b)	The Executive may be eligible to be provided with other benefits during their employment with the Company,
subject to any rules applicable to the relevant benefit. Further details of these benefits are available from the Staff Handbook. The
Company may replace or withdraw such benefits, or amend the terms of such benefits, at any time.

 

		11.	HOLIDAYS

 

		11.1.	The holiday year

 

The Company’s holiday year runs
from 1st January to 31st December. Holidays can only be taken with the prior agreement of the Chairman (such agreement not be withheld
unreasonably).

 

		11.2.	Annual entitlement

 

		(a)	The Executive shall be entitled to 28 days' paid holiday in each holiday year excluding the usual public
holidays in England.

 

		(b)	Entitlement to contractual holidays is accrued pro rata throughout the holiday year. The Executive will
be entitled to take public and customary holidays on the days that they are recognised by the Company during the holiday year.

 

		(c)	The Executive may carry any unused holiday entitlement forward to the next holiday year in accordance
with the Company’s policy on holidays as may apply from time to time, save that any agreement shall be from the Chairman.

 

    11

     

    

 

		11.3.	Holiday entitlement on termination

 

Upon notice of termination of the Employment
being served by either party, the Company may require the Executive to take any unused holidays accrued in the holiday year in which the
termination takes place during any notice period. Alternatively, the Company may, at its discretion, on termination of the Employment,
make a payment in lieu of accrued contractual holiday entitlement. The Executive will be required to make a payment to the Company in
respect of any holidays taken in excess of his holiday entitlement accrued at the Termination Date. Any sums so due may be deducted from
any money owing to the Executive by the Company.

 

		12.	TRAINING

 

As at the date of this Agreement, the
Executive is not required to undertake any particular training. If any particular training is required or offered, details will be provided.

 

		13.	ABSENCE

 

		13.1.	Absence due to sickness or injury

 

If the Executive is absent from work
due to sickness or injury he shall:

 

		(a)	immediately inform the Chairman and the Head of Human Resources of his sickness or injury; and

 

		(b)	In respect of absence due to sickness, injury or accident that continues for more than 7 consecutive days
(including weekends) the Executive must provide the Company with a note of fitness to work stating the reason for the absence. Thereafter
notes of fitness to work must be provided to the Company to cover the remainder of the period of continuing sickness absence. Failure
to follow these requirements may result in disciplinary action and loss of Statutory Sick Pay and/or sick pay pursuant to Clause 13.2.

 

		13.2.	Payment of salary during absence

 

		(a)	Subject to the Executive complying with the terms of Clause 13.1, the Company may, at its sole discretion
continue to pay Basic Salary and other benefits during any period of absence due to sickness or injury for up to a maximum period of 4
weeks (according to the Company’s Staff Handbook) in any period of 12 consecutive months (the 12 month period referred to as the
 “Entitlement Period”) and thereafter a sum equivalent to Statutory Sick Pay only during any further period of absence
due to sickness or injury in the same Entitlement Period for up to a maximum period of 13 weeks unless the Employment is terminated in
terms of Clauses 3 or 17. The first Entitlement Period will begin on the first day of absence and any subsequent Entitlement Period will
start on the first day of any absence occurring outside an enduring Entitlement Period.

 

		(b)	Payment of the Basic Salary in terms of Clause 13.2(a) shall be made less:

 

		(i)	an amount equivalent to any Statutory Sick Pay payable to the Executive;

 

		(ii)	any sums which may be received by the Executive under any insurance policy effected by the Company; and

 

    12

     

    

 

		(iii)	any other benefits or sums which the Executive receives (e.g. under a PHI or other insurance scheme) in
connection with the Employment or under any relevant legislation.

 

		(c)	Once payment of Basic Salary under Clause 13.2(a) ceases, then the Executive shall have no right to any
benefit or emolument from the Company.

 

		13.3.	Absence caused by third party negligence

 

If the Executive’s absence is
caused by the negligence of a third party in respect of which damages are recoverable, then all sums paid by the Company during the period
of absence shall constitute loans to the Executive who shall:

 

		(a)	immediately notify the Company of all the relevant circumstances and of any claim, compromise, settlement
or judgment made or awarded; and

 

		(b)	if the Company so requires, refund to it an amount determined by the Company, not exceeding the lesser
of:

 

		(i)	the amount of damages recovered by him in respect of loss of earnings during the period of absence under
any compromise, settlement or judgment; and

 

		(ii)	the sums advanced to him by the Company in respect of the period of incapacity.

 

		14.	OTHER INTERESTS

 

		14.1.	Disclosure of other interests

 

The Executive shall disclose to the
Board any interest of his own (or that of his partner or of any child of his or of his partner under eighteen years of age):

 

		(a)	in any trade, business or occupation whatsoever which is in any way similar to any of those in which the
Parent, the Company or any Group Company is involved; and

 

		(b)	in any trade, business or occupation carried on by any supplier or customer of the Parent, the Company
or any Group Company whether or not such trade, business or occupation is conducted for profit or gain.

 

		14.2.	Restrictions on other activities and interests of the Executive

 

		(a)	During the Employment, the Executive shall not at any time, without the prior written consent of the Board,
either alone or jointly with any other person, carry on or be directly or indirectly employed, engaged, concerned or interested in any
business, prospective business or undertaking other than a Group Company. Nothing contained in this Clause shall preclude the Executive
from being a Minority Holder unless the holding is in a company that is a direct business competitor of the Company or any Group Company
in which case, the Executive shall obtain the prior consent of the Board to the acquisition or variation of such holding.

 

		(b)	If the Executive, with the consent of the Board, accepts any other appointment he must keep the Board
accurately informed of the amount of time he spends working under that appointment.

 

    13

     

    

 

		14.3.	Transactions with the Company

 

Subject to any regulations issued by
the Group, the Executive shall not be entitled to receive or obtain directly or indirectly any discount, rebate, commission or any other
form of gift or gratuity (any of these referred to as a “Gratuity”) as a result of the Employment or any sale or purchase
of goods or services effected or other business transacted (whether or not by him) by or on behalf of the Company or any Group Company
and if he (or any person in which he is interested) obtains any Gratuity he shall account to the Company for the amount received by him
(or a due proportion of the amount received by the person having regard to the extent of his interest therein).

 

		15.	CONFIDENTIALITY AND COMPANY DOCUMENTS

 

		15.1.	Restrictions on disclosure and use of Confidential Information

 

The Executive must not either during
the Employment (except in the proper performance of his duties) or at any time (without limit) after the Termination Date:

 

		(a)	divulge or communicate to any person;

 

		(b)	use for his own purposes or for any purposes other than those of the Parent, the Company or any Group
Company; or

 

		(c)	through any failure to exercise due care and diligence, cause any unauthorised disclosure of;

 

any Confidential Information. The Executive
must at all times use his best endeavours to prevent publication or disclosure of any Confidential Information. These restrictions shall
cease to apply to any information which shall become available to the public generally otherwise than through the default of the Executive.
These restrictions shall not apply to any use or disclosure authorised by the Board or required by law, or any protected disclosure within
the meaning of section 43A of the Employment Rights Act 1996.

 

		15.2.	Protection of Company documents and materials

 

All notes, records, lists of customers,
suppliers and employees, correspondence, computer and other discs or tapes, data listings, codes, keys and passwords, designs, drawings
and other documents or material whatsoever (whether made or created by the Executive or otherwise and in whatever medium or format) relating
to the business of the Parent, the Company or any Group Company or any of its or their clients (and any copies of the same):

 

		(a)	shall be and remain the property of the Parent, the Company or the relevant Group Company or client; and

 

		(b)	shall be handed over by the Executive to the Parent, the Company or the relevant Group Company or client
on demand by the Company and in any event on the termination of the Employment.

 

		16.	INVENTIONS AND OTHER WORKS

 

		16.1.	Executive to further interests of the Company

 

The Company and the Executive agree
that the Executive may make or create Works in the course of the Employment and agree that in this respect the Executive is obliged to
further the interests of the Company and any Group Company.

 

    14

     

    

 

 

		16.2.	Disclosure and ownership of Works

 

The Executive must immediately disclose
to the Company all Works and all Intellectual Property Rights. Both the Works and all Intellectual Property Rights will (subject to sections
39 to 43 Patents Act 1977) belong to and be the absolute property of the Company or any other person the Company may nominate.

 

		16.3.	Protection, registration and vesting of Works

 

The Executive shall immediately on request
by the Company (whether during or after the Employment) and at the expense of the Company:

 

		(a)	apply or join with the Company or any Group Company in applying for any Intellectual Property Rights or
other protection or registration (“Protection”) in the United Kingdom and in any other part of the world for, or in
relation to, any Works;

 

		(b)	execute all instruments and do all things necessary for vesting all Intellectual Property Rights or Protection
when obtained and all right, title and interest to and in the same absolutely and as sole beneficial owner in the Company or such Group
Company or other person as the Company may nominate; and

 

		(c)	sign and execute any documents and do any acts reasonably required by the Company in connection with any
proceedings in respect of any applications and any publication or application for revocation of any Intellectual Property Rights or Protection.

 

		16.4.	Waiver of rights by the Executive

 

The Executive hereby irrevocably and
unconditionally waives all rights under Chapter IV Copyright, Designs and Patents Act 1988 and any other moral rights which he may have
in the Works, in whatever part of the world such rights may be enforceable including:

 

		(a)	the right conferred by section 77 of that Act to be identified as the author of any such Works; and

 

		(b)	the right conferred by section 80 of that Act not to have any such Works subjected to derogatory treatment.

 

		16.5.	Power of Attorney

 

The Executive hereby irrevocably appoints
the Company to be his attorney and in his name and on his behalf to execute any such act and to sign all deeds and documents and generally
to use his name for the purpose of giving to the Company the full benefit of this Clause. The Executive agrees that, with respect to any
third parties, a certificate signed by any duly authorised officer of the Company that any act or deed or document falls within the authority
hereby conferred shall be conclusive evidence that this is the case.

 

		16.6.	Statutory rights

 

Nothing in this Clause 16 shall be construed
as restricting the rights of the Executive or the Company under sections 39 to 43 Patents Act 1977.

 

    15 

     

    

 

		17.	TERMINATION

 

		17.1.	Termination events

 

Notwithstanding the provisions of Clauses
3 and 10, the Company shall be entitled, but not bound, to terminate the Employment with immediate effect (without a notice period or
payment in lieu of any notice period) by giving to the Executive notice in writing at any time after the occurrence of any one or more
of the following events (each being termination for “Cause”):

 

		(a)	if the Executive is guilty of any gross misconduct or behaviour which tends to bring himself or the Company
or any Group Company into disrepute; or

 

		(b)	if the Executive commits any material or persistent breach of this Agreement (in the case of a non-material
persistent breach, having been given notice in writing of the breach and a reasonable opportunity to rectify the breach) or fails to comply
with any reasonable order or direction of the Board; or

 

		(c)	if he becomes insolvent or bankrupt or compounds with or grants a trust deed for the benefit of his creditors;
or

 

		(d)	if his behaviour (whether or not in breach of this Agreement) can reasonably be regarded as materially
prejudicial to the interests of the Company or any Group Company, including if he is found guilty of any criminal offence punishable by
imprisonment (whether or not such sentence is actually imposed); or

 

		(e)	if he has an order made against him disqualifying him from acting as a company director; or

 

		(f)	if the Executive is found guilty of any offence of bribery under the Bribery Act 2010, or other bribery
legislation in any other jurisdiction, breach of Clause 15 of this Agreement or the Company’s Anti-Bribery and Corruption Policy;
or

 

		(g)	if the Executive commits any material breach or persistent but non-material breach of the Articles of
Association of the Company or any Group Company (in the case of a persistent but non-material breach, having been given notice in writing
of the breach and a reasonable opportunity to rectify the breach).

 

		17.2.	Termination on resignation as director

 

If the Executive resigns as a director
of the Company or any Group Company (otherwise than at the request of the Board), he shall be deemed to have voluntarily resigned from
the Employment with effect from the date of his resignation, unless the Company agrees with the Executive that the Employment should continue,
in which case the Employment may be subject to any terms and conditions stipulated by the Company in its absolute discretion.

 

		17.3.	No damages or payment in lieu of notice

 

In the event of the Employment
being terminated pursuant to Clause 17.1 the Executive shall not be entitled to receive any payment in lieu of notice nor make any
claim against the Company or any Group Company for damages for loss of office or termination of the Employment. Regardless of this,
the termination shall be without prejudice to the continuing obligations of the Executive under this Agreement.

 

    16 

     

    

 

		17.4.	Termination by the Company without Cause or resignation by
the Executive for Good Reason (in connection with a Change in Control)

 

In the event that the Company terminates
the Executive’s Employment without Cause or the Executive resigns for Good Reason, in either case, upon or within (12) twelve months
following the effective date of a Change in Control (such period, the “Change in Control Measurement Period”) then
the Executive shall be entitled to his salary and benefits pursuant to the terms of this Agreement through the Termination Date and, subject
to the Executive (i) executing a Settlement Agreement; (ii) returning all Company property; (iii) complying with the Executive’s
termination and post-termination obligations under this Agreement; (iv) complying with the terms of the Settlement Agreement, including
without limitation any non-disparagement and confidentiality provisions contained therein; and (v) resigning from any other positions
held with the Company or any Group Company, including any position on the Board, effective no later than the Termination Date (or such
other date as requested by the Board), the Executive shall be eligible to receive the following severance benefits (collectively the “CIC
Severance Benefits”):

 

		(a)	The Company will pay the Executive severance pay in the form of continuation of the Executive’s
then-current Basic Salary (ignoring any decrease that forms the basis for the Executive’s resignation for Good Reason, if applicable)
for eighteen (18) months following the Termination Date (such period of time, the “CIC Severance Period”, and such
aggregate Basic Salary amount payable, the “CIC Severance”). The CIC Severance will be paid in substantially equal
instalments on the Company’s regular payroll schedule over the CIC Severance Period, subject to such deductions as the Company is
required by law to make, shall be reduced by any Basic Salary received by the Executive during any period of Garden Leave and shall be
inclusive of any PILON; provided, however that no portion of the CIC Severance (except for any PILON instalment which is due) will be
paid prior to the date that the general release of claims in the Settlement Agreement becomes effective (the “Release Date”),
and any such payments that are otherwise scheduled to be made prior to the Release Date shall instead accrue and be made on the first
regular payroll date following the Release Date;

 

		(b)	The Company will pay to the Executive in monthly instalments, subject to such deductions as the Company
is required by law to make, a fully taxable cash payment equal to: (i) the coverage premium for the Executive (and the Executive’s
covered dependents, as applicable) health insurance coverage in effect on the Termination Date until the earliest of: (1) the close of
the CIC Severance Period or; (2) the date when the Executive becomes eligible for substantially equivalent health insurance coverage in
connection with new employment or self-employment; and (ii) the Company’s employer pension contributions that would have been received
by the Executive during the CIC Severance Period had Employment continued, at the rate payable by the Company immediately prior to the
Termination Date;

 

		(c)	The Company will make a lump sum cash payment to the Executive in an amount equal to one and a half (1.5)
times the Target Bonus for the year in which the Termination Date occurs, subject to such deductions as the Company is required by law
to make, which will be paid in a lump sum on or before the 60th day following the Termination Date;

 

		(d)	Effective as of the Termination Date, the vesting and exercisability of all outstanding equity awards
covering the Parent’s ordinary shares that are held by the Executive immediately prior to the Termination Date shall be accelerated
in full.

 

The CIC Severance Benefits provided
to the Executive pursuant to this clause 17.4 are in lieu of, and not in addition to, any benefits to which the Executive may otherwise
be entitled under any Company severance plan, policy, or program.

 

Any damages caused by the termination
of the Executive’s employment without Cause during the Change in Control Measurement Period would be difficult to ascertain; therefore,
the CIC Severance Benefits for which the Executive is eligible pursuant to this clause 17.4 in exchange for the Settlement Agreement are
agreed to by the parties as liquidated damages, to serve as full compensation, and not a penalty.

 

    17 

     

    

 

		17.5.	Termination by the Company without Cause or resignation by
the Executive for Good Reason (not in connection with a Change in Control)

 

In the event that the Company terminates
the Executive’s Employment without Cause or the Executive resigns for Good Reason, in either case, outside a Change in Control Measurement
Period then the Executive shall be entitled to his salary and benefits pursuant to the terms of this Agreement through the Termination
Date and, subject to the Executive (i) executing a Settlement Agreement; (ii) returning all Company property; (iii) complying with the
Executive’s termination and post-termination obligations under this Agreement; (iv) complying with the terms of the Settlement Agreement,
including without limitation any non-disparagement and confidentiality provisions contained therein; and (v) resigning from any other
positions held with the Company or any Group Company, including any position on the Board, effective no later than the Termination Date
(or such other date as requested by the Board), the Executive shall be eligible to receive the following severance benefits (collectively
the “Non-CIC Severance Benefits”):

 

		(a)	The Company will pay to the Executive in monthly instalments, subject to such deductions as the Company
is required by law to make, a fully taxable cash payment equal to the coverage premium for the Executive (and the Executive’s covered
dependents, as applicable) health insurance coverage in effect on the Termination Date and/or provide the Executive with continued access
to the Company’s health insurance scheme until the earliest of: (1) the twelve (12) month anniversary of the date on which notice
to terminate the Employment is given in accordance with the terms of this Agreement or; (2) the date when the Executive becomes eligible
for substantially equivalent health insurance coverage in connection with new employment or self-employment.

 

The Non-CIC Severance Benefits provided
to the Executive pursuant to this clause 17.5 are in lieu of, and not in addition to, any benefits to which the Executive may otherwise
be entitled under any Company severance plan, policy, or program.

 

Any damages caused by the termination
of the Executive’s employment without Cause outside the Change in Control Measurement Period would be difficult to ascertain; therefore,
the Non-CIC Severance Benefits for which the Executive is eligible pursuant to this clause 17.5 in exchange for the Settlement Agreement
are agreed to by the parties as liquidated damages, to serve as full compensation, and not a penalty.

 

    18 

     

    

 

		17.6.	Death or Disability

 

		(a)	In the event of the Executive’s death while employed pursuant to this Agreement, all obligations
of the parties hereunder and the Executive’s employment shall terminate immediately, but neither the Executive nor their legal representatives
will receive the CIC Severance Benefits or the Non-CIC Benefits. Notwithstanding the foregoing, nothing in this clause or in this Agreement
shall preclude the Executive from remaining eligible to receive any payments or benefits pursuant to any life assurance or permanent health
insurance policy under which the Executive participates, subject to and in accordance with the terms of this Agreement, such policy and
applicable law.

 

		(b)	Subject to applicable law, the Company shall at all times have the right, upon written notice to the Executive,
to terminate this Agreement based on the Executive’s Disability (as defined below). Termination by the Company of the Executive’s
employment based on “Disability” shall mean termination because the Executive is unable due to a physical or mental condition
to perform the essential functions of their position with or without reasonable adjustments for twelve (12) months in the aggregate during
any eighteen (18) month period or based on the written certification by two qualified licensed physicians of the likely continuation of
such condition for such period. In the event the Executive’s employment is terminated based on Disability, the Executive will not
receive the CIC Severance Benefits or the Non-CIC Benefits. Notwithstanding the foregoing, nothing in this clause or in this Agreement
shall preclude the Executive from remaining eligible to receive any payments or benefits pursuant to any life assurance or permanent health
insurance policy under which the Executive participates, subject to and in accordance with the terms of this Agreement, such policy and
applicable law.

 

		18.	EVENTS UPON TERMINATION

 

		18.1.	Obligations upon termination

 

Immediately upon the termination of
the Employment howsoever arising or immediately at the request of the Board at any time after either the Company or the Executive has
served notice of termination of the Employment, the Executive shall:

 

		(a)	deliver to the Company all Works, materials within the scope of Clause 15.2 and all other materials and
property including credit or charge cards, mobile telephone, computer equipment, disks and software, passwords, encryption keys or the
like, keys, security pass, letters, stationery, documents, files, films, records, reports, plans and papers (in whatever format including
electronic) and all copies thereof used in or relating to the business of the Company or the Group which are in the possession of or under
the control of the Executive;

 

		(b)	resign (without claim for compensation) as a director and from all other offices held by him in the Company
or any Group Company or otherwise by virtue of the Employment. For the avoidance of doubt, such resignations shall be without prejudice
to any claims the Executive may have against the Company or any Group Company arising out of the termination of the Employment; and

 

		(c)	transfer without payment, to the Company, or as the Company may direct, any shares or other securities
held by the Executive as nominee or trustee for the Company or any Group Company;

 

and should the Executive fail to do
so the Company is hereby irrevocably authorised to appoint some person to sign any documents and/or do all things in his name and on his
behalf necessary to give effect thereto.

 

    19 

     

    

 

		19.	RESTRICTIONS AFTER TERMINATION

 

		19.1.	Definitions

 

Since the Executive is likely to obtain
Confidential Information in the course of the Employment and personal knowledge of and influence over suppliers, customers, clients and
employees of the Company and Group Companies, the Executive hereby agrees with the Company that in addition to the other terms of this
Agreement and without prejudice to the other restrictions imposed upon him by law, he will be bound by the covenants and undertakings
contained in Clauses 19.2 to 19.7. In this Clause 19, unless the context otherwise requires:

 

	“Customer”	means any person to which the Company distributed, sold or supplied Restricted Products or Restricted Services during the Relevant Period and with which, during that period either the Executive, or any employee under the direct or indirect supervision of the Executive, had material dealings in the course of the Employment, or about which the Executive had Confidential Information, but always excluding therefrom, any division, branch or office of such person with which the Executive and/or any such employee had no dealings during that period and about which the Executive had no Confidential Information;
	“Prospective Customer”	means any person with which the Company had discussions during the Relevant Period regarding the possible distribution, sale or supply of Restricted Products or Restricted Services and with which during such period the Executive, or any employee who was under the direct or indirect supervision of the Executive, had material dealings in the course of the Employment, or about which the Executive had Confidential Information, but always excluding therefrom any division, branch or office of that person with which the Executive and/or any such employee had no dealings during that period and about which the Executive had no Confidential Information;
	“Relevant Period”	means: (i) where the Employment is continuing, the period of the Employment; and (ii) where the Employment has terminated, the period of twelve months immediately preceding the Termination Date;
	“Restricted Area”	means:

 

 

		(a)	England, Scotland and Wales;

 

		(b)	the United States of America;

 

		(c)	Japan; and

 

		(d)	any other country in the world where, on the Termination Date,
the Company dealt in Restricted Products or Restricted Services;

 

    20 

     

    

 

	“Restricted Employee” 	means any person who was a director, employee or consultant of the Company at any time within the Relevant Period who by reason of that position and in particular his seniority and expertise or knowledge of Confidential Information or knowledge of or influence over the clients, customers or contacts of the Company is likely to cause damage to the Company if he were to leave the employment of the Company and become employed by a competitor of the Company;
	“Restricted Period”	means the period commencing on the Termination Date and, subject to the terms of Clause 19.4, continuing for 12 months;
	“Restricted Products”	means any products, equipment or machinery researched into, developed, manufactured, supplied, marketed, distributed or sold by the Company (on its own or in collaboration or partnership with others) and with which the duties of the Executive were materially concerned or for which he was responsible during the Relevant Period or about which he had Confidential Information, or any products, equipment or machinery of the same type or materially similar to those products, equipment or machinery;
	“Restricted Services”	means any services (including but not limited to technical and product support, technical advice and customer services) researched into, developed or supplied by the Company (on its own or in collaboration or partnership with others) and with which the duties of the Executive were materially concerned or for which he was responsible during the Relevant Period or about which he had Confidential Information, or any services of the same type or materially similar to those services;
	“Supplier”	means any supplier, agent, distributor or other person who, during the Relevant Period was in the habit of dealing with the Company and with which, during that period, the Executive, or any employee under the direct or indirect supervision of the Executive, had material dealings in the course of the Employment, or about which the Executive had Confidential Information.

 

    21 

     

    

 

		19.2.	Restrictive covenants

 

Both during the Employment and during
the Restricted Period, the Executive will not, without the prior written consent of the Board, whether by himself, through his employees
or agents and whether on his own behalf or on behalf of any person, directly or indirectly:

 

		(a)	so as to compete with the Company, solicit business from or canvas or approach any Customer or Prospective
Customer or business partner in respect of Restricted Products or Restricted Services;

 

		(b)	so as to compete with the Company, accept orders from, act for or have any business dealings with, any
Customer or Prospective Customer or business partner in respect of Restricted Products or Restricted Services;

 

		(c)	within the Restricted Area, be employed, engaged or interested in or provide Confidential Information
to that part of a business or person which is involved in Restricted Products or Restricted Services, if the business or person is or
seeks to be in competition with the Company. For the purposes of this sub-clause, acts done by the Executive outside the Restricted Area
shall nonetheless be deemed to be done within the Restricted Area where their primary purpose is to distribute, sell, supply or otherwise
deal with Restricted Products or Restricted Services in the Restricted Area;

 

		(d)	solicit or induce or endeavour to solicit or induce any person who was a Restricted Employee (and with
whom the Executive had dealings during the Relevant Period) to cease working for or providing services to the Company, whether or not
any such person would thereby commit a breach of contract;

 

		(e)	employ or otherwise engage any Restricted Employee in the business of Restricted Products or Restricted
Services if that business is, or seeks to be, in competition with the Company;

 

		(f)	solicit or induce or endeavour to solicit or induce or approach any Supplier to cease to deal with the
Company and shall not interfere in any way with any relationship between a Supplier and the Company; or

 

		(g)	so as to compete with the Company or reduce the Company’s business, solicit, deal with, or attempt
to solicit or deal with, any key business partners of the Company, including any entity with whom it has entered into a collaboration
agreement (or with whom it is in discussions to enter into a collaboration agreement), and with which entity the Executive has had business
dealings during the Relevant Period or about which the Executive has Confidential Information.

 

		19.3.	Application of restrictive covenants to other Group Companies

 

Clause 19.2 shall also apply as though
references to the “Company” in Clauses 19.1 and 19.2 include references to each Group Company in relation to which the Executive
has in the course of the Employment or by reason of rendering services to or holding office in such Group Company:

 

		(a)	acquired knowledge of its products, services, trade secrets or Confidential Information; or

 

		(b)	had personal dealings with, or Confidential Information about, its Customers or Prospective Customers;
or

 

		(c)	supervised directly or indirectly employees having personal dealings with its Customers or Prospective
Customers;

 

but so that references to the
 “Company” shall for this purpose be deemed to be references to the relevant Group Company. The obligations
undertaken by the Executive pursuant to this Clause 19.3 shall, with respect to each Group Company, constitute a separate and
distinct covenant in favour of and for the benefit of each Group Company and which shall be enforceable either by the particular
Group Company or by the Company on behalf of the Group Company and the invalidity or unenforceability of any such covenant shall not
affect the validity or enforceability of the covenants in favour of any other Group Company.

 

    22 

     

    

 

		19.4.	Effect of suspension on Restricted Period

 

If the Company exercises its right to
suspend the Executive’s duties and powers under Clause 5.2 after notice of termination of the Employment has been given, the aggregate
of the period of the suspension and the Restricted Period shall not exceed 12 months and if the aggregate of the two periods would exceed
12 months, the Restricted Period shall be reduced accordingly.

 

Further undertakings

 

The Executive hereby undertakes
to the Company that he will not at any time:

 

		(a)	during the Employment or after the Termination Date engage in any trade or business outside the Group
or be associated with any person engaged in any trade or business using any trading names used by the Company or any Group Company including
any of the names or incorporating any of the words “Exscientia” or “Kinetic Discovery”;

 

		(b)	after the Termination Date make any public statement in relation to the Company or any Group Company or
any of their directors, officers or employees or any product or service being sold or developed by the Company or any Group Company; or

 

		(c)	after the Termination Date represent or otherwise indicate any association or connection with the Company
or any Group Company or for the purpose of carrying on or retaining any business represent or otherwise indicate any past association
with the Company or any Group Company.

 

		19.5.	Protection of Company reputation

 

The Executive undertakes that, he will
not at any time during the Employment and at any time (without limit) after the Termination Date make or publish or cause to be made or
published to anyone in any circumstances any disparaging remarks concerning the Company or any Group Company or any of its or their respective
shareholders, directors, officers, employees, consultants or agents or any product or service being sold or developed by the Company or
any Group Company. However, this shall not apply to any protected disclosure by the Executive within the meaning of section 43A of the
Employment Rights Act 1996.

 

		19.6.	Employment Offer

 

In the event that the Executive receives
an offer of employment or request to provide services either during the Employment or during the terms of the Restricted Period, the Executive
shall:

 

		(a)	provide immediately to such person, company or other entity making such an offer or request a full and
accurate copy of the Restrictive Covenants set out at Clause 19 of this Agreement; and

 

		(b)	notify the Company within 5 working days of receipt of the offer and the identity of the person, company
or other entity making the offer.

 

    23 

     

    

 

		19.7.	Severance

 

The restrictions in this Clause 19 (on
which the Executive has had the opportunity to take independent advice, as the Executive hereby acknowledges) are separate and severable
restrictions and are considered by the parties to be reasonable in all the circumstances. It is agreed that if any such restrictions,
by themselves, or taken together, shall be adjudged to go beyond what is reasonable in all the circumstances for the protection of the
legitimate interests of the Company or a Group Company but would be adjudged reasonable if some part of it were deleted, the relevant
restriction or restrictions shall apply with such deletion(s) as may be necessary to make it or them valid and enforceable.

 

		20.	RECONSTRUCTION AND AMALGAMATIONS

 

If the Company undergoes any process
of reconstruction or amalgamation (whether or not involving the liquidation of the Company) and the Executive is offered employment by
the successor or proposed successor to the Company or any Group Companies on terms not materially less favourable overall to those under
this Agreement whether as to duties, responsibilities, remuneration or otherwise and the Executive does not accept the offer within one
month of it being made, then the Executive shall have no claim in respect of termination of this Agreement and the Employment.

 

		21.	DISCIPLINARY AND GRIEVANCE PROCEDURE 

 

		21.1.	Disciplinary procedures

 

Any disciplinary action taken in connection
with the Employment will usually be taken in accordance with the Company’s normal disciplinary procedures (which are workplace rules
and not contractually binding) a copy of which is available from the Company’s Human Resources department.

 

		21.2.	Grievance procedure

 

If the Executive wishes to obtain redress
of any grievance relating to the Employment or is dissatisfied with any reprimand, suspension or other disciplinary step taken by the
Company, he shall apply in writing to the chairman of the Board, setting out the nature and details of any such grievance or dissatisfaction.

 

		22.	GENERAL

 

		22.1.	Provisions which survive termination 

 

Any provision of this Agreement which
is expressed or intended to have effect on, or to continue in force after, the termination of this Agreement shall have such effect, or,
as the case may be, continue in force, after such termination.

 

		22.2.	No collective agreements

 

There are no collective agreements
that directly affect the terms and conditions of the Employment.

 

		22.3.	Compliance 

 

The Executive shall comply with the
relevant obligations under prevailing law and regulation, including the Companies Act 2006, the requirements of the Nasdaq Stock Market
and the U.S. Securities and Exchange Commission requirements (in each case to the extent applicable) or other laws applicable to the Parent
and the Company from time to time as may be notified to the Executive.

 

    24 

     

    

 

		23.	DATA PROTECTION AND PRIVACY

 

		23.1.	Data Protection

 

The Company will hold, collect and otherwise
process certain personal data as set out in the Company’s privacy notice, which is in the Company’s Staff Handbook. All personal
data will be treated in accordance with applicable data protection laws and regulations.

 

		24.	AMENDMENTS, WAIVERS AND REMEDIES

 

		24.1.	Amendments

 

No amendment or variation of this Agreement
or any of the documents referred to in it shall be effective unless it is in writing and (other than an alteration in the Basic Salary)
signed by or on behalf of each of the parties.

 

		24.2.	Waivers and remedies cumulative

 

		(a)	The rights of each party under this Agreement:

 

		(i)	may be exercised as often as necessary;

 

		(ii)	are cumulative and not exclusive of its rights under the general law; and

 

		(iii)	may be waived only in writing and specifically.

 

		(b)	Delay in exercising or non-exercise of any right is not a waiver of that right.

 

		(c)	Any right of rescission conferred upon the Company by this Agreement shall be in addition to and without
prejudice to all other rights and remedies available to it.

 

		25.	ENTIRE AGREEMENT

 

		(a)	This Agreement and the documents referred to in it constitute the entire agreement and understanding of
the parties and supersede and extinguish all previous agreements, promises, assurances, warranties, representations and understandings
between the parties, whether written or oral, relating to the subject matter of this Agreement.

 

		(b)	Each party acknowledges that in entering into this Agreement it does not rely on, and shall have no remedies
in respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this
Agreement.

 

		(c)	Each party agrees that it shall have no claim for innocent or negligent misrepresentation or negligent
misstatement based on any statement in this Agreement.

 

		(d)	Nothing in this Clause shall limit or exclude any liability for fraud.

 

    25 

     

    

 

		26.	NO OUTSTANDING CLAIMS

 

The Executive hereby acknowledges that
he has no outstanding claims of any kind against the Company or any Group Company (other than in respect of remuneration and expenses
due to the date of this Agreement but not yet paid).

 

		27.	SEVERANCE

 

If any provision of this Agreement is
or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect:

 

		(a)	the legality, validity or enforceability in that jurisdiction of any other provisions of this Agreement;
or

 

		(b)	the legality, validity or enforceability in any other jurisdiction of that or any other provision of this
Agreement.

 

		28.	NOTICE

 

		28.1.	Notices and deemed receipt

 

Any notice hereunder shall be given
by either party to the other either personally to the Executive or (where notice is to be given to the Company) the Chairman or the Head
of Human Resources or sent in the case of the Company, to its registered office for the time being and, in the case of the Executive,
to his address last known to the Company or sent by email to, in the case of the Company, the Company email address of the Chairman and
the Head of Human Resources and, in the case of the Executive, his Company email address. Any such notice shall be in writing and shall
be given by letter delivered by hand or sent by first class prepaid recorded delivery or registered post or by email transmission. Any
such notice shall be deemed to have been received:

 

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

 

		(b)	in the case of pre-paid recorded delivery or registered post, 48 hours from the date of posting;

 

		(c)	in the case of registered airmail, five days from the date of posting; and

 

		(d)	in the case of email, at the time of transmission;

 

provided that if deemed receipt occurs
before 9am on a business day the notice shall be deemed to have been received at 9am on that day and if deemed receipt occurs after 5pm
on a business day, or on a day which is not a business day, the notice shall be deemed to have been received at 9am on the next business
day. For the purpose of this Clause, “business day” means any day which is not a Saturday, a Sunday or a public holiday in
the place at or to which the notice is left or sent. This clause does not apply to the service of any proceedings or other documents in
any legal action or, where applicable, any arbitration or other method of dispute resolution.

 

		28.2.	Electronic service

 

For the avoidance of doubt,
notice given under this Agreement shall be validly served if sent by email.

 

		29.	GOVERNING LAW AND JURISDICTION

 

		29.1.	Governing law

 

This Agreement is governed
by and to be construed in accordance with English law.

 

		29.2.	Jurisdiction

 

Each party hereby submits to the non-exclusive
jurisdiction of the English courts as regards any claim, dispute or matter arising out of or in connection with this Agreement and its
implementation and effect.

 

    26 

     

    

 

IN WITNESS of which
this Agreement has been executed and delivered as a deed on the first date written above.

 

	EXECUTED as a Deed by EXSCIENTIA AI LIMITED acting by DAVID NICHOLSON	 	

	 	 	Director
	 	 	 
	Witness’s	 	 
	 	 	 
	Signature:	 	 	

	 	 	 
	Full Name:	 	 	

	 	 	 
	Address:	 	 	

	 	 	 	

	 	 	 	

	 	 	 	 
	EXECUTED as a Deed by 

ANDREW HOPKINS in the presence of:	 	

	 	 	 
	Witness’s	 	 
	 	 	 
	Signature:	 	 	

	 	 	 
	Full Name:	 	 	

	 	 	 
	Address:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]