Document:

Exhibit
4.3

 

EXHIBIT
A

 

Form
of Representative’s Warrant Agreement

 

THE
REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER, OR ASSIGN, PLEGDE
OR HYPOTHECATE, OR BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE
ECONOMIC DISPOSITION OF THIS PURCHASE WARRANT OR THE UNDERLYING SECURITIES FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS IMMEDIATELY
FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS
PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE, OR BE THE SUBJECT OF ANY HEDGING, SHORT
SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THIS PURCHASE WARRANT OR
THE UNDERLYING SECURITIES FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS IMMEDIATELY FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW)
TO ANYONE OTHER THAN (I) THINKEQUITY, A DIVISION OF FORDHAM FINANCIAL MANAGEMENT, INC., OR AN UNDERWRITER OR A SELECTED DEALER
IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF THINKEQUITY, A DIVISION OF FORDHAM FINANCIAL MANAGEMENT,
INC., OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER. 

 

THIS
PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [________________] [DATE THAT IS [180 DAYS FROM THE EFFECTIVE DATE OF THE OFFERING].
VOID AFTER 5:00 P.M., EASTERN TIME, [___________________] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING].

 

WARRANT
TO PURCHASE COMMON STOCK 

 

Tiziana
Life Sciences plc

 

	Number
    of American Depositary Shares: _______1	Initial
    Exercise Date: ______, 2020

 

THIS
WARRANT TO PURCHASE ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (the “Warrant”) certifies that,
for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to
the limitations on exercise and the conditions hereinafter set forth, at any time on or after ____, 2020 [THE DATE THAT IS
180 DAYS FROM THE EFFECTIVE DATE (as defined below)] (the “Initial Exercise Date”) and, in accordance with
FINRA Rule 5110(f)(2)(G)(i), prior to at 5:00 p.m. (New York time) on the date that is five (5) years following the Effective
Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from Tiziana Life Sciences
plc, a public limited company incorporated in England and Wales (the “Company”), up to ______ Ordinary Shares
of nominal value of £0.03 each, of the Company (as subject to adjustment hereunder, the “Warrant Shares”),
represented by _____ American Depositary Shares (“ADSs”) as subject to adjustment hereunder, and the ADSs issuable
upon exercise of this Warrant (the “Warrant ADSs”). The purchase price of one Warrant ADSs shall be equal to
the Exercise Price, as defined in Section 2(b).

 

 

 

		1	Equal
to 2% of the aggregate number of ADSs sold in the Offering

 

    Ex. A-1

     

    

 

Section
1. Definitions. In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings
indicated in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

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

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Deposit
Agreement” means the Deposit Agreement dated as of ________, 2019, as amended, among the Company, JPMorgan Chase Bank,
N.A., as Depositary and the owners and holders of ADSs from time to time, as such agreement may be amended or supplemented.

 

“Depositary”
means JPMorgan Chase Bank, N.A, as Depositary under the Deposit Agreement.

 

“Effective
Date” means the effective date of the registration statement pursuant to which this Warrant is initially issued.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Ordinary
Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Ordinary Shares or ADSs, including, without limitation, any debt, preferred stock, right, option, warrant
or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder
thereof to receive, Ordinary Shares or ADSs.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Trading
Day” means a day on which the New York Stock Exchange is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the ADSs and/or the Ordinary Shares are listed or quoted
for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global
Select Market, the New York Stock Exchange or the AIM (or any successors to any of the foregoing).

 

    Ex. A-2

     

    

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed
or quoted on a Trading Market, the daily volume weighted average price of the ADSs for such date (or the nearest preceding date)
on the Trading Market on which the ADSs are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume
weighted average price of an ADSs for such date (or the nearest preceding date) on the OTCQB or OTCQX as applicable, (c) if ADSs
is not then listed or quoted for trading on the OTCQB or OTCQX and if prices for ADSs are then reported in the “Pink Sheets”
published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the
most recent bid price per share of ADSs so reported, or (d) in all other cases, the fair market value of the ADSs as determined
by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company.

  

Section
2. Exercise.

 

a)
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after
the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of
the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books
of the Company) and the Depositary of a duly executed facsimile copy or PDF copy submitted by e-mail of the Notice of Exercise
Form annexed hereto. Within two (2) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate
Exercise Price for the Warrant ADSs specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn
on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable
Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of
guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary, the Holder
shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant ADSs
available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the
Company for cancellation within five (5) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial
exercises of this Warrant resulting in purchases of a portion of the total number of Warrant ADSs available hereunder shall have
the effect of lowering the outstanding number of Warrant ADSs purchasable hereunder in an amount equal to the applicable number
of Warrant ADSs purchased. The Holder and the Company shall maintain records showing the number of Warrant ADSs purchased and
the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within two (2) Business Days
of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason
of the provisions of this paragraph, following the purchase of a portion of the Warrant ADSs hereunder, the number of Warrant
ADSs available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

b)
Exercise Price. The exercise price per ADS under this Warrant shall be $_______2, subject to adjustment
hereunder (the “Exercise Price”).

 

 

		2	125%
of the public Offering price per ADSs in the Offering

 

    Ex. A-3

     

    

 

c)
Cashless Exercise. If at any time on or after the Initial Exercise Date, there is no effective registration statement registering,
or the prospectus contained therein is not available for the issuance of the Warrant ADSs to the Holder, then this Warrant may
also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be
entitled to receive the number of Warrant ADSs equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A)
= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both
executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours”
(as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the
VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is executed
during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until
two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii)
the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice
of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours”
on such Trading Day;

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)
= the number of Warrant ADSs that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant ADSs are issued in such a “cashless exercise,” the parties acknowledge and agree that in accordance with Section
3(a)(9) of the Securities Act, the Warrant ADSs shall take on the registered characteristics of the Warrants being exercised,
and the holding period of the Warrants being exercised may be tacked on to the holding period of the Warrant ADSs.  The
Company agrees not to take any position contrary to this Section 2(c). 

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise
pursuant to this Section 2(c).

 

    Ex. A-4

     

    

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant ADSs Upon Exercise. The Company shall cause its registrar to deposit the Warrant Shares subject to
such exercise with the custodian of JPMorgan Chase Bank, N.A., the Depositary for the ADSs (the “Depositary”),
and cause the Depositary to credit the account of the Holder’s or its designee’s balance account with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant ADSs to
or resale of the Warrant ADSs by Holder, or (B) the Warrant ADSs are eligible for resale by the Holder without volume or manner-of-sale
limitations pursuant to Rule 144 and, in either case, the Warrant ADSs have been sold by the Holder prior to the Warrant ADS Delivery
Date (as defined below), and otherwise by physical delivery of a certificate, registered in the Company’s share register
in the name of the Holder or its designee, for the number of Warrant ADSs to which the Holder is entitled pursuant to such exercise
to the address specified by the Holder in the Notice of Exercise by the date that is two (2) Trading Days after the delivery
to the Company of the Notice of Exercise (such date, the “Warrant ADS Delivery Date”). If the Warrant ADSs
can be delivered via DWAC, the transfer agent shall have received from the Company, at the expense of the Company, any legal opinions
or other documentation required by it to deliver such Warrant ADSs without legend (subject to receipt by the Company of reasonable
back up documentation from the Holder, including with respect to affiliate status) and, if applicable and requested by the Company
prior to the Warrant ADS Delivery Date, the transfer agent shall have received from the Holder a confirmation of sale of the Warrant
ADSs (provided the requirement of the Holder to provide a confirmation as to the sale of Warrant ADSs shall not be applicable
to the issuance of unlegended Warrant ADSs upon a cashless exercise of this Warrant if the Warrant ADSs are then eligible for
resale pursuant to Rule 144(b)(1)). The Warrant ADSs shall be deemed to have been issued, and Holder or any other person so designated
to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant
has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required
to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid. If
the Company fails for any reason to deliver to the Holder the Warrant ADSs subject to a Notice of Exercise by the second Trading
Day following the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as
a penalty, for each $1,000 of Warrant ADSs subject to such exercise (based on the VWAP of the ADS on the date of the applicable
Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages
begin to accrue) for each Trading Day after the second Trading Day following such Warrant ADS Delivery Date until such Warrant
ADSs are delivered or Holder rescinds such exercise. The Company agrees to maintain a depositary that is a participant in the
FAST program so long as this Warrant remains outstanding and exercisable, if applicable.

    

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant ADSs, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant ADSs called for by this Warrant, which new
Warrant shall in all other respects be identical with this Warrant.

 

iii.
Rescission Rights. If the Company fails to cause its Depositary and/or transfer agent to deliver to the Holder the Warrant
ADS pursuant to Section 2(d)(i) by the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise;
provided, however, that the Holder shall be required to return any Warrant ADSs or Ordinary Shares subject to any
such rescinded exercise notice concurrently with the return to Holder of the aggregate Exercise Price paid to the Company for
such Warrant ADSs and the restoration of Holder’s right to acquire such Warrant ADSs pursuant to this Warrant (including,
issuance of a replacement warrant certificate evidencing such restored right).

 

    Ex. A-5

     

    

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause its transfer agent or Depositary to transmit to the Holder the Warrant ADSs pursuant
to an exercise on or before the Warrant ADS Delivery Date, and if after such date the Holder is required by its broker to purchase
(in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, ADSs to deliver in satisfaction
of a sale by the Holder of the Warrant ADSs which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price
(including brokerage commissions, if any) for the ADSs so purchased exceeds (y) the amount obtained by multiplying (1) the number
of Warrant ADSs that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the
price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either
reinstate the portion of the Warrant and equivalent number of Warrant ADSs for which such exercise was not honored (in which case
such exercise shall be deemed rescinded) or deliver to the Holder the number of ADSs that would have been issued had the Company
timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases ADSs having a total
purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of ADSs with an aggregate sale price giving
rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required
to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in
respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver ADSs upon exercise of the Warrant
as required pursuant to the terms hereof.

  

v.
No Fractional Warrant Shares, Warrant ADSs or Scrip. No fractional Warrant Shares or Warrant ADSs shall be issued upon
the exercise of this Warrant. As to any fraction of an ADS which the Holder would otherwise be entitled to purchase upon such
exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal
to such fraction multiplied by the Exercise Price or round up to the next whole ADS.

 

vi.
Charges, Taxes and Expenses. Issuance of Warrant ADSs shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant ADSs, all of which taxes and expenses shall be paid
by the Company, and such Warrant ADSs shall be issued in the name of the Holder or in such name or names as may be directed by
the Holder; provided, however, that in the event that Warrant ADSs are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed
by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer
tax incidental thereto. The Company shall pay all transfer agent and Depositary fees required for same-day processing of any Notice
of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions)
required for same-day electronic delivery of the Warrant ADSs.

 

    Ex. A-6

     

    

 

vii.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

viii.
Signature. This Section 2 and the exercise form attached hereto set forth the totality of the procedures required of the
Holder in order to exercise this Purchase Warrant.  Without limiting the preceding sentences, no ink-original exercise form
shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any exercise form be required
in order to exercise this Warrant.  No additional legal opinion, other information or instructions shall be required of the
Holder to exercise this Warrant.  The Company shall honor exercises of this Warrant and shall deliver Warrant ADSs underlying
this Warrant in accordance with the terms, conditions and time periods set forth herein.

 

e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially
own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number
of Ordinary Shares beneficially owned by the Holder and its Affiliates shall include the number of Ordinary Shares represented
by ADSs issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number
of Ordinary Shares represented by ADSs which would be issuable upon (i) exercise of the remaining, nonexercised portion of this
Warrant beneficially owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted
portion of any other securities of the Company (including, without limitation, any other Ordinary Share Equivalents) subject to
a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of
its Affiliates.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall
be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being
acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section
13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.
To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable
shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates)
and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Ordinary Shares, a Holder
may rely on the number of outstanding Ordinary Shares as reflected in (A) the Company’s most recent Annual Report on Form
20-F, Report on Form 6-K or other public filed with the Commission, as the case may be, (B) a more recent public announcement
by the Company or (C) a more recent written notice by the Company or the Depositary setting forth the number of Ordinary Shares
outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and
in writing to the Holder the number of Ordinary Shares then outstanding.  In any case, the number of outstanding Ordinary
Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant,
by the Holder or its Affiliates since the date as of which such number of outstanding Ordinary Shares was reported. The “Beneficial
Ownership Limitation” shall be 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to
the issuance of Ordinary Shares issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or
decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary
Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase
in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the
Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with
the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the
intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 

  

    Ex. A-7

     

    

 

Section
3. Certain Adjustments.

 

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Ordinary Shares or ADSs or any other equity or equity equivalent
securities payable in Ordinary Shares or ADS (which, for avoidance of doubt, shall not include any ADSs issued by the Company
upon exercise of this Warrant), (ii) subdivides the outstanding Ordinary Shares or ADS into a larger number of Ordinary Shares
or ADSs, as applicable, (iii) combines (including by way of reverse stock split) outstanding Ordinary Shares or ADS into a smaller
number of Ordinary Shares or ADS , as applicable, or (iv) issues by reclassification of Ordinary Shares, ADS or any shares of
capital stock of the Company, as applicable then in each case the Exercise Price shall be multiplied by a fraction of which the
numerator shall be the Ordinary Shares or ADS, as applicable (excluding treasury shares, if any) outstanding immediately before
such event and of which the denominator shall be the Ordinary Shares or ADS, as applicable, outstanding immediately after such
event, and the number of Ordinary Shares or ADS , as applicable issuable upon exercise of this Warrant shall be proportionately
adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section
3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.
For the purposes of clarification, the Exercise Price of this Warrant will not be adjusted in the event that the Company or any
Subsidiary thereof, as applicable, sells or grants any option to purchase, or sell or grant any right to reprice, or otherwise
dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Ordinary Shares or
Ordinary Share Equivalents, at an effective price per share less than the Exercise Price then in effect.

 

b)
[RESERVED]

  

c)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Ordinary Share Equivalents or rights to purchase stock, warrants, securities or other property pro
rata to the record holders of any class of Ordinary Shares or ADSs (the “Purchase Rights”), then the Holder
will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of Ordinary Shares or ADS acquirable upon complete exercise of this Warrant
(without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately
before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken,
the date as of which the record holders of shares of Ordinary Shares or ADSs are to be determined for the grant, issue or sale
of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right
would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Purchase Right to such extent (or beneficial ownership of such Ordinary Shares or ADSs as a result of such Purchase Right
to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its
right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

d)
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend
(other than cash dividends) or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares
or ADSs, by way of return of capital or otherwise (including, without limitation, any distribution of shares or other securities,
property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other
similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such
case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of Warrant ADSs acquirable upon complete exercise of this Warrant (without regard to
any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the
date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders
of shares of Ordinary Shares are to be determined for the participation in such Distribution (provided, however,
to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial
ownership of any shares of Ordinary Shares as a result of such Distribution to such extent) and the portion of such Distribution
shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the
Holder exceeding the Beneficial Ownership Limitation). To the extent that this Warrant has not been partially or completely exercised
at the time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until
the Holder has exercised this Warrant.

 

    Ex. A-8

     

    

 

e)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares (including any Ordinary
Shares underlying ADSs) are permitted to sell, tender or exchange their shares for other securities, cash or property and has
been accepted by the holders of 50% or more of the outstanding Ordinary Shares (including any Ordinary Shares underlying ADSs),
(iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or
recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares is effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other
Person or group acquires more than 50% of the outstanding shares of Ordinary Shares (including any Ordinary Shares underlying
ADSs) (not including any Ordinary Shares or ADSs) held by the other Person or other Persons making or party to, or associated
or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination)
(each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have
the right to receive, for each for each Ordinary Share represented by each Warrant ADS that would have been issuable upon such
exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any
limitation in Section 2(e) on the exercise of this Warrant), the number of shares of capital stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable by holders of the Ordinary Share represented by each Warrant ADS as a result of such Fundamental Transaction for each
share Ordinary Share represented by each Warrant ADS for which this Warrant is exercisable immediately prior to such Fundamental
Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise,
the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the
amount of Alternate Consideration issuable in respect of one Ordinary Share or ADS, as applicable in such Fundamental Transaction,
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of Ordinary Shares or ADSs are given any choice as
to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice
as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company
shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions
of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by
the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver
to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such
Successor Entity (or its parent entity) equivalent to the Ordinary Shares represented by each Warrant ADS acquirable and receivable
upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction,
and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account
the relative value of the Ordinary Shares or ADSs pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of
this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form
and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and
be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring
to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company
and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had
been named as the Company herein.

  

f)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an ADS,
as the case may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a
given date shall be the sum of the number of shares of Ordinary Shares (including Ordinary Shares underlying ADSs, but excluding
treasury shares, if any) issued and outstanding.

 

    Ex. A-9

     

    

 

g)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the
Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant ADSs and setting forth a brief statement of the facts requiring such adjustment.

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Ordinary Shares or ADSs, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of
the Ordinary Shares or ADSs, (C) the Company shall authorize the granting to all holders of the Ordinary Shares or ADSs rights
or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders
of the Company shall be required in connection with any reclassification of the Ordinary Shares or ADSs , any consolidation or
merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any
compulsory share exchange whereby the Ordinary Shares or ADSs is converted into other securities, cash or property, or (E) the
Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then,
in each case, the Company shall cause to be mailed a notice to the Holder at its last address as it shall appear upon the Warrant
Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, stating
(x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants,
or if a record is not to be taken, the date as of which the holders of the Ordinary Shares or ADSs of record to be entitled to
such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it
is expected that holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities,
cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided
that the failure to provide such notice or any defect therein shall not affect the validity of the corporate action required to
be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

  

Section
4. Transfer of Warrant.

 

a)
Transferability. Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant ADSs issued upon exercise of this
Warrant shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative,
put, or call transaction that would result in the effective economic disposition of the securities by any person for a period
of 180 days immediately following the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant
is being issued, except the transfer of any security:

 

i.
by operation of law or by reason of reorganization of the Company;

 

    Ex. A-10

     

    

 

ii.
to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred
remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period;

 

iii.
if the aggregate amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities being
offered;

 

iv.
that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member
manages or otherwise directs investments by the fund, and participating members in the aggregate do not own more than 10% of the
equity in the fund; or

 

v.
the exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section
4(a) for the remainder of the time period.

  

Subject
to the foregoing restriction, any applicable securities laws and the conditions set forth in Section 4(d), this Warrant and all
rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender
of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall
execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant
in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the Holder
delivers an assignment form to the Company assigning this Warrant full. The Warrant, if properly assigned in accordance herewith,
may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable
pursuant thereto.

 

    Ex. A-11

     

    

 

c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

 

d)
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant ADSs issuable upon such exercise, for its own account and not with a view
to or for distributing or reselling such Warrant ADSs or any part thereof in violation of the Securities Act or any applicable
state securities law, except pursuant to sales registered or exempted under the Securities Act.

  

Section
5. Registration Rights.

 

5.1
Demand Registration.

 

5.1.1
Grant of Right. The Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51%
of the Warrants and/or the underlying Warrant ADSs (“Majority Holders”), agrees to register, on one occasion,
all or any portion of the Ordinary Shares underlying ADSs and/or Warrant ADSs underlying the Warrants (collectively, the “Registrable
Securities”). On such occasion, the Company will file a registration statement with the Commission covering the Registrable
Securities within sixty (60) days after receipt of a Demand Notice and use its reasonable best efforts to have the registration
statement declared effective promptly thereafter, subject to compliance with review by the Commission; provided, however,
that the Company shall not be required to comply with a Demand Notice if the Company has filed a registration statement with respect
to which the Holder is entitled to piggyback registration rights pursuant to Section 5.2 hereof and either: (i) the Holder has
elected to participate in the offering covered by such registration statement or (ii) if such registration statement relates to
an underwritten primary offering of securities of the Company, until the offering covered by such registration statement has been
withdrawn or until thirty (30) days after such offering is consummated. The demand for registration may be made at any time during
a period of four (4) years beginning on the Initial Exercise Date. The Company covenants and agrees to give written notice of
its receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Warrants and/or the Registrable Securities
within ten (10) days after the date of the receipt of any such Demand Notice.

 

5.1.2
Terms. The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant
to Section 5.1.1, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected
by the Holders to represent them in connection with the sale of the Registrable Securities. The Company agrees to use its reasonable
best efforts to cause the filing required herein to become effective promptly and to qualify or register the Registrable Securities
in such States as are reasonably requested by the Holder(s); provided, however, that in no event shall the Company be required
to register the Registrable Securities in a State in which such registration would cause: (i) the Company to be obligated to register
or license to do business in such State or submit to general service of process in such State, or (ii) the principal shareholders
of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration
statement filed pursuant to the demand right granted under Section 5.1.1 to remain effective for a period of at least twelve (12)
consecutive months after the date that the Holders of the Registrable Securities covered by such registration statement are first
given the opportunity to sell all of such securities. The Holders shall only use the prospectuses provided by the Company to sell
the Registrable Securities covered by such registration statement, and will immediately cease to use any prospectus furnished
by the Company if the Company advises the Holder that such prospectus may no longer be used due to a material misstatement or
omission. Notwithstanding the provisions of this Section 5.1.2, the Holder shall be entitled to a demand registration under this
Section 5.1.2 on only one (1) occasion and such demand registration right shall terminate on the fifth anniversary of the date
of the Effective Date in accordance with FINRA Rule 5110(f)(2)(G)(iv).

 

    Ex. A-12

     

    

 

5.2
“Piggy-Back” Registration.

 

5.2.1
Grant of Right. In addition to the demand right of registration described in Section 5.1 hereof, the Holder shall have
the right, for a period of no more than two (2) years from the Initial Exercise Date in accordance with FINRA Rule 5110(f)(2)(G)(v),
to include the Registrable Securities as part of any other registration of securities filed by the Company (other than in connection
with a transaction contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or any equivalent
form); provided, however, that if, solely in connection with any primary underwritten public offering for the account
of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of
Registrable Securities which may be included in the registration statement because, in such underwriter(s)’ judgment, marketing
or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated to
include in such Registration Statement only such limited portion of the Registrable Securities with respect to which the Holder
requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made
pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities sought
to be included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities
unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities
in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities.

 

5.2.2
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section
5.2.1 hereof, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by
the Holders to represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration,
the Company shall furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice
prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for
each registration statement filed by the Company during the two (2) year period following the Initial Exercise Date until such
time as all of the Registrable Securities have been sold by the Holder. The holders of the Registrable Securities shall exercise
the “piggy-back” rights provided for herein by giving written notice within ten (10) days of the receipt of the Company’s
notice of its intention to file a registration statement. Except as otherwise provided in this Warrant, there shall be no limit
on the number of times the Holder may request registration under this Section 5.2.2; provided, however, that such registration
rights shall terminate on the second anniversary of the Initial Exercise Date.

 

    Ex. A-13

     

    

 

5.3
General Terms

 

5.3.1
Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration
statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act
or Section 20 (a) of the Exchange Act against all loss, claim, damage, expense or liability (including all reasonable attorneys’
fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which any
of them may become subject under the Securities Act, the Exchange Act or otherwise, arising from such registration statement but
only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the Underwriters
contained in Section 7.1 of the underwriting agreement, dated ___, 2019, by and between the Company and ThinkEquity, a division
of Fordham Financial Management, Inc., as representatives of the underwriters set forth therein (the “Underwriting Agreement”).
The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns,
shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all
reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim
whatsoever) to which they may become subject under the Securities Act, the Exchange Act or otherwise, arising from information
furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration
statement to the same extent and with the same effect as the provisions contained in Section 5.2 of the Underwriting Agreement
pursuant to which the Underwriters have agreed to indemnify the Company.

 

5.3.2
Exercise of Warrants. Nothing contained in this Warrant shall be construed as requiring the Holder(s) to exercise their
Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

5.3.3
Documents Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings
and to each underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an
opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration includes
an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and
(ii) a “cold comfort” letter dated the effective date of such registration statement (and, if such registration includes
an underwritten public offering, a letter dated the date of the closing under the underwriting agreement) signed by the independent
registered public accounting firm which has issued a report on the Company’s financial statements included in such registration
statement, in each case covering substantially the same matters with respect to such registration statement (and the prospectus
included therein) and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial
statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters
in underwritten public offerings of securities. The Company shall also deliver promptly to each Holder participating in the offering
requesting the correspondence and memoranda described below and to the managing underwriter, if any, copies of all correspondence
between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission
or its staff with respect to the registration statement and permit each Holder and underwriter to do such investigation, upon
reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably
necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records
and properties and opportunities to discuss the business of the Company with its officers and independent auditors, all to such
reasonable extent and at such reasonable times as any such Holder shall reasonably request.

 

    Ex. A-14

     

    

 

5.3.4
Underwriting Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any,
selected by any Holders whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter
shall be reasonably satisfactory to the Company. Such agreement shall be reasonably satisfactory in form and substance to the
Company, each Holder and such managing underwriters, and shall contain such representations, warranties and covenants by the Company
and such other terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall
be parties to any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option,
require that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters
shall also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties
to or agreements with the Company or the underwriters except as they may relate to such Holders, their Warrant Shares and their
intended methods of distribution.

 

5.3.5
Documents to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish
to the Company a completed and executed questionnaire provided by the Company requesting information customarily sought of selling
security holders.

 

5.3.6
Damages. Should the registration or the effectiveness thereof required by Sections 5.1 and 5.2 hereof be delayed by the
Company or the Company otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or
other relief available to the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive)
relief against the threatened breach of such provisions or the continuation of any such breach, without the necessity of proving
actual damages and without the necessity of posting bond or other security.

 

Section
5. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i).

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any certificate relating to the Warrant ADSs,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu
of such Warrant or stock certificate.

 

c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next
succeeding Trading Day.

 

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Ordinary
Shares a sufficient number of shares to provide for the issuance of the Warrant ADSs upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant ADSs upon the exercise of the purchase rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant ADSs may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Ordinary
Shares or ADSs may be listed. The Company covenants that all Warrant ADSs which may be issued upon the exercise of the purchase
rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such
Warrant ADSs in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes,
liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue).

 

    Ex. A-15

     

    

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant ADSs above the
amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be
necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant ADSs upon
the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations
under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable or in
the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

e)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be determined in accordance with the provisions of the Underwriting Agreement.

 

f)
Restrictions. The Holder acknowledges that the Warrant ADSs acquired upon the exercise of this Warrant, if not registered,
and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities
laws.

 

g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting
any other provision of this Warrant or the Underwriting Agreement, if the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

h)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the notice provisions of the Underwriting Agreement.

 

    Ex. A-16

     

    

  

i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any Ordinary Shares or ADSs or as a stockholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.

 

j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder or holder of Warrant Shares.

 

l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.

 

m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

********************

 

(Signature
Page Follows)

 

    Ex. A-17

     

    

 

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

 

	 	TIZIANA
    LIFE SCIENCES PLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Ex. A-18

     

    

 

NOTICE
OF EXERCISE

 

	 	TO:	[COMPANY]

_________________________

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

☐
in lawful money of the United States; or

 

☐
if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3)
Please register and issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4) Accredited
Investor. If the Warrant is being exercised via cash exercise, the undersigned is an “accredited investor” as
defined in Regulation D promulgated under the Securities Act of 1933, as amended

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: _______________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity: _________________________________________

 

Name
of Authorized Signatory: ___________________________________________________________

 

Title
of Authorized Signatory: ____________________________________________________________

 

Date:
________________________________________________________________________________

 

    Ex. A-19

     

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR
VALUE RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned
to

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

_______________________________________________________________

 

Dated:
______________, _______

 

Holder’s
Signature: _____________________________

 

Holder’s
Address: _____________________________

 

  _____________________________

 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatsoever. Officers of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.

 

 

 

 

Ex. A-20Exhibit 10.9

 

 

AMENDED AND RESTATED SERVICE: AGREEMENT

 

	(1)	TIZIANA LIFE SCIENCES PLC

 

	(2)	KUNWAR SHAILUBHAI

 

	Dated	11 July 2019

 

     

     

    

 

 

Contents

 

	SERVICE AGREEMENT	1
	1.	Definitions and interpretation	1
	2.	Appointment	3
	3.	Term	3
	4.	Duties	3
	5.	Director Indemnity and Insurance	4
	6.	Hours of work	4
	7.	Place of Work	4
	8.	Expenses	5
	9.	Salary	5
	10.	Bonus	5
	11.	Pension	6
	12.	Share Option and Long Term Incentive Plan	6
	13.	Other Benefits	6
	14.	Holidays	7
	15.	Sickness Absence	7
	16.	Sick Pay	8
	17.	Obligations during Employment	9
	18.	Confidential Information	10
	19.	Intellectual Property	10
	20.	Garden Leave	11
	21.	Payment in lieu of notice	12
	22.	Summary Termination	13
	23.	Reconstruction and Amalgamation	14
	24.	Obligations after Employment	14
	25.	Property	14
	26.	Resignation from Appointments	14
	27.	Suspension	14
	28.	Disciplinary and Dismissal Rules	15
	29.	Grievance	15
	30.	Data Protection	15
	31.	Warranty	16
	32.	Deductions	16
	33.	Power of Attorney	16
	34.	Collective Agreements	16
	35.	Entire Agreement	16
	36.	Third Parties	16
	37.	Releases and waivers	17
	38.	Notices	17
	39.	Variation	17
	40.	Counterparts	17
	41.	Governing law and jurisdiction	17
	Schedule 1	18
	(Post termination restrictions)	18

 

    ii

     

    

 

 

This Agreement is made on                 
11 July 2019

 

Between:

 

	(1)	TIZIANA LIFE SCIENCES PLC (company number: 03508592) whose registered office is at 3rd Floor 11-12 St. James’s Square, London SW1Y 4LB, United Kingdom (the “Company”); and

 

	(2)	KUNWAR SHAILUBHAI of 313 Rowland Lane, Line Lexington, PA 18932, USA (“You”). It is agreed as follows:

 

	1.	Definitions and interpretation

 

	1.1	In this Agreement, unless the context otherwise requires:

 

“Agreement”
means this Agreement (including any schedule or annexure to it).

 

“Board” means
the board of directors of the Company from time to time and includes any committee of the Board duly appointed by it.

 

“Businesses”
means the development of therapeutics and diagnostics for cancers and immune diseases and any trade or other commercial activity
which is carried on by the Company and/or any Group Company, or which the Company and/or any Group Company shall have determined
to carry on with a view to profit in the immediate or foreseeable future. “Commencement Date” means 16 January
2019.

 

“Confidential Information”
means any trade secrets or other information which is confidential, commercially sensitive and is not in the public domain relating
or belonging to the Company and/or any Group Company including but not limited to:

 

	 	(a)	information relating to the business methods, corporate plans, management systems, finances, new business opportunities, research and development projects, marketing or sales of any past, present or future product or service;

 

	 	(b)	secret formulae, processes, inventions, designs, know-how discoveries, technical specifications and other technical information relating to the creation, production or supply of any past, present or future product or service of the Company and/or any Group Company;

 

	 	(c)	lists or details of customers, potential customers or suppliers or the arrangements made with any customer or supplier; and

 

	 	(d)	any information in respect of which the Company and/or any Group Company owes an obligation of confidentiality to any third party.

 

“Duties” means
your duties as referred to in clause 4.

 

“Employment”
means your period of employment under this Agreement which shall be deemed to include any period of garden leave served under clause
20.

 

“Group Companies”
or “Group” means the Company, Rasna Therapeutics Inc. and any holding company or any parent company or
any subsidiary or subsidiary undertaking of the Company, Rasna Therapeutics Inc. or such companies, as such terms are defined in
s 1159, s 1162 (together with Schedule 7 and the definition of “parent company” in s 1173), s 1161 and Schedule 6 of
the Companies Act 2006, and “Group Company” means any of them.

 

    1

     

    

 

 

“HMRC” means
Her Majesty’s Revenue and Customs.

 

“Holiday Year”
means the period 1 January to 31 December or such other period of one year as the Company may notify to you in writing from
time to time.

 

“Invention” means
any know how, technique, process, improvement, invention or discovery (whether patentable or not) which you (whether alone or with
any other person) make, conceive, create, develop, write, devise or acquire at any time during your Employment and which relates
or could relate directly or indirectly to the Businesses.

 

“Material Interest”
means:

 

	 	(a)	the holding of any position (whether employed or engaged) or the provision of services as director, officer, employee, consultant, adviser, partner, principal, agent or volunteer;

 

	 	(b)	the direct or indirect control or ownership (whether jointly or alone) of any shares (or any voting rights attached to them) or debentures save for the ownership for investment purposes only of not more than 5 per cent of the issued ordinary shares of any company whose shares are listed on any Recognised Exchange; or

 

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

 

“Model Code” means
the Model Code on directors’ dealings in securities set out in the Listing Rules contained in the FCA handbook, as amended
or replaced from time to time.

 

“Pension Scheme”
means the scheme referred to in clause 11.

 

“Recognised Exchange”
means any of a recognised investment exchange (as defined in s 285 Financial Services and Markets Act 2000 (“FSMA”)),
an overseas investment exchange (as defined in s 313 FSMA), or a relevant market (as defined in article 37 FSMA 2000 (Financial
Promotion) Order 2005.

 

“Schemes” means
such schemes as the Company may operate from time to time, which you are eligible to participate in and which are referred to in
clause 13.1.

 

“Termination Date”
means the date on which the Employment terminates.

 

“Works” means
all works including without limitation all copyright works or designs originated, conceived, developed or written by you alone
or with others during the Employment which relate to or could relate to the Businesses.

 

	1.2	In this Agreement, unless the context otherwise requires:

 

	 	(a)	words in the singular include the plural and vice versa and words in one gender include any other gender;

 

	 	(b)	a reference to a statute or statutory provision includes:

 

	 	(i)	any subordinate legislation (as defined in Section 21(1), Interpretation Act 1978) made under it; and

 

	 	(ii)	any statute or statutory provision which modifies, consolidates, re-enacts or supersedes it;

 

    2

     

    

 

 

	 	(c)	a reference to:

 

	 	(i)	a “person” includes any individual, firm, body corporate, association or partnership, government or state (whether or not having a separate legal personality);

 

	 	(ii)	clauses and schedules are to clauses and schedules of this Agreement and references to sub-clauses and paragraphs are references to sub-clauses and paragraphs of the clause or schedule in which they appear; and

 

	 	(iii)	“indemnify” and “indemnifying” any person against any circumstance include indemnifying and keeping him harmless from all actions, claims and proceedings from time to time made against him and all loss or damage and all payments (including fines, penalties and interest, costs or expenses) made or incurred by that person as a consequence of or which would not have arisen but for that circumstance;

 

	 	(d)	Except where otherwise stated, words and phrases defined in the City Code on Take- overs and Mergers or in the Companies Act 2006 have the same meaning in this Agreement.

 

	2.	Appointment

 

The Company appoints you and
you agree to serve as Chief Executive Officer (“CEO”) and Chief Scientific Officer (“CSO”)
of the Company or such other position as the Company may reasonably require from time to time on the terms of this Agreement.

 

	3.	Term

 

	3.1	Your Employment with the Company shall be deemed to have commenced on the Commencement Date. No previous employment shall count as part of your continuous period of employment nor shall your prior (and continuing directorship of the Company.

 

	3.2	Subject to the terms of this Agreement, your Employment shall continue until terminated by either party giving to the other not less than 12 months’ prior written notice.

 

	4.	Duties

 

	4.1	You shall carry out such duties as attach to your office of Chief Executive Office and Chief Scientific Officer and any other duties for the Company and/or any Group Company which the Board assigns to you from time to time. It is agreed that your duties shall also extent to as Chief Executive Officer of the Company; it being agreed that this additional appointment is included in the scope of your duties and compensation and the Board may at any time either terminate this aspect of your duties at any time, or, with your consent, make such role a permanent part of your duties, but so that no termination or confirmation shall give rise to any termination or this Agreement either expressly or by implication and no termination of the role of Chief Executive Officer shall give rise to any right of compensation for loss of office.

 

	4.2	Without additional remuneration, you shall accept and hold for such period(s) as specified by the Board, any office(s) including any post(s) as director, trustee, nominee and/or representative of the Company and/or any Group Company.

 

	4.3	Subject to the terms of this Agreement, you shall:

 

	 	(a)	devote such of your working time and attention to the Employment hereunder as may be agreed with the Board from time to time;

 

	 	(b)	perform the Duties faithfully and diligently and exercise such powers consistent with those Duties as are assigned to or vested in you by the Company and/or any Group Company and in all cases you shall do so jointly with any person(s) appointed by the Board from time to time;

 

    3

     

    

 

 

	 	(c)	comply with all common law, fiduciary and statutory duties to the Company and any Group Company, including, but not limited to the seven statutory duties set out in s 171 - 177 Companies Act 2006, so far as they are in force;

 

	 	(d)	obey all lawful and reasonable directions of the Board;

 

	 	(e)	observe in form and spirit such restrictions or limitations as may from time to time be imposed by the Board;

 

	 	(f)	implement and observe in form and spirit any relevant Company and/or Group Company policy, procedures, rules and regulations (whether formal or informal);

 

	 	(g)	use your best endeavours to foster the Company’s interests and save where this causes a conflict with the Company’s interests, those of its other Group Companies;

 

	 	(h)	report to the Board any relevant wrongdoing (including any misconduct or dishonesty) whether committed, contemplated or discussed by any director, employee or worker of the Company and/or any Group Company of which you are aware and irrespective of whether this may involve any degree of self-incrimination; and

 

	 	(i)	keep the Board properly and fully informed in such manner prescribed (with explanations where requested) of your compliance with the Duties and the affairs of the Company and/or any Group Company.

 

	5.	Director Indemnity and Insurance

 

	5.1	The Company shall indemnify and keep you indemnified from any liability incurred by you for negligence, default, breach of duty or breach of trust in relation to the affairs of the Company to the extent permitted by the Companies Act 2006 (as amended) and the Company’s articles of association from time to time. If the Company’s articles of association are amended at any time to preclude the Company providing this indemnity to you, the Company shall indemnify and keep you indemnified in respect of any liability incurred by you as a result.

 

	5.2	The Company may also, to the extent permitted by the Companies Act 2006 (as amended), fund your expenditure on defending proceedings brought under the heads of liability set out in clause 5.1 above.

 

	5.3	The provisions of this indemnity shall survive the termination of this Agreement howsoever caused, but in relation to each head of liability set out in paragraph 5.1 above, shall automatically terminate and no longer be of any force or effect upon the expiration of the relevant limitation period for bringing a claim under that head.

 

	5.4	Directors’ and officers’ liability insurance is provided for all directors of the Company. The current indemnity limit is £20,000,000. Further details of this insurance can be obtained from the company secretary.

 

	6.	Hours of work

 

You shall work such hours as
may be necessary for the proper discharge of your Duties. You agree that your employment falls within Regulation 20 of the Working
Time Regulations 1998.

 

	7.	Place of Work

 

	7.1	Your principal place of work shall be at the offices of the Company’s subsidiary in the United States of America at 3805 Old Easton Road, Doylestown, PA The Company reserves the right to change your principal place of work on giving reasonable prior notice to you.

 

	7.2	You shall travel to and work on a temporary basis from such locations within and outside of the United States of America and Europe as the Board may reasonably require. There is no current requirement for you to work outside the United States of America for any consecutive period of one month or more.

 

    4

     

    

 

  

	8.	Expenses

 

	8.1	The Company will reimburse to you (or as the case may be procure the reimbursement of) all expenses wholly, properly and necessarily incurred by you in the performance of the Duties subject to production within 30 days of the expense being incurred of such receipts or other evidence of expenditure as the Company may reasonably require and in accordance with the Company’s policy on expenses in force from time to time.

 

	8.2	If you are provided with any credit or charge card by the Company, you must take good care of it and use it solely for expenses incurred by you in carrying out the Duties and in accordance with any applicable Company policy. The loss of any such card must be reported immediately to the Company and it must be returned to the Company immediately upon request.

 

	9.	Salary

 

	9.1	You will be paid a salary of $600,000 per annum (on the basis that your Duties will involve working hours of 100% of a full-time position but otherwise subject to adjustment to be agreed with the Board), subject to deduction of such tax and national insurance and/or social security contributions as the Company is required by law to deduct and which is inclusive of any fees you are entitled to as a director of the Company and/or any Group Company.

 

	9.2	Your salary will accrue from day to day and is payable in equal monthly instalments of $50,000 in arrears on or about the last working day of each month, directly into a bank or building society account nominated by you.

 

	9.3	Your salary will be reviewed by the Board on or about 28 February each year, save where you are working under notice of termination. There is no obligation on the Board to increase your salary. Any increase awarded will be effective from the date specified by the Board.

 

	9.4	The Company may, in its absolute discretion, pay additional remuneration to you, whether by way of bonus or otherwise. Any such payment shall not form part of your salary for the purposes of this clause 9.

 

	10.	Bonus

 

	10.1	The Company may award you a bonus of such amount and subject to such conditions (including, but not limited to, conditions for and timing of payment, subject to clause 10.5) as the Board may in its absolute discretion determine from time to time. It is expected that that bonus eligibility will be equal to 35% of the salary figure set out in clause 9.1. The Board reserves the right to award a nil bonus.

 

	10.2	Any bonus awarded to you shall be purely discretionary, shall not form part of your contractual remuneration under this Agreement and shall not be pensionable. The making of an award shall not oblige the Company to make any subsequent bonus awards.

 

	10.3	Notwithstanding clause 10.1, you shall have no right to be awarded or where an award has been made, paid a bonus (pro rata or otherwise) if:

 

	 	(a)	you are subject to any capability and/or disciplinary procedures; and/or

 

	 	(b)	your employment has terminated (whether lawfully or unlawfully) or you are under notice of termination (whether given by you or the Company).

 

	10.4	If you have been notified that you are under investigation in accordance with our disciplinary or capability procedure then your eligibility to be considered for a discretionary bonus will be postponed pending the conclusion of any such investigation and any subsequent disciplinary hearing or capability meeting.

 

    5

     

    

 

 

	10.5	Any earned bonus will be paid in accordance with the Company’s bonus payment practices in effect from time to time for senior executives of the Company, but no later than March 15 of the calendar year immediately following the calendar year for which the bonus is being measured. The bonus will be subject to such conditions (including, but not limited to, conditions based on

 

	10.6	your performance and that of the Company and conditions relating to the timing of payment) as the Company may in its absolute discretion determine from time to time. The Company reserves the right to award a nil payment and the making of an award shall not oblige the Company to make any subsequent awards. You shall have no right to be awarded or where an award has been made, paid any bonus (pro rata or otherwise) if your employment has terminated.

 

	11.	Pension

 

	11.1	The Company will comply with the employer pension duties in accordance with part 1 of the Pensions Act 2008.

 

	11.2	A contracting out certificate is not in force in respect of the Employment.

 

	12.	Share Option and Long Term Incentive Plan

 

	12.1	The terms of the Employment shall not be affected in any way by your participation or entitlement to participate in any long term incentive plan or share option scheme. Such schemes and/or plans shall not form part of the terms of the Employment ( express or implied).

 

	12.2	In calculating any payment, compensation or damages on the termination of the Employment for whatever reason (whether lawful or unlawful) which might otherwise be payable to you, no account shall be taken of your participation in any such schemes and/or plans referred to in clause 12.1 or any impact upon participation such termination may have.

 

	13.	Other Benefits

 

	13.1	Subject to clauses 13.2 to 13.7 below, you shall be entitled to participate in such benefit schemes as the Company may operate from time to time and in which you are eligible to participate including:

 

	 	(a)	the permanent health insurance scheme;

 

	 	(b)	the life assurance scheme; and

 

	 	(c)	the private medical expenses insurance scheme.

 

	13.2	The Company will agree with you as regards how participation is shared between the Company’s Schemes and those of Rasna Therapeutics Inc.

 

	13.3	Participation and entitlement to benefits under any of the Schemes is subject to:

 

	 	(a)	the terms of the relevant Scheme as amended from time to time;

 

	 	(b)	the rules or policies as amended from time to time of the relevant Scheme provider;

 

	 	(c)	acceptance by the relevant Scheme provider; and

 

	 	(d)	satisfaction of the normal underwriting requirements of the relevant Scheme provider and the premium being at a rate which the Company considers reasonable.

 

    6

     

    

 

 

	13.4	The Company shall only be obliged to make any payment under any Scheme where it has received payment from the relevant Scheme provider for that purpose. If a Scheme provider refuses to provide any benefit to you, whether based on its own interpretation of the terms and/or rules of the relevant Scheme or otherwise, the Company shall not be liable to provide you with any replacement benefit whatsoever or pay any compensation in lieu of such benefit.

 

	13.5	The Company, in its absolute discretion, reserves the right to discontinue, vary or amend any of the Schemes (including the provider and/or level of cover provided under any Scheme) at any time on reasonable notice to you.

 

	13.6	Any other benefit provided to you shall, unless otherwise agreed in writing, be at the absolute discretion of the Company who may, at any time, withdraw or vary the terms of any such benefit as it sees fit.

 

	13.7	You agree that the Company shall be under no obligation to continue this Agreement and the Employment so that you continue to receive benefits under this Agreement. In particular, you agree that the Company may terminate the Employment notwithstanding any rights which you may have to participate in and/or obtain benefits under any permanent health insurance scheme which the Company operates from time to time. You agree that you shall have no entitlement to compensation or otherwise from the Company and/or any Group Company for the loss of any such entitlements and/or benefits.

 

	14.	Holidays

 

	14.1	In addition to the usual public or bank holidays in England and Wales, you are entitled to 20 working days’ paid holiday in each Holiday Year (pro rated to the nearest half day for the Holiday Year in which the Employment commences and terminates) and pro rated according to the scope of your hours as compared to a full time employee.

 

	14.2	Holiday must be taken at such times as are agreed with the Board. On giving at least 5 days’ notice, the Company may require you to take any accrued but untaken holiday where you are under notice of termination (including where you are on garden leave pursuant to clause 20).

 

	14.3	You may carry forward 5 working days’ holiday to the next Holiday Year with the consent of the Board and provided that such holiday is used by 31 March in the next Holiday Year. Save as provided for in clause 14.4 no payment in lieu will be made of any unused holiday entitlement in any Holiday Year.

 

	14.4	On termination of the Employment:

 

	 	(a)	you will be entitled to pay in lieu of any accrued but untaken holiday entitlement; or

 

	 	(b)	you will be required to repay to the Company any salary received for holiday taken in excess of your accrued entitlement (which you agree may be deducted from any payments, including salary, due to you from the Company).

 

Any payment or repayment pursuant
to this clause will be calculated on the basis of 1/260 of your salary payable pursuant to clause 9 for each day of holiday. It
will not be calculated on any entitlement to bonus, commission, allowance or other payment.

 

	15.	Sickness Absence

 

	15.1	If you are unable to perform the Duties due to sickness or injury, you must comply with the Company’s sickness policy from time to time in force.

 

	15.2	If at any time in the reasonable opinion of the Board you are unable to perform all or part of the Duties, you will at the request and expense of the Company:

 

	 	(a)	consent to an examination by a doctor nominated by the Company; and

 

	 	(b)	authorise the doctor to disclose to and discuss with the Company, his or her report (including copies) of the examination and your fitness for work.

 

    7

     

    

 

 

	15.3	The Company is entitled to rely on the reasonable opinion of any doctor engaged to examine you under clause 15.2 as to your fitness for work. Where such doctor considers you to be unfit for work, you are not entitled to receive any payment in excess of any sick pay entitlement pursuant to clause 16.

 

	16.	Sick Pay

 

	16.1	Subject to compliance with clause 15 and clauses 16.2 and 16.5 below, you will be entitled to your salary (pursuant to clause 9.1) and, subject to the rules of any applicable scheme, any contractual benefits for a total of 45 days absence in any period of 12 consecutive months and after that such remuneration or benefits (if any) as the Board may in its absolute discretion determine from time to time. Any payment made to you under this clause is inclusive of your entitlement (if any) to statutory sick pay or any pay required under applicable United States federal, state, or local law (in either case. for which your qualifying days are Monday to Friday).

 

	16.2	Where your absence(s) exceed(s) 45 days in any period of 12 consecutive months, you shall have no entitlement to any remuneration or benefits pursuant to clause 16.1 (whether or not the Board has exercised its discretion to provide any additional remuneration or benefits for any absence(s) in excess of the 45 days referred to in that clause) until you have returned to work and remained at work for a continuous period of 13 weeks, unless required by applicable United States federal, state, or local law.

 

	16.3	At the absolute discretion of the Company no sick pay, except for any statutory sick pay or any pay required under applicable United States federal, state, or local law, will be payable in respect of any period where:

 

	 	(a)	any hearing is pending which relates to any aspect of your conduct or performance or redundancy and which could result in the imposition of a warning, dismissal or other sanction (including any performance measure); or

 

	 	(b)	you refuse to consent to:

 

	 	(i)	a medical examination at any time by a doctor appointed by the Company; and/or

 

	 	(ii)	the provision of your medical records to that doctor; and/or

 

	 	(iii)	the results of such examination being disclosed to the Company and the Company discussing such results with the relevant where the examination is germane to your ability to perform the Duties.

 

	 	(c)	You refuse upon request:

 

	 	(i)	to obtain a medical certification from your GP or another person responsible for your clinical care; and/or

 

	 	(ii)	to provide this certification to the Company.

 

	16.4	For the purpose of clauses 16.1 and 16.3, any delay by the Company in terminating the provision of sick pay and/or any other remuneration and/or benefits will not constitute a waiver of its right to do so.

 

    8

     

    

 

  

	16.5	If your sickness or injury is or appears to be caused by the negligence, nuisance or breach of any statutory duty of a third party, in respect of which damages are or may be recoverable you shall:

 

	 	(a)	immediately notify the Board of all relevant facts and of any claim, compromise, settlement or judgement made or awarded in connection with it and all relevant particulars that the Board may reasonably require; and

 

	 	(b)	if required by the Board, refund to the Company that part of any damages or compensation recovered by you relating to your loss of earnings for the period of sickness or injury as the Board reasonably determines provided that the amount to be refunded shall not exceed the total amount paid to you by the Company in respect of the period of sickness or injury.

 

	16.6	This clause 16 is without prejudice and does not limit in anyway the Company’s right to terminate your employment pursuant to this Agreement.

 

	16.7	This clause 16 shall be interpreted and applied consistent with all applicable laws, including but not limited to the Americans with Disabilities Act and the Family and Medical Leave Act (if applicable).

 

	17.	Obligations during Employment

 

	17.1	Save with the prior written permission of the Board, you shall not during your employment (whether during or outside normal working hours):

 

	 	(a)	hold any Material Interest in any person which:

 

	 	(i)	is or shall be wholly or partly in competition with any of the Businesses;

 

	 	(ii)	impairs or might reasonably be thought by the Company to impair your ability to act at all times in the best interests of the Company and/or any Group Company; and/or

 

	 	(iii)	requires or might reasonably be thought by the Company to require you to make use of or disclose any Confidential Information to further your interests in that person;

 

	 	(b)	take any preparatory steps to become engaged or interested in any capacity whatsoever in any business or venture which is in or is intended to enter into competition with any of the Businesses;

 

	 	(c)	carry out any public or private work other than the Duties (whether for profit or otherwise);

 

	 	(d)	directly or indirectly receive in respect of any goods or services sold or purchased or any other business transacted (whether or not by you) by or on behalf of the Company and/or any Group Company any discount, rebate, commission or other inducement (whether in cash or in kind) which is not authorised by the relevant Company and/or Group Company rules or guidelines. You will account to the Company for the value of any such inducement,

 

provided that it is expressly agreed
that you may continue to consult to Synergy Pharmaceuticals Inc.

 

	17.2	You shall observe relevant rules of law, requirements, recommendations, rules and regulations (as amended from time to time) of the London Stock Exchange pie or any other Recognised Exchange, the Model Code and/or the FSMA and the Company guidelines/codes relating to dealings in shares, debentures or other securities of the Company and/or any Group Company. In relation to overseas dealing you shall observe all laws and all regulations of the stock exchange, market or dealing system in which country or state such dealings take place.

 

    9

     

    

 

 

	18.	Confidential Information

 

	18.1	You shall not either during the Employment or at any time after its termination (howsoever arising), directly or indirectly, use, disclose or communicate to any person whatsoever, and shall use your best endeavours to prevent the publication or disclosure of, any Confidential Information.

 

	18.2	Clause 18.1 does not apply to:

 

	 	(a)	any use or disclosure in the proper performance of the Duties, as authorised by the Board and/or as required by law;

 

	 	(b)	any information which is already in or comes into the public domain other than through your unauthorised disclosure; and/or

 

	 	(c)	any protected disclosure within the meaning of s43A Employment Rights Act 1996 provided, where at the relevant time you are employed by the Company, you have fully complied with the Company’s procedures relating to such disclosures.

 

	19.	Intellectual Property

 

	19.1	You shall promptly disclose to the Company full details of any Invention and/or Works (including, without limitation, any and all computer programs, photographs, plans, records, drawings and models) which you (whether alone or with any other person) make, conceive, create, develop, write, devise or acquire at any time during the Employment and which relates or could relate directly or indirectly to the Businesses. You shall treat all Inventions and Works as Confidential Information of the Company and/or any Group Company.

 

	19.2	To the extent not already vested in the Company and/or any Group Company by operation of law, you:

 

	 	(a)	shall hold any Invention and/or Work on trust for the Company and/or any Group Company until any rights to such Invention and/or Work have been fully and absolutely vested in the Company in accordance with the remaining provisions of this clause 19;

 

	 	(b)	shall subject to clauses 39-43 of the Patents Act 1977 assign to the Company all patents and rights to apply for patents or other appropriate forms of protection in each Invention throughout the world;

 

	 	(c)	hereby assign by way of present and future assignment all copyright, design rights and other proprietary intellectual property rights (if any) for their full terms throughout the world in respect of the Works.

 

	 	(d)	shall execute any document necessary to assign to the Company any rights referred to under this clause 19 and at the request and expense of the Company, do all things necessary or desirable (including entering into any agreement that the Company reasonably requires) to vest such rights in the Company including without limitation applying and joining in with the Company in applying for any protection for or registration of any such rights to enable the Company and/or any Group Company and/or its or their nominee to obtain the full benefit and/or substantiate the rights of the Company and/or any Group Company under paragraphs (a), (b) and (c).

 

	19.3	You acknowledge and agree that the patenting and exploitation of any Invention shall be at the sole discretion of the Company.

 

	19.4	You irrevocably and unconditionally waive in favour of the Company and/or any Group Company any and all moral rights conferred on you by Chapter IV, Part I, Copyright Designs and Patents Act 1988 and any other moral rights provided for under the laws now or in future in force in any part of the world for any Work the rights in which are vested in the Company whether by clause 19.2 or otherwise.

 

    10

     

    

 

 

	19.5	You irrevocably appoint the Company to be your attorney in your name and on your behalf to execute documents, use your name and do all things which are necessary or desirable for the Company to obtain for itself or its nominee the full benefit of this clause. A certificate in writing, signed by any director or the secretary of the Company, that any instrument or act falls within the authority conferred by this Agreement shall be conclusive evidence that such is the case so far as any third party is concerned.

 

	20.	Garden Leave

 

	20.1	During any period of notice to terminate the Employment (whether given by you or the Company), or if you purport to terminate the Employment in breach of this Agreement, the Board may for all or part of that period, in its absolute discretion (and notwithstanding any other provisions of this Agreement) require you:

 

	 	(a)	to perform only such of the Duties as it may allocate to you or such other projects or duties as may be required (whether or not they fall within clause 4);

 

	 	(b)	not to perform any of the Duties;

 

	 	(c)	not to have any contact (other than purely social contact) or deal with (or attempt to contact or deal with) any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other business contact of the Company and/or any Group Company save as determined by the Board;

 

	 	(d)	to disclose to the Board any attempted contact (other than purely social contact) with any person with whom you have been required not to have any contact pursuant to this clause;

 

	 	(e)	to take any accrued holiday entitlement (in accordance with clause 14.2);

 

	 	(f)	not to enter any premises of the Company and/or any Group Company nor to visit the premises of any suppliers and/or customers of the Company and/or any Group Company;

 

	 	(g)	to return as requested by the Board any mobile telephone handset, SIM card, laptop computer and/or any other Company and/or Group Company property, including Confidential Information, the Board may require; and/or

 

	 	(h)	to resign immediately from any offices you hold in the Company and/or any Group Company.

 

	20.2	You agree that any action taken on the part of the Company and/or any Group Company pursuant to clause 20.1 shall not constitute a breach of this Agreement of any kind whatsoever nor will you have any claim against the Company and/or any Group Company in respect of such action.

 

	20.3	Without prejudice to any other terms of this Agreement and save as expressly agreed otherwise in clause 20.1 above, during any period in which action is taken on the part of the Company and/or any Group Company pursuant to clause 20.1:

 

	 	(a)	you shall continue to be entitled to your salary and contractual benefits save that, should you work for any other person or on your own account and fail to be available for work at any time, your right to salary and contractual benefits in respect of such period of non-availability shall be forfeit, notwithstanding any other provision of this Agreement;

 

    11

     

    

 

 

	 	(b)	you shall owe a duty of utmost good faith to the Company and/or any Group Company; and

 

	 	(c)	you shall remain an employee of the Company and be bound by the terms and conditions of this Agreement. In particular, you agree that you will not work for any other person or on your own account and save, during any periods of holiday taken under this Agreement, you shall remain readily contactable and available to work for the Company and/or any Group Company.

 

	21.	Payment in lieu of notice

 

	21.1	The Company may in its absolute discretion, terminate the Employment at any time with immediate effect and pay you a sum equal to the basic salary you would have received during your notice period pursuant to clause 9.1 (or, if notice has already been given, during the remainder of the notice period) less income tax and National Insurance contributions (“Payment in Lieu”). The Payment in Lieu shall not include any payment in respect of:

 

	 	(a)	any bonus or commission payments that might otherwise have been paid to you during the period for which the Payment in Lieu is made;

 

	 	(b)	benefits which you would have been entitled to receive during the period for which the Payment in Lieu is made; or

 

	 	(c)	any holiday entitlement that would have accrued to you during the period for which the Payment in Lieu is made.

 

	21.2	The Company will make any payment pursuant to clause 21.1, at its absolute discretion, either within 28 days of the termination of your employment or in equal monthly instalments in arrears until the date on which the period of notice referred to in clause 21.1 would have expired.

 

	21.3	You shall have no right to receive a Payment in Lieu unless the Company has exercised its discretion in clause 21.1. Nothing in this clause 21 shall prevent the Company from terminating your Employment in breach.

 

	21.4	If having elected to make a Payment in Lieu but either before or after the payment (or any instalment of it) is made, it comes to the Company’s attention that it may have been entitled to terminate your employment summarily for a reason within clause 23 or otherwise, then the Company reserves the right not to make the Payment in Lieu (or any outstanding instalment of it) and/or to demand the immediate repayment of it or any instalment which has already been paid.

 

	21.5	Notwithstanding anything to the contrary herein, the following provisions apply to the extent the Payment in Lieu of notice provided herein is subject to Section 409A of the Internal Revenue Code (the “Code”) and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”). The Payment in Lieu shall not commence until the you have had a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “separation from service”). Each installment of the Payment in Lieu is a separate “payment” for purposes of Treas. Reg. Section 1.409A-2(b)(2)(i), and the Payments in Lieu are intended to satisfy the exemptions from application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). However, if such exemptions are not available and you are, upon separation from service, a “specified employee” for purposes of Section 409A, then, solely to the extent necessary to avoid adverse personal tax consequences under Section 409A, the timing of the Payments in Lieu shall be delayed until the earlier of (i) six (6) months and one day after your separation from service, (ii) your death or (iii) such earlier date as permitted under Section 409A without the imposition of adverse taxation. Upon the first business day following the expiration of such applicable Section 409A period, all payments deferred pursuant to this paragraph shall be paid in a lump sum to you, and any remaining payments due shall be paid as otherwise provided herein or in the applicable agreement. No interest shall be due on any amounts so deferred. The parties acknowledge that the exemptions from application of Section 409A to the Payments in Lieu are fact specific, and any later amendment of this Agreement to alter the timing, amount or conditions that will trigger payment of the Payments in Lieu may preclude the ability of the Payments in Lieu provided under this Agreement to qualify for an exemption. To the extent that the Payments in Lieu or other benefits are deferred compensation under Section 409A, and are not otherwise exempt from the application of Section 409A, then, if the period during which you may consider and sign the Release spans two calendar years, the payment of such severance payments and benefits will not be made or begin until the later calendar year. It is intended that this Agreement shall comply with the requirements of Section 409A, and any ambiguity contained herein shall be interpreted in such manner so as to avoid adverse personal tax consequences under Section 409A. Notwithstanding the foregoing, the Company shall in no event be obligated to indemnify you for any taxes or interest that may be assessed by the Internal Revenue Service pursuant to Section 409A of the Code to payments made pursuant to this Agreement.

 

    12

     

    

 

 

	22.	Summary Termination

 

	22.1	The Company may terminate the Employment at any time, without notice or pay in lieu of notice, and with no liability to make any further payment to you, save for the amounts accrued due to the Termination Date, if:

 

	 	(a)	you commit any act of gross misconduct;

 

	 	(b)	your conduct {whether or not it occurs during or in the context of the Employment) is such that it may in the reasonable opinion of the Board bring the Company and/or any Group Company into disrepute and/or is calculated or likely prejudicially to affect the interests of the Company and/or any Group Company;

 

	 	(c)	you are negligent and/or incompetent in the reasonable opinion of the Board in the performance of your Duties;

 

	 	(d)	you commit any serious or repeated breach of this Agreement;

 

	 	(e)	you are convicted of any criminal offence (other than an offence under the road traffic legislation in the United Kingdom or abroad for which you are not sentenced to any term of imprisonment, whether immediate or suspended);

 

	 	(f)	you commit any act of fraud or dishonesty or corrupt practice or a breach of the Bribery Act 2010 relating to the Company and/or any Group Company, any of its or their employees, customers or otherwise;

 

	 	(g)	you become prohibited by law from being a director, you are removed from office of director pursuant to the Company’s articles of association or you resign as a director other than with the prior written approval or at the written request of the Board or pursuant to clause 26;

 

	 	(h)	you become of unsound mind or a patient for the purposes of any statute relating to mental health so that in the opinion of the Board you are unable to perform your Duties;

 

	 	(i)	a bankruptcy petition is presented against you or you become bankrupt or an interim order is made in respect of you pursuant to section 252 of the Insolvency Act 1986 or you make any arrangement or composition with your creditors generally (including an Individual Voluntary Arrangement) or have a County Court administration order made against you under the County Court Act 1984.

 

	22.2	The rights of the Company under clause 22.1 are without prejudice to any other rights that it may have at law to terminate the Employment or accept any breach of this Agreement by you as having brought the Agreement to an end and any delay by the Company in exercising its rights under clause 22.1 shall not constitute a waiver of such rights.

 

    13

     

    

 

 

	23.	Reconstruction and Amalgamation

 

If the Employment is terminated
by reason of any reconstruction or amalgamation of the Company and/or any Group Company whether by winding up or otherwise and
you are offered employment with any concern or undertaking involved in or resulting from such reconstruction or amalgamation on
terms which (considered in their entirety) are no less favourable to any material extent than the terms of this Agreement, you
shall have no claim against the Company or any such undertaking arising out of or in connection with such termination.

 

	24.	Obligations after Employment

 

Without prejudice to the other
terms of this Agreement, you agree that following the termination of your Employment for any reason whatsoever, you will be bound
by and you will comply with the terms and conditions set out in Schedule 1 to this Agreement.

 

	25.	Property

 

At any time during the Employment
or following its termination (for whatever reason), as requested by the Company and/or any Group Company, you agree to:

 

	 	(a)	return to the Company and/or any Group Company or irretrievably destroy or delete:

 

	 	(i)	any documents, drawings, designs, computer files or software, visual or audio tapes or other materials containing information (including, without limitation, Confidential Information) and/or any copies or extracts of the same relating to the Businesses; and

 

	 	(ii)	any other property of the Company and/or any Group Company in your possession, custody and/or directly or indirectly under your control;

 

	 	(b)	inform the Company of all passwords, pass codes, pin numbers and any other similar information used by you in relation to any information technology systems, vehicles, rooms and/or any other secured property of the Company and/or any Group Company.

 

	26.	Resignation from Appointments

 

	26.1	At any time, at the request of the Company and/or any Group Company, you agree to resign from any directorships, offices, appointments and/or trusteeships which you hold with the Company and/or any Group Company without claim for compensation and your resignation shall not affect in anyway the continuance of this Agreement.

 

	26.2	You irrevocably appoint the Company to be your attorney in your name and on your behalf to execute documents, use your name and do all things which are necessary or desirable for the Company to obtain the full benefit of this clause.

 

	27.	Suspension

 

In order to investigate a complaint
against you of misconduct and/or poor performance, the Company may suspend you for so long as may be necessary to carry out a proper
investigation and complete any appropriate disciplinary and/or capability process. During any period of suspension you shall continue
to receive your salary and contractual benefits.

 

    14

     

    

 

 

	28.	Disciplinary and Dismissal Rules

 

	28.1	You are subject to the Company’s disciplinary rules and procedures in force from time to time a copy of which is available upon request and such other procedures of this nature as may from time to time be adopted. Application of such procedure is at the Company’s discretion and is not a contractual entitlement.

 

	28.2	If you are dissatisfied with any disciplinary decision to dismiss you, you should refer such dissatisfaction in writing in accordance with the applicable Company procedure.

 

	29.	Grievance

 

If you have any grievance relating
to the Employment (other than one relating to a disciplinary decision or a decision to dismiss you), you should refer such grievance
in writing in accordance with the Company’s grievance procedure in force from time to time (a copy of which is available
upon request). If the grievance is not resolved at this stage, you can appeal in accordance with the appeal procedure set out in
the appropriate procedure. Application of the grievance procedure is discretionary and not a contractual entitlement.

 

	30.	Data Protection

 

	30.1	The Company and any Group Company shall process your personal data (including, where necessary, sensitive personal data, such terms being defined in the Data Protection Act 1998) in their paper-based and computerised systems. You consent to the processing of such data both inside and, where necessary, outside the European Economic Area for the purposes of:

 

	 	(a)	salary, benefits and pensions administration and employee management;

 

	 	(b)	health administration and for the purposes of health insurance/benefits;

 

	 	(c)	training and appraisal, including performance records and disciplinary records;

 

	 	(d)	equal opportunities monitoring;

 

	 	(e)	any potential change of control of the Company and/or Group Company, or any potential transfer of employment under the Transfer of Undertakings (Protection of Employment) Regulations 2006. In such circumstances, disclosure may include disclosure to the potential purchaser or investor and their advisors;

 

	 	(f)	promoting or marketing of the Company and/or any Group Company and/or its or their products or services;

 

	 	(g)	compliance with applicable procedures, laws and regulations; and/or

 

	 	(h)	any other reasonable purposes in connection with your employment about which you shall be notified from time to time.

 

	30.2	You acknowledge and accept that in order to fulfil the purposes set out above, it may be necessary to pass your personal data (or sensitive personal data, as appropriate) to regulatory bodies, government agencies and other third parties as required by law or for administration purposes.

 

	30.3	You acknowledge and accept that the Company and/or any Group Company may monitor electronic correspondence (including email, voice and text messages) which you receive at work and/or on Company systems and/or property provided to you by the Company and/or any Group Company for the purposes of your work in order to ensure the integrity of its information technology or to prevent or detect criminal behaviour or behaviour which contravenes employment legislation and/or other Company and/or Group Company policies.

   

	30.4	You agree to use all reasonable endeavours to keep the Company informed of any changes to your personal data or sensitive personal data and to comply with all relevant data protection legislation.

 

    15

     

    

 

 

	31.	Warranty

 

	31.1	You warrant that you are not bound by nor subject to any court order, arrangement, obligation (express or implied), restriction or undertaking (contractual or otherwise) which prohibits or restricts you from entering into this Agreement or performing the Duties.

 

	31.2	You undertake to indemnify the Company and/or any Group Company against any claims, costs, damages, liabilities and/or expenses which the Company and/or any Group Company may incur as a result of any claim that you are in breach of any order, arrangement, obligation, restriction or undertaking referred to in clause 31.1.

 

	31.3	You warrant that you are entitled to work in the United Kingdom without any additional approvals and will notify the Company immediately if you cease to be so entitled during the course of your employment.

 

	31.4	You warrant that you have no previous convictions and have not previously been reported for or been subject to investigation for bribery related offences including, without limitation, offences under the Bribery Act 2010.

 

	32.	Deductions

 

You agree that at any time the
Company may deduct from your salary or any other sums owed to you any money you owe to the Company and/or any Group Company.

 

	33.	Power of Attorney

 

If you fail to comply with any
request(s) under clauses 19 and/or 26, you irrevocably authorise the Company and/or any Group Company to appoint a person in your
name and on your behalf to sign any documents or do any things necessary or requisite for the purposes of giving the Company and/or
any Group Company and its or their nominee the full benefit of such clauses.

 

	34.	Collective Agreements

 

There are no collective agreements
which affect the terms and conditions of your employment.

 

	35.	Entire Agreement

 

This Agreement sets out the entire
agreement and understanding between the parties and supersedes all prior agreements, understandings or arrangements (oral or written)
in respect of your employment or engagement by the Company. No purported variation of this Agreement shall be effective unless
it is in writing and signed by or on behalf of each of the parties.

 

The parties agree that the letter
agreement between the parties dated 14 January 2019 which purported to amend and restate the original agreement between the parties
dated 1 September 2017 in its entirety is to be treated as void, and that this Agreement shall be effective.

 

You further agree that your continued
employment is contingent on you continuing to abide by the Proprietary Information, Inventions, Non-Solicitation and Non-Competition
Agreement that you previously executed. The Proprietary Information, Inventions, Non-Solicitation and Non- Competition Agreement
is not affected by this Agreement, and to the extent that the terms in this Agreement conflict with the terms in that agreement,
the terms in that agreement shall take primacy.

 

	36.	Third Parties

 

Unless expressly provided in
this Agreemen1t6, no term of this Agreement is enforceable pursuant to the Contracts (Rights of Third Parties) Act 1999 by any
person who is not a party to it.

 

    16

     

    

 

 

	37.	Releases and waivers

 

	37.1	The Company may, in whole or in part, release, compound, compromise, waive or postpone, in its absolute discretion, any liability owed to it or right granted to it in this Agreement by you without in any way prejudicing or affecting its rights in respect of any part of that liability or any other liability or right not so released, compounded, compromised, waived or postponed.

 

	37.2	No single or partial exercise, or failure or delay in exercising any right, power or remedy by the Company shall constitute a waiver by it of, or impair or preclude any further exercise of, that or any right, power or remedy arising under this Agreement or otherwise.

 

	38.	Notices

 

	38.1	Any notice to a party under this Agreement shall be in writing signed by or on behalf of the party giving it and shall, unless delivered to a party personally, be hand delivered, or sent by prepaid first class post or facsimile.

 

	38.2	A notice shall be deemed to have been served:

 

	 	(a)	at the time of delivery if delivered personally to a party or to the specified address;

 

	 	(b)	on the second working day after posting by first class prepaid post; or

 

	 	(c)	2 hours after transmission if served by facsimile on a business day prior to 3pm or in any other case at 10 am on the business day after the date of despatch.

 

	39.	Variation

 

No variation or agreed termination
of this Agreement shall be effective unless it is in writing and signed by the parties (or their authorised representatives).

 

	40.	Counterparts

 

	40.1	This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement.

 

	40.2	No counterpart shall be effective until each party has executed and delivered at least one counterpart.

 

	41.	Governing law and jurisdiction

 

	41.1	This Agreement shall be governed by and construed in accordance with English law.

 

	41.2	Each of the parties irrevocably submits for all purposes in connection with this Agreement to the exclusive jurisdiction of the English courts.

 

	42.	Miscellaneous

 

The vesting of any unvested employee
share incentives held by you will accelerate in the event that your employment is terminated without cause, or if you resign for
good reason (which shall be determined at the Company’s sole discretion, acting reasonably and in good faith) and, in each
case, such termination is upon the consummation of or within 12 months following a change of control of the Company. If your employment
with the Company is terminated without cause, or if you resign for good reason (which shall be determined at the Company’s
sole discretion, acting reasonably and in good faith), you will also be entitled to receive severance equal to continuation of
your base salary as then currently in effect (pursuant to Clause 9) for 12 months following your date of termination and will be
eligible for reimbursement for medical coverage premiums for up to the same period. 1Y7ou, your spouse and eligible dependents
are entitled to stay on our health insurance plans for a period of 12 months following your termination for any reason. Your severance
benefits are conditioned on your execution of the Company’s standard separation agreement and a general release of claims
in the Company’s favor.

 

In witness this Deed has been executed
on the date appearing at the head of page 1.

 

    17

     

    

 

 

Schedule 1

 

(Post termination

restrictions)

  

	1.	Definitions and interpretation

 

	1.1	In this Schedule, unless the context otherwise requires, the following additional definitions shall apply (in addition to the definitions contained in the Agreement to which this Schedule is annexed and of which it forms a part):

 

“the Business”
means the business of the Company or any part thereof and any other business or part thereof carried on by any Group Company
as at the Termination Date and/or during the Protected Period and in respect of which the Duties have been materially concerned
or about which you have acquired Confidential Information.

 

“Customer” means
any person who at any time during the Protected Period was a customer of the Company or any Group Company and was a person with
whom you had material personal dealings or in relation to whom you have acquired Confidential Information.

 

“Garden Leave Period”
means any period during which the Company has exercised its rights pursuant to clause 20 of the Agreement to which this Schedule
is annexed.

 

“Goods and/or Services”
means any goods and/or services competitive with those supplied by the Company or any Group Company at any time during the
Protected Period and in relation to which you were materially involved or concerned or for which you were responsible during that
period.

 

“Key Employee”
means any person who at any time during the Protected Period is or was employed or engaged by the Company or any Group Company
in a senior managerial, sales, marketing, technical or supervisory capacity and with whom you dealt during that period.

 

“Prospective Customer”
means any person who was at any time during the Protected Period engaged in negotiations, with which you were personally involved,
with the Company or any Group Company with a view to obtaining goods or services from the Company or any Group Company or in relation
to whom you have acquired Confidential Information.

 

“Protected Period”
means the 12 months immediately preceding the earlier of the Termination Date and the commencement of any Garden Leave Period.

 

“Restriction Period”
means the period of 6 months following the Termination Date less any Garden Leave period.

 

“Supplier” means
any person with whom you have had material dealings as part of the Duties during the Protected Period and who has during that period
supplied goods or services to the Company or any Group Company on terms other than those available to another purchaser in the
market during that period, whether by reason of exclusivity (either de facto or contractually obliged), price or otherwise.

 

	2.	Obligations after employment

 

	 	2.1	You shall not for the Restriction Period hold a Material Interest in a business or venture which:

 

	 	(a)	is or is about to be in competition with the Business or any part thereof; or

 

	 	(b)	is likely to result in the intentional or unintentional disclosure or use of Confidential Information by you in order for you to properly discharge your duties to or further your interest in that business or venture.

 

    18

     

    

 

 

	2.2	The provisions of clause 2.1 shall not operate so as to prevent you from being engaged, concerned or interested in any business or venture in so far as your work for that business or venture shall relate solely to services or activities with which the Duties were not concerned to a material extent or in relation to which you were not responsible and in relation to which you held no Confidential Information during the Protected Period.

 

	2.3	You shall not for the Restriction Period in respect of any Goods and/or Services:

 

	 	(a)	deal with or supply any Customer;

 

	 	(b)	deal with or supply any Prospective Customer; or

 

	 	(c)	offer employment or any contract for services to or employ or engage any Key Employee.

 

	2.4	You shall not for the Restriction Period in respect of any Goods and/or Services:

 

	 	(a)	solicit, facilitate the solicitation of or canvass the custom or business of any Customer;

 

	 	(b)	solicit, facilitate the solicitation of or canvass the custom or business of any Prospective Customer; or

 

	 	(c)	solicit or entice or endeavour to solicit or entice any Key Employee to leave his employment with or cease his directorship or consultancy with the Company or any Group Company, whether or not that person would breach any obligations owed to the Company or any relevant Group Company by so doing.

 

	2.5	You shall not for the Restriction Period:

 

	 	(a)	deal with or accept the supply of any goods or services from any Supplier where such supply is likely to be the detriment of any Group Company whether by causing the Supplier to reduce or alter the terms or quantity of supply to the Group Company or where the value of the Company’s arrangement with the Supplier is diminished; or

 

	 	(b)	solicit, facilitate the solicitation of or canvass the supply of any goods or services from any Supplier where such supply is likely to be the detriment of any Group Company whether by causing the Supplier to reduce or alter the terms or quantity of supply to the Group Company or where the value of the Group Company’s arrangement with the Supplier is diminished;

 

	2.6	If, at any time during the Employment, two or more Key Employees leave the employment of the Company or any Group Company to provide Goods and/or Services for the same business or venture, you shall not, at any time during the 6 months following the last date on which any of those Key Employees was employed by the Company or any Group Company, be employed or engaged in any way with that business or venture in respect of any Goods and/or Services.

 

	2.7	You shall not at any time after the Termination Date:

  

	 	(a)	induce or seek to induce by any means involving the disclosure or use of Confidential Information any Customer or Supplier to cease dealing with the Company or any Group Company or to restrict or vary the terms upon which it deals with the relevant Group Company;

 

	 	(b)	be held out or represented by you or any other person as being in any way connected with or interested in the Company or any Group Company; or

    

	 	(c)	disclose to any person or make use of any Confidential Information (except as required by law).

 

    19

     

    

 

 

	3.	General

 

	3.1	You have given the undertakings in this Schedule to the Company as trustee for itself and each Group Company in the business of which you have been concerned or involved to any material extent during the Employment or which benefits from each undertaking. You agree that each such Group Company may enforce the benefit of each such undertaking. You shall, at the request and expense of the Company, enter into direct undertakings with any such Group Company which correspond to the undertakings in this Schedule.

 

	3.2	You agree that if the Company transfers all or any part of its business to a third party (“transferee”), the restrictions contained in this Schedule 1 shall, with effect from the date of you becoming an employee of the transferee, apply to you as if references to the Company included the transferee and references to any Group Companies were construed accordingly and as if references to customers or suppliers were of the Company and/or the transferee and their respective Group Companies.

 

	3.3	You agree that if you have material business dealings in other foreign jurisdictions on behalf of any Group Company, you will enter into undertakings providing the same level of protection for each such Group Company with such modifications (if any) as are necessary to render such undertakings enforceable in those jurisdictions.

 

	3.4	You acknowledge that you have had the opportunity to take independent legal advice in relation to the undertakings contained in this Schedule.

 

	3.5	The obligations imposed on you by this Schedule extend to you acting not only on your own account but also on behalf of any other firm, company or other person and shall apply whether you act directly or indirectly.

 

	3.6	You warrant that you believe the covenants contained within this Schedule to be reasonable as between the parties and that you have no present intention of ever arguing that the restraints are unreasonable or otherwise unenforceable.

 

    20

     

    

 

 

Executed as a Deed

by Kunwar Shailubhai

	/s/ Kunwar Shailubhai	 

 

in the presence of:

 

Signature of witness:

 

	/s/ Edward Lukins	 
	 	 
	Name:	Edward Lukins	 
	 	 
	Address: 	Dashwood

 69 Old Broad Street London	 

 

Occupation: Solicitor

 

Executed as a Deed

(but not delivered until the date)

appearing at the head of page 1)) by

Tiziana Lifesciences plc acting by

Gabriele Cerrone

a director in the presence of

 

	/s/ Gabriele Cerrone	 

 

Signature of witness:

 

	/s/ Tiziano Lazzaretti	 
	 	 
	Name:	Tiziano Lazzaretti,	 
	 	 
	
        Address: 
	 55 Park Avenue London

        W1K 1MA
	 

 

Occupation: 

 

 

21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00298-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00298-of-00352.parquet"}]]