Document:

Exhibit 10.1

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***],

HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL
AND WOULD LIKELY CAUSE COMPETITIVE

HARM TO THE COMPANY IF PUBLICLY DISCLOSED.

 

DATED: 9th September 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MIDATECH PHARMA PLC

 

and

 

STEPHEN STAMP

 

 

 

 

 

 

 

 

 

 

 

 

 

SERVICE AGREEMENT

 

    	 	 	 

    	 	 

    

 

THIS AGREEMENT is made on 9th September
2019

 

BETWEEN:

 

MIDATECH PHARMA PLC company number
09216368) whose registered office is at Oddfellows House, 19 Newport Road, Cardiff CF24 0AA, United Kingdom (the "Company");
and

 

STEPHEN STAMP of                                                                              
(the "Executive").

 

RECITALS

 

The Company shall employ the Executive
and the Executive shall serve the Company as Chief Financial Officer of the Company on the following terms and subject to the following
conditions (the "Agreement"):

 

IT IS AGREED AS FOLLOWS:

 

		1	DEFINITIONS AND INTERPRETATION

 

		1.1	In this Agreement unless the context otherwise requires the following expressions shall have the
following meanings:

 

"AIM"
the market of that name operated by the London Stock Exchange PLC;

 

"AIM
Rules" the rules applicable to companies whose shares are, or are to be, admitted to trading on the AIM Market as set
out in the AIM Rules published by the London Stock Exchange plc;

 

"Board"
the board of directors for the time being of the Company;

 

"Group"
the Company and its Subsidiaries for the time being and "Group Company" means any one of them;

 

"Regulations"
the Working Time Regulations 1998; and

 

"Subsidiary"
in relation to a company a subsidiary within the meaning of s1159 of the Companies Act 2006 and any other company which is a subsidiary
(as so defined) of a company which is itself a subsidiary of such holding company.

 

		1.2	Any reference to a statutory provision shall be deemed to include a reference to any statutory
modification or re-enactment of it.

 

		1.3	The headings in this Agreement are for convenience only and shall not affect its construction or
interpretation.

 

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		1.4	References in this Agreement to a person include a body corporate and an incorporated association
of persons and references to a company include any body corporate.

 

		1.5	Where appropriate, references to the Executive include his personal representatives.

 

		2	TERM OF EMPLOYMENT

 

		2.1	The employment of the Executive in the role of Chief Financial Officer commenced on 9th September
2019. The employment of the Executive (subject to earlier termination as provided below) shall continue until terminated by either
party giving to the other not less than 6 months' notice in writing at any time.

 

		2.2	The Executive represents and warrants that he is not bound by or subject to any contract, court
order, agreement, arrangement or undertaking which in any way restricts or prohibits him from entering into this Agreement or performing
his duties under it.

 

		3	DUTIES

 

		3.1	The Executive shall during his employment under this Agreement:

 

		3.1.1	perform the duties and exercise the powers which the Board may from time to time properly assign
to him in his capacity as Chief Financial Officer or in connection with the conduct and management of the business of the Company
or the business of any Group Company (including serving on the board of such Group Company or on any other executive body or any
committee of such a company), such duties to include those detailed in Schedule 1 hereto; and

 

		3.1.2	do all in his power to promote, develop and protect the business of the Company and at all times
and in all respects conform to and comply with the proper and reasonable directions and regulations of the Board.

 

		3.2	Without prejudice to the generality of the foregoing, The Executive shall during his employment
under this Agreement:

 

		3.2.1	act as a director of the Company and as a director of the Company and carry out duties on behalf
of any other Group Company including, if so required by the Board, acting as an officer or consultant of any such Group Company;

 

		3.2.2	comply with the articles of association (as amended from time to time) of any Group Company of
which he is a director;

 

		3.2.3	abide by any statutory, fiduciary or common-law duties to any Group Company of which he is a director;

 

		3.2.4	not do anything that would cause him to be disqualified from acting as a director;

 

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		3.2.5	as and when relevant, do such things as are necessary to ensure compliance by himself and any relevant
Group Company with the QCA Corporate Governance Code (as amended from time to time);

 

		3.2.6	as and when relevant, comply with all requirements, recommendations or regulations, as amended
from time to time, of the London Stock Exchange plc, the UK Listing Authority (including the Model Code for transactions in securities
by directors and certain senior executives of listed companies), the FCA and all regulatory authorities relevant to any Group Company
and any code of practice issued by the Company (as amended from time to time) relating to dealing in the securities of any Group
Company;

 

		3.2.7	as and when relevant comply with the requirements under both legislation and regulation as to the
disclosure of inside information;

 

		3.2.8	comply with the Company's anti-corruption and bribery policy and related procedures;

 

		3.2.9	unless prevented by sickness, devote the whole of his time, attention and abilities to the business
of the Company and any Group Company of which he is an officer;

 

		3.2.10	faithfully and diligently exercise such powers and perform such duties as may from time to time
be assigned to him by the Board together with such person or persons as the Board may appoint to act jointly with him;

 

		3.2.11	comply with all reasonable and lawful directions given to him by the Board;

 

		3.2.12	promptly make such reports to the Board in connection with the affairs of any Group Company on
such matters and at such times as are reasonably required;

 

		3.2.13	report his own wrongdoing and any wrongdoing or proposed wrongdoing of any other Executive or director
of any Group Company to the Board immediately on becoming aware of it;

 

		3.2.14	use his best endeavours to promote, protect, develop and extend the business of the Group;

 

		3.2.15	consent to the Company monitoring and recording any use that he makes of the Company's electronic
communications systems for the purpose of ensuring that the Company's rules are being complied with and for legitimate business
purposes; and

 

		3.2.16	comply with any electronic communication systems policy that the Company may issue from time to
time.

 

		3.3	The Executive shall give to the Board such information regarding the affairs of the Company as
it shall require, and in any event, report regularly and keep the CEO and the Board informed.

 

 

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		3.4	The Executive shall carry out his duties and exercise his powers jointly with any other executives
appointed by the Board to act jointly with him and the Board may at any time require the Executive to cease performing or exercising
the said or any duties or powers.

 

		3.5	The Executive shall be flexibly based out of the Company's head office in Cardiff, to adequately
fulfil his responsibilities. The Executive shall travel to and/or work in any place which the CEO may reasonably require and that
is dictated by the needs of the business. The Executive may be required to travel abroad when required by the Company for the proper
performance of his duties.

 

		4	HOURS OF WORK

 

		4.1	The Executive shall have no set hours of work but is required to devote such time to his work as
is necessary for the proper performance of his duties and his basic salary referred to in clause 7.1 shall compensate him for this.
Normal office hours are 9 am to 5 pm Monday to Friday.

 

		5	GRATUITIES AND CODES OF CONDUCT

 

		5.1	The Executive shall not, without prior written consent of Company, directly or indirectly accept
any commission, rebate, discount or gratuity in cash or in kind from any person who has or is having a business relationship with
the Company or any Group Company.

 

		5.2	The Executive shall comply (and procure that his spouse and minor children shall comply) with all
applicable rules and regulations of the London Stock Exchange including all AIM rules and regulations, the Company's Share Dealing
Code Policy and as applicable the Listing Rules of the United Kingdom Listing Authority, and any other codes of conduct of the
Company for the time being in force and any other relevant regulatory authority.

 

		6	REMUNERATION

 

		6.1	The Company shall pay to the Executive a salary at the rate of £160,000 gross per year, inclusive
of any directors' fees payable to him.

 

		6.2	The basic salary stated in clause 6.1 above will increase automatically with effect from 1 April
each year by the percentage increase, if any, in the 'All Items Index of Retail Prices' published by the Office for National Statistics
over the previous year.

 

		6.3	The Executive's salary shall accrue from day to day and be payable by equal monthly instalments
in arrears on or about the last day of each month.

 

		6.4	The Executive's salary shall be reviewed annually following the finalisation of the relevant calendar
year's Annual Reports and Accounts. The undertaking of a salary review does not confer a contractual right (whether express or
implied) to any increase in salary and the Executive acknowledges that any salary increase is at the absolute discretion of the
Remuneration Committee.

 

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		7	BONUS AND SHARE OPTION SCHEME

 

		7.1	The Executive will be eligible to participate in a discretionary bonus scheme (the "Scheme"),
which terms may be reviewed by the Remuneration Committee from time to time. Decisions as to the calculation and payment of any
bonus under the Scheme shall be made at the absolute discretion of the Remuneration Committee although it is acknowledged that
the amount of such bonus will be up to approximately 33% per cent, of the Executive's annual salary on the satisfaction of certain
performance criteria. Payment of bonus on certain terms at any particular time will not create any entitlement to or expectation
of any future payment or the amount or terms of any future payment. The Executive will not have any contractual right to any share
options if he has left the Company's employment for whatever reason (whether lawful or unlawful) or has given or received notice
of termination, at or prior to the time on which any such share options would normally be payable. Any bonus awarded will be paid
subject to tax and National Insurance in the usual way.

 

		7.2	The Executive will be eligible to participate in the Company's Share Option Scheme, which are issued
and reviewed by the Remuneration Committee, and which terms may be reviewed from time to time. Immediately after the announcement
of the Company’s announcement of its 2019 interim results or, if later, as soon as the Company is no longer in a close period,
1,000,000 share options will be granted to the Executive as follows:

 

		(i)	400,000 shall vest on [***]; and

 

		(ii)	the remaining 600,000 shall vest as follows: the first 150,000 shall vest on the first anniversary
of the date of this contract and the remaining 450,000 shall vest over the subsequent 12 quarters in equal tranches of 37,500 per
quarter,

 

provided that, in either case,
the Executive will not have any contractual right to any share options set out in this clause if he has left the Company's employment
for whatever reason (whether lawful or unlawful) or has given or received notice of termination, at or prior to the time on which
any such share options would normally vest.

 

		8	OTHER BENEFITS

 

The Executive is entitled to
such additional benefits (including, but not limited to, a 10% pension contribution, life insurance and medical insurance) as may
be determined by the Board from time to time.

 

		9	EXPENSES

 

		9.1	The Company shall reimburse or procure that the Executive is reimbursed all reasonable travelling,
hotel and other expenses wholly and necessarily incurred by him in the performance of his duties under this Agreement on production
of appropriate receipts, if required, by the Company.

 

 

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		10	HOLIDAYS

 

		10.1	The Executive is entitled to 25 days' holiday with pay every calendar year in addition to bank
and other public holidays. The Company's holiday year runs from January to December.

 

		10.2	The Executive's holiday entitlement is inclusive of his statutory entitlement. When calculating
the Executive's statutory entitlement, bank and public holidays are taken into account. A maximum of three days of the statutory
entitlement can be carried over from one holiday year to the first three months of the next year and pay in lieu of such holidays
will be made to the Executive.

 

		10.3	During the first year of the Executive's employment the Executive's statutory holiday entitlement
will accrue pro rata monthly in advance. Where this calculation results in fractions of days the amount of leave which can be taken
is rounded up to the next half day. Any rounded-up element is deducted from the leave remaining.

 

		10.4	Save as provided for in clause 10.3 above, the Executive's entitlement to holiday accrues pro rata
throughout each holiday year (disregarding fractions of days). The Executive will be deemed to have taken statutory holiday first.

 

		10.5	Any entitlement to holiday over and above any statutory entitlement remaining at the end of any
holiday year shall lapse and no payment in lieu of such holiday will be made for accrued but untaken holiday.

 

		10.5.1	If the Executive has taken holiday in excess of his entitlement on termination of employment he
will be required to give account for it and the Company will make a deduction from his final salary payment accordingly. If the
Executive has accrued holiday owing to him, the Company may at its discretion, require him to take the outstanding holiday during
any notice period or make a payment in lieu of it.

 

		10.5.2	For the purposes of clause 10.5.1 above, a day's pay will be calculated as 1/260th of basic salary.

 

		10.6	If the Executive's employment is terminated without notice, he will not be entitled to holiday
pay for holiday which would have accrued during the notice period, had he continued to be employed throughout that time.

 

		10.7	If the Executive is put on garden leave in accordance with clause 19 any accrued but unused holiday
entitlement shall be deemed to be taken during any period of garden leave.

 

		10.8	Holidays should be taken at such times as the CEO shall consider most convenient having regard
to the requirements of the Company's business.

 

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		11	ILLNESS

 

		11.1	The Executive shall continue to be paid during sickness absence (such payment to be inclusive of
any statutory sick pay or social security benefits to which he may be entitled) for a total of up to three months in any six consecutive
months and thereafter any additional payments of salary will be at the discretion of the Company.

 

		11.2	The Executive will cease to accrue holiday, subject to any entitlement under the Regulations if
he has been absent due to sickness, for six consecutive weeks or more.

 

		11.3	If the Executive is incapable of performing his duties by reason of injury sustained wholly or
partly as a result of negligence, nuisance or breach of any statutory duty on the part of a third party and the Executive recovers
an amount by way of compensation for loss of earnings from that third party, he shall pay to the Company an amount equivalent to
the amount of sick pay he has received from the Company or such lesser amount as he received in compensation.

 

		11.4	The Company shall be entitled to require the Executive to undergo examinations by a medical adviser
appointed or approved by the Company and the Executive authorises the medical adviser and/or will provide such consents as are
necessary to disclose to the Company the results of such examinations.

 

		11.5	The Executive hereby covenants with the Company on behalf of himself and his personal representatives
at all times fully and effectively to comply with the terms of any insurance policy taken out by the Company or any Group Company
on his life or in respect of his position as a director and/or office of the Company and further undertakes (notwithstanding that
his Agreement has been terminated or has come to an end) to co-operate fully with and assist the Company or any applicable Group
Company in relation to any claim(s) made or to be made in connection with such insurance policy (including without limitation submitting
to a medical examination).

 

		11.6	In the event that the Executive is unable to perform his duties hereunder through illness or other
incapacity for any continuous period of three months or an aggregated period exceeding 100 working days in any period of 12 months,
notwithstanding any other provision of this Agreement, the Company may terminate the Executive's employment upon six months' written
notice to him and during that period the Executive shall not have any entitlement to receive his salary or any bonus payment but
shall otherwise be entitled to his contractual benefits under this Agreement.

 

		12	RESTRICTIONS DURING EMPLOYMENT

 

		12.1	During the continuance of his employment under this Agreement the Executive shall unless prevented
by incapacity devote his whole time and attention to the business of the Company and shall not without the prior written consent
of the CEO and/or Board:

 

		12.1.1	engage in any other business; or

 

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		12.1.2	be concerned or interested in any other business which is or shall be of a similar nature to or
competitive with that carried on by the Company or any Group Company or which is a supplier or customer of the Company or Group
Company in relation to its services; or

 

		12.1.3	solicit the custom of, canvass, approach or deal with, in competition with the Company or any Group
Company, any person (including any company, firm, organisation or other entity) to whom the Company or any Group Company supplies
services or with whom the Company or any Group Company is in negotiations or discussions regarding the possible supply of services;
or

 

		12.1.4	discourage any such person referred to in clause 12.1.3 above from conducting or continuing to
conduct business with the Company or any Group Company on the best terms available to the Company or any Group Company; or

 

		12.1.5	induce or attempt to induce any director or senior employee of the Company or any Group Company
and with whom the Executive has material dealings in the course of his employment, to leave the employment of the Company or any
Group Company; or

 

		12.1.6	take any steps which impair or might reasonably be thought by the Company, to impair the Executive's
ability to act at all times in the best interests of the Company,

 

provided that nothing in this
clause shall preclude the Executive from holding or being otherwise interested in any shares or other securities of any company
which is quoted on any recognised investment exchange (as defined by section 285 Financial Services and Markets Act 2000) so long
as the interest of the Executive in such shares or other securities does not extend to more than three per cent, of the total amount
of such shares or securities.

 

		13	INTELLECTUAL PROPERTY

 

		13.1	In this clause, the following terms shall have the following meanings:

 

"Employment
Invention" shall mean any Invention which is made wholly or partially by the Executive at any time during the course of his
employment with the Company.

 

"Employment
IPRs" shall mean all Intellectual Property Rights created by the Executive in the course of his employment with the Company
(whether or not during normal working hours).

 

"Intellectual
Property Rights" shall mean all rights to inventions, patents, utility models, rights in computer software, rights in designs
(including rights relating to semi-conductor topographies), database rights, copyright and related rights, rights in get-up, goodwill
and the right to sue for passing off or unfair competition, rights in trade names and domain names, trade marks, rights to preserve
confidentiality of information (including know-how and trade secrets) and any other intellectual property rights, in each case
whether registered or unregistered, including all applications (or rights to apply) for and be granted, renewals or extensions
of, and rights to claim priority from, such rights and all similar or analogous rights or forms of protection which may now or
in the future subsist in any part of the world.

 

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"Invention"
shall mean any invention, idea, discovery, development, improvement or innovation, whether or not patentable or capable of registration,
and whether or not recorded in any medium.

 

		13.2	The Executive acknowledges that all Employment IPRs, Employment Inventions and all materials embodying them shall automatically,
on creation, vest in the Company absolutely to the fullest extent permitted by law. To the extent that they do not vest automatically,
the Executive holds them on trust for the Company, and the Executive agrees promptly to execute all documents and do all acts as
may, in the Company's opinion, be necessary to give effect to this clause 13.2.

 

		13.3	The Executive acknowledges that, because of the nature of his duties and the particular responsibilities
arising from those duties, that he has, and shall have at all times while employed by the Company, a special obligation to further
its interests.

 

		13.4	The Executive agrees:

 

		13.4.1	to give the Company full written details of all Employment Inventions, and Business Inventions
(as defined in clause 13.6), promptly upon their creation;

 

		13.4.2	at the request of the Company, and in any event on termination of the Executive's employment with
the Company, to give the Company all originals and copes of all documents and other materials which record or relate to any Employment
IPRs;

 

		13.4.3	not to attempt to register any Employment IPRs or patent any Employment Invention unless requested
to do by the Company;

 

		13.4.4	not to attempt to register any Intellectual Property Rights subsisting in Business Inventions nor
patent any Business Inventions unless the Company has declined its right of first refusal recorded in clause 13.6, agreed in writing
that the Executive may offer them for sale to a third party or it otherwise agrees in writing that the Executive may do so; and

 

		13.4.5	to keep confidential each Employment Invention and Business Invention unless the Company has consented
in writing to its disclosure by the Executive, or, in the case of a Business Invention, the Company has declined its right of first
refusal recorded in clause 13.6.

 

		13.5	The Company shall not be under any obligation to apply for or maintain protection in respect of
any Employment Invention.

 

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		13.6	The Executive agrees:

 

		13.6.1	in relation to any Invention, other than an Employment Invention, which is made wholly or partly
by the Executive whilst employed by the Company, and which relates to or is useful in connection with the business or any product
or service of the Company or Group (such Inventions are referred to in this clause 13 as "Business Inventions"); and

 

		13.6.2	to the extent that legal title in and to any Employment IPRs or Employment Inventions do not vest
automatically in the Company as described at clause 13.2 above,

 

to, immediately upon creation of such rights and
Employment and Business Inventions, offer to the Company in writing a right of first refusal to acquire them on arm's length terms
to be agreed between the parties. If the parties cannot agree on such terms within 30 days of the Company receiving the offer,
the Company shall refer the dispute for determination by an expert who shall be appointed by the President or Deputy President
of the Chartered Institute of Arbitrators. The expert's decision shall be final and binding on the parties in the absence of manifest
error, and the costs of arbitration shall be borne equally by the parties. The parties will be entitled to make submissions to
the expert and will provide (or procure that others provide) the expert with such assistance and documents as the expert reasonably
requires for the purpose of reaching a decision. The Executive agrees that the provisions of this clause shall apply to all such
inventions and rights offered to the Company under this clause 13.6 until such time as the Company has agreed in writing that the
Executive may offer them for sale to a third party.

 

		13.7	The Executive shall execute all documents and do all things which are necessary or desirable in
the opinion of the Company, before or after his employment with the Company, to vest the Employment IPRs in the Company, or the
Group, pursuant to this clause 13 and for obtaining the best possible protection and maintenance in respect of such rights and
the Employment Inventions, including registration of them, in the territories specified by the Company. Such documents may, at
the Company's request, include waivers of all and any statutory moral rights relating to any copyright works which form part of
the Employment IPRs. This clause shall also apply to all Business Inventions, and all Intellectual Property Rights subsisting in
the same, purchased by the Company or its Group in accordance with clause 13.6.

 

		13.8	The Executive irrevocably appoints the Company to be his attorney in his name and on his behalf
to sign or execute any document or do anything generally to use his name for the purpose of giving to the Company the full benefit
of the provisions of this clause 14. A certificate in writing signed by any director or the secretary of the Company that any document
or act falls within the authority conferred by this clause shall be conclusive evidence that that is the case.

 

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		13.9	The Executive hereby waives all present and future moral rights which arise under the Copyright
Designs and Patents Act 1988 and all similar and analogous rights in other territories to the fullest extent permissible under
the relevant legislation in each jurisdiction in relation to any copyright which forms part of the Employment IPRs, and agrees
not to support, maintain or permit any claim for infringement of moral rights in such copyright works.

 

		13.10	The Executive warrants that he is not bound by any legally enforceable obligations owed to persons
other than the Company which would prevent him from complying with the terms of this Agreement. The Executive shall not use information
in breach of any rights of any third parties, copy or adapt copyright works or designs or unlawfully extract or re-utilise all
or a substantial part of any databases owned by third parties or otherwise infringe any Intellectual Property Rights owned by third
parties in the course of his employment with the Company.

 

		13.11	The Executive shall not exploit or attempt to exploit any Intellectual Property Rights which are
the property of the Company or any Group Company, including the Employment IPRs, without the prior written consent of the Company
nor shall the Executive do anything that would imperil or prejudice any rights in any of the same, and the Executive shall immediately
inform the Company if the Executive becomes aware of any infringement or suspected infringement of any such rights.

 

		13.12	The Executive agrees to give all necessary assistance to the Company to enable it to enforce its
Intellectual Property Rights against third parties, to defend claims for infringement of third party Intellectual Property Rights
and to apply for and maintain registration of its Intellectual Property Rights, where appropriate throughout the world, and for
the full term of those rights.

 

		13.13	All the provisions of this clause 13 shall survive termination of the Executive's employment insofar
as they relate to rights that were created before the date of termination of this Agreement.

 

		14	CONFIDENTIALITY

 

		14.1	The Executive shall not (except in the proper performance of his duties) during or after his employment
has ended directly or indirectly divulge to any person or otherwise make use of (and shall use his best endeavours to prevent the
publication or disclosure of) any trade secret or any confidential information concerning the business or finances of the Company
or any Group Company or any of its/their dealings transactions or affairs or any such confidential information concerning any of
their suppliers, agents, distributors or clients.

 

		14.2	Confidential information includes, but is not limited to:

 

		14.2.1	corporate and marketing strategy, business development and plans, sales reports and research results;

 

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		14.2.2	business methods and processes, manuals and operating procedures, technical information and know-how
relating to the Group's business and which is not in the public domain, including inventions, designs, programs, techniques, database
systems, formulae and ideas;

 

		14.2.3	business contacts, lists of commercial customers, advertisers and suppliers and details of contracts
with them and their current or future requirements;

 

		14.2.4	information on employees and their terms of employment;

 

		14.2.5	sales, expenditure levels, pricing and discounting policies;

 

		14.2.6	budgets, management accounts, trading statements and other financial reports;

 

		14.2.7	unpublished price sensitive information relating to shares or securities listed or dealt in on
any recognised stock exchange; and

 

		14.2.8	any document marked "confidential", identified to the Executive as confidential or any
information not in the public domain.

 

		14.3	The restrictions in clauses 14.1 and 14.2 shall not apply to information which:

 

		14.3.1	comes into the public domain otherwise than by a breach by the Executive of his obligations under
this Agreement; or

 

		14.3.2	is disclosed to the Executive by a third party who has not received it directly or indirectly from
the Company or any Group Company; or

 

		14.3.3	must be disclosed by any applicable law, to the extent of such required disclosure.

 

		14.4	Notwithstanding the obligations and restrictions contained in this clause 14, noting in this Agreement
shall operate to prevent the Executive making a "protected disclosure" pursuant to Part IVA of the Employment Rights
Act 1996.

 

		15	DATA PROTECTION

 

		15.1	The Company will process personal data relating to the Executive in accordance with the Company's
privacy notice, a copy of which is available from the CEO. The personal data processed by the Company in this respect will include
the Executive's employment application, address, references, bank details, performance appraisals, work, holiday and sickness records,
next of kin, salary reviews, remuneration details and other records. Such personal data will be processed because it is necessary
for the performance of this contract with the Executive, for the Company's legitimate interests and also to enable the Company
to comply with its legal obligations. The personal data processed in relation to the Executive may include, where necessary for
the performance of the Company's legal obligations or for the exercise specific rights in the field of employment law, special
categories of personal data, for example, relating to the Executive's health.

 

 

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		15.2	The Executive shall comply with the Company's data protection policy, and any additional data protection
or privacy policies and notices which may be implemented throughout the duration of the Executive's employment, when processing
personal data in the course of his employment, at all times. The Executive will be sent copies of any new policies that are introduced
as soon as they are made effective.

 

		15.3	The Executive hereby acknowledges that the Company may make his personal data available to its
advisers, to third parties providing products and/or services to the Company (such as IT systems suppliers, pensions, benefits
and payroll administrators), or to its Group, as required by law, where it is necessary to administer the Executive's working relationship
with the Company or where the Company has another legitimate interest in doing so.

 

		16	MONITORING

 

The Executive shall have access
to e-mail and the internet for the better performance of his duties and he shall comply with the Company's stated e-mail and internet
policy from time to time and in any event the Executive shall not send any e-mails of a defamatory or abusive nature or which constitute
sexual, racial or any other form of harassment and he shall be prohibited from downloading any pornographic or other offensive
material and the Executive shall indemnify the Company during and after his employment against all liability resulting from the
Executive's breach of this clause. The Company reserves the right to monitor all email/internet activity by the Executive.

 

		17	TERMINATION OF EMPLOYMENT

 

		17.1	The Company may at any time and in its absolute discretion (whether or not any notice of termination
has been given by the Company or the Executive under clause 3 above) terminate the Agreement with immediate effect and make a payment
in lieu of notice. This payment shall comprise solely the Executive's basic salary (at the rate payable when this option is exercised)
but shall not include any bonus or other benefits and shall be subject to deductions for income tax and national insurance contributions
as appropriate (the "Payment in Lieu"). The Executive will not, under any circumstances, have any right to the
Payment in Lieu unless the Company has exercised its option to pay in lieu of notice.

 

		17.2	The employment of the Executive may be terminated by the Company without notice or payment in lieu
of notice if the Executive:

 

		17.2.1	is guilty of any serious misconduct or any other conduct which affects or is likely to affect prejudicially
the interests of the Company or any Group Company; or

 

		17.2.2	fails or neglects efficiently and diligently to discharge his duties or commits any serious or
repeated breach or non-observance of any of the provisions contained in this Agreement or any Share Dealing Code adopted by the
Company or Group; or

 

		17.2.3	has an interim receiving order made against him, becomes bankrupt or makes any composition or enters
into any deed of arrangement with his creditors; or

 

 

    	 	14 	 

    	 	 

    

 

		17.2.4	is charged with any arrestable criminal offence (other than an offence under road traffic legislation
in the United Kingdom or elsewhere for which a fine or non-custodial penalty is imposed); or

 

		17.2.5	is disqualified from holding office in any company by reason of an order of a court of competent
jurisdiction; or

 

		17.2.6	shall become of unsound mind or become a patient under any statute relating to mental health; or

 

		17.2.7	is convicted of an offence under the Criminal Justice Act 1993 in relation to insider dealings
or under any other present or future statutory enactment or regulations relating to insider dealings; or

 

		17.2.8	is in breach of the Model Code on directors' dealings in listed securities, including securities
trading on AIM, published by the London Stock Exchange Limited; or

 

		17.2.9	commits any other act warranting summary termination at common law including (but not limited to)
any act justifying dismissal without notice in the terms of the Company's generally-applicable disciplinary rules.

 

		17.3	Any delay by the Company in exercising the right to terminate without notice is not a waiver thereof.

 

		18	SUSPENSION

 

The Company may suspend the
Executive on full pay for such time as is reasonable in all the circumstances, to allow the Company to investigate any complaint
made against the Executive in relation to his employment with the Company and/or pending the outcome of any disciplinary proceedings.

 

		19	GARDEN LEAVE

 

		19.1	Provided the Executive continues to enjoy his full contractual benefits and receive his pay in
accordance with this Agreement, the Company may in its absolute discretion do all or any of the following during any period of
notice or any part of the notice period, after the Executive or the Company has given notice of termination to the other, without
breaching this Agreement or incurring any liability or giving rise to any claim against it:

 

		19.1.1	exclude the Executive from the premises of the Company and/or the Group;

 

		19.1.2	require the Executive to carry out only specified duties (consistent with his status, role and
experience) whether or not different to his normal duties or to carry out no duties;

 

    	 	15 	 

    	 	 

    

 

		19.1.3	announce to any or all of its employees, suppliers, customers and business partners that the Executive
has been given notice of termination or has resigned (as the case may be);

 

		19.1.4	prohibit the Executive from communicating in any way with any or all of the suppliers, customers,
business partners, employees, agents or representatives of the Company or the Group until his employment has terminated except
to the extent he is authorised to do so by the CEO and/or Board in writing;

 

		19.1.5	require the Executive to resign his directorship of any Group Company; and/or

 

		19.1.6	require the Executive to comply with any other reasonable conditions imposed by the Company. The
Executive will continue to be bound by all obligations (whether express or implied) owed to the Company under the terms of the
Agreement or as an employee of the Company. Including but not limited to his duty of care, fidelity, obedience and good faith.

 

		20	RESIGNATION AND RETURN OF COMPANY PROPERTY

 

		20.1	Upon the termination by whatever means of this Agreement the Executive shall:

 

		20.1.1	immediately resign from his office as a director of the Company and from such offices held by him
in any Group Company without claim for compensation; and

 

		20.1.2	immediately deliver to the Company all credit cards, motor-cars, keys, computer media and other
Company property or Group Company property, in whatever form, of or relating to the business of the Company or of any Group Company
which may be in his possession or under his power or control.

 

		20.2	If the Executive fails to comply with clause 19.1.5 and 20.1.1 the Company is hereby irrevocably
authorised to appoint some person in his name and on his behalf to sign and complete any documents or do anything necessary to
give effect to this clause.

 

		20.3	The Executive shall not without the consent of the Company at any time after the termination of
this Agreement represent himself still to be connected with the Company or any Group Company.

 

		21	RECONSTRUCTION OR AMALGAMATION

 

If the employment of the Executive
under this Agreement is terminated by reason of the liquidation of the Company for the purpose of reconstruction or amalgamation
and the Executive is offered employment with any concern or undertaking resulting from the reconstruction or amalgamation on terms
and conditions not less favourable than the terms of this Agreement then the Executive shall have no claim against the Company
or any Group Company in respect of the termination of his employment under this Agreement.

 

    	 	16 	 

    	 	 

    

 

		22	RESTRICTIONS

 

		22.1	Definitions

 

In this clause the following words shall
have the following meanings:

 

"Termination Date" the
date on which the Executive's employment terminates;

 

"Person" includes any
company, firm, organisation or other entity;

 

"Area" any country where
on the Termination Date the Company was supplying services;

 

"Client" any Person to
whom the Company or a Group Company supplied services during the six months preceding the Termination Date and with whom at any
time during such period the Executive was actively involved in the course of his employment;

 

"Prospective Client" any
Person with whom the Company or a Group Company had negotiations or discussions regarding the possible supply of services during
the six months immediately preceding the Termination Date and with whom at any time during such period the Executive was actively
involved in the course of his employment;

 

"Employee" means any director
of the Company or any Group Company and/or any person employed by or who renders services to the Company or any Group Company and
who has Client responsibility or influence over Clients or Prospective Clients and/or who is in possession of confidential information
(as defined above) and who in any such case was so employed or so rendered services during the period of six months prior to the
Termination Date and had dealings with the Executive during that period; and

 

"Supplier" means any person
firm or company who is or was at any time during the six months preceding the Termination Date a supplier or procurer of goods
and/or services to the Company or any Group Company.

 

		22.2	In order to protect the goodwill, confidential information, trade secrets and business connections
of the Company or any Group Company the Executive covenants with the Company (and as trustee for each Group Company) that:

 

		22.2.1	Non-competition

 

The Executive shall not during
his employment or for a period of six months from the Termination Date directly or indirectly be interested or concerned in any
business which is carried on in the Area and which:

 

		(a)	concerns the business carried on by the Group in the six months preceding the Completion Date and
as carried on or otherwise contemplated by the Group during the Relevant Period; or

 

    	 	17 	 

    	 	 

    

 

		(b)	is competitive or likely to be competitive with the business of the Company or a Group Company
being carried on at the Termination Date and with which the Executive was actively involved at any time during the six months ending
on the Termination Date.

 

For this purpose, the Executive
is concerned in a business if:

 

		(a)	he carries it on as principal or agent; or

 

		(b)	he is a partner, director, employee, secondee, consultant or agent in, of or to any Person who
carries on the business; or

 

		(c)	subject to clause 13 above, he has any direct or indirect financial interest (as shareholder or
otherwise) in any Person who carries on the business.

 

		22.2.2	Non-solicitation/Dealing

 

The Executive shall not during
his employment or for a period of twelve months from the Termination Date in the Area directly or indirectly:

 

		(a)	canvass or solicit business or approach any Clients or Prospective Clients in respect of services
similar to those being provided by the Company or a Group Company as at the Termination Date;

 

		(b)	seek to do business or deal with any Clients or Prospective Clients in respect of services similar
to those being provided by the Company or a Group Company as at the termination Date; or

 

		(c)	canvass or solicit business from or make an approach to any supplier of the Company or a Group
Company with whom the Executive was actively involved at any time during the six months ending on the Termination Date to cease
to supply, or to restrict or vary the terms of supply to the Company or a Group Company or otherwise interfere with the relationship
between such a supplier and the Company or a Group Company.

 

		22.2.3	Non-poaching

 

The Executive shall not during
his employment or for a period of twelve months after the Termination Date directly or indirectly:

 

		(a)	induce or attempt to induce any Employee of the Company or a Group Company to leave the employment
of the Company or a Group Company (whether or not this would be a breach of contract by that employee) for the purposes of being
involved in or engaged in the types of business referred to in sub-clauses 22.2.1(a) and 22.2.1(b) above; or

 

    	 	18 	 

    	 	 

    

 

		(b)	engage, attempt to engage, employ, attempt to employ or offer employment or work (and in each case
whether directly or indirectly, including through an employment agency or other intermediary) to any Employee for the purposes
of being involved in or engaged in the types of business referred to in sub-clauses 22.2.1(a) and 22.2.1(b) above.

 

		22.2.4	Non-interference

 

The Executive shall not during
his employment or for a period of twelve months after the Termination Date to the detriment of the Company or any Group Company,
directly or indirectly persuade or endeavour to persuade any Relevant Supplier to cease doing business or materially reduce
its business with the Company or any Group Company.

 

		22.2.5	Non-disparagement

 

The Executive shall not at any
time (whether during or after the termination of his employment) make whether directly or indirectly any untrue, misleading or
derogatory oral or written statement concerning the business, affairs, officers or employees of the Company or any Group Company.

 

		22.2.6	Non-association

 

The Executive shall not (except
with the prior written consent of the Company) at any time after the termination of his employment represent himself to be connected
with or interested in the business of or employed by the Company or any Group Company or use for any purpose the name of the Company
or any Group Company or any name capable of confusion therewith.

 

		22.3	The restrictions in this clause are considered by the parties to be reasonable and the validity
of each sub-clause shall not be affected if any of the others is judged to be invalid. If any of the restrictions are void but
would be valid if some part of the restriction were deleted, the restriction in question shall apply with such modification as
may be necessary to make it valid.

 

		22.4	The Executive acknowledges that the provisions of this clause are no more extensive than is reasonable
to protect the legitimate business interests of the Company or the Group.

 

		23	SEVERABILITY

 

If any of the provisions of
this Agreement become invalid or unenforceable for any reason by virtue of applicable law the remaining provisions shall continue
in full force and effect and the Company and the Executive hereby undertake to use all reasonable endeavours to replace any legally
invalid or unenforceable provision with a provision which will promise to the parties (as far as practicable) the same commercial
results as were intended or contemplated by the original provision.

 

 

    	 	19 	 

    	 	 

    

 

		24	THIRD PARTIES

 

Unless the right of enforcement
is expressly granted, it is not intended that a third party should have the right to enforce the provisions of this Agreement pursuant
to the Contracts (Rights of Third Parties) Act 1999.

 

25       NOTICES

 

		25.1	Any notice required or permitted to be given under this Agreement shall be given in writing delivered
personally or sent by first class post pre-paid recorded delivery (air mail if overseas) or by facsimile to the party due to receive
such notice at, in the case of the Company, its registered office from time to time and, in the case of the Executive, his address
as set out in this Agreement (or such address as he may have notified to the Company in accordance with this clause).

 

		25.2	Any notice delivered personally shall be deemed to be received when delivered to the address provided
in this Agreement and any notice sent by pre-paid recorded delivery post shall be deemed (in the absence of evidence of earlier
receipt) to be received two days after posting and in proving the time of despatch it shall be sufficient to show that the envelope
containing such notice was properly addressed, stamped and posted. A notice sent by facsimile shall be deemed to have been received
on receipt by the sender of confirmation in the transmission report that the facsimile had been sent.

 

		26	GRIEVANCE AND DISCIPLINARY PROCEDURES

 

		26.1	In the event of the Executive wishing to seek redress of any grievance relating to his employment
he should lay his grievance before the CEO in writing, who will afford the Executive the opportunity of a full hearing before the
Board or a committee of the Board whose decision on such grievance shall be final and binding.

 

		26.2	The Company's usual disciplinary procedures do not apply to the Executive. In the event that any
disciplinary action is to be taken against the Executive, any hearing in respect thereof will be conducted by such director of
the Company or any Group Company as the Board may in its reasonable discretion nominate. If the Executive seeks to appeal against
any disciplinary action taken against him he should do so to the Board submitting full written grounds for his appeal to the Chairman
within thirty days of the action appealed against. The decision of the Board or a delegated committee therefore shall be final
and binding. For the avoidance of doubt, the Executive has no contractual right to either a disciplinary hearing or appeal.

 

		26.3	The Company may in its absolute discretion suspend the Executive from some or all of his duties
and from the Board and/or require him to remain away from work during any investigation conducted into an allegation relation to
the Executive's conduct or performance. During such period, the Executive's salary and contractual benefits will continue to be
paid and provided.

 

    	 	20 	 

    	 	 

    

 

		27	MISCELLANEOUS

 

		27.1	This Agreement is governed by and shall be construed in accordance with the laws of England.

 

		27.2	The parties to this Agreement submit to the exclusive jurisdiction of the English courts.

 

		27.3	This Agreement contains the entire understanding between the parties and supersedes all previous
agreements and arrangements (if any) relating to the employment of the Executive by the Company or any Group Company (which shall
be deemed hereby to have been terminated by mutual consent and without compensation). By executing this Agreement, the Executive
confirms and warrants that there are no outstanding payments or benefits owed to him under any prior agreement or understanding
with the Company or any Group Company.

 

		27.4	The Company is not a party to any collective agreements which affect the Executive's employment.

 

		27.5	The Executive authorises the Company to deduct from any remuneration payable to the Executive under
this Agreement any sums due from him to the Company or any Group Company including the cost of repairing any damage to Company
or any Group Company property caused by the Executive.

 

    	 	21 	 

    	 	 

    

 

Schedule 1

 

Duties of the Chief Financial Officer

 

 

Your Duties/Major Responsibilities

 

		·	Lead the finance function, ensuring the integrity of the accounting policies and standards and
the financial governance of the Group;

 

		·	Build a sound budgeting and forecasting process and deliver ‘real time’ high quality
management information to ensure clear understanding of profitability and business performance;

 

		·	Operate as a commercial business partner to the CEO and as a leader capable of adding value beyond
the functional remits of finance;

 

		·	Strengthen the finance team, instilling a focus on rigorous financial discipline and fostering
a business partnering culture. Act as a coach and mentor while identifying and hiring talent, when required;

 

		·	Responsibility for managing Procurement and IT teams;

 

		·	Develop strong relationships across the business and support value-adding opportunities and growth;

 

		·	Manage corporate financing activities where appropriate;

 

		·	Facilitate the process for any potential acquisitions and disposals of group companies and on exit
of the Group;

 

		·	Ability to operate as a Board Director as well as part of the Executive Team.

 

		·	Be appointed as the Company Secretary of the Group.

 

Critical Competencies for Success

 

Commercial impact: Within a dynamic, growth
oriented business, operate as a business partner to a commercial, strategic executive chairman by:

 

		·	Demonstrating the strategic insight to drive growth while operating as a partner, support and challenge
to the executive chairman, investors, executive team, regional directors and area managers;

 

		·	Further developing a ‘return-on-investment’ mindset, positioning finance as an added
value enabler and advisor;

 

 

    	 	22 	 

    	 	 

    

 

		·	Demonstrating the resilience and flexibility to be able to balance priorities and accommodate fast
shifts in scenarios and timelines;

 

		·	Financial stewardship: Operate as a finance leader who can deliver a best in class finance function
to support the growth of a dynamic, international business by;

 

		·	Developing the infrastructure, systems and controls to ensure a rigorous stewardship and control
environment and the delivery of consistent, timely and often ‘real time’ reporting to the management team;

 

		·	Leveraging robust reporting and systems to deliver value-additive analysis to support business
decision making

 

		·	Driving a culture of pro-active, continuous improvement within finance as part of a lean, high
impact group centre.

 

Leadership

 

Play a leadership role in the business
by further developing the finance team and improve the contribution of finance by:

 

		·	Demonstrating first class technical and commercial expertise as part of the executive leadership
team;

 

		·	Leading by example, demonstrating outstanding technical ability, communication skills, energy and
team spirit;

 

		·	Coaching and developing the finance team while exhibiting and promoting core values of integrity,
transparency, humility, teamwork and humour;

 

		·	Create, nurture and sustain world-class digital information at all levels within the company.

 

 

    	 	23 	 

    	 	 

    

 

Signed as a Deed by MIDATECH PHARMA
PLC acting by:

 

 

 

 

	Director 	/s/ Craig Cook
	 	 
	 	 
	 	 
	Director/Company Secretary	Craig Cook
	 	 
	 	 
	 	 
	 	 
	Signed as a Deed by STEPHEN STAMP 	/s/ Stephen Stamp
	in the presence of:	 
	 	 
	 	 
	 	 
	Witness signature:	/s/ Miguel Mota
	 	 
	Name:	Miguel Mota
	 	 
	Address:	
	 	 
	 	
	 	 
	 	
	 	 
	Occupation:	

 

 

 

24EX-4.1

 Exhibit 4.1 

CERTIFICATE OF DESIGNATIONS 
 OF

 5.625% FIXED RATE 
 PERPETUAL
NON-CUMULATIVE PREFERENCE SHARES, SERIES B 
 OF 

ATHENE HOLDING LTD. 
 Athene
Holding Ltd., a Bermuda exempted company limited by shares (the “Company”), HEREBY CERTIFIES that, pursuant to the authority contained in its Twelfth Amended and Restated Bye-Laws (as amended and
restated from time to time, the “Bye-Laws”) and to resolutions of the board of directors of the Company (the “Board of Directors”) adopted on September 11, 2019, the creation of the
series of 5.625% Fixed Rate Perpetual Non-Cumulative Preference Shares, Series B, US$1.00 par value per share, US$25,000 liquidation preference per share (the “Series B Preference Shares”), was
authorized and the designation, preferences and privileges, voting rights, relative, participating, optional and other special rights, and qualifications, limitations and restrictions of the Series B Preference Shares, in addition to those set forth
in the Memorandum of Association and the Bye-Laws of the Company, were fixed as follows: 
 SECTION
1. DESIGNATION. The distinctive serial designation of the Series B Preference Shares is “5.625% Fixed Rate Perpetual Non-Cumulative Preference Shares, Series B.” Each Series B Preference Share shall
be identical in all respects to every other Series B Preference Share, except as to issue price, the date of issuance and the respective dates from which dividends thereon shall accrue, to the extent such dates may differ as permitted pursuant to
Section 4(a) herein. 
 SECTION 2. NUMBER OF SHARES. The authorized number of Series B Preference Shares shall initially be 13,800. The
Company may from time to time elect to issue additional Series B Preference Shares, and all the additional shares so issued shall be a part of, and form a single series with, the Series B Preference Shares initially authorized hereby. Series B
Preference Shares that are redeemed, purchased or otherwise acquired by the Company shall have the status of authorized but unissued shares of the Company, without designation as to class or series. 

SECTION 3. DEFINITIONS. As used herein with respect to Series B Preference Shares: 

(a) “additional amounts” has the meaning specified in Section 5(a). 

(b) “Bermuda Business Day” means any day other than a day on which commercial banks in Bermuda are authorized or obligated by law,
executive order or regulation to close. 
 (c) “Business Day” means a day that is a Monday, Tuesday, Wednesday, Thursday or Friday
and is not a day on which banking institutions in New York City generally are authorized or obligated by law or executive order to close. 

 (d) “Capital Adequacy Regulations” means the solvency margin, capital adequacy
regulations or any other regulatory capital rules applicable to the Company from time to time on an individual or group basis pursuant to the laws of any applicable jurisdiction and which set out the requirements to be satisfied by financial
instruments to qualify as solvency margin or additional solvency margin or regulatory capital (or any equivalent terminology employed by the then applicable capital adequacy regulations). 

(e) “Capital Disqualification Event” means that the Series B Preference Shares do not qualify, as Tier 1 capital (or a substantially
similar concept) for purposes of the capital adequacy rules or regulatory standards of any Capital Regulator to which the Company is or will be subject; provided that the proposal or adoption of any criterion that is substantially the same as
the corresponding criterion in the capital adequacy rules of the Board of Governors of the Federal Reserve System applicable to bank holding companies as of the initial issuance of the Series B Preference Shares will not constitute a capital
disqualification event. 
 (f) “Capital Regulator” means any governmental agency, instrumentality or standard-setting organization
as may then have group-wide oversight of the Company’s regulatory capital. 
 (g) “Certificate of Designations” means this
Certificate of Designations relating to the Series B Preference Shares, as may be amended from time to time. 
 (h) “Change in Tax
Law” has the meaning specified in Section 7(d). 
 (i) “Code” means the Internal Revenue Code of 1986, as amended. 

(j) “Common Shares” means the Class A common shares, par value US$0.001 per share, the Class B common shares, par value
US$0.001 per share, the Class M-1 common shares, par value US$0.001 per share, the Class M-2 common shares, par value US$0.001 per share, the Class M-3 common shares, par value US$0.001 per share and the Class M-4 common shares, par value US$0.001 per share of the Company. 

(k) “Companies Act” means the Companies Act 1981 of Bermuda, as amended. 

(l) “Dividend Payment Date” has the meaning specified in Section 4(a). 

(m) “Dividend Period” has the meaning specified in Section 4(a). 

(n) “Dividend Record Date” has the meaning specified in Section 4(a). 

(o) “DTC” means The Depository Trust Company, together with its successors and assigns. 

(p) “Fixed Rate” means an amount equal to 5.625% per annum. 

(q) “Issue Date” means September 19, 2019, the original date of issuance of the Series B Preference Shares. 

(r) “Junior Shares” means any class or series of shares of the Company that ranks junior to the Series B Preference Shares either as
to the payment of dividends or as to the distribution of assets upon any liquidation, dissolution or winding-up of the Company. 

 (s) “Liquidation Preference” has the meaning specified in Section 6(b). 

(t) “London Banking Day” means a day on which commercial banks are open for business, including dealings in deposits in U.S.
dollars, in London. 
 (u) “Memorandum of Association” means the memorandum of association of the Company, as it may be amended
from time to time. 
 (v) “Nonpayment Event” has the meaning specified in Section 9(b). 

(w) “Parity Shares” means any class or series of shares of the Company that ranks equally with the Series B Preference Shares as to
the payment of dividends and as to the distribution of assets on any liquidation, dissolution or winding-up of the Company. As of the Issue Date, the Series A Preference Shares are the only Parity Shares of
the Company outstanding. 
 (x) “Preference Shares” means any and all series of preference shares of the Company, including the
Series A Preference Shares and the Series B Preference Shares. 
 (y) “Preference Shares Directors” has the meaning specified in
Section 9(b). 
 (z) “Rating Agency” means a nationally recognized statistical rating organization, as defined in
Section 3(a)(62) of the U.S. Securities Exchange Act of 1934, as amended, that publishes a rating for the Company. 
 (aa) “Rating
Agency Event” has the meaning specified in Section 7(e). 
 (bb) “Redemption Date” means any date fixed for redemption
in accordance with Section 7. 
 (cc) “Relevant Date” has the meaning specified in Section 5(b)(i). 

(dd) “Relevant Taxing Jurisdiction” has the meaning specified in Section 7(d). 

(ee) “Senior Shares” means any class or series of shares of the Company that ranks senior to the Series B Preference Shares either
as to the payment of dividends or as to the distribution of assets upon any liquidation, dissolution or winding-up of the Company. As of the Issue Date, there are no Senior Shares of the Company outstanding.

 (ff) “Series A Preference Shares” means the Company’s 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, Series A, US$1.00 par value per share, US$25,000 liquidation preference per share. 

(gg) “Series B Preference Shares” has the meaning specified in the preamble. 

(hh) “Successor Company” means an entity formed by a consolidation, merger, amalgamation or other similar transaction involving the
Company or the entity to which the Company conveys, transfers or leases substantially all its properties and assets. 
 (ii) “Tax
Event” has the meaning specified in Section 7(d). 
 (jj) “Voting Preference Shares” means any other class or series of
Preference Shares ranking equally with the Series B Preference Shares with respect to dividends and the distribution of assets upon liquidation, dissolution or winding up of the Company and upon which like voting rights have been conferred and are
exercisable. As of the Issue Date, the Series A Preference Shares are the only other Voting Preference Shares of the Company outstanding. 

 SECTION 4. DIVIDENDS. 

(a) RATE AND PAYMENT OF DIVIDENDS. The holders of Series B Preference Shares will be entitled to receive, only when, as and if declared by the
Board of Directors or a duly authorized committee of the Board of Directors, out of lawfully available funds for the payment of dividends, non-cumulative cash dividends from, and including, the Issue Date,
quarterly in arrears, on the 30th day of March, June, September and December of each year (each, a “Dividend Payment Date”), commencing on December 30th, 2019; provided that, if any Dividend Payment Date falls on a day that is not a
Business Day and also a Bermuda Business Day, such dividend shall instead be payable on (and no additional dividends shall accrue on the amount so payable from such date to) the first Business Day that is also a Bermuda Business Day following such
Dividend Payment Date. In the event that the Company elects to issue additional Series B Preference Shares after the Issue Date of the Series B Preference Shares in accordance with Section 2, dividends on such additional Series B Preference
Shares shall commence on and include the Issue Date or from any other date as the Company shall specify at the time such additional Series B Preference Shares are issued. 

Dividends shall accumulate, with respect to each Dividend Period, in an amount per Series B Preference Share equal to the Fixed Rate of the
Liquidation Preference per share per annum. Dividends payable on the Series B Preference Shares shall be computed on the basis of a 360-day year consisting of twelve
30-day months with respect to a full Dividend Period, and on the basis of the actual number of days elapsed during such Dividend Period with respect to a Dividend Period other than a full Dividend Period. 

Dividends, if so declared, that are payable on Series B Preference Shares on any Dividend Payment Date shall be payable to holders of record
of Series B Preference Shares as they appear on the books on the register of members of the Company at 5:00 p.m. (New York City time) on the applicable record date, which shall be the 15th calendar day before that Dividend Payment Date or such other
record date fixed by the Board of Directors or a duly authorized committee of the Board of Directors that is not more than 60 nor less than 10 days prior to such Dividend Payment Date (each, a “Dividend Record Date”). Any such day that is
a Dividend Record Date shall be a Dividend Record Date whether or not such day is a Business Day that is also a Bermuda Business Day. 

Each dividend period (a “Dividend Period”) shall commence on and include a Dividend Payment Date (other than the initial Dividend
Period, which shall commence on and include the Issue Date, provided that, for any Series B Preference Shares issued after the Issue Date, the initial Dividend Period for such shares may commence on and include such other date as the Board of
Directors or a duly authorized committee of the Board of Directors shall determine and publicly disclose at the time such additional shares are issued) and shall end on and include the calendar day preceding the next Dividend Payment Date. Dividends
payable in respect of a Dividend Period shall be payable in arrears (i.e., on the first Dividend Payment Date after such Dividend Period). 

Dividends on the Series B Preference Shares shall be non-cumulative. 

Accordingly, if the Board of Directors or a duly authorized committee of the Board of Directors does not authorize and declare a dividend on
the Series B Preference Shares for any Dividend Period on or before the Dividend Payment Date for such Dividend Period, in full or otherwise, then such undeclared dividends shall not accumulate and shall not accrue and shall not be payable, and the
Company shall have no obligation to pay such 

 
undeclared dividends for the applicable Dividend Period on the related Dividend Payment Date or at any future time or to pay interest with respect to such dividends, whether or not dividends are
declared for any future Dividend Period on Series B Preference Shares. 
 Holders of Series B Preference Shares shall not be entitled to any
dividends or other distributions, whether payable in cash, securities or other property, other than dividends (if any) declared and payable on the Series B Preference Shares as specified in this Section 4 (subject to the other provisions of
this Certificate of Designations). 
 Dividends on the Series B Preference Shares will not be declared, paid or set aside for payment if the
Company fails to comply, or if such act would cause the Company to fail to comply, with applicable laws, rules and regulations (including any applicable capital adequacy guidelines established by the Capital Regulator). 

(b) PRIORITY OF DIVIDENDS. So long as any Series B Preference Shares remain outstanding, unless the full dividend for the last completed
Dividend Period on all outstanding Series B Preference Shares and all outstanding Parity Shares has been declared and paid (or declared and a sum sufficient for the payment thereof has been set aside), (i) no dividend shall be declared or paid on
the Common Shares or any other Junior Shares or any Parity Shares (except in the case of the Parity Shares, on a pro rata basis with the Series B Preference Shares as described below), other than a dividend payable solely in Common Shares or other
Junior Shares or (solely in the case of Parity Shares) other Parity Shares, as applicable, and (ii) no Common Shares or other Junior Shares or Parity Shares shall be purchased, redeemed or otherwise acquired for consideration by the Company,
directly or indirectly (other than (A) as a result of a reclassification of Junior Shares for or into other Junior Shares, or a reclassification of Parity Shares for or into other Parity Shares, or the exchange or conversion of one Junior Share
for or into another Junior Share or the exchange or conversion of one Parity Share for or into another Parity Share, (B) through the use of the proceeds of a substantially contemporaneous sale of Junior Shares or (solely in the case of Parity
Shares) other Parity Shares, as applicable and (C) as required by or necessary to fulfill the terms of any employment contract, benefit plan or similar arrangement with or for the benefit of one or more employees, directors or consultants).

 When dividends are not paid (or declared and a sum sufficient for payment thereof set aside) in full on any Dividend Payment Date (or, in
the case of Parity Shares having dividend payment dates different from the Dividend Payment Dates, on a dividend payment date falling within a Dividend Period) on the Series B Preference Shares and any Parity Shares, all dividends declared by the
Board of Directors or a duly authorized committee thereof on the Series B Preference Shares and all such Parity Shares and payable on such Dividend Payment Date (or, in the case of Parity Shares having dividend payment dates different from the
Dividend Payment Dates, on a dividend payment date falling within the Dividend Period related to such Dividend Payment Date) shall be declared by the Board of Directors or such committee thereof pro rata in accordance with the respective aggregate
liquidation preferences of the Series B Preference Shares and any Parity Shares so that the respective amounts of such dividends shall bear the same ratio to each other as all declared but unpaid dividends per Series B Preference Share and all
Parity Shares payable on such Dividend Payment Date (or, in the case of Parity Shares having dividend payment dates different from the Dividend Payment Dates, on a dividend payment date falling within the Dividend Period related to such Dividend
Payment Date) bear to each other. 
 (c) RESTRICTIONS ON PAYMENT OF DIVIDENDS. Pursuant to and subject to the Companies Act, the Company may
not lawfully declare or pay a dividend if the Company has reasonable grounds for believing that the Company is, or would after payment of the dividend be, unable to pay its liabilities as they become due, or that the realizable value of the
Company’s assets would, after payment of the dividend, be less than the aggregate value of the Company’s liabilities. 

 SECTION 5. PAYMENT OF ADDITIONAL AMOUNTS. 

(a) The Company shall make all payments on the Series B Preference Shares free and clear of and without withholding or deduction at source for,
or on account of, any present or future taxes, fees, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of any Relevant Taxing Jurisdiction, unless such taxes, fees, duties, assessments or governmental
charges are required to be withheld or deducted by (i) the laws (or any regulations or rulings promulgated thereunder) of any Relevant Taxing Jurisdiction or (ii) an official position regarding the application, administration,
interpretation or enforcement of any such laws, regulations or rulings (including, without limitation, a holding by a court of competent jurisdiction or by a taxing authority in any Relevant Taxing Jurisdiction). If a withholding or deduction at
source is required, the Company shall, subject to certain limitations and exceptions described below, pay to the holders of the Series B Preference Shares such additional amounts (the “additional amounts”) as dividends as may be necessary
so that every net payment, after such withholding or deduction (including any such withholding or deduction from such additional amounts), shall be equal to the amounts the Company would otherwise have been required to pay had no such withholding or
deduction been required. 
 (b) The Company shall not be required to pay any additional amounts for or on account of: 

(i) any tax, fee, duty, assessment or governmental charge of whatever nature that would not have been imposed but for the fact that such
holder was a resident, domiciliary or national of, or engaged in business or maintained a permanent establishment or was physically present in, the Relevant Taxing Jurisdiction or any political subdivision thereof or otherwise had some connection
with the Relevant Taxing Jurisdiction other than by reason of the mere ownership of, or receipt of payment under, such Series B Preference Shares or any Series B Preference Shares presented for payment (where presentation is required for payment)
more than 30 days after the Relevant Date (except to the extent that the holder would have been entitled to such amounts if it had presented such shares for payment on any day within such 30 day period). The “Relevant Date” means, in
respect of any payment, the date on which such payment first becomes due and payable, but if the full amount of the moneys payable has not been received by the dividend disbursing agent on or prior to such due date, it means the first date on which
the full amount of such moneys having been so received and being available for payment to holders and notice to that effect shall have been duly given to the holders of the Series B Preference Shares; 

(ii) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge or any tax,
assessment or other governmental charge that is payable otherwise than by withholding or deduction from payment of the liquidation preference or of any dividends on the Series B Preference Shares; 

(iii) any tax, fee, duty, assessment or other governmental charge that is imposed or withheld by reason of the failure by the holder of such
Series B Preference Shares to comply with any reasonable request by the Company addressed to the holder within 90 days of such request (a) to provide information concerning the nationality, residence or identity of the holder or (b) to
make any declaration or other similar claim or satisfy any information or reporting requirement that is required or imposed by statute, treaty, regulation or administrative practice of the Relevant Taxing Jurisdiction as a precondition to exemption
from all or part of such tax, fee, duty, assessment or other governmental charge;
 (iv) any tax, fee, duty, assessment or governmental
charge required to be withheld or deducted under Sections 1471 through 1474 of the Code (or any Treasury regulations or other administrative guidance thereunder); or 

 (v) any combination of items (i), (ii), (iii) and (iv). 

(c) In addition, the Company shall not pay additional amounts with respect to any payment on any such Series B Preference Shares to any holder
that is a fiduciary, partnership, limited liability company or other pass-through entity other than the sole beneficial owner of such Series B Preference Shares if such payment would be required by the laws of the Relevant Taxing Jurisdiction to be
included in the income for tax purposes of a beneficiary or partner or settlor with respect to such fiduciary or a member of such partnership, limited liability company or other pass-through entity or a beneficial owner to the extent such
beneficiary, partner or settlor would not have been entitled to such additional amounts had it been the holder of the Series B Preference Shares. 

SECTION 6. LIQUIDATION RIGHTS. 

(a) VOLUNTARY OR INVOLUNTARY LIQUIDATION. In the event of any liquidation, dissolution or winding-up of
the Company, whether voluntary or involuntary, holders of the Series B Preference Shares shall be entitled to receive, out of the assets of the Company available for distribution to shareholders of the Company, after satisfaction of all liabilities
and obligations to creditors and Senior Shares of the Company, if any, but before any distribution of such assets is made to the holders of Common Shares and any other Junior Shares, a liquidating distribution in the amount equal to US$25,000 per
Series B Preference Share, plus declared and unpaid dividends, if any, to the date fixed for distribution. 
 (b) PARTIAL PAYMENT. After
payment of the full amount of any distribution described in 6(a) above to which holders are entitled, holders of the Series B Preference Shares will have no right or claim to any of the Company’s remaining assets. If in any distribution
described in Section 6(a) above, the assets of the Company are not sufficient to pay the Liquidation Preferences (as defined below) in full to all holders of Series B Preference Shares and all holders of any Parity Shares, the amounts payable
to the holders of Series B Preference Shares and to the holders of all such other Parity Shares shall be paid pro rata in accordance with the respective aggregate Liquidation Preferences of the holders of Series B Preference Shares and the holders
of all such other Parity Shares, but only to the extent the Company has assets available after satisfaction of all liabilities to creditors and holder of Senior Shares. In any such distribution, the “Liquidation Preference” of any holder
of Series B Preference Shares or Parity Shares of the Company shall mean the amount otherwise payable to such holder in such distribution (assuming no limitation on the assets of the Company available for such distribution), including any declared
but unpaid dividends (and any unpaid, accrued cumulative dividends, whether or not declared, in the case of any holder of shares on which dividends accrue on a cumulative basis). 

(c) RESIDUAL DISTRIBUTIONS. If the Liquidation Preference has been paid in full to all holders of Series B Preference Shares and any holders
of Parity Shares, the holders of Junior Shares of the Company shall be entitled to receive all remaining assets of the Company according to their respective rights and preferences. 

(d) STRUCTURAL SUBORDINATION. The Series B Preference Shares shall be structurally subordinated in right of payment to all obligations of the
Company’s subsidiaries including all existing and future policyholders’ obligations of such subsidiaries. 
 (e) MERGER,
CONSOLIDATION AND SALE OF ASSETS NOT LIQUIDATION. For purposes of this Section 6, the consolidation, amalgamation, merger, arrangement, reincorporation, de-registration, reconstruction, reorganization or
other similar transaction involving the Company or the sale or transfer of all or substantially all of the shares or the property or business of the Company shall not be deemed to constitute a liquidation, dissolution or winding-up. 

 SECTION 7. OPTIONAL REDEMPTION. 

(a) REDEMPTION AFTER SEPTEMBER 30, 2024. 

The Series B Preference Shares may not be redeemed by the Company prior to September 30, 2024, subject to the exceptions set forth in
Sections 7(b), (c), (d) and (e) herein. On and after September 30, 2024, the Company may redeem, in whole or from time to time in part, the Series B Preference Shares, upon notice given as provided in Section 7(h) herein, at a
redemption price equal to US$25,000 per Series B Preference Share, plus declared and unpaid dividends, if any, to but excluding the Redemption Date, without interest on such unpaid dividends. 

(b) VOTING EVENT. The Company may redeem, in whole, but not in part, all of the Series B Preference Shares, upon notice given as provided in
Section 7(h) herein, at a redemption price equal to $26,000 per Series B Preference Share, plus all declared and unpaid dividends, if any, to but excluding the Redemption Date, without accumulation of an undeclared dividend and without interest
on such unpaid dividends, if at any time prior to September 30, 2024 the Company notifies the holders of Common Shares a proposal for an amalgamation or any proposal for any other matter that requires, as a result of any changes in Bermuda law
after the Issue Date, an affirmative vote of the holders of the Series B Preference Shares at the time outstanding, whether voting as a separate series or together with any other series of Preferred Shares as a single class. 

(c) CAPITAL DISQUALIFICATION EVENT. The Company may redeem, in whole, but not in part, all of the Series B Preference Shares, upon notice
given as provided in Section 7(h) herein, at a redemption price equal to US$25,000 per Series B Preference Share, plus all declared and unpaid dividends, if any, to, but excluding, the Redemption Date, without interest on such unpaid dividends,
at any time within 90 days following the occurrence of the date on which the Company has reasonably determined that, as a result of (i) any amendment to, or change in, those laws or regulations of the jurisdiction of the Company’s Capital
Regulator that is enacted or becomes effective after the initial issuance of the Series B Preference Shares, (ii) any proposed amendment to, or change in, those laws or regulations that are announced or becomes effective after the initial
issuance of the Series B Preference Shares or (iii) any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws or regulations that are announced after
the initial issuance of the Series B Preference Shares, a Capital Disqualification Event has occurred. 
 (d) CHANGE IN TAX LAW. The Company
may redeem, in whole, but not in part, all of the Series B Preference Shares, upon notice given as provided in Section 7(h) herein, at a redemption price equal to US$25,000 per Series B Preference Share, plus declared and unpaid dividends, if
any, to, but excluding, the Redemption Date, without interest on such unpaid dividends, if as a result of a Change in Tax Law there is, in the Company’s reasonable determination, a substantial probability that the Company or any Successor
Company would become obligated to pay additional amounts on the next succeeding Dividend Payment Date with respect to the Series B Preference Shares and the payment of those additional amounts could not be avoided by the use of any reasonable
measures available to the Company or any Successor Company (a “Tax Event”). As used herein, “Change in Tax Law” means (i) a change in or amendment to laws, regulations or rulings of any Relevant Taxing Jurisdiction,
(ii) a change in the official application or interpretation of those laws, regulations or rulings, (iii) any execution of or amendment to any treaty affecting taxation to which any Relevant Taxing Jurisdiction is party or (iv) a
decision rendered by a court of competent jurisdiction in any Relevant Taxing Jurisdiction, whether or not such decision was rendered with respect to the Company, in each case described in clauses (i) - (iv) above, occurring after September 16,
2019; provided that in the case of a Relevant Taxing Jurisdiction other than Bermuda in which a Successor Company is organized, such Change in Tax Law must occur after the date on which the Company consolidates,

 
merges or amalgamates (or engages in a similar transaction) with the Successor Company, or conveys, transfers or leases substantially all of its properties and assets to the Successor Company, as
applicable. As used herein, “Relevant Taxing Jurisdiction” means (A) Bermuda or any political subdivision or governmental authority of or in Bermuda with the power to tax, (B) any jurisdiction from or through which the Company or
its dividend disbursing agent is making payments on the Series B Preference Shares or any political subdivision or governmental authority of or in that jurisdiction with the power to tax or (C) any other jurisdiction in which the Company or any
Successor Company is organized or generally subject to taxation or any political subdivision or governmental authority of or in that jurisdiction with the power to tax. Prior to any redemption upon a Tax Event, the Company shall file with its
corporate records and deliver to the transfer agent for the Series B Preference Shares a certificate signed by one of the Company’s officers confirming that a Tax Event has occurred and is continuing (as reasonably determined by the Company).
The Company shall include a copy of this certificate with any notice of such redemption. 
 (e) RATING AGENCY EVENT. The Company may redeem,
in whole, but not in part, all of the Series B Preference Shares, upon notice given as provided in Section 7(h) herein, at a redemption price equal to US$25,500 per Series B Preference Share, plus declared and unpaid dividends, if any, to, but
excluding, the Redemption Date, without interest on such unpaid dividends, within 90 days after a Rating Agency amends, clarifies or changes the criteria it uses to assign equity credit to securities such as the Series B Preference Shares, which
amendment, clarification or change results in a Rating Agency Event. As used herein, a “Rating Agency Event” occurs if any nationally recognized statistical rating organization, as defined in Section 3(a)(62) of the U.S. Securities
Exchange Act of 1934, as amended, that then publishes a rating for the Company amends, clarifies or changes the criteria it uses to assign equity credit to securities such as the Series B Preference Shares, which amendment, clarification, or change
results in: 
 (i) the shortening of the length of time the Series B Preference Shares are assigned a particular level of equity credit by
that Rating Agency as compared to the length of time they would have been assigned that level of equity credit by that Rating Agency or its predecessor on the initial issuance of the Series B Preference Shares; or 

(ii) the lowering of the equity credit (including up to a lesser amount) assigned to the Series B Preference Shares by that Rating Agency as
compared to the equity credit assigned by that Rating Agency or its predecessor on the initial issuance of the Series B Preference Shares. 

(f) NO SINKING FUND. The Series B Preference Shares shall not be subject to any mandatory redemption, sinking fund, retirement fund or
purchase fund or other similar provisions. Holders of Series B Preference Shares shall have no right to require redemption, repurchase or retirement of any Series B Preference Shares. 

(g) PROCEDURES FOR REDEMPTION. The redemption price for any Series B Preference Shares shall be payable on the Redemption Date to the holders
of such shares against book-entry transfer or surrender of the certificate(s) evidencing such shares to the Company or its agent. Any declared but unpaid dividends payable on a Redemption Date that occurs subsequent to the Dividend Record Date for a
Dividend Period shall not be paid to the holder entitled to receive the redemption price on the Redemption Date, but rather shall be paid to the holder of record of the redeemed shares on such Dividend Record Date relating to the Dividend Payment
Date as provided in Section 4 herein. Prior to delivering any notice of redemption as provided below, the Company shall file with its corporate records a certificate signed by one of the Company’s officers affirming the Company’s
compliance with the redemption provisions under the Companies Act relating to the Series B Preference Shares, and stating that there are reasonable grounds for believing that the Company is, and after the redemption will be, able to pay its
liabilities as they become due and that the redemption will not cause the Company to breach any provision of applicable Bermuda law or regulation. The Company shall mail a copy of this certificate with the notice of any redemption. 

 (h) NOTICE OF REDEMPTION. Notice of every redemption of Series B Preference Shares shall be
given by first class mail, postage prepaid, addressed to the holders of record of the Series B Preference Shares to be redeemed at their respective last addresses appearing on the share register of the Company. Such mailing shall be at least 15 days
and not more than 60 days before the date fixed for redemption. Any notice mailed as provided in this subsection shall be conclusively presumed to have been duly given, whether or not the holder receives such notice, but failure duly to give such
notice by mail, or any defect in such notice or in the mailing thereof, to any holder of Series B Preference Shares designated for redemption shall not affect the validity of the proceedings for the redemption of any other Series B Preference
Shares. Notwithstanding the foregoing, if the Series B Preference Shares or any depositary shares representing interests in the Series B Preference Shares are issued in book-entry form through DTC or any other similar facility, notice of redemption
may be given to the holders of Series B Preference Shares at such time and in any manner permitted by such facility. Each such notice given to a holder shall state: (i) the Redemption Date; (ii) the number of Series B Preference Shares to
be redeemed and, if less than all the Series B Preference Shares held by such holder are to be redeemed, the number of such Series B Preference Shares to be redeemed from such holder; (iii) the redemption price; and (iv) that the Series B
Preference Shares should be delivered via book-entry transfer or the place or places where certificates, if any, for such Series B Preference Shares are to be surrendered for payment of the redemption price. 

(i) PARTIAL REDEMPTION. In case of any redemption of only part of the Series B Preference Shares at the time outstanding, the Series B
Preference Shares to be redeemed shall be selected either pro rata or by lot. Subject to the provisions hereof, the Company shall have full power and authority to prescribe the terms and conditions upon which Series B Preference Shares shall be
redeemed from time to time. 
 (j) If the Series B Preference Shares are treated as Tier 1 capital (or a substantially similar concept)
under the capital guidelines of a Capital Regulator, any redemption of the Series B Preference Shares may be subject to the Company’s receipt of any required prior approval from the Capital Regulator and to the satisfaction of any conditions to
the Company’s redemption of the Series B Preference Shares set forth in those capital guidelines or any other applicable regulations of the Capital Regulator. 

(k) EFFECTIVENESS OF REDEMPTION. If notice of redemption of any Series B Preference Shares has been duly given and if on or before the
Redemption Date specified in the notice all funds necessary for such redemption have been set aside by the Company, separate and apart from its other funds, in trust for the pro rata benefit of the holders of the Series B Preference Shares called
for redemption, so as to be and continue to be available therefor, then, notwithstanding that Series B Preference Shares so called for redemption have not been surrendered for cancellation or transferred via book-entry, on and after the Redemption
Date, no further dividends shall be declared on all Series B Preference Shares so called for redemption, all shares so called for redemption shall no longer be deemed outstanding and all rights with respect to such Series B Preference shall
forthwith on such Redemption Date cease and terminate, except only the right of the holders thereof to receive the amount payable on such redemption, without interest. 

(l) RESTRICTIONS ON REDEMPTION. Under Bermuda law, the Company may not lawfully redeem Preference Shares (including the Series B Preference
Shares) at any time if the Company has reasonable grounds for believing that the Company is or would after the redemption be unable to pay its liabilities as they become due. Preference Shares (including the Series B Preference Shares) may not be
redeemed except out of the capital paid up thereon, out of funds of the Company that would otherwise be available for dividends or distributions or out of the proceeds of a new issue of shares made for the purpose of the redemption or purchase. The
premium, if any, payable on redemption or purchase must be provided for out of funds of the Company that would otherwise be 

 
available for dividend or distribution or out of the Company’s share premium account before the Preference Shares are redeemed or purchased. In addition, if the redemption price is to be
paid out of funds otherwise available for dividends or distributions, no redemption may be made if the realizable value of the Company’s assets would thereby be less than the aggregate of the Company’s liabilities, issued share capital and
share premium accounts. 
 SECTION 8. SUBSTITUTION OR VARIATION 

(a) At any time following a Tax Event or at any time following a Capital Disqualification Event, the Company may, without the consent of any
holders of the Series B Preference Shares, vary the terms of the Series B Preference Shares such that they remain securities, or exchange the Series B Preference Shares with new securities, which (i) in the case of a Tax Event, would eliminate
the substantial probability that the Company or any Successor Company would be required to pay any additional amounts with respect to the Series B Preference Shares as a result of a Change in Tax Law or (ii) in the case of a Capital
Disqualification Event, for purposes of determining the solvency margin, capital adequacy ratios or any other comparable ratios, regulatory capital resource or level of the Company or any member thereof, where subdivided into tiers, qualify as Tier
1 capital (or a substantially similar concept) under the capital guidelines of the Company’s Capital Regulator. In either case, the terms of the varied securities or new securities considered in the aggregate cannot be less favorable to holders
than the terms of the Series B Preference Shares prior to being varied or exchanged; provided that no such variation of terms or securities received in exchange shall change the specified denominations of, dividend payable on, the Redemption
Dates (other than any extension of the period during which an optional redemption may not be exercised by the Company) or currency of, the Series B Preference Shares, reduce the liquidation preference thereof, lower the ranking in right of payment
with respect to the payment of dividends or the distribution of assets upon liquidation, dissolution or winding-up of the Series B Preference Shares, or change the foregoing list of items that may not be so
amended as part of such substitution or variation. Further, no such variation of terms or securities received in exchange shall impair the right of a holder of the securities to institute suit for the payment of any amounts due (as provided under
this Certificate of Designations), but unpaid with respect to such holder’s securities. 
 (b) Prior to any substitution or variation,
the Company shall be required to receive an opinion of independent legal advisers of recognized standing to the effect that holders and beneficial owners of the Series B Preference Shares (including as holders and beneficial owners of the varied or
exchanged securities) will not recognize income, gain or loss for United States federal income tax purposes as a result of such substitution or variation and will be subject to United States federal income tax on the same amounts, in the same manner
and at the same times as would have been the case had such substitution or variation not occurred. 
 (c) Any substitution or variation of
the Series B Preference Shares described above shall be made after notice is given to the holders of the Series B Preference Shares not less than 15 days nor more than 60 days prior to the date fixed for substitution or variation, as applicable.

 SECTION 9. VOTING RIGHTS. 

(a) GENERAL. The holders of Series B Preference Shares shall not have any voting rights except as set forth below or as otherwise from time to
time required by law. On any item on which the holders of the Series B Preference Shares are entitled to vote, such holders shall be entitled to one vote for each Series B Preference Share held. 

(b) RIGHT TO ELECT TWO DIRECTORS UPON NONPAYMENT EVENTS. If and whenever dividends in respect of any Series B Preference Shares shall have not
been declared and paid for the equivalent of six or more 

 
Dividend Periods, whether or not consecutive (a “Nonpayment Event”), the holders of Series B Preference Shares, voting together as a single class with the holders of any and all Voting
Preference Shares then outstanding, shall be entitled to vote for the election of a total of two additional members of the Board of Directors (the “Preference Shares Directors”); provided that it shall be a qualification for
election for any such Preference Shares Director that the election of any such directors shall not cause the Company to violate the corporate governance requirements of the U.S. Securities and Exchange Commission or the New York Stock Exchange (or
any other securities exchange or other trading facility on which securities of the Company may then be listed or quoted) that listed or quoted companies must have a majority of independent directors. The Company shall use its best efforts to
increase the number of directors constituting the Board of Directors to the extent necessary to effectuate such right, and, if necessary, to amend the bye-laws. Each Preference Shares Director shall be added
to an already existing class of directors. 
 In the event that the holders of the Series B Preference Shares, and any such other holders of
Voting Preference Shares, shall be entitled to vote for the election of the Preference Shares Directors following a Nonpayment Event, such directors shall be initially elected following such Nonpayment Event only at a special general meeting, or at
any annual general meeting of shareholders, and thereafter at the annual general meeting of shareholders. At any time when such special voting power has vested in the holders of any of the Series B Preference Shares and any such other holders of
Voting Preference Shares as described above, the chief executive officer of the Company shall, upon the written request of the holders of record of at least 10% of the Series B Preference Shares and Voting Preference Shares (taken together as a
single class) then outstanding addressed to the secretary of the Company, call a special general meeting of the holders of the Series B Preference Shares and Voting Preference Shares for the purpose of electing directors. Such meeting shall be held
at the earliest practicable date in such place as may be designated pursuant to the Bye-Laws (or if there be no designation, at the Company’s principal office in Bermuda). If such meeting shall not be
called by the Company’s proper officers within 20 days after the Company’s secretary has been personally served with such request, or within 60 days after mailing the same by registered or certified mail addressed to the Company’s
secretary at the Company’s principal office, then the holders of record of at least 10% of the Series B Preference Shares and Voting Preference Shares (taken together as a single class) then outstanding may designate in writing one such holder
to call such meeting at the Company’s expense, and such meeting may be called by such holder so designated upon the notice required for annual general meetings of shareholders and shall be held in Bermuda, unless the Company otherwise
designates. Notwithstanding the foregoing, no such special general meeting shall be called during the period within 90 days immediately preceding the date fixed for the next annual general meeting of shareholders. 

At any annual or special general meeting at which the holders of the Series B Preference Shares and any such other holders of Voting
Preference Shares shall be entitled to vote, voting together as a single class, for the election of the Preference Shares Directors following a Nonpayment Event, the presence, in person or by proxy, of the holders of 50% of such Series B Preference
Shares and Voting Preference Shares (taken together as a single class) shall be required to constitute a quorum of the Series B Preference Shares and Voting Preference Shares (taken together as a single class) for the election of any director by the
holders of the Series B Preference Shares and Voting Preference Shares (taken together as a single class). At any such meeting or adjournment thereof, the absence of a quorum of the Series B Preference Shares and Voting Preference Shares shall not
prevent the election of directors other than those to be elected by the Series B Preference Shares and Voting Preference Shares, voting together as a single class, and the absence of a quorum for the election of such other directors shall not
prevent the election of the directors to be elected by the Series B Preference Shares and Voting Preference Shares, voting together as a single class. 

The Preference Shares Directors so elected by the holders of the Series B Preference Shares and Voting Preference Shares shall continue in
office (i) until their successors, if any, are elected by such holders or (ii) unless 

 
required by applicable law to continue in office for a longer period, until termination of the right of the holders of the Series B Preference Shares and Voting Preference Shares to vote as a
class for directors, if earlier. If and to the extent permitted by applicable law, immediately upon any termination of the right of the holders of the Series B Preference Shares and Voting Preference Shares to vote together as a single class for
directors as provided herein, the terms of office of the directors then in office so elected by the holders of the Series B Preference Shares and Voting Preference Shares shall terminate. 

When dividends have been paid in full on the Series B Preference Shares for at least four consecutive Dividend Periods after a Nonpayment
Event, then the holders of the Series B Preference Shares shall be divested of the right to elect the Preference Shares Directors (subject to revesting of such voting rights in the event of each subsequent Nonpayment Event pursuant to this
Section 9) and the number of Dividend Periods in which dividends have not been declared and paid shall be reset to zero, and if and when the rights of holders of Voting Preference Shares to elect the Preference Shares Directors shall have
ceased, the terms of office of all the Preference Shares Directors shall forthwith terminate and the number of directors constituting the Board of Directors shall automatically be reduced accordingly. For purposes of determining whether dividends
have been paid for four consecutive Dividend Periods following a Nonpayment Event, the Company may take account of any dividend it elects to pay for such a Dividend Period after the Dividend Payment Date for the Dividend Payment Period has passed.

 Any Preference Shares Director may be removed at any time without cause by the holders of record of a majority of the aggregate voting
power, as determined under the Bye-Laws, of Series B Preference Shares and any other shares of Voting Preference Shares then outstanding (voting together as a single class) when they have the voting rights
described above. Until the right of the holders of Series B Preference Shares and any Voting Preference Shares to elect the Preference Shares Directors shall cease, any vacancy in the office of a Preference Shares Director (other than prior to the
initial election of Preference Shares Directors after a Nonpayment Event) may be filled by the written consent of the Preference Shares Director remaining in office, or if none remain in office, by a vote of the holders of record of a majority of
the outstanding Series B Preference Shares and any other shares of Voting Preference Shares (voting together as a single class) when they have the voting rights described above. Any such vote of holders of Series B Preference Shares and Voting
Preference Shares to remove, or to fill a vacancy in the office of, a Preference Shares Director may be taken only at a special meeting of such shareholders, called as provided above for an initial election of Preference Shares Directors after a
Nonpayment Event (unless such request is received less than 90 days before the date fixed for the next annual or special meeting of the shareholders of the Company, in which event such election shall be held at such next annual or special meeting of
shareholders). The Preference Shares Directors shall each be entitled to one vote per director on any matter. Each Preference Shares Director elected at any special general meeting of shareholders of the Company or by written consent of the other
Preference Shares Director shall hold office until the next annual general meeting of the shareholders of the Company if such office shall not have previously terminated as above provided. 

(c) VARIATION OF RIGHTS. Other than as provided for in Section 8(a) herein (which permits certain variations without consent by the
holders of the Series B Preference Shares), any or all of the special rights of the Series B Preference Shares may be altered or abrogated with the consent in writing of the holders of not less than three-quarters of the issued Series B Preference
Shares or with the sanction of a special resolution approved by at least a majority of the votes cast by the holders of the Series B Preference Shares at a separate general meeting in accordance with Section 47(7) of the Companies Act. The
necessary quorum requirements for the separate general meeting shall be two or more persons holding or representing by proxy more than fifty percent (50%) of the aggregate voting power of the Series B Preference Shares. The rights attaching to or
the terms of issue of such shares or class of shares, as the case may be, shall not, unless otherwise expressly provided by the terms of issue of such shares, be deemed to be varied by the creation or issue of Parity Shares. 

 (d) CHANGES FOR CLARIFICATION. Without the consent of the holders of the Series B Preference
Shares, so long as such action does not materially and adversely affect the special rights, preferences, privileges and voting powers, of the Series B Preference Shares taken as a whole, the Board of Directors of the Company may, by resolution,
amend, alter, supplement or repeal any terms of the Series B Preference Shares: 
 (i) to cure any ambiguity, or to cure, correct or
supplement any provision contained in this Certificate of Designations that may be defective or inconsistent; or 
 (ii) to make any
provision with respect to matters or questions arising with respect to the Series B Preference Shares that is not inconsistent with the provisions of this Certificate of Designations; provided that any such amendment, alteration, supplement or
repeal of any terms of the Series B Preference Shares shall be deemed not to materially and adversely affect the special rights, preferences, privileges and voting powers of the Series B Preference Shares, taken as a whole. 

(e) CHANGES AFTER PROVISION FOR REDEMPTION. No vote or consent of the holders of Series B Preference Shares shall be required pursuant to
Section 9(b), (c) or (d) above if, at or prior to the time when the act with respect to which such vote would otherwise be required pursuant to such Section shall be effected, all outstanding Series B Preference Shares shall have been
redeemed, or shall have been called for redemption upon proper notice and sufficient funds shall have been set aside by the Company for such redemption, in each case pursuant to Section 7 herein. 

(f) PROCEDURES FOR VOTING AND CONSENTS. The rules and procedures for calling and conducting any meeting of the holders of Series B Preference
Shares (including, without limitation, the fixing of a record date in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining of written consents and any other aspect or matter with regard to such a meeting or
such consents shall be governed by any rules the Board of Directors or a duly authorized committee of the Board of Directors, in its discretion, may adopt from time to time, which rules and procedures shall conform to the requirements of the Bye-Laws, applicable law and any national securities exchange or other trading facility on which the Series B Preference Shares is listed or traded at the time. Whether the vote or consent of the holders of a
plurality, majority or other portion of the Series B Preference Shares and any Voting Preference Shares has been cast or given on any matter on which the holders of Series B Preference Shares are entitled to vote shall be determined by the Company
by reference to the aggregate voting power, as determined by the Bye-Laws of the Company, of the shares voted or covered by the consent. 

SECTION 10. RANKING. The Series B Preference Shares shall, with respect to the payment of dividends and distributions of assets upon
liquidation, dissolution and winding-up, rank senior to Junior Shares, junior to any Senior Shares and pari passu with any Parity Shares of the Company, including those that the Company may issue from time to
time in the future. 
 SECTION 11. RECORD HOLDERS. To the fullest extent permitted by applicable law, the Company and the transfer agent for
the Series B Preference Shares may deem and treat the record holder of any Series B Preference Share as the true and lawful owner thereof for all purposes, and neither the Company nor such transfer agent shall be affected by any notice to the
contrary. 
 SECTION 12. NOTICES. All notices or communications in respect of Series B Preference Shares shall be sufficiently given if
given in writing and delivered in person or by first class mail, postage prepaid, or if given in such other manner as may be permitted in this Certificate of Designations, Bye-Laws or by applicable law.

 
Notwithstanding the foregoing, if Series B Preference Shares or depositary shares representing an interest in Series B Preference Shares are issued in book-entry form through DTC, such notices
may be given to the holders of the Series B Preference Shares in any manner permitted by DTC. 
 SECTION 13. NO PREEMPTIVE RIGHTS. No Series
B Preference Share shall have any rights of preemption whatsoever as to any securities of the Company, or any warrants, rights or options issued or granted with respect thereto, regardless of how such securities, or such warrants, rights or options,
may be designated, issued or granted.
 SECTION 14. LIMITATIONS ON TRANSFER AND OWNERSHIP. The Series B Preference Shares shall be subject
to the limitations on transfer and ownership contained in the Bye-laws. 
 SECTION 15. OTHER RIGHTS.
The Series B Preference Shares shall not have any voting powers, preferences or relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth herein or in the Bye-Laws or as provided by applicable law. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, ATHENE HOLDING LTD. has caused this certificate to be signed by Martin
P. Klein, its Executive Vice President and Chief Financial Officer, as of this 19th day of September, 2019. 
  

			
	ATHENE HOLDING LTD.
		
	By:	 	 /s/ Martin P. Klein

	Name:	 	Martin P. Klein
	Title:	 	Executive Vice President
		 	and Chief Financial Officer

  
 [Signature Page to
Certificate of Designations]

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