Document:

Exhibit 4.58

 

***Certain portions of this exhibit
have been omitted based on a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act
of 1934, as amended. The omitted portions have been filed separately with the Securities and Exchange Commission.

 

DATED 27 May 2016

 

( 1 )     AG KENT B.V.

( 2 )     GW PHARMA LIMITED

( 3 )     GW PHARMACEUTICALS PLC

 

ORIGINAL / COUNTERPART

 

LEASE

 

***

***

 

REFERENCE

 

SA/381631.00003

 

 

Reed Smith LLP

The Broadgate Tower

20 Primrose Street

London EC2A 2RS

Phone - +44 (0) 20 3116 3000

Fax - +44 (0) 20 3116 3999

DX1066 City / DX18 London

reedsmith.com

ReedSmith

 

 

 

 

 

		***	Portions of this
                                         page have been omitted pursuant to a request for Confidential Treatment and filed separately
                                         with the Commission.

 

     

     

    

 

CONTENTS

 

CLAUSE

 

	1	INTERPRETATION	3
	 	 	 
	2	DEMISE AND RENT	7
	 	 	 
	3	TENANTS’ COVENANTS	8
	 	 	 
	4	LANDLORD’S COVENANTS	29
	 	 	 
	5	PROVISOS	33
	 	 	 
	6	RENT REVIEW	39
	 	 	 
	7	TENANT’S OPTION TO DETERMINE	43
	 	 	 
	8	ACCIDENTAL HAPPENINGS OR INJURIES	43
	 	 	 
	9	NOTICES	44
	 	 	 
	10	VAT	44
	 	 	 
	11	SURETY’S COVENANTS	44
	 	 	 
	12	LANDLORD AND TENANT (COVENANTS) ACT 1995	44
	 	 	 
	13	ADDRESS FOR RENT DEMANDS	45
	 	 	 
	14	LANDLORD AND TENANT ACT 1954	45
	 	 	 
	15	DELIVERY AS A DEED	45
	 	 	 
	16	RIGHTS OF THIRD PARTIES	45
	 	 	 
	17	GOVERNING LAW	45

 

	SCHEDULE	 
	 	 
	SCHEDULE 1	46
	 	 
	         
     RIGHTS GRANTED	46
	 	 
	SCHEDULE 2	47
	 	 
	   RIGHTS RESERVED	47
	 	 
	SCHEDULE 3	49
	 	 
	   DOCUMENTS TO BE OBSERVED	49
	 	 
	SCHEDULE 4	50
	 	 
	   SERVICE CHARGE	50
	 	 
	   PART A	50
	 	 
	   PART B	50
	 	 
	SCHEDULE 5	51
	 	 
	      INDEX-LINKED
    REVIEW OF SERVICE CHARGE	51

 

     

     

    

 

	SCHEDULE 6	55
	 	 
	COVENANTS BY THE SURETY	55
	 	 
	SCHEDULE 7	57
	 	 
	    AUTHORISED
    GUARANTEE AGREEMENT	57
	 	 
	SCHEDULE 8	59
	 	 
	    THE REGULATIONS	59
	 	 
	SCHEDULE 9	60
	 	 
	    UTILITIES
    CHARGE	60
	 	 
	ANNEXURE 1	64
	 	 
	   RENT REVIEW SPECIFICATION	64
	 	 
	ANNEXURE 2	68
	 	 
	   REINSTATEMENT SPECIFICATION	68

 

    	 	CONTENTS PAGE 2	 

     

    

 

LAND REGISTRY PRESCRIBED CLAUSES

 

	LR1 Date of lease	27 May 2016
	 	 
	LR2 Title number(s)	LR2.1 Landlord’s title number(s)
	 	 
	 	***
	 	 
	 	LR2.2 Other title numbers
	 	 
	 	None
	 	 
	LR3 Parties to this lease	Landlord
	 	 
	 	AG KENT B.V. (Dutch Company Number 64764192) whose registered office is at Prinsengracht
    919, 1017 KD Amsterdam, The Netherlands
	 	 
	 	Tenant
	 	 
	 	GW Pharma Limited a company registered in England and Wales (registered number 03704998)
    whose registered office is at Sovereign House, Vision Park, Chivers Way, Histon, Cambridge CB24 9BZ
	 	 
	 	Other parties
	 	 
	 	Surety
	 	 
	 	G W Pharmaceuticals plc a company registered in England and Wales (registered number
    4160917) whose registered office is at Sovereign House, Vision Park, Chivers Way, Histon, Cambridge CB24 9BZ
	 	 
	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 Premises as defined in clause 1.1
	 	 
	LR5 Prescribed statements etc	LR5.1 Not applicable
	 	 
	 	LR5.2 Not applicable
	 	 
	LR6 Term for which the Property is leased	The Term is as follows -
	 	 
	 	20 years from and including the Term Commencement Date

 

 

 

 

 

		***	Portions of this
                                         page have been omitted pursuant to a request for Confidential Treatment and filed separately
                                         with the Commission.

 

    	 	PAGE 1	 

     

    

 

	 	Date
	 	 
	LR7 Premium	None
	 	 
	LR8 Prohibitions or restrictions on disposing of this lease	The 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
	 	 
	 	The rights and matters set out in Schedule 1
	 	 
	 	LR11.2 Easements granted or reserved by this lease over the Property for the benefit
    of other property
	 	 
	 	The rights and matters set out in Schedule 2
	 	 
	LR12 Estate rentcharge burdening the Property	None
	 	 
	LR13 Application for standard form of restriction	None
	 	 
	LR14 Declaration of trust where there is more than one person comprising the Tenant	Not applicable

 

    	 	PAGE 2	 

     

    

 

LEASE is made on the date set out in clause LR1

 

BETWEEN:

 

		(1)	the Landlord
                                         as set out in clause LR3;

 

		(2)	the Tenant
                                         as set out in clause LR3; and

 

		(3)	the Surety
                                         as set out in clause LR3.

 

		1	INTERPRETATION

 

		1.1	In this Lease -

 

‘Access Roads’
means the roads footpaths and accessways within the Science Park not adopted from time to time and the road connecting the Science
Park to Broadoak Road;

 

‘adjoining or neighbouring
premises’ includes any part or parts of the Science Park other than the Premises;

 

‘Authorised Guarantee
Agreement’ means an agreement between the Landlord and the Tenant entered into by the Tenant as covenantor in the circumstances
set out in clause 3.18 and containing the provisions set out in Schedule 7;

 

‘Break Date’
means 15th anniversary of Term Commencement Date;

 

‘Break Payment’
means such sum as is equivalent to one year’s worth of the Principal Rent at the rate payable immediately prior to the Break
Date (ignoring any suspension or censer of such rent);

 

‘Centre Common Parts’
means any entrances, passageways, Access Roads, Conducting Media, car parking, hardstanding, verges, landscaping and other parts
of the Science Park available or intended to be available for use and/or enjoyment by two or more of the Landlord’s tenants
of the Science Park in common (but for the avoidance of doubt including all car parking areas whether or not the subject of exclusive
parking rights);

 

    	 	PAGE 3	 

     

    

 

‘Conducting Media’
means tanks, pipes, cables, wires, meters, drains, sewers, gutters and other things of a similar nature for the passage of electricity,
gas, water, soil and other services;

 

‘Environmental Audit’
means an audit of the Tenant’s activities on the Premises to be commissioned by the Landlord from time to time but not
more than once per year;

 

‘EPC’ means
energy performance certificate and recommendation report, as defined in the Energy Performance of Buildings (Certificates and
Inspections) (England and Wales) Regulations 2007 as amended or updated from time to time;

 

‘Existing EPC’
means a copy of the EPC for the Premises reference no ***

 

;

 

‘Fit Out Rent’
means the sum of £*** per annum;

 

‘Gateway Tenant’
means an individual, partnership or company whose prime activity either is within the areas of Science or High Technology or is
the provision of support directly related to the scientific community as would maintain an appropriate mix of tenants for a science
park;

 

‘Group Company’
means a company which is in the same group of companies (within the meaning of section 42 Landlord and Tenant Act 1954) as the
Tenant;

 

‘High Technology’
means research, development, design, distribution, manufacturing or service activities utilising, employing or manufacturing product
or processes which apply research, pharmaceuticals, bio-technology, electronics, robotics, informatics or other such scientific
disciplines as the Landlord (in conjunction with the local planning authority) determines to be representative of the field of
high technology;

 

‘Insurance Rent’
means the rent reserved by clause 2.4;

 

‘Insured Risks’
means (to the extent insurance for such risks remains available in the London insurance market) fire, lightning, aircraft, explosion,
riot, malicious persons, earthquake, storm, flood, burst pipes, impact, theft, subsidence, sprinkler leakage, terrorism and such
other risks or perils (if any) as the Landlord or any superior landlord (acting reasonably) may from time to time deem it prudent
to insure against;

 

 

 

 

 

		***	Portions of this
                                         page have been omitted pursuant to a request for Confidential Treatment and filed separately
                                         with the Commission.

 

    	 	PAGE 4	 

     

    

 

‘Landlord’
includes the person or persons for the time being entitled to the reversion immediately expectant on the Term;

 

‘Permitted Part’
has the meaning given to that expression in clause 3.19;

 

‘Planning Acts’
means and includes the ‘planning Acts’ as defined in section 117 Planning and Compulsory Purchase Act 2004 together
with that Act and all other legislation from time to time imposing controls on the development or use of land;

 

‘Planning Agreement’
means a Section 106 Agreement dated 15 February 2010 between Sittingbourne (No. 1) Limited and Sittingbourne (No. 2) Limited (1)
and Lillian Joyce Attwood, Kevin Dennis Attwood, Michael Christopher Attwood and Attwood Farms Limited (2) Swale Borough Council
(3) Kent County Council (4);

 

‘Premises’
means the premises (shown edged red on the plan annexed hereto but excluding the car park edged in blue) known as ***                                         as
well as any landlord’s fixtures and fittings from time to time in the Premises and each and every part of the Premises (but
(if applicable) excluding the outer half, severed vertically, of any wall dividing the Premises from any adjoining or neighbouring
premises);

 

‘Principal Rent’
means the principal rent reserved by this Lease at the rate from time to time payable under clause 2.1 and clause 6;

 

‘Regulations’
means the regulations set out in Schedule 8;

 

‘Reinstatement Specification’
means the Premises Specification annexed to this Lease as Annexure 2;

 

‘Rent Review Specification’
means the Premises’ base build specification annexed to this Lease as Annexure 1;

 

 

		***	Portions of this
                                         page have been omitted pursuant to a request for Confidential Treatment and filed separately
                                         with the Commission.

 

    	 	PAGE 5	 

     

    

 

‘Science’
means dependence upon the application of scientific or technological skills or knowledge in the production of new goods or services
for competitive advantage;

 

‘Science Park’
means ***                                        and
any other land from time to time owned by the Landlord which is adjoining or neighbouring;

 

‘Service Charge’
means the Service Charge as defined in and calculated pursuant to Schedule 4;

 

‘Tenant’
includes the successors in title and assigns of the Tenant;

 

‘Term’ means
the term set out in Clause LR6 together with any continuation by statute or implication of law;

 

‘Term Commencement
Date’ means the date of this Lease;

 

‘Uninsured Risk’
means an Insured Risk against which insurance is not or ceases to be obtainable for such risk on normal commercial terms in the
London insurance market at reasonable commercial rates generally available in the London insurance market for a property of this
type, size and location; and

 

‘VAT’ means
Value Added Tax and any other tax of a similar nature.

 

		1.2	In this Lease unless there be
                                         something in the context inconsistent therewith -

 

		(a)	words importing the masculine
                                         gender shall include the feminine gender and vice versa and words importing the singular
                                         shall include the plural and vice versa and words importing persons and all references
                                         to persons shall include companies, corporations and firms and vice versa;

 

		(b)	if at any time two or more
                                         persons are included in the expression the `Landlord’, the ‘Tenant’
                                         or the ‘Surety’ then covenants contained in this Lease or implied by or on
                                         the part of the Landlord, the Tenant or the Surety as the case may be shall be deemed
                                         to be and shall be construed as covenants entered into by and binding on such persons
                                         jointly and severally;

 

 

		***	Portions of this
                                         page have been omitted pursuant to a request for Confidential Treatment and filed separately
                                         with the Commission.

  

    	 	PAGE 6	 

     

    

 

		(c)	wherever the consent or
                                         approval of the Landlord is required it may be given subject to the Tenant obtaining
                                         any necessary further consent or approval under any headlease and nothing in this Lease
                                         implies that such further consent or approval under any headlease will not be unreasonably
                                         withheld;

 

		(d)	where the Tenant is placed
                                         under a restriction by this Lease it includes an obligation not to permit or allow the
                                         restriction to be infringed;

 

		(e)	references to ‘lease’
                                         shall include ‘underlease’ and vice versa.

 

		2	DEMISE AND
                                         RENT

 

The Landlord at the request
of the Surety demises unto the Tenant ALL THOSE the Premises TOGETHER with the particular rights set out in Schedule
1 BUT EXCEPT AND RESERVED AND SUBJECT to the particular rights and matters set out in Schedule 2 AND SUBJECT ALSO
to the matters contained or referred to in the documents brief particulars of which are set out in Schedule 3 TO HOLD the
Premises unto the Tenant (together with but except and reserved and subject as above) for the Term YIELDING AND PAYING
to the Landlord during the Term and so in proportion for any time less than a year without any deductions whatsoever the following
rents namely -

 

		2.1	from and including the Term
                                         Commencement Date until and including 26 May 2017 the yearly rent of £***
                                         per annum and from and including 27 May 2017 for
                                         the remainder of the Term the yearly rent of £*** per annum or such
                                         higher yearly rent as may become payable pursuant to review under clause 6, such sums
                                         payable by equal quarterly payments in advance on the four usual quarter days in each
                                         year of which the first payment (being the due proportion for the period commencing on
                                         and including the Term Commencement Date and ending on and including the day before the
                                         first quarter day after the Term Commencement Date) shall be paid on or before the date
                                         of this Lease;

 

 

 

 

 

		***	Portions of this
                                         page have been omitted pursuant to a request for Confidential Treatment and filed separately
                                         with the Commission.

 

    	 	PAGE 7	 

     

    

 

		2.2	from and including the Term
                                         Commencement Date until and including 26 May 2031 by equal quarterly payments in
                                         advance on the four usual quarter days in each year, the Fit Out Rent, of which the first
                                         payment (being the due proportion for the period commencing on and including the Term
                                         Commencement Date and ending on and including the day before the first quarter day after
                                         the Term Commencement Date) shall be paid on or before the date of this Lease;

 

		2.3	throughout the Term sums equal
                                         to a just proportion fairly attributable to the Premises of the total amounts which the
                                         Landlord shall from time to time expend by way of premium and incidental costs (including
                                         the cost of periodic valuations and any premium payable under any headlease and the whole
                                         of any increase in any premium from time to time as a result of or arising out of the
                                         manner or the purposes in or for which the Premises are kept used and occupied) in effecting
                                         and maintaining the several insurances referred to in clause 4.1 (together with any insurance
                                         effected by the Landlord against public liability risks in respect of the Science Park)
                                         each such sum to be paid within 14 days following written demand the first such payment
                                         in respect of amounts already so expended by the Landlord (being the due proportion commencing
                                         on and including the Term Commencement Date to the next renewal date or dates for such
                                         insurances) to be paid on or before the date of this Lease and in the event of any dispute
                                         as to any such sum the same shall be determined by the Landlord’s surveyor (acting
                                         as an independent expert and not as an arbitrator) whose determination shall in the absence
                                         of manifest error be final and binding on the parties;

 

		2.4	throughout the Term sums equal
                                         to the Service Charge at the times and in the manner specified in Schedule 4; and

 

		2.5	VAT on the rents reserved by
                                         this Lease payable at the time such rents are payable.

 

		3	TENANTS’
                                         COVENANTS

 

The Tenant to the intent that
the obligations created shall continue throughout the whole of the Term COVENANTS with the Landlord as follows –

 

    	 	PAGE 8	 

     

    

 

		3.1	PAY RENT

 

		(a)	To pay the Principal Rent,
                                         the Fit-Out Rent, the Insurance Rent and the Service Charge at the times and in the manner
                                         required by clause 2 without deduction or set off and to pay the Principal Rent, the
                                         Fit-Out Rent and the Fixed Charge (as defined in Schedule 5) by bankers standing
                                         order or similar form of bank transfer if so required by the Landlord.

 

		(b)	To pay all rents and other
                                         sums as they fall due under this Lease whether or not such rents or other sums relate
                                         to a period before the Term became vested in the Tenant (provided such rents or other
                                         sums do not relate to any period prior to the commencement of the Term).

 

		3.2	PAY OUTGOINGS

 

		(a)	To pay and keep the Landlord
                                         fully indemnified from and against all liability for all general and other rates of whatever
                                         nature or kind and all taxes, charges, duties, levies, assessments, impositions and outgoings
                                         whatever (whether parliamentary, parochial, local or of any other description) which
                                         are now or may become rated taxed charged levied assessed or imposed upon the Premises
                                         or the owner, landlord, tenant or occupier of the Premises and whether or not required
                                         to be paid by the Tenant himself but ‘taxes’ does not include value added
                                         tax or taxes imposed on the Landlord in respect of the yearly rent reserved by this Lease
                                         or in respect of a disposal of the interest in immediate reversion to this Lease.

 

		(b)	Where not supplied directly
                                         by the relevant utility company to the Tenant to pay to the Landlord the cost (which
                                         may for the avoidance of doubt and without limitation include reasonable provision for
                                         management by the Landlord’s own staff) incurred by the Landlord in or incidental
                                         to arranging for the supply of services pursuant to clause 4.4 consumed at the Premises,
                                         such payment to be made in accordance with the provisions of Schedule 9 (which provisions
                                         are hereby incorporated).

 

    	 	PAGE 9	 

     

    

 

SAVE THAT whilst the Tenant
is GW Pharma Limited or a Group Company of GW Pharma Limited or of GW Pharmaceuticals plc Schedule 9 shall not apply and the Tenant
shall pay such cost within 14 days of written demand (and where not separately metered such cost shall be a due proportion determined
by the Landlord (acting reasonably) of such costs payable or incurred by the Landlord in respect of the Premises together with
other premises).

 

		3.3	REPAIR AND DECORATE

 

		(a)	(Damage by the Insured Risks
                                         always excepted unless the policy or policies of insurance effected by the Landlord against
                                         them shall be rendered void or payment of the insurance moneys be refused in whole or
                                         in part by reason of or arising out of any act, omission, neglect or default by the Tenant
                                         or any subtenant or other person under the control of the Tenant or any subtenant) to
                                         keep the Premises in good and substantial repair and in good decorative and clean condition
                                         with the glass cleaned both inside and (unless the cost of the same is being met by the
                                         Tenant as part of the Service Charge) outside at least once a month.

 

		(b)	(Without prejudice to the
                                         generality of the above obligations of the Tenant) in a good and workmanlike manner whenever
                                         necessary and also in the last three months of the Term (however and whenever it may
                                         terminate) to decorate the Premises and in the case of decoration in the last three months
                                         of the Term the Landlord shall have the right to insist on a particular colour scheme
                                         being used.

 

		3.4	OBSERVE LEGISLATION

 

		(a)	To observe and perform all
                                         requirements of any Act of Parliament, local Act or bylaw and notices issued under such
                                         legislation or by any public, local or other competent authority (together referred to
                                         in this clause 3.4 as ‘Acts’) (whether or not required of the Tenant
                                         himself) in any way affecting the Premises or any thing in or any activity carried on
                                         by persons resorting to or working or employed at the Premises or the use and occupation
                                         of the Premises within the time prescribed by law or the notice requiring the same (or
                                         if no time is so prescribed then within a reasonable time) to the reasonable satisfaction
                                         of the Landlord and to indemnify and keep the Landlord fully indemnified against all
                                         such requirements and all actions, proceedings, costs, claims, demands, expenses and
                                         liability whatever arising out of or in connection with non-observance or non-performance
                                         of such requirements.

 

    	 	PAGE 10	 

     

    

 

		(b)	At its own expense to obtain
                                         from the appropriate authorities all licences consents and permissions as may be required
                                         for the carrying out by the Tenant of any operations on or for the use of any part of
                                         the Premises.

 

		(c)	Not to do anything in the
                                         Premises or cause them to be used or occupied in such a way that the Landlord or any
                                         tenant or occupier of the Science Park is disabled from complying with any Acts in respect
                                         of the whole or any part of the Science Park or may under any Acts incur or have imposed
                                         upon it or become liable to pay any penalty damages compensation costs charges or expenses.

 

		(d)	In particular but without
                                         prejudice to the generality of the foregoing to comply with all the lawful requirements
                                         from time to time of the following bodies or their successors -

 

		(i)	Health and Safety Executive;

 

		(ii)	Environment Agency;

 

		(iii)	Home Office;

 

		(iv)	Department of Health;

 

		(v)	***                   

 

		(vi)	HM Revenue and Customs;

 

		(vii)	Department for Environment
                                         Food and Rural Affairs; and

 

		(viii)	Health Protection Agency.

 

 

		***	Portions of this
                                         page have been omitted pursuant to a request for Confidential Treatment and filed separately
                                         with the Commission.

  

    	 	PAGE 11	 

     

    

 

		3.5	YIELD UP

 

Quietly to surrender and yield
up the Premises to the Landlord (or as the Landlord may direct) at the end or sooner determination of the Term in the state and
condition evidenced in the Reinstatement Specification and the Tenant agrees at the end or sooner determination of the Term -

 

		(a)	to hand over to the Landlord
                                         all keys relating to the Premises; and

 

		(b)	to provide the Landlord
                                         with details of the utility companies providing utilities to the Premises and with sufficient
                                         details of the Tenant’s accounts with such utility companies (so far as relating
                                         to the Premises) to enable the Landlord to contact the utility companies in relation
                                         to such accounts.

 

		3.6	ENTRY BY LANDLORD

 

		(a)	To permit the Landlord and
                                         others authorised by the Landlord after at least three days’ prior notice (except
                                         in an emergency when no notice need be given) to enter upon the Premises to view and
                                         inspect the Premises and ascertain how the Premises are being used and occupied and their
                                         state and condition and to take schedules of all landlord’s fixtures and fittings
                                         and to estimate the current value of the Premises for insurance, mortgage or other purposes
                                         and to carry out an Environmental Audit.

 

		(b)	Whenever on any such inspection
                                         anything is found which constitutes a breach, non-performance or non-observance of the
                                         covenants on the part of the Tenant contained in this Lease and of which the Landlord
                                         gives notice to the Tenant to commence to remedy and make good the same within one month
                                         of the date of such notice (or immediately in the case of any breach, non-performance
                                         or non-observance of clause 3.26 or in respect of any other matter which the Landlord
                                         reasonably deems as requiring immediate remedial action) and thereafter proceed diligently
                                         with the requisite works but if the Tenant shall fail so to do to permit the Landlord
                                         if it so desires (although the Landlord shall be under no obligation so to do) without
                                         prejudice to the Landlord’s right of re-entry or any other right or remedy of the
                                         Landlord to enter upon the Premises with contractors, workmen and others and all necessary
                                         equipment, tools and materials and to execute or complete such works and to pay to the
                                         Landlord on written demand either during or on completion of such works as the Landlord
                                         may require the costs and expenses incurred by the Landlord together with all solicitors’,
                                         surveyors’ and other professional fees and expenses incurred by the Landlord in
                                         relation to such works.

 

    	 	PAGE 12	 

     

    

 

		3.7	WORKS TO ADJOINING OR NEIGHBOURING
                                         PREMISES

 

To permit the Landlord and others
authorised by the Landlord and their respective agents and contractors to enter upon the Premises with workmen and others and
all necessary equipment, tools and materials after at least three days’ prior written notice (except in an emergency when
no prior written notice need be given) in order to carry out repairs, alterations, additions or any other works to or of any adjoining
or neighbouring premises which cannot reasonably be carried out without entry on to the Premises PROVIDED ALWAYS that the
persons so entering shall -

 

		(a)	be accompanied at all times
                                         by a representative of the Tenant (provided such a representative is made available for
                                         such purpose);

 

		(b)	cause as little inconvenience
                                         and disruption as possible to the Tenant and the other occupiers of the Premises; and

 

		(c)	with the minimum of delay
                                         and make good all damage thereby caused to the Premises to the reasonable satisfaction
                                         of the Tenant.

 

		3.8	COSTS OF DEFAULT

 

To pay all proper costs, charges
and expenses (including solicitors’ costs and bailiffs’, architects’ and surveyors’ fees) reasonably payable
by the Landlord for the purposes of and incidental to the preparation, service and enforcement (whether by proceedings or otherwise)
of -

 

    	 	PAGE 13	 

     

    

 

		(a)	any notice under section
                                         146 or 147 Law of Property Act 1925 requiring the Tenant to remedy a breach of any of
                                         the Tenant’s obligations hereunder notwithstanding forfeiture for any such breach
                                         shall be avoided otherwise than by relief granted by the Court;

 

		(b)	any notice to repair or
                                         schedule of dilapidations accrued at or prior to the end or sooner determination of the
                                         Term whether served during or within three months after the end of the Term;

 

		(c)	the payment of any arrears
                                         in the rents reserved by this Lease;

 

and in default of payment all
such sums shall be recoverable as rent in arrears.

 

		3.9	USER

 

		(a)	Not to use the Premises
                                         otherwise than for any use within Class B1 of the Town and Country Planning (Use Classes)
                                         Order 1987 (as in force at the date of the agreement for lease pursuant to which this
                                         Lease was entered into) (but not as diplomatic offices or as a betting office or bookmaker’s
                                         office) and not in any other manner or for any other purpose or for any immoral or unlawful
                                         purpose or for any sale by auction and the Tenant acknowledges that nothing in this Lease
                                         constitutes a warranty that the above use complies or will continue to comply with the
                                         Planning Acts and the Tenant shall not be entitled to any relief or compensation whatsoever
                                         from the Landlord in that respect.

 

		(b)	Not to keep any animal on
                                         or about the Premises nor to conduct allow or permit to be conducted anywhere on or about
                                         the Premises any research or experiments of any kind on or involving animals of whatever
                                         kind whether live or dead.

 

		(c)	Not to carry out (nor to
                                         allow or permit to be carried out) on or from the Premises research into or involving
                                         any of the following -

 

		(i)	genetic modification within
                                         the meaning of Directive 2001/18/EC;

 

    	 	PAGE 14	 

     

    

 

		(ii)	human embryology within the
                                         meaning of the Human Fertilisation and Embryology Act 1990 (as amended); and/or

 

		(iii)	cloning, being (for the
                                         purposes of this clause) any process, including techniques of embryo splitting, designed
                                         to create a human being (or animal) with the same nuclear genetic information as
                                         another living or deceased human being (or animal as the case may be).

 

		(d)	Not to overload any floor
                                         of the Premises or any lift in or serving the Premises and not to pass anything of a
                                         harmful nature through the Conducting Media in or serving the Premises (whether exclusively
                                         or jointly with other premises) or do anything at the Premises which shall be or may
                                         become a nuisance (whether indictable or not) or which shall cause any damage or disturbance
                                         to the Landlord or the owners, tenants or occupiers from time to time of any adjoining
                                         or neighbouring premises.

 

		3.10	ALTERATIONS

 

		(a)	(Without prejudice to sub
                                         clause (b) of this clause) not to carry out any alterations, additions or other works
                                         to the Premises (whether structural or non-structural) without the prior written consent
                                         of the Landlord having been obtained (such consent not to be unreasonably withheld or
                                         delayed and provided that — without prejudice to the generality of the foregoing
                                         — it shall be reasonable for the Landlord to withhold consent in any circumstances
                                         where a proposed alteration or addition to any of the Conducting Media or the systems
                                         for the supply of heating, air-conditioning (if any), lighting, electric power or water
                                         installed within or upon the Premises would or might have a material adverse impact upon
                                         the Existing EPC rating (and it is agreed that a downgrade in the Existing EPC rating
                                         shall constitute a material adverse impact).

 

		(b)	Not to carry out any alterations,
                                         additions or other works to the Premises before all necessary approvals, consents, licences,
                                         permits or permissions of any competent authority, body or person have been obtained
                                         and such alterations, additions or works shall be carried out strictly in accordance
                                         with their terms and conditions.

 

    	 	PAGE 15	 

     

    

 

		(c)	To permit the Landlord and
                                         others authorised by the Landlord to enter upon the Premises at reasonable hours during
                                         the daytime for the purpose of seeing that all alterations, additions or other works
                                         are being or have been carried out in all respects in conformity with this clause and
                                         immediately upon being required to do so to remove any alteration, addition or other
                                         works of or to the Premises which do not so conform or in respect of which any such approvals,
                                         consents, licences, permits or permissions of the competent authority, body or person
                                         have been withdrawn or have lapsed and thereupon to make good all damage caused to the
                                         Premises and restore and reinstate all affected parts of the Premises to the reasonable
                                         satisfaction of the Landlord.

 

		(d)	If any alterations or additions
                                         are made to the Premises, within 30 days following completion of such works to give written
                                         notice to the Landlord and at the same time (or at such later date as is reasonable)
                                         to provide to the Landlord a copy of the as-built drawings for such works.

 

		(e)	To pay as additional rent
                                         any sums which the Landlord may properly expend by way of additional premiums for the
                                         insurance of the Premises by reason of any alterations or additions made to the Premises
                                         by the Tenant.

 

		3.11	SIGNAGE

 

No fascia, sign, name plate,
bill, notice, placard, advertisement or similar device shall be affixed to or displayed in or on any part of the Premises so as
to be visible from the exterior other than those indicating the name of any occupier for the time being and his business and which
have (with their size and positioning) been previously approved by the Landlord in writing (such approval not to be unreasonably
withheld or delayed).

 

    	 	PAGE 16	 

     

    

 

		3.12	AERIALS, ETC

 

No television or wireless or
other form of mast or aerial nor any flagpole shall be affixed to any part of the exterior of the Premises other than those which
have (with their positioning) been previously approved by the Landlord in writing (such approval not to be unreasonably withheld
or delayed).

 

		3.13	PLANNING ACTS

 

		(a)	Without prejudice to the
                                         generality of clause 3.4 fully to observe and perform all the requirements of the Planning
                                         Acts in respect of the Premises or their use and all the requirements of any approval,
                                         consent, licence, permit or permission granted under the Planning Acts which remain lawfully
                                         enforceable and affect the Premises and to indemnify and keep the Landlord fully indemnified
                                         from and against all actions, proceedings, costs, claims, demands, expenses and liability
                                         whatsoever arising out of or in connection with any non-observance or non-performance
                                         of this covenant.

 

		(b)	No application shall be
                                         made for any approval, consent, licence, permit, permission, certificate or determination
                                         under the Planning Acts in respect of the Premises without the prior written consent
                                         of the Landlord (such consent not to be unreasonably withheld or delayed).

 

		(c)	Unless the Landlord shall
                                         otherwise direct in writing to carry out to the reasonable satisfaction of the Landlord
                                         during the Term (however and whenever it may terminate) all works to the Premises which
                                         as a condition of any such approval, consent, licence, permit or permission obtained
                                         by or on behalf of the Tenant or any subtenant are required to be carried out at the
                                         Premises by a date after the Term (however and whenever it may terminate).

 

		(d)	The Tenant shall not be
                                         liable for any costs arising in relation to compliance with or the failure to comply
                                         with the Planning Agreement by any person.

 

    	 	PAGE 17	 

     

    

 

		3.14	STATUTORY NOTICES

 

To give the Landlord a copy
of every notice of whatsoever nature affecting or likely to affect the Premises made given or issued by or on behalf of the local
planning authority or any other authority, body or person having lawful jurisdiction within seven days of its receipt by the Tenant
or any subtenant and to produce the original to the Landlord on written request and to take all reasonable and necessary steps
to comply with every such notice And if so required in writing by or on behalf of the Landlord to make or join with the Landlord
and any other persons for the time being interested in the Premises or any lawful adjoining or neighbouring premises in making
such objections or representations against or in respect of any such notice as the Landlord may reasonably and properly require
provided that such objections or representations are not adverse to the legitimate business interests of the Tenant.

 

		3.15	INSURER’S REQUIREMENTS

 

		(a)	(Save with the prior written
                                         consent of the Landlord) nothing of a noxious, dangerous, explosive or inflammable nature
                                         shall be stored, placed or kept or remain on the Premises nor (subject and to the extent
                                         that the Tenant has received appropriate details and notification from the Landlord of
                                         such insurances) shall any other thing be done in or about the Premises by the Tenant
                                         or any subtenant which does or may invalidate or render void or voidable or cause any
                                         increased premium to be payable for any policy of insurance maintained by the Landlord
                                         in respect of the Premises or any adjoining or neighbouring premises.

 

		(b)	To repay to the Landlord
                                         upon written demand as part of the Insurance Rent an amount equal to any such increased
                                         premium referred to in sub clause (a) of this clause as may become so payable.

 

		(c)	If the Premises or any other
                                         premises shall be destroyed or damaged as a result of any matter referred to in sub clause
                                         (a) of this clause or as a result of any act, omission, neglect or default by or on the
                                         part of the Tenant or any subtenant or any person under the control of the Tenant or
                                         any subtenant as a result of which any policy of insurance maintained by the Landlord
                                         is rendered void or payment of the insurance money is refused in whole or in part, to
                                         pay to the Landlord within 21 days of written demand the amount so refused or which would
                                         (other than for the policy having been rendered void as aforesaid) have been payable.

 

    	 	PAGE 18	 

     

    

 

		3.16	TO LET BOARD

 

To permit the Landlord during
the period of six months immediately preceding the end or sooner determination of the Term (and at any time during the Term in
the event of any proposed disposal by the Landlord of its interest in the Premises or in any of the events set out in clause 5.2)
to affix and retain on any part of the Premises (but not so as materially to interfere with any trade or business carried on at
the Premises or with reasonable access of light and air to the Premises) notices and boards relating to any proposed disposal
by the Landlord of its interest in the Premises for reletting or otherwise dealing with the same and to permit all persons with
written authority from the Landlord or the Landlord’s agents to inspect and view the Premises at reasonable times of the
day by previous appointment.

 

		3.17	PROHIBITED ALIENATION

 

		(a)	The Tenant shall not assign,
                                         transfer, mortgage or charge any part (as opposed to the whole) of the Premises nor,
                                         save as permitted by Clauses 3.17(b), 3.18, and 3.19, assign, transfer, part with or
                                         share possession or occupation of the whole of the Premises or underlet, part with or
                                         share possession of any part of the Premises.

 

		(b)	Nothing in clause 3.17(a)
                                         shall restrict the right of the Tenant to allow any Group Company to occupy or share
                                         the occupation of the Premises from time to time which the Tenant shall be entitled to
                                         do without the consent of the Landlord PROVIDED THAT -

 

		(i)	no relationship of landlord
                                         and tenant shall be created or deemed to exist between the Tenant and the Group Company;

 

    	 	PAGE 19	 

     

    

 

		(ii)	the Group Company shall not
                                         be permitted to have exclusive occupation of the whole or any part or parts of the Premises;
                                         and

 

		(iii)	the relevant company shall
                                         vacate the Premises forthwith upon ceasing to be a Group Company.

 

		3.18	ASSIGNMENT

 

		(a)	Not to assign the whole
                                         of the Premises without the prior written consent of the Landlord (such consent not to
                                         be unreasonably withheld or delayed) provided that the Landlord shall be entitled -

 

		(i)	to withhold its consent in
                                         the circumstances set out in sub clause (c);

 

		(ii)	to impose all or any of the
                                         matters set out in sub clause (d) as a condition of its consent.

 

		(b)	The provisos to sub clause
                                         (a) shall operate without prejudice to the right of the Landlord to withhold such consent
                                         on any other ground or grounds where such withholding of consent on such other ground
                                         or grounds would be reasonable or to impose any further condition or conditions upon
                                         the grant of consent where the imposition of such condition or conditions would be reasonable.

 

		(c)	The circumstances referred
                                         to in sub clause (a)(i) are as follows -

 

		(i)	where the assignee is a Group
                                         Company unless in the reasonable opinion of the Landlord the assignee (when assessed
                                         together with any proposed guarantor for the assignee) is of at least equivalent financial
                                         standing to the Tenant; and

 

		(ii)	where in the reasonable opinion
                                         of the Landlord the assignee is not a Gateway Tenant.

 

    	 	PAGE 20	 

     

    

 

		(d)	The conditions referred
                                         to in sub clause (a)(ii) are as follows -

 

		(i)	the execution and delivery
                                         by the Tenant to the Landlord prior to the assignment in question of a deed of guarantee
                                         (being an Authorised Guarantee Agreement);

 

		(ii)	the payment to the Landlord
                                         of all rents which have fallen due under the Lease prior to the date of assignment;

 

		(iii)	the giving of any requisite
                                         consent of any superior landlord or mortgagee and the fulfilment of any lawful condition
                                         of such consent; and

 

		(iv)	if reasonably required by
                                         the Landlord either -

 

		(1)	the execution and delivery
                                         to the Landlord prior to the assignment of a rent deposit deed in such form as the Landlord
                                         shall reasonably require together with the payment to the Landlord by way of cleared
                                         funds of the amount of the rent deposit (being a reasonable sum) specified in the rent
                                         deposit deed; or

 

		(2)	the execution and delivery
                                         to the Landlord of a deed of guarantee entered into by a third party guarantor reasonably
                                         acceptable to the Landlord incorporating the provisions of Schedule 6.

 

		3.19	SUBLETTING

 

		(a)	Not to sublet the whole
                                         of the Premises (and not to sublet a Permitted Part, meaning a complete floor or floors
                                         of the Premises) Provided for the avoidance of doubt that there shall be no more than
                                         two underleases of Permitted Parts in existence at any one time (not including the Tenant’s
                                         own occupation of the Premises) except in accordance with the provisions of sub clauses
                                         (b), (c), (d), (e) and (f) of this clause 3.19.

 

		(b)	Not to sublet the Premises
                                         or agree to sublet the Premises (or a Permitted Part) at less than the open market rent
                                         then reasonably obtainable for the whole or the Permitted Part (as the case may be) of
                                         the Premises with vacant possession without fine or premium being taken (but this shall
                                         not preclude the payment of any fine or premium or concessions or incentives which are
                                         standard in the market at the time of the subletting) nor to do so without provision
                                         for upwards only review of such rent as at each Review Date (as defined in clause 6.1(a))
                                         which shall occur during the term of the relevant underlease in a similar manner (mutatis
                                         mutandis) as provided in clause 6 and every permitted underlease (whether mediate or
                                         immediate) of the whole or any Permitted Part of the Premises shall (so far as applicable)
                                         contain covenants by the subtenant in the same form as those contained in clauses 3.17,
                                         3.18 and 3.19.

 

    	 	PAGE 21	 

     

    

 

		(c)	Before or at the same time
                                         as any subletting of the whole of the Premises or of a Permitted Part of the Premises
                                         shall be effected the proposed subtenant shall enter into direct covenants with the Landlord
                                         in such form as the Landlord shall reasonably require to observe and perform all the
                                         covenants and agreements on the part of the Tenant and the stipulations and conditions
                                         contained in this Lease (other than the payment of the Principal Rent, the Fit-Out Rent,
                                         the Insurance Rent and the Service Charge) during the term of the underlease.

 

		(d)	Any underlease shall contain
                                         a valid and effective agreement to exclude the provisions of sections 24-28 (inclusive)
                                         of the Landlord and Tenant Act 1954 in relation to such underlease.

 

		(e)	The Tenant shall not sublet
                                         the Premises or agree to sublet the Premises otherwise than to a subtenant who in the
                                         reasonable opinion of the Landlord is a Gateway Tenant.

 

		(f)	Subject and without prejudice
                                         to the other provisions of this clause there shall be no subletting of the whole of the
                                         Premises or of a Permitted Part of the Premises without the prior written consent of
                                         the Landlord (such consent not to be unreasonably withheld or delayed).

 

		(g)	Notwithstanding the remainder
                                         of clauses 3.17, 3.18 and 3.19, the Tenant shall be entitled to share occupation of the
                                         whole or part of the Premises with any Group Company on terms which do not create any
                                         relationship of landlord and tenant provided that -

 

    	 	PAGE 22	 

     

    

 

		(i)	the Tenant shall give notice
                                         to the Landlord within 28 days of the commencement or termination of such arrangement;
                                         and

 

		(ii)	any such arrangement shall
                                         terminate on the Tenant and any such member of the group ceasing to be Group Companies.

 

		3.20	REGISTRATION OF DEALINGS

 

Within 21 days of every assignment
or transfer (whether by deed, will or otherwise) and every mortgage or charge and every permitted subletting of the Premises
or a Permitted Part and upon every other disposition or transmission or devolution of the Premises (including all Orders of Court,
Probates and Letters of Administration) notice shall be given to the Landlord’s solicitors with the date and short particulars
of the dealing and the names and addresses of every party and at the same time the deed, document or instrument creating or evidencing
the dealing shall be produced to the Landlord’s solicitors for registration (with a certified copy for retention by the
Landlord) and such solicitors’ reasonable fee of not less than £*** for such registration shall be paid by the Tenant.

 

		3.21	ENCROACHMENTS

 

		(a)	Not to effect, authorise
                                         or permit any encroachment upon or acquisition of any right, easement, quasi-right, quasi-easement
                                         or privilege adversely affecting the Premises or any closing or obstruction of the access
                                         of light or air to any windows or openings of the Premises nor to give any acknowledgement
                                         to any third party that the enjoyment of access of light or air is by the consent of
                                         such third party or give any consideration to any third party or enter into any agreement
                                         with any third party for the purpose of inducing or binding such third party to abstain
                                         from obstructing the access of light or air.

 

 

 

 

 

		***	Portions of this
                                         page have been omitted pursuant to a request for Confidential Treatment and filed separately
                                         with the Commission.

 

    	 	PAGE 23	 

     

    

 

		(b)	If any such encroachment
                                         or acquisition or closing or obstruction shall be threatened or attempted to give notice
                                         of the dealing to the Landlord as soon as the same comes to the knowledge of the Tenant
                                         or of any subtenant and upon request by the Landlord to take immediate steps (in conjunction
                                         with the Landlord and other interested persons if the Landlord shall so require) and
                                         to adopt all such lawful means and do all such lawful things as the Landlord may reasonably
                                         deem appropriate for preventing any such encroachment or acquisition.

 

		3.22	COSTS OF APPLICATIONS

 

To pay all reasonable and proper
costs and expenses (including surveyors’ fees and solicitors’ charges and all disbursements) reasonably and properly
incurred or payable by the Landlord in respect of every application to the Landlord for any consent or approval hereunder whether
or not such consent or approval is granted or refused or the application for same is withdrawn save where a consent is withheld
unlawfully or unlawful conditions are imposed.

 

		3.23	OBSERVE DOCUMENTS

 

By way of indemnity only to
observe and perform the agreements, covenants and stipulations contained or referred to in the documents brief particulars of
which are set out in Schedule 3 in so far as the same are still subsisting, relate to the Premises and are capable of being enforced
against the Premises or the owner, landlord, tenant or occupier of the Premises and to keep the Landlord throughout the Term fully
indemnified against all actions, proceedings, costs, claims, demands, expenses and liability in any way incurred by or made against
the Landlord arising as a result of a breach by the Tenant of this covenant.

 

		3.24	ENERGY PERFORMANCE CERTIFICATE

 

		(a)	Not to obtain an EPC for
                                         the Premises without the consent of the Landlord (not to be unreasonably withheld or
                                         delayed where an EPC is required by statute).

 

    	 	PAGE 24	 

     

    

 

		(b)	Where supplied directly
                                         to the Tenant by the relevant utility company rather than by the Landlord, to provide
                                         to the Landlord within a reasonable period following written request any such information
                                         to the extent that the same is in the possession of the Tenant as may be reasonably required
                                         to enable the Landlord to measure or assess energy consumed at the Premises.

 

		(c)	It shall be reasonable for
                                         the Landlord to withhold consent pursuant to clause 3.24(a) if -

 

		(i)	the Existing EPC remains valid;
                                         or

 

		(ii)	the Landlord provides to
                                         the Tenant a valid EPC for the Premises; or

 

		(iii)	the Landlord agrees to obtain
                                         an EPC for the Premises.

 

		(d)	If the Tenant requests (and
                                         the Landlord provides) any information in order to allow an energy assessor to prepare
                                         an EPC then the Tenant shall on demand pay to the Landlord the Landlord’s costs
                                         and expenses incurred in providing such information.

 

		3.25	KEYHOLDER

 

To ensure that at all times
the Landlord has written notice of the name home address and home telephone number of at least two keyholders of the Premises.

 

		3.26	ENVIRONMENTAL LIABILITY

 

		(a)	In this clause -

 

		(i)	‘Environmental Claim’
                                         means any formal written notice given by any person or body including without limitation
                                         any relevant enforcing or regulatory authority alleging liability or potential liability
                                         including (without limitation) investigatory costs remedial costs administrative costs
                                         fines damages and penalties arising out of or based on or resulting from either regulatory
                                         civil or criminal action relating to either the presence or release migration or escape
                                         into the environment of any Hazardous Materials and forming the basis of any infringement
                                         of any Environmental Laws;

 

    	 	PAGE 25	 

     

    

 

		(ii)	‘Environmental Laws’
                                         means all legal requirements relating to the pollution or protection of the environment
                                         (as defined in Section 1(2) of the Environmental Protection Act 1990) or harm to
                                         human health or the environment including without limitation those relating to Environmental
                                         Matters or otherwise relating to the manufacture processing distribution use treatment
                                         storage keeping disposal transport or handling of Hazardous Materials or of goods containing
                                         Hazardous Materials;

 

		(iii)	‘Environmental
                                         Matters’ means waste (as defined in Section 75 of the Environmental Protection
                                         Act 1990), contaminated land, discharges and emissions of Hazardous Materials into any
                                         environmental medium, noise and vibration, heat light and radiation, dangerous hazardous
                                         or toxic substances and materials, nuisance (including statutory nuisance) and health
                                         and safety;

 

		(iv)	‘Hazardous Materials’
                                         means all chemicals pollutants contaminants waste petroleum petroleum products pesticides
                                         dangerous or noxious or hazardous or toxic or carcinogenic or radioactive or explosive
                                         or combustible or inflammable substances and materials (in each case whether in the form
                                         of a solid liquid, gas or vapour, and whether alone or in combination) which are in each
                                         case causing or in a condition capable of causing harm or damage to the environment or
                                         to the health and safety of persons;

 

		(v)	‘Pre-existing Environmental
                                         Matters’ means the presence of any Hazardous Materials at the Premises or any
                                         Environmental Matters in existence at the Premises in either case prior to the first
                                         occupation of the Premises by the Tenant (except to the extent the condition of such
                                         Hazardous Materials or Environmental Matters has been made worse by the act or negligent
                                         omission of the Tenant).

 

    	 	PAGE 26	 

     

    

 

		(b)	Save in relation to Pre-existing
                                         Environmental Matters, not to discharge or permit or suffer to be discharged any Hazardous
                                         Materials from the Premises to any adjoining or neighbouring property and not to cause
                                         contamination or pollution at, on, in or under the Premises.

 

		(c)	As soon as is reasonably
                                         practicable to notify the Landlord in writing of the following and to supply to the Landlord
                                         such further information relating to such matters as the Landlord may reasonably (save
                                         for information which has the benefit of legal privilege) require -

 

		(i)	the presence at the Premises
                                         of any Hazardous Materials in any condition or any occurrence on the Premises that either
                                         results or could result in the breach of the terms of this Lease relating to Environmental
                                         Matters or that might form the basis of an Environmental Claim in respect of the Premises
                                         or any other property;

 

		(ii)	any pending or threatened
                                         Environmental Claim in respect of the Premises.

 

		(d)	If the Landlord acting reasonably
                                         shall believe that the terms of this Lease relating to Environmental Matters have been
                                         breached or that Hazardous Materials (other than petrol in the petrol tanks of vehicles
                                         at the Premises in accordance with the provisions of this Lease or usual waste or any
                                         Hazardous Materials used in the ordinary course of the Tenant’s business which
                                         have been notified to and approved by the Landlord acting reasonably) have been brought
                                         on to the Premises then the Landlord may cause an independent environmental consultant
                                         chosen by the Landlord to make an inspection of the Premises (including making such tests
                                         and taking such samples as the consultant considers necessary or desirable) on such terms
                                         as the Landlord shall reasonably determine Provided that if such inspection reveals that
                                         the terms of this Lease have been so breached the Tenant shall pay to the Landlord on
                                         demand the costs and expenses of such inspection.

 

    	 	PAGE 27	 

     

    

 

		(e)	Whenever required by the
                                         Landlord and save in relation to Pre-existing Environmental Matters, the Tenant shall
                                         at the Landlord’s option either -

 

		(i)	carry out at the Tenant’s
                                         expense such remedial works as the Landlord shall reasonably require to ensure that the
                                         Premises comply with all Environmental Laws insofar as any act default or omission of
                                         the Tenant has caused or is causing a breach of such laws; or

 

		(ii)	grant the Landlord uninterrupted
                                         access to carry out such remedial works and reimburse the Landlord on demand all costs
                                         and expenses of and associated with such remedial works.

 

		(f)	Save in relation to Pre-existing
                                         Environmental Matters, to keep the Landlord indemnified from and against all expenses,
                                         costs, claims, demands, losses, liabilities, damages, fines and penalties which the Landlord
                                         may suffer or incur as a consequence of Environmental Claims arising out of any act default
                                         or omission of the Tenant and against all expenses, costs, claims, demands, losses, liabilities,
                                         damages, fines and penalties in respect of or arising from damage to or pollution of
                                         the environment or damage to property or harm to human health caused or permitted by
                                         the Tenant at the Premises and against all expenses, costs, claims, demands, losses,
                                         liabilities, damages, fines and penalties arising from the Tenant’s breach of its
                                         covenants given in this clause 3.26.

 

		(g)	To comply with the Regulations
                                         and all such further reasonable regulations and directions as the Landlord may from time
                                         to time make and provide to the Tenant in writing. Insofar as there is any inconsistency
                                         between the terms of such regulations or directions and this Lease, the terms of this
                                         Lease shall prevail.

 

		(h)	The Tenant hereby acknowledges
                                         and covenants that its obligations and all its liabilities in relation to all Environmental
                                         Claims and environmental matters arising during the subsistence of this Lease shall continue
                                         despite expiry or sooner determination of this Lease.

 

    	 	PAGE 28	 

     

    

 

		4	LANDLORD’S
                                         COVENANTS

 

The Landlord COVENANTS
with the Tenant as follows -

 

		4.1	INSURE

 

		(a)	To insure and (unless such
                                         insurance shall become void by reason of any act, omission, neglect or default by or
                                         on the part of the Tenant or any subtenant or other person under the control of the Tenant
                                         or any subtenant) to keep insured (and pay all premiums for insuring) the Science Park
                                         including the Premises (whether or not with other premises) with a reputable insurance
                                         office in the United Kingdom against loss or damage by the Insured Risks for the full
                                         reinstatement cost together with insurance against -

 

		(i)	architects’, surveyors’
                                         and other professional advisers’ fees at the usual scales current for the time
                                         being and the cost of demolition and site clearance consequent upon rebuilding or reinstatement;
                                         and

 

		(ii)	three years’ loss of
                                         the Principal Rent, the Fit-Out Rent and the Service Charge or loss of the Principal
                                         Rent, the Fit-Out Rent and the Service Charge for such longer period as the Landlord
                                         shall in its absolute discretion (acting reasonably) deem necessary for the rebuilding
                                         or reinstatement of the Premises taking into account any likely increases in such rents
                                         during such period

 

subject to such exclusions, conditions,
limitations and uninsured excesses as the insurer may reasonably apply, provided that the Landlord shall use reasonable endeavours
to ensure that any such exclusions, conditions, limitations and uninsured excesses are no more onerous than would be applied as
standard in the London insurance market to a policy at normal commercial rates for a property of this location, size and type.

 

    	 	PAGE 29	 

     

    

 

		(b)	If the Premises (or those
                                         parts of the Centre Common Parts that provide access to the Premises) shall at any time
                                         or times be destroyed or damaged by any of the Insured Risks -

 

		(i)	to apply all such moneys (except
                                         moneys received in respect of loss or damage of or to such adjoining or neighbouring
                                         premises or any fixtures and fittings liability to third parties or loss of rent) as
                                         the Landlord may receive under or by virtue of such insurance in rebuilding or reinstating
                                         the Premises or such parts as may have been damaged or destroyed or the means of access
                                         to the same (as the case may be) as expeditiously as possible (subject always to the
                                         Landlord being able to obtain all such approvals, consents, licences, permits and permissions
                                         from any superior landlord or other competent authorities (which the Landlord shall use
                                         reasonable endeavours to obtain) and all such materials and labour as may be necessary
                                         for such rebuilding and reinstatement); and

 

		(ii)	(save to the extent payment
                                         of the insurance moneys shall be refused in whole or in part by reason of any act, omission,
                                         neglect or default by or on the part of the Tenant or any subtenant or other person under
                                         the control of the Tenant or any subtenant and the Tenant fails to pay such monies to
                                         the Landlord in accordance with clause 3.15(c)) to pay any shortfall out of its own moneys.

 

		(c)	To cause a note of the Tenant’s
                                         interest (either generally or specifically) to be endorsed on the insurance policy or
                                         policies and to produce to the Tenant within a reasonable time following demand (but
                                         not more than once in every year) a copy of the Landlord’s insurance policy or
                                         policies required to be effected by the Landlord in respect of the Science Park (including
                                         the Premises) pursuant to this clause 4.1 and reasonable evidence of the payment of the
                                         insurance premium for the same.

 

    	 	PAGE 30	 

     

    

 

		4.2	QUIET ENJOYMENT

 

That the Tenant paying the Principal
Rent, the Fit-Out Rent (if applicable) the Insurance Rent, the Service Charge and all other moneys which may become payable hereunder
by the Tenant and observing and performing the several covenants and agreements on the Tenant’s part and the conditions
and stipulations contained in this Lease shall and may peaceably hold and enjoy the Premises during the Term in accordance with
the provisions of this Lease without any lawful interruption by the Landlord or any person lawfully claiming under or in trust
for the Landlord or by title paramount.

 

		4.3	PROVIDE SERVICES

 

(Unless prevented by strikes,
lockouts, unavailability of materials or labour or by any other matter outside the control of the Landlord and so long as the
Tenant shall pay the Service Charge) to use its best endeavours to carry out the works and to provide the services referred to
in Schedule 4 Part B, and provided that the Landlord shall not be liable to the Tenant for any loss, damage or inconvenience which
may be caused because of -

 

		(a)	temporary interruption of
                                         such services during periods of inspection, maintenance, repair and renewal so long as
                                         such periods are kept as short as reasonably practicable and the Landlord shall use all
                                         reasonable endeavours to prevent or mitigate the effect of such interruption and to restore
                                         the services as soon as possible; or

 

		(b)	the breakdown, failure,
                                         stoppage, leaking, bursting or defect of any Conducting Media provided the Landlord uses
                                         its best endeavours to remedy such matters (so far as they are within its control)
                                         as soon as reasonably practicable.

 

		4.4	PROVISION OF POWER WATER
                                         ETC

 

		(a)	Until such time (if any)
                                         as the Landlord shall arrange for the provision of all or any of the following services
                                         directly from the relevant utility company the Landlord shall subject to the Tenant paying
                                         the outgoings referred to in clause 3.2(b) use all reasonable endeavours to procure
                                         the supply of the following services to the Premises -

 

    	 	PAGE 31	 

     

    

 

		(i)	electricity;

 

		(ii)	heated water;

 

		(iii)	mains raw water;

 

		(iv)	sewerage;

 

		(v)	medium temperature hot water
                                         for heating.

 

		(b)	The Landlord may upon written
                                         notice to the Tenant of not less than five working days suspend for such reasonable period
                                         as may be necessary for repair replacement modernisation (including works to supply any
                                         service to the Premises directly from the relevant utility company) any of the services
                                         referred to in clause 4.4(a) and in any event the Landlord shall be under no liability
                                         in respect of any failure in the performance or observance of any such obligation Provided
                                         that if such suspension exceeds 24 continuous hours the landlord shall at its own cost
                                         provide a means of supplying equivalent temporary services.

 

		(c)	All liability on the part
                                         of the Landlord pursuant to this clause shall cease in respect of any service which the
                                         Landlord shall, acting reasonably and in the interest of good estate management (but
                                         without any obligation so to do), make arrangements to have supplied directly to the
                                         Premises by the relevant utility company.

 

    	 	PAGE 32	 

     

    

 

		5	PROVISOS

 

PROVIDED ALWAYS AND IT IS
AGREED as follows -

 

		5.1	INTEREST ON LATE PAYMENTS

 

		(a)	Whenever the whole or any
                                         part of the Principal Rent, the Fit-Out Rent, the Insurance Rent or the Service
                                         Charge (whether formally or legally demanded or not) or any other moneys which may become
                                         payable hereunder by the Tenant to the Landlord shall remain unpaid after becoming due
                                         and payable then the amount or the balance for the time being unpaid shall (without prejudice
                                         to the Landlord’s right of re-entry or any other right or remedy of the Landlord)
                                         as from the due date for payment and until the same is duly paid bear and carry interest
                                         thereon (as well after as before any judgment) at the rate of four per cent per annum
                                         above the base rate for the time being of Barclays Bank PLC or (in the event of such
                                         rate ceasing to be published) at such equivalent rate as the Landlord shall notify to
                                         the Tenant in writing.

 

		(b)	In the event of there being
                                         any breach by the Tenant of the covenants on its part contained in this Lease and the
                                         Landlord having notified the Tenant in writing that by reason of such breach the Principal
                                         Rent, the Fit-Out Rent, the Insurance Rent or the Service Charge will not be accepted
                                         for the time being then the amount or the balance for the time being outstanding shall
                                         (but without prejudice as mentioned above) as from the date of the notice served by the
                                         Landlord in respect of such breach or (if later) from the due date for payment until
                                         the date on which payment is tendered by the Tenant following the remedying of such breach
                                         bear and carry interest thereon (as well after as before any judgment) at the above rate;

 

and the Tenant accordingly COVENANTS
with the Landlord that in every such case the Tenant will pay such interest thereon to the Landlord in addition to the Principal
Rent, the Fit-Out Rent, the Insurance Rent, Service Charge and other moneys (as well after as before any judgment) at the
above rate and in default of payment such interest shall be recoverable as rent in arrears.

 

		5.2	RE-ENTRY

 

Without prejudice to any other
provisions contained in this Lease, if -

 

		(a)	any of the rents reserved
                                         by this Lease are unpaid for 21 days after becoming payable (whether formally demanded
                                         or not);

 

    	 	PAGE 33	 

     

    

 

		(b)	the Tenant is in breach
                                         of any of its obligations in this Lease;

 

		(c)	the Tenant (being a company)
                                         enters into liquidation whether compulsory or voluntary (other than for the purpose of
                                         reconstruction or amalgamation not involving a realisation of assets) or a resolution
                                         is passed or a petition is presented for such liquidation;

 

		(d)	an administrator is appointed
                                         in respect of the Tenant pursuant to the Insolvency Act 1986 or the Insolvent Partnerships
                                         Order or application is made for such administration or notice is given under paragraph
                                         15 or 26 of Schedule B1 to the Insolvency Act 1986 (as amended);

 

		(e)	a receiver is appointed
                                         in respect of the Tenant or any assets of the Tenant;

 

		(f)	(where the Tenant comprises
                                         or includes one or more individuals) a bankruptcy order is made against any such individual
                                         or a petition is presented for such bankruptcy order;

 

		(g)	the Tenant becomes insolvent
                                         or unable to pay its debts within the meaning of section 123 Insolvency Act 1986 or makes
                                         a proposal for or enters into any composition with its or his creditors or makes a proposal
                                         for or enters into a voluntary arrangement (within the meaning of section 1 or section
                                         253 Insolvency Act 1986);

 

		(h)	distress, sequestration
                                         or execution is levied on the Tenant’s goods;

 

		(i)	any of the above events
                                         occurs in relation to the Surety (excluding for this purpose any person whose liability
                                         at the time of such event derives from an Authorised Guarantee Agreement); or

 

		(j)	any event analogous to any
                                         of the above events occurs in any jurisdiction other than England and Wales

 

then the Landlord may at any
time re-enter the Premises or any part of the Premises in the name of the whole and immediately this Lease shall terminate absolutely
but without prejudice to any rights of the Landlord in respect of any breach of any of the obligations on the Tenant’s part
in this Lease.

 

    	 	PAGE 34	 

     

    

 

		5.3	RENT CESSER

 

If the Premises or any part
of them or any access roads within the Science Park shall at any time or times be destroyed or damaged by any of the Insured Risks
so as to render the Premises unfit for occupation and use and/or inaccessible then and in every such case (save to the extent
provided in clause 4.1(b)(ii)) the Principal Rent, the Fit-Out Rent, and the Service Charge or a fair and just proportion
according to the nature and extent of the damage sustained (as agreed between the Landlord and the Tenant in writing within one
month of such destruction or damage) shall be suspended and cease to be payable for a period of three years (or for such other
period as the Landlord shall have insured under clause 4.1(a)) from the date of such damage or destruction or (if earlier) until
the Premises (or access roads within the Science Park, as the case may be) have been rebuilt or reinstated so that the Premises
are again fit for occupation and use and accessible and failing such agreement or in case any dispute shall arise as to the amount
of such suspension and/or such period the same shall be determined by an independent surveyor who shall -

 

		(a)	be a chartered surveyor
                                         with at least ten years’ experience in the assessment of rent for premises of a
                                         similar nature in the locality of the Premises;

 

		(b)	be appointed by the President
                                         or Vice President for the time being of the Royal Institution of Chartered Surveyors
                                         on the application of whichever of the Landlord and the Tenant shall first so apply;

 

		(c)	act as an expert and not
                                         as an arbitrator;

 

		(d)	on his appointment serve
                                         written notice on the Landlord and the Tenant;

 

		(e)	consider any written representations
                                         by or on behalf of the Landlord or the Tenant concerning such matter which are received
                                         by him within 28 days of such service but otherwise have an unfettered discretion to
                                         determine such matter;

 

    	 	PAGE 35	 

     

    

 

		(f)	serve notice of such determination
                                         on the Landlord and the Tenant as soon as he has made it;

 

		(g)	be paid his proper fee and
                                         expenses in connection with such determination by the Landlord and the Tenant in equal
                                         shares or any such shares as he may determine;

 

and any such determination shall
be final and binding on the parties PROVIDED that if and whenever any person so appointed shall die, be adjudged bankrupt
or become of unsound mind or if both the Landlord and the Tenant shall serve upon such person written notice that in their opinion
he has unreasonably delayed making such determination such person shall ipso facto be discharged and be entitled only to his reasonable
expenses prior to such discharge and another such independent surveyor shall be appointed to act in his place.

 

		5.4	REINSTATEMENT PREVENTED

 

If the Premises or any part
of them or any access roads within the Science Park are destroyed or damaged by any of the Insured Risks and the Landlord has
not completed reinstatement of the Premises or the relevant access roads (so that the Premises are fit again for occupation and
use and accessible) within two years and nine months after the date of such damage or destruction then (unless payment of the
insurance moneys was refused in whole or in part by reason of any act, omission, neglect or default by or on the part of the Tenant
or any subtenant or other person under the control of the Tenant or any subtenant and the Tenant failed to pay such monies to
the Landlord in accordance with clause 3.15(c)) at any time thereafter this Lease may be terminated by either the Landlord or
the Tenant giving to the other not less than three months’ notice and upon the expiry of such notice the Term shall end
but if by the expiry of such notice the Premises (or the access roads) have been reinstated so that at that date the Premises
are again fit for occupation and use and accessible the notice will be void and this Lease will continue in full force and effect,
and if this Lease is terminated pursuant to this clause the Landlord will be entitled to retain the whole of the insurance moneys
for its absolute use and benefit.

 

    	 	PAGE 36	 

     

    

 

		5.5	REINSTATEMENT FOLLOWING DAMAGE
                                         BY AN UNINSURED RISK

 

For the purpose of this clause
5.5 and clauses 5.6 and 5.7 below -

 

		(a)	these provisions shall apply
                                         from the date on which any Insured Risk becomes an Uninsured Risk but only in relation
                                         to the Uninsured Risk;

 

		(b)	references to an Insured
                                         Risk becoming an Uninsured Risk shall, without limitation, include the application by
                                         insurers of an exclusion, condition or limitation to an Insured Risk to the extent to
                                         which such risk thereby is or becomes an Uninsured Risk but -

 

		(i)	an Insured Risk shall not
                                         become an Uninsured Risk due to the Landlord’s failure to comply with the provisions
                                         of clause 4.1; and

 

		(ii)	an Insured Risk shall not
                                         become an Uninsured Risk owing to the act or default of the Tenant or any person deriving
                                         title under the Tenant or their respective agents, employees, licensees or contractors;

 

		(c)	the Landlord shall notify
                                         the Tenant in writing as soon as reasonably practicable after an Insured Risk becomes
                                         an Uninsured Risk.

 

		5.6	SUSPENSION OF RENT FOLLOWING
                                         DAMAGE BY AN UNINSURED RISK

 

If, during the Term, the Premises
or any part of them or any access roads within the Science Park shall be damaged or destroyed by an Uninsured Risk so as to make
the Premises or any part of them unfit for occupation or use or inaccessible -

 

		(a)	then the provisions of clause
                                         5.3 (except for the words ‘for a period of three years (or for such other period
                                         as the Landlord shall have insured under clause 4.1(a)) from the date of such damage
                                         or destruction or (if earlier)’) shall apply as if there had been damage or destruction
                                         by an Insured Risk;

 

		(b)	the Landlord may serve notice
                                         on the Tenant within six months of the date of damage or destruction (time being of the
                                         essence) confirming that it will reinstate the Premises (or the access roads as the case
                                         may be) (‘a Reinstatement Notice’); and

 

    	 	PAGE 37	 

     

    

 

		(c)	if the Landlord serves a
                                         Reinstatement Notice in accordance with clause 5.6(b) then clause 4.1(b) and clause
                                         5.4 shall apply as if there had been damage or destruction by an Insured Risk (but as
                                         though the period of two years and nine months mentioned in clause 5.4 were deemed to
                                         be a period of three years).

 

		5.7	REINSTATEMENT NOT PURSUED
                                         FOLLOWING DAMAGE BY AN UNINSURED RISK

 

If the Landlord does not serve
a Reinstatement Notice following damage or destruction by an Uninsured Risk, then at any time after the date six months after
the date on which such damage or destruction occurred (time being of the essence) or, if the Landlord serves notice at any time
stating that it does not wish to reinstate such damage or destruction, then at any time after service of such notice either party
may by service of a written notice on the other terminate this Lease with immediate effect (unless in the meantime at the date
of service of such notice the Premises or the access roads within the Science Park have been reinstated so that the Premises are
again fit for occupation and use and accessible) but without prejudice to the rights of either party against the other in respect
of any antecedent breach of this Lease.

 

		5.8	STATUTORY COMPENSATION

 

The Tenant shall not be entitled
on quitting the Premises to any compensation under section 37 Landlord and Tenant Act 1954 (as amended).

 

		5.9	DATA PROTECTION ACT 1998

 

For the purposes of the Data
Protection Act 1998 or otherwise the Tenant and the Surety acknowledge that information relating to this tenancy will be held
on computer and other filing systems by the Landlord or the Landlord’s managing agent (if any) for the purposes of general
administration and/or enforcement of this Lease and agree to such information being used for such purposes and being disclosed
to third parties so far only as is necessary in connection with -

 

    	 	PAGE 38	 

     

    

 

		(a)	the management of the Landlord’s
                                         interest in the Science Park;

 

		(b)	the insurance and/or the
                                         maintenance of the Premises;

 

		(c)	checking the credit-worthiness
                                         of the Tenant and the Surety; or

 

		(d)	the disposal or sub-letting
                                         of the Premises or the Science Park,

 

or is necessary to conform with
recognised industry practice in the management and letting of property.

 

		5.10	EXCLUSION OF LIABILITY

 

The Landlord shall not be liable
to observe or perform any obligation on its part contained in this Lease after it has ceased to be entitled to the reversion immediately
expectant upon the Term (and, without prejudice to any right of the Tenant in respect of any antecedent breach by the Landlord
of any of the obligations on the Landlord’s part prior to that date, the Tenant releases the Landlord from all liability
in respect of any future breach or non-observance of any such obligation occurring after it has disposed of such reversion).

 

		6	RENT REVIEW

 

THIS CLAUSE 6 SHALL APPLY
TO THE PRINCIPAL RENT ONLY AND IT IS ALSO AGREED AND DECLARED as follows -

 

		6.1	In this clause -

 

		(a)	the ‘Review Date’
                                         means and includes 27 May 2021, 27 May 2026 and 27 May 2031;

 

    	 	PAGE 39	 

     

    

 

		(b)	the ‘Market Rent’
                                         means the yearly rent exclusive of all outgoings at which the Premises might reasonably
                                         be expected to be let as a whole as between a willing landlord and a willing tenant in
                                         the open market with vacant possession for a term of fifteen years commencing on the
                                         relevant Review Date without payment of any fine or premium upon the terms and subject
                                         to covenants, agreements, stipulations and conditions similar to those contained in this
                                         Lease (except as to the Term and the amount of the Principal Rent but including similar
                                         provisions for review of the Principal Rent) but upon the assumption that -

 

		(i)	the Tenant has complied with
                                         all of the covenants on the part of the Tenant contained in this Lease;

 

		(ii)	the Premises have been finished
                                         at the Landlord’s cost to a specification equivalent to the Rent Review Specification
                                         and are accordingly ready to receive the willing tenant’s fitting out works and
                                         that the willing tenant has had the benefit of such rental concessions (including any
                                         rent free or reduced rent period) as are usual in the market to compensate it for the
                                         time and inconvenience of it having to fit out the Premises (but no other rent free periods
                                         or incentives);

 

		(iii)	the Premises may be used
                                         for any use permitted by this Lease and by any licence or consent granted by the Landlord
                                         prior to the relevant Review Date at the request of the Tenant or any permitted undertenant
                                         or any predecessor in title of them or either of them respectively;

 

		(iv)	in case the Premises have
                                         been destroyed or damaged they have been fully restored;

 

		(v)	all Value Added Tax payable
                                         by the Tenant under the provisions of this Lease is recoverable by the Tenant in full;
                                         and

 

		(vi)	the Premises comply with
                                         all requirements of all Acts (as defined in clause 3.4);

 

and disregarding (if appropriate,
and without prejudice to the assumptions at paragraphs (ii) and (vi) above) -

 

    	 	PAGE 40	 

     

    

 

		(1)	any effect on the rent of
                                         the fact that the Tenant or any permitted undertenant or their respective predecessors
                                         in title or any other permitted occupier has been or is in occupation of the whole or
                                         any part of the Premises;

 

		(2)	any goodwill attached to
                                         the Premises by reason of the carrying on at the Premises of the business of the Tenant
                                         or any permitted undertenant or other permitted occupier;

 

		(3)	any permitted improvement
                                         to the Premises carried out by and at the expense of the Tenant or any permitted undertenant
                                         or any predecessor in title of them or either of them respectively (otherwise than in
                                         pursuance of an obligation to the Landlord save where the obligation arises pursuant
                                         to clauses 3.4 or 3.13(a)) and being such an improvement completed after the date of
                                         this Lease but not more than 21 years before the relevant Review Date;

 

		(4)	the Tenant’s Works,
                                         as defined in the Agreement for Lease dated 19 November 2013 between (1) the Landlord
                                         (2) the Tenant and (3) the Surety;

 

		(5)	any works of demolition,
                                         construction, alteration or addition carried out or being carried out on the Premises
                                         by the Tenant or any undertenant or other permitted occupier or their respective predecessors
                                         in title (otherwise than by and at the instance of the Landlord or in pursuance of an
                                         obligation to the Landlord save where the obligation arises pursuant to clauses 3.4 or
                                         3.13(a)) which diminish the rental value of the Premises at the relevant Review Date;

 

		(6)	the obligation to pay, and
                                         all references to, the Fit-Out Rent; and

 

		(7)	the Tenant’s option
                                         to determine this Lease in accordance with clause 7.

 

    	 	PAGE 41	 

     

    

 

		6.2	As at each Review Date there
                                         shall be a review of the Principal Rent and the Landlord and the Tenant shall seek to
                                         agree the Market Rent but failing written agreement between the parties the Landlord
                                         or the Tenant may at any time not more than two months prior to the relevant Review Date
                                         refer the determination of the Market Rent to an independent surveyor (being such a person
                                         as is mentioned in clause 5.3(a) and who shall be appointed as mentioned in clause 5.3(b))
                                         acting as an arbitrator (in which case the Arbitration Act 1996 shall apply) or (if the
                                         Landlord and the Tenant shall so agree) such independent surveyor shall act as an
                                         expert and not as an arbitrator.

 

		6.3	If the determination of the
                                         Market Rent shall be referred to an expert in accordance with the previous clause then
                                         clause 5.3(d), 5.3(e), 5.3(f) and 5.3(g) shall also apply and such expert shall give
                                         notice in writing of his decision within two months of his appointment or within such
                                         extended period as the parties may agree.

 

		6.4	The Principal Rent payable hereunder
                                         as from each Review Date (the ‘Reviewed Rent’) until the subsequent
                                         Review Date or the end or sooner determination of the Term (as the case may be) shall
                                         be the greater of the Principal Rent payable hereunder immediately prior to the relevant
                                         Review Date (the ‘Current Rent’) and the Market Rent agreed or determined
                                         in accordance with clause 6.2.

 

		6.5	If the Reviewed Rent shall not
                                         be ascertained by the Review Date then until it has been ascertained the Tenant shall
                                         continue to pay on account Principal Rent at the rate of the Current Rent until the quarter
                                         day after it has been ascertained on which quarter day the Tenant shall pay the Landlord
                                         an additional sum equal to the excess (if any) of Principal Rent at the rate of the Reviewed
                                         Rent over Principal Rent at the rate of the Current Rent for the period from the Review
                                         Date to such quarter day plus interest on such additional sum from the date on which
                                         each instalment would have been due during such period if the Reviewed Rent had then
                                         been ascertained such interest being chargeable at the base rate for the time being of
                                         Barclays Bank PLC or (in the event of such rate ceasing to be published) at such equivalent
                                         rate as the Landlord shall notify to the Tenant in writing.

 

		6.6	A Memorandum of the Market Rent
                                         shall be entered into between the parties in such terms as the Landlord shall reasonably
                                         require.

 

    	 	PAGE 42	 

     

    

 

		7	TENANT’S
                                         OPTION TO DETERMINE

 

		7.1	The Tenant may terminate this
                                         Lease on the Break Date by giving to the Landlord not less than 12 months’ written
                                         notice provided that on the Break Date -

 

		(a)	there are no arrears of
                                         Principal Rent or Fit Out Rent (or any VAT which may be chargeable in respect of either
                                         of those rents) due under the Lease up to and including the Break Date (but excluding
                                         any period falling after the Break Date);

 

		(b)	occupation of the Premises
                                         is given up and no underleases of the Premises (or any part of the Premises) remain subsisting;
                                         and

 

		(c)	(or before the Break Date)
                                         the Tenant has paid to the Landlord in cleared funds (and over and above any other sums
                                         due under this Lease) the Break Payment.

 

		7.2	If any of the conditions referred
                                         to in clause 7.1(a) or (b) or (c) above are not satisfied on the Break Date the Tenant’s
                                         notice served pursuant to clause 7.1 shall be deemed to be of no effect and this Lease
                                         shall continue as before, provided that the Landlord may waive all or any of such conditions
                                         by giving notice to the Tenant at any time.

 

		7.3	The ending of this Lease shall
                                         not affect either party’s rights in respect of any earlier breach of any provision
                                         of this Lease.

 

		7.4	Within 20 days of the Break
                                         Date the Landlord shall repay to the Tenant all sums paid in advance by the Tenant to
                                         the Landlord pursuant to this Lease which relate to the period after (but excluding)
                                         the Break Date.

 

		8	ACCIDENTAL
                                         HAPPENINGS OR INJURIES

 

		8.1	The Landlord shall not be responsible
                                         to the Tenant or the Tenant’s licensees servants agents tradesmen or other persons
                                         in the Premises or any part thereof or calling upon the Tenant or upon the Science Park
                                         for any accidental happening or injury suffered to or loss of any chattel or property
                                         (save where the same are due to the act, default or negligence of the Landlord or the
                                         Landlord’s employees servants agents tradesmen or those under the control of the
                                         Landlord) sustained on the Premises the Science Park or any part thereof.

 

    	 	PAGE 43	 

     

    

 

		8.2	The Landlord shall not be liable
                                         to the Tenant or any other person claiming through the Tenant for any loss or damage
                                         whatsoever which may be caused by stoppage interruption or defect of any plant or machinery
                                         in or service to the Premises or the Science Park or any neighbouring premises provided
                                         that the Landlord shall use all reasonable endeavours to prevent or mitigate the effect
                                         of such stoppage, interruption or defect and to remedy such matters as soon as possible.

 

		9	NOTICES

 

This Lease shall incorporate
the provisions as to notices contained in section 196 Law of Property Act 1925 as amended by the Recorded Delivery Service Act
1962 and every notice required to be given hereunder shall be in writing.

 

		10	VAT

 

		10.1	All rents and other sums payable
                                         by the Tenant hereunder which are for the time being subject to VAT shall be considered
                                         to be tax exclusive sums and the VAT at the appropriate rate for the time being shall
                                         be payable by the Tenant in addition.

 

		10.2	The Tenant shall indemnify
                                         and keep indemnified the Landlord against any VAT paid or payable by the Landlord in
                                         respect of any costs, fees, disbursements, expenses or other sums which the Landlord
                                         is entitled to recover under the terms of this Lease.

 

		11	SURETY’S
                                         COVENANTS

 

The Surety covenants with the
Landlord in the terms of Schedule 6.

 

		12	LANDLORD
                                         AND TENANT (COVENANTS) ACT 1995

 

This Lease is a new tenancy
within the meaning of section 1 Landlord and Tenant (Covenants) Act 1995.

 

    	 	PAGE 44	 

     

    

 

		13	ADDRESS
                                         FOR RENT DEMANDS

 

Whilst GW Pharma Limited is
the Tenant all rent demands should be sent to c/o GW Pharmaceuticals plc, Building 114, Porton Down Science Park, Porton, Wiltshire
SP4 OJQ unless it notifies the Landlord of another address.

 

		14	LANDLORD
                                         AND TENANT ACT 1954

 

The parties agree that, in the
event of a renewal of this Lease pursuant to the Landlord & Tenant Act 1954, any renewal lease shall not reserve the Fit Out
Rent as rents payable by the Tenant.

 

		15	DELIVERY
                                         AS A DEED

 

This document shall be treated
as having been executed as a deed only upon being dated.

 

		16	RIGHTS OF
                                         THIRD PARTIES

 

No person other than a contracting
party may enforce any provision of this Lease by virtue of the Contracts (Rights of Third Parties) Act 1999.

 

		17	GOVERNING
                                         LAW

 

		17.1	This deed shall be governed
                                         by and construed in accordance with English law.

 

		17.2	Each party irrevocably submits
                                         to the exclusive jurisdiction of the English courts to settle any dispute which may arise
                                         under or in connection with this deed or the legal relationships established by this
                                         deed.

 

In witness of the above the parties have executed this
deed the day and year first before written

 

    	 	PAGE 45	 

     

    

 

SCHEDULE 1

 

RIGHTS GRANTED

 

		1	The right in common with all others
                                         having similar rights from time to time -

 

		1.1	of passage to and from the Premises
                                         with or without vehicles over the Access Roads subject to the Landlord’s right
                                         in its absolute discretion to alter, stop up or divert the Access Roads or any part or
                                         parts of them at any time during the Term provided that -

 

		(a)	any expenses in altering,
                                         stopping up or diverting the Access Roads are borne by the Landlord; and

 

		(b)	the Landlord leaves available
                                         for use by the Tenant reasonable means of access to the Premises;

 

		1.2	of full, free and uninterrupted
                                         passage and running of water, soil, gas, electricity and all other services from and
                                         to the Premises through the Conducting Media which are now in, upon, over or under other
                                         parts of the Science Park.

 

		2	The exclusive right to use 42
                                         car parking spaces edged blue on the plan attached hereto but -

 

		2.1	only for parking private motor
                                         cars (duly insured and taxed for use on the public highway) belonging to the Tenant or
                                         any undertenant or their respective invitees or others authorised by them (but for the
                                         avoidance of doubt the Tenant shall not be entitled to demand any consideration in money
                                         or money’s worth from any third party for the use of such spaces); and

 

		2.2	if at any time acting reasonably
                                         and in the interests of good and proper estate management the Landlord desires to re-designate
                                         all or any of the said parking spaces, the Landlord shall have full right and liberty
                                         so to do on giving to the Tenant prior written notice of such re-designation, but at
                                         its own expense and subject to the Landlord making available for use by the Tenant always
                                         at least the same number of parking spaces as are edged blue on the aforementioned plan.

    	 	PAGE 46	 

     

    

 

SCHEDULE 2

 

RIGHTS RESERVED

 

		1	The full, free and uninterrupted
                                         passage and running of water, soil, gas, electricity and all other services for the benefit
                                         of the Landlord and the owners, tenants or occupiers for the time being of the adjoining
                                         or neighbouring premises through the Conducting Media which are now or may at any time
                                         hereafter be in, upon, over or under the Premises.

 

		2	The right at all reasonable times
                                         to enter such parts of the Premises as may be necessary after three working days’
                                         prior notice (except in case of emergency) for the purposes of -

 

		2.1	anything connected with the
                                         provision of the services referred to in clauses 4.3 and 4.4;

 

		2.2	carrying out an assessment or
                                         survey of the Premises for the purposes of obtaining an EPC;

 

		2.3	connecting, laying, inspecting,
                                         cleansing, maintaining, repairing, replacing, amending, altering, relaying or renewing
                                         the Conducting Media; and/or

 

		2.4	erecting, constructing or laying
                                         in, under, over or across such reasonable parts of the Premises (as shall be agreed with
                                         the Tenant (whose agreement shall not be unreasonably withheld or delayed) any Conducting
                                         Media, poles, structures, fixtures or other works for the drainage of or for the supply
                                         of water, gas, electricity, telephone, heating, steam and other services to any adjoining
                                         or neighbouring premises;

 

subject to performing such tasks as quickly
as reasonably practicable.

 

		3	The right to erect scaffolding
                                         (and the right to enter in order to erect such scaffolding) for the purpose of inspecting
                                         repairing or cleaning the Premises or any buildings now or after the date of this Lease
                                         on adjoining or neighbouring premises notwithstanding that such scaffolding may temporarily
                                         restrict the access of light and air to the Premises.

 

    	 	PAGE 47	 

     

    

 

		4	The right to enter after three
                                         working days’ prior notice (except in case of emergency) upon the Premises for
                                         the purpose of carrying out any necessary repairs, alterations or improvements to any
                                         adjoining or neighbouring premises

 

		5	The Landlord must make good in
                                         a reasonable manner to the Tenant’s reasonable satisfaction all damage occasioned
                                         to the Premises in the exercise of the rights referred to in paragraphs 2, 3 and 4 above
                                         but the Landlord will not be liable to pay compensation for any inconvenience caused
                                         to the Tenant.

 

		6	All rights of light and air which
                                         the Premises enjoy over any other property.

 

		7	The right to deal with, modify
                                         or vary all covenants of which the Premises enjoy the benefit provided that in so doing
                                         the Tenant’s use of the Premises shall not be materially adversely affected.

 

		8	All rights of entry in clause
                                         3 of this Lease.

 

		9	The right to erect any new buildings
                                         of any height on adjoining or neighbouring premises in such manner as it shall think
                                         fit notwithstanding the fact that the same may obstruct affect or interfere with the
                                         amenity of or access to the Premises or the passage of light and air to the Premises.

 

    	 	PAGE 48	 

     

    

 

SCHEDULE 3

 

DOCUMENTS TO BE OBSERVED

 

		1	All those documents and matters
                                         referred to in the Property and Charges Registers of the Landlord’s freehold title
                                         of the Science Park as registered at the Land Registry under title number ***      
                                         as at 3 December 2012 at 09-36-05 (save for any financial charges) in so far as
                                         the same relate to the Premises.

 

		2	Wayleaves granted to The South
                                         Eastern Electricity Board variously -

 

		2.1	dated 26 January 1967 between
                                         Shell Research Limited (1) and The South Eastern Electricity Board (2); and

 

		2.2	dated 15 February 1989 between
                                         Shell Research Limited (1) and The South Eastern Electricity Board (2).

 

		3	Wayleave agreement dated 21 May
                                         2010 between Sittingbourne (No. 1) Limited and Sittingbourne (No. 2) Limited (1) and
                                         British Telecommunications plc (2).

 

 

		***	Portions of this
                                         page have been omitted pursuant to a request for Confidential Treatment and filed separately
                                         with the Commission.

 

    	 	PAGE 49	 

     

    

 

SCHEDULE 4

 

SERVICE CHARGE

 

PART A

 

		1	The service charge referred to
                                         in this Schedule (the ‘Service Charge’) shall be the Fixed Charge
                                         as defined in Schedule 5.

 

		2	The Tenant shall pay the Fixed
                                         Charge by equal quarterly payments in advance on the usual quarter days and so in proportion
                                         for any broken period.

 

		3	Notwithstanding the other provisions
                                         of this Part of this Schedule the first payment of the Fixed Charge for the period from
                                         the Term Commencement Date to the next quarter day hereafter shall be paid on or before
                                         the date of this Lease.

 

		4	The Landlord shall not be concerned
                                         in the administration and collection of or accounting for the Service Charge on an assignment
                                         of this Lease and accordingly the Landlord shall -

 

		4.1	not be required to make any
                                         apportionment relative to the assignment; and

 

		4.2	be entitled to deal exclusively
                                         with the Tenant in whom this Lease is for the time being vested (and for this purpose
                                         in disregard of any assignment which has not been registered in accordance with clause
                                         3.20).

 

PART B

 

		1	Maintaining, repairing, cleansing,
                                         decorating and renewing (and landscaping as deemed appropriate by the Landlord in its
                                         discretion) the Centre Common Parts.

 

		2	Providing security at the Science
                                         Park to include (if and as deemed necessary by the Landlord in its discretion acting
                                         reasonably) 24 hour manned presence CCTV surveillance security fencing and gates or other
                                         equivalent perimeter security measures.

 

    	 	PAGE 50	 

     

    

 

SCHEDULE 5

 

INDEX-LINKED REVIEW OF SERVICE CHARGE

 

		1	In this Schedule the following
                                         expressions shall have the meanings set opposite them -

 

	‘Fixed Charge’	from and including the Term Commencement Date to and including 24 December 2016
    the Initial Charge and from and including 25 December 2016 as determined in accordance with paragraph 2 of this Schedule 5
    on an annual basis;
	 	 
	‘Review Date’	the 25th day of December 2016 and every anniversary of that date and the date which is one
    day before the date on which the Term would expire by effluxion of time (disregarding any statutory continuation thereof);
	 	 
	‘Initial Charge’	£***  per annum;
	 	 
	‘Index’	the Index of Retail Prices (All Items) published by H M Government or any equivalent index
    stated by H M Government to be the official successor to the Index of Retail Prices (All Items)
	 	 
	 	PROVIDED that if the method of computation and/or the reference base of the Index shall
    materially change after the date of this Lease then the figure deemed to be shown in the Index for the purposes of this Lease
    after such change shall be the figure which would have been shown in the Index if the method of computation and/or reference
    base current at the date of this Lease had been retained, and any official reconciliation between such differing methods of
    computation or reference bases shall be binding on the parties to this Lease;

 

 

 

 

 

		***	Portions of this
                                         page have been omitted pursuant to a request for Confidential Treatment and filed separately
                                         with the Commission.

 

    	 	PAGE 51	 

     

    

 

	‘Relevant Fraction’	a fraction of which the numerator is the figure of the Index published in the
    four weeks preceding the relevant Review Date and the denominator is the figure of the Index published in April 2016;
	 	 
	‘Expert’	an independent chartered accountant (acting as an expert) being a partner in or a director
    of a leading firm or company of chartered accountants to be nominated in default of agreement by the Landlord and the Tenant
    by the President for the time being of the Institution of Chartered Accountants in England and Wales on the application of
    the Landlord or the Tenant made not more than one month before the relevant Review Date.

 

		2	From and including each Review
                                         Date the Fixed Charge shall be whichever is the higher of -

 

		(a)	the Fixed Charge which was
                                         payable immediately before the relevant Review Date (the ‘Old Charge’);
                                         and

 

		(b)	the figure calculated by
                                         multiplying the Initial Charge by the Relevant Fraction (the ‘Revised Charge’).

 

		3	If the Landlord and the Tenant
                                         shall fall to agree upon the Revised Charge, then either of them may not more than one
                                         month before the relevant Review Date require the Revised Charge to be determined by
                                         the Expert.

 

    	 	PAGE 52	 

     

    

 

		4	The Expert shall on being appointed
                                         invite the Landlord and the Tenant to submit to him within such time limits as he shall
                                         consider appropriate (but not being less than 21 days) representations and cross representations
                                         as to the calculation of the Revised Charge, supported if they so wish by a statement
                                         of reasons and/or schedule of calculations. The Expert shall consider such matters submitted
                                         to him but shall not be fettered thereby and shall determine the Revised Charge in accordance
                                         with his own knowledge, judgment and opinion having regard to such matters as he may
                                         consider appropriate. The Expert’s decision shall (save as to any question of law)
                                         be final and binding on all matters referred to him under this Lease.

 

		5	If after the date of this Lease
                                         it becomes impossible (because of any change in the methods used to calculate the Index,
                                         or for any other reason) to calculate the Revised Charge, then the Expert shall have
                                         full power to determine what the increase in the Index would have been had it continued
                                         on the same basis as is assumed to be available for the operation of this rent review
                                         or (if that determination shall also be impossible) shall determine a reasonable charge
                                         having regard to the purposes and intent of this Schedule.

 

		6	If the Expert shall die or be
                                         unable or unwilling to accept his appointment or to carry out his functions then either
                                         the Landlord or the Tenant may apply for a replacement to be appointed in his stead,
                                         and this procedure may be repeated as often as necessary.

 

		7	If at any Review Date there is
                                         any statutory restriction upon the review or increase of the Fixed Charge or the Landlord’s
                                         right to recover it, then at any time after the lifting, removal or modification of such
                                         restriction and prior to the next following Review Date the Landlord may give the Tenant
                                         not less than one month’s notice requiring an additional review to take place on
                                         a quarter day to be specified in such notice which quarter day shall thereupon be treated
                                         for the purposes of this Lease as a Review Date.

 

		8	The costs of the Expert and the
                                         parties’ costs of the reference to him shall lie in his award but, in the absence
                                         of such award, the Landlord and Tenant shall each bear their own costs and one half of
                                         the Expert’s costs. One party may pay the costs required to be borne by another
                                         party if they remain unpaid for more than 14 days after they become due, and then recover
                                         these and any incidental expenses incurred from that other party on demand.

 

		9	Time is not of the essence in
                                         relation to any matter contained in this Schedule.

 

    	 	PAGE 53	 

     

    

 

		10	If the Revised Charge has not
                                         been ascertained by the relevant Review Date, then the Old Charge shall be payable until
                                         such time as the Revised Charge has been ascertained.

 

		11	Once the Revised Charge has been
                                         ascertained, the Tenant shall on demand pay the Landlord a sum equal to the amount (if
                                         any) by which the Revised Charge exceeds the Old Charge for the period from the relevant
                                         Review Date until the next quarter day following the date of such demand together with
                                         interest on each quarterly shortfall calculated on a daily basis from the date upon which
                                         each instalment of the shortfall would have been payable if the Revised Charge had then
                                         been ascertained at the base rate of Barclays Bank plc until seven days after the date
                                         of such demand, and thereafter together with interest calculated on a daily basis at
                                         the rate referred to in clause 5.1(a).

 

		12	The Landlord and the Tenant may
                                         at any time settle the Revised Charge in more than one amount and agree to reserve such
                                         amounts increasing in steps until the next Review Date or, if none, until the termination
                                         of the Term, or as they may otherwise agree.

 

		13	The parties will procure that
                                         a memorandum of the Revised Charge signed by the Landlord and Tenant shall be endorsed
                                         on or annexed to this Lease and its counterpart.

 

    	 	PAGE 54	 

     

    

 

SCHEDULE 6

 

COVENANTS BY THE SURETY

 

		1	The Surety (if any) in consideration
                                         of the grant of this Lease (or the agreement to the assignment of this Lease as appropriate)
                                         COVENANTS AND GUARANTEES with and to the Landlord that -

 

		1.1	The Tenant shall punctually
                                         pay the rents and perform and observe the covenants and other terms of this Lease.

 

		1.2	If the Tenant shall make any
                                         default in payment of the rents or in performing or observing any of the covenants or
                                         other terms of this Lease the Surety will pay the rents and perform or observe the covenants
                                         or terms in respect of which the Tenant shall be in default and make good to the Landlord
                                         on demand and indemnify the Landlord against all losses, damages, costs and expenses
                                         arising or incurred by the Landlord as a result of such non-payment, non-performance
                                         or non-observance notwithstanding -

 

		(a)	any time or indulgence granted
                                         by the Landlord to the Tenant or any neglect or forbearance of the Landlord in enforcing
                                         the payment of the rents or the observance or performance of the covenants or other terms
                                         of this Lease;

 

		(b)	that the terms of this Lease
                                         may have been varied by agreement between the parties;

 

		(c)	any other act or thing (apart
                                         from an express release by deed) by which but for this provision the Surety would have
                                         been released.

 

		1.3	These provisions are to take
                                         effect immediately on the grant (or the assignment as appropriate) of the Lease to the
                                         Tenant and are to remain in force so long and to the extent that the Tenant is not released
                                         by law from liability for any of the covenants and other terms of this Lease.

 

    	 	PAGE 55	 

     

    

 

		2	The Surety FURTHER COVENANTS
                                         with the Landlord that if this Lease is disclaimed or forfeited prior to any lawful
                                         assignment by the Tenant of this Lease the Landlord may within six months after the disclaimer
                                         or forfeiture by notice in writing require the Surety to accept a new lease of the Premises
                                         for a term equivalent to the residue which if there had been no disclaimer or forfeiture
                                         would have remained of the Term at the same rent and subject to similar covenants and
                                         conditions as are payable under and applicable to the tenancy immediately before the
                                         date of such disclaimer or forfeiture (such new lease and the rights and liabilities
                                         under it to take effect as from the date of such disclaimer or forfeiture) and in such
                                         case the Surety shall pay the Landlord’s costs incurred by the Landlord in connection
                                         with such new lease and the Surety shall accept such new lease accordingly and will execute
                                         and deliver to the Landlord a counterpart of it.

 

		3	If this Lease is disclaimed or
                                         forfeited and for any reason the Landlord does not require the Surety to accept a new
                                         lease of the Premises in accordance with paragraph 2 the Surety shall pay to the Landlord
                                         on demand an amount equal to the difference between any money received by the Landlord
                                         for the use or occupation of the Premises (less any expenditure incurred by the Landlord
                                         in connection with the Premises) and the rents which would have been payable under the
                                         Lease but for such disclaimer or forfeiture in both cases for the period commencing with
                                         the date of such disclaimer or forfeiture and ending on whichever is the earlier of the
                                         following dates -

 

		(a)	the date six months after
                                         such disclaimer or forfeiture; and

 

		(b)	the date (if any) upon which
                                         the Premises are relet.

 

		4	The Surety FURTHER COVENANTS
                                         and guarantees the obligations of the Tenant under any Authorised Guarantee Agreement
                                         entered into by the Tenant pursuant to the terms of this Lease.

 

		5	It is hereby agreed that if any
                                         payment is made under the terms of this guarantee and the Surety is thereupon subrogated
                                         to all the Landlord’s rights of recovery in relation thereto then the Surety shall
                                         not exercise any such rights against the Tenant.

 

		6	For the purposes of these provisions
                                         references to the Tenant are to the Tenant in relation to whom the Surety’s covenant
                                         is given but not any lawful assignee of such Tenant.

 

    	 	PAGE 56	 

     

    

 

SCHEDULE 7

 

AUTHORISED GUARANTEE AGREEMENT

 

		1	The Tenant in consideration of
                                         the agreement to the assignment of the Lease COVENANTS AND GUARANTEES with and
                                         to the Landlord that -

 

		1.1	The Assignee shall punctually
                                         pay the rents and perform and observe the covenants and other terms of the Lease.

 

		1.2	If the Assignee shall make any
                                         default in payment of the rents or in performing or observing any of the covenants or
                                         other terms of the Lease the Tenant will pay the rents and perform and observe the covenants
                                         or terms in respect of which the Assignee shall be in default and make good to the Landlord
                                         on demand and indemnify the Landlord against all losses, damages, costs and expenses
                                         arising or incurred by the Landlord as a result of such non-payment, non-performance
                                         or nonobservance notwithstanding -

 

		(a)	any time or indulgence granted
                                         by the Landlord to the Assignee or any neglect or forbearance of the Landlord in enforcing
                                         the payment of the rents or the observance or performance of the covenants or other terms
                                         of the Lease;

 

		(b)	that the terms of the Lease
                                         may have been varied by agreement between the parties (but subject always to section
                                         18 Landlord and Tenant (Covenants) Act 1995);

 

		(c)	any other act or thing (apart
                                         from an express release by deed) by which but for this provision the Tenant would have
                                         been released.

 

		2	The Tenant FURTHER COVENANTS
                                         with the Landlord that if the Lease is disclaimed prior to any lawful assignment
                                         by the Assignee of the Lease the Landlord may within six months after the disclaimer
                                         require the Tenant to accept a new lease of the Premises for a term equivalent to the
                                         residue which if there had been no disclaimer would have remained of the Term at the
                                         same rent and subject to similar covenants and conditions as are payable under and applicable
                                         to the tenancy immediately before the date of such disclaimer (such new lease and the
                                         rights and liabilities under it to take effect as from the date of such disclaimer) and
                                         in such case the Tenant shall pay the Landlord’s costs incurred by the Landlord
                                         in connection with such new lease and the Tenant shall accept such new lease accordingly
                                         and will execute and deliver to the Landlord a counterpart of it.

 

    	 	PAGE 57	 

     

    

 

		3	If the Lease is disclaimed and
                                         for any reason the Landlord does not require the Tenant to accept a new lease of the
                                         Premises in accordance with paragraph 2 the Tenant shall pay to the Landlord on demand
                                         an amount equal to the difference between any money received by the Landlord for the
                                         use or occupation of the Premises (less any expenditure incurred by the Landlord in connection
                                         with the Premises) and the rents which would have been payable under the Lease but for
                                         such disclaimer in both cases for the period commencing with the date of such disclaimer
                                         and ending on whichever is the earlier of the following dates -

 

		(a)	the date six months after
                                         such disclaimer;

 

		(b)	the end or sooner determination
                                         of the Term.

 

		4	Notwithstanding any of the above
                                         provisions the Tenant -

 

		(a)	shall not be required to
                                         guarantee in any way the liability for the covenants and other terms of the Lease of
                                         any person other than the Assignee; and

 

		(b)	shall not be subject to
                                         any liability, restriction or other requirement (of whatever nature) in relation to any
                                         time after the Assignee is by law released from the covenants and other terms of the
                                         Lease.

 

		5	It is hereby agreed that if any
                                         payment is made under the terms of this guarantee and the Tenant is thereupon subrogated
                                         to all the Landlord’s right of recovery in relation thereto then the Tenant shall
                                         not exercise any such rights against the Assignee.

 

		6	No person other than a contracting
                                         party may enforce any provision of this Deed by virtue of the Contracts (Rights of Third
                                         Parties) Act 1999.

 

		7	Words and expressions used in
                                         this Deed shall have the same meaning as in the Lease.

 

    	 	PAGE 58	 

     

    

 

SCHEDULE 8

 

THE REGULATIONS

 

		1	Not to store rubbish or waste
                                         of any description outside the Premises save in any area so designated by the Landlord
                                         from time to time.

 

		2	Not to allow empty containers
                                         or rubbish of any description to accumulate upon the Premises or the Centre Common Parts
                                         nor to discharge into the Conducting Media or onto any wall or parking area or forecourt
                                         of the Science Park any deleterious matter or substance including chemicals radioactive
                                         material diesel fuel or oil which might be or become a source of danger or injury to
                                         the Conducting Media or any other property or person.

 

		3	Not to use any container for rubbish
                                         or refuse other than such type and so constructed as to prevent any leakage or spillage
                                         therefrom and to keep the same in the area (if any) provided for the purpose and to prevent
                                         such rubbish or refuse causing a nuisance or annoyance to the Landlord or the owners
                                         or occupiers of neighbouring premises.

 

		4	Not to use any part of the Premises
                                         in such manner as to subject it to any excessive strain or interference and not to install
                                         machinery on the Premises which shall be unduly noisy or cause vibration.

 

		5	Not to do anything on the Premises
                                         which might reasonably be expected to produce directly or indirectly corrosive fumes
                                         or vapours or moisture or humidity in excess of that which the Premises were designed
                                         to bear and are otherwise reasonable.

 

		6	Not to load or unload any vehicle
                                         unless the vehicle shall be in a loading area provided from time to time for that purpose
                                         and not to obstruct or damage any access ways roads or landscaped areas in the Science
                                         Park or leading to the Premises.

 

		7	In the event of a spill or deposit
                                         on the Premises of any Hazardous Materials to inform the Landlord of this and permit
                                         him to enter and inspect the Premises.

 

		8	To observe the speed limits and
                                         traffic signs on the Access Roads.

 

    	 	PAGE 59	 

     

    

 

SCHEDULE 9

 

UTILITIES CHARGE

 

		1	In this Schedule, the following
                                         meanings shall apply -

 

		1.1	‘Estimated Utilities
                                         Charge’ means the Landlord’s reasonable and proper estimate of the Utilities
                                         Charge for the forthcoming Utilities Charge Period.

 

		1.2	‘Utilities Charge’
                                         means the cost referred to in clause 3.2, calculated in accordance with this Schedule;

 

		1.3	‘Utilities Charge Period’
                                         means each period of 12 months commencing on the Term Commencement Date falling wholly
                                         or partly within the Term (but only to the extent falling within the Term) provided that
                                         the Landlord may vary the Utilities Charge Period at its sole discretion at any time
                                         during the Term;

 

		1.4	‘End Date’
                                         means the date on which the Term expires or (if earlier) on which the Term is determined;

 

		1.5	‘Final Utilities Charge
                                         Period’ means the Utilities Charge Period which ends on the End Date;

 

		1.6	‘First Utilities Charge
                                         Period’ means the Utilities Charge Period which begins when the Term commences;

 

		1.7	‘Meters’
                                         means the measuring equipment (if any) installed in the Building for the purposes of
                                         measuring the supply of services to the Premises.

 

		2	Subject to paragraph 8, the Landlord
                                         will, prior to each Utilities Charge Period (or on or prior to the commencement of the
                                         Term, in the case of the First Utilities Charge Period), submit to the Tenant a statement
                                         setting out the Estimated Utilities Charge for the forthcoming Utilities Charge Period.

 

    	 	PAGE 60	 

     

    

 

		3	The Tenant will pay the Estimated
                                         Utilities Charge to the Landlord by equal quarterly payments in advance on the usual
                                         quarter days, the first payment (being the due proportion for the period commencing on
                                         and including the Term Commencement Date and ending on the day before the next quarter
                                         day hereafter) to be paid on or before the date of this Lease.

 

		4	At the end of each Utilities Charge
                                         Period the Landlord shall procure that readings are taken and recorded from the Meters
                                         and the readings taken and recorded shall (subject to manifest error) be accepted by
                                         the Landlord and the Tenant. Should Meters not be installed the Landlord’s surveyor
                                         shall calculate (the Landlord’s surveyor’s determination to be conclusive)
                                         a just proportion fairly attributable to the Premises of the actual cost to the Landlord
                                         of supplying the relevant services to the Science Park during the relevant Utilities
                                         Charge Period and such proportion shall be the Utilities Charge for the relevant Utilities
                                         Charge Period.

 

		5	Upon having taken the readings
                                         or made the calculations in accordance with paragraph 4, the Landlord shall deliver
                                         to the Tenant a statement setting out in respect of the previous Utilities Charge Period
                                         -

 

		5.1	the Estimated Utilities Charge
                                         received from the Tenant;

 

		5.2	the Utilities Charge; and

 

		5.3	the difference (if any) between
                                         the sums referred to in paragraphs 5.1 and 5.2.

 

		6	If in respect of a Utilities Charge
                                         Period the Utilities Charge is more or less than the Estimated Utilities Charge received
                                         from the Tenant then any sum payable to or by the Landlord by way of adjustment (with
                                         the intent that the Tenant shall have paid the whole of the Utilities Charge to the Landlord
                                         in respect of the relevant Utilities Charge Period) will become due and shall be paid
                                         by the Tenant (within 14 days of delivery of the statement referred to in paragraph 5)
                                         or credited to the Tenant for the succeeding Utilities Charge Period (or paid to the
                                         Tenant in the case of the Final Utilities Charge Period) as the case may require.

 

    	 	PAGE 61	 

     

    

 

		7	The Tenant shall be liable only
                                         for the Utilities Charge up to and including the End Date but the provisions of this
                                         schedule shall otherwise continue to apply after the End Date.

 

		8	The Landlord may, on prior written
                                         notice to the Tenant, vary the means by which the Utilities Charge is charged to the
                                         Tenant provided that such variation is fair, proper and in the interests of good estate
                                         management.

 

		9.1	Within one month after delivery
                                         to the Tenant of the statement referred to in paragraph 5 (time being of the essence)
                                         the Tenant may request the Landlord to provide (and the Landlord will promptly provide)
                                         to the Tenant all vouchers and invoices which the Tenant shall reasonably need in order
                                         to satisfy itself as to the accuracy of the Utilities Charge in accordance with this
                                         Schedule.

 

		9.2	Within two months after delivery
                                         of the statement referred to in paragraph 5 (time being of the essence) the Tenant may
                                         challenge it on the ground that it contains errors or is otherwise incorrectly drawn
                                         by giving to the Landlord notice to that effect but only if it has first made full payment
                                         of any amount due from the Tenant under paragraph 6 and if so -

 

		(a)	both parties must endeavour
                                         to resolve the relevant issue; but if they cannot do so;

 

		(b)	the issue in dispute may
                                         be referred by either party to the determination of an independent surveyor being such
                                         a person as is mentioned in clause 5.3(a) and who shall be appointed as mentioned in
                                         clause 5.3(b) and clauses 5.3(c), 5.3(d), 5.3(e), 5.3(f) and 5.3(g) shall also apply
                                         and the independent surveyor’s determination shall be final and binding on the
                                         parties Provided that if and whenever any person so appointed shall die, be adjudged
                                         bankrupt or become of unsound mind or if both the Landlord and the Tenant shall serve
                                         upon such person written notice that in their opinion he has unreasonably delayed making
                                         such determination such person shall ipso facto be discharged and be entitled only to
                                         his reasonable expenses prior to such discharge and another such independent surveyor
                                         shall be appointed to act in his place;

 

    	 	PAGE 62	 

     

    

 

		(c)	any adjustments to the statement
                                         required to be made in consequence of the determination of the independent surveyor shall
                                         be made and any sum payable to or by the Landlord shall immediately be paid (with interest
                                         in respect of the period during which the relevant amount has been underpaid, such interest
                                         to be at the base rate for the time being of Barclays Bank PLC or, in the event of such
                                         rate ceasing to be published, at such equivalent rate as the Landlord shall notify to
                                         the Tenant) or allowed as appropriate;

 

but if not the Tenant’s
right of challenge to that statement shall lapse.

 

		10	The Landlord shall not be concerned
                                         in the administration and collection of or accounting for the Utilities Charge on an
                                         assignment of this Lease and accordingly the Landlord shall -

 

		10.1	not be required to make any
                                         apportionment relative to the assignment and

 

		10.2	be entitled to deal exclusively
                                         with the Tenant in whom this Lease is for the time being vested (and for this purpose
                                         in disregard of any assignment which has not been registered in accordance with clause
                                         3.20).

 

		11	The statement referred to in
                                         paragraph 5 shall for the purposes of this Schedule be deemed to have been delivered
                                         to the Tenant on the next working day after it is posted by first class post to the address
                                         referred to in clause 13 or to such other address as may have been notified by the Tenant
                                         to the Landlord as the address to which rent demands should be sent.

 

    	 	PAGE 63	 

     

    

 

ANNEXURE 1

 

RENT REVIEW SPECIFICATION

 

    	 	PAGE 64	 

     

    

 

RENT REVIEW SPECIFICATION FOR TECHNOLOGY UNIT 2 - G.Pharm
MANUFACTURING FACILITY AT KENT SCIENCE PARK

 

Introduction.

 

The works comprise the first phase
of a proposed Production Facility situated in ***      within ***           and
consists of a 1109 m2 steel framed building (8.565 m to eaves and 10.060 to ridge) with insulated cladding to walls and roof and
a mezzanine floor of 765m2, together with car park, service area, stores and compounds, barriers and fencing to form a secure
facility.

 

The basic build prior to tenant
fitting out comprises an open plan portal frame building with insulated wall and roof cladding with a small area of first floor,
served by an internal staircase and mezzanine plant rooms with an enclosed escape stair. Concrete ground slab and first floor
suspended slabs have been designed for the following imposed loads, 40 kN/m2 Ground floor and 7.5 kN/m2 First Floor and are to
have power floated finish to receive tenant finishes. Finish to the internal face of the external walls will be the pre-finished
inner face of the external wall cladding. Inner lining by tenant.

 

The general specification is as
follows:-

 

Foundations to comprise reinforced
concrete pad foundations to column bases with concrete edge beam to support cavity brickwork to dpc level. Oversite reinforced
concrete slab, laid on hard-core with insulation under, slab to include recesses, plinths, and movement joints and to have power
float finish.

 

Structural steel frame 8.585m
to eaves and 10.060m to ridge complete with cladding rails I purlins to accept wall cladding and roof sheeting. Structural steel
frame to form mezzanine floor (frame designed to facilitate easy removal on expiry of lease) Mezzanine floor comprising 150mm
reinforced concrete slab on Kingspan Multideck permanent formwork, with concrete upstands to perimeter. Steel trimmers within
external wall structure to enable formation of roller shutter openings at some future date. Steelwork to include lifting beam.

 

Steelwork to receive intumescent
spray painted fire protection.

 

Roof cladding to be Kingspan KS1000
RW 100mm thick composite panel complete with Plastisol Highline eaves/ gutter detail and rainwater pipes. Provision of two canopies.

 

Roof works to include mansafe
system and Kingspan polycristaline PV panels.

 

Flat roof areas to fire escape
stair and canopies to be single membrane high performance roofing on plywood decking insulated as required.

 

 

 

 

 

		***	Portions of this
                                         page have been omitted pursuant to a request for Confidential Treatment and filed separately
                                         with the Commission.

 

    	 	PAGE 65	 

     

    

 

Precast concrete and steel staircases
to form access stair to first floor and escape stair complete with handrails to detail (total 7 No. stairs / maintenance access)
all with handrails l balustrades.

 

External walls to be cavity wall
to dpc level comprising block inner leaf and facing brick outer skin with cavity insulation. Wail cladding above this level to
be Kingspan K5900 MR composite panels complete with flashings, trims etc and non-standard colour feature panels around entrance.
Provision for removable panels, fire barriers and fire stopping.

 

Aluminium louvres to match cladding
as described.

 

Windows Double glazed colour coated
aluminium windows complete with ironmongery as required.

 

Curtain walking complete with
main double entrance doors Personnel / fire escape doors to be aluminium in metal frames with solid infill panels.

 

Power operated roller shutter
door and double doors to DAP plant compound.

 

Form DAP compound adjacent to
DAP room.

 

Externally.

 

Drainage. Roof surface water to
discharge through externally fixed rainwater pipes via drainage system to soakaways. Car park run off and surface water drainage
from yard and service area to discharge to soakaways via interceptors. Solvent stores and fuel tanks to be fully bunded.

 

Foul drainage to connect via foul
sewer within Shimmin Road and then into existing foul drainage installation.

 

Provide underground ducts, draw
pits and access chambers for incoming services, CCTV installation, data.

 

Incoming services water, electricity
will be suitably terminated within the building for extension by the tenant.

 

Medium temperature hot water via
the sitewide MTHW will be terminated at the site boundary for extension by the tenant.

 

Form tarmac finished car park
complete with pcc kerbs, edgings and Line markings including cycle store and disabled parking area.

 

Construct reinforced concrete
access controlled service area including bin store, plant compound solvent stores and waste collection area. Service access to
be tarmac finish.

 

    	 	PAGE 66	 

     

    

 

Excavate for and form reinforced
concrete foundation to sprinkler tank and pump housing. Maintenance access to tank / pump house to be grasscrete paving.

 

Precast concrete footpaths around
building, complete with edgings and bollards where required. Top soil and seeding to remaining areas.

 

Fencing to perimeter of site comprising
weldmesh fencing with GRP palisade fencing to rear boundary. Palisade fencing complete with gates to chiller compound, timber
fencing to bin store, alt complete with gates where required.

 

Excavate for and form concrete
foundations for walls, barriers, gates and plant plinths as required. Construct brick boundary wall to Shimmin Road elevation
and provide automatic power operated barrier to service access and swing barrier to service area.

 

    	 	PAGE 67	 

     

    

 

ANNEXURE 2

 

REINSTATEMENT SPECIFICATION

 

    	 	PAGE 68	 

     

    

 

REINSTATEMENT SPECIFICATION FOR RETURNING TECHNOLOGY UNIT
2 - G - PHARM MANUFACTURING FACILITY TO SHELL CONDITION AT EXPIRATION OF LEASE

 

Introduction

 

The purpose of this specification
is to describe those works necessary to return the Production Facility to a shell condition to enable the Landlord to sub-divide
and re-let the unit following the expiration of the OW Pharmaceutical lease.

 

Internally

 

Removal of all tenant fixtures,
fittings and loose furniture.

 

Termination of all process pipework
and services and removal of same together with all process equipment.

 

Removal of all gas lines, solvent
tines and tanks or containers Disconnect and remove all refrigerant lines, chillers and associated plant.

 

Removal of all Air conditioning
plant and pipework both internally and externally from the building.

 

Isolate and strip out all electrical
installations, lighting and power back to main distribution board including stand by generator and UPS installations.

 

Remove all data outlets, data
cableling and IT server room equipment.

 

Remove internal lining to external
wall including column casings, pipework and pipework supports within void.

 

Reinstate wall lining to follow
line of internal face of external wall including column casings.

 

Dismantle and remove cold rooms,
secure rooms and vault and reinstate floor and walls.

 

Demolish all internal walls and
partitions including internal doors, viewing panels and make good structure where removed.

 

Take down all suspended ceilings,
walk on ceilings and supports.

 

Demolish reinforced concrete mezzanine
floor and supporting steelwork including removal of staircases.

 

Take up floor finishings to ground
floor area including skirting area, cut out drainage, plant supports and plinths and reinstate floor surface to power float finish.

 

    	 	PAGE 69	 

     

    

 

Remove all secondary steelwork
acting as plant / pipework support and make good intumescent fire protection as required.

 

Externally

 

Remove all tanks, plant, stacks,
vents and pipework externally to building including supports, plinths and bunds and make good ail surfaces.

 

Remove canopies, tenant signage
and make good cladding.

 

Remove DAP extension, infill removable
panel and make good.

 

Remove chiller compound, solvent
stores and bin store.

 

Remove louvres, vents and pipework
penetrating through wall or roof and replace roof / wall cladding to match existing.

 

Take out redundant windows/ external
doors, curtain walling and non-standard colour wall cladding and infill with new cladding sections to match existing.

 

Dismantle sprinkler tank and pump
house, and remove from site, Break out foundations, disconnect water supply, cap off below ground and reinstate ground.

 

    	 	PAGE 70	 

     

    

 

 

	Signed as a deed on behalf of	)
	AG Kent B.V. a company incorporated	)
	in the Netherlands, by Jean-Baptiste Garcia	)
	and Robert Tieskens, being persons who	)
	in accordance with the laws of that	)
	territory, are acting under the authority	)
	of the company	)

 

	Authorised Signatory	/s/ J. B. Garcia	 
	 	 	 
	Authorised Signatory	Illegible	 

 

	Signed as a deed on behalf of	)
	AG Kent B.V. a company incorporated	)
	in the Netherlands, by Eurostrat	)
	Netherlands Manager, L.L.C.	)
	being persons who	)
	in accordance with the laws of that	)
	territory, are acting under the authority	)
	of the company	)

 

	Authorised Signatory	Illegible	 
	 	 	 
	Authorised Signatory	 	 

 

    	 	PAGE 71	 

     

    

 

	Executed as a deed by	)	 
	GW Pharma Limited	)	/s/ Adam George
	acting by	)	 

 

Director

 

Witness

 

	Signature of Witness	/s/ Neil Tween	 

 

	Name	Neil Tween	 

 

	Address	1 Saberton Close,	 

 

	Waterbeach, CB25 9QW	 

 

	Occupation	Chartered Accountant	 

 

	Executed as a deed by	)	 
	GW Pharmaceuticals plc	)	/s/ Adam George
	acting by	)	 

 

Director

 

Witness

 

	Signature of Witness	/s/ Neil Tween	 

 

	Name	Neil Tween	 

 

	Address	1 Saberton Close,	 

 

	Waterbeach, CB25 9QW	 

 

	Occupation	Chartered Accountant	 

 

    	 	PAGE 72	 

     

    

 

***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		***	Portions of this
                                         page have been omitted pursuant to a request for Confidential Treatment and filed separately
                                         with the Commission.Exhibit 4.59

  

***Certain portions of this exhibit
have been omitted based on a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of
1934, as amended. The omitted portions have been filed separately with the Securities and Exchange Commission.

 

Dated 31st August 2016

 

 

GW PHARMA LIMITED

 

GW PHARMACEUTICALS PLC

 

- and -

 

BRITISH SUGAR PLC

 

 

 

amended
and restated Production AND SUPPLY Agreement

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	DEFINITIONS AND INTERPRETATION	1
	 	 	 
	2.	AMENDMENT AND RESTATEMENT	7
	 	 	 
	3.	CONDITION PRECEDENT	7
	 	 	 
	4.	PROJECT MANAGEMENT	8
	 	 	 
	5.	GLASSHOUSE CONVERSION AND USE OF THE Facility	10
	 	 	 
	6.	APPOINTMENT	11
	 	 	 
	7.	KNOW-HOW TRANSFER/SUPPLY OF PLANTS	11
	 	 	 
	8.	PRODUCTION, DELIVERY AND ACCEPTANCE	12
	 	 	 
	9.	INSPECTIONS AND AUDITS	14
	 	 	 
	10.	INFORMATION SHARING	15
	 	 	 
	11.	DOCUMENTATION, RECORDS AND PERMITS	15
	 	 	 
	12.	FURTHER RIGHTS, OBLIGATIONS AND RESPONSIBILITIES	15
	 	 	 
	13.	CONSIDERATION	17
	 	 	 
	14.	INTELLECTUAL PROPERTY	21
	 	 	 
	15.	CONFIDENTIALITY	21
	 	 	 
	16.	WARRANTIES AND LIABILITY	23
	 	 	 
	17	INSURANCE	24
	 	 	 
	18.	TERM AND TERMINATION	24
	 	 	 
	19.	FINANCIAL SECURITY	27
	 	 	 
	20.	RIGHTS SHORT OF TERMINATION	28
	 	 	 
	21.	INDEMNITY	28
	 	 	 
	22.	MISCELLANEOUS	29
	 	 	 
	23.	PARENT COMPANY GUARANTEE	31
	 	 	 
	SCHEDULES	 
	 	 
	Schedule 1 – Operating Costs and Budget for Costs for 2017	 
	 	 
	Schedule 2 – Project Management and Glasshouse Conversion Project Planning	 
	 	 
	Schedule 3 – British Sugar Depreciation Costs	 
	 	 
	Schedule 4 – Efficiency Savings Example	 
	 	 
	Schedule 5 – Terms of reference for Expert Determination	 
	 	 
	Schedule 6 –Worked Examples of Financial terms	 
	 	 
	Schedule 7 – Administrative Information	 

 

    	 	-i-	 

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	Page
	 	 
	Schedule 8 - Anti-Bribery and Sanctions Rules	 
	 	 
	Schedule 9 - Map of Site, Facility and Growth Rooms	 
	 	 
	Schedule 10 – Financial consequences of termination	 

 

    	 	-ii-	 

     

    

 

THIS PRODUCTION AND SUPPLY AGREEMENT, is entered into
on the        day of         2016

 

between:

 

		(1)	GW PHARMA LIMITED, a company incorporated in accordance with the laws of England (Company
No. 03704998) whose registered office is at Sovereign House, Vision Park, Histon, Cambridge CB24 9BZ, UK (“GW”);

 

		(2)	GW PHARMACEUTICALS PLC, a company incorporated in accordance with the laws of England (Company
No. 04160917) whose registered office is at Sovereign House, Vision Park, Histon, Cambridge CB24 9BZ, UK (“GW Pharmaceuticals”);
and

 

		(3)	BRITISH SUGAR PLC, a company incorporated in accordance with the laws of England (Company
No. 315158) whose registered office is at Weston Centre, 10 Grosvenor Street, London, W1K 4QQ (“British Sugar”).

 

WHEREAS

 

		(A)	GW is developing medicinal products based on the properties of cannabis and owns or otherwise controls
certain patent rights, know-how and plant variety rights covering or otherwise relating to such products.

 

		(B)	British Sugar has the facilities and expertise necessary, in conjunction with GW Know How (as defined
herein), to grow, process and supply cannabis in dried form to GW for use in medicinal products and owns certain Know How (as defined
herein) of its own covering or otherwise relating to general horticultural processes and techniques.

 

		(C)	The Parties entered into a production and supply agreement dated 10 August 2016 (“the Original
Agreement”) under which (i) GW agreed to fund the conversion of the current 45 acre British Sugar glasshouse facility to
be able to grow, harvest, dry and pellet the cannabis crop and (ii) GW appointed British Sugar as a third party supplier to GW
of Botanical Raw Material (as defined herein) and British Sugar accepted the appointment on the terms of the Original Agreement.

 

		(D)	The Parties have now decided to terminate the Original Agreement and enter into this Agreement
which is based on the provisions of Original Agreement but amended to reflect some agreed changes to the commercial terms and to
remove matters that have now been superseded.

 

		(E)	GW understands that British Sugar will have to terminate its current contract with Thanet Earth
Marketing Ltd so as to be able to offer the facilities. The Parties understand that their obligations under this Agreement are
conditional on termination of that contract.

 

		(F)	GW Pharmaceuticals is a party to the Agreement for the purpose of giving the parent company guarantee
in Clause 23 only.

 

IT
IS THEREFORE AGREED AS FOLLOWS:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	The following terms as used in this Agreement shall have the meanings set forth in this Clause.

 

“Affiliate”
– with respect to a Person, any company, partnership or other business entity that controls, is controlled by or is under
common control with, such Person. For the purposes of this definition only, “control” refers to any of the following
(i) the possession, directly or indirectly, of the power to direct the management or policies of an entity, whether through ownership
of voting securities, by contract or otherwise; (ii) ownership of fifty per cent (50%) or more of the voting securities entitled
to vote for the election of directors in the case of a corporation, or of fifty per cent (50%) or more of the equity interest in
the case of any other type of legal entity; (iii) status as a general partner in any partnership, or any other arrangement whereby
a Person controls or has the right to control the Board of Directors or equivalent governing body of a corporation or other entity.

 

    	 	1	 

     

    

 

“Agreement”
- this contract between GW and British Sugar for the supply of BRM as set out in this document and the Schedules hereto.

 

“Anti-Bribery and Sanctions
Rules” – the anti-bribery and sanctions rules set out in Schedule 8.

 

“Area Charge”
- £***      million as such sum is increased under Clause 13.1.4.

 

“Batch” - the
BRM resulting from Harvesting Production Plants of a single Chemovar grown from Cuttings taken and propagated in the same week,
later transferred to the Flowering Zone (as defined in the Technical Agreement) in the same week, treated in all practical terms
identically and Harvested on the same day.

 

“Batch Records”
- all records held by British Sugar, which relate directly to the Production of a Batch.

 

“Botanical Raw Material”
or “BRM” - the dried aerial parts of a Production Plant after it has been stripped from the stem, in baled and
pelleted form, but before it has been processed further. References in this Agreement which pertain to the on-sale or supply by
GW shall be construed to include any product containing BRM.

 

“British Sugar Improvements”
- any and all Improvements to the British Sugar Know How developed by British Sugar whilst performing its obligations under this
Agreement, including improvements to methods, techniques or standard operating procedures generally available to or used by horticultural
growers or producers.

 

“British Sugar Improvements
to GW Know How” - any and all Improvements to the GW Know How or GW Improvements developed in respect of Cannabis
sativa L. growing and harvesting by British Sugar whilst performing its obligations under this Agreement.

 

“British Sugar Know
How” – any and all Know How owned or controlled by British Sugar at the Effective Date which is used by British
Sugar in Producing. For clarity, British Sugar Know How does not include any of GW Know How or GW Improvements licensed to it under
Clause 14.1.

 

“BRM Specifications”
- the specifications set out in the Technical Agreement (as such specifications may be amended from time to time by agreement)
being the specifications for pre-milled BRM, as Produced in accordance with the Growing Protocol.

 

“Business Day”
– 9.00am to 5.30pm UK time on a day other than a Saturday, Sunday or other day on which commercial banks in London, UK, are
authorised or required by Law to close.

 

“Budget for Costs”
– is defined in Clause 13.1.2.

 

“Certificate of Release”
– a certificate of release approved by the appropriate personnel of British Sugar and supplied to GW with the Batch to which
it relates, and which states that at the time of release (i) the Batch has been Produced in all material respects in accordance
with the BRM Specifications, GACP and the Technical Agreement, and (ii) that in the reasonable opinion of British Sugar the Batch
is acceptable for collection by GW.

 

“Chemovar”–
the chemovar of Cannabis sativa L. which has been genetically and chemically characterised by GW and which produces a specified
cannabinoid as the dominant cannabinoid.

 

“Competent Authority”
- any national or local agency, authority, commission, department, inspectorate, minister, ministry, official, parliament, public
or statutory Person (whether autonomous or not) or other instrumentality of the European Community or government of any country
having jurisdiction over either any of the activities contemplated by this Agreement or over the Parties.

 

 

 

 

 

		***	Portions of this page have
been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission.

 

    	 	2	 

     

    

 

“Confidential Information”
- the following, subject to the exceptions set forth in Clause 15.1: (i) the terms and conditions of this Agreement, for which
each Party will be considered a Disclosing Party and a Receiving Party; (ii) Know How within GW Know How or GW Improvements for
which GW will be considered the Disclosing Party and British Sugar the Receiving Party; (iii) Know How within British Sugar Know
How, British Sugar Improvements or British Sugar Improvements to GW Know How, for which British Sugar will be considered the Disclosing
Party and GW the Receiving Party, and (iv) any other non-public information, whether or not patentable, disclosed or provided by
one Party to the other Party in connection with this Agreement, including information regarding such Party’s strategy, business
plans, objectives, research, technology, products, business affairs or finances and any other information of the type that is customarily
considered to be confidential information by parties engaged in activities that are substantially similar to the activities being
engaged in by the Parties under this Agreement, for which the Party making such disclosure will be considered the Disclosing Party
and the Party receiving such disclosure will be considered the Receiving Party.

 

“Conversion Budget”
– the budget of operating and capital costs forecast to be incurred by British Sugar in performing the Conversion Plan,
as approved by the Parties pursuant to Clause 4.3.3.

 

“Conversion Plan”
- plan of activities to be undertaken by British Sugar to convert the Facility so that it can Produce BRM, including the specification
to which the conversion and related activities are to be undertaken, and the timetable within which such activities are to be completed,
approved by the Parties pursuant to Clause 4.3.3.

 

“Crop Change Payment”
- the aggregate amount payable by GW to compensate British Sugar for changing the crop grown at the Facility from a tomato crop
to a cannabis crop, as set out in Clause 13.1.1.

 

“Cuttings”
- a piece of sectioned plant material taken from a Mother Plant, which when potted up, can be grown to form a new Production Plant.

 

“Effective Date”
– is defined in Clause 3.4.

 

“Equipment”
- all moveable equipment and machinery required for Production.

 

“Facility”
– the 45 acre area glasshouse owned by British Sugar set aside for growing Plants labelled “Facility” on the
map attached at Schedule 9.

 

“Fees” –
the Crop Change Payment, depreciation costs, the Area Charge, the Productivity Fee and the On Budget Fee, together with the unreimbursed
costs relating to the Conversion Plan which are reimbursable under Clause 5.3.

 

“Force Majeure”
- in relation to either Party, any event or circumstance which is beyond the reasonable control of that Party which event or circumstance
that Party could not reasonably be expected to have taken into account at the Effective Date and which results in or causes the
failure of that Party to perform any or all of its obligations under this Agreement, including acts of God, lightning, fire, storm,
flood, earthquake, accumulation of snow or ice, lack of water arising from weather or environmental problems, strike, lockout or
other industrial or student disturbance, act of the public enemy, war declared or undeclared, threat of war, terrorist act, blockade,
revolution, riot, insurrection, civil commotion, public demonstration, sabotage, act of vandalism, prevention from or hindrance
in obtaining in any way materials, energy or other supplies, explosion, fault or failure of plant or machinery (which could not
have been prevented by good industry practice), or legal requirement governing either Party, provided that:

 

		(i)	lack of funds shall not be interpreted as a cause beyond the reasonable control of the affected
Party;

 

		(ii)	loss or destruction of Plants due to infection or infestation of a Facility by an organism (whether
prokaryotic or eukaryotic) which could have been prevented had such Facility been managed in accordance with good industry practice,
shall not be interpreted as a cause beyond the reasonable control of the affected Party;

 

    	 	3	 

     

    

 

		(iii)	the amendment or coming into force of any legal provision adversely affecting GW in relation to
this Agreement including any Economic Sanctions Law (as defined in Schedule 8) shall not be interpreted as a cause beyond the reasonable
control of GW; and

 

		(iv)	the failure to obtain or retain all approvals necessary for GW to exercise its rights under this
Agreement, (including the right to purchase or sell BRM) or the existence or imposition of any Law which restricts, prohibits or
otherwise affects GW’s ability to commercialise or sell BRM, shall not be interpreted as a cause beyond the reasonable control
of GW.

 

“Good Agricultural and
Collection Practices” or “GACP” – (i) Red Tractor Assurance for Farms, Fresh Produce Scheme
- Fresh Produce Standards, (ii) Red Tractor Assurance for Farms, Fresh Produce Scheme – Crop Specific Protocol for Sprouting
Seeds and Leaves, (iii) the EUREPGAP regulatory standards and the principles and guidelines for Good Agricultural and Collection
Practice (GACP), in each case ((i), (ii) and (iii)) in effect from time to time, or such alternative standards as GW may designate
from time to time.

 

“Growing Plan”
– a plan detailing the timings and volumes for Production in a given calendar year.

 

“Growing Protocol”
- the protocol for the Production of the BRM set out in Appendix A to the Technical Agreement, as such protocol may be amended
from time to time by agreement.

 

“Growth
Rooms” – the growth rooms that are being installed on the Site, which provide agricultural seed pelleting and priming
services to British Sugar, its growers and third party seed producers, which are labelled “Growth Rooms” on the map
attached at Schedule 9.

 

“GW
Improvements” – any and all Improvements to GW Know How developed or made by GW, including Improvements to the
Growing Protocol, the Plants, the BRM or Production made by GW.

 

“GW
Know How” – any and all Know How owned or controlled by GW at the Effective Date or at any time during the
Term (including the Growing Protocol), which is necessary for Production. For clarity, GW Know How does not include British Sugar
Know How, British Sugar Improvements, or British Sugar Improvements to GW Know How.

 

“Harvest”,
“Harvested” or “Harvesting” – the activity of cutting down a particular crop of Production
Plants ready for drying to Produce BRM, which activity will be performed in all material respects in accordance with the Technical
Agreement.

 

“Harvest Date”
- the date calculated in accordance with the Technical Agreement on which a particular crop of Production Plants is to be Harvested.

 

“Improvements”
- improvements, modifications or adaptations to Know How.

 

“Insolvency Event”
– in relation to either Party, means any one of the following:

 

		(i)	a notice shall have been issued to convene a meeting for the purpose of passing a resolution to
wind up that Party, or such a resolution shall have been passed other than a resolution for the solvent reconstruction or reorganisation
of that Party; or

 

		(ii)	a resolution shall have been passed by that Party’s directors to seek a winding up or a petition
for a winding up shall have been presented against that Party which, in the case of a petition presented against a Party, shall
not have been appealed within seven (7) days of having been lodged or such an order shall have been made and shall have been dismissed
within thirty (30) days thereafter; or

 

		(iii)	a receiver, administrative receiver, receiver and manager, interim receiver, custodian, sequestrator
or similar officer is appointed in respect of that Party or an encumbrancer takes steps to enforce or enforces its security which
shall not have been dismissed by a court of competent jurisdiction within thirty (30) days thereafter; or

 

    	 	4	 

     

    

 

		(iv)	a resolution shall have been passed by that Party or that Party’s directors to make an application
for an administration order or to appoint an administrator, or (ii) an application for an administration order shall have been
made to the court or a notice of appointment of an administrator shall have been filed at the court in respect of that Party, which
in the case of such an application made to the court or notice filed with the court, shall not have been appealed within seven
(7) days of having been made or filed or such an order or appointment shall have been dismissed within thirty (30) days thereafter;
or

 

		(v)	a proposal for a voluntary arrangement shall have been made in relation to that Party under Part
I Insolvency Act 1986; or

 

		(vi)	a step or event shall have been taken or have arisen outside the United Kingdom which is similar
or analogous to any of the steps or events listed at (i) to (v) above; or

 

		(vii)	that Party takes any step (including starting negotiations) with a view to readjustment, rescheduling
or deferral of any part of that Party’s indebtedness, or proposes or makes any general assignment, composition or arrangement
with or for the benefit of all or some of that Party’s creditors or makes or suspends or threatens to suspend making payments
to all or some of that Party’s creditors or the Party submits to any type of voluntary arrangement; or

 

		(viii)	where that Party is resident in the United Kingdom it is deemed to be unable to pay its debts within
the meaning of Section 123 Insolvency Act 1986.

 

“Know How”
– the technical and other information which is not in the public domain, including information comprising or relating to
concepts, discoveries, data, designs, formulae, ideas, inventions, methods, models, assays, research plans, procedures, designs
for experiments and tests and results of experimentation and testing (including results of research or development), processes
(including plant generation and growing processes, specifications, methods and techniques), laboratory records, chemical, pharmacological,
toxicological, clinical, analytical and quality control data, trial data, case report forms, data analyses, reports, manufacturing
data or summaries and information contained in submissions to and information from ethical committees and regulatory authorities.
Know How includes documents containing Know How, including but not limited to any rights including trade secrets, copyright, database
or design rights protecting such Know How. The fact that an item is known to the public shall not be taken to preclude the possibility
that a compilation including the item, or a development relating to the item, is not known to the public.

 

“Law” –
all laws, statutes, rules, regulations, ordinances, guidelines and other pronouncements of any Competent Authority having the effect
of law.

 

“Marketing Authorisation”
– the approval granted by a Competent Authority permitting a Person to market a medicinal product in a country.

 

“Mother Plants”
– the mother cannabis plants grown and maintained solely for the intention of producing further generations of Cuttings.

 

“On Budget Fee”
- is defined in Clause 13.1.6.

 

“Operating Costs”
– is defined in Schedule 1.

 

“Packing Date”
– the date on which a Batch of BRM is packaged and labelled ready for delivery.

 

“Partner”
– a Person with whom GW enters into a collaboration or licence in relation to the commercialisation of a drug product for
which BRM is a starting material.

 

“Party” or
“Parties” – GW or British Sugar.

 

“Person” -
an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, corporation, limited liability
company, business trust, joint stock company, trust, incorporated association, joint venture or similar entity or organisation,
including a government or political subdivision, department or agency of a government.

 

    	 	5	 

     

    

 

“Plant” –
a cannabis plant of the Chemovar, irrespective of whether it is a Mother Plant, Production Plant or Cutting.

 

“Production”
– all activities relating to purchasing, planting, propagation, cultivation, maintenance, Harvesting, drying, pelleting,
packing, QC, Release, storage, shipment and supply of the BRM specified in the Technical Agreement and removal, reprocessing or
recycling of the bi-products from Harvesting, and “Produce” and “Producing” shall be interpreted
accordingly.

 

“Production Plant”
– a Plant grown solely for the purpose of flowering to produce BRM.

 

“Productivity Fee”
- is defined in Clause 13.1.5.

 

“Regulatory Approval”
– any manufacturing or other licence required by British Sugar to grow the Plants, Produce BRM, store, supply and dispose
of the Plants and any by-products, being any licence or authorisation to Produce BRM as granted by the relevant Competent Authorities
equivalent to and including the “Home Office Licence to Produce, Supply and Possess”.

 

“Release”
– the mechanism by which each Batch is deemed to conform in all material respects with the BRM Specifications (including
in accordance with GACP). Release is demonstrated by issue of a Certificate of Release.

 

“Site” –
the area marked on the map attached at Schedule 9 as the “Site”, including the Facility and the Growth Rooms.

 

“Settlement Agreement”
– ***

 

.

 

“Supplier Non-Conformity/Reject
Note” – a certificate (as more fully defined in the Technical Agreement) issued by GW, which (i) when issued by
GW pursuant to Clause 8.6.1 formally indicates to British Sugar an incidence of non-conformance of a Batch (or part thereof)
in any material respect with the BRM Specifications, or (ii) when issued by GW pursuant to Clause 8.6.2 formally indicates to British
Sugar an incidence of non-conformance of a Batch (or part thereof) in any material respect with the BRM Specifications (which was
not apparent on a reasonable inspection), where GW reasonably believes that the non-conformity has arisen from a failure on the
part of British Sugar to meet its obligations under the Technical Agreement in any material respect.

 

“Technical Agreement”
– the technical agreement between the Parties dated on or about the Effective Date which specifies the respective responsibilities
of the Parties relating to the cultivation and control of BRM as may be amended from time to time by the Parties in writing.

 

“Term” –
is defined in Clause 18.1.

 

***                                                                                                                                                                            .

 

“Type 1 Conversion Costs”
– (i) costs identified as such in the preliminary budget of conversion costs set out in Schedule 2, and (ii) the costs of
any item required for the conversion project that is not identified in the preliminary budget in Schedule 2 but is of a similar
nature to those items labelled as being Type 1 Conversion Costs in the preliminary budget of conversion costs, such as additional
Equipment.

 

“Type 2 Conversion Costs”
– (i) costs identified as such in the preliminary budget of conversion costs set out in Schedule 2, and (ii) the costs of
any item required for the conversion project that is not identified in the preliminary budget in Schedule 2 but is of a similar
nature to those items labelled as being Type 2 Conversion Costs in the preliminary budget of conversion costs, such as costs relating
to the supply of utilities to the Facility.

 

 

		***	Portions of this page have
been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission.

 

    	 	6	 

     

    

 

		1.2	In this Agreement, unless the context otherwise requires:

 

		1.2.1	unless otherwise stated, a reference to a Clause or Schedule is a reference to a clause of, or
schedule to, this Agreement;

 

		1.2.2	clause headings are for ease of reference only and do not affect the construction of this Agreement;

 

		1.2.3	references in this Agreement to any statute or statutory provision shall include any statute or
statutory provision which amends, extends, consolidates or replaces the same (whether before or after the Effective Date) or which
has been amended, extended, consolidated or replaced by the same and shall include any order, regulation, instrument or other subordinate
legislation made under the relevant statute or statutory provision;

 

		1.2.4	words in the singular shall include the plural and vice versa and references to the masculine gender
shall include the feminine gender and vice versa;

 

		1.2.5	the words “include”, “including” or “in particular” are to
be construed without limitation to the generality of the preceding words;

 

		1.2.6	any reference to “writing” includes a reference to any communication effected by facsimile
transmission or similar means, but not e-mail;

 

		1.2.7	the word “or” has the inclusive meaning represented by the phrase “and/or”;
and

 

		1.2.8	any covenant by a Party not to do an act or thing shall be deemed to include an obligation not
to permit or suffer such act or thing to be done by another Person.

 

		1.3	If there is any inconsistency between Clauses 1 to 23 (inclusive) of this Agreement and any Schedule,
such Clauses shall prevail. If any provisions of the Technical Agreement are in direct conflict with the terms of Clauses 1 to
23 (inclusive) of this Agreement, so that the provisions of both documents cannot be given effect, the terms of this Agreement
shall govern the specific issue unless it is a quality-related issue, in which case the provisions of the Technical Agreement shall
govern the issue.

 

		2.	AMENDMENT AND RESTATEMENT

 

		2.1	This Agreement restates and amends the Original Agreement with effect from the date of this Agreement
and replaces and supersedes the Original Agreement in its entirety.

 

		3.	Condition precedent

 

		3.1	The coming into force and effect of this Agreement is conditional on British Sugar entering into
the Settlement Agreement.

 

		3.2	British Sugar shall use reasonable endeavours to achieve satisfaction of the condition under Clause
3.1 by 15 September 2016, but shall, for the avoidance of doubt, not be obliged in any circumstances to enter into the Settlement
Agreement where the terms are unacceptable to British Sugar.

 

		3.3	British Sugar shall give written notice to GW of the satisfaction of the condition under Clause
3.1 within one (1) Business Day of the condition being satisfied.

 

		3.4	The “Effective Date” shall be the first Business Day following the date of the
written notice issued under Clause 3.3.

 

		3.5	Pending satisfaction of the condition under Clause 3.1 the Parties shall engage in planning activities
with respect to the activities needed to convert the Facility to be able to be Produce BRM and the fully costed budget therefor,
as further specified in Clause 4 and Schedule 2, at their own cost. However, no conversion activities can or should be initiated
prior to the Effective Date.

 

    	 	7	 

     

    

 

		3.6	If the condition has not been satisfied by 15 September 2016 the Parties shall meet in good faith
to discuss (i) whether to persist with efforts to satisfy the condition under Clause 3.1 in 2016 or whether British Sugar will
proceed with its tomato growing business in 2016/2017, and (ii) the consequences for conditional obligations in the Agreement and
the time for their eventual completion if the Condition is not satisfied by 15 September 2016. In the event that the condition
precedent is not satisfied and the Parties decide not to proceed with the Agreement, each Party shall pay its own costs and expenses.

 

		3.7	Clauses 1, 2, 3, 15, 22.4, 22.5, 22.6, 22.7, 22.8, 22.9, 22.10, 22.11, 22.12 and 22.13 of this
Agreement shall come into effect on the date of this Agreement. All other provisions of this Agreement shall come into effect on
the Effective Date.

 

		4.	Project Management

 

		4.1	British Sugar and GW each appoints the individual identified as such in Schedule 2 as its project
manager. Each project manager shall have authority to represent its appointer on all day to day matters relating to the conversion
of the Facility to be suitable for Production, the Production of BRM, or otherwise arising under this Agreement. In particular
the respective Parties’ project managers will be responsible for:

 

		4.1.1	co-ordinating all Conversion Plan-related activities, including overseeing the performance thereof;

 

		4.1.2	seeking to resolve any issues arising under the Agreement. The Parties’ respective project
managers shall use all reasonable endeavours to resolve issues arising under this Agreement, but shall refer all problems which
are outside their ordinary authority to resolve to the Parties; and

 

		4.1.3	day to day liaison between the Parties.

 

Each Party
may replace its project manager at any time by notice to the other Party. Each of British Sugar and GW agrees that it will endeavour
to ensure continuity of its project manager, but the Parties accept that project managers may need to be changed for operational,
employment, and availability reasons. Where a Party’s project manager is to be replaced, that Party shall make reasonable
efforts to ensure that a replacement is appointed as soon as practicable, and that there is a reasonable handover period and that
any adverse effects of the change of its project manager are minimised.

 

		4.2	Whilst any activities are on-going under the Conversion Plan or Growing Plan:

 

		4.2.1	the British Sugar project manager shall send his counterpart at GW an email, no less frequently
than once every week, summarising activities initiated, completed or continuing to be performed at British Sugar under the Conversion
Plan or Growing Plan, including details of progress with such on-going activity, anticipated completion date and, if required,
an explanation of why such completion date is different to that scheduled in the relevant plan or a previous week’s update.
At the request of the GW project manager following receipt of such an email, the project managers shall convene by telephone to
discuss the content of a weekly update email and any issues arising therefrom; and

 

    	 	8	 

     

    

 

		4.2.2	the project managers shall meet in person or by teleconference no less frequently than once each
calendar month to (i) review and discuss progress with implementing the Conversion Plan, (ii) discuss changes to the current BRM
Specifications and the Production process and the implementation of any improvements thereto, and (iii) review the operation of
this Agreement. Dates of meetings shall be agreed by the project managers not less than twenty one (21) days beforehand. The first
meeting of the project managers will take place as soon as practicable after the Effective Date, but in no event later than fifteen
(15) days after the Effective Date. In addition, special meetings of the project managers may be called by either project manager
upon written request.

 

		4.3	The Parties shall meet:

 

		4.3.1	by no later than 30 September in each calendar year during the Term to review the terms of the
Agreement and its operation over the previous 12 months and to discuss ways in which Production, and each Party’s performance
or the terms of the Agreement may be improved. This review and discussion shall cover the following matters:

 

		(a)	A discussion in good faith of the actual Operating Costs incurred in the current calendar year
and the Budget for Costs and depreciation costs for the coming calendar year, as further specified in Clause 13.1.2 and 13.1.3.

 

		(b)	A discussion in good faith of the charging methodology to be used in the subsequent calendar year,
both Parties accepting that the desired goal is to operate a charging mechanism that rewards British Sugar for the volume of BRM
produced in that calendar year and in future years the CBD content of the BRM may be recognised in the charging methodology.

 

		(c)	A discussion in good faith of the Growing Plan for the coming calendar year and the target yield
of BRM for the coming calendar year.

 

		(d)	A discussion in good faith of British Sugar proposed continuous improvement plan for the following
year.

 

		(e)	A discussion in good faith as to the period of time required by GW to analyse a Batch under Clause
8.6.2.

 

		(f)	A discussion in good faith as to operational concerns and how these can be addressed.

 

		(g)	A discussion in good faith of the development of the Epidiolex market, GW’s short to medium
term forecasts for total BRM volume and potential glasshouse expansion opportunities.

 

Any agreement
reached on an amendment to the Agreement at such a meeting shall be reduced to writing and signed by an authorised representative
of each Party in accordance with Clause 22.7.

 

		4.3.2	by no later than 31 January in each calendar year during the Term to:

 

		(a)	Review (i) amounts invoiced and paid, (ii) total volume of BRM Produced and delivered, (iii) total
volume of BRM meeting the BRM Specifications Produced and delivered, during the prior calendar year, (iv) Operating Costs incurred
and paid, and (v) Budget for Costs set in the prior September pursuant to Clause 4.3.1.

 

		(b)	Determine the On Budget Fee for the prior calendar year in accordance with the provisions of Clause
13.1.6.

 

    	 	9	 

     

    

 

		(c)	Reconcile the amounts actually invoiced and paid in the prior calendar year against the amounts
due under the terms of the Agreement for the Production of BRM in the prior calendar year, specifically taking into account the
Conversion Costs, Budget for Costs, Productivity Fee, On Budget Fee, and the volume of BRM rejected for not meeting the BRM Specifications.

 

Thereafter British
Sugar shall issue an invoice or credit note, as applicable for any variance between the amounts invoiced and paid for BRM Produced
and delivered in the prior calendar year and the amounts properly due for BRM Produced and delivered in the prior calendar year.

 

		4.3.3	with the Project Managers promptly after the Conversion Plan and Conversion Budget have been prepared
pursuant to the Facility conversion project planning process set out in Schedule 2, so that the Project Managers can present their
proposed Conversion Plan and Conversion Budget for discussion and approval. The provisional budget for the conversion activities
is as set out in Schedule 2. This provisional budget is based on the Parties’ current estimations of the capital costs required
to convert the Facility and reflects the Parties’ objective of converting, as cost effectively as reasonably practicable,
the Facility into a building capable of Producing BRM. The Parties shall discuss the proposed Conversion Plan and Conversion Budget
in good faith. If the Conversion Budget presented exceeds £***        the Project Managers will explain (i) the steps they have
taken to order and prioritise activities and spend under the budget to ensure the essential conversion activities are performed
and paid for first, so as to make the Facility operational before the £***         threshold is exceeded, (ii) why the initial estimates
were inaccurate, and (iii) the steps taken across the Conversion Plan and Conversion Budget to mitigate the cost increases. Neither
Party will unreasonably withhold its agreement to the Conversion Plan. Neither Party will unreasonably withhold its agreement to
the Conversion Budget if the Conversion Budget does not exceed £***        . If the Conversion Budget exceeds £***        , neither
Party will unreasonably withhold its agreement to the Conversion Budget, but the following principles shall apply: (i) GW shall
be responsible for any costs incurred in performing the approved Conversion Plan (a) up to the £***        cap, and (b) above the
£***        cap to extent the additional cost is attributable to an increase in Type 1 Conversion Costs, and (ii) British Sugar
shall be responsibility for any costs incurred in performing the approved Conversion Plan above the £***         cap to the extent
the additional cost is attributable to an increase in Type 2 Conversion Costs.

 

		5.	GLASSHOUSE CONVERSION AND USE OF THE Facility

 

		5.1	The Parties have agreed that British Sugar is to convert the Facility to be able to be Produce
BRM. The Parties shall constitute a Facility conversion project planning team as specified in Schedule 2 to appraise and define
the scope of the conversion work, the specifications to which the conversion work is to be performed, to obtain quotes for the
conversion work to be undertaken, to prepare the draft Conversion Plan and draft Conversion Budget and, once the Conversion Plan
and Conversion Budget have been approved under Clause 4.3.3, oversee the execution of the Conversion Plan. The factors to be considered
by the Facility conversion project planning team when devising their draft Conversion Plan and draft Conversion Budget, including
the agreed assumptions as to the timing of when capital and operational costs associated with the conversion of the Facility would
be reimbursed, are set out in Schedule 2.

 

		5.2	Once the Conversion Plan and Conversion Budget have been agreed under Clause 4.3.3, British Sugar
undertakes to perform the Conversion Plan with all reasonable skill, care and attention and in accordance with any and all Laws,
using reasonable endeavours to complete such works in accordance with the timetable set out in the Conversion Plan.

 

 

 

 

 

		***	Portions of this page have
been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission.

 

    	 	10	 

     

    

 

		5.3	GW shall fund British Sugar’s performing of the Conversion Plan subject to the following
terms. GW shall reimburse British Sugar its actual direct costs of the Conversion Plan so long as British Sugar is carrying out
the Conversion Plan in a prudent economic manner, consistent with the requirements of the Conversion Plan and having regard to
the nature of the works and the dates and periods specified in Conversion Plan. GW will reimburse any costs overrun incurred by
British Sugar in performing agreed activities under the Conversion Plan (a) to the extent they do not take the total cost of the
conversion above £***        , and (b) if they do take the total cost of the conversion above £***         , to the extent to extent
the additional cost is attributable to an increase in Type 1 Conversion Costs, and in each case subject to British Sugar informing
GW of the same in advance of invoicing them. Without prejudice to the foregoing if, for some reason British Sugar requires a change
to the Conversion Budget, such as to cover additional activities or additional Equipment or fixtures not captured in the Conversion
Plan, British Sugar shall present GW with evidence for the requested change and the Parties, working through the Project Managers,
shall discuss and implement such changes in good faith including by making a change to the Conversion Plan if required. GW will
not unreasonably withhold its consent to a requested change to the Conversion Plan or Conversion Budget requested under this Clause
5.3, but the principles specified in Clause 4.3.3 shall apply with respect to the allocation of responsibility for the additional
costs. British Sugar shall invoice and GW shall pay for allowable costs under this Clause in accordance with the terms of Clauses
13.4 to 13.13.

 

		5.4	During the Term British Sugar may use the Site, with the exception of the Facility (which will
be exclusively used for the Production of BRM during the Term), for any purposes required by the Associated British Foods plc corporate
group, including the Growth Rooms, provided that any such use of the Site by British Sugar does not adversely impact the Production
of BRM at the Facility.

 

		6.	appointment

 

		6.1	GW hereby appoints British Sugar as an external supplier of BRM for the Term on a non-exclusive
basis. BRM shall only be Produced at and supplied from the Facility. During the Term British Sugar shall not grow Cannabis sativa
varieties for any Person except an Affiliate of GW. GW undertakes to purchase from British Sugar 100% of BRM produced by British
Sugar as set out in Schedule 6.

 

		7.	KNOW-HOW TRANSFER/SUPPLY OF PLANTS

 

		7.1	On the Effective Date GW shall, to the extent it has not already done so, give full disclosure
to British Sugar of, and permit British Sugar to use for the purpose of performing its obligations under this Agreement, all GW
Know How. In addition GW shall promptly (i) provide to British Sugar such technical advice and guidance from GW employees
and or representatives (as appropriate) as British Sugar may reasonably request and at times to be agreed by the Parties for the
purpose of understanding GW Know How disclosed to British Sugar; and (ii) supply or shall arrange the supply to British Sugar of
the quantities of Plants required to establish the Facility to Produce BRM at a time to be agreed; and (iii) disclose to British
Sugar GW Improvements necessary or useful to Produce BRM in accordance with the Growing Protocol.

 

		7.2	Subject to Clause 7.3 below, once British Sugar is in possession of Plants, it will not without
the prior consent of GW: (i) use the Plants for any purpose other than Production at the Facility; (ii) supply the Plants to any
other Person; (iii) use the Plants in human subjects; (iv) chemically or biologically modify the Plants; (v) use the Plants to
support the development of any commercial product containing the Plants; (vi) use or license any Plants to support the development
of any commercial product; or (vii) disseminate, publish or disclose to any Person any information, data, report, summary or the
like concerning, using or based on the results produced in carrying out Production, the Plants or any of its activities hereunder.

 

 

 

 

 

		***	Portions of this page have
been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission.

 

    	 	11	 

     

    

 

		7.3	British Sugar may deal with any by-products arising from the Production of BRM and any Plants that
cannot be used in the Production of BRM, including the right to utilise these by-products and Plants and/or supply them to any
other Person. All revenues generated from dealing with such by-products (if any) shall be set off against the Operating Costs payable
to British Sugar for the calendar year in which they are collected.

 

		7.4	If British Sugar at any time believes GW to be in default of its obligations under Clause 7.1
giving rise to circumstances which excuse British Sugar’s performance under this Agreement, British Sugar shall give prompt
written notice of this fault to GW giving reason for this belief (each such notice containing details of such facts). Should British
Sugar fail to give prompt notice of such circumstances following it becoming aware of the same British Sugar shall not be entitled
to rely on any such default by GW to excuse British Sugar’s performance.

 

		8.	PRODUCTION, DELIVERY AND ACCEPTANCE

 

		8.1	British Sugar shall take and pot up Cuttings in accordance with the Growing Plan and shall cultivate
each crop of Production Plants in all material respects in accordance with the Growing Protocol. Upon each Harvest Date British
Sugar shall Harvest that crop of Production Plants and thereafter shall complete the Production of each Batch.

 

		8.2	British Sugar shall notify GW in writing of each Packing Date within five (5) Business Days of
it occurring and provided that the foregoing notification was duly given GW shall arrange for its carrier to accept delivery of
each Batch within one (1) week from receipt of such notification. The actual delivery dates shall be mutually agreed between the
Parties.

 

		8.3	Prior to delivery of any Batch, British Sugar will supply the Responsible Person (as defined in
the Technical Agreement) at GW with all pre-despatch documents specified in the Technical Agreement, including the Certificate
of Release. Each Batch of BRM shall be delivered to GW’s designated carrier on an ex-works basis (EXW, Incoterms 2010) in
its entirety (except for agreed samples) and shall be accompanied by all documentation necessary to comply with the Regulatory
Approvals. Upon arrival at GW’s (or its nominee’s) premises, each Party will complete all post-despatch documents in
accordance with the requirements of the Technical Agreement. Title and risk of damage and loss in a Batch shall pass to GW upon
delivery of such Batch to GW’s designated carrier, and GW shall be responsible for all costs of shipping, taxes, insurance,
warehousing and other similar or related costs after delivery.

 

		8.4	When performing Production British Sugar shall comply in all material respects with the Technical
Agreement.

 

		8.5	British Sugar shall package, label and store the BRM appropriately for delivery to GW in all material
respects in accordance with the requirements of the Technical Agreement, and the reasonable instructions of GW. British Sugar shall
ensure that appropriate storage conditions are met until delivery.

 

		8.6	Acceptance:

 

		8.6.1	GW or GW’s representative shall examine each Batch and the documentation delivered with each
Batch pursuant to Clause 8.5 as soon as practicable following arrival at GW’s or its nominee’s premises. Within
ten (10) days of delivery of each Batch GW shall send British Sugar a Supplier Non-Conformity/Reject Note containing details of
any failure of the Batch or part of the Batch to meet the BRM Specifications that are apparent on reasonable inspection. If British
Sugar has not received a Supplier Non-Conformity/Reject Note within twelve (12) days of delivery the Batch shall be deemed to have
been delivered complete and undamaged and (in respect of any defect apparent on reasonable inspection) in compliance with the BRM
Specifications. In the event that GW gives British Sugar a Supplier Non-Conformity/Reject Note in relation to any Batch GW shall
make promptly available such material to British Sugar for inspection by British Sugar. If following such inspection by British
Sugar (which shall take place within thirty (30) days of such BRM being made available to British Sugar) it is agreed by British
Sugar that the Batch or part of the Batch is not in compliance with the BRM Specifications GW will deduct the volume of rejected
BRM from the annual accepted quantity used in the financial calculations under this Agreement. British Sugar may test each Batch
in advance of delivery at British Sugar’s own cost and expense to ensure they will meet the requirements of the BRM Specifications.

 

    	 	12	 

     

    

 

		8.6.2	Thereafter, if within three (3) months of the delivery date for a Batch (or such shorter period
as is agreed by the Parties under Clause 4.3.1(e)): (i) the results of GW’s analysis of a Batch shows a non-conformance to
the BRM Specifications (which was not apparent on a reasonable inspection) and GW has reasonable cause to believe that this has
arisen from a failure on the part of British Sugar to meet its obligations in any material respect under the Technical Agreement
(such belief to be supported by documented evidence including a copy of the results of the laboratory analysis of the Batch (or
part thereof) in question showing the non-conformance to the BRM Specifications) then GW shall give British Sugar a Supplier Non-Conformity/Reject
Note within twenty five (25) days of receipt of such analysis and shall at British Sugar’s expense make available such material
to British Sugar for further testing. If following such further testing by British Sugar and following investigation by British
Sugar of all available site records in relation to the Batch (which shall take place within thirty (30) days of such BRM being
made available to British Sugar) it is agreed by British Sugar that the Batch or part of the Batch was not Produced in accordance
with the BRM Specifications GW will deduct the volume of the rejected BRM from the annual accepted quantity used to calculate the
Productivity Fee. For clarity so long as the results of GW’s analysis of a Batch are received by GW within three (3) months
of delivery of the relevant Batch (unless otherwise agreed by the Parties under Clause 4.3.1(e)) and the Supplier Non-Conformity/Reject
Note is served on British Sugar within twenty five (25) days after GW’s receipt of the results of such analysis such Supplier
Non-Conformity/Reject Note shall be valid even if delivered after three (3) months of the delivery date so long as the other relevant
requirements of this Clause 8.6.2 have been complied with.

 

		8.6.3	If after British Sugar has carried out the inspection envisaged in Clause 8.6.1 above or the
further testing envisaged in Clause 8.6.2 above British Sugar disagrees with GW’s view that on delivery the Batch or
part of the Batch failed to conform in all material respects to the BRM Specifications, and therefore there is a dispute between
the Parties relating thereto, then either: (i) British Sugar shall promptly send a sample of the Batch in question to an independent
testing laboratory to be appointed by agreement between GW and British Sugar (such agreement to be reached expeditiously), or (ii)
where appropriate, the Parties shall appoint an independent expert (“Expert”) to investigate compliance with
the BRM Specifications. If the Parties elect to send the sample to an independent laboratory, the costs of such independent testing
laboratory shall be borne equally between GW and British Sugar. The decision of such independent testing laboratory shall be in
writing and, save for manifest error on the face of decision, shall be binding on both GW and British Sugar. If the Parties elect
to resolve the issue by Expert determination, the Expert shall be engaged on the terms set out in Schedule 5.

 

		8.6.4	Any Batch that, as a result of the procedures set out in Clauses 8.6.1 to 8.6.3 is found to
have been Produced other than in compliance with the BRM Specifications shall be destroyed with associated costs to be included
within Operating Costs.

 

    	 	13	 

     

    

 

		8.6.5	If GW fails to notify British Sugar of its return of a Batch within the time limits set out in
Clauses 8.6.1 to 8.6.2 the Batch shall be deemed accepted and within the BRM Specifications. GW shall not be entitled to return
the BRM concerned and British Sugar shall have no liability for any defect in such Batch and GW shall not be entitled to deduct
the volume of the rejected BRM from the annual accepted quantity used in the financial calculations of this Agreement.

 

		8.6.6	Should any Batch fail to meet any other internal GW specifications, the Parties shall, without
imposing any liability or additional obligations on British Sugar, meet to discuss the same and any changes to the Growing Protocol
that may be recommended.

 

		8.6.7	Notwithstanding any other provision of this Agreement (including the remaining provisions of this
Clause 8 and Clause 16) GW expressly recognises and agrees the following:-

 

		(a)	British Sugar has to date grown wholly different horticultural products at the Facility;

 

		(b)	the Parties have entered into this Agreement primarily because of the size of the Facility and
that, while GW recognises that British Sugar has substantial expertise in large scale horticultural production, British Sugar does
not have or profess to have high levels of expertise in Production or in BRM; and

 

		(c)	inevitably there will be a “learning curve” in terms of British Sugar’s performance
under this Agreement and accordingly

 

British Sugar
does not accept any absolute obligation as to outcome, timing or performance in respect of its obligations to Produce BRM under
this Agreement and all such obligations under this Agreement assumed by British Sugar shall be read as if subject only to British
Sugar using reasonable endeavours to Produce BRM that meets the BRM Specifications in the agreed volumes. However, if British Sugar
is experiencing difficulties in Producing BRM despite using its reasonable endeavours, British Sugar shall notify GW of the difficulties
it is experiencing and ask GW for technical advice and guidance under Clause 7.1 to overcome these difficulties.

 

		9.	INSPECTIONS AND AUDITS

 

		9.1	GW shall, at its own expense, have the right from time to time to assign a reasonable number of
its employees or representatives (including employees or representatives of a Partner) to be present at the Facility to inspect,
discuss and review all activities being undertaken by or on behalf of British Sugar in relation to Production and to inspect all
documents and records created by British Sugar in relation to Production, including the Batch Records. Such employees and representatives
shall, while at the Premises observe and comply with British Sugar’s safety and other customary regulations and policies.
Where the employees or representatives of GW do not comply with such regulations and policies British Sugar shall have the right
to remove them from the Premises. Where British Sugar imposes conditions on entry of the employees or representatives of GW to
the Facility, GW shall ensure that these are complied with by such employees and representatives.

 

		9.2	British Sugar will allow representatives of any Competent Authority to inspect the relevant parts
of the Facility where Production is carried out and to inspect all documents and records created by British Sugar in relation to
Production, including the Batch Records, including to verify compliance with GACP and other practices or Laws and will promptly
notify GW of the scheduling of any such inspection. British Sugar acknowledges that representatives of any Competent Authority
may appear at the Facility without prior notice, and British Sugar will notify the GW project manager of this visit by telephone
and use reasonable endeavours to facilitate such unannounced visits in accordance with its standard procedures.

 

    	 	14	 

     

    

 

		9.3	British Sugar shall notify GW within three (3) Business Days after it has been notified of any
inquiry, notification, or inspection activity by any Competent Authority relating to BRM, as detailed in the Technical Agreement.
British Sugar shall provide a reasonable description to GW of any such inquiries, notifications or inspections promptly (but in
no event later than ten (10) days after such inquiry, notification, or inspection).

 

		10.	INFORMATION SHARING

 

		10.1	British Sugar shall inform GW of all reportable incidences in accordance with the terms of the
Technical Agreement in writing, as soon as possible from the time it becomes reportable and in any event within the time period
specified in the Technical Agreement.

 

		10.2	Each Party shall keep the other Party informed, commencing within two (2) Business Days of notification
of any action by, or notification or other information which it receives (directly or indirectly) from any Competent Authority,
which (i) raises material concerns regarding the safety or efficacy of the BRM, or (ii) which indicates or suggests a potential
material liability for either Party to third parties arising in connection with the BRM (including in the case of GW, BRM supplied
to it by third parties to the extent GW can share such information with British Sugar without breaching any obligations of confidence
it owes the third party). GW shall notify British Sugar promptly in the event a drug product containing a drug substance derived
from BRM is withdrawn or recalled due to a Marketing Authorisation for such drug product being withdrawn, suspended or revoked.

 

		11.	DOCUMENTATION, RECORDS AND PERMITS

 

		11.1	GW shall at its expense do all such things as are necessary to enable British Sugar promptly to
obtain all Regulatory Approvals. British Sugar shall provide reasonable assistance but shall rely entirely on GW’s expertise
in obtaining such Regulatory Approvals. Subject to obtaining all assistance reasonably necessary from GW (which GW hereby agrees
to provide), British Sugar shall take all steps reasonably necessary to maintain Regulatory Approvals, the costs of which will
form part of the Operating Costs, (provided that maintenance of the Regulatory Approvals does not extend to changes made to Regulatory
Approvals which impose materially more onerous obligations on British Sugar or which have a material adverse effect on British
Sugar, except to the extent the imposition of such obligations or effects arise from British Sugar’s own misconduct). In
the event that a Regulatory Approval is withdrawn, both Parties shall take all reasonable steps to achieve its reinstatement (to
the extent a reinstatement is possible) and Clauses 20.2, 20.3 and 20.4 shall apply.

 

		11.2	British Sugar shall prepare and maintain the Batch Records and all other documentation relating
to Production in all material respects in accordance with the terms of the Technical Agreement.

 

		11.3	British Sugar shall safely store and archive all records relating to BRM Production in accordance
with the requirements of the Technical Agreement. In the event GW wishes the Batch Records to be retained by British Sugar beyond
the time period set out in the Technical Agreement, British Sugar may charge GW a standard annual storage fee for the retention
of such Batch Records at a price to be agreed in advance by both Parties.

 

		12.	FURTHER RIGHTS, OBLIGATIONS AND RESPONSIBILITIES

 

The following
rights, obligations and responsibilities shall also apply:

 

		12.1	British Sugar shall be responsible for maintaining Equipment and infrastructure at the Facility
following completion of the Conversion Plan. If any Equipment or other assets are to be supplied by GW, purchased by British Sugar
for and on behalf of GW, or if GW is to otherwise reimburse British Sugar its costs for purchasing any Equipment or other assets,
GW shall own all right, title and interest in and to any and all such Equipment and other assets, including the right to claim
capital allowances thereon, shall make such Equipment and assets available to British Sugar for the sole purpose of Producing,
such Equipment and assets shall be clearly marked as “owned by GW Pharma Limited” and British Sugar shall keep a written
log of all Equipment and other assets owned by GW that is used at the Facility, including details of serial or registration numbers
and ensure such Equipment and other assets are readily identifiable.

 

    	 	15	 

     

    

 

		12.2	During the Term, British Sugar shall (i) maintain all Equipment in good working condition (subject
to fair wear and tear), and (ii) maintain the environment and access at each of the Facility in a manner appropriate for Production.

 

		12.3	On termination or expiry of the Agreement, GW shall have the right to remove from the Facility
the Equipment and other assets that are owned by it, and GW shall remove such Equipment and other assets that it wishes to retain
within 30 days of the effective date of termination or expiry. If there are items of Equipment and other assets at the Facility
that GW does not wish to retain ownership of, British Sugar shall have the right to purchase such assets and Equipment at a price
to be agreed. If the Parties cannot agree a price for such assets and Equipment, or British Sugar does not wish to purchase any
such asset or item of Equipment, GW will remove such item(s) from the Facility at its own cost.

 

		12.4	British Sugar shall comply with all applicable environmental, health and safety Laws in performing
its obligations under this Agreement and warrants that it provides a safe and healthy workplace, presenting no immediate hazards
to its employees and that it provides access to clean water, food, and emergency healthcare to its employees in the event of accidents
or incidents. To the extent required by Law, GW shall be entitled to monitor and audit the compliance by British Sugar with the
obligations set out in this Clause. British Sugar shall provide to GW all information regarding environmental, health and safety
matters as GW may reasonably request from time to time at no cost.

 

		12.5	GW shall comply with all applicable environmental, health, safety and other Laws in exercising
its rights pursuant to this Agreement including in connection with the commercialisation of BRM and warrants that it shall at all
times provide a safe and healthy workplace, which present no immediate hazards to its employees and that it provides access to
clean water, food, and emergency healthcare to its employees in the event of accidents or incidents.

 

		12.6	Each of the Parties shall comply with, and shall not engage directly or indirectly in any activities
that could subject either Party to any liability under the Modern Slavery Act 2015 or any equivalent measures in any other relevant
country or jurisdiction.

 

		12.7	Each Party shall fully comply with the Anti-Bribery and Sanctions Rules.

 

		12.8	Each calendar year during the Term, British Sugar shall prepare a continuous improvement plan in
relation to Production. The continuous improvement plan shall include detailed plans to reduce the cost of Production and increase
yields. The first continuous improvement plan shall be prepared as soon as possible after the Effective Date and shall be reviewed
in line with the arrangements detailed in Clause 4.3.1. Each continuous improvement plan shall be subject to discussions between
British Sugar and GW and shall be implemented only with GW’s prior written consent. GW shall have the right to propose to
British Sugar improvements to the Production process at any time. British Sugar shall evaluate and discuss any such proposed improvements
with GW. If the Parties agree that the proposed improvement shall be implemented, British Sugar shall amend the then applicable
continuous improvement plan to take account of the proposed improvement. To the extent a continuous improvement plan includes changes
to the Growing Protocol, or requires a change to the Growing Protocol in order for the improvement to be implemented, the provisions
of Clause 12.10 shall apply.

 

    	 	16	 

     

    

 

		12.9	Both Parties shall, at all times during the Term, comply with the terms of this Agreement and the
Technical Agreement.

 

		12.10	Either Party may suggest amendments to the BRM Specifications (including the Growing Protocol)
at any time in accordance with Change Control (as defined in accordance with the requirements of the Technical Agreement) procedure
set out in the Technical Agreement. The Parties shall discuss such proposed changes in good faith, including (i) whether British
Sugar can implement the requested change or amendment to the BRM Specifications (including the Growing Protocol), and (ii) if British
Sugar can implement the requested change or amendment to the BRM Specifications (including the Growing Protocol), the consequences
of such change on the Budget for Costs and the time it will take British Sugar to implement the change. British Sugar will not
unreasonably withhold or delay its consent to change or amendment to the BRM Specifications (including the Growing Protocol), but
no change shall be effective unless agreed in writing by both Parties.

 

		12.11	A list of key personnel for both GW and British Sugar, together with specimens of their signatures
is presented in Appendix G of the Technical Agreement. Both Parties shall keep each other informed in writing as to changes in
such key personnel from time to time.

 

		13.	CONSIDERATION

 

		13.1	In consideration of British Sugar supplying GW with BRM on the terms set out herein GW shall compensate
British Sugar, on a cost per kilogram basis (whereby the cost per kilogram is determined by taking into account the following calculated
amounts, divided by the number of kilograms of BRM Produced in each calendar year) as follows:

 

		13.1.1	GW shall pay the “Crop Change Payment”. This charge shall be £***        . GW
shall pay this amount in five equal instalments payable over the first 5 years of the Term (the first payment being made on 31
December 2016 and thereafter on each anniversary of that date). In the event that this Agreement terminates for any reason, any
amount of the Crop Change Payment that remains unpaid shall become immediately due and payable.

 

		13.1.2	the Operating Costs properly incurred in the performance of its obligations under this Agreement.
British Sugar’s agreed budget for Costs (“Budget for Costs”) for the year ending 31 December 2017 is detailed
in Schedule 1. On or before 30 September 2017 and 15 September in each subsequent calendar year during the Term, British Sugar
shall submit to GW its draft Budget for Costs for the coming calendar year. The Parties shall discuss the Budget for Costs for
the upcoming calendar year at their meeting held pursuant to Clause 4.3.1. The Budget for Costs shall be agreed by 31 October thereafter.
In the event of a failure to agree the Budget for Costs in any year, the Parties shall adopt the most recently approved Budget
for Costs for a calendar year in which the Growing Plan required British Sugar to Produce 213 tonnes of BRM. Further, if the Budget
for Costs that cannot be agreed relates to a Growing Plan that requires British Sugar to Produce more than 213 tonnes of BRM, the
Parties shall adopt the most recently approved Budget for Costs for a calendar year in which the Growing Plan required British
Sugar to Produce 213 tonnes of BRM and the associated Growing Plan. If, for some reason, British Sugar requires a change to the
Budget for Costs for a specific calendar year, British Sugar shall present GW with evidence for the requested change and the Parties
shall discuss the changes to the Budget for Costs in good faith. Any change to a Budget for Costs will only be binding on GW when
a revised Budget for Costs is signed by both Parties; for the avoidance of doubt any authorised change to the Budget for Costs
for a calendar year or other overspend of Operating Costs otherwise authorised will qualify as within budget for the purpose of
calculating the On Budget Fee for the calendar year in question. Any increase in Operating Costs during a calendar year due to
a change in the unit price of gas or electricity charged to British Sugar or a change in labour costs due to changes in minimum
wage) shall not be treated as an overspend (and shall, therefore, be treated as approved and within the Budget for Costs). Where
GW has requested an increase in Production part way through a calendar year, the Parties shall agree a revised Budget for Costs
for the balance of such calendar year before British Sugar starts implementing the scale up in Production.

 

 

 

 

 

		***	Portions of this page have
been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission.

 

    	 	17	 

     

    

 

		13.1.3	the current depreciation costs of the assets related to the business conducted at the Facility,
prior to the date of this Agreement (not to exceed £***        per annum for 2017, as indicated in Schedule 3, but the assets and
associated depreciation costs for 2017 are to be confirmed and agreed within 20 Business Days following the Effective Date). The
depreciation costs shall be reviewed and amended annually to reflect the incremental depreciation charged associated with capital
expenditure funded by British Sugar at the same time as, and on the same terms as, the budgeting process for Operating Costs is
conducted under Clauses 4.3.1 and 13.1.2. The depreciation costs for the year will be paid in 12 equal instalments payable on the
last day of each calendar month.

 

		13.1.4	an annual charge (irrespective of actual acreage used) for utilising the Facility (the “Area
Charge”). During the period starting 1 January 2017 and ending 31 December 2017, the Area Charge shall be £***        per annum. Thereafter the Area Charge shall be increased on 31 December of each calendar year (commencing on 31 December 2017)
by the lesser of (i) the change in RPI over the 12 months prior to the date from which the change in Area Charge will apply, and
(ii) ***    per cent (***%). The Area Charge shall be paid in 12 equal instalments payable on the last day of each calendar month.
For the avoidance of doubt, payment of the Area Charge does not give GW the benefit of any lease, licence or other proprietary
interest in the Facility.

 

		13.1.5	a fee of £***        per kilogram for each kilogram of BRM Produced and delivered in a calendar
year which meets the BRM Specifications (“Productivity Fee”). The Productivity Fee shall (irrespective of the
actual output from British Sugar of BRM) be guaranteed for the period ending 31 December 2017 at £***        in the aggregate for
all BRM Produced and delivered in calendar year 2017, to be invoiced in twelve (12) equal monthly instalments of £***      . Thereafter,
the Productivity Fee will be linked to the actual number of kilograms of BRM meeting the BRM Specifications delivered to GW in
each calendar year.

 

		13.1.6	a fee of £*** per kilogram (the “On Budget Fee”), for each kilogram of
BRM Produced and delivered in a calendar year that meets the BRM Specifications, in the circumstances where British Sugar keeps
its Operating Costs for a calendar year within the Budget for Costs set for that calendar year pursuant to Clauses 4.3.1 and 13.1.2.
In the event British Sugar exceeds the Budget for Costs set for a calendar year pursuant to Clauses 4.3.1 and 13.1.2, the total
On Budget Fee for such calendar year will be reduced by one pound for every pound of overspend on Operating Costs against the agreed
Budget for Costs, as illustrated in the worked example set out in Schedule 6. The On Budget Fee shall be guaranteed for the period
ending 31 December 2017 at £*** in the aggregate for all BRM Produced and delivered in calendar year 2017, to be invoiced
on 31 December 2017. Thereafter, the On Budget Fee will be linked to the actual number of kilograms of BRM meeting the BRM Specifications
delivered to GW in each calendar year, as set out above.

 

		13.2	For the avoidance of doubt, and notwithstanding any other provision of this Agreement, if British
Sugar fails (for any reason save where British Sugar has failed to use reasonable endeavours to Produce in accordance with this
Agreement) to Produce BRM in accordance with the BRM Specification (including where it fails to produce all or some of the quantities
of BRM ordered) the sole consequence shall be that British Sugar shall not, in respect of such undelivered or not compliant BRM,
receive the full Productivity Fee or On Budget Fee.

 

		13.3	GW and British Sugar shall work in collaboration to drive for efficiency savings. Once efficiencies
are such that British Sugar supplies GW with BRM meeting the BRM Specifications in a calendar year at an aggregate cost per kilogram,
taking into account all payments made in such calendar year pursuant to Clause 13.1, are at or below £***/kg of BRM Produced
and delivered, any resulting savings shall be shared *** . See Schedule 4 for illustration.

 

 

 

 

 

		***	Portions of this page have
been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission.

 

    	 	18	 

     

    

 

		13.4	British Sugar shall supply to GW within thirty (30) days of the end of each calendar month after
the Effective Date an itemised and adequately documented summary of its actual monthly Operating Costs for that month and a monthly
invoice for the sums due in accordance with Clauses 13.1.2, 13.1.3 and 13.1.4. All sums due pursuant to Clause 13.1.5 shall
be invoiced on the last day of each calendar month based upon the number of kilograms of BRM delivered in the month. All sums due
pursuant to Clause 13.1.1 shall be invoiced on the last day of each calendar year, with the first invoice to be submitted on 31
December 2016 and the final invoice to be submitted 31 December 2020. Starting in 2018, all sums due pursuant to Clause 13.1.6
shall be invoiced within thirty (30) days of the end of the calendar year to which they relate, once all cost and yield data for
that calendar year have been mutually agreed pursuant to Clause 4.3.2. Costs of Facility conversion incurred pursuant to, and in
accordance with, Clause 5.3 shall be invoiced separately as incurred. British Sugar shall not invoice GW for an Operating Cost
that is not in the Budget for Costs without the prior consent of GW (such consent not to be unreasonably withheld or delayed).
GW shall make each payment due within thirty (30) days of the date of each invoice therefor.

 

		13.5	British Sugar shall keep full, true and accurate records and books of account containing all particulars
that may be necessary for the purpose of calculating all sums payable by GW under this Agreement for a minimum period of six (6)
years. Upon timely requests by GW, GW shall have the right to inspect such records and books of account to ensure that British
Sugar has invoiced GW only for the sums properly payable by it under this Agreement.

 

		13.6	Should GW’s inspection pursuant to Clause 13.5 reasonably lead GW to believe that it
has not been invoiced only for the sums properly payable by it under this Agreement, upon timely request by GW, GW shall have the
right to instruct an independent, internationally recognised, accounting firm to perform an audit, conducted so far as appropriate
in accordance with standard UK accounting practice, as is reasonably necessary to enable such accounting firm to report to GW that
GW has been invoiced for the sums properly payable by it under this Agreement on the following basis:

 

		13.6.1	such firm of accountants shall be given access to and shall be permitted to examine and copy such
books and records upon twenty (20) Business Days’ notice having been given by GW and at all reasonable times on Business
Days for the purpose of certifying to GW that the Operating Costs, depreciation costs and other payment calculated and invoiced
by British Sugar during any calendar year were calculated correctly in accordance with this Agreement (and if such certification
cannot be given specifying the reasons why which will enable the Parties to recalculate the relevant sums);

 

		13.6.2	prior to any such examination taking place, such firm of accountants shall undertake to British
Sugar that they shall keep all information and data contained in such books and records, strictly confidential and shall not disclose
such information or copies of such books and records to any third person including GW, but shall only use the same for the purpose
of the reviews or calculations which they need to perform in order to issue the certificate to GW which this Clause 13.6 envisages;

 

		13.6.3	any such access examination and certification shall occur no more frequently than once per calendar
year; and

 

		13.6.4	British Sugar shall make available personnel to answer queries on all books and records required
for the purpose of that certification.

 

    	 	19	 

     

    

 

		13.7	If the certification is in disagreement with the invoices submitted by British Sugar, British Sugar
shall notify GW within ten (10) days of receipt by British Sugar of the certification whether or not British Sugar agrees within
the certification. If British Sugar notifies its agreement with the certification within the ten (10) day period or fails to give
any notification within that period, the sums calculated by the certification shall be used for purposes of calculating any monies
owed and any monies owed by British Sugar to GW shall be paid by British Sugar. The cost of the accountant shall be the responsibility
of British Sugar if the recalculation shows that British Sugar’s invoices for the year in question supplied to GW to be inaccurate
by more than twenty thousand pounds sterling (£20,000) and the responsibility of GW otherwise. If British Sugar notifies
its disagreement with the certification, either Party may refer the items in dispute to a partner of at least 10 years qualified
experience at an independent, internationally recognized, public accounting firm agreed by the Parties in writing for final and
binding resolution, or failing agreement on the identity of the public accounting firm within fifteen (15) days starting on the
day after receipt of the notification of disagreement, an independent, internationally recognised, public accounting firm appointed
on the application of either Party by the President for the time being of the Institute of Chartered Accountants of England and
Wales. Such person appointed shall act on the following basis:

 

		13.7.1	such person shall act as an expert and not as an arbitrator;

 

		13.7.2	such person’s terms of reference shall be to determine the matters in dispute within 20 days
of his appointment;

 

		13.7.3	the Parties shall each provide such person with all information relating to the items in dispute
which such person reasonably requires and such person shall be entitled (to the extent he considers appropriate) to base his determination
on such information;

 

		13.7.4	the decision of such person is, in the absence of fraud or manifest error, final and binding on
the Parties; and

 

		13.7.5	such person’s costs shall be paid by British Sugar or GW as such person may determine.

 

		13.8	All payments to be made under the terms of the Agreement are expressed to be exclusive of value
added tax howsoever arising and GW shall pay to British Sugar, in addition to the invoiced amount, all value added tax for which
British Sugar is liable to account in relation to any supply made or deemed to be made for value added tax purposes on receipt
of a tax invoice or invoices therefore from British Sugar.

 

		13.9	British Sugar will submit detailed invoices monthly in arrears, such invoices to be submitted in
pdf form to the e-mail or postal address below:

 

e-mail: invoices@gwpharm.com

post:       Accounts
Department

GW Pharmaceuticals,

Kingsgate
House,

Andover,

Hants,

SP10 4DU,

UK

 

		13.10	All payments under this Agreement shall be made free and clear and without any set off, deduction
or deferment in respect of any disputes or claims whatsoever unless required by law of any Competent Authority or unless GW has
a valid court order requiring an amount equal to such deduction to be paid by British Sugar to GW.

 

		13.11	Payments shall be made by electronic wire transfer of immediately available funds directly to the
account of British Sugar designated by British Sugar in writing from time to time.

 

    	 	20	 

     

    

 

		13.12	If GW fails to make any payment to British Sugar hereunder on the due date for payment and the
payment is either (i) not in dispute between the Parties, or (ii) the payment is disputed by GW and GW has given British Sugar
notice of the disputed amount it is withholding and an explanation as to why that amount is disputed and the dispute has not been
resolved, without prejudice to any other right or remedy available to British Sugar, British Sugar shall be entitled to charge
GW interest (both before and after judgment) on the amount unpaid at the annual rate of twelve month LIBOR plus four per cent (4%)
calculated on a daily basis until payment in full is made without prejudice to British Sugar’s right to receive payment on
the due date.

 

		13.13	All payment obligations of GW under this Agreement shall be subject to Clause 18.8.

 

		14.	INTELLECTUAL PROPERTY

 

		14.1	GW grants to British Sugar, as a producer on behalf of GW, a royalty-free, non-exclusive right
and licence to use GW Know How, together with any GW Improvements (subject to Clause 14.6), solely for the purpose of performing
British Sugar’s obligations under this Agreement during the Term. British Sugar shall otherwise obtain no right title or
interest in or to GW Know How or GW Improvements as a result of this Agreement.

 

		14.2	Title to and property in GW Know How and GW Improvements shall remain with GW.

 

		14.3	Title to and property in all British Sugar Know How, British Sugar Improvements and the British
Sugar Improvements to GW Know How shall remain with British Sugar.

 

		14.4	No British Sugar Know How or British Sugar Improvements shall be employed by GW (including in its
Production activities) unless this has been separately agreed in writing by British Sugar.

 

		14.5	British Sugar grants to GW a royalty-free, non-exclusive right and licence to use British Sugar
Improvements to GW Know How, solely for the purpose of growing (or having grown for it) Cannabis sativa L. plants and producing
botanical raw materials therefrom. British Sugar undertakes not to use itself, or grant a third party a licence to use, British
Sugar Improvements to GW Know How for the purpose of growing Cannabis sativa L. plants and producing botanical raw materials
therefrom for a period of five (5) years following the expiry or termination of the Agreement.

 

		14.6	No GW Improvements shall be employed by British Sugar in its Production activities unless this
has been previously agreed in writing by GW, other than as contemplated by clause 7.1.

 

		15.	CONFIDENTIALITY

 

		15.1	Except to the extent expressly authorised by this Agreement including in Clauses 15.2 and
15.3 or otherwise agreed in writing, each Party in possession of Confidential Information (“Receiving Party”)
of the other Party (“Disclosing Party”) shall maintain such Confidential Information as confidential and use
it only for the purposes of this Agreement in accordance with this Clause 15. The term of maintaining confidentiality of all
such information and the limitations on use shall be for a period equal to the longer of (i) five (5) years after the date of expiration
or termination of this Agreement; or (ii) for so long as the exceptions set out below in the next subsequent paragraph do not apply
to the relevant Confidential Information. Each Party shall guard such Confidential Information using the same degree of care as
it normally uses to guard its own confidential, proprietary information of like importance, but in any event no less than reasonable
care.

 

Notwithstanding
the foregoing, the Receiving Party shall be relieved of the confidentiality and limited use obligations of this Agreement to the
extent that the Receiving Party establishes by written evidence that:

 

    	 	21	 

     

    

 

		15.1.1	the Confidential Information was previously known to the Receiving Party from sources other than
the Disclosing Party at the time of disclosure and other than under an obligation of confidentiality;

 

		15.1.2	the Confidential Information was generally available to the public or otherwise part of the public
domain at the time of its disclosure; or

 

		15.1.3	the Confidential Information became generally available to the public or otherwise part of the
public domain after its disclosure to the Receiving Party other than through any act or omission of the Receiving Party in breach
of this Agreement; or

 

		15.1.4	the Confidential Information is acquired in good faith in the future by the Receiving Party from
a third party who has a lawful right to disclose such information and who is not under an obligation of confidence to the Disclosing
Party with respect to such information; or

 

		15.1.5	the Confidential Information is subsequently developed by or on behalf of the Receiving Party without
use of the Disclosing Party’s Confidential Information.

 

		15.2	Notwithstanding the above obligations of confidentiality and non-use a Receiving Party may:

 

		15.2.1	disclose Confidential Information to a Competent Authority as reasonably necessary to obtain regulatory
approval in a particular jurisdiction to the extent consistent with the licenses granted under terms of this Agreement;

 

		15.2.2	disclose Confidential Information: (i) to the extent such disclosure is reasonably necessary to
comply with the order of a court; or (ii) to the extent such disclosure is required to comply with an applicable Law, including
to the extent such disclosure is required in publicly filed financial statements or other public statements under stock exchange
rules (e.g., the rules of the U.S. Securities and Exchange Commission, NASDAQ, NYSE, UKLA or any other stock exchange on which
securities issued by either Party or any Affiliate of such Party may be listed); provided, to the extent possible bearing in mind
such Law, such Party shall provide the other Party with a copy of the proposed text of such statements or disclosure five (5) Business
Days in advance of the date on which the disclosure is to be made to review and provide comments, unless a shorter review time
is agreed;

 

		15.2.3	disclose Confidential Information to such Receiving Party’s employees, Affiliates, distributors,
licensees, Partners, agents, consultants, clinical investigators, collaborators or contractors as such Receiving Party reasonably
determines is necessary to receive the benefits of the licences to it under this Agreement or to perform its obligations pursuant
to this Agreement; provided, however, any such Persons must be obligated to substantially the same extent as set forth in Clause 15.1
to hold in confidence and not make use of such Confidential Information for any purpose other than those permitted by this Agreement.

 

		15.2.4	disclose Confidential Information: (i) to its actual or potential investment bankers and to lenders
for the purpose of obtaining financing for its business; (ii) to potential investors in connection with an offering or placement
of securities for purposes of obtaining financing for its business; and (iii) to bona fide potential acquirer or merger partner
for the purposes of evaluating entering into a merger or acquisition, provided, however, any such Persons must be obligated to
substantially the same extent as set forth in Clause 15.1 to hold in confidence and not make use of such Confidential Information
for any purpose other than those permitted by this Agreement;

 

		15.2.5	nothing in this Clause 15 restricts either Party from using or disclosing any of its own Confidential
Information for any purpose whatsoever.

 

    	 	22	 

     

    

 

		15.3	Save as permitted in Clause 15.2.2, neither Party shall make any public announcement or statement
to the public containing Confidential Information without the prior consent of the other. All such public announcements or statements
shall not be made without the prior review and consent of appropriate individual designated for the purpose by the other Party.

 

		16.	WARRANTIES AND LIABILITY

 

		16.1	British Sugar warrants to GW that:

 

		16.1.1	neither it nor any of its officers or employees: (i) has been convicted of any offence involving
slavery or human trafficking; and (ii) having made reasonable enquiries, so far as it is aware, has been or is the subject of any
investigation, inquiry or enforcement proceedings by any governmental, administrative or regulatory body regarding any offence
or alleged offence of or in connection with slavery and human trafficking;

 

		16.1.2	it will perform its obligations hereunder with reasonable skill and care;

 

		16.1.3	each Batch shall be delivered free of encumbrances and liens; and

 

		16.1.4	it will endeavour to ensure that the BRM shall, at the time of delivery, meet the BRM Specifications
in all material respects.

 

		16.2	GW warrants to British Sugar that:

 

		16.2.1	neither it nor any of its officers or employees: (i) has been convicted of any offence involving
slavery or human trafficking; and (ii) having made reasonable enquiries, so far as it is aware, has been or is the subject of any
investigation, inquiry or enforcement proceedings by any governmental, administrative or regulatory body regarding any offence
or alleged offence of or in connection with slavery and human trafficking;

 

		16.2.2	it holds all necessary rights and licenses to GW Know How to allow British Sugar to Produce BRM;

 

		16.2.3	the GW Know How will enable British Sugar (using reasonable care and skill) to Produce BRM in accordance
with the BRM Specifications;

 

		16.2.4	the Equipment and other assets it supplies (i) will meet the specifications agreed therefor under
the Conversion Plan at the time of installation and will, if properly maintained, operated in a suitable environment and in a proper
manner by trained competent staff in accordance with its operating instructions, continue to meet such specification, and (ii)
will be of satisfactory quality;

 

		16.2.5	the Equipment and other assets it identifies for use in Production in the Conversion Plan and that
is to be purchased by British Sugar will, if such Equipment or other assets meet the specifications agreed therefor under the Conversion
Plan at the time of delivery, is properly installed and maintained, operated in a suitable environment and in a proper manner by
trained competent staff in accordance with its operating instructions, be of satisfactory quality and sufficient to allow British
Sugar to Produce BRM that meets the BRM Specifications; and

 

		16.2.6	no claim or litigation has been brought or threatened by any Person alleging that the disclosing,
copying, making, licensing, using or exploiting of GW Know How violates, infringes or otherwise conflicts or interferes with any
intellectual property or proprietary right of any other Person.

 

    	 	23	 

     

    

 

		16.3	Except as and to the extent specifically provided in this Clause 16 or in any other provision
of this Agreement, British Sugar and GW make no representations or warranties of any kind, express or implied, with respect to
the subject matter of this Agreement, and each Party specifically disclaims and waives all other representations, warranties and
conditions, including all implied conditions of merchantability and fitness for a particular purpose. British Sugar and GW warranties
are made only to British Sugar and GW, respectively, and do not extend to any third party.

 

		16.4	Subject to Clause 16.5 and Clause 16.6 and except in the case of fraudulent misrepresentation,
neither Party shall be liable to the other in contract, tort (including negligence) breach of statutory duty, misrepresentation
or otherwise for any loss, damage, costs or expenses of any nature whatsoever incurred or suffered by the other or its Affiliates:

 

		16.4.1	of a direct nature where the same is a loss of profits, business or goodwill; or

 

		16.4.2	of an indirect or consequential nature.

 

Provided that
(for the avoidance of doubt) nothing herein shall excuse GW from liability in respect of any amount payable by it to British Sugar
under this Agreement.

 

		16.5	Each Party accepts liability for death or personal injury resulting from its negligence.

 

		16.6	The maximum liability a Party shall have under this Agreement shall not exceed £5 million
whether in contract, tort or otherwise and howsoever arising provided that this limitation shall not apply (i) to any payment obligations
under this Agreement including payment arising on termination (all of which shall not be taken into account so as to limit the
amount recoverable as regards any other claim or liability) and (ii) to liability under any indemnity.

 

		17.	INSURANCE

 

		17.1	British Sugar shall in respect of its activities envisaged in this Agreement maintain during any
period in which British Sugar is Producing for GW and for a period of twelve (12) months thereafter, commercial general liability
insurance with a combined single limit for bodily injury of not less than £5 million per occurrence and property damage in
an amount that is not less than the full reinstatement value of the Facility, and shall provide GW with proof of its policies of
insurance in that regard once every calendar year.

 

		17.2	GW shall in respect of its activities envisaged in this Agreement maintain during any period in
which British Sugar is Producing for GW and for a period of twelve (12) months thereafter, commercial general liability insurance
with a combined single limit for bodily injury and property damage of not less than £5 million per occurrence, and shall
upon request provide British Sugar with a copy of its policies of insurance in that regard, along with any amendments and revisions
thereto.

 

		18.	TERM AND TERMINATION

 

Term

 

		18.1	Unless terminated earlier in accordance with Clauses 18.2, 18.3, or 22.3 this Agreement shall
come into force on the Effective Date and shall continue until the end of the calendar year following the ***    anniversary of the
Effective Date (the “Initial Term”). On or about the ***    (***) anniversary of the Effective Date the Parties
shall meet to discuss whether the Agreement should continue beyond the Initial Term. Where no agreement to extend the term is reached
the Agreement shall automatically terminate at the end of the Initial Term. Where agreement to extend the term is reached the Agreement
shall (unless the parties select another period) continue for a further period of ***    (***) years after the expiry of the Initial
Term (“Renewal Term). The procedure in respect of extending the term set out above may be repeated thereafter to renew
the Agreement for additional Renewal Terms. For clarity, the Initial Term and the Renewal Term(s) together, being the “Term”.
The Parties obligations following expiry of the Agreement shall be subject to the terms set out in Schedule 10 and the further
detail in Clauses 18.4 to 18.8.

 

 

 

 

 

		***	Portions of this page have been omitted pursuant to a
request for Confidential Treatment and filed separately with the Commission.

  

    	 	24	 

     

    

 

Termination
Events

 

		18.2	British Sugar may terminate the Agreement as follows:

 

		18.2.1	upon written notice to GW, with immediate effect, in the event GW commits a material breach of
the Agreement which (in the case of a breach capable of remedy) is not remedied within ninety (90) days of the receipt by GW of
notice identifying the breach and requiring its remedy.

 

		18.2.2	upon written notice to GW, with immediate effect, in the event GW suffers an Insolvency Event.

 

		18.2.3	at any time after the third anniversary of the Effective Date by giving not less than twenty four
(24) months’ notice of termination of this Agreement in writing to GW, provided such notice shall only take effect at the
end of a calendar year. By way of example, if British Sugar served notice under this Clause 18.2.3 in the middle of the fourth
year of this Agreement, termination would be effective at the end of calendar year six.

 

		18.2.4	upon written notice to GW, with immediate effect, if any Competent Authority (including the Home
Office):

 

		(a)	fails to grant such Regulatory Approval by 31 December 2017;

 

		(b)	withdraws any Regulatory Approval which British Sugar requires for Production at the Facility for
a reason outside of British Sugar’s control and such Regulatory Approval is not or cannot be re-awarded within one year of
the withdrawal.

 

During the period
set out at (b) above, this Agreement shall be treated as suspended and Clause 20.2 shall apply.

 

		18.3	This Agreement may be terminated by GW as follows:

 

		18.3.1	upon written notice to British Sugar, with immediate effect, if British Sugar commits a material
breach of the Agreement which (in the case of a breach capable of remedy) is not remedied within ninety (90) days of the receipt
by British Sugar of a notice identifying the breach and requiring its remedy.

 

		18.3.2	upon written notice to British Sugar, with immediate effect, in the event British Sugar suffers
an Insolvency Event.

 

		18.3.3	at any time after the ***    anniversary of the Effective Date by giving not less than ***    (***) months’
notice of termination of this Agreement in writing to British Sugar, provided such notice shall only take effect at the end of
a calendar year. By way of example, if GW served notice under this Clause 18.3.3 in the middle of the ***    year of this Agreement,
termination would be effective at the end of calendar year ***.

 

		18.3.4	upon written notice to British Sugar, with immediate effect, if any Competent Authority (including
the Home Office):

 

		(a)	fails to grant such Regulatory Approval by 31 December 2017;

 

 

 

 

 

		***	Portions of this page have been omitted pursuant to a
request for Confidential Treatment and filed separately with the Commission.

 

    	 	25	 

     

    

 

		(b)	withdraws any Regulatory Approval which British Sugar requires for Production at the Facility because
of a failure by British Sugar to meet its obligations under the Regulatory Approval and such Regulatory Approval is not or cannot
be re-awarded within one year of the withdrawal; or

 

		(c)	withdraws any Regulatory Approval which British Sugar requires for Production at the Facility for
a reason outside of British Sugar’s control and such Regulatory Approval is not or cannot be re-awarded within one year of
the withdrawal.

 

During the one
year period set out at (b) and (c) above, this Agreement shall be treated as suspended and Clause 20.2 shall apply.

 

		18.3.5	upon written notice to British Sugar, with immediate effect, in the event a drug product containing
a drug substance derived from BRM is withdrawn or recalled due to a Marketing Authorisation for such drug product being withdrawn,
suspended or revoked.

 

Consequences
of Termination

 

		18.4	Upon the expiration or termination of the Agreement for whatever reason:

 

		18.4.1	British Sugar shall cease using and promptly return to GW all GW Know GW Improvements and shall
disclose to GW all British Sugar Improvements to GW Know How not previously disclosed to GW;

 

		18.4.2	British Sugar shall allow GW access to the Facility in order for GW to remove its Equipment and
other assets from the Facility;

 

		18.4.3	British Sugar shall, at GW’s direction, either return to GW all Plants (including Cuttings)
in its possession or destroy such Plants and Cuttings;

 

		18.4.4	British Sugar will promptly send a close-out report to GW stating the amounts of BRM in its possession
and, upon payment therefor, shall deliver to GW all such amounts of BRM to GW as specified in Clause 8;

 

		18.4.5	at GW’s request, British Sugar shall deliver up the Batch Records;

 

		18.4.6	the provisions of Clause 12.3 shall apply; and

 

		18.4.7	the licence granted to GW under Clause 14.5 of this Agreement shall continue notwithstanding any
expiry or termination of this Agreement and shall be without limit of period.

 

		18.5	In the event that British Sugar or GW (as the case may be) terminates this Agreement pursuant to
Clause 18.2.3 or 18.3.3, promptly following receipt of a notice to terminate given pursuant to such Clause, British Sugar and GW
shall meet as soon as practicably possible and in any event within ten (10) Business Days thereof to discuss the strategy for the
orderly wind-down of the Facility by the termination date and determine when British Sugar will cease Producing BRM during the
notice period. In the event British Sugar is to wind down BRM Production prior to expiry of the notice period, upon completion
of the wind-down activities British Sugar will be free to grow another crop in the Facility. GW shall have the final decision on
whether Production is to continue for the duration of any notice period or cease at an earlier date. In the event a Party terminates
this Agreement pursuant to Clause 18.2.3 or 18.3.3 and it is agreed or determined by GW that British Sugar is to wind down BRM
Production prior to expiry of the notice period, GW shall pay a termination fee covering the remaining period of the notice period
following completion of the wind down activities (the “Run Off Period”) as specified in Schedule 10, but excluding
Operating Costs incurred after the wind down period (which for the purpose of calculating the Operating Costs payable will not
exceed 16 weeks) and subject to the following: British Sugar shall use its reasonable endeavours to generate an income from one
or more crops grown in the Facility during the Run Off Period. Should British Sugar grow another crop in the Facility during the
Run Off Period, the profit contribution (revenue less direct operating overheads funded by British Sugar) earned from these activities
shall be set off against the termination fee payable under this Clause 18.5.

 

    	 	26	 

     

    

 

		18.6	In the event that this Agreement is terminated by either Party pursuant to Clause 22.3 due to Force
Majeure, British Sugar pursuant to Clause 18.2.1, 18.2.2 or 18.2.4(b), or by GW pursuant to Clauses 18.3.1, 18.3.2, 18.3.4(b) or
18.3.4(c), then (in any such case) British Sugar shall organise an orderly wind down and closure of the Facility in a timely fashion,
and save in the event of termination pursuant to Clause 17.3.1. GW shall pay to British Sugar all its direct costs incurred in
winding down and closure of the Facility in accordance with the strategy agreed between the Parties (acting reasonably) in relation
thereto.

 

		18.7	Termination of the Agreement for whatever reason shall not affect the accrued rights or remedies
of either British Sugar or GW arising under or out of this Agreement and all provisions which are expressed or intended to survive
the Agreement shall remain in full force and effect. In order to protect GW’s Confidential Information, British Sugar shall
not produce or supply a dried cannabis plant preparation for any Person except an Affiliate of GW for a period of ***    (***) years
following the termination or expiration of this Agreement. The provisions of Clauses 1, 8.6, 11.3, 12.3, 13.5 to 13.13 (inclusive),
14.2, 14.3 14.5, 15, 16.3 to 16.6 (inclusive), 17, 18.4 to 18.8 (inclusive) 21, 22.5, 22.6, 22.8, 22.10, 22.13, 23 and Schedule
10 shall survive termination of this Agreement.

 

		18.8	The Parties recognise that British Sugar has entered into this Agreement on the basis of certain
assurances in respect of financial returns. Termination of this Agreement prior to the expiry of the Initial Term will be subject
to the financial terms set out in Schedule 10. Accordingly, on termination for any reason (except for where termination is caused
by a breach by British Sugar, insolvency of British Sugar, Regulatory Approval being removed in circumstances where British Sugar
is at fault, or by either Party under Clause 22.3 due to British Sugar being affected by Force Majeure, and as otherwise specified
in Clause 18.8.1 below), British Sugar shall be paid the Fees (on the basis of *** tonnes of BRM being deemed to be Produced in
accordance with the BRM Specifications and on budget) as if the Agreement had continued until either (i) the first 31 December
following the ***    anniversary of the Effective Date, or (ii) the first 31 December to occur not less than ***        (***) months following
the effective date of termination or notice (as applicable), whichever is the later.

 

		18.8.1	If the Agreement is terminated under Clause 18.2.3 or 18.3.3, GW shall only be obliged to pay the
Fees and other amounts specified in, and subject to the terms of, Clause 18.5.

 

		19.	FINANCIAL SECURITY

 

		19.1	GW agrees that in the event that GW’s balance of cash in its bank accounts falls below £***
million, GW will place a sum equivalent to the termination fee due under Clause 18.5 in an escrow account outside of GW’s
control, for British Sugar to call upon in the event of being underpaid by GW for any reason. Should GW’s cash balance return
above the £*** million threshold, GW shall remove the funds from escrow, however neither GW nor any administrator appointed
to GW shall be able to unilaterally withdraw funds from the escrow account. GW agrees to enter into such escrow agreement as British
Sugar may reasonably request to give effect to this Clause 18.

 

		19.2	The Parties shall review GW’s cash balance once a calendar quarter. For so long as GW’s
cash balance is below £*** million, British Sugar shall have the right to request of GW, no more frequently than once per
month, an update on its cash balance.

 

 

 

 

 

		***	Portions
of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission.

 

    	 	27	 

     

    

 

		20.	Rights short of termination

 

		20.1	GW may at any time during the term of this Agreement on giving British Sugar *** (***) weeks’
written notice require British Sugar to suspend Production of BRM for any reason, such reason to be specified in the notice, and
the expected duration of the suspension. The date on which such suspension becomes effective shall be the “Suspension
Date”.

 

		20.2	In the event that any Competent Authority (including the Home Office) withdraws any Regulatory
Approval that British Sugar requires for Production at the Facility on the basis that it will be or can be re-awarded or the one
year period under either Clause 18.2.4(b), 18.3.4(b) or 18.3.4(c) applies, then the Parties shall follow the suspension procedure
set out below.

 

		20.3	Upon receipt of a notice pursuant to Clause 20.1 or if Clause 20.2 applies, British Sugar and GW
shall meet as soon as practicably possible and in any event within ten (10) Business Days thereof to discuss and agree the strategy
for (i) the orderly wind-down of the Facility by the Suspension Date; and (ii) the maintenance of the Facility in a state from
which BRM Production may be re-initiated in a reasonable period of time bearing in mind the reason for the suspension, and thereafter
British Sugar shall implement such strategy in a timely fashion including so that BRM Production has ceased by the Suspension Date.
As part of this discussion the Parties shall discuss and agree the period of notice British Sugar will require in order to reinitiate
BRM Production at the Facility. During a period of Production suspension, the following financial principles shall apply:

 

		20.3.1	If the suspension of Production is necessitated by a reason connected specifically to an identified
issue with the Facility or Production at the Facility, including loss or suspension of a Regulatory Approval because of a failure
by British Sugar to meet its obligations under the Regulatory Approval, the cost of remedying the circumstances leading to the
suspension will be borne by British Sugar. GW will continue to pay the payments due under Clauses 13.1.1, 13.1.2 (subject to the
following sentence), 13.1.3, and 13.1.4. British Sugar shall not be entitled to any Productivity Fee or On Budget Fee during the
period of the suspension, British Sugar shall take all reasonable steps to minimise its Operating Costs, but GW shall not otherwise
be relieved of its payment obligations hereunder.

 

		20.3.2	If the suspension of Production is necessitated by a reason not connected specifically to an identified
issue with the Facility or Production at the Facility, the cost of remedying the circumstances leading to the suspension will be
borne by GW, GW will continue to pay the payments due under Clauses 13.1.1, 13.1.2 (subject to the following sentence), 13.1.3,
and13.1.4, British Sugar shall be entitled to receive a Productivity Fee and On Budget Fee for the period of suspension equal to
the amount it would have received should it have Produced and delivered BRM during the period of the suspension (and its output
of BRM was *** tonnes for each calendar year during the suspension period), British Sugar shall take all reasonable steps to minimise
its Operating Costs, but GW shall not otherwise be relieved of its payment obligations hereunder.

 

		20.4	Notwithstanding the foregoing, so as to enable British Sugar to keep its employees and Know How
British Sugar shall be permitted to grow other crops during any period of suspension under Clause 20.3.2 that is reasonably expected
to last longer than three (3) months and shall be entitled to notice of three (3) months prior to such suspension being lifted.
Should British Sugar grow another crop in the Facility during this suspension period, the profit contribution (revenue less direct
operating overheads funded by British Sugar) earned from these activities shall be set off against the suspension fees payable
under this Clause 20.

 

		21.	Indemnity

 

		21.1	GW shall indemnify and hold British Sugar harmless from and against any and all costs, claims,
demands, damages, losses, expenses and liabilities suffered or incurred by British Sugar arising out of third party claims, suits
or demands based on alleged or actual bodily injury or death resulting from the use of BRM.

 

 

 

 

 

		***	Portions of this page have been omitted pursuant to a
request for Confidential Treatment and filed separately with the Commission.

 

    	 	28	 

     

    

 

		21.2	The above indemnity shall not apply if the claim relates to contaminants negligently introduced
by British Sugar in Production.

 

		21.3	The indemnity shall further be subject to British Sugar :

 

		21.3.1	promptly notifying GW in writing with details of the claim and providing GW with access to all
documents and information reasonably required to enable it to defend the claim;

 

		21.3.2	allowing GW to have the conduct of the defence or settlement of the claim (provided that British
Sugar may elect to choose counsel independent from that representing GW at its own cost and expense on a non-controlling basis);

 

		21.3.3	giving GW all reasonable assistance (at GW’s reasonable expense) in dealing with the claim;
and

 

		21.3.4	not making any payment or incurring any expenses in connection with the claim, or making any admissions
or doing anything that may compromise or prejudice the defence of any such claim without the prior written consent of GW.

 

		22.	Miscellaneous

 

		22.1	British Sugar acknowledges that GW addresses and resolves ethical and compliance-related issues
arising in connection with its activities as set forth in the GW Code of Conduct and Business Ethics and requires its business
partners to adhere to similar standards. To maintain such ethical and compliance standards also with respect to the activities
under this Agreement British Sugar agrees to perform its activities under this Agreement in accordance with the GW Code of Conduct
for Business Partners that can be found at http://ir.gwpharm.com/governance.cfm.

 

		22.2	GW acknowledges that British Sugar addresses and resolves ethical and compliance-related issues
arising in connection with its activities as set forth in the Associated British Foods plc Supplier Code of Conduct(as amended
from time to time) and requires its business partners to adhere to similar standards. To maintain such ethical and compliance standards
also with respect to the activities under or in connection with this Agreement or BRM generally GW agrees to perform its activities
under this Agreement and otherwise in connection with BRM in accordance with the Associated British Foods plc Supplier Code of
Conduct that can be found at http://www.abf.co.uk/responsibility/our_policies.

 

		22.3	A Party shall be excused performance (save in respect of a payment obligation) if and to the extent
it is subject to Force Majeure. A Party so affected shall promptly notify the other Party and give full details of the Force Majeure
and its likely duration. If a Party suffers an event of Force Majeure for longer than twelve (12) months either Party may terminate
the Agreement on three (3) months’ written notice. If British Sugar is affected by a Force Majeure event GW’s payment
obligations in respect of the period of the Force Majeure event (excluding payment of the Crop Change Payment) are suspended for
the duration of such Force Majeure event. The Parties’ financial obligations following termination shall be subject to the
terms set out in Clauses 18.6, 18.8 and Schedule 10.

 

		22.4	Nothing in this Agreement shall create, evidence, or imply any agency, partnership, or joint venture
between the Parties. Neither Party shall act or describe itself as the agent of the other, nor shall it make or represent that
it has authority to make any commitments on the other’s behalf.

 

    	 	29	 

     

    

 

		22.5	Any notice or other communication required or permitted to be given by either Party under this
Agreement shall be effective when delivered, if delivered by hand or by electronic facsimile, or five (5) Business Days after mailing
if mailed by registered or certified mail (postage prepaid and return receipt requested), or two (2) Business Days after deposit
with a courier if sent by an internationally recognised courier, and shall be addressed to each Party at the addresses set out
in Schedule 7 or such other address as may be designated by notice pursuant to this Clause 22.5.

 

		22.6	This Agreement together with the Technical Agreement constitutes the whole agreement between the
Parties and supersedes any previous agreement between the Parties relating to its subject matter. Each Party acknowledges that
in entering into this Agreement, it does not rely on any representation, warranty or other provision, except as expressly provided
for under this Agreement.

 

		22.7	No variation of this Agreement shall be effective unless it is in writing and signed by, or on
behalf of, the Parties.

 

		22.8	Neither this Agreement, nor any obligations or rights hereunder, shall be assignable or transferable
(whether by contract, operation of law or otherwise) or subcontracted by either Party without the prior written consent of the
other Party. Should a Party give consent to the other Party subcontracting any of its obligations under this Agreement, the latter
Party shall implement due diligence procedures to ensure that there is no slavery or human trafficking utilised by its proposed
sub-contractor.

 

		22.9	This Agreement may be executed in any number of counterparts, each of which, when executed, shall
be an original, and all the counterparts together shall constitute one and the same instrument.

 

		22.10	A Person who is not a Party to this Agreement shall not have any rights under the Contracts (Rights
of Third Parties) Act 1999 to enforce any term of this Agreement but this does not affect any right or remedy of a Third Party
which exists, or is available, apart from under that Act. .

 

		22.11	No failure or delay by a Party to exercise any right or remedy provided under this Agreement or
by law shall constitute a waiver of that or any other right or remedy, nor shall it preclude or restrict the further exercise of
that or any other right or remedy. No single or partial exercise of such right or remedy shall preclude or restrict the further
exercise of that or any other right or remedy.

 

		22.12	If any provision or part-provision of this Agreement shall be held to be illegal, void, invalid
or unenforceable under the law of any jurisdiction:

 

		22.12.1	that provision or part-provision shall, to the extent required, be deemed to be deleted, and the
validity and enforceability of the other provisions of this Agreement shall not be affected; and

 

		22.12.2	the legality, validity and enforceability of the whole of this Agreement in any other jurisdiction
shall not be affected.

 

		22.13	This Agreement and any dispute or claim arising out of or in connection with it or its subject
matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law
of England and Wales. The Parties irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle
any dispute or claim that arises out of or in connection with this Agreement or its subject matter or formation (including non-contractual
disputes or claims).

 

    	 	30	 

     

    

 

		23.	parent company guarantee

 

		23.1	In consideration of British Sugar supplying or continuing to supply BRM to GW, GW Pharmaceuticals
hereby unconditionally and irrevocably guarantees to British Sugar the performance of all the financial obligations of GW under
this Agreement, including the due and prompt payment by GW of any amounts payable under this Agreement and any damages or other
financial compensation for breach of this Agreement by GW (the “Payment Obligations”). In case of the failure
of GW to promptly pay any amounts or to make whole British Sugar for any of its payment obligations under this Agreement, GW Pharmaceuticals
hereby agrees to cause the payment of such amounts to be made promptly when and as such amounts become due and payable as if it
were the principal obligor. GW Pharmaceuticals hereby agrees that its obligations hereunder will be absolute and unconditional,
irrespective of, and will be unaffected by, the validity, regularity or enforceability of the obligations of GW under this Agreement,
the absence of any action to enforce the same, the dissolution, the insolvency or bankruptcy of GW, any amendment, novation, extension
or waiver of this Agreement or any other document or security in connection with this Agreement or any other circumstance which
might otherwise constitute a legal or equitable discharge or defence of a guarantor or surety. GW Pharmaceuticals hereby waives
the benefits of diligence, presentment, demand of payment, any requirement that British Sugar protect, secure, perfect or insure
any security interest in or other lien on any property subject thereto or exhaust any right or take any action against GW or any
collateral, filing of claims with a court in the event of dissolution, insolvency or bankruptcy of GW, any right to require a proceeding
first against GW and covenants that its obligations hereunder are continuing and will not be discharged except by complete payment
of the amounts due by GW under this Agreement. Notwithstanding the foregoing, unless GW has been legally dissolved, British Sugar
agrees to give GW notice of any claim under this Agreement prior to making any demand under this Clause 23 in respect of the Payment
Obligations. In the event that any payment to British Sugar in respect of any amounts due by GW under this Agreement is rescinded
or must otherwise be returned for any reason whatsoever, GW Pharmaceuticals will remain liable for such amounts to the extent provided
herein as if such amounts had not been paid. GW Pharmaceutical’s liability under this Clause 23 will not be affected by anything
which would not have released or reduced such liability had the liability been incurred by GW Pharmaceuticals as a principal debtor
instead of as a guarantor. The aggregate amount to be paid under this Clause 23 by GW Pharmaceuticals shall be net of any prior
payment to British Sugar by GW in respect of such Payment Obligations.

 

		23.2	GW Pharmaceuticals agrees, as an additional and independent obligation, that if any of the Payment
Obligations are not, for any reason, recoverable from GW Pharmaceuticals under any guarantee contained in Clause 23.1 GW Pharmaceuticals
will be liable to British Sugar as principal debtor for the same amount as it would have been liable for had those Payment Obligations
been recoverable under that guarantee.

 

[EXECUTION PAGE TO FOLLOW]

 

    	 	31	 

     

    

 

This Agreement has been entered into on
the date at the beginning of this Agreement.

 

	Signed
    for and on behalf of GW PHARMA LIMITED	 	/s/
    James Ryan	 	/s/
    Chris Tovey
	 	 	Signature	 	Signature
	 	 	 	 	 
	 	 	James Ryan	 	Chris Tovey
	 	 	Name 	 	Name 
	 	 	 	 	 
	Signed for and on
    behalf of GW PHARMACEUTICALS PLC	 	/s/
    James Ryan	 	/s/
    Chris Tovey
	 	 	Signature	 	Signature
	 	 	 	 	 
	 	 	James Ryan	 	Chris Tovey
	 	 	Name 	 	Name 
	 	 		 	 
	Signed for and on
    behalf of BRITISH SUGAR PLC	 	/s/
    Paul Kenward	 	 
	 	 	Signature	 	 
	 	 	 	 	 
	 	 	Paul Kenward	 	 
	 	 	Name (print)	 	 

 

    	 	32	 

     

    

 

SCHEDULE 1

Operating Costs

 

“Operating Costs”
- the direct costs incurred by British Sugar exclusively in relation to the actual Production of a Batch, established on a
regular, standard basis in accordance with UK generally accepted accounting practices consistently applied by British Sugar. Operating
Costs shall be calculated according to the principles of “open book” and include the following elements: (i) actual
costs to British Sugar of materials used for Production of the Batch; and (ii) direct labour cost of production employees (including
wages, labour and related payroll taxes and benefits) incurred or spent in the Production of the Batch and all other costs not
specifically excluded below. It is agreed by both Parties that the following costs will be treated as variable costs in the budget:

 

		·	costs of gas (to dry the BRM), electricity
supplied to the Facility, potable water, gas for supplementary boiler firing, and waste disposal are expected to vary during a
financial year based on the unit cost charged to British Sugar for budgeted use.

 

		·	in addition operational labour costs for
non-salaried staff may also vary as a result of changes in the National Living Wage. Where a change in minimum wage is introduced,
the labour costs will be adjusted to reflect this change (changes in headcount will be addressed under the agreed protocol for
budget variances in Clause 13.1.2).

 

The Operating Cost budget
will be adjusted at the end of each calendar year to reflect the true cost of these variable budget items prior to reconciliation
of On Budget Fees.

 

Operating Costs include
those direct costs associated with Producing Batches of BRM and agreed in the Budget for Costs, and include asset insurance.

 

Operating Costs do
not include depreciation (as this is recharged as a separate element of the cost per kilogram revenues per annum), costs of
insurance that British Sugar may choose to take out against loss of profit/business interruption, the cost of the heat provided
by the factory (except where British Sugar intentionally requests supplementary boiler firing to boost the availability of heat
in periods of exceptional demand), salaries for British Sugar staff who are not directly involved in Growing operations or indirect
overheads allocated from other British Sugar departments or other group companies, management bonuses linked to profitability of
the Agreement or costs of discontinuing service arrangements with existing staff who are not required for this Agreement, equity
based incentives for staff, or any write off/depreciation for British Sugar’s tomato growing specific assets. Operating Costs
do not include capital costs incurred by British Sugar, which shall be capitalised and depreciated.

 

    	 	33	 

     

    

 

2017 Budget for Costs

 

GW shall assume
the Operating Costs of the Facility on 1 January 2017, unless mutually agreed in writing.

 

***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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    	 	34	 

     

    

 

SCHEDULE 2

Project Management and Facility Conversion Project Planning 

 

Project managers:

 

For GW – ***

 

For British Sugar –
***

 

Facility Conversion Project Planning
Team and Process

 

The Project managers for both Parties shall meet
within 10 days of the Effective Date to agree the plan for the Project Management and Facility Conversion Project Planning. 
This discussion shall cover process, personnel and governance for the projects relating to preparing the facility to grow GW’s
crop.

 

GW acknowledges that the project management approach
taken will be in accordance with British Sugar’s ‘Capital Projects Framework’ dated October 2014, which is attached
to the Agreement at the end of this Schedule.  This process shall be followed in accordance with Clause 4 of this agreement.

 

Capital Projects Framework

 

Inserted by hand

 

 

 

 

 

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    	 	35	 

     

    

 

Conversion
Budget as of 5th August 2016

 

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    	 	36	 

     

    

 

 

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Schedule
3

British Sugar current depreciation costs

 

	Year	 	 	2017	 	 	 	2018	 	 	 	2019	 	 	 	2020	 	 	 	2021	 	 	 	2022	 	 	 	2023	 	 	 	2024	 	 	 	2025	 	 	 	2026	 
	Depreciation charge (£)	 	 	***	 	 	 	***	 	 	 	***	 	 	 	***	 	 	 	***	 	 	 	***	 	 	 	***	 	 	 	***	 	 	 	***	 	 	 	***	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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    	 	37	 

     

    

 

SCHEDULE 4

Efficiency savings example

 

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    	 	38	 

     

    

 

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    	 	39	 

     

    

 

SCHEDULE 5

Terms of Reference for Expert Determination 

 

		1.	Any matter or dispute to be determined by an expert under this Agreement (“Expert”)
shall be referred to a person suitably qualified to determine that particular matter or dispute who shall be nominated jointly
by the Parties or, failing agreement between the Parties within twenty (20) Business Days of a written request by either Party
to the other seeking to initiate the Expert’s decision procedure, either Party may request the President for the time being
of the Association of the British Pharmaceutical Industry or any successor body to it to nominate the Expert.

 

		2.	The Parties shall with fourteen (14) days of the appointment of the Expert meet with him/her in
order to agree a program for oral written and oral submissions.

 

		3.	In all cases the terms of appointment of the Expert by whomsoever appointed shall include:

 

		3.1	a commitment by the Parties to share equally the Expert’s
fee;

 

		3.2	a requirement on the Expert to act fairly as between the Parties and according to the principles
of natural justice;

 

		3.3	a requirement on the Expert to hold professional indemnity insurance both then and for three years
following the date of his/her determination;

 

		3.4	a commitment by the Parties to supply to the expert the submissions the subject of paragraph 2
and all such assistance, documents and information as he/she may require for the purpose of his or her determination.

 

		3.5	a commitment by the Parties that all negotiations connected with the dispute shall be conducted
in confidence and without prejudice to the rights of the Parties in any future proceedings.

 

		4.	The Expert shall give a written decision which shall contain a factual analysis, his/her conclusions
and the reasons for his conclusions.

 

		5.	The Expert’s decision shall be final and binding on the Parties (save in the case of negligence
or manifest error).

 

		6.	The Parties expressly acknowledge and agree that they do not intend the reference to the Expert
to constitute an arbitration within the scope of any arbitration legislation, the Expert’s decision is not a quasi judicial
procedure and the Parties shall have no right of appeal against the Expert’s decision provided always that this shall not
be construed as waiving any rights the Parties might have against the Expert for breaching his/her terms of appointment or otherwise
being negligent.

 

    	 	40	 

     

    

 

SCHEDULE 6 

 

Worked Examples of Financial Terms

 

BRM Demand

 

Both parties recognise that in growing a crop,
the delivered yields can be estimated, but are almost never accurate. In order to deliver a targeted weight of BRM, it is likely
that British Sugar will plan to grow slightly more than the desired amount of BRM to ensure that any challenges in producing the
desired weight still allow the targeted weight to be delivered. In adopting this model, it is likely that the final weight of material
produced will exceed the target weight to some extent. Both parties agree that BRM that meets the BRM Specifications should be
utilised by GW, whilst recognising that significant over delivery may not be desirable in all circumstances and may have an impact
on demand for subsequent years.

 

Four scenarios can be envisaged
for BRM demand by GW:

 

		1.	Supply a targeted production of *** tonnes of BRM

 

		2.	Supply as much BRM as possible

 

		3.	Supply a targeted production in excess of *** tonnes of BRM

 

		4.	Supply less than *** tonnes of BRM

 

		1.	GW requests *** tonnes of BRM

 

British Sugar will seek to deliver no less
than *** tonnes, the only penalty for not delivering up to *** tonnes is a failure for British Sugar to recover the targeted total
Productivity Fee and On Budget Fee. GW will accept delivery of all additional BRM in excess of *** tonnes, but will only pay Productivity
and On Budget fees for a maximum of ***% of the demand volume (i.e. *** tonnes in total). Any BRM delivered in excess of *** tonnes
will be considered to have been Produced in the subsequent calendar year in all respects i.e. the volume will be considered to
be part of the subsequent calendar year’s Production, Productivity Fees will be paid as if the BRM was delivered as part
of the first shipment of the subsequent calendar year and the volume will count towards the On Budget Fees for the entire subsequent
calendar year.

 

However, where British Sugar has over-Produced
in one calendar year British Sugar will modify the Growing Plan for the subsequent calendar year to take into account the excess
material already produced when growing to achieve the targeted demand volume. In addition the Growing Plan for the subsequent year
will take account of improved yields that have led to excess production in the first instance i.e. British Sugar should not be
routinely producing significantly in excess of the demanded volume.

 

By way of example

 

	 	 	Example 1	 	Example 2
	Targeted tonnage (Year X)	 	*** tonnes	 	*** tonnes
	Actual production (Year X)	 	*** tonnes	 	*** tonnes
	Tonnage on which Productivity Fee and On Budget Fee is payable	 	*** tonnes	 	*** tonnes
	Carry over to Year X+1 production tonnage	 	*** tonnes	 	*** tonnes
	Productivity Fee payable	 	***     kg*£***/kg=

£***	 	***    kg*£***/kg=

£***
	On Budget Fee payable

(assuming budget achieved)	 	***    kg*£***/kg=

£***	 	***    kg*£***/kg=

£***   

 

 

 

 

 

		***	Portions
of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission.

 

    	 	41	 

     

    

 

		2.	GW requests as much BRM as possible

 

British Sugar will seek to deliver as much
BRM as is viable within the existing Operating Budget. There will be no limit on the BRM accepted by GW for which the Productivity
Fee and On Budget Fee will be paid.

 

Where British Sugar or GW believe that additional
BRM could be Produced as a result of additional Operating Budget spend then British Sugar and GW will discuss the changes to the
Operating Budget and expected BRM Production. Changes must be agreed in writing by both Parties. This is likely to be most pertinent
when there is a desire to change production requirements within the season (i.e. outside of the annual budgeting and growing plan
cycle).

 

		3.	GW requests in excess of *** tonnes of BRM

 

British Sugar will seek to deliver the targeted
weight (it is expected that the target will be derived from a combination of previously delivered yield and high probability continuous
improvement projects). GW will take additional BRM in excess of the targeted weight up to a maximum of ***% (although as the yield
target is likely to be challenging it should be anticipated that the delivered weight is more likely to be close to the target
weight).

 

In the event that British Sugar produces in
excess of ***%, any further BRM that meets the BRM Specifications will be accepted by GW. However this additional material will
count towards the subsequent year’s target production and will be invoiced as part of the first delivery of BRM in the subsequent
year’s deliveries.

 

By way of example

 

	 	 	Example 1	 	Example 2
	Targeted tonnage (Year X)	 	*** tonnes	 	*** tonnes
	Actual production (Year X)	 	*** tonnes	 	*** tonnes
	Tonnage on which Productivity and On Budget Fee is payable	 	*** tonnes	 	*** tonnes
	Carry over to Year X+1 production tonnage	 	*** tonnes	 	*** tonnes

 

		4.	GW requests less than *** tonnes of BRM

 

British Sugar will seek to deliver no less
than the desired tonnage. GW will pay the Productivity Fee due for no less than *** tonnes of BRM and the On Budget Fee for no
less than *** tonnes as if the budget was achieved by British Sugar.

 

Where British Sugar produces more than the
desired tonnage, GW will take all additional BRM in excess of the desired tonnage but will be accounted for in one of two ways
at GW’s discretion:

 

a)       All
taken as part of the current year’s Production, with Productivity Fee and On Budget Fee paid as if the Budget for Costs had
been achieved for the greater of *** tonnes or the actual weight delivered.

 

b)       All
BRM taken by GW, but all weight up to ***% of the target Production taken as part of the current year’s Production with Productivity
Fee and On Budget Fee paid as if the Budget for Costs had been achieved for the greater of *** tonnes or the weight delivered.
All weight in excess of ***% will count towards the subsequent year’s Production and will be invoiced as part of the first
delivery of BRM in the subsequent year’s deliveries. British Sugar will modify the Growing Plan for the subsequent year to
take into account the excess material already produced when growing to achieve the targeted Production.

 

 

 

 

 

		***	Portions
of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission.

 

    	 	42	 

     

    

 

	 	 	Example 1	 	
        Example 2

Option b
	 	Example 3	 	
        Example 4

Option a
	 	
        Example 4

Option b

	Targeted tonnage (Year X)	 	*** tonnes	 	*** tonnes	 	*** tonnes	 	*** tonnes	 	*** tonnes
	Actual production (Year X)	 	*** tonnes	 	*** tonnes	 	*** tonnes	 	*** tonnes	 	*** tonnes
	Tonnage on which Productivity and On Budget fee is payable	 	*** tonnes	 	*** tonnes	 	*** tonnes	 	*** tonnes	 	*** tonnes
	Carry over to Year X+1 production tonnage	 	*** tonnes	 	*** tonnes	 	*** tonnes	 	*** tonnes	 	*** tonnes
	Productivity fee payable	 	
        *** kg*

        £***/kg

        =£***
	 	
        *** kg*

        £***/kg

        =£***
	 	
        *** kg*

        £***/kg=

        £***
	 	
        *** kg*

        £***/kg=

        £***
	 	
        *** kg*

        £***/kg=

        £***

	On Budget fee payable	 	
        *** kg*

        £***/kg

        =£***
	 	
        *** kg*

        £***/kg

        =£***
	 	
        ***kg*

        £***/kg=

        £***
	 	
        ***kg*

        £***/kg=

        £***
	 	
        ***kg*

        £***/kg=

        £***

 

Example of On Budget
Fee calculation

	Budget 

performance	 	Under budget	 	Over budget
	Yield	 	Under	 	Target	 	Over	 	Under	 	Target	 	Over	 	 
	Operating costs

(budget)	 	£***	 	£***	 	£***	 	£***	 	£***	 	£***	 	£***
	Operating costs

(actual*)	 	£***	 	£***	 	£***	 	£***	 	£***	 	£***	 	£***
	Operating cost delta	 	£***

underspend	 	£***

underspend	 	£***

underspend	 	£***

overspend	 	£***

overspend	 	£***

overspend	 	£***  overspend
	BRM tonnage	 	*** tonnes	 	*** tonnes	 	*** tonnes	 	*** tonnes	 	*** tonnes	 	***tonnes	 	***tonnes
	On Budget Fee

(Nominal)	 	£*** * ***=

£***	 	£*** * ***=

£***	 	£*** * ***=

£***	 	£*** * ***=

£***	 	£*** * ***=

£***	 	£*** ****=

£***	 	£*** * ***=

£***
	On Budget Fee payable	 	£***   -    £***   =£***	 	£***   - £***

=£***	 	£***   - £***

=£***	 	£***   -

£*** =

£***	 	£*** -

£*** =

£***	 	£*** -

£*** =

£***	 	£*** -£***+

£***

***

 

*Changes to Operating Costs must be agreed by GW in accordance
with Clause 13.1.2

 

 

 

 

		***	Portions of this page have
been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission.

 

    	 	43	 

     

    

 

SCHEDULE 7

Administrative Information

 

		1.	GW Research Limited

 

		1.1	Sovereign House

Vision Park

Histon

Cambridge CB24 9BZ

 

Tel: + 44 (0)1223
266800

 

Fax: + 44 (0)1223
235667

 

Attention:
Company Secretary

 

		2.	British Sugar

 

		2.1	Weston Centre

10 Grosvenor Street

London W1K 4QY

 

Tel: +44 (0)207
3996500

 

Fax: +44 (0)207
3996580

 

Attention:
Company Secretary.

 

    	 	44	 

     

    

 

SCHEDULE
8

 

ANTI-BRIBERY AND SANCTIONS RULES

 

Each Party warrants to
the other that in connection with any matter arising under or pursuant to any contract it shall not make or offer, directly or
indirectly, any payment, gift or other advantage to a public official with the intention of influencing them and obtaining or retaining
an advantage in the conduct of business

 

In addition, each Party:

 

		(a)	shall comply with all applicable laws, regulations, codes and sanctions relating to anti-bribery
and anti-corruption including but not limited to the Bribery Act 2010 (all of the aforesaid being “Relevant Requirements”);

 

		(b)	shall have and shall maintain in place throughout the term of this Agreement its own policies and
procedures, including but not limited to adequate procedures under the Bribery Act 2010, to ensure compliance with the Relevant
Requirements, and will enforce them where appropriate;

 

		(c)	shall provide such supporting evidence of compliance with the undertaking in (b) above as the other
Party may reasonably request;

 

		(d)	warrants that neither it nor, to its knowledge, its officers, employees, nor any person involved
by or for it in the performance of any contract, is a Sanctioned Person; and

 

		(e)	shall comply with Economic Sanctions Law in all respects related to the performance of this Agreement,
and shall not have any dealings or transactions with any Sanctioned Person if such dealings or transactions would cause the other
Party to be in violation, or to be subject to a risk of punitive measures being imposed pursuant to, any Economic Sanctions Law
(including in respect of any further sale of BRM or drug product containing a drug substance derived from BRM if such dealings
or transactions would cause the other Party to be in violation, or to be subject to a risk of punitive measures being imposed pursuant
to, any Economic Sanctions Law);

 

For the purposes
of this Agreement:

 

“Sanctioned
Person” means any person, organisation or vessel

 

		(i)	designated on the United Nations Consolidated Lists, the Consolidated List of Financial Sanctions
Targets maintained by the UK HM Treasury, the Office of Foreign Assets Control list of Specially Designated Nationals and Blocked
Persons, the US Government's Denied Persons List, Entities List, Debarred Parties List and Terrorism Exclusion List or an any list
of targeted persons issued under the Economic Sanctions Law of any other country (including the European Union);

 

		(ii)	that is, or is part of, a government of a Sanctioned Territory;

 

		(iii)	owned or controlled, directly or indirectly, by, or acting on behalf of, any of the foregoing;
or

 

		(iv)	incorporated within, located within or operating from a Sanctioned Territory and performing an
activity subject to any Economic Sanctions Law; or

 

		(v)	otherwise targeted under any Economic Sanctions Law.

 

“Economic Sanctions
Law” means any laws, regulations, or other binding measures of the European Union, any EU member state, the United Kingdom,
the United Nations, the United States of America or any other jurisdiction applicable to the Parties which relates to economic
or trade sanctions, export controls, non-proliferation, anti-terrorism or similar restrictions.

 

    	 	45	 

     

    

 

“Sanctioned
Territory” means any country or other territory subject to a general export, import, financial or investment embargo
under Economic Sanctions Law from time to time, including without limitation Iran, Myanmar, Sudan, Syria, North Korea and Russia/Ukraine.

 

    	 	46	 

     

    

  

SCHEDULE
9

 

MAP OF SITE, FACILITY AND GROWTH ROOMS

 

***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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    	 	47	 

     

    

 

SCHEDULE
10

 

FINANCIAL
CONSEQUENCES OF TERMINATION

 

	Termination
    

    clause(s) & 

    description	 	Production
    

    continues / 

    ceases	 	Productivity
    

    Fee payable 

    by GW	 	On
    Budget Fee 

    payable by GW	 	Area
    Charge 

    & 

    depreciation 

    costs payable 

    by GW	 	Operating
    

    Costs payable 

    by GW	 	Other
    

    amounts 

    payable1 by 

    GW	 	Other
	Mutual Rights	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Clause 3.6 -Failure to  satisfy the condition precedent and the Parties
    decide not to proceed with the Agreement	 	N/A	 	Nil	 	Nil	 	Nil	 	Nil	 	Nil	 	Each Party shall pay its own costs and expenses and each Party acknowledges that such costs
    and expenses were incurred entirely at its own risk.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Clause 18.1 -Natural expiry of the contract	 	Production continues until the expiry of the Initial Term or Renewal Term (as applicable)	 	Payable as set out in Clause 13.1.5 for the BRM Produced until the expiry of the Initial
    Term or Renewal Term (as applicable)	 	Payable as set out in Clause 13.1.6 for the BRM Produced until the expiry of the Initial
    Term or Renewal Term (as applicable)	 	Payable as set out in Clauses 13.1.4 and 13.1.3 respectively until the expiry of the Initial
    Term or Renewal Term (as applicable)	 	Payable as set out in
        Clause 13.1.2 until the expiry of the Initial Term or Renewal Term (as applicable)

         
	 	GW shall pay any other
        amounts due and payable under the Agreement

         
	 	N/A

         

         

  

 

 

 

 

1 These may include the other Fees, such as the
Crop Change Payment and the unreimbursed costs relating to the Conversion Plan which are reimbursable under Clause 5.3.

 

    	 	48	 

     

    

 

 

	Termination
    

    clause(s) & 

    description	 	Production
    

    continues / 

    ceases	 	Productivity
    

    Fee payable 

    by GW	 	On
    Budget Fee 

    payable by GW	 	Area
    Charge 

    & 

    depreciation 

    costs payable 

    by GW	 	Operating
    

    Costs payable 

    by GW	 	Other
    

    amounts

    payable1 by 

    GW	 	Other
	Clause 22.3 - Force
        Majeure

        prevents British Sugar
        growing at the site
	 	To the extent possible, British Sugar shall wind down the Facility in accordance with Clause
    18.6.	 	Payable as set out in Clause 13.1.5 for the BRM Produced until Force Majeure is invoked.	 	Payable as set out in Clause 13.1.6 for the BRM Produced until Force Majeure is invoked	 	Payable as set out in Clauses 13.1.4 and 13.1.3 respectively until Force Majeure is invoked	 	Payable as set out in Clause 13.1.2 until Force Majeure is invoked	 	GW shall pay any other financial obligations it assumed under this Agreement which would
    have been payable had the Agreement continued, including any outstanding Crop Change Payment due under Clause 13.1.1 or any
    unreimbursed costs relating to the Conversion Plan which are reimbursable under Clause 5.3.	 	 

 

    	 	49	 

     

    

 

 

	Termination
    

    clause(s) & 

    description	 	Production
    

    continues / 

    ceases	 	Productivity
    

    Fee payable 

    by GW	 	On
    Budget Fee 

    payable by GW	 	Area
    Charge 

    & 

    depreciation 

    costs payable 

    by GW	 	Operating
    

    Costs payable 

    by GW	 	Other
    

    amounts 

    payable1 by 

    GW	 	Other
	Clause 22.3 - Force Majeure event affects GW	 	British Sugar shall wind down the Facility in accordance with Clause 18.6.	 	Payable as if the Agreement
        continued until (i) the first 31 December following the ***

        anniversary of the Effective
        Date or (ii) the first 31 December to occur not less than ***
        (***) months following the effective date of termination,
        whichever is the later.

         

        It shall be assumed for
        these purposes that British Sugar had properly performed its obligations and that the output of BRM Produced was ***
        tonnes.

         
	 	Payable as if the Agreement
        continued until (i) the first 31 December following the ***anniversary
        of the Effective Date or (ii) the first 31 December to occur not less than twenty four (24) months following the effective
        date of termination, whichever is the later.

         

        It shall be assumed for
        these purposes that British Sugar had properly performed its obligations and that the output of BRM Produced was ***
        tonnes.

         
	 	Payable as if the Agreement
        continued until (i) the first 31 December following the ***

        anniversary of the Effective
        Date or (ii) the first 31 December to occur not less than ***
        (***) months following the effective date of termination,
        whichever is the later.

         

         
	 	Payable during the period in which British Sugar winds down the Facility.	 	GW shall pay any other
        financial obligations it assumed under this Agreement which would have been payable had the Agreement continued, including
        any outstanding Crop Change Payment due under Clause 13.1.1 or any unreimbursed costs relating to the Conversion Plan
        which are reimbursable under Clause 5.3.

         
	 	British Sugar shall take steps to mitigate its losses and shall use reasonable endeavours
    to generate an income from one or more crops grown in the Facility during the period between termination and the relevant
    date to which GW is to pay Fees. Should British Sugar grow another crop in the Facility during this post-termination period,
    the profit contribution (revenue less direct operating overheads funded by British Sugar) earned from these activities shall
    be set off against the Fees payable (hereafter “Mitigation on Termination”).

 

 

 

 

 

		***	Portions
of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission.

 

    	 	50	 

     

    

 

 

	Termination
    

    clause(s) & 

    description	 	Production
    

    continues / 

    ceases	 	Productivity
    

    Fee payable 

    by GW	 	On
    Budget Fee 

    payable by GW	 	Area
    Charge 

    & 

    depreciation 

    costs payable 

    by GW	 	Operating
    

    Costs payable 

    by GW	 	Other
    

    amounts 

    payable1 by 

    GW	 	Other
	Termination by British Sugar	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.2.1-  Material breach by GW	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force
    Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.2.2 - Insolvency of GW	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.2.3 - After Year 3 without cause – GW elect to continue growing	 	Grow until expiry of the notice period.	 	Payable until (i) the
        first 31 December following the ***

        anniversary of the Effective
        Date or (ii) the first 31 December to occur not less than ***
        (***) months following the effective date of the
        notice, whichever is the later, for a minimum of *** tonnes
        of BRM that meets the BRM Specification.
	 	Payable until (i) the
        first 31 December following the ***

        anniversary of the Effective
        Date or (ii) the first 31 December to occur not less than ***
        (***) months following the effective date of the
        notice, whichever is the later.

         

        It shall be assumed for
        these purposes that British Sugar had properly performed its obligations and that the output of BRM Produced was ***
        tonnes on budget.
	 	Payable until (i) the
        first 31 December following the ***

        anniversary of the Effective
        Date or (ii) the first 31 December to occur not less than ***
         (***) months following the effective date of the
        notice, whichever is the later.

         
	 	Payable during the period
        of Production.

         
	 	GW shall not be relieved of any other financial obligations it assumed under this Agreement
    which would have been payable had the Agreement continued, including any outstanding Crop Change Payment due under Clause
    13.1.1 or any unreimbursed costs relating to the Conversion Plan which are reimbursable under Clause 5.3.	 	 

 

 

 

 

 

		***	Portions
of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission.

 

    	 	51	 

     

    

 

 

	Termination
    

    clause(s) & 

    description	 	Production
    

    continues / 

    ceases	 	Productivity
    

    Fee payable 

    by GW	 	On
    Budget Fee 

    payable by GW	 	Area
    Charge 

    & 

    depreciation 

    costs payable 

    by GW	 	Operating
    

    Costs payable 

    by GW	 	Other
    

    amounts

    payable1 by 

    GW	 	Other
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.2.3 - After Year 3 without cause, GW elect to cease production	 	Wind down as agreed with GW	 	Due immediately - all Productivity Fees payable up to (i) the first 31 December following
    the ***  anniversary of the Effective Date or (ii)
    the first 31 December to occur not less than***                (***)
    months following the effective date of the notice, whichever is the later, for a minimum of ***
    tonnes of BRM that meets the BRM Specification.	 	Due immediately - all
        On Budget Fees Payable until (i) the first 31 December following the ***
        anniversary of the Effective Date or (ii) the first 31 December to occur not less than ***
        (***) months following the effective date of the
        notice, whichever is the later.

         

        It shall be assumed for
        these purposes that British Sugar had properly performed its obligations and that the output of BRM Produced was ***
        tonnes on budget.
	 	Due immediately all Depreciation and Area Charges payable until (i) the first 31 December
    following the fifth anniversary of the Effective Date or (ii) the first 31 December to occur not less than ***                   (***)
    months following the effective date of the notice, whichever is the later.	 	Payable during the period
        of Production and during the wind down period (provided that the wind down period for the purpose of calculating the Operating
        Costs payable will not exceed 16 weeks).

         
	 	GW shall not be relieved of any other financial obligations it assumed under this Agreement
    which would have been payable had the Agreement continued, including any outstanding Crop Change Payment due under Clause
    13.1.1 or any unreimbursed costs relating to the Conversion Plan which are reimbursable under Clause 5.3.	 	Mitigation on Termination shall apply.

 

 

 

 

 

		***	Portions
of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission.

 

    	 	52	 

     

    

 

 

	Termination
    

    clause(s) & 

    description	 	Production
    

    continues / 

    ceases	 	Productivity
    

    Fee payable 

    by GW	 	On
    Budget Fee 

    payable by GW	 	Area
    Charge 

    & 

    depreciation 

    costs payable 

    by GW	 	Operating
    

    Costs payable 

    by GW	 	Other
    

    amounts

    payable1 by 

    GW	 	Other
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.2.4(a) - No Regulatory Approval obtained by longstop date	 	N/A	 	Payable until the first
        31 December following the ***

        anniversary of the Effective
        Date.

         

        It shall be assumed for
        these purposes that British Sugar had properly performed its obligations and that the output of BRM Produced was ***
        tonnes.
	 	Payable until the first
        31 December following the ***  anniversary of the Effective
        Date.

         

        It shall be assumed for
        these purposes that British Sugar had properly performed its obligations and that the output of BRM Produced was ***tonnes
        on budget.
	 	Payable until (i) the
        first 31 December following the ***

        anniversary of the Effective
        Date or (ii) the first 31 December to occur not less than ***
        (***) months following the longstop date, whichever
        is the later.
	 	Payable until the effective date of termination.	 	GW shall not be relieved of any other financial obligations it assumed under this Agreement
    which would have been payable had the Agreement continued for the specified period, including any outstanding Crop Change
    Payment due under Clause 13.1.1 or any unreimbursed costs relating to the Conversion Plan which are reimbursable under Clause
    5.3.	 	Mitigation on Termination shall apply.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.2.4(b) - Approval
        to grow removed (British Sugar not at fault)

         
	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.

 

 

		***	Portions
of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission.

 

    	 	53	 

     

    

 

 

	Termination
    

    clause(s) & 

    description	 	Production
    

    continues / 

    ceases	 	Productivity
    

    Fee payable 

    by GW	 	On
    Budget Fee 

    payable by GW	 	Area
    Charge 

    & 

    depreciation 

    costs payable 

    by GW	 	Operating
    

    Costs payable 

    by GW	 	Other
    

    amounts

 payable1
    by 

    GW	 	Other
	Termination by GW
	18.3.1 - Material
        breach by British Sugar

         

         
	 	 British Sugar shall wind down the Facility in accordance with clause 18.6.	 	Payable for BRM that meets the BRM Specification which is Produced and available for collection
    up to the effective date of termination, provided that it can still be used and sold.	 	Payable for BRM which is Produced and available for collection up to the effective date of
    termination.	 	Payable until the effective date of termination.	 	Payable until the effective date of termination.	 	As set out in relation to 22.3 above as if British Sugar affected by Force Majeure.	 	As set out in relation to 22.3 above as if British Sugar affected by Force Majeure.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.3.2 - Insolvency of British Sugar	 	As set out above in relation to 18.3.1.	 	 As set out above in relation to 18.3.1.	 	 As set out above in relation to 18.3.1.	 	 As set out above in relation to 18.3.1.	 	As set out above in relation to 18.3.1.	 	 As set out above in relation to 18.3.1.	 	 As set out above in relation to 18.3.1.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.3.3 - After Year 3 without cause	 	As set out in relation to 18.2.3 above.	 	As set out in relation to 18.2.3 above.	 	As set out in relation to 18.2.3 above.	 	As set out in relation to 18.2.3 above.	 	As set out in relation to 18.2.3 above.	 	As set out in relation to 18.2.3 above.	 	As set out in relation to 18.2.3 above.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.3.4(a) - No Regulatory Approval obtained by longstop date	 	As set out above in relation to 18.2.4(a).	 	As set out above in relation to 18.2.4(a).	 	As set out above in relation to 18.2.4(a).	 	As set out above in relation to 18.2.4(a).	 	As set out above in relation to 18.2.4(a).	 	As set out above in relation to 18.2.4(a).	 	As set out above in relation to 18.2.4(a).

 

    	 	54	 

     

    

 

 

	Termination
    

    clause(s) & 

    description	 	Production
    

    continues / 

    ceases	 	Productivity
    

    Fee payable 

    by GW	 	On
    Budget Fee 

    payable by GW	 	Area
    Charge 

    & 

    depreciation 

    costs payable 

    by GW	 	Operating
    

    Costs payable 

    by GW	 	Other
    

    amounts

    payable1 by 

    GW	 	Other
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.3.4(b) – Regulatory Approval removed (British Sugar at fault)	 	 As set out above in relation to 18.3.1.	 	 As set out above in relation to 18.3.1.	 	 As set out above in relation to 18.3.1.	 	 As set out above in relation to 18.3.1.	 	 As set out above in relation to 18.3.1.	 	 As set out above in relation to 18.3.1.	 	 As set out above in relation to 18.3.1.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.3.4(c) –Regulatory Approval removed (British Sugar not at fault)	 	As set out in relation to 22.3 above as if
    GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18.3.5 –
        Marketing Authorisation is withdrawn

         
	 	As set out in relation to 22.3 above as if
    GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.	 	As set out in relation to 22.3 above as if GW affected by Force Majeure.

 

    	 	55

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