Document:

EX-10.11

 Exhibit 10.11 

DATED 18 June 2015 
 (1) PURETECH HEALTH PLC

 - and- 
 (2) INVESCO ASSET
MANAGEMENT LIMITED 
 (ACTING AS AGENT FOR AND ON BEHALF OF ITS 

DISCRETIONARY MANAGED CLIENTS) 

RELATIONSHIP AGREEMENT 

 CONTENTS 
  

							
	1.	  	DEFINITIONS AND INTERPRETATION	  	 	2	 
	2.	  	CONDITION PRECEDENT	  	 	5	 
	3.	  	CONDUCT OF TRANSACTIONS AND RELATIONSHIPS	  	 	5	 
	4.	  	INFORMATION COVENANT	  	 	6	 
	5.	  	CONFIDENTIAL INFORMATION	  	 	6	 
	6.	  	ANNOUNCEMENTS	  	 	8	 
	7.	  	OVERRIDING OBLIGATIONS	  	 	8	 
	8.	  	TERMINATION OF DEED	  	 	8	 
	9.	  	VARIATION, WAIYER AND CONSENT	  	 	9	 
	10.	  	FURTHER ASSURANCE	  	 	9	 
	11.	  	ASSIGNMENT	  	 	9	 
	12.	  	SEVERABILITY	  	 	9	 
	13.	  	ENTIRE AGREEMENT	  	 	9	 
	14.	  	GOVERNING LAW AND JURISDICTION	  	 	10	 
	15.	  	NOTICES	  	 	10	 
	16.	  	COUNTERPARTS	  	 	11	 
	17.	  	COSTS	  	 	11	 
	18.	  	NOPARTNERSHIPORAGENCY	  	 	11	 
	19.	  	THIRD PARTY RIGHTS	  	 	11	 

 THIS DEED is made on 

18 June 2015 
 BETWEEN: 

 

	(1)	 PURETECH HEALTH PLC, a company incorporated in England and Wales with company number 09582467, whose
registered office is at 5th Floor, 6 St Andrew Street, London EC4A 3AE, United Kingdom (“Company”); and 

  

	(2)	 INVESCO ASSET MANAGEMENT LIMITED, a company incorporated in England and Wales with company number
00949417, whose registered office is at Perpetual Park, Perpetual Park Drive, Henley-On-Thames, Oxfordshire, RG9 IHH United Kingdom (“ Shareholder”).

 RECITALS: 
  

	A	 Application has been made or will be made by the Company for all of the Ordinary Shares to be admitted to the
Official List and to be admitted to trading on the main market for listed securities of the London Stock Exchange (“Admission”). 

  

	B	 It is expected that upon Admission the Shareholder will exercise or control on its own or together with certain
of its associates, and together with any person with whom they are acting in concert (or deemed to be acting in concert), more than 30 per cent. of the votes able to be cast on all or substantially all matters at general meetings of the
Company. 

  

	C	 In contemplation of Admission, the Company and the Shareholder have agreed to enter into this Deed to record
the current and future basis of the Shareholder’s relationship with the Company as a Controlling Shareholder so that the Company can demonstrate that there are appropriate measures in place to regulate their relationship and to deliver
effective independence. Furthermore, the Company wishes to enter into this Deed with the Shareholder pursuant to LR 6.1.4BR which includes a requirement for the Company, as a company with a Controlling Shareholder admitted to listing on the premium
listing segment of the Official List, to have in place a written and legally binding agreement with such Controlling Shareholder containing certain provisions intended to ensure that the independence of the Company is safeguarded.

 IT IS AGREED: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 Definitions 

In this Deed, the following words, expressions and abbreviations shall have the following meanings (except where the context otherwise
requires): 
 “acting in concert” means acting together with another entity (or a number of entities) to control or exercise
30 per cent. or more of the votes able to be cast on all or substantially all matters at general meetings of the Company as referred to in the context of Chapter 6 of the Listing Rules and the definition of “controlling shareholder”
in the Listing Rules; 
 “Admission” shall have the meaning ascribed to it in recital A of this Deed; 

“Announcements” means any press announcement by the Company in connection with Admission; 

  
 2 

 “Articles” mean the articles of association of the Company as amended from
time to time; 
 “Associate” means any legal or natural person which falls within the definition of an Associate in the
Listing Rules; 
 “Business Day” means any day (other than a Saturday or Sunday or public holiday) on which banks generally
are open in the City of London for the transaction of normal banking business; 
 “CJA” means the Criminal Justice
Act 1993; 
 “Companies Law” means the Companies Act 2006; 

“Company Group” means the Company, its subsidiary undertakings and its operating companies from time to time and references to
a “member of the Company Group” shall be construed accordingly; 
 “Confidential Information” has the meaning set
out in clause 5.4; 
 “Controlling Shareholder” has the meaning given to the definition of “controlling
shareholder” in the Listing Rules; 
 “Disclosure and Transparency Rules” means the rules made by the FCA relating to
the disclosure of information pursuant to Part VI of the FSMA; 
 “FCA” means the UK Financial Conduct Authority or its
successor in respect of the regulation of listed companies and securities; 
 “FSMA” means the Financial Services and
Markets Act 2000 (as amended from time to time); 
 “Invesco Funds” means Invesco Perpetual Income Fund, Invesco Perpetual
High Income Fund, Invesco Perpetual UK Equity Pension Fund, Invesco Perpetual UK Strategic Income Fund and Invesco Perpetual Distribution Fund; 

“Listing Rules” means the listing rules made by the FCA pursuant to Part VI of the FSMA; 

“London Stock Exchange” means the London Stock Exchange pie; 

“Minimum Interest” means an interest of 30 per cent or more of the issued share capital of the Company (or which carries
30 per cent or more of the aggregate Voting Rights in the Company from time to time); 
 “Official List” means the
official list maintained by the FCA; 
 “Ordinary Share” means an ordinary share in the capital of the Company having the
rights set out in the A11icles; 
 “Prospectus” means the document prepared by the Company in connection with Admission and
to be approved by the FCA in accordance with the Listing Rules; 
 “Prospectus Rules” means the prospectus rules made by the
FCA pursuant to Part VI of the FSMA; 

  
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 “subsidiary undertaking” means, in relation to a company, any subsidiary
undertaking of such company as defined in section 1162 of the Companies Act 2006 and “subsidiaries” shall mean all subsidiary undertakings of such company; 

“Takeover Code” means the City Code on Takeovers and Mergers or any successor code or other regime (whether statutory or non-statutory) governing the conduct of takeovers and mergers in the United Kingdom; 

“undertaking” means a company, body corporate, partnership, joint venture or other economic enterprise (whether or not a body
corporate) carrying on a business (whether or not for profit); and 
 “Voting Rights” means, in relation to any undertaking,
voting rights attaching to securities of the relevant undertaking which are generally exercisable at meetings of security holders of the relevant undertaking. 
  

	1.2	 Interpretation 

In this Deed (except where the context otherwise requires): 
  

	 	1.2.1	 clause and paragraph headings and any table of contents are inserted for ease of reference only and shall not
affect construction; 

  

	 	1.2.2	 any reference to a “party” is to a party to this Deed; 

 

	 	1.2.3	 any reference to a recital or clause is to the relevant recital or clause to this Deed; 

 

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

  

	 	1.2.5	 any reference to a person shall include any individual, firm, body corporate, association, joint venture,
partnership, government, state or agency of state, in each case whether or not having a separate legal personality. Reference to a company shall be construed so as to include any company, corporation or other body corporate wherever and however
incorporated or established; 

  

	 	1.2.6	 references to the Prospectus Rules, the Listing Rules, the Disclosure and Transparency Rules, the Companies
Law, the Takeover Code, the CJA and the FSMA and to any statutes or statutory provisions include any code, regulation, statute or statutory provision which amends, extends, consolidates or replaces the same, or which has been amended, extended,
consolidated or replaced by the same, and shall include any orders, regulations, instruments or other subordinate legislation made under the relevant statute or statutory provision; 

 

	 	1.2.7	 any reference to a deed or other document or any provisions thereof is a reference thereto as it is in force
for the time being and from time to time as amended, supplemented, novated, or replaced; 

  

	 	1.2.8	 all representations, warranties, covenants, undertakings and obligations in this Deed given to or enforceable
by the Shareholder shall be deemed also to have been given to and be enforceable separately by each of the Invesco Funds and/or by the Shareholder on behalf of the Invesco Funds. 

  
 4 

	 	1.2.9	 any reference to “writing” or “written” includes any method of reproducing
words or text in a legible and non-transitory form but, for the avoidance of doubt, shall not include email; and 

  

	 	1.2.10	 references to times of the day are to the time in London in the United Kingdom. 

 

	2.	 CONDITION PRECEDENT 

 

	2.1	 Deed conditional upon Admission 

This Deed is conditional upon, and shall come into force on, Admission (the “Condition Precedent”). 

 

	2.2	 Long stop date 

In the event that Admission has not occurred on or before 30 June 2015 (or such later date as is agreed between the parties in writing),
this Deed shall be null and void and of no further force or effect and no party shall have any claim in respect of this Deed against any other party for costs, damages, compensation or otherwise. 

 

	3.	 CONDUCT OF TRANSACTIONS AND RELATIONSHIPS 

 

	3.1	 The Shareholder shall and shall procure that each of its Associates and any person with whom they are acting in
concert shall: 

  

	 	3.1.1	 make and conduct all transactions, agreements and relationships with the Company and any other member of the
Company Group at arm’s length and on normal commercial terms (and the parties hereby acknowledge that this Deed has been concluded on such a basis); 

  

	 	3.1.2	 not take any action that would, or would be reasonably likely to, have the effect of preventing the Company or
any other member of the Company Group from complying with its obligations under the Listing Rules; 

  

	 	3.1.3	 not propose or procure the proposal of a shareholder resolution which is intended or appears to be intended to
circumvent the proper application of the Listing Rules; and 

  

	 	3.1.4	 not exercise any of its voting or other rights and powers: 

 

	 	3.1.4.1	 to procure or propose, or vote in favour of, any resolution for any amendment to the Articles of the Company
which would be inconsistent with, undermine or breach any of the provisions of this Deed or the Listing Rules or would be contrary to the principle of the independence of the Company from the Shareholder and its Associates; or

  

	 	3.1.4.2	 in a manner which would be inconsistent with, or breach any of the provisions of, this Deed, the Listing Rules
or the Disclosure and Transparency Rules. 

  
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	3.2	 Where any obligations that the Company is in the future required to impose on the Controlling Shareholder (or
its Associates or persons with whom it is acting in concert) to ensure that the Listing Rules (if amended) are complied with in full are not satisfied under the terms of this Deed, the parties agree to negotiate in good faith to amend the terms of
this Deed to give effect to the Listing Rules (as amended). 

  

	3.3	 Nothing in this Deed is intended to prevent the Shareholder, any of its Associates or persons with whom it is
acting in concert, from acquiring or disposing of any securities of the Company (save to the extent otherwise required by law or regulation). 

  

	4.	 INFORMATION COVENANT 

 

	4.1	 The Shareholder acknowledges that, pursuant to Listing Rule 9.8.4R(l4), the Company will be required to include
in each annual financial report certain statements made by the Board confirming that amongst other things: 

  

	 	4.1.1	 the Company has entered into all agreements required under Listing Rule 9.2.2AR; and 

 

	 	4.1.2	 the Company has complied with the independence provisions set out in Clauses 3. I. I to 3.1.4 above throughout
the accounting period covered by the annual financial report, 

 or else to confirm that the FCA has been notified and to
include statements to the effect that such agreements have not been entered into and/or complied with and a description of the reasons therefor to enable shareholders to evaluate the impact of non-compliance,
as the case may be. 
  

	4.2	 The Shareholder covenants to provide all information (as to the compliance of itself and/or any member of the
Shareholder group with the requirements of Clause 3.1) within a reasonable timeframe that may be reasonably requested by or on behalf of the Board in order to support the statements required to be made by the Board as described in Clause 4.1.

  

	5.	 CONFIDENTIAL INFORMATION 

 

	5.1	 The Shareholder shall ensure that any Confidential Information (as hereinafter defined) which it acquires in
connection with this Deed shall be treated as confidential by it. 

  

	5.2	 Subject to the exceptions stated in clause 5.3, the Shareholder shall not disclose or use Confidential
Information for any purpose whatsoever other than for the purposes of properly performing its obligations under this Deed. 

  

	5.3	 Confidential Information shall be maintained as confidential by the Shareholder and may only be disclosed:

  

	 	5.3.1	 to such of its Associates and its or their respective employees, officers, directors and/or members who
reasonably require such disclosure (on the basis that such person(s) are required to comply with this clause 5.3 as if they were subject to these obligations); 

 

	 	5.3.2	 to its legal, accounting, insurance and other professional advisers (on the basis that such person(s) are
required to comply with this clause 5 as if they were subject to these obligations); 

  
 6 

	 	5.3.3	 to the tax or VAT authorities, any regulatory authority, and any other governmental or public authority or
officer, but only to the extent that such persons require such disclosure for the proper discharge of their functions; 

  

	 	5.3.4	 where required, in connection with any legal proceedings; and 

 

	 	5.3.5	 in compliance with any law or regulation, or if required by or for the purpose of listing, or maintaining a
listing of securities on, or complying with the rules of any stock exchange. 

  

	5.4	 For the purpose of this Deed, “Confidential Information” means any information of a secret,
price sensitive or confidential nature acquired from and concerning the Company Group from time to time or its affairs, whether in written or oral form, save that the Shareholder shall not be obliged to maintain in confidence any such information if
the information: 

  

	 	5.4.1	 was in the possession of or was known to the Shareholder prior to its receipt from the Company (other than
through a breach of this clause 5); or 

  

	 	5.4.2	 is independently developed or acquired by the Shareholder without the utilisation of such Confidential
Information; or 

  

	 	5.4.3	 is or becomes public knowledge without the fault of the Shareholder; or 

 

	 	5.4.4	 is or becomes available to the Shareholder from a source other than the Company. in circumstances where the
Shareholder concerned is not aware that disclosure has been made in breach of an obligation of confidentiality. 

  

	5.5	 The Shareholder agrees and unde1takes to the Company that it will procure so far as 1t 1s reasonably able that
its permitted disclosees as set out in clause 5.3 treat all Confidential Information which comes into the possession of such persons as confidential. 

  

	6.	 INSIDE INFORMATION 

 

	6.1	 The Shareholder acknowledges that the information disclosed to it by or on behalf of the Company or any other
member of the Company Group may be inside information in relation to the Ordinary Shares for the purposes of the CJA and/or the FSMA and accordingly the Shareholder undertakes that it shall not (and shall use all reasonable endeavours to procure
that none of its Associates or any person with whom it is acting in concert shall not): 

  

	 	6.1.1	 deal in securities that are price affected securities (as defined in the CJA) in relation to such inside
information, encourage another person to deal in price affected securities or disclose the information except as permitted by the CJA, in each case before the inside information is made public; 

 

	 	6.1.2	 deal or attempt to deal in a qualifying investment or related investment (as defined in the FSMA) on the basis
of such inside information; 

  

	 	6.1.3	 engage in behaviour based on any such inside information which would amount to market abuse for the purposes of
the FSMA; or 

  

	 	6.1.4	 otherwise breach the requirements of any laws, rules and regulations in relation to dealings in the
Company’s securities which apply to the Shareholder, any of its Associates or any person with whom it is acting in concert. 

  
 7 

	7.	 ANNOUNCEMENTS 

Except for (i) the Prospectus and any preliminary or supplementary documents thereto; (ii) any Announcements; and (iii) the
documents relating to the Admission and identified in the Prospectus (or any preliminary or supplementary documents thereto) as to be made available on display by the Company pursuant to the Prospectus Rules, no party shall make, and shall use all
reasonable endeavours to procure that none of such party’s Associates makes, any announcement or publish any circular in connection with the existence or the subject matter of this Deed or referring to any other party without the prior written
approval of the other party. This shall not affect any announcement or circular required by law or any regulatory body or the rules of the London Stock Exchange, but a party with an obligation to make an announcement or issue a circular shall
consult with the other party insofar as is reasonably practicable as to the content, timing and manner of such an announcement or circular before complying with such an obligation. 

 

	8.	 OVERRIDING OBLIGATIONS 

 

	8.1	 For the avoidance of doubt, the obligations of each of the parties pursuant to this Deed shall at all
times be subject to all relevant legal and regulatory requirements and obligations of the United Kingdom, including, without limitation, the obligations of the parties in the United Kingdom or elsewhere including, without limitation, the
requirements of the Disclosure and Transparency Rules, the Listing Rules, the Prospectus Rules, the Companies Law, the Takeover Code, the FCA, the CJA, the FSMA and the London Stock Exchange. Each party shall act in accordance with each of such
requirements and obligations applicable to it and no party shall be required to take any action in breach of any such requirement or obligation applicable to it. 

 

	8.2	 In the event of any conflict between the prov1s10ns of this Deed and the Articles, the provisions of
this Deed shall prevail as between the parties to the extent permitted by applicable law and regulation. 

  

	9.	 TERMINATION OF DEED 

 

	9.1	 This Deed shall come into force upon satisfaction of the Condition Precedent and shall continue in full force
and effect for so long as the Shareholder, any of its Associates and any person with whom it is acting in conceit, in aggregate hold a Minimum Interest or is othe1wise a Controlling Shareholder, save that the termination and cessation of this Deed
shall not relieve any party from any liability or obligation in respect of any matters, unde1takings or conditions which shall not have been done, observed or performed by that party prior to such termination. 

 

	9.2	 This Deed shall terminate immediately upon the cancellation of Admission whereupon, other than in relation to
any pre-existing breach of any provision of this Deed, no party shall have any rights or obligations under this Deed. 

  

	9.3	 The Shareholder may terminate this Deed immediately at any time by notice to the Company if the Company has a
receiver, administrative receiver, administrator or manager appointed over the whole or the majority of it or its assets or business, makes any composition or arrangement with its creditors or an order or resolution is made for its dissolution or
liquidation (other than for the purpose of solvent amalgamation or reconstruction), or takes or suffers any similar or analogous procedure, action or event in consequence of debt in any jurisdiction. 

 

	9.4	 Clauses I, 4, 6, 9.4 and 10 to 20 shall survive the termination of this Deed for any reason.

  
 8 

	10.	 VARIATION, WAIVER AND CONSENT 

 

	10.1	 No variation or waiver of any provision or condition of this Deed shall be effective unless it is in
writing and signed by or on behalf of each of the parties (or, in the case of a waiver, by or on behalf of the party waiving compliance). 

  

	10.2	 Unless expressly agreed, no variation or waiver of any provision or condition of this Deed shall
constitute a general variation or waiver of any provision or condition of this Deed, nor shall it affect any rights, obligations or liabilities under or pursuant to this Deed which have already accrued up to the date of variation or waiver, and the
rights and obligations of the parties under or pursuant to this Deed shall remain in full force and effect, except and only to the extent that they are so varied or waived. 

 

	10.3	 Any consent granted under this Deed shall be effective only if given in writing and signed by the
consenting party and then only in the instance and for the purpose for which it was given. 

  

	11.	 FURTHER ASSURANCE 

At any time after the date of this Deed, the Shareholder shall, and shall procure that any necessary third party shall, execute such documents
and do such acts and things as the Company may reasonably require for the purpose of giving the Company the full benefit of all the provisions of this Deed in relation to the obligations of the Shareholder. 

 

	12.	 ASSIGNMENT 

The rights and benefits of this Deed (together with any cause of action arising in connection with any of them) may not be assigned by any
party to any other person without the prior written consent of the other party. 
  

	13.	 SEVERABILITY 

  

	13.1	 Each provision of this Deed is severable and distinct from the others. The Shareholder and the Company
intend that every such provision shall be and remain valid and enforceable to the fullest extent permitted by law. If any such provision is or at any time becomes to any extent invalid, illegal or unenforceable under any enactment or rule of law, it
shall to that extent be deemed not to form part of this Deed but (except to that extent in the case of that provision) it and all other provisions of this Deed shall continue in full force and effect. 

 

	13.2	 In particular, but without prejudice to the generality of the foregoing, the provisions of clause 3 are
believed by both the Shareholder and the Company to be reasonable and legitimate to protect the interests of the Company. If any such provision is subsequently judged to be invalid or unenforceable, but would have been enforceable had it been
subject to some restriction in duration or geographical scope, then the provision will take effect subject to such restriction. 

  

	14.	 ENTIRE AGREEMENT 

 

	14.1	 This Deed together with the Articles constitutes the entire agreement and supersedes any previous
agreements between the parties relating to its subject matter. 

  

	14.2	 Each party acknowledges and agrees that no representations were made which are not set out in this Deed
but that, if any were made, it has not relied on, or been induced to enter into this Deed by, any information, statements, warranties or representations of any description, whether written or oral, made, supplied or given by or on behalf of the
other party in relation to the subject matter of this Deed or otherwise. 

  
 9 

	15.	 GOVERNING LAW AND JURISDICTION 

 

	15.1	 This Deed and any dispute or claim arising out of or in connection with this Deed, its subject matter or
formation (including any non-contractual dispute or claim) are governed by and shall be construed in accordance with English Law. 

 

	15.2	 Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to
settle any dispute or claim arising out of or in connection with this Deed, its subject matter or formation (including any non-contractual dispute or claim). 

 

	16.	 NOTICES 

  

	16.1	 Method of serving notice 

Any notice, demand or other communication (“Notice”) to be given by one party to any other party under this Deed shall be in
the English language in writing and signed by or on behalf of the party giving it. It shall be served by sending it by fax to the number set out in clause 16.2 and marked for the attention of the relevant addressee set out in clause 16.2 (or as
otherwise notified from time to time in accordance with the provisions of this clause I6.1), provided always that a copy of such Notice shall also be sent by email for information purposes only. Any notice so served by fax (and copied by email)
shall be deemed to have been duly given: 
  

	 	16.1.1	 in the case of fax, at the time of transmission; 

 

	 	16.1.2	 in the case of email, at the expiration of two hours after the time the email was sent,

 provided that in each case where delivery by fax or email occurs after 6.00 p.m. on a Business Day or on a day which is
not a Business Day, service shall be deemed to occur at 9.00 a.m. on the next following Business Day. 
  

	16.2	 Addresses for service 

The fax number and email address of the parties for the purpose of clause 16.1 are as follows: 

 

					
		  	Company:	  	PureTech Health plc, Attention of Stephen Muniz
			
		  	Fax:	  	+] 617 482 3337
			
		  	Email:	  	sm@puretechhealth.com
			
		  	Shareholder:	  	Invesco Asset Management Limited, Attention of Charles Henderson
			
		  	Fax:	  	+44(0) 1491416000
			
		  	Email:	  	Charles_Henderson@invescoperpetual.co.uk

  
 10 

	16.3	 Changes of details 

A pa11y may notify any other party to this Deed of a change to its name, fax number or email for the purposes of clause 16.1 provided that,
such notice shall only be effective on: 
  

	 	16.3.1	 the date specified in the notice as the date on which the change is to take place; or 

 

	 	16.3.2	 if no date is specified or the date specified is less than five Business Days after the date on which notice is
given, the date following five Business Days after notice of any change has been given. 

  

	16.4	 Proof of service 

In proving such service it shall be sufficient to prove that (i) the fax transmission was made and a fax confirmation report was received,
and/or (ii) in the case of email, that such email was properly addressed. For the avoidance of doubt, no notice or other communications to any party may be delivered by email only. 

 

	17.	 COUNTERPARTS 

This Deed may be executed in any number of counterpat1s and by the parties to it on separate counterparts and each such counterpart shall
constitute an original of this Deed but all of which together constitute one and the same instrument. This Deed shall not be effective until each pat1y has executed at least one counterpart. 

 

	18.	 COSTS 

Each party shall be responsible for its own legal, accountancy and other costs, charges and expenses incurred in connection with the
negotiation, preparation, execution and implementation by it of this Deed and any document referred to in it. 
  

	19.	 NO PARTNERSHIP OR AGENCY 

No provision of this Deed creates a partnership between the parties or makes a party the agent of the other pai1ies for any purpose. A party
has no authority to bind, to contract in the name of or to create a liability for the other parties in any way or for any purpose and no party shall hold itself out as having authority to do the same. 

 

	20.	 THIRD PARTY RIGHTS 

Save as set out in Clause 1.2.8, the operation of the Contracts (Rights of Third Parties) Act 1999 is hereby excluded in relation to this Deed
and a person who is not a Party to this Deed shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms. 

IN WITNESS of which this Deed has been executed and has been delivered on the date which appears above. 

  
 11 

			
	 Executed as a deed by
PURETECH                       )

HEALTH PLC by a director in the presence         )

of a
witness:                                        
                     )

                          
                                         
              )
	  	Signature: /s/ Stephen Muniz
		
		  	 Name (block capitals): STEPHEN MUNIZ

Director

		
	Witness signature /s/ Caroline Magor	  	
		
	Witness name (block capitals) CAROLINE MAGOR	  	
		
	Witness address: DLA Piper UK LLP	  	
	 3 Noble Street
	  	
	 London EC2V 7EE
	  	
		
	 Executed as a deed by INVESCO ASSET             )
MANAGEMENT
LIMITED acting as agent       )

 for and on behalf of its discretionary
managed       )

 clients by a director in the presence of
a                 )
 witness:
	  	Signature: /s/ Graeme Proudfoot
		
		  	 Name (block capitals): Graeme Proudfoot

Director

		
	Witness signature: /s/ Beverly Young	  	
		
	Witness name: Beverly Young	  	
	(block capitals)	  	
		
	Witness address: 125 London Wall	  	
	 London, EC2Y SAS
	  	

  
 12EX-10.12

 Exhibit 10.12 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED (INDICATED BY: [***]) FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED. 
 Execution Version 

GELESIS, INC. 

NINTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

THIS AGREEMENT is made as of December 5, 2019 (the “Effective Date”) between Gelesis, Inc., a Delaware corporation (the
“Company”), and the other stockholders listed on the Schedule of Stockholders attached hereto, as the same may be amended from time to time (each, individually, a “Stockholder” and collectively, the
“Stockholders”). 
 WHEREAS, certain of the Stockholders are parties to the Eighth Amended and Restated Registration Rights
Agreement dated [***] by and among the Company and the parties thereto (collectively, the “Prior Agreement”). 
 WHEREAS,
on the date hereof, concurrently with the execution hereof, the Company has issued to certain existing stockholders and new investors, shares of the Company’s Series 3 Growth Preferred Stock, $0.0001 par value per share (the “Series 3
Growth Preferred Stock”) pursuant to that certain Series 3 & 4 Growth Preferred Stock Purchase Agreement dated as of the date hereof by and among the Company and the parties thereto (the “Purchase Agreement”), and such
stockholders desire to become parties to this Agreement in respect of such shares; 
 WHEREAS, the Company and the Stockholders desire to
amend and restate the Prior Agreement in order to provide the registration rights set forth in this Agreement; 
 NOW, THEREFORE, in
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

Section 1. Definitions. Unless otherwise stated, other capitalized terms contained herein and not otherwise defined have the
meanings set forth in the Purchase Agreement. 
 “Common Stock” means shares of the Company’s Common Stock, $0.0001
par value per share. 
 “Growth Preferred Stock” means shares of the Company’s Growth Preferred Stock, $0.0001 par
value per share. 
 “Preferred Stock” means the shares of Series A-1 Preferred
Stock, Series A-2 Preferred Stock, Series A-3 Preferred Stock, Series A-4 Preferred Stock, Series
A-5 Preferred Stock, Growth Preferred Stock, Series 2 Growth Preferred Stock, Series 3 Growth Preferred Stock and Series 4 Growth Preferred Stock. 

“Public Offering” means any offering by the Company of its capital stock or equity securities to the public pursuant to an
effective registration statement under the Securities Act of 1933, as then in effect, or any comparable statement under any similar federal statute then in force. 

 “Qualified Public Offering” means (i) the sale in a firmly
underwritten public offering registered under the Securities Act of shares of the Company’s Common Stock (a) in which the Company receives gross proceeds of at least [***] and the price per share paid by the public for such shares (prior
to underwriter commissions and expenses) shall be not less than [***] per share (as appropriately adjusted for subsequent stock splits, stock dividends, recapitalizations and similar transactions) or (b) that is approved by the written consent
or affirmative vote of the Required Investors; and (ii) following which the Company’s shares are listed on any recognized stock exchange. 

“Registrable Securities” means (i) any shares of Common Stock held by a Stockholder, any shares of Common Stock issued
or issuable upon conversion of any Preferred Stock held by a Stockholder and any shares of Common Stock issued to such Stockholder following the date hereof and (ii) all equity securities issued or issuable directly or indirectly with respect
to any shares of Common Stock described in clause (i) above by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization. As to any particular
Registrable Securities, such securities shall cease to be Registrable Securities when they have been distributed to the public pursuant to an offering registered under the Securities Act or sold to the public through a broker, dealer or market maker
in compliance with Rule 144 under the Securities Act (or any similar rule then in force) or repurchased by the Company or any Subsidiary. 

“Required Investors” has the meaning set forth in the Stockholders Agreement. 

“Senior Preferred Stock” has the meaning set forth in the Stockholders Agreement. 

“Series 2 Growth Preferred Stock” means shares of the Company’s Series 2 Growth Preferred Stock, $0.0001 par value per
share. 
 “Series 4 Growth Preferred Stock” means shares of the Company’s Series 4 Growth Preferred Stock, $0.0001 par
value per share. 
 “Series A-1 Preferred Stock” means shares of the Company’s
Series A-1 Preferred Stock, $0.0001 par value per share. 
 “Series A-2 Preferred Stock” means shares of the Company’s Series A-2 Preferred Stock, $0.0001 par value per share. 

“Series A-3 Preferred Stock” means shares of the Company’s Series A-3 Preferred Stock, $0.0001 par value per share. 
 “Series
A-4 Preferred Stock” means shares of the Company’s Series A-4 Preferred Stock, $0.0001 par value per share. 

“Series A-5 Preferred Stock” means shares of the Company’s Series A-5 Preferred Stock, $0.0001 par value per share. 

  
 2 

 “Stockholders Agreement” means the Ninth Amended and Restated Stockholders
Agreement, dated of even date herewith, by and among the Company and the stockholders named therein. 
 Section 2. Demand
Registrations. 
 (a) Requests for Registration. Subject to the terms and conditions of this Agreement, at any time after
the earlier of [***] or the [***] anniversary of the date on which the Company has completed a Qualified Public Offering, the holders of at least [***] of the Registrable Securities may request registration under the Securities Act of at least [***]
of their aggregate Registrable Securities or such lesser number of shares resulting in aggregate offering proceeds of at least [***] on Form S-1 or any similar long-form registration (“Long-Form
Registrations”), and the holders of at least [***] of the Registrable Securities may request registration under the Securities Act of all or any portion of their Registrable Securities on Form S-2 or S-3 or any similar short-form registration (“Short-Form Registrations”) if available. All registrations requested pursuant to this Section 2(a) are referred to herein as
“Demand Registrations.” Each request for a Demand Registration shall specify the approximate number of Registrable Securities requested to be registered and the anticipated per share price range for such offering. Within [***] after
receipt of any such request, the Company shall give written notice of such requested registration to all other holders of Registrable Securities and, subject to the terms of Section 2(d) hereof, shall include in such
registration (and in all related registrations and qualifications under state blue sky laws or in compliance with other registration requirements and in any related underwriting) all Registrable Securities with respect to which the Company has
received written requests for inclusion therein within [***] after the receipt of the Company’s notice. 
 (b) Long-Form
Registrations. The holders of Registrable Securities shall be entitled to request not more than [***] Long-Form Registrations in the aggregate, and the Company shall pay all Registration Expenses. A registration shall not count as one of the
permitted Long-Form Registrations until it has become effective (unless such Long-Form Registration has not become effective due solely to the fault of the holders requesting such registration). 

(c) Short-Form Registrations. In addition to the Long-Form Registrations provided pursuant to Section 2(b),
the holders of Registrable Securities shall be entitled to request an unlimited number of Short-Form Registrations and the Company shall pay all Registration Expenses; provided that the aggregate offering value of the Registrable Securities
requested to be registered in any Short-Form Registration must equal at least [***] and; provided, further that the Company shall not be obligated to effect more than [***] Short-Form Registrations in any
12-month period. Demand Registrations shall be Short-Form Registrations whenever the Company is permitted to use any applicable short form and if the managing underwriters (if any) agree to the use of a
Short-Form Registration. After the Company has become subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”), the Company
shall use its best efforts to make Short-Form Registrations available for the sale of Registrable Securities. 

  
 3 

 (d) Priority on Demand Registrations. The Company shall not include in any Demand
Registration any securities which are not Registrable Securities without the prior written consent of the holders of at least [***] of the Registrable Securities included in such registration. If a Demand Registration is an underwritten offering and
the managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such offering exceeds the number of Registrable Securities
and other securities, if any, which can be sold the Company shall include in such registration (i) first, the Registrable Securities requested to be included in such registration, pro rata among the holders thereof on the basis of the number of
Registrable Securities owned by each such holder and (ii) second, if permitted hereunder, other securities requested to be included in the registration. 

(e) Restrictions on Demand Registrations. The Company shall not be obligated to effect any Demand Registration within 12 months after
the effective date of a previous Long-Form Registration or a previous registration in which the holders of Registrable Securities were given piggyback rights pursuant to Section 3 and in which there was no reduction in the
number of Registrable Securities requested to be included. The Company may postpone for up to [***] the filing or the effectiveness of a registration statement for a Demand Registration if the Company’s board of directors determines in its
reasonable good faith judgment that such Demand Registration would reasonably be expected to have a material adverse effect on the Company or any of its subsidiaries; provided that in such event, the holders of Registrable Securities
initially requesting such Demand Registration shall be entitled to withdraw such request and, if such request is withdrawn, such Demand Registration shall not count as one of the permitted Demand Registrations hereunder and the Company shall pay all
Registration Expenses in connection with such registration. The Company may delay a Demand Registration hereunder only once in any twelve-month period. 

(f) Selection of Underwriters. The holders of [***] of the Registrable Securities included in any Demand Registration shall have the
right to select the investment banker(s) and manager(s) to administer the offering, subject to the Company’s approval which shall not be unreasonably withheld or delayed. 

(g) Other Registration Rights. The Company represents and warrants that it is not a party to, or otherwise subject to, any other
agreement granting registration rights to any other Person with respect to any securities of the Company. Except as provided in this Agreement, the Company shall not grant to any Persons the right to request the Company to register any equity
securities of the Company, or any securities convertible or exchangeable into or exercisable for such securities, without the prior written consent of the holders of at least [***] of the Registrable Securities; provided that the
Company may grant rights to other Persons (i) to participate in Piggyback Registrations so long as such rights are subordinate to the rights of the holders of Registrable Securities with respect to such Piggyback Registrations as set forth in
Sections 3(c) and 3(d) hereof, (ii) to request registrations so long as the holders of Registrable Securities are entitled to participate in any such registrations with such Persons pro rata on the basis of the number of shares
owned by each such holder or (iii) who become a party to this Agreement in accordance with Subsection 9(m) hereof. 

  
 4 

 Section 3. Piggyback Registrations. 

(a) Right to Piggyback. Whenever the Company proposes to register any of its securities under the Securities Act (other than pursuant
to a Demand Registration or the Company’s initial Public Offering) and the registration form to be used may be used for the registration of Registrable Securities (a “Piggyback Registration”), the Company shall give prompt
written notice (in any event within [***] after its receipt of notice of any exercise of demand registration rights other than under this Agreement) to all holders of at least [***] of the Registrable Securities of its intention to effect such a
registration and, subject to the terms of Sections 3(c) and 3(d) hereof, shall include in such registration (and in all related registrations or qualifications under blue sky laws or in compliance with other registration requirements
and in any related underwriting) all Registrable Securities with respect to which the Company has received written requests for inclusion therein within [***] after the receipt of the Company’s notice. Notwithstanding the foregoing, the Company
shall not be required to include any Registrable Securities in a Piggyback Registration Statement if such Registrable Securities can then be sold pursuant to Rule 144(k) under the Securities Act and the holder of such Registrable Securities is
not deemed an Affiliate under the Securities Act. 
 (b) Piggyback Expenses. The Registration Expenses of the holders of Registrable
Securities shall be paid by the Company in all Piggyback Registrations. 
 (c) Priority on Primary Registrations. If a Piggyback
Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the
number which can be sold in an orderly manner in such offering within a price range acceptable to the Company, the Company shall include in such registration (i) first, the securities the Company proposes to sell, (ii) second, the
Registrable Securities requested to be included in such registration, pro rata among the holders of such Registrable Securities on the basis of the number of Registrable Securities owned by each such holder, and (iii) third, other securities
requested to be included in such registration. 
 (d) Priority on Secondary Registrations. If a Piggyback Registration is an
underwritten secondary registration on behalf of holders of the Company’s securities, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration
exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering, the Company shall include in such registration (i) first, the securities requested to be included therein by the holders
requesting such registration, (ii) second, the Registrable Securities requested to be included in such registration, pro rata among the holders of such Registrable Shares on the basis of the number of Registrable Shares owned by each such
holder, and (iii) third, other securities requested to be included in such registration; provided that in any event the holders of Registrable Securities shall not be cut back to less than [***] of the total offering, and only after all
other holders are first cut back in total. 
 (e) Other Registrations. If the Company has previously filed a registration statement
with respect to Registrable Securities pursuant to Section 2 or pursuant to this Section 3, and if such previous registration has not been withdrawn or abandoned, the Company shall not file or
cause to be effected any other registration of any of its equity securities or securities convertible or exchangeable into or exercisable for its equity securities under the Securities Act (except on Form S-8
or any successor form), whether on its own behalf or at the request of any holder or holders of such securities, until a period of at least [***] has elapsed from the effective date of such previous registration. 

  
 5 

 Section 4. Holdback Agreements. The Company shall not effect any public sale or
distribution of its equity securities, or any securities convertible into or exchangeable or exercisable for such securities, during the [***] prior to and during the [***] period beginning on the effective date of any underwritten Demand
Registration or any underwritten Piggyback Registration (except as part of such underwritten registration or pursuant to registrations on Form S-8 or any successor form), unless the underwriters managing the
registered public offering otherwise agree. 
 Section 5. Registration Procedures.  

(a) Whenever the holders of Registrable Securities have requested that any Registrable Securities be registered pursuant to this Agreement,
the Company shall use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company shall as expeditiously as
possible: 
 (i) prepare and file with the Securities and Exchange Commission a registration statement, and all amendments
and supplements thereto and related prospectuses as may be necessary to comply with applicable securities laws with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective;
provided that before filing a registration statement or prospectus or any amendments or supplements thereto, the Company shall furnish to the counsel selected by the holders of [***] of the Registrable Securities covered by such registration
statement copies of all such documents proposed to be filed, which documents shall be subject to the review and reasonable comment of such counsel); 

(ii) notify each holder of such Registrable Securities of the effectiveness of each registration statement filed hereunder and
prepare and file with the Securities and Exchange Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a
period of not less than [***] (or such lesser period until all such Registrable Securities have been sold) and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement
during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement; 

(iii) furnish to each seller of Registrable Securities such number of copies of such registration statement, each amendment and
supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by such seller; 
 (iv) use its best efforts to register or qualify such Registrable Securities under such other
securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of
the Registrable Securities owned by such seller; provided that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subsection,
(ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction); 

  
 6 

 (v) notify each seller of such Registrable Securities, at any time when a
prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any
fact necessary to make the statements therein not misleading, and, at the request of any such seller, the Company shall prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable
Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading; 

(vi) cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the
Company are then listed; 
 (vii) provide a transfer agent and registrar for all such Registrable Securities not later than
the effective date of such registration statement; 
 (viii) enter into such customary agreements (including underwriting
agreements in customary form) as the holders of [***] of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities; 

(ix) make available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition
pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the
Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement; 

(x) otherwise use its best efforts to comply with all applicable rules and regulations of the Securities and Exchange
Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least [***] beginning with the first day of the Company’s first full calendar quarter after the effective
date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(xi) permit any holder of Registrable Securities which holder, in its sole and exclusive judgment, might be deemed to be an
underwriter or a controlling person of the Company, to participate in the preparation of such registration or comparable statement and to require the insertion therein of material, furnished to the Company in writing, which in the reasonable
judgment of such holder and its counsel should be included; 

  
 7 

 (xii) in the event of the issuance of any stop order suspending the
effectiveness of a registration statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any common stock included in such registration statement for sale in any jurisdiction, the
Company shall use its best efforts promptly to obtain the withdrawal of such order. 
 (xiii) use its reasonable best efforts
to cause such Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such
Registrable Securities; and 
 (xiv) in the event the Registrable Securities are sold pursuant to an underwritten public
offering, use its reasonable best efforts to obtain a cold comfort letter from the Company’s independent public accountants and a legal opinion from the Company’s counsel, in customary form and covering such matters of the type customarily
covered by cold comfort letters and legal opinions, as the case may be; provided that such Registrable Securities constitute at least [***] of the securities covered by such registration statement. 

(b) If the Company has delivered a prospectus to the Registrable Securities and after having done so the prospectus is amended to comply with
the requirements of the Securities Act, the Company shall promptly notify the holders of Registrable Securities and, if requested, the holders of Registrable Securities shall immediately cease making offers of Registrable Securities and return all
prospectuses to the Company. The Company shall promptly provide the holders of Registrable Securities with revised prospectuses and, following receipt of the revised prospectuses, the holder of Registrable Securities shall be free to resume making
offers of Registrable Securities. 
 (c) In the event that, in the judgment of the Company, it is advisable to suspend use of a prospectus
included in a registration statement due to pending material developments or other events that have not yet been publicly disclosed and as to which the Company believes public disclosure would be detrimental to the Company, the Company shall notify
all holders of Registrable Securities to such effect, and, upon receipt of such notice, each such holder of Registrable Securities shall immediately discontinue any sales of Registrable Shares pursuant to such registration statement until such
holder of Registrable Securities has received copies of a supplemented or amended prospectus or until such holder of Registrable Securities is advised in writing by the Company that the then current prospectus may be used and has received copies of
any additional or supplemental filings that are incorporated or deemed incorporated by reference in such prospectus. 
 Section 6.
Registration Expenses. 
 (a) All expenses incurred by the Company in connection with the performance of or compliance with
this Agreement, including without limitation all registration, qualification and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, fees and disbursements of custodians,
and fees and disbursements of counsel for the Company and all independent certified public accountants, underwriters (excluding underwriting discounts and commissions) and other Persons retained by the Company (all such expenses being herein called
“Registration Expenses”), shall be borne by the Company, and the Company shall pay its internal expenses (including, without limitation, all 

  
 8 

 
salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and the
expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Company are then listed. Each Person that sells securities pursuant to a Demand Registration or Piggyback
Registration hereunder shall bear and pay all underwriting discounts and commissions applicable to the securities sold for such Person’s account. 

(b) The Company shall reimburse the holders of Registrable Securities included in any registration for the reasonable fees and disbursements
of one counsel chosen by the holders of [***] of the Registrable Securities requesting inclusion in such registration. 
 (c) To the extent
Registration Expenses are not required to be paid by the Company, each holder of securities included in any registration hereunder shall pay those Registration Expenses allocable to the registration of such holder’s securities so included, and
any Registration Expenses not so allocable shall be borne by all sellers of securities included in such registration in proportion to the aggregate selling price of the securities to be so registered. 

Section 7. Indemnification. 

(a) The Company agrees to indemnify, to the extent permitted by law, each holder of Registrable Securities, its officers and directors and
each Person who controls such holder (within the meaning of the Securities Act) against all losses, claims, actions, damages, liabilities and expenses caused by (i) any untrue or alleged untrue statement of material fact contained in any
registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not
misleading, or (ii) any violation by the Company of any rule or regulation promulgated under the Securities Act applicable to the Company and relating to action or inaction required of the Company in connection with any such registration,
qualification or compliance, and to pay to each holder of Registrable Securities, its officers and directors and each Person who controls such holder (within the meaning of the Securities Act), as incurred, any legal and any other expenses
reasonably incurred in connection with investigating, preparing or defending any such claim, loss, damage, liability or action, except insofar as the same are caused by untrue or alleged untrue statements of material fact or contained in any
information furnished in writing to the Company by or on behalf of such holder expressly for use therein or by such holder’s failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after
the Company has furnished such holder with a sufficient number of copies of the same. In connection with an underwritten offering, the Company shall indemnify such underwriters, their officers and directors and each Person who controls such
underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the holders of Registrable Securities. 

(b) In connection with any registration statement in which a holder of Registrable Securities is participating, each such holder shall furnish
to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and
officers and each Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses 

  
 9 

 
resulting from any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto
or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or
affidavit so furnished in writing by such holder; provided that the obligation to indemnify shall be individual, not joint and several, for each holder and shall be limited to the net amount of proceeds received by such holder from the sale
of Registrable Securities pursuant to such registration statement. 
 (c) Any Person entitled to indemnification hereunder shall
(i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification; provided that the failure to give prompt notice shall not impair any Person’s right to indemnification except
to the extent such failure has adversely affected the indemnifying party and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the
indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who elects not to assume the defense of a
claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest
may exist between such indemnified party and any other of such indemnified parties with respect to such claim. 
 (d) If the indemnification
provided for in this Section 7 is held by a court of competent jurisdiction to be unavailable to an indemnified party or is otherwise unenforceable with respect to any loss, claim, damage, liability or action referred to
herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amounts paid or payable by such indemnified party as a result of such loss, claim, damage, liability or action 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 hand in connection with the statements or omissions which resulted in such loss, claim, damage, liability or action
as well as any other relevant equitable considerations; provided that the maximum amount of liability in respect of such contribution shall be limited, in the case of each seller of Registrable Securities, to an amount equal to the net
proceeds actually received by such seller from the sale of Registrable Securities effected pursuant to such registration. 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. The parties hereto agree that it would not be just or equitable if the contribution pursuant to this Section 7(d) were to be
determined by pro rata allocation or by any other method of allocation that does not take into account such equitable considerations. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or
expenses referred to herein shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim which is the subject hereof. No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. No party shall be liable for contribution with
respect to any action, suit, proceeding or claim settled without its prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. 

  
 10 

 (e) The indemnification and contribution provided for under this Agreement shall remain in
full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of securities. 

(f) No indemnifying party shall, except with the consent of the indemnified party, consent to the entry of any judgment or enter into any
settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

Section 8. Participation in Underwritten Registrations. No Person may participate in any registration hereunder which is
underwritten unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements and (ii) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements; provided that no holder of Registrable Securities included in any underwritten
registration shall be required to make any representations or warranties to the Company or the underwriters (other than representations and warranties regarding such holder and such holder’s intended method of distribution) or to undertake any
indemnification obligations to the Company or the underwriters with respect thereto, except as otherwise provided in Section 7 hereof. 

Section 9. Miscellaneous. 

(a) No Inconsistent Agreements. The Company shall not hereafter enter into any agreement with respect to its securities which is
inconsistent with or violates the rights granted to the holders of Registrable Securities in this Agreement. 
 (b) Remedies. Any
Person having rights under any provision of this Agreement shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to
exercise all other rights granted by law. The parties hereto agree and acknowledge that money damages would not be an adequate remedy for any breach of the provisions of this Agreement and that, in addition to any other rights and remedies existing
in its favor, any party shall be entitled to specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the
provisions of this Agreement. 
 (c) Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement
may be amended or waived only with the prior written consent of the Company and the Required Investors. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with
respect to any Stockholder without the written consent of such Stockholder, unless such amendment, termination, or waiver applies to all Stockholders in the same fashion. The failure of any party to enforce any of the provisions of this Agreement
shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

  
 11 

 (d) Successors and Assigns. All covenants and agreements in this Agreement by or on
behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not. In addition, whether or not any express assignment has been made, the provisions of
this Agreement which are for the benefit of purchasers or holders of Registrable Securities are also for the benefit of (i) a transferee or assignee of all of a holder’s Registrable Securities; (ii) another holder of Registrable
Securities that already possesses registration rights; (iii) a transferee or assignee of a portion of a holder’s Registrable Securities so long as such transferee or assignee is acquiring at least [***] of the Company’s outstanding
Common Stock on a fully-diluted basis; provided the Company is given written notice thereof; or (iv) to an affiliated limited partnership, a limited partner, general partner, member or other Affiliate of any holder of Registrable
Securities. 
 (e) Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of this Agreement. 
 (f) Counterparts. This Agreement may be executed simultaneously in two or more
counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same Agreement. Signatures delivered by facsimile transmission or e-mail/PDF shall be deemed to be originals notwithstanding the failure subsequently to deliver hard copies thereof. 

(g) Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of
this Agreement. 
 (h) Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of
Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of law. 
 (i) Jurisdiction.
Each of the parties hereto submits to the exclusive jurisdiction of any state or federal court sitting in the State of Delaware, in any action or proceeding arising out of or relating to this Agreement and agrees that all claims in respect of the
action or proceeding may be heard and determined in any such court and hereby expressly submits to the personal jurisdiction and venue of such court for the purposes hereof and expressly waives any claim of improper venue and any claim that such
courts are an inconvenient forum. Each of the parties hereby irrevocably consent to the service of process of any of the aforementioned courts in any such suit, action or proceeding by the mailing of copies thereof by registered or certified mail,
postage prepaid, to its address set forth herein. 

  
 12 

 (j) Notices. All notices, demands or other communications to be given or delivered
under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when delivered personally to the recipient, sent to the recipient by reputable overnight courier service (charges prepaid) or mailed to
the recipient by certified or registered mail, return receipt requested and postage prepaid. Such notices, demands and other communications shall be sent to each Stockholder at the address indicated on the Schedule of Stockholders and to the
Company at the address indicated below: 
 [***] 

With a copy to: 
 [***] 

or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. 

(k) Mutual Waiver of Jury Trial. As a specifically bargained inducement for each of the parties to enter into this Agreement (with each
party having had opportunity to consult counsel), each party hereto expressly and irrevocably waives the right to trial by jury in any lawsuit or legal proceeding relating to or arising in any way from this Agreement or the transactions contemplated
herein, and any lawsuit or legal proceeding relating to or arising in any way to this Agreement or the transactions contemplated herein shall be tried in a court of competent jurisdiction by a judge sitting without a jury. 

(l) Termination. The Company’s obligations pursuant to this Agreement shall terminate as to any holder of Registrable Securities
on the earliest of: (i) the fifth anniversary of a initial Public Offering; (ii) the date when such holder of Registrable Securities can sell all of his or its Registrable Securities pursuant to Rule 144 under the Securities Act during any
[***] period or (iii) a Sale of the Company (as defined in the Stockholders’ Agreement). 
 (m) Additional Parties;
Joinder. Subject to the terms and restriction contained herein, the Company may permit any Person who acquires shares of Preferred Stock to become a party to this Agreement and to succeed to all of the rights and obligations of a “holder of
Registrable Securities” under this Agreement by obtaining an executed joinder to this Agreement from such Person in the form reasonably acceptable to the Company. Upon the execution and delivery of the joinder by such Person, such Person’s
Preferred Stock shall be Registrable Securities hereunder, and such Person shall be a “holder of Registrable Securities” under this Agreement with respect to the Preferred Stock. In such event, the Schedule of Stockholders shall
automatically be amended without further action of the Company or other parties hereto to add such Persons thereto. 
 (n) [***] 

* * * * * 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have executed this Ninth Amended and Restated
Registration Rights Agreement on the day and year first above written. 
  

			
	COMPANY:
	
	    GELESIS, INC.
		
	By	 	/s/ Yishai Zohar
	Name:	 	Yishai Zohar
	Title:	 	President

  
 NINTH
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

 [***]

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