Document:

EX-10.4

 Exhibit 10.4 

ACHILLES TX LIMITED 

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered on
the ___ day of February 2021, by and among ACHILLES TX LIMITED (Company no. 13027460) (the “Company”), ACHILLES THERAPEUTICS UK LIMITED (Company no. 10167668) (“ATUK”), CANCER RESEARCH
TECHNOLOGY LIMITED (“CRT”) (Company no. 01626049) and the investors listed on Exhibit A hereto, referred to hereinafter as the “Investors” and each individually as an
“Investor” (together, the “Parties”). 
 RECITALS 

WHEREAS, ATUK (the Company’s wholly-owned subsidiary), CRT and the Investors entered into that certain Registration Rights
Agreement on materially the same terms as this Agreement on 18 November 2020 (the “Historic Agreement”). 

WHEREAS, pursuant to the terms of a corporate reorganization effected in December 2020, all shareholders of ATUK exchanged each of the
shares held by them for equivalent shares in the Company and, as a result, ATUK became a wholly owned subsidiary of Achilles TX Limited and, as a result the Parties have agreed to enter into this Amended and Restated Registration Rights in order
that the Company may assume the rights and obligations of ATUK in accordance with the requirements of clause 2.10 of the Historic Agreement. 

WHEREAS, this Agreement amends, replaces and supersedes the Historic Agreement in accordance with clause 3.5(a) of the Historic
Agreement. 
 WHEREAS, the Company, ATUK, CRT and Investors desire to set forth certain registration rights on the same terms as the
Historic Agreement, as more fully described below. 
 NOW, THEREFORE, the Company, CRT and the Investors hereby agree as follows:

  

	1.	 GENERAL 

  

	1.1	 Definitions. As used in this Agreement, the following terms shall have the following meanings:

  

	 	(a)	 “Affiliate” means, with respect to any specified Person, any other Person who, directly
or indirectly, controls, is controlled by, or is under common control with such Person, including, without limitation, any general partner, managing member, officer, director or trustee of such Person, or any venture capital fund or other investment
fund now or hereafter existing that is controlled by one (1) or more general partners, managing members or investment adviser of, or shares the same management company or investment adviser with, such Person. 

 

	 	(b)	 “Articles” means the articles of association of the Company adopted on or about the
date of this Agreement, as may be amended and/or amended and restated from time-to-time. 

 

	 	(c)	 “Damages” means any loss, damage, claim or liability (joint or several) to which a
party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue
statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an
omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its
agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

 

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

  

  
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	 	(e)	 “Form F-3” means such form under the Securities
Act as in effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC, which permits inclusion or incorporation of substantial information by reference to other documents filed by
the Company with the SEC. 

  

	 	(f)	 “Form S-3” means such form under the Securities
Act as in effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC, which permits inclusion or incorporation of substantial information by reference to other documents filed by
the Company with the SEC. 

  

	 	(g)	 “Holder” means any Person owning of record Registrable Securities that have not been
sold to the public or any assignee of record of such Registrable Securities in accordance with Section 3.2 hereof. 

  

	 	(h)	 “Initial Offering” means the Company’s first firm commitment underwritten public
offering of its Ordinary Shares, or American Depositary Receipts representing Ordinary Shares, registered under the Securities Act. 

  

	 	(i)	 “Investor Shares” means, collectively, the Series A Preferred Shares, the Series B
Preferred Shares and the Series C Preferred Shares. 

  

	 	(j)	 “IPO” shall have the meaning given to the term in the Articles. 

 

	 	(k)	 “Ordinary Shares” shall have the meaning given to the term in the
Articles. 

  

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

  

	 	(m)	 “Preferred Shares” shall have the meaning given to the term in the
Articles. 

  

	 	(n)	 “Register,” “registered,” and
“registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act and the declaration or ordering of effectiveness of such registration statement or
document. 

  

	 	(o)	 “Registrable Securities” means: (i) Ordinary Shares of the Company issuable
or issued upon conversion of the Investor Shares; (ii) any Ordinary Shares, or any Ordinary Shares issued or issuable upon conversion and/or exercise of any other securities of the Company, acquired by CRT, the
Investors or their permitted assignees after the date hereof; and (iii) any Ordinary Shares of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security, which is issued as) a dividend or other
distribution with respect to, or in exchange for or in replacement of, such above-described securities. Where the context requires, Registrable Securities shall include American Depositary Receipts representing Ordinary Shares. Notwithstanding the
foregoing, Registrable Securities shall not include any securities: (i) sold by a Person to the public either pursuant to a registration statement or Rule 144; or (ii) sold in a private transaction in which the transferor’s rights
under Section 2 of this Agreement are not assigned; or (iii) any Ordinary Shares for which registration rights have terminated pursuant to section 2.12 of this Agreement. 

 

	 	(p)	 “Registrable Securities then
outstanding” means the number of Ordinary Shares that are Registrable Securities and either: (a) are then issued and outstanding; or (b) are issuable (directly or indirectly) pursuant to then exercisable or convertible
securities. 

  

	 	(q)	 “Registration Expenses” means all expenses incurred by the Company
in complying with Sections 2.1, 2.2 and 2.3 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, reasonable fees and disbursements not to exceed fifty thousand
U.S. dollars (U.S.$50,000) of a single special counsel for the Holders, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the
Company which shall be paid in any event by the Company). 

  

  
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	 	(r)	 “Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.

  

	 	(s)	 “SEC” or “Commission” means the Securities and Exchange
Commission. 

  

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

  

	 	(u)	 “Selling Expenses” means all underwriting discounts and selling commissions applicable
to the sale of Registrable Securities. 

  

	 	(v)	 “Series A Preferred Shares” means the Preferred Shares of £0.00001 each in the
Company with the rights set out in the Articles. 

  

	 	(w)	 “Series B Preferred Shares” means the Preferred Shares of £0.00001 each in the
Company with the rights set out in the Articles. 

  

	 	(x)	 “Series C Preferred Shares” means the Preferred Shares of £0.00001 each in the
Company with the rights set out in the Articles. 

  

	 	(y)	 “Shareholders’ Agreement” means that certain Shareholders’ Agreement, entered
into between the Company and certain parties hereto on 2 December, 2019. 

  

	 	(z)	 “Shares” means the Ordinary Shares and the Preferred Shares, held from time to time by
CRT or the Investors listed on Exhibit A hereto and their permitted assignees. 

  

	 	(aa)	 “Share Sale” shall have the meaning given to the term in the Articles.

  

	 	(bb)	 “Special Registration Statement” means: (i) a registration statement relating to
any employee benefit plan; or (ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, any registration statements related to the issuance or resale of securities issued in such a transaction; or
(iii) a registration statement related to shares issued upon conversion of debt securities. 

  

	2.	 REGISTRATION. 

 

	2.1	 Demand Registration. 

 

	 	(a)	 Subject to the conditions of this Section 2.1, if the Company shall receive a written request from the
Holders of at least fifty percent (50%) of the Registrable Securities (the “Initiating Holders”) that the Company file a registration statement on Form S-1 or Form F-1 under the Securities Act with an aggregate offering price, net of Selling Expenses, in excess of $15,000,000, then the Company shall, within ten (10) days of the receipt thereof, give written notice of such
request to all Holders, and, subject to the limitations of this Section 2.1, effect, as expeditiously as reasonably possible, and in any event within sixty (60) days of the receipt of such request, make an initial filing with the SEC of a
registration statement under the Securities Act (or, if eligible, a draft registration statement) of all Registrable Securities that all Holders request to be registered. 

 

	 	(b)	 The Company shall not be required to effect a registration pursuant to this Section 2.1:

  

	 	(i)	 prior to the 181st day following the effective date of the
registration statement pertaining to the Initial Offering; 

  

	 	(ii)	 after the Company has effected two (2) registrations pursuant to this Section 2.1, and such
registrations have been declared or ordered effective; 

  
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	 	(iii)	 during the period starting with the date thirty (30) days prior to the Company’s good faith estimate
of the date of filing of, and ending on the date ninety (90) days following the effective date of the registration statement pertaining to a Company-initiated public offering, other than pursuant to a Special Registration Statement; provided
that the Company makes reasonable good faith efforts to cause such registration statement to become effective; 

  

	 	(iv)	 if within thirty (30) days of receipt of a written request from Initiating Holders pursuant to
Section 2.2(a), the Company gives notice to the Holders of the Company’s intention to file a registration statement for a public offering, other than pursuant to a Special Registration Statement within sixty (60) days from the date of
the initial request from the Initiating Holders; 

  

	 	(v)	 if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 2.1 a
certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board of Directors of the Company, it would be detrimental to the Company and its shareholders for such registration statement to be effected at such time
because such action would (a) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (b) require premature disclosure of material information that the Company has
a bona fide business purpose for preserving as confidential; or (c) render the Company unable to comply with requirements under the Securities Act or Exchange Act, in which event the Company shall have the right to defer such filing for a
period of not more than forty-five (45) days after receipt of the request of the Initiating Holders; provided that such right to delay a request shall be exercised by the Company not more than once in any twelve (12) month period,
and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such forty-five (45) day period other than pursuant to a Special Registration Statement; or

  

	 	(vi)	 if the initiating Holders propose to dispose of shares of Registrable Securities that may be immediately
registered on Form S-3 or Form F-3 pursuant to a request made pursuant to Section 2.3 below. 

A registration shall not be counted as “effected” for purposes of this Subsection 2.1(b) until such time as the applicable
registration statement has been declared effective by the SEC. 
  

	2.2	 Piggyback Registrations. The Company shall promptly notify all Holders of Registrable Securities prior
to the filing of any registration statement under the Securities Act for purposes of a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company,
but excluding Special Registration Statements) and will afford each such Holder an opportunity to include in such registration statement all or part of such Registrable Securities held by such Holder. Each Holder desiring to include in any such
registration statement all or any part of the Registrable Securities held by it shall, within fifteen (15) days after the above-described notice from the Company, so notify the Company in writing. The Company shall cause to be registered all of
the Registrable Securities that each such Holder has requested to be included in such registration. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall
nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and
conditions set forth herein. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.2 whether or not any Holder has elected to include Registrable Securities in such registration and
shall promptly notify any Holder that has elected to include Registrable Securities in such registration of such termination or withdrawal. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with
Section 2.4 hereof. 

  

  
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	2.3	 Form S-3 or Form F-3
Registration. In case the Company shall receive from any Holder or Holders of Registrable Securities (also, the “Initiating Holders”) a written request or requests that the Company effect a registration on Form S-3 or Form F-3 (or any successor to such forms) or any similar short-form registration statement and any related qualification or compliance with respect to all or a part of
the Registrable Securities owned by such Initiating Holder(s), the Company will: 

  

	 	(a)	 promptly, within ten (10) days of receipt of the written request, give written notice of the proposed
registration and any related qualification or compliance to all other Holders of Registrable Securities; and 

  

	 	(b)	 as soon as practicable, and in any event within forty-five (45) days after the date of the Holder’s
or Holders’ written request, file such registration statement to permit or facilitate the sale and distribution of all Registrable Securities as are specified in such request, together with all Registrable Securities requested to be included by
any other Holder or Holders joining in such request as specified in a written request given within fifteen (15) days after receipt of the written notice described in paragraph (a) above; provided, however, that the Company shall not
be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.3: 

  

	 	(i)	 if Form S-3 or Form F-3 are not
available for such offering by the Holders, or 

  

	 	(ii)	 if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such
registration, propose to sell Registrable Securities and such other securities (if any) at an anticipated aggregate price to the public of less than ten million U.S. dollars (U.S.$10,000,000), or 

 

	 	(iii)	 if within thirty (30) days of receipt of a written request from any Holder or Holders pursuant to this
Section 2.3, the Company gives notice to such Holder or Holders of the Company’s intention to make a public offering, other than pursuant to a Special Registration Statement within sixty (60) days from the date of the initial request
from the initiating Holders; 

  

	 	(iv)	 if the Company shall furnish to the Holders requesting a registration statement pursuant to this
Section 2.3 a certificate signed by the Chairman of the Board of Directors of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be detrimental to the Company and its shareholders for
such Form S-3 or Form F-3 registration to be effected at such time because such action would (a) materially interfere with a significant acquisition, corporate
reorganization, or other similar transaction involving the Company; (b) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (c) render the Company unable
to comply with requirements under the Securities Act or Exchange Act, in which event the Company shall have the right to defer the filing of the Form S-3 or Form F-3
registration statement for a period of not more than forty-five (45) days after receipt of the request of the Holder or Holders under this Section 2.3; provided, that such right to delay a request shall be exercised by the Company
not more than once in any twelve (12) month period, and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such forty-five (45) day period other than a Special
Registration Statement; or 

  

	 	(v)	 if the Company has, within the twelve (12) month period preceding the date of such request, already
effected two (2) registrations on Form S-3 or Form F-3 for the Holders pursuant to this Section 2.3. 

A registration shall not be counted as “effected” for purposes of this Subsection 2.3(b) until such time as the applicable
registration statement has been declared effective by the SEC. 
  

	 	(c)	 Registrations effected pursuant to this Section 2.3 shall not be counted as demands for registration or
registrations effected pursuant to Section 2.1. 

  

  
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	2.4	 Expenses of Registration. Except as specifically provided herein, all Registration Expenses incurred in
connection with any registration, qualification or compliance pursuant to Section 2.1, 2.2 or 2.3 herein shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder, shall be borne by the holders
of the securities so registered pro rata on the basis of the number of shares so registered. The Company shall not, however, be required to pay for expenses of any registration proceeding begun pursuant to Section 2.1 or 2.3, the request
of which has been subsequently withdrawn by the Initiating Holders unless: (a) the withdrawal is based upon material adverse information concerning the Company of which the Initiating Holders were not aware at the time of such request; or
(b) the Holders of at least sixty percent (60%) of the Registrable Securities agree to deem such registration to have been effected as of the date of such withdrawal for purposes of determining whether the Company shall be obligated pursuant to
Section 2.1(b)(ii) or 2.3(b)(v), as applicable, to undertake any subsequent registration, in which event such right shall be forfeited by all Holders. If the Holders are required to pay the Registration Expenses, such expenses shall be borne by
the holders of securities (including Registrable Securities) requesting such registration in proportion to the number of shares for which registration was requested. If the Company is required to pay the Registration Expenses of a withdrawn offering
pursuant to clause (a) above, then such registration shall not be deemed to have been effected for purposes of determining whether the Company shall be obligated pursuant to Section 2.1(b)(ii) or 2.3(b)(v), as applicable, to undertake any
subsequent registration. 

  

	2.5	 Obligations of the Company. Whenever required to effect the registration of any Registrable Securities,
the Company shall, as expeditiously as reasonably possible: 

  

	 	(a)	 prepare and file with the SEC a registration statement with respect to such Registrable Securities and use all
reasonable efforts to cause such registration statement to become effective as promptly as practicable (and in any event, within three business days following the SEC Staff notifying the Company that the do not intend to review the registration
statement or that they do not have any additional comments in reviewing the registration statement), and keep such registration statement effective for a period of one hundred and eighty (180) days or until the distribution contemplated in such
registration statement of all of such Registrable Securities have been completed (if earlier); provided, however, that: such one hundred and eighty (180) day period shall be extended for a period of time equal to the period a Shareholder
refrains, at the request of an underwriter of the Company, from selling any securities included in such registration; provided, further, in the case of any registration of Registrable Securities on Form S-3 or
Form F-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such registration statement shall be kept effective until all such Registrable
Securities are sold; provided, further, that at any time, upon written notice to the participating Holders and for a period not to exceed thirty (30) days thereafter (the “Suspension Period”), the Company
may delay the filing or effectiveness of any registration statement or suspend the use or effectiveness of any registration statement (and the Holders hereby agree not to offer or sell any Registrable Securities pursuant to such registration
statement during the Suspension Period) if the Company reasonably believes that there is or may be in existence material nonpublic information or events involving the Company, the failure of which to be disclosed in the prospectus included in the
registration statement could result in a loss, claim, damages, or liability under the Securities Act, the Exchange Act or other federal or state law. If so directed by the Company, all Holders registering shares under such registration statement
shall: not offer to sell any Registrable Securities pursuant to the registration statement during the Suspension Period after receiving notice of such delay or suspension. 

 

	 	(b)	 Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus
used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in
subsection (a) above. 

  

	 	(c)	 Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity
with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 

  
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	 	(d)	 Use its commercially reasonable efforts (as determined by it in its sole discretion) to register and qualify
the securities covered by such registration statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall
not be required to qualify to do business or to file a general consent to service of process in any such states or jurisdictions. 

  

	 	(e)	 In the event of any underwritten public offering, enter into and perform its obligations under an underwriting
agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. 

 

	 	(f)	 Notify each Holder of Registrable Securities covered by such registration statement at any time when a
prospectus relating thereto is required to be delivered under the Securities Act upon the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The Company will use reasonable efforts to amend or supplement
such prospectus in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing. 

  

	 	(g)	 Use its reasonable efforts to furnish, on the date that such Registrable Securities are delivered to the
underwriters for sale, if such securities are being sold through underwriters: (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given
to underwriters in an underwritten public offering, addressed to the underwriters, if any; and (ii) a letter, dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given
by independent certified public accountants to underwriters in an underwritten public offering addressed to the underwriters. 

  

	 	(h)	 Use its commercially reasonable efforts (as determined by it in its sole discretion) to cause all such
Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which securities of the same class issued by the Company are
then listed. 

  

	 	(i)	 Provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement not
later than the effective date of such registration. 

  

	 	(j)	 Notify each selling Holder, promptly after the Company receives notice thereof, of the time when such
registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed. 

  

	 	(k)	 After such registration statement becomes effective, notify each selling Holder of any request by the SEC that
the Company amend or supplement such registration statement or prospectus. 

  

	2.6	 Delay of Registration; Furnishing Information. 

 

	 	(a)	 No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such
registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

  

  
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	 	(b)	 It shall be a condition precedent to the obligations of the Company to take any action pursuant to
Section 2.1, 2.2 or 2.3 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to
effect the registration of their Registrable Securities. 

  

	 	(c)	 The Company shall have no obligation with respect to any registration requested pursuant to Section 2.1 or
Section 2.3 if the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal or exceed the number of shares or the anticipated aggregate offering price required
to originally trigger the Company’s obligation to initiate such registration as specified in Section 2.1 or Section 2.3, whichever is applicable. 

 

	2.7	 Indemnification. 

 

	 	(a)	 To the extent permitted by law, the Company shall indemnify the Holders, and, as applicable, their officers,
directors, and constituent partners, legal counsel for each Holder and each Person controlling the Holders, with respect to which registration, related qualification, or related compliance of Registrable Securities has been effected pursuant to this
Agreement, and each underwriter, if any, and each Person who controls any underwriter within the meaning of the Securities Act against all claims, losses, damages, or liabilities (or actions in respect thereof) to the extent such claims, losses,
damages, or liabilities arise out of or are based upon (i) any untrue statement (or alleged untrue statement) of a material fact contained in any prospectus or other document (including any related registration statement) incident to any such
registration, qualification, or compliance, or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation or
alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law applicable to the Company and relating
to action or inaction required of the Company in connection with any such registration, qualification, or compliance; and the Company shall pay as incurred to the Holders, each such underwriter, and each Person who controls the Holders or
underwriter, any legal and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability, or action; provided, however, that the indemnity contained in this Section 2.7(a) shall not
apply to amounts paid in settlement of any such claim, loss, damage, liability, or action if settlement is effected without the consent of the Company (which consent shall not unreasonably be withheld); and provided, further, that the Company shall
not be liable in any such case to the extent that any such claim, loss, damage, liability, or expense arises out of or is based upon any violation by such Holder of the obligations set forth in this agreement or any untrue statement or omission
contained in such prospectus or other document based upon written information furnished to the Company by the Holders, such underwriter, or such controlling Person and stated to be for use therein. 

 

	 	(b)	 To the extent permitted by law, each Holder (severally and not jointly) shall, if Registrable Securities held
by such Holder are included for sale in the registration and related qualification and compliance effected pursuant to this Agreement, indemnify the Company, each of its directors, each officer of the Company who signs the applicable registration
statement, each legal counsel and each underwriter of the Company’s securities covered by such a registration statement, each Person who controls the Company or such underwriter within the meaning of the Securities Act against all claims,
losses, damages, and liabilities (or actions in respect thereof) arising out of or based upon (i) any untrue statement (or alleged untrue statement) of a material fact contained in any such registration statement, or related document, or
(ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by such Holder of the
obligations set forth in this Agreement, the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law applicable to such Holder and
relating to action or inaction required of such Holder in connection with any such registration and related qualification and compliance, and shall pay as incurred to such persons, any legal and any other expenses reasonably incurred in connection
with 

  
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investigating or defending any such claim, loss, damage, liability, or action, in each case only to the extent that such untrue statement (or alleged untrue statement) or omission (or alleged
omission) is made in (and such violation pertains to) such registration statement or related document in reliance upon and in conformity with written information furnished to the Company by such Holder and stated to be specifically for use therein;
provided, however, that the indemnity contained in this Section 2.7(b) shall not apply to amounts paid in settlement of any such claim, loss, damage, liability, or action if settlement is effected without the consent of such Holder (which
consent shall not unreasonably be withheld); provided, further, that such Holder’s liability under this Section 2.7(b) (when combined with any amounts such Holder is liable for under Section 2.7(d)) shall not exceed such Holder’s
net proceeds from the offering of securities made in connection with such registration. 

  

	 	(c)	 Promptly after receipt by an indemnified party under this Section 2.7 of notice of the commencement of any
action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section 2.7, notify the indemnifying party in writing of the commencement thereof and generally summarize such action.
The indemnifying party shall have the right to participate in and to assume the defense of such claim; provided, however, that the indemnifying party shall be entitled to select counsel for the defense of such claim with the approval of any parties
entitled to indemnification, which approval shall not be unreasonably withheld; provided further, however, that if either party reasonably determines that there may be a conflict between the position of the Company and the Holders in conducting the
defense of such action, suit, or proceeding by reason of recognized claims for indemnity under this Section 2.7, then counsel for such party shall be entitled to conduct the defense to the extent reasonably determined by such counsel to be
necessary to protect the interest of such party. The failure to notify an indemnifying party promptly of the commencement of any such action, if prejudicial to the ability of the indemnifying party to defend such action, shall relieve such
indemnifying party, to the extent so prejudiced, of any liability to the indemnified party under this Section 2.7, but the omission so to notify the indemnifying party shall not relieve such party of any liability that such party may have to
any indemnified party otherwise than under this Section 2.7. 

  

	 	(d)	 If the indemnification provided for in this Section 2.7 is held by a court of competent jurisdiction to be
unavailable to an indemnified party with respect to any loss, liability, claim, damage, or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or
payable by such indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other
in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall
be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and
the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. In no event, however, shall (i) any amount due for contribution hereunder be in excess of the amount that
would otherwise be due under Section 2.7(a) or Section 2.7(b), as applicable, based on the limitations of such provisions and (ii) a Person guilty of fraudulent misrepresentation (within the meaning of the Securities Act) be entitled
to contribution from a Person who was not guilty of such fraudulent misrepresentation. 

  

	 	(e)	 Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained
in the underwriting agreement entered into in connection with an underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control; provided, however, that the failure of the
underwriting agreement to provide for or address a matter provided for or addressed by the foregoing provisions shall not be a conflict between the underwriting agreement and the foregoing provisions. 

  
 9 

	 	(f)	 The obligations of the Company and the Holders under this Section 2.7 shall survive the completion of any
offering of Registrable Securities in a registration statement under this Agreement or otherwise. 

  

	2.8	 Agreement to Furnish Information. Each Holder agrees, if Registrable Securities held by such Holder are
included for sale in the registration and related qualification and compliance effected pursuant to this Agreement, to execute and deliver such other agreements as may be reasonably requested by the Company or the managing underwriters that are
consistent with such Holder’s obligations under Section 2.6(b) and in this Section 2.8 or that are necessary to give further effect thereto. In addition, if requested by the Company or the representative of the underwriters of
Ordinary Shares (or other securities) of the Company, such Holder shall provide, within ten (10) days of such request, such information as may be reasonably required by the Company or such representative in connection with the completion of any
public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in this Section 2.8 shall not apply to a Special Registration Statement. In order to enforce the
foregoing covenant, the Company may impose stop-transfer instructions with respect to such shares of Ordinary Shares (or other securities) until the end of such period. Each Holder agrees that any transferee of any shares of Registrable Securities
shall be bound by Section 2.8. The underwriters of the Company’s shares are intended third party beneficiaries of Section 2.8 and shall have the right, power and authority to enforce the provisions hereof as though they were a party
hereto. 

  

	2.9	 Rule 144 Reporting. With a view to making available to the Holders the benefits of certain rules and
regulations of the SEC which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 

 

	 	(a)	 Make and keep adequate current public information available, as those terms are understood and defined in Rule
144 or any similar or analogous rule promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for an offering of its securities to the general public; 

 

	 	(b)	 File with the SEC, in a timely manner, all reports and other documents required of the Company under the
Exchange Act; and 

  

	 	(c)	 So long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request: (i) a
written statement by the Company as to its compliance with the reporting requirements of said Rule 144, and of the Exchange Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose
securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies); (ii) a copy of the most recent annual or quarterly report of the Company filed with the Commission; and
(iii) such other reports and documents as a Holder may reasonably request in connection with availing itself of any rule or regulation of the SEC allowing it to sell any such securities without registration. 

 

	2.10	 Alternative IPO Entities. In the event that the Company elects to effect a public offering of equity
securities of any of its parent entities or subsidiaries (each such entity, an “Alternative IPO Entity”) rather than the equity securities of the Company, whether as a result of a reorganization or otherwise, the Company
shall cause any such Alternative IPO Entity to enter into an agreement with the Holders that provides the Holders with registration rights with respect to the equity securities of such Alternative IPO Entity that are substantially the same as, and
in any event no less favorable in the aggregate to, the registration rights provided to the Holders in this Agreement. 

  

	2.11	 Alternative IPO Jurisdiction. In the event that the Company elects to effect a public offering of its
equity securities on any securities exchange outside of the United States, the Company will provide Holders with the same opportunity to participate in the public offering as provided to the Holders in this Agreement, as reasonably modified as
required by the rules, regulations and market practice of such jurisdiction and exchange. 

  

	2.12	 Termination of Registration Rights. The right of any Holder to request registration or inclusion of
Registrable Securities in any registration pursuant to Section 2.1, Section 2.2, or Section 2.3 hereof shall terminate upon the earlier of: (a) such time as such Holder (other than CRT, UCL Technology Fund LP and their respective
Affiliates) holds less than 1% of the Company’s outstanding Ordinary Shares (treating all shares of Investor Shares on an as-converted basis); or (b) such time as the Company has completed its
Initial Offering and all Registrable Securities of the Company issuable or issued upon conversion of the Shares held by and issuable to such Holder (and its Affiliates) may be sold pursuant to Rule 144 without registration and without limitation
thereunder as to volume or manner of sale. Upon such termination, such shares shall cease to be “Registrable Securities” hereunder for all purposes. 

  
 10 

	3.	 MISCELLANEOUS. 

 

	3.1	 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York in all respects, as such laws are applied to agreements among New York residents entered into and to be performed entirely within New York, without reference to conflicts of laws or principles thereof. 

 

	3.2	 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure
to the benefit of, and be binding upon, the parties hereto and their respective successors, assigns, heirs, executors, and administrators and shall inure to the benefit of and be enforceable by each Person who shall be a holder of Registrable
Securities from time to time; provided, however, that prior to the receipt by the Company of adequate written notice of the transfer of any Registrable Securities specifying the full name and address of the transferee, the Company may deem
and treat the Person listed as the holder of such shares in its records as the absolute owner and holder of such shares for all purposes, including the payment of dividends or any redemption price. The rights of CRT or any Investor under this
Agreement may be assigned, in whole or in part, to any Affiliate of CRT or such investor, respectively, in connection with a transfer of the related Registrable Securities by CRT or such Investor to its respective Affiliate. 

 

	3.3	 Entire Agreement. This Agreement and the Exhibit hereto constitute the full and entire understanding and
agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any oral or written representations, warranties, covenants and agreements except as specifically set forth herein
and therein. Each party expressly represents and warrants that it is not relying on any oral or written representations, warranties, covenants or agreements outside of this Agreement. For the avoidance of doubt, this Agreement terminates, supersedes
and extinguishes the provisions enumerated under Section 2 of the Shareholders’ Agreement and each party to this Agreement hereby releases and discharges the other parties to the Shareholders’ Agreement from all claims or demands
under or in connection with the provisions enumerated under Section 2 of the Shareholders’ Agreement that it may have. 

  

	3.4	 Severability. In the event one or more of the provisions of this Agreement should, for any reason, be
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein. 

  

	3.5	 Amendment and Waiver. 

 

	 	(a)	 Except as otherwise expressly provided, this Agreement may be amended or modified, and the obligations of the
Company and the rights of the Holders under this Agreement may be waived, only upon the written consent of the Company and the holders of not less than sixty percent (60%) of the Registrable Securities. The Company shall give prompt notice of any
amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Section 3.5 shall be
binding on all parties hereto, regardless of whether any such party has consented thereto; provided, however, that, notwithstanding anything to the contrary herein, this Agreement may not be amended or terminated and the observance of the terms
hereof may not be waived with respect to any Holder without the written consent of such Holder, unless such amendment, termination or waiver applies to all Holders in the same fashion. No waivers of or exceptions to any term, condition, or provision
of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 

 

	 	(b)	 For the purposes of determining the number of Holders or Investors entitled to vote or exercise any rights
hereunder, the Company shall be entitled to rely solely on the list of record holders of its shares as maintained by or on behalf of the Company. 

  
 11 

	3.6	 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy
accruing to any party, upon any breach, default or noncompliance by another party under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any
acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on any party’s part of any breach, default or
noncompliance under the Agreement or any waiver on such party’s part of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either
under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not alternative. 

  

	3.7	 Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified; (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day; (c) five (5) days
after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of
receipt. All communications shall be sent to the party to be notified at the address as set forth on the signature pages hereof or Exhibit A hereto or at such other address or electronic mail address as such party may designate by ten
(10) days’ advance written notice to the other parties hereto. In providing any notices to Holders under this Agreement, the Company shall not deliver any information that would constitute material
non-public information within the meaning of applicable securities laws without first obtaining written confirmation that a Holder wishes to obtain such information. Absent such written confirmation, the
Holders shall not have any duties of confidentiality with respect to notices provided hereunder by the Company. 

  

	3.8	 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience
of reference only and are not to be considered in construing this Agreement. 

  

	3.9	 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an
original, but all of which together shall constitute one instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g.,
www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

 

	3.10	 Aggregation of Shares. All shares of Registrable Securities held or acquired by affiliated entities or
Persons under common management or control shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

  

	3.11	 Termination. This Agreement shall terminate and be of no further force or effect upon a Share Sale.

 [Intentionally left blank, Exhibit A and signature pages to follow.] 

 

  
 12 

 Exhibit A 

Investors 
  

			
	 Name
	  	 Address

	Syncona Portfolio Limited	  	 3rd Floor, Arnold House PO Box 273. St Julian’s Avenue St Peter Port, Guernsey GY1 3RD

 
 with a further copy to:

 
 Syncona Investment Management Limited, 8 Bloomsbury Street, London, WC1B 3SR (for the
attention of the Company Secretary)

		
	RA Capital Nexus Fund, L.P.	  	200 Berkeley Street, 18th Floor, Boston, MA 02116
		
	RA Capital Healthcare Fund, L.P.	  	200 Berkeley Street, 18th Floor, Boston, MA 02116
		
	Blackwell Partners LLC – Series A	  	200 Berkeley Street, 18th Floor, Boston, MA 02116
		
	Forbion	  	Gooimeer 2-35, 1411 DC Naarden, The Netherlands
		
	Redmile Biopharma Investments II, L.P.	  	1 Letterman Drive, Building D, Suite D3-300, San Francisco, CA 94129
		
	Invus Public Equities, L.P.	  	750 Lexington Avenue, New York, NY 10022
		
	Perceptive Life Sciences Master Fund, Ltd.	  	c/o Perceptive Advisors, LLC, 51 Astor Place, 10th Floor, New York, New York 10003
		
	667, L.P.	  	860 Washington Street, 3rd Floor, New York, NY 10014
		
	Baker Brothers Life Sciences, L.P.	  	860 Washington Street, 3rd Floor, New York, NY 10014
		
	CRT Pioneer Fund LP (acting through its general partner, CRT Pioneer GP Limited)	  	Sixth Element Capital, Claridge Court 4, Lower Kings Rd., Berkhamsted, HP4 2AF
		
	UCL Technology Fund LP(acting through its general partner, UTF General Partner LLP)	  	Albion VC, 1 Benjamin Street, London, EC1M 5QL
		
	Sarah Gordon Wild	  	Puncknowle Manor, Dorchester, Dorset, DT2 9BX
		
	Boxer Capital, LLC	  	 12860 El Camino Real, Suite 300
 San Diego, CA
92130

		
	MVA Investors, LLC	  	 12860 El Camino Real, Suite 300
 San Diego, CA
92130

		
	Worldwide Healthcare Trust PLC	  	Attention: General Counsel, 601 Lexington Avenue, 54th Floor, New York, NY 10022
		
	OrbiMed Genesis Master Fund, L.P	  	Attention: General Counsel, 601 Lexington Avenue, 54th Floor, New York, NY 10022

 [Signature page to the Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS
AGREEMENT as of the date set forth in the first paragraph hereof: 
  

							
	EXECUTED by a signatory, duly authorised on behalf of CANCER RESEARCH TECHNOLOGY LIMITED	  	 
 
 
	)
 )

)
	 
  
  
	  	 Signature
                                         
                                         
 
  
 Print Name
                                         
                                       

 [Signature page to the Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS
AGREEMENT as of the date set forth in the first paragraph hereof: 
  

							
	EXECUTED by a signatory, duly authorised on behalf of SYNCONA PORTFOLIO LIMITED	  	 
 
 
	)
 )

)
	 
  
  
	  	 Signature
                                         
                                         
 
  
 Print Name
                                         
                                       

 [Signature page to the Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS
AGREEMENT as of the date set forth in the first paragraph hereof: 
  

							
	EXECUTED by RA Capital Nexus Fund GP, LLC, (as General Partner), duly authorised on behalf of RA CAPITAL NEXUS FUND, L.P.	  	 
 
 
	)
 )

)
	 
  
  
	  	 Signature
                                         
                                         
  
  
 Print Name
                                         
                                       

 
 Title
                                         
                                         
        

			
	EXECUTED by RA Capital Management, LLC, (as General Partner), duly authorised on behalf of RA CAPITAL HEALTHCARE FUND, L.P.	  	 
 
 
	)
 )

)
	 
  
  
	  	 Signature
                                         
                                         
  
  
 Print Name
                                         
                                       

 
 Title
                                         
                                         
        

			
	EXECUTED by two authorised signatories, duly authorised on behalf of BLACKWELL PARTNERS LLC – SERIES A	  	 
 
 
	)
 )

)
	 
  
  
	  	 Signature
                                         
                                         
  
  
 Print Name
                                         
                                       

 
 Signature
                                         
                                         
        
  
 Print Name
                                         
                                         

 [Signature page to the Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS
AGREEMENT as of the date set forth in the first paragraph hereof: 
  

							
	EXECUTED by a signatory, duly authorised on behalf of FORBION CAPITAL FUND IV COOPERATIEF U.A.	  	 
 
 
	)
 )

)
	 
  
  
	  	 Signature
                                         
                                         
 
  
 Print Name
                                         
                                       

 [Signature page to the Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS
AGREEMENT as of the date set forth in the first paragraph hereof: 
  

			
	 REDMILE BIOPHARMA INVESTMENTS II, L.P.

 

	By: REDMILE BIOPHARMA INVESTMENTS II (GP), LLC, its general partner

  

			
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature page to the Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS
AGREEMENT as of the date set forth in the first paragraph hereof: 
  

							
	 EXECUTED by INVUS PUBLIC EQUITIES, L.P.

acting by its duly authorised signatory Philip

Bafundo:
	  	 
 
 
	)
 )

)
	 
  
  
	  	 Signature
                                         
                                         
 

 [Signature page to the Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS
AGREEMENT as of the date set forth in the first paragraph hereof: 
  

							
	EXECUTED by a signatory, duly authorised on behalf of PERCEPTIVE LIFE SCIENCES MASTER FUND, LTD	  	 
 
 
	)
 )

)
	 
  
  
	  	 Signature
                                         
                                         
 
  
 Print Name
                                         
                                       

 [Signature page to the Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS
AGREEMENT as of the date set forth in the first paragraph hereof: 
 667, L.P. 

BY: BAKER BROS. ADVISORS LP, management company and investment adviser to 667, L.P., pursuant to authority granted to it by
Baker Biotech Capital, L.P., general partner to 667, L.P., and not as the general partner. 
  

	
	By:
                                         
                           
	Scott Lessing
	President

 BAKER BROTHERS LIFE SCIENCES, L.P. 

By: BAKER BROS. ADVISORS LP, management company and investment adviser to Baker Brothers Life Sciences, L.P.,
pursuant to authority granted to it by Baker Brothers Life Sciences Capital, L.P., general partner to Baker Brothers Life Sciences, L.P., and not as the general partner. 
  

	
	By:
                                         
                           
	Scott Lessing
	President

 [Signature page to the Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS
AGREEMENT as of the date set forth in the first paragraph hereof: 
  

			
	BOXER CAPITAL, LLC

			
		
	By:	 	            

	Aaron Davis
	Chief Executive Officer

			
	
	MVA INVESTORS, LLC

			
		
	By:	 	            

	Aaron Davis
	Chief Executive Officer

 [Signature page to the Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS
AGREEMENT as of the date set forth in the first paragraph hereof: 
  

					
	ORBIMED GENESIS MASTER FUND, L.P.
		
		 	By: OrbiMed Genesis GP LLC,
		 	its General Partner
		
		 	By: OrbiMed Advisors LLC,
		 	its Managing Member
			
		 	By:	 	  

	        	 		 	Name:
		 		 	Title:
	
	WORLDWIDE HEALTHCARE TRUST PLC
		 	By: OrbiMed Capital LLC, solely in its
		 	capacity as Portfolio Manager
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 [Signature page to the Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS
AGREEMENT as of the date set forth in the first paragraph hereof: 
  

					
	EXECUTED for and on behalf of UCL TECHNOLOGY FUND LP by UTF GENERAL PARTNER LLP, its general partner, by a signatory duly authorised on behalf of ALBION CAPITAL GROUP LLP, its manager	  	)	  	
	  	)	  	
	  	 )
 )

)
	  	  
 Signature

 

		  		  	  
 Print Name

 [Signature page to the Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS
AGREEMENT as of the date set forth in the first paragraph hereof: 
  

					
	EXECUTED for and on behalf of CRT PIONEER FUND LP by a director of CRT PIONEER GP LIMITED, its general partner	  	)	  	
	  	)	  	
	  	 )
	  	  
 Signature

 

		  		  	  
 Print Name

 [Signature page to the Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS
AGREEMENT as of the date set forth in the first paragraph hereof: 
  

					
	EXECUTED by	  	)	  	
	SARAH GORDON WILD	  	)	  	
		  	)	  	
		  		  	  
 Signature

 [Signature page to the Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS
AGREEMENT as of the date set forth in the first paragraph hereof: 
  

					
	EXECUTED by a signatory, duly authorised on behalf of ACHILLES TX LIMITED	  	)
 )
 )
	  	 Signature
                                         
                                         
  
  
 Print Name
                                         
                                         
  

 [Signature page to the Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS
AGREEMENT as of the date set forth in the first paragraph hereof: 
  

					
	EXECUTED by a signatory, duly authorised on behalf of ACHILLES THERAPEUTICS UK LIMITED	  	)
 )
 )
	  	 Signature
                                         
                                         
  
  
 Print Name
                                         
                                         
  

 [Signature page to the Registration Rights Agreement]EX-10.5

 Exhibit 10.5 
  

							
	

	  		  		  	 Eversheds Sutherland
 (International)
LLP 
One Wood Street
 London
 EC2V 7WS

United Kingdom
  

T: +44 20 7497 9797
 F: +44 20 7919 4919

DX 154280 Cheapside 8
  

eversheds-sutherland.com

  
  

 

					
	Dated:	 	February 21,	  	2020

  

	(1)	 245 HAMMERSMITH ROAD NOMINEE 1 LIMITED, 245 HAMMERSMITH ROAD NOMINEE 2 LIMITED and 245 HAMMERSMITH ROAD LIMITED
PARTNERSHIP (acting through its general partner 245 HAMMERSMITH ROAD GENERAL PARTNER LIMITED) 

  

	(2)	 ACHILLES THERAPEUTICS LIMITED 

 
  

COUNTERPART LEASE 
  

 
 Relating to premises known as Floor 9 

245 Hammersmith Road, London W6 8PW 

 CONTENTS 
  

									
	Clause	  	 	  	 	  	Page	 
			
	1.	  	DEFINITIONS	  	 	1	 
			
	2.	  	INTERPRETATION	  	 	8	 
			
	3.	  	DEMISE, TERM AND RENT	  	 	10	 
			
	4.	  	TENANT’S OBLIGATIONS	  	 	11	 
				
		  	4.1	  	Main Rent	  	 	11	 
				
		  	4.2	  	Outgoings	  	 	11	 
				
		  	4.3	  	Service Charge	  	 	11	 
				
		  	4.4	  	VAT	  	 	11	 
				
		  	4.5	  	Interest on overdue payments	  	 	12	 
				
		  	4.6	  	Reimburse costs incurred by the Landlord	  	 	12	 
				
		  	4.7	  	Third party indemnity	  	 	12	 
				
		  	4.8	  	Insurance	  	 	13	 
				
		  	4.9	  	Repair and decoration	  	 	13	 
				
		  	4.10	  	Allow entry	  	 	13	 
				
		  	4.11	  	Alterations	  	 	13	 
				
		  	4.12	  	Relocation of External Works	  	 	15	 
				
		  	4.13	  	Signs and advertisements	  	 	15	 
				
		  	4.14	  	Obligations at the End Date	  	 	15	 
				
		  	4.15	  	User	  	 	16	 
				
		  	4.16	  	Dealings with the Premises	  	 	17	 
				
		  	4.17	  	Registration of dealings	  	 	18	 
				
		  	4.18	  	Marketing	  	 	18	 
				
		  	4.19	  	Notifying the Landlord of notices or claims	  	 	18	 
				
		  	4.20	  	Comply with Acts	  	 	18	 
				
		  	4.21	  	Planning Acts	  	 	19	 
				
		  	4.22	  	Right and easements	  	 	19	 
				
		  	4.23	  	Management of the Building	  	 	19	 
				
		  	4.24	  	Superior interest	  	 	20	 
				
		  	4.25	  	Registration at the Land Registry	  	 	20	 
				
		  	4.26	  	Applications for consent or approval	  	 	20	 
			
	5.	  	LANDLORD’S OBLIGATIONS	  	 	20	 
				
		  	5.1	  	Quiet enjoyment	  	 	20	 
				
		  	5.2	  	Insurance	  	 	20	 
				
		  	5.3	  	Services	  	 	20	 
				
		  	5.4	  	Repayment of rent	  	 	20	 

											
				
		  	 	5.5	 	  	Entry Safeguards	  	 	20	 
				
		  	 	5.6	 	  	Scaffolding	  	 	21	 
				
		  	 	5.7	 	  	Podium Leases	  	 	21	 
				
		  	 	5.8	 	  	Designation of Common Parts and use of rights	  	 	21	 
				
		  	 	5.9	 	  	Required Electrical Capacity	  	 	21	 
			
	6.	  	 	AGREEMENTS	  	 	22	 
				
		  	 	6.1	 	  	Landlord’s right to end this Lease	  	 	22	 
				
		  	 	6.2	 	  	No acquisition of easements or rights	  	 	23	 
				
		  	 	6.3	 	  	Service of Notices	  	 	23	 
				
		  	 	6.4	 	  	Contracts (Rights of Third Parties) Act 1999	  	 	23	 
				
		  	 	6.5	 	  	Energy Performance Certificates	  	 	23	 
				
		  	 	6.6	 	  	Energy Efficiency and Data Sharing	  	 	24	 
				
		  	 	6.7	 	  	Release of Landlord	  	 	24	 
				
		  	 	6.8	 	  	Superior landlord’s consent	  	 	24	 
				
		  	 	6.9	 	  	Limitations on title guarantee	  	 	25	 
			
	7.	  	 	BREAK CLAUSE	  	 	25	 
			
	8.	  	 	JURISDICTION	  	 	25	 
			
	9.	  	 	LEGAL EFFECT	  	 	25	 
			
	 Schedules
	 	  		  			
				
	1	  	 	Rights	 	  		  	 	26	 
				
		  	 	Part 1	 	  	Tenant’s Rights	  	 	26	 
				
		  	 	Part 2	 	  	Landlord’s Rights	  	 	28	 
			
	2	  	 	Rent review	  	 	30	 
			
	3	  	 	Services and Service Charge	  	 	33	 
				
		  	 	Part 1	 	  	Administrative provisions	  	 	33	 
				
		  	 	Part 2	 	  	Landlord’s obligations	  	 	34	 
				
		  	 	Part 3	 	  	Services and charges	  	 	34	 
				
		  	 	Part 4	 	  	Service Charge Exclusions	  	 	36	 
			
	4	  	 	Insurance and Damage Provisions	  	 	37	 
			
	5	  	 	Works	  	 	40	 
			
	6	  	 	Underletting	  	 	44	 
			
	7	  	 	Confidential Documents	  	 	46	 

 LAND REGISTRY PRESCRIBED CLAUSES 

 

			
		
	LR1. Date of lease	  	
		
	LR2. Title number(s)	  	
		
	LR2.1 Landlord’s title number(s)	  	NGL692974.
		
	LR2.2 Other title numbers	  	BGL125442, BGL125421, BGL125422, BGL125423 and BGL49405.
		
	LR3. Parties to this lease	  	
		
	Landlord	  	 together:
  

(1)   245 HAMMERSMITH ROAD NOMINEE 1 LIMITED (incorporated and registered in England and
Wales under company registration number 10259825) whose registered office is at One Coleman Street, London EC2R 5AA;
  

(2)   245 HAMMERSMITH ROAD NOMINEE 2 LIMITED (incorporated and registered in England and
Wales under company registration number 10259717) whose registered office is at One Coleman Street, London EC2R 5AA; and
  

(3)   245 HAMMERSMITH ROAD LIMITED PARTNERSHIP (incorporated and registered in England and
Wales under company registration number LP17488) whose principal place of business is at One Coleman Street, London, EC2R 5AA (acting by its general partner 245 HAMMERSMITH ROAD GENERAL PARTNER LIMITED (incorporated and registered in England and
Wales under company registration number 10250842) whose registered office is at One Coleman Street, London, EC2R 5AA).

		
	Tenant	  	ACHILLES THERAPEUTICS LIMITED (incorporated and registered in England and Wales under company registration number 10167668) whose registered office is at Stevenage Bioscience Catalyst, Gunnels Wood Road, Stevenage, England,
SGI 2FX.
		
	LR4. Property	  	 In the case of a conflict between this clause and the remainder of this lease then, for the purposes of registration, this clause shall
prevail.
  
 The property described as the “Premises” in clause 1
of this Lease subject to clause 6.2.1 of this Lease.

		
	LR5. Prescribed statements etc.	  	None.
		
	LR6. Term for which the Property is leased	  	The term as specified in clause 3.1 of this Lease.
		
	LR7. Premium	  	None.
		
	 LR8. Prohibitions or restrictions on disposing

of this lease
	  	 This Lease contains a provision that prohibits or restricts

dispositions.

			
		
	LR9. Rights of acquisition etc.	  	
		
	LR9.1 Tenant’s contractual rights to renew this lease, to acquire the reversion or another lease of the Property, or to acquire an interest in other land	  	None.
		
	LR9.2 Tenant’s covenant to (or offer to) surrender this lease	  	None.
		
	LR9.3 Landlord’s contractual rights to acquire this lease	  	None.
		
	LR10. Restrictive covenants given in this lease by the Landlord in respect of land other than the Property	  	None.
		
	LR11. Easements	  	
		
	LR11.1 Easements granted by this lease for the benefit of the Property	  	As specified in this Lease at Part 1 of Schedule 1. 
		
	LR11.2 Easements granted or reserved by this lease over the Property for the benefit of other property	  	As specified in this Lease at Part 2 of Schedule 1. 
		
	LR12. Estate rentcharge burdening the Property	  	
		
	LR13. Application for standard form of restriction	  	None.
		
	LR14. Declaration of trust where there is more than one person comprising the Tenant	  	Not applicable.

 LEASE 

PARTIES 
  

	(1)	 the Landlord named in clause LR3 and any other person who becomes the immediate landlord of the Tenant (the
“Landlord”); and 

  

	(2)	 the Tenant named in clause LR3 and its successors in title (the “Tenant”).

 IT IS AGREED AS FOLLOWS: 
  

	1.	 DEFINITIONS  

This Lease uses the following definitions: 

“1925 Act” 
 Law of Property Act
1925; 
 “1954 Act” 
 Landlord
and Tenant Act 1954; 
 “1986 Act” 

Insolvency Act 1986; 
 “1994 Act”

 Law of Property (Miscellaneous Provisions) Act 1994; 

“1995 Act” 
 Landlord and Tenant
(Covenants) Act 1995; 
 “1996 Act” 

Arbitration Act 1996; 
 “Act”

 any act of Parliament and any delegated law made under it; 

“AGA” 
 an authorised guarantee
agreement (as defined in section 16 of the 1995 Act); 
 “Agreement for Lease” 

the agreement made on 7 February 2020 made between the parties to this Lease pursuant to which (inter alia) this Lease was granted; 

“Ancillary Rent Commencement Date” 

the Term Start Date; 
 “Break Date”

 20 February 2025 

 “BREEAM” 

the BRE Environmental Assessment Method; 

“Building” 
 the building known
as 245 Hammersmith Road, London W6 8PW including all alterations, additions and improvements and all landlord’s fixtures forming part of it at any time during the Term; 

“Building Management Systems” 

all or any of the following (that do not exclusively serve any Lettable Unit) used within or serving (i) the Building and/or (ii) the
Podium: 
  

	 	(a)	 lighting systems; 

  

	 	(b)	 security, CCTV and alarm systems; 

 

	 	(c)	 access control systems; 

 

	 	(d)	 audio and audio-visual systems; 

 

	 	(e)	 wireless, phone, data transmission and other telecommunications systems; 

 

	 	(f)	 air ventilation and filtration; 

 

	 	(g)	 air-conditioning, heating and climate control systems;

  

	 	(h)	 water heating, filtering and chilling systems; and 

 

	 	(i)	 fire detection, alarm and sprinkler systems; 

and all control systems, plant, machinery, equipment, Supplies and Conducting Media used in connection with them; 

“Business Day” 
 any day other
than a Saturday, Sunday or a bank or public holiday in England and Wales; 
 “Car Park” 

the car park within the Building and which is shown edged blue on Plan 3; 

“Common Parts” 
 subject to
paragraph 4 of Part 2 of Schedule 1, any part of, or anything in, the Building that does not form part of a Lettable Unit and that is used or available for use by: the Tenant in common with others; the Landlord in connection with the
provision of the Services; or visitors to the Building; 
 “Company” 

includes: 
  

	 	(a)	 any UK registered company (as defined in section 1158 of the Companies Act 2006); 

 

	 	(b)	 to the extent applicable, any overseas company as defined in section 1044 of the Companies Act 2006;

  

	 	(c)	 any unregistered company (to include any association); and 

	 	(d)	 any “company or legal person” in relation to which insolvency proceedings may be opened pursuant to
Article 3 of the EC Regulation on Insolvency Proceedings 2000; 

 “Conducting Media” 

any media for the transmission of Supplies but not including any service risers or any other airspace through which the media run; 

“Confidential Documents” 
 means
the documents listed in Schedule 7 registered against the title numbers referred to in LR2.1 and 2.2; 
 “Current Guarantor” 

someone who, immediately before a proposed assignment, is either a guarantor of the Tenant’s obligations under this Lease or a guarantor
of the obligations given by a former tenant of this Lease under an AGA; 
 “Electronic Communications Apparatus” 

“electronic communications apparatus” as defined in section 151 of the Communications Act 2003; 

“End Date” 
 the last day of the
Term (however it arises); 
 “Environmental Performance” 

all or any of the following: the consumption of energy and associated generation of greenhouse gas emissions; the consumption of water; waste
generation and management; and any other environmental impact arising from the use or operation of the Premises or the Building; 
 “EPB
Regulations” 
 the Energy Performance of Buildings (England and Wales) Regulations 2012; 

“EPC” 
 an Energy Performance
Certificate and Recommendation Report (as defined in the EPB Regulations); 
 “External Works” 

subject to clause 4.11.6, all or any of the following works outside the Premises: the works to which the Landlord has consented under
clause 4.11.7; the installation of any apparatus permitted under the exception to clause 4.11.1(g); 
 “Group Company” 

in relation to any company, any other company within the same group of companies as that company within the meaning of section 42 of the 1954
Act; 
 “Insurance Rent” 
 the
sums described in paragraph 1.1 of Schedule 4; 
 “Insured Risks” 

the risks of fire (including subterranean fire), lightning, explosion, storm, flood, subsidence, landslip, heave, earthquake, burst or
overflowing water pipes, tanks or apparatus, impact by aircraft or other aerial devices and any articles dropped from them, impact by vehicles, terrorism, riot, civil commotion and malicious damage to the extent, in each case, that cover is
generally available on normal commercial terms in the UK 

 
insurance market at the time the insurance is taken out, and any other risks against which the Landlord reasonably insures from time to time, subject in all cases to any excesses, limitations and
exclusions imposed by the insurers; 
 “Interest Rate” 

three per cent above the base rate for the time being in force of National Westminster Bank PLC (or any other UK clearing bank specified by the
Landlord); 
 “Lease” 
 this
lease, which is a “new tenancy” for the purposes of section 1 of the 1995 Act, and any document supplemental to it; 
 “Lettable
Unit” 
 accommodation within the Building from time to time let or occupied or intended for letting or occupation, but excluding
accommodation let or occupied for the purposes of providing any of the Services; 
 “Main Rent” 

the rent payable under clause 3.2; 

“Notice” 
 any notice,
notification or request given or made under this Lease; 
 “Outgoings” 

all or any of: 
  

	 	(a)	 all existing and future rates, taxes, duties, charges, and financial impositions charged on the Premises and/or
any Plant or any owner or occupier of them except for: 

  

	 	(i)	 tax (other than VAT) on the Rents payable; and 

 

	 	(ii)	 any tax arising from the Landlord’s dealing with its own interests; 

 

	 	(b)	 Supply Costs for the Premises and/or any Plant; and 

 

	 	(c)	 a fair and reasonable proportion of the Outgoings referred to in paragraphs (a) and (b)
charged in respect of: 

  

	 	(i)	 the Podium; and 

  

	 	(ii)	 any parts of the Building other than the Premises and/or any Plant 

to the extent that those amounts do not form part of the Service Costs; 

“Parking Space Rent” 
 the sum
of three thousand five hundred pounds (£3,500) per annum; 
 “Permitted Use” 

the use of the Premises as (as applicable): 
  

	 	(a)	 offices; and/or 

  

	 	(b)	 laboratories 

within Class B1 of the Schedule to the Town and Country Planning (Use Classes) Order 1987; 

 “Permitted Works” 

any works or installations (including Tenant’s Business Alterations and External Works) to which the Landlord has consented or for which,
under clause 4.11, the Landlord’s consent is not required; 
 “Planning Acts” 

every Act for the time being in force relating to the use, development, design, control and occupation of land and buildings; 

“Planning Permission” 
 any
permission, consent or approval given under the Planning Acts; 
 “Plans” 

any of the plans as numbered contained in this Lease; 

“Plant” 
 plant and other
equipment erected pursuant to the Tenant’s rights in paragraph 6 of Part 1 of Schedule 1; 
 “Plant Area” 

the areas shown edged and hatched red on Plan 4 or any other area substituted for them under clause 4.12; 

“Podium” 
 that land comprised
within the registered titles listed in LR2.1 and LR2.2 (but excluding that land comprising the Building) and which is shown (for identification purposes only) on Plan 2 comprising: 

 

	 	(a)	 the area (at podium level together with the staircase up to the podium) shaded green; 

 

	 	(b)	 the ground floor piazza shaded light blue; 

 

	 	(c)	 and the staircase shaded orange; 

“Podium Leases” 
 the following
leases: 
  

	 	(a)	 lease of land adjacent to 1 Butterwick, Hammersmith dated 23 June 2016 made between (1) Aviva
Life & Pensions UK Limited and (2) Legal And General Assurance (Pensions Management) Limited (and which is registered under title number BGL125421); 

 

	 	(b)	 lease of land outside of Metro Building, 1 Butterwick, Hammersmith dated 23 June 2016 made between
(1) Rockspring Transeuropean VI Hammersmith Metro (Jersey) Limited and (2) Legal And General Assurance (Pensions Management) Limited (and which is registered under title number BGL125422); and 

 

	 	(c)	 lease of land outside of the hotel at 1 Shortlands, Hammersmith dated 23 June 2016 made between
(1) Accor UK Pensions & Leisure Hotels Limited and (2) Legal And General Assurance (Pensions Management) Limited (and which is registered under title number BGL125423); 

 “Premises” 

the premises known as the office premises on floor 9 forming part of the Building and shown edged red on Plan 1: 

 

	 	(a)	 including: 

  

	 	(i)	 all plaster and other internal surfacing materials and finishes on the structural walls, floors and ceilings of
the Premises and on the other structural parts of the Building within or bounding the Premises; 

  

	 	(ii)	 windows and window frames but excluding the external decorative finishes of any windows on the external walls
of the Building or dividing the Premises from the Common Parts; 

  

	 	(iii)	 doors and door frames; 

 

	 	(iv)	 the plaster and other internal surfacing and finishes on any
non-structural walls separating the Premises from any Common Parts; 

  

	 	(v)	 one half severed vertically of any non-structural walls separating the
Premises from any adjoining Lettable Units; 

  

	 	(vi)	 the entirety of any non-structural walls wholly within the Premises;

  

	 	(vii)	 all Conducting Media and landlord’s plant, equipment and fixtures exclusively serving the Premises
including the Tenant’s fire detection, alarm and sprinkler systems (if any) up to the point of connection with the Landlord’s fire detection, alarm and sprinkler systems; 

 

	 	(viii)	 all tenant’s fixtures; and 

 

	 	(ix)	 any Permitted Works (other than any External Works) carried out; but 

 

	 	(b)	 excluding: 

  

	 	(i)	 all load bearing and exterior walls and the floors and ceilings of the Premises (other than those included
above); 

  

	 	(ii)	 all structural parts of the Building; 

 

	 	(iii)	 the glass walls, windows, frames and structure of any exterior curtain walling; 

 

	 	(iv)	 the entirety (subject to paragraph (a)(iv) of this definition) of any
non-structural walls separating the Premises from any Common Parts; 

  

	 	(v)	 the airspace within any service risers that run through the Premises; 

 

	 	(vi)	 the Landlord’s fire detection, alarm and sprinkler systems (if any) up to the point of connection with the
Tenant’s fire detection, alarm and sprinkler systems; and 

  

	 	(vii)	 the Building Management Systems (if any) within the Premises; 

“Rent Commencement Date” 

21 May 2021 (subject to paragraph 3.3 of Schedule 4 and clause 18.2.3 of the Agreement for Lease); 

“Rent Days” 
 25th March, 24th
June, 29th September and 25th December; 

 “Rent Review Date” 

21 February 2025; 
 “Required
Electrical Capacity” 
 a lOOkVA electrical supply to the Premises and any other premises in the Building which the Tenant takes a
lease of (in aggregate); 
 “Rents” 

the Main Rent, the Insurance Rent, the Service Charge, the Parking Space Rent any VAT payable on them and any interest payable under clause
4.5; 
 “Risk Period” 

the period that the Landlord in its absolute discretion decides, being a minimum of four years, starting on the date of the relevant damage or
destruction; 
 “Service Charge” 

subject to the provisions of paragraph 6 of Part 1 of Schedule 3, a fair proportion (calculated on a floor area basis or any other
method as the Landlord decides from time to time) of the Service Costs; 
 “Service Charge Exclusions” 

the costs listed in Part 4 of Schedule 3; 

“Service Costs” 
 the aggregate
costs (including VAT that is not recoverable by the Landlord from HM Revenue & Customs) incurred by the Landlord in providing the Services and paying the costs listed in Part 3 of Schedule 3 after excluding any Service Charge
Exclusions; 
 “Services” 

the services provided by the Landlord listed in Part 3 of Schedule 3; 

“Standby Generator” 
 the
standby generator installed in the Building under the Agreement for lease; 
 “Supplies” 

water, gas, air, foul and surface water drainage, electricity, oil, telephone, heating, cooling, energy, telecommunications, internet, data
communications and similar supplies or utilities; 
 “Supply Costs” 

the costs of Supplies including procurement costs, meter rents and standing charges and any taxes or levies payable on them; 

“Tenant’s Business Alterations” 

so long as they do not adversely affect the structural integrity of the Building, any of the following in relation to the Premises or the
structural or non-structural walls or the ceiling and floor slabs bounding the Premises that are not within any other Lettable Unit: 
  

	 	(a)	 the creation of openings in the walls, ceiling and floor slabs within or bounding the Premises for the passage
of the Tenant’s Conducting Media; and 

	 	(b)	 fixing holes drilled into the floor or ceiling slabs, blockwork or plaster; 

“Term” 
 the period of this
Lease provided for in clause 3.1.1 (and where applicable any continuation of that period under the 1954 Act); 
 “Term End Date”

 20 February 2030; 
 “Term
Start Date” 
 21 February 2020; 

“Terrace” 
 the area shown edged
blue on Plan 1; 
 “Uninsured Risk” 

the risk of damage to or destruction of the Premises by any of the Insured Risks to the extent that it: 

 

	 	(a)	 is not insured against because, at the time the insurance is taken out or renewed, insurance is not generally
available in the UK market on normal commercial terms; or 

  

	 	(b)	 is not, at the date of the damage or destruction, insured against by reason of a limitation or exclusion
imposed by the insurers but will not include loss or damage (or the risk of it) caused by reason of the Tenant’s act or failure to act; 

“VAT” 
 value added tax or any
similar tax from time to time replacing it or performing a similar function; 
 “VAT Supply” 

a “supply” for the purpose of the Value Added Tax Act 1994; and 

“Wireless Data Services” 
 the
provision of wireless data, voice or video connectivity or wireless services permitting or offering access to the internet or any wireless network, mobile network or telecommunications system that involves a wireless or mobile device. 

 

	2.	 INTERPRETATION  

In this Lease: 
  

	2.1	 “notify”, “notifies” or “notifying” means notify, notifies or notifying in
writing in accordance with clause 6.3; 

  

	2.2	 where appropriate, the singular includes the plural and vice versa, and one gender includes any other;

  

	2.3	 all headings are for ease of reference only and will not affect the construction or interpretation of this
Lease; 

  

	2.4	 obligations owed by or to more than one person are owed by or to them jointly and severally;

  

	2.5	 an obligation to do something includes an obligation not to waive any obligation of another person to do it;

  

	2.6	 an obligation not to do something includes an obligation not to permit or allow another person to do it;

	2.7	 the Tenant will be liable for any breaches of its obligations in this Lease committed by:

  

	 	2.7.1	 any authorised occupier of the Premises or its or their respective employees, licensees or contractors;

  

	 	2.7.2	 or any person under the control of the Tenant or acting under the express or implied authority of the Tenant;

  

	2.8	 reference to either the Landlord or the Tenant having a right of approval or consent under this Lease means a
prior written approval or consent, which must not be unreasonably withheld or delayed except where this Lease specifies that either the Landlord or the Tenant has absolute discretion; 

 

	2.9	 where the Landlord has the right to impose regulations or to approve, decide, designate, nominate, request,
require, specify, stipulate or express an opinion on any matter or thing under this Lease, that right will be subject to a condition that the Landlord will act reasonably and properly when exercising that right except where this Lease specifies that
the Landlord has absolute discretion; 

  

	2.10	 references to the provision of plans, drawings, specifications or other documents means their provision in hard
copy, electronically in PDF format or in any other easily readable format as may be appropriate having regard to the purpose for which they are provided and the nature of the information that they contain, but not in a format that is proprietary to
a particular computer system or program that cannot be imported into or easily read by another computer system or program; 

  

	2.11	 references to a Schedule are to a Schedule to this Lease and the Landlord and the Tenant must comply with their
respective obligations in them; 

  

	2.12	 apart from in clause 4.6.1(a), where either the Tenant or the Landlord must pay any costs that the other
incurs (or any proportion of them), those costs must be reasonable and proper and reasonably and properly incurred; 

  

	2.13	 references to any sums being payable on demand or when demanded mean being payable when demanded in writing;

  

	2.14	 the Landlord’s rights under clause 4.10 and Part 2 of Schedule 1 may also be exercised by:

  

	 	2.14.1	 (to the extent referred to in the Podium Leases) the landlord of the Podium Leases; 

 

	 	2.14.2	 those authorised by the Landlord; 

 

	 	2.14.3	 and (to the extent referred to in the Podium Leases) by those authorised by the landlord of the Podium Leases;

  

	2.15	 reference to “the Podium”, “the Building”. “the Common Parts” or “the
Premises” means the whole or an individual part or parts unless inappropriate in the context used; 

  

	2.16	 reference to “adjoining premises” means any land or buildings adjoining or nearby the Building,
whether or not owned by the Landlord (unless express reference is made to the Landlord’s ownership of those premises); 

  

	2.17	 references to an Act are to that Act as amended from time to time and to any Act that replaces it but
references to the Town and Country Planning (Use Classes) Order 1987 are to that Order as in force at the date of this Lease; 

  

	2.18	 “includes”, “including” and similar words are used without limitation or qualification to
the subject matter of the relevant provision; 

  

	2.19	 if any provision is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of
the remainder of this Lease will be unaffected; 

  

	2.20	 if a person must take a matter into consideration that person must have reasonable regard to it but the final
decision remains at that person’s absolute discretion; and 

	2.21	 references to a clause or schedule are references to a clause or schedule of this Lease and references in a
schedule to a paragraph are references to paragraphs in that schedule. 

  

	3.	 DEMISE, TERM AND RENT  

 

	3.1	 The Landlord leases the Premises to the Tenant with full title guarantee subject to the variations set out in
clause 6.9: 

  

	 	3.1.1	 for a term starting on the Term Start Date and ending on the Term End Date; 

 

	 	3.1.2	 together with the rights listed in Part 1 of Schedule 1;  

 

	 	3.1.3	 excepting and reserving to the Landlord the rights listed in Part 2 of Schedule 1; 

  

	 	3.1.4	 subject to the matters contained or referred to in title numbers NGL692974, BGL125442, BGL125421, BGL125422,
BGL125423 and BGL49405 as shown on the attached official copy entries save for the matters contained or referred to in the Confidential Documents; 

  

	 	3.1.5	 subject to any easements, rights and privileges currently existing and affecting the Premises;

  

	 	3.1.6	 and subject to any rights reserved by the Podium Leases (including any rights on the part of any of the
landlords under the Podium Leases to terminate any of the Podium Leases). 

  

	3.2	 The Tenant must pay as rent: 

 

	 	3.2.1	 for the period starting on the Rent Commencement Date and ending on the day before the first Rent Review Date
one million four hundred and fifty three thousand three hundred and forty seven pounds (£1,453,347) per year; and 

  

	 	3.2.2	 during the remainder of the Term, the rent set out in clause 3.2.1 as increased (if at all) under
Schedule 2. 

  

	3.3	 Main Rent is not payable for any period before the Rent Commencement Date. 

 

	3.4	 If the Tenant does not serve any notice under clause 7.1 then the Tenant’s obligation to pay the
Main Rent shall be suspended for the period of eight (8) months commencing on the Break Date. 

  

	3.5	 Starting on the Ancillary Rent Commencement Date the Tenant must pay as rent: 

 

	 	3.5.1	 Service Charge due under clause 4.3 and Schedule 3; 

 

	 	3.5.2	 Insurance Rent; 

  

	 	3.5.3	 and Parking Space Rent. 

 

	3.6	 The Tenant must pay as rent VAT under clause 4.4. 

 

	3.7	 The Main Rent is payable by equal quarterly payments in advance on the Rent Days in every year. The first
payment will be for the period starting on (and to be paid on) the Rent Commencement Date and ending on the last day of that quarter. 

  

	3.8	 The Rents and all other sums payable under this Lease must be paid by the Tenant by direct debit to the United
Kingdom bank account notified by the Landlord to the Tenant. 

  

	3.9	 The Tenant must not make any legal or equitable deduction, set-off or
counterclaim from any payment due under this Lease unless required to do so by law. 

	4.	 TENANT’S OBLIGATIONS  

 

	4.1	 Main Rent  

The Tenant must pay the Main Rent when due. 
  

	4.2	 Outgoings  

  

	 	4.2.1	 The Tenant must pay all Outgoings (with the exception of those referred to in clause 4.2.3) when
demanded. 

  

	 	4.2.2	 If the Landlord loses the benefit of any rates relief or exemption after the End Date because the Tenant has
received that benefit before the End Date, the Tenant must pay the Landlord within 10 Business Days of demand an amount equal to the relief or exemption that the Landlord has lost. 

 

	 	4.2.3	 If so required by the Landlord, the following provisions will apply in respect of the Supply Costs for the
Premises and/or Plant: 

  

	 	(a)	 the accounting period will be the period ending on 30 June in each year (or otherwise as the Landlord may
decide and notify to the Tenant) or the End Date if sooner; 

  

	 	(b)	 until the Supply Costs for the Premises for each accounting period have been calculated, the Tenant must pay,
by equal quarterly payments on the Rent Days, a provisional sum by way of Supply Costs for the Premises at the level that the Landlord requires; 

  

	 	(c)	 the Tenant must also pay within 10 Business Days of demand any sum or sums that the Landlord requires where the
sums held on account by the Landlord in respect of the Supply Costs for the Premises are insufficient to meet the actual Supply Costs for the Premises; 

  

	 	(d)	 when the Supply Costs for the Premises for each accounting period have been calculated: 

 

	 	(i)	 the Tenant must pay within 10 Business Days of demand any amount by which the actual Supply Costs in respect of
the Premises for the relevant accounting period exceed the on-account payments received; 

  

	 	(ii)	 and the Landlord must credit the amount by which the on-account
payments received exceed the actual Supply Costs in respect of the Premises for the relevant accounting period against the next payment or payments to be made by the Tenant under this clause 4.2.3 Any amount owing at the End Date must be
repaid to the Tenant within one month of its calculation. 

  

	 	(e)	 The End Date will not affect the Tenant’s obligation to pay or the Landlord’s right to recover Supply
Costs for the Premises after the End Date where this has not been calculated and demanded before the End Date. 

  

	4.3	 Service Charge  

The Tenant must pay the Service Charge in accordance with Part 1 of Schedule 3. 

 

	4.4	 VAT  

  

	 	4.4.1	 The Tenant must pay: 

 

	 	(a)	 VAT on any consideration in respect of a VAT Supply to the Tenant by the Landlord at the same time as the
consideration is paid; and 

  

	 	(b)	 on demand VAT (and interest, penalties and costs where these are incurred because of anything the Tenant does
or fails to do) charged in respect of any VAT Supply to the Landlord in respect of the Premises where that VAT is not recoverable by the Landlord from HM Revenue & Customs. 

	 	4.4.2	 The Tenant must not do anything that would result in the disapplication of the option to tax in respect of the
Landlord’s interest in the Building. 

  

	4.5	 Interest on overdue payments  

The Tenant must pay interest on the Rents and on all other sums not paid on or by the due date (or, if no date is specified, not paid within 10
Business Days after the date of demand). Interest will be payable at the Interest Rate for the period starting on the due date (or date of demand) and ending on the date of payment. 

 

	4.6	 Reimburse costs incurred by the Landlord  

The Tenant must pay: 
  

	 	4.6.1	 on demand the Landlord’s costs (including legal and surveyor’s charges and bailiff’s and
enforcement agent’s fees) and disbursements in connection with: 

  

	 	(a)	 any breach of the Tenant’s obligations in this Lease, including the preparation and service of a notice
under section 146 of the 1925 Act, whether or not forfeiture is avoided by an order of the court: and 

  

	 	(b)	 the preparation and service of any notice by the Landlord under section 17 of the 1995 Act or section 81
Tribunals, Courts and Enforcement Act 2007; 

  

	 	4.6.2	 and within 10 Business Days of demand the Landlord’s costs (including legal and surveyor’s charges
and bailiff’s and enforcement agent’s fees) and disbursements in connection with: 

  

	 	(a)	 any application by the Tenant for consent under this Lease, whether that application is withdrawn or consent is
granted or lawfully refused, except in cases where the Landlord is required to act reasonably and the Landlord unreasonably refuses to give consent; and 

  

	 	(b)	 the preparation and service of a schedule of dilapidations served no later than six months after the End Date.

  

	4.7	 Third party indemnity  

 

	 	4.7.1	 The Tenant must indemnify the Landlord against all actions, claims, demands made by a third party, all costs,
damages, expenses, charges and taxes payable to a third party and the Landlord’s own liabilities, costs and expenses incurred in defending or settling any action, claim or demand in respect of any personal injury or death, damage to any
property and any infringement of any right arising from: 

  

	 	(a)	 the state and condition of the Premises or the Tenant’s use of them; 

 

	 	(b)	 the exercise of the Tenant’s rights; 

 

	 	(c)	 or the carrying out of any Permitted Works. 

 

	 	4.7.2	 In respect of any claim covered by the indemnity in clause 4.7.1, the Landlord must:

  

	 	(a)	 give notice to the Tenant of the claim as soon as reasonably practicable after receiving notice of it;

  

	 	(b)	 provide the Tenant with any information and assistance in relation to the claim that the Tenant may reasonably
require, subject to the Tenant paying to the Landlord all costs incurred by the Landlord in providing that information or assistance; and 

  

	 	(c)	 mitigate its loss (at the Tenant’s cost) where it is reasonable for the Landlord to do so.

	4.8	 Insurance  

The Tenant must comply with its obligations in Schedule 4. 
  

	4.9	 Repair and decoration  

 

	 	4.9.1	 The Tenant must: 

  

	 	(a)	 keep the Premises and any External Works and/or any Tenant’s Business Alterations in good and substantial
repair and condition and clean and tidy; 

  

	 	(b)	 keep all Conducting Media, plant, equipment or fixtures forming part of the Premises and any External Works
properly maintained and in good working order in accordance with good industry practice, the requirements of any Acts and any requirements of the Landlord’s insurers; and 

 

	 	(c)	 replace (where beyond economic repair) any Conducting Media and plant, equipment or fixtures forming part of
the Premises and any External Works with items of equivalent or better quality. 

  

	 	4.9.2	 The Tenant must clean and repair all floor coverings in the Premises as often as reasonably necessary and, in
the final three months of the Term, renew and replace them with floor coverings of a colour and quality first approved by the Landlord. 

  

	 	4.9.3	 The Tenant must decorate the Premises as and when necessary and in the final six months of the Term. The colour
scheme for the final internal redecoration must first be approved by the Landlord. 

  

	 	4.9.4	 The obligations under this clause 4.9 exclude: 

 

	 	(a)	 damage by any Insured Risk, except to the extent that payment of any insurance money is refused because of
anything the Tenant does or fails to do and the Tenant has not complied with paragraph 1.2 of Schedule 4;  

  

	 	(b)	 and damage by any Uninsured Risk. 

 

	4.10	 Allow entry  

  

	 	4.10.1	 Subject to clause 5.5, the Tenant must allow the Landlord to enter and inspect the Premisies.

  

	 	4.10.2	 If the Landlord requires the Tenant to remedy any breach of the Tenant’s obligations regarding the state
and condition of the Premises or to remove any unauthorised alterations then the Tenant must comply with those requirements immediately in the case of an emergency or, in all other cases, begin to comply with those requirements within one month
after being notified of them and diligently complete any works required. 

  

	 	4.10.3	 If the Tenant does not comply with clause 4.10.2, the Landlord may enter the Premises and carry out any
works required itself. The Tenant must repay, as a debt on demand, all the costs the Landlord incurs in so doing. The Landlord’s rights under clause 6.1 will be unaffected. 

 

	4.11	 Alterations  

  

	 	4.11.1	 The Tenant must not: 

 

	 	(a)	 build any new structure on, or alter the external appearance of, the Podium or cut into the Podium or make any
alterations or additions to the Podium. 

  

	 	(b)	 build any new structure on, or alter the external appearance of, the Premises or cut into any structural part
of the Building, except for Tenant’s Business Alterations; 

  

	 	(c)	 do anything which adversely affects the efficiency of the use of energy (including the efficiency of the air-conditioning serving the Premises) or water, the Environmental Performance or sustainability characteristics of the Premises or the Building, including the EPC and BREEAM ratings; 

	 	(d)	 do anything which adversely affects the efficiency of the use of energy (including the efficiency of the air-conditioning serving the Premises) or water, the Environmental Performance or sustainability characteristics of the Building, including the EPC’ and BREEAM ratings; 

 

	 	(e)	 make any alterations to the Premises which would make the existing EPC rating for the Premises or the Building
prior to such alterations being carried out worse; 

  

	 	(f)	 make any alterations to the Premises which would require a new EPC to be obtained unless the Tenant has
demonstrated to the reasonable satisfaction of the Landlord that such new EPC will show an asset rating that is not less than the EPC rating existing for the Premises or the Building prior to such alterations being carried out; or

  

	 	(g)	 install Electronic Communications Apparatus or apparatus relating to Wireless Data Services within the
Premises, except where landed only to serve the lawful occupier’s business at the Premises and the installations of such Electronic Communications Apparatus or Apparatus relating to Wireless Data Services must be subject to Landlord’s
prior consent. 

  

	 	4.11.2	 Landlord’s consent is not required for the installation or removal of tenant’s fixtures or for the
installation and removal of, or alterations to internal demountable partitioning that will not have an adverse impact on the Environmental Performance of the Premises, the Building or the Building Management Systems, but the Tenant must notify the
Landlord promptly after completing those works and provide the Landlord with “as built” drawings within 28 days after completion of those works. 

  

	 	4.11.3	 The Tenant must not, without the Landlord’s consent: 

 

	 	(a)	 do any other works to the Premises; 

 

	 	(b)	 carry out or install any External Works; 

 

	 	(c)	 make any Tenant’s Business Alterations; 

 

	 	(d)	 or install any apparatus permitted under the exception to clause 4.11.1(d). 

 

	 	4.11.4	 The Tenant must comply with its obligations in Schedule 5 when carrying out or installing any Permitted
Works, whether or not the Landlord’s consent is required for them. 

  

	 	4.11.5	 Where the Landlord’s consent is expressly required under this clause 4.11, the Landlord may impose
requirements on the Tenant in addition to those contained in Schedule 5 if relevant when giving its consent. 

  

	 	4.11.6	 The Tenant has no rights to carry out any alterations, works or installations outside the Premises unless it is
expressly permitted to do so by this Lease. If the Landlord, in its absolute discretion, permits alterations, works or installations outside the Premises that are not permitted by this Lease, those alterations, works or installations will then be
treated as External Works. 

  

	 	4.11.7	 The Tenant may, with the Landlord’s consent, carry out works outside the Premises: 

 

	 	(a)	 to install or erect Plant on the Plant Area in a location and of a size and design approved by the Landlord;

  

	 	(b)	 and to install new Conducting Media within the Building along routes approved by the Landlord to connect the
Premises to any Plant installed or erected by the Tenant under clause (a). 

	4.12	 Relocation of External Works  

 

	 	4.12.1	 The Tenant must relocate any External Works when requested to do so on not less than one month’s notice by
the Landlord (or immediately in case of emergency) to such alternative location as the Landlord shall (acting reasonably) allocate. 

  

	 	4.12.2	 The Landlord will be responsible for the Tenant’s costs and expenses in complying with the Landlord’s
request to relocate the External Works unless their relocation is required only temporarily to enable the Landlord to carry out any of the Services and the costs will be included in the Service Costs. 

 

	4.13	 Signs and advertisements  

Save as permitted pursuant to Schedule 1, paragraph 7, the Tenant must not display any signs or advertisements on the Premises that are
visible from outside the Building or the Common Parts except, in either case, for business signs that indicate the Tenant’s trading name in the style of and consistent with the Tenant’s standard business signage that are visible only
through the main entrance to the Premises. 
  

	4.14	 Obligations at the End Date  

 

	 	4.14.1	 By the End Date the Tenant must have removed at its own cost: 

 

	 	(a)	 all tenant’s and trade fixtures and loose contents from the Premises; 

 

	 	(b)	 all Electronic Communications Apparatus and apparatus relating to Wireless Data Services installed by the
Tenant or any undertenant at the Premises; 

  

	 	(c)	 all signage installed by the Tenant or any undertenant at the Premises or elsewhere on the Building;

  

	 	(d)	 unless and to the extent that the Landlord notifies the Tenant not to do so not more than nine months and not
less than three months before the End Date, all Permitted Works; and 

  

	 	(e)	 without affecting any of the Landlord’s other rights, any works that have been carried out by the Tenant
in breach of any obligation in this Lease. 

  

	 	4.14.2	 The Tenant must make good all damage to the Premises or the Building caused when complying with clause
4.14.1 and restore them to the same configuration, state and condition as they were in before the terms removed were originally installed. 

  

	 	4.14.3	 At the End Date the Tenant must: 

 

	 	(a)	 give back the Premises (and the fixtures, plant and equipment in them) in good decorative order and in a state,
condition and working order consistent with the Tenant’s obligations in this Lease; 

  

	 	(b)	 give back the Premises with vacant possession, except to the extent that any permitted undertenant has the
right to the statutory continuation of its underlease under the 1954 Act; 

  

	 	(c)	 and hand to the Landlord any registers or records maintained by the Tenant pursuant to any statutory duty that
relate to the Premises including any health and safety file, EPC and asbestos survey. 

  

	 	4.14.4	 If the Tenant has not removed all of its property from the Premises by the End Date and the Landlord gives the
Tenant not less than ten Business Days’ notice of its intention to do so: 

  

	 	(a)	 the Landlord may dispose of that property as the agent of the Tenant; 

	 	(b)	 the Tenant must indemnify the Landlord against any liability of the Landlord to any third party whose property
has been disposed of in the genuine but mistaken belief that it belonged to the Tenant; and 

  

	 	(c)	 the Landlord must pay to the Tenant the proceeds of the disposal after deducting the costs of transportation,
storage and disposal incurred by the Landlord. 

  

	4.15	 User  

  

	 	4.15.1	 The Tenant must not use the Premises other than for the Permitted Use. 

 

	 	4.15.2	 The Tenant must not use the Premises for any illegal or immoral purpose, as a betting office, an amusement
arcade or in connection with gaming, as offices to which members of the public are admitted, for any political or campaigning purposes or for any sale by auction. 

 

	 	4.15.3	 The Tenant must not use the Premises for the sale of alcohol for consumption on or off the Premises or for the
preparation or cooking of food other than, in either case, in connection with staff and client catering facilities ancillary to the Permitted Use. 

  

	 	4.15.4	 The Tenant must not: 

 

	 	(a)	 (except that properly required for the Permitted Use) keep in the Premises any plant, machinery or equipment or
any petrol or other explosive or specially flammable substance; 

  

	 	(b)	 cause any nuisance or damage to the Landlord or the other tenants or occupiers of the Building or to the
owners, tenants or occupiers of any adjoining premises; 

  

	 	(c)	 overload any part of the Premises or the Building or any plant, machinery, equipment or Conducting Media;

  

	 	(d)	 do anything that blocks the Conducting Media or makes them function less efficiently including any blockage to
or corrosion of any drains, pipes or sewers by virtue of any waste, grease or refuse deposited by the Tenant or any cleaning of them carried out by the Tenant; or 

 

	 	(e)	 operate any apparatus so as to interfere with the lawful use of Electronic Communications Apparatus or the
provision of Wireless Data Services elsewhere in the Building or on any adjoining premises. 

  

	 	4.15.5	 When exercising any right granted to it for entry to any other part of the Building the Tenant must:

  

	 	(a)	 cause as little damage and interference as is reasonably practicable to the remainder of the Building and the
business of its tenants and occupiers and make good any physical damage caused; and 

  

	 	(b)	 comply with the Landlord’s requirements and those of any other tenants and occupiers of the Building who
are affected. 

  

	 	4.15.6	 When exercising any right granted to it for entry to the Podium the Tenant must: 

 

	 	(a)	 not cause any damage to the Podium; and 

 

	 	(b)	 comply with the Landlord’s requirements concerning the use of the Podium. 

 

	 	4.15.7	 The Tenant must provide the Landlord with the names, addresses and telephone numbers of not fewer than two
people who from time to time hold keys and any security access codes to the Premises and who may be contacted in an emergency if the Landlord needs access to the Premises outside the Tenant’s normal business hours. 

 

	 	4.15.8	 The Landlord gives no warranty to the Tenant that the Permitted Use is or will remain a lawful or permitted use
for the Premises under planning legislation. 

	4.16	 Dealings with the Premises  

 

	 	4.16.1	 The Tenant must not assign, underlet, charge, hold on trust, part with or share possession or occupation of the
Premises in whole or in part or enter into any agreement to do so, except as authorised under this clause 4.16 or Schedule 6. 

  

	 	4.16.2	 The Tenant may, with the Landlord’s consent, assign the whole of the Premises. 

 

	 	4.16.3	 For the purposes of section 19(1A) of the Landlord and Tenant Act 1927: 

 

	 	(a)	 any consent to assign will be subject to a condition that: 

 

	 	(i)	 the assigning tenant gives the Landlord an AGA; and 

 

	 	(ii)	 any guarantor of the assigning tenant gives the Landlord a guarantee that the assigning tenant will comply with
the terms of the AGA 

 in each case in a form that the Landlord requires, given as a deed and delivered to the Landlord
on or before the assignment; 
  

	 	(b)	 any consent to assign may (to the extent required by the Landlord having regard to the financial standing of
the assignee together with any proposed guarantor, but ignoring the guarantor(s) which may be made available under clause 4.16.3(a)) be subject to either or both of the following conditions: 

 

	 	(i)	 that a guarantor (approved by the Landlord) that is not a Current Guarantor guarantees the assignee’s
performance of the Tenant’s obligations in this Lease; and 

  

	 	(ii)	 the assignee enters into a rent deposit deed with the Landlord providing for a deposit of not less than six
months’ Main Rent (plus VAT) (calculated as at the date of the assignment) as security for the assignee’s performance of the tenant’s covenants in this Lease with a charge over the deposit; 

in either case in a form that the Landlord requires, given as a deed and delivered to the Landlord before the assignment; 

 

	 	(c)	 the Landlord may refuse consent to assign if: 

 

	 	(i)	 the Tenant has not paid in full all Rents and other sums due to the Landlord (and where applicable demanded)
under this Lease that are not the subject of a legitimate dispute about their payment; 

  

	 	(ii)	 the proposed assignee or its guarantor is a company incorporated in or an individual resident in a country
outside the United Kingdom and there is no treaty for the mutual enforcement of judgments between the United Kingdom and that country unless, in relation to a company, it carries on and maintains a business in the United Kingdom and, in the opinion
of the Landlord, it has sufficient assets in the United Kingdom to enable it to meet its liabilities under this Lease; 

  

	 	(iii)	 the proposed assignee or its guarantor is a person who enjoys sovereign or state immunity, unless a department,
body or agency of the United Kingdom Government; 

  

	 	(iv)	 the proposed assignee is a Group Company of the Tenant; 

 

	 	(v)	 or the proposed assignee is a Current Guarantor; 

 

	 	(d)	 Landlord may refuse consent to assign in any other circumstances where it is reasonable to do so; and

	 	(e)	 the Landlord may require any other condition to the Landlord’s consent if it is reasonable to do so.

  

	 	4.16.4	 The provisions of Schedule 6 apply to underlettings of the Premises and the Tenant must comply with its
obligations in that Schedule. 

  

	 	4.16.5	 The Tenant may charge the whole of the Premises to a genuine lending institution without the Landlord’s
consent but the Tenant must notify the Landlord under clause 4.17 of any charge created. 

  

	 	4.16.6	 In addition to the provisions of this clause 4.16, the Tenant may share occupation of the Premises with
a Group Company of the Tenant on condition that: 

  

	 	(a)	 the Tenant notifies the Landlord of the identity of the occupier and the part of the Premises to be occupied;

  

	 	(b)	 no relationship of landlord and tenant is created or is allowed to arise; 

 

	 	(c)	 the sharing of occupation ends if the occupier is no longer a Group Company of the Tenant; and

  

	 	(d)	 the Tenant notifies the Landlord promptly when the occupation ends 

 

	4.17	 Registration of dealings  

 

	 	4.17.1	 The Tenant must provide the Landlord with a certified copy of every document transferring or granting any
interest in the Premises (and, if relevant, evidence that sections 24 to 28 of the 1954 Act have been lawfully excluded from the grant of any interest) within two weeks after the transfer or grant of that interest. 

 

	 	4.17.2	 The Tenant must, on request, supply details to the Landlord of the names and addresses of anyone in occupation
of the Premises, whether they are in occupation for the purpose of carrying on a business, the areas they occupy, the rents paid and the terms upon which they are in occupation. 

 

	4.18	 Marketing  

  

	 	4.18.1	 Unless genuine steps are being taken by either party towards renewal of this Lease under the 1954 Act, the
Tenant must, during the six months before the End Date, allow the Landlord to: 

  

	 	(a)	 place on the Premises (but not obstructing the Tenant’s corporate signage) a notice for their disposal;
and 

  

	 	(b)	 show the Premises at reasonable times in the day to potential tenants (who must be accompanied by the Landlord
or its agents) and such access must comply with clause 5.5. 

  

	 	4.18.2	 The Tenant must allow the Landlord at reasonable times in the day to show the Premises to potential purchasers
of the Building (who must be accompanied by the Landlord or its agents). 

  

	4.19	 Notifying the Landlord of notices or claims  

The Tenant must notify the Landlord as soon as reasonably practicable after the Tenant receives or becomes aware of any notice or claim
affecting the Premises. 
  

	4.20	 Comply with Acts  

 

	 	4.20.1	 The Tenant must do everything required under and must not breach any Act in respect of the Premises and their
use and occupation and the exercise of the rights granted to the Tenant under the lease 

	 	4.20.2	 The Tenant must not do or fail to do anything in respect of the Premises, the Building or their use and
occupation the effect of which could make the Landlord liable to pay any penalty, damages, compensation, costs or charges under any Act. 

  

	 	4.20.3	 The Tenant must promptly notify the Landlord of any defect or disrepair in the Premises that may make the
Landlord liable under any Act or under this Lease. 

  

	4.21	 Planning Acts  

 

	 	4.21.1	 The Tenant must comply with the requirements of the Planning Acts and with all Planning Permissions relating to
or affecting the Premises or anything done or to be done on them. 

  

	 	4.21.2	 The Tenant must not apply for any Planning Permission except where any approval or consent required under any
other provisions in this Lease for development or change of use has already been given and the Landlord has approved the terms of the application for Planning Permission. 

 

	 	4.21.3	 The Tenant may only implement a Planning Permission that the Landlord has approved. The Landlord shall not be
entitled to withhold approval where the Planning Permission relates to works to which the Landlord has already consented other than on the grounds that the conditions attached to such Planning Permission are, in the Landlord’s opinion,
unacceptable. 

  

	 	4.21.4	 The Tenant must assume liability for and pay any Community Infrastructure Levy payable under Part 11 of the
Planning Act 2008 or any other similar payments or liabilities that become due as a result of it (or its sub-tenants or other occupiers of the Premises) carrying out any Permitted Works or changing the use of
the Premises. The Tenant will not be responsible under this Lease for any corresponding sums that become due as a result of any permitted development to or change of use of the Building carried out by the Landlord or any other occupier of the
Building. 

  

	4.22	 Right and easements  

The Tenant must not allow any rights or easements to be acquired over the Premises. If an encroachment may result in the acquisition of a right
or easement: 
  

	 	4.22.1	 the Tenant must notify the Landlord; and 

 

	 	4.22.2	 the Tenant must, at the Landlord’s cost, help the Landlord in any way that the Landlord requests to
prevent that acquisition. 

  

	4.23	 Management of the Building  

 

	 	4.23.1	 The Tenant must not load or unload vehicles except on the parts of the Building that it is permitted to use for
that purpose by paragraph 2 of Part 1 of Schedule 1. 

  

	 	4.23.2	 The Tenant must not park vehicles in the Common Parts except in any areas that it is permitted to use for that
purpose by paragraph 2 of Part 1 of Schedule 1 

  

	 	4.23.3	 The Tenant must not obstruct the Podium or the Common Parts in any way or leave any goods on them.

  

	 	4.23.4	 The Tenant must not deposit rubbish anywhere on the Podium or the Building except in skips or bins provided for
that purpose. 

  

	 	4.23.5	 The Tenant must not use the Common Parts other than for the purposes designated under clause 5.8.

  

	 	4.23.6	 The Tenant must comply with all regulations notified to it or contained within any relevant tenant guide or
handbook issued to the Tenant from time to time for the Building and/or the Podium published by the Landlord from time to time. No regulations may impose obligations on the Tenant that are inconsistent with the Tenant’s rights and obligations
under this Lease and in the event that they do the provisions of this Lease shall apply. 

	4.24	 Superior interest  

The Tenant must not breach any of the Landlord’s obligations (excluding payment of rents or other sums) relating to the Building or the
Podium in the Podium Leases or any obligations affecting the freehold interest in the Building or the Podium at the date of this Lease. 
  

	4.25	 Registration at the Land Registry  

 

	 	4.25.1	 If compulsorily registrable, the Tenant must: 

 

	 	(a)	 within six weeks of the date of this Lease, apply to register and then take reasonable steps to complete the
registration of this Lease and the Tenant’s rights at the Land Registry; and 

  

	 	(b)	 provide the Landlord with an official copy of the registered title promptly after receipt.

  

	 	4.25.2	 The Tenant must within four weeks after the End Date, apply to the Land Registry to close and then take
reasonable steps to complete the closure of any registered title relating to this Lease and to remove from the Landlord’s registered title(s) to the Building and-the Podium any reference to this Lease and
the Tenant’s rights. 

  

	4.26	 Applications for consent or approval  

Where the Tenant makes any application to the Landlord for consent or approval under this Lease, the Tenant must provide the Landlord with a
complete and accurate copy of the heads of terms for any proposed dealing (if applicable) and all plans, drawings, specifications, documents and any other information required by the Landlord. 

 

	5.	 LANDLORD’S OBLIGATIONS  

 

	5.1	 Quiet enjoyment 

The Tenant may peaceably hold and enjoy the Premises during the Term without any interruption by the Landlord or any person lawfully claiming
under or intrust for the Landlord except as permitted by this Lease. 
  

	5.2	 Insurance  

The Landlord must comply with the Landlord’s obligations in Schedule 4. 

 

	5.3	 Services  

The Landlord must comply with its obligations in Part 2 of Schedule 3. 

 

	5.4	 Repayment of rent  

 

	 	5.4.1	 clause 6.1 or if this Lease is disclaimed by the Crown or by a liquidator or trustee in bankruptcy of
the Tenant. The Landlord must refund any Main Rent and Insurance Rent paid in advance by the Tenant in relation to the period falling after the End Date within 10 Business Days after the End Date. 

 

	 	5.4.2	 Clause 5.4.1 will not apply if the Landlord ends this Lease under 

 

	5.5	 Entry Safeguards  

The Landlord must, when entering the Premises to exercise any Landlord’s rights: 

 

	 	5.5.1	 where reasonably practicable, enter outside of the Tenant’s business hours; 

 

	 	5.5.2	 give the Tenant at least three Business Days’ prior notice (except in the case of emergency, when the
Landlord must give as much notice as may be reasonably practicable); 

	 	5.5.3	 where required by the Tenant, be accompanied by the Tenant’s representative but the Tenant must make that
representative available; and 

  

	 	5.5.4	 cause as little physical damage or interference as reasonably possible and repair any physical damage that the
Landlord causes as soon as reasonably practicable. 

  

	5.6	 Scaffolding  

  

	 	5.6.1	 The Landlord must ensure that in relation to any scaffolding erected outside the Premises in exercise of the
Landlord’s rights under this Lease: 

  

	 	(a)	 it is removed as soon as reasonably practicable, with any damage caused to the exterior of the Premises made
good; 

  

	 	(b)	 it causes as little obstruction as is reasonably practicable to the entrance to the Premises.

  

	 	5.6.2	 If the Tenant’s business signage is obstructed or interfered with by the scaffolding, the Landlord will
permit the Tenant to display a sign (approved by the Landlord) on the exterior of the scaffolding in front of the Premises so that it is visible to the public. 

 

	5.7	 Podium Leases  

The Landlord must pay the rent reserved by the Podium Leases and comply with those tenant’s obligations in the Podium Leases that are not
the responsibility of the Tenant under this Lease. 
  

	5.8	 Designation of Common Parts and use of rights  

 

	 	5.8.1	 The Common Parts designated by the Landlord for the Tenant’s use under Part 1 of Schedule 1 must
include those Common Parts that are from time to time necessary for the use and enjoyment of the Premises for their intended use. 

  

	 	5.8.2	 If the Landlord does not designate specific Common Parts for the Tenant’s use, the Tenant will be entitled
to use all Common Parts that are from time to time necessary for the reasonable and proper enjoyment of the Premises for their intended use but the Tenant will not have the right to use any Common Parts used solely by the Landlord for the provision
of the Services. 

  

	5.9	 Required Electrical Capacity  

 

	 	5.9.1	 Clause 5.9.2 shall only apply if the Landlord: 

 

	 	(a)	 in accordance with the Agreement for Lease, agrees to install the Standby Generator and 

 

	 	(b)	 thereafter installs the Standby Generator. 

 

	 	5.9.2	 The Landlord will make the Required Electrical Capacity available to the Tenant. 

 

	 	5.9.3	 Notwithstanding clause 5.9.2, it is agreed that the Landlord will not be liable to the Tenant for any
loss of any kind whatsoever which the Tenant suffers: 

  

	 	(a)	 in respect of any mechanical breakdown of the Standby Generator (unless such mechanical breakdown arises as a
result of the Landlord having failed to properly maintain the Standby Generator); and/or 

  

	 	(b)	 in respect of any failure to provide the Required Electrical Capacity where such failure was outside of the
Landlord’s reasonable control. 

  

	 	5.9.4	 It is agreed that the Tenant will use all reasonable endeavours to mitigate any loss suffered (including
procuring suitable levels of business interruption insurance) as a result of any failure by the Landlord to make the Required Electrical Capacity available. 

	6.	 AGREEMENTS  

  

	6.1	 Landlord’s right to end this Lease  

 

	 	6.1.1	 If any event listed in clause 6.1.2 occurs, the Landlord may at any time afterwards reenter the Premises
or any part of them and this Lease will then immediately end. 

  

	 	6.1.2	 The events referred to in clause 6.1.1 are as follows: 

 

	 	(a)	 any of the Rents are unpaid for 21 days after becoming due whether or not formally demanded;

  

	 	(b)	 the Tenant commits a material breach of the covenants in this Lease; 

 

	 	(c)	 any 1925 Act, administrative, court-appointed or other receiver or similar officer is appointed over the whole
or any part of the Tenant’s assets, or the Tenant enters into any scheme or arrangement with its creditors in satisfaction or composition of its debts under the 1986 Act; 

 

	 	(d)	 if the Tenant is a company or a limited liability partnership: 

 

	 	(i)	 the Tenant enters into liquidation within the meaning of section 247 of the 1986 Act; 

 

	 	(ii)	 the Tenant is wound up or a petition for winding up is presented against the Tenant that is not dismissed or
withdrawn within 14 days of being presented; 

  

	 	(iii)	 a meeting of the Tenant’s creditors or any of them is summoned under Part I of the 1986 Act;

  

	 	(iv)	 a moratorium in respect of the Tenant comes into force under section 1(A) of and schedule Al to the 1986 Act;

  

	 	(v)	 an administrator is appointed to the Tenant; 

 

	 	(vi)	 or the Tenant is struck off the register of companies; 

 

	 	(e)	 if the Tenant is a partnership, it is subject to an event similar to any listed in clause 6.1.2(d)
with appropriate modifications so as to relate to a partnership; (f) if the Tenant is an individual: (i) a receiving order is made against the Tenant; 

 

	 	(ii)	 an interim receiver is appointed over or in relation to the Tenant’s property; 

 

	 	(iii)	 the Tenant becomes bankrupt, or the Tenant is the subject of a bankruptcy petition; 

 

	 	(iv)	 the Tenant is adjudicated bankrupt by an adjudicator pursuant to section 2631 of the 1986 Act;

  

	 	(v)	 the Tenant applies for or becomes subject to a debt relief order or the Tenant proposes or becomes subject to a
debt management plan; or 

  

	 	(vi)	 an interim order is made against the Tenant under Part VIII of the 1986 Act or the Tenant otherwise proposes an
individual voluntary arrangement; 

  

	 	(g)	 any event similar to any listed in clauses 6.1.2(c) to 6.1.2(f) occurs in relation to any guarantor of
the Tenant’s obligations under this Lease; or 

	 	(h)	 any event similar to any listed in clauses 6.1.2(c) to 6.1.2(g) occurs in any jurisdiction (whether it
be England and Wales, or elsewhere). 

  

	 	6.1.3	 Neither the existence nor the exercise of the Landlord’s right under clause 6.1.1 will affect any
other right or remedy available to the Landlord. 

  

	 	6.1.4	 In this clause 6.1 references to “the Tenant”, where the Tenant is more than one person,
include any one of them. 

  

	6.2	 No acquisition of easements or rights  

 

	 	6.2.1	 Unless they are expressly included in Part 1 of Schedule 1, the grant of this Lease:

  

	 	(a)	 does not include any liberties, privileges, easements, rights or advantages over the Building or the Podium or
any adjoining premises; and 

  

	 	(b)	 excludes any rights arising by the operation of section 62 of the 1925 Act or the rule in Wheeldon v
Burrows. 

  

	 	6.2.2	 The Tenant has no rights that would restrict building or carrying out of works to the Building or the Podium or
any adjoining premises, other than any that the Landlord specifically grants the Tenant in this Lease. 

  

	 	6.2.3	 The flow of light to the Premises is and will be enjoyed with the Landlord’s consent in accordance with
section 3 of the Prescription Act 1832. Neither the enjoyment of that light and air nor anything in this Lease will prevent the exercise of any of the rights the Landlord has reserved out of this Lease. The Tenant must permit the exercise of these
reserved rights without interference or objection. 

  

	 	6.2.4	 The Tenant must not do or omit to do anything that would or might result in the loss of any right enjoyed by
the Premises or the Building or the Podium. 

  

	 	6.2.5	 The Tenant has no rights to enforce, release or modify or to prevent the release, enforcement or modification
of, the benefit of any obligations, rights or conditions to which any other property within the Building or the Podium or any adjoining premises is or are subject. 

 

	6.3	 Service of Notices  

 

	 	6.3.1	 Any Notice must be in writing and sent by pre-paid first class post or
special delivery to or otherwise delivered to or left at the registered office or, if they do not have a registered office, to the last known address in the United Kingdom of the recipient or to any other address in the United Kingdom that the
recipient has specified as its address for service by giving not less than ten Business Days’ notice under this clause 6.3. 

  

	 	6.3.2	 Any Notice given will be treated as served on the second Business Day after the date of posting if sent by pre-paid first class post or special delivery or at the time the Notice is delivered to or left at the recipient’s address if delivered to or left at that address. If a Notice is treated as served on a day that
is not a Business Day or after 5.00pm on a Business Day it will be treated as served at 9.00am on the immediately following Business Day. 

  

	 	6.3.3	 Service of a Notice by fax or e-mail is not a valid form of service
under this Lease. 

  

	6.4	 Contracts (Rights of Third Parties) Act 1999  

Nothing in this Lease creates any rights benefiting any person under the Contracts (Rights of Third Parties) Act 1999. 

 

	6.5	 Energy Performance Certificates  

 

	 	6.5.1	 The Tenant must not obtain or commission an EPC in respect of the Premises unless required to do so by the
Landlord for alterations or under the EPB Regulations. If the Tenant is required to obtain an EPC, the Tenant must notify the Landlord promptly following which (and subject to the Tenant paying the Landlord’s costs of obtaining an EPC for the
Premises) the Landlord shall obtain an EPC. 

	 	6.5.2	 The Tenant must cooperate with the Landlord, so far as is reasonably necessary, to allow the Landlord to obtain
any EPC for the Premises or the Building and: 

  

	 	(a)	 provide the Landlord with copies of any plans or other information held by the Tenant that would assist in
obtaining that EPC; 

  

	 	(b)	 and allow such access to the Premises to any energy assessor appointed by the Landlord as is reasonably
necessary to inspect the Premises for the purposes of preparing any EPC. 

  

	 	6.5.3	 The Tenant shall supply promptly to the Landlord a copy of any EPC the Tenant or any undertenant obtains or
commissions in respect of the Premises or the Building together with the energy modelling calculation file and supporting drawings (also known as the NCT file). 

 

	 	6.5.4	 The Landlord must give the Tenant written details on request of the unique reference number of any EPC the
Landlord obtains or commissions in respect of the Premises or the Building. 

  

	6.6	 Energy Efficiency and Data Sharing  

 

	 	6.6.1	 The Landlord and the Tenant shall share the data they hold in respect of energy and water use and waste
production/recycling as reasonably required (at regular intervals but no more frequently than quarterly) between themselves and with any other third party who the parties agree needs to receive such data. 

 

	 	6.6.2	 The Landlord and the Tenant shall keep the data disclosed under this provision confidential and shall only use
such data for the purposes of ensuring that the Building is run in a sustainable way that minimises its environmental impact. 

  

	 	6.6.3	 The Landlord shall ensure that similar restrictions on the publication and use of such data are placed on its
managing agent and any other party responsible for the operation or management of the Building. 

  

	 	6.6.4	 The Tenant shall co-operate with the Landlord in relation to any
reasonable initiatives, in connection with the efficiency of the use of energy or water, the Environmental Performance or sustainability characteristics of the Building, including the EPC and BREEAM ratings provided that the parties shall have due
regard to the costs associated with implementing any initiatives compared to the benefit to the Tenant of the outcome of any such initiatives. 

  

	 	6.6.5	 Where the Premises are not already separately metered, the Landlord shall have the right to install separate sub-metering of utilities and/or heating and/or cooling used in the Premises. The Tenant shall give the Landlord the necessary access in order to allow for such metering to be installed. The Landlord shall give
reasonable notice of the intention to install such metering and, when installing, shall use all reasonable endeavours not to disturb the Tenant’s beneficial use and occupation of the Premises. 

 

	6.7	 Release of Landlord  

The Landlord’s obligations in this Lease will not bind the Landlord after it has disposed of its interest in the Premises and the Landlord
will not be liable for any breach of the Landlord’s obligations in this Lease arising after the date of that disposal. 
  

	6.8	 Superior landlord’s consent  

Any consent that the Landlord gives is conditional on the consent (where required) of any superior landlord being obtained. The Landlord will
apply for that consent at the Tenant’s cost. The Landlord must take reasonable steps to obtain it except to the extent the Landlord intends to refuse consent in circumstances where it is permitted to do so under this Lease. 

	6.9	 Limitations on title guarantee  

 

	 	6.9.1	 For the purposes of section 6(2) of the 1994 Act: 

 

	 	(a)	 (with the exception of the Confidential Documents which the Tenant has not had an opportunity to review) all
entries made in any public register that a prudent tenant would inspect will be treated as within the actual knowledge of the Tenant; 

  

	 	(b)	 section 6(3) of the 1994 Act will not apply; 

 

	 	(c)	 and the Tenant will be treated as having actual knowledge of any matters that would be disclosed by an
inspection of the Premises. 

  

	 	6.9.2	 Title to tenant’s fixtures is excluded from the title guarantee. 

 

	7.	 BREAK CLAUSE  

 

	7.1	 The Tenant may end the Term on the Break Date by giving the Landlord not less than nine (9) months’
notice specifying the Break Date following which the Term will end on that Break Date if: 

  

	 	7.1.1	 on the Break Date the Main Rent due up to and including that Break Date has been paid in full; and

  

	 	7.1.2	 on the Break Date the whole of the Premises are given back to the Landlord free of the Tenant’s occupation
and the occupation of any other lawful occupier and without any continuing underleases. 

  

	7.2	 The Landlord may waive any of the pre-conditions in clauses 7.1.1
and 7.1.2 at any time before the Break Date by notifying the Tenant. 

  

	7.3	 If this Lease ends under this clause 7, this will not affect the rights of any party for any prior
breach of an obligation in this Lease. 

  

	7.4	 Time is of the essence for the purposes of this clause 7. 

 

	8.	 JURISDICTION  

 

	 	8.1	 This Lease and any non-contractual obligations arising out of or in
connection with it will be governed by the law of England and Wales. 

  

	 	8.2	 Subject to clause 8.3 and any provisions in this Lease requiring a dispute to be settled by an expert or
by arbitration, the courts of England and Wales have exclusive jurisdiction to decide any dispute arising out of or in connection with this Lease, including in relation to any non-contractual obligations.

  

	 	8.3	 Any party may seek to enforce an order of the courts of England and Wales arising out of or in connection with
this Lease, including in relation to any non-contractual obligations, in any court of competent jurisdiction. 

  

	9.	 LEGAL EFFECT  

This Lease takes effect and binds the parties from and including the date at clause LR1. 

 245 HAMMERSMITH ROAD NOMINEE 1 LIMITED, 245 HAMMERSMITH ROAD NOMINEE 2 LIMITED and 245
HAMMERSMITH ROAD LIMITED PARTNERSHIP (acting through its general partner 245 HAMMERSMITH ROAD GENERAL PARTNER LIMITED)1 

Date: 
 To: 

ACHILLES THERAPEUTICS LIMITED (incorporated and registered in England and Wales under company registration number 10167668) whose registered office is
at Stevenage Bioscience Catalyst, Gunnels Wood Road, Stevenage, England, SG1 2FX. 
 Dear Sirs 

Lease of premises known as the offices on the ninth floor 245 Hammersmith Road, London W6 8PW (“the Premises” (as more particularly defined in
the Lease)) 
  

	1.	 Introduction  

 

	1.1	 This letter is supplemental to a lease of the Premises dated 21 February 2020 made between (1) 245 HAMMERSMITH
ROAD NOMINEE 1 LIMITED, 245 HAMMERSMITH ROAD NOMINEE 2 LIMITED and 245 HAMMERSMITH ROAD LIMITED PARTNERSHIP (acting through its general partner 245 HAMMERSMITH ROAD GENERAL PARTNER LIMITED) and (2) ACHILLES THERAPEUTICS LIMITED (the
“Lease”). 

  

	1.2	 The benefit of this letter is personal to you as tenant of the Lease (“You/Your”) and will not
benefit your successors in title to the Lease. 

  

	1.3	 This letter binds us and our successors in title as landlord of the Lease (“Us/We/Our”).

  

	1.4	 Words and expressions defined in the Lease have the same meanings in this letter except to the extent that they
are expressly varied by this letter. 

  

	1.5	 The terms of this letter will not be enforceable by virtue of the Contracts (Rights of Third Parties) Act 1999
by any person not a party to this letter. 

  

	2.	 Terms agreed  

 

	2.1	 Whilst this letter remains in force, the provisions within paragraph 3 below will take effect and the
terms of the Lease will continue in effect as amended by this letter. 

  

	2.2	 This letter does not release either of us from any breaches of the Lease existing at the date of this letter.

  

	3.	 Cap on Your contribution towards certain Services  

 

	3.1	 In this letter, the following words and expressions have the following meanings: 

 

			
	“Accounting Date”	  	the date of commencement of the relevant Accounting Period

  
  

	1	 245 HAMMERSMITH ROAD NOMINEE 1 LIMITED (incorporated and registered in England and Wales under company
registration number 10259825), 245 HAMMERSMITH ROAD NOMINEE 2 LIMITED (incorporated and registered in England and Wales under company registration number 10259717) and 245 HAMMERSMITH ROAD LIMITED PARTNERSHIP (incorporated and registered in England
and Wales under company registration number LP17488) whose principal place of business Is at One Coleman Street, London, EC2R 5AA (acting by its general partner 245 HAMMERSMITH ROAD GENERAL PARTNER LIMITED (incorporated and registered in England and
Wales under company registration number 10250842), all of whose registered offices are at One Coleman Street, London EC2R 5AA 

  
 1 

			
	“Accounting Period”	  	each “accounting period” (as referred to in paragraph 1 of Part 1 of Schedule 3 of the Lease)
		
	“Cap”	  	 shall be:
  

(a)   (for the Accounting Period during which the Term Start Date falls) the Initial Cap; and

 
 (b)   (in every subsequent
Accounting Period) the cap calculated by multiplying the Initial Cap by:
  

B divided by A
 where:

 
 “Index Figure” means the relevant figure published

in the Index;
  

“A” (being the Index Figure for the month immediately preceding the date of the Lease;

 
 “B” means the Index Figure for the month immediately preceding the
relevant Accounting Date
  
 [i.e. if calculating the Cap for the Accounting Period
commencing on 1 January 2021 and ending on 31 December 2021, the Accounting Date would be 1 January 2021 and “B” would be the Index Figure for December 2020]

		
	“Independent Person”	  	 an independent person appointed, in accordance with

paragraph 4, to act as an expert

		
	“Index”	  	the Retail Price Index (all items) published by Office for National Statistics or (if the reference base used to compile the index changes after the date of the Lease) the figure taken to be shown in the index after the change is to
be the figure that would have been shown in the index if the reference base current at the date of the Lease had been retained PROVIDED THAT if it becomes impossible to calculate the index because of any change in methods used to compile the index
after the date of the Lease or for any other reason whatsoever and You and We cannot agree on what the increase in the index would have been had it continued on the basis assumed for operation of the increase in the Cap either of us may require that
the dispute be resolved by an Independent Person in accordance with paragraph 4 below
		
	“Initial Cap”	  	for the first Accounting Period during the Term, the cap of £100,000 per annum (or any pro-rata amount based upon any period longer or shorter period)
		
	“Podium Event Costs”	  	those of the Services referred to in paragraph 23 of Part 3 of Schedule 3 of the Lease

  

	3.2	 We agree that (if the Podium Event Costs exceed the Cap in any Accounting Period) You will not be obliged to
contribute towards such part of the Podium Event Costs as (if applicable) exceeds the Cap in that Accounting Period. 

  
 2 

	3.3	 Notwithstanding paragraph 3.2, You agree that You will contribute towards the Podium Events Costs
if and to the extent that such Podium Event Costs do not exceed the Cap in the relevant Accounting Period. 

  

	4.	 Disputes  

 

	4.1	 In relation to a dispute: 

 

	 	4.1.1	 a dispute may be referred if it cannot be resolved between us within ten (10) Business Days of the dispute
arising; and 

  

	 	4.1.2	 time will not be of the essence for referring the dispute. 

 

	4.2	 The Independent Person is to be qualified in respect of the general subject matter of the dispute for not less
than ten years and shall be a specialist in relation to such subject matter. 

  

	4.3	 Unless You and We agree the Identity of the Independent Person within five (5) Business Days of a request
to do so, the Independent Person is to be appointed at the written request of either of us to the President or other most senior available officer of the Institute of Chartered Accountants. 

 

	4.4	 The reference to an Independent Person is to be made to him as an expert rather than an arbitrator.

  

	4.5	 You and We may make written representations within ten (10) Business Days of his appointment and will copy
the written representations to each other. You and We are to have a further ten (10) Business Days to make written comments on each other’s representations and will copy the written comments to each other. 

 

	4.6	 The Independent Person is to be at liberty to call for such written evidence from the parties and to seek such
legal or other expert assistance as he may reasonably require. 

  

	4.7	 The Independent Person must have regard to all representations and evidence before him when making his
decision, which is to be in writing, and will contain reasons for his decision. The Independent Person must use all reasonable endeavours to publish his decision within thirty (30) Business Days of his appointment. 

 

	4.8	 The Independent Person must act impartially and in good faith between You and Us. 

 

	4.9	 Responsibility for the costs of referring a dispute to an expert under this paragraph 4, including costs
connected with the appointment of the Independent Person and the Independent Person’s own costs, but not the legal and other professional costs of any party in relation to a dispute, will be decided by the Independent Person.

  

	5.	 Duration of this letter  

 

	5.1	 This letter will take effect on the date of this letter. 

 

	5.2	 This letter will come to an end, and the provisions in paragraph 2.1 of this letter will cease to have
affect, on the End Date. 

  
 3 

 Yours faithfully 

On duplicate 
 We, ACHILLES THERAPEUTICS LIMITED,
as tenant have received a letter of which this is a true copy and confirm our agreement to its terms. 
  

					
	Signed by	 	/s/Iraj Ali	 	  
  
  

)

	for and on behalf of	 	Chief Executive Officer	 	)
		
	ACHILLES THERAPEUTICS LIMITED	 	)

  
 4

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