Document:

Exhibit 4.4

 

[FACE OF NOTE]

 

Unless this certificate is presented by an authorized
representative of The Depository Trust Company (55 Water Street, New York, New York) to the issuer or its agent for registration
of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as
requested by an authorized representative of The Depository Trust Company and any payment is made to Cede & Co., ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede &
Co., has an interest herein.

 

Unless and until it is exchanged in whole or
in part for Notes in definitive registered form, this Note may not be transferred except as a whole by the Depositary to a nominee
of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary
or any such nominee to a successor Depositary or a nominee of such successor Depositary.

 

	REGISTERED NO. ETN-[  ]	
        [ ] ETNs

        CUSIP: [ ]

        ISIN: [ ]

	 
	
         

        CREDIT SUISSE AG

         

        Credit Suisse FI Enhanced Europe 50 Exchange
        Traded Notes (ETNs) due May 11, 2028*

        Linked to the STOXX® Europe 50
        USD (Gross Return) Index

 

CREDIT SUISSE AG, a corporation organized under
the laws of, and duly licensed as a bank in, Switzerland (the “Company,” which term includes any successor corporation
under the Indenture hereinafter referred to), acting through its Nassau branch (the “Branch”), for value received,
hereby promises to pay to Cede & Co., or registered assigns, at the office or agency of the Company in New York, New York,
an amount of cash in the coin or currency of the United States determined as set forth on the reverse hereof on the Maturity Date
(as defined on the reverse hereof).

 

Reference is hereby made to the further provisions
of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth
at this place. All capitalized terms used herein but not otherwise defined shall have the meaning assigned to them in the Indenture
(as defined on the reverse hereof).

 

This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been manually signed by the Trustee (as defined on the
reverse hereof) under the Indenture referred to on the reverse hereof.

 

 

 

* Subject to extension as described on the reverse hereof.

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IN WITNESS WHEREOF, the Company, acting through
the Branch, has caused this Note to be duly executed.

 

	 	
         

        CREDIT SUISSE AG,

	 	acting through its Nassau branch
	 	 	 	 
	 	 	 	 
	 	
         

        By:
	 
	 	 	Name:	 
	 	 	Title:	Authorized Signatory
	 	 	 	 
	 	
         

        By:
	 
	 	 	Name:	 
	 	 	Title:	Authorized Signatory

 

    	F-2

    	 

    

 

CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

Dated: May [  ], 2018

 

	 	THE BANK OF NEW YORK MELLON,
	 	
        as Trustee

         

         

	 	By:	 
	 	 	Authorized Signatory

 

    	F-3

    	 

    

 

[REVERSE OF NOTE]

 

CREDIT SUISSE AG

 

Credit Suisse FI Enhanced Europe 50 Exchange
Traded Notes (ETNs) due May 11, 2028

Linked to the STOXX® Europe 50
USD (Gross Return) Index

 

This Note is one of a duly authorized
issue of debentures, notes, bonds or other evidences of indebtedness of the Company (the “Securities”) of the
series hereinafter specified, all issued or to be issued under and pursuant to a senior indenture, dated as of March 29, 2007,
between the Company and The Bank of New York Mellon (the “Trustee”), to which indenture and all indentures supplemental
thereto (collectively, the “Indenture”) reference is hereby made for a description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the registered holder (the “Holder”)
of the Securities. The Securities may be issued in one or more series, which different series may be issued in various principal
amounts, may mature at different times, may pay coupons (if any) at different rates, may be subject to different redemption provisions
(if any), may be subject to different sinking, purchase or analogous funds (if any) and may otherwise vary as provided in the Indenture.

This Note (the “Note”) is
a tranche (as defined herein) of a series designated as the Senior Medium-Term Notes.

This Note does not bear interest.

This Note is issuable only in registered
form without coupons in initial minimum denominations of $100 and any integral multiples of $100 in excess thereof at the office
or agency of the Company in the Borough of Manhattan, the City of New York, in the manner and subject to the limitations provided
in the Indenture. The minimum denominations and integral multiples in excess thereof are subject to adjustment if this Note is
subject to a split or reverse split, as set forth herein.

Maturity Date

The scheduled maturity date of this Note
is initially May 11, 2018, but may be extended at the option of the Company for up to two additional five-year periods (in either
case, the “Maturity Date”). The Company may only extend the scheduled Maturity Date for five years at a time.
If the Company exercises its option to extend the scheduled Maturity Date, the Company will notify the Holder of this Note and
the Trustee at least 45 calendar days but not more than 60 calendar days prior to the then-scheduled Maturity Date. The Company
will provide such notice to the Holder of this Note and the Trustee in respect of each five-year extension of the scheduled Maturity
Date that the Company chooses to effect.

If the scheduled Maturity Date is not
a Business Day, the Maturity Date will be postponed to the first Business Day following the scheduled Maturity Date. If the scheduled
Final Valuation Date is not a Trading Day, the Final Valuation Date will be postponed to the next following Trading Day, in which
case the Maturity Date will be postponed to the third Business Day following the Final Valuation Date as so postponed. If a Market
Disruption Event occurs or is continuing on any Trading Day during the Final Valuation Period, as determined by the Calculation
Agent (as defined below), the Maturity Date will be postponed until the date three Business Days following the Final Valuation
Date, as postponed. No interest or additional payment will accrue or be payable as a result of any postponement of the Maturity
Date.

“Final Valuation Date”
means May 8, 2028, or, if such date is not a Trading Day, the next following Trading Day. If the Company exercises its option to
extend the maturity of this Note (as described below), the Final Valuation Date for this Note will be the third scheduled Business
Day prior to the scheduled Maturity Date, as extended.

“Final Valuation Period”
means the five consecutive Trading Days ending on and including the Final Valuation Date.

    
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“Valuation Date” means
the Final Valuation Date, any Early Redemption Valuation Date and the Accelerated Valuation Date, if applicable, subject to postponement
if such date is not a Trading Day or in the event of a Market Disruption Event or an extension of the Maturity Date as described
herein.

Payment at Maturity

The Holder of this Note shall receive
a cash payment on the Maturity Date for each $100.00 stated principal amount of this Note not previously accelerated or redeemed
equal to the arithmetic average, as determined on the Final Valuation Date by the Calculation Agent, of the Closing Indicative
Values of the ETNs during the Final Valuation Period, subject to Market Disruption Events as described herein.

The “Closing Indicative Value”
on the Inception Date is $100.00 (the “Initial Indicative Value”). The Closing Indicative Value on any ETN Business
Day after the Inception Date will be calculated and published by the IV Calculation Agent and will be equal to (1) the Closing
Indicative Value on the immediately preceding ETN Business Day plus (2) the Index Amount on the current ETN Business Day
minus (3) the Investor Fee on such ETN Business Day minus (4) the Exposure Fee on such ETN Business Day minus
(5) the Rebalance Fee on such ETN Business Day, if applicable. The Closing Indicative Value will never be less than zero. If the
Intraday Indicative Value of the ETNs is equal to or less than zero during Observation Trading Hours or the Closing Indicative
Value of the ETNs is equal to zero on any Trading Day, the Closing Indicative Value of the ETNs on that day, and all future days,
will be zero.

If this Note undergoes a split or reverse
split, the Closing Indicative Value, Rebalanced Indicative Value and Intraday Indicative Value will be adjusted accordingly by
the Calculation Agent, and subsequent calculations under this Note shall be made by reference to the principal amount corresponding
to the adjusted Closing Indicative Value, Rebalanced Indicative Value and Intraday Indicative Value. Upon such adjustment, notice
thereof shall be given to the Trustee.

“Inception Date” means
May 10, 2018.

The “Intraday Indicative Value”
per $100.00 stated principal amount of this Note will be calculated using the same formula as the Closing Indicative Value, except
that instead of using the Closing Level of the Index, the calculation is based on the most recent reported level of the Index at
the particular time. During the hours on which trading is generally conducted on each ETN Business Day, the Intraday Indicative
Value will be calculated and published every 15 seconds by the IV Calculation Agent so long as no Market Disruption Event has occurred
or is continuing and will be disseminated over the consolidated tape or other major market data vendor.

If the Intraday Indicative Value of the
ETNs is equal to or less than zero during Observation Trading Hours or the Closing Indicative Value is equal to zero on any Trading
Day, the Closing Indicative Value on that day, and all future days, will be zero.

The “Index” means
the STOXX® Europe 50 USD (Gross Return) Index.

The “Index Amount”
on the Inception Date equals zero. On any ETN Business Day after the Inception Date, the Index Amount will be equal to the product
of (1) the Index Units as of the immediately preceding ETN Business Day times (2) the difference between (a) the Closing
Level of the Index on the current ETN Business Day minus (b) the Closing Level of the Index on the immediately preceding
ETN Business Day.

The “Index Units,”
on any ETN Business Day from and including the Inception Date to but excluding the first Rebalance Date, will be equal to the product
of (1) the Leverage Factor times (2) the Initial Indicative Value divided by (3) the Initial Index Level. The Index
Units will be adjusted upon the occurrence of a Rebalance Event. From and including each Rebalance Date, the Index Units will equal
(1) the Leverage Factor times (2) the Closing Indicative Value on the most recent Rebalance Trigger Date for which the corresponding
Rebalance Date falls on or before the current ETN Business Day divided by (3) the Closing Level of the Index on such Rebalance
Trigger Date.

The “Initial Index Level”
is 1645.12.

    
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The “Leverage Factor”
is 2.0.

The “Investor Fee,”
on any ETN Business Day following the Inception Date, will be equal to the product of (1) the Closing Indicative Value as of the
previous ETN Business Day times (2) 1.00% times (3) the Day Count Fraction.

The “Exposure Fee,”
on any ETN Business Day following the Inception Date, will be equal to the product of (1) (a) the Index Units as of the previous
ETN Business Day times (b) 0.5 times (2) the Financing Rate as of the most recent Quarterly Reference Date prior
to the current ETN Business Day times (3) the Closing Level of the Index as of the most recent Quarterly Reference Date
prior to the current ETN Business Day times (4) the Day Count Fraction.

The “Financing Rate,”
on any LIBOR Business Day, will be equal to the Reference Rate applicable on the immediately preceding Quarterly Reference Date,
plus a spread of 1.00% (100 basis points).

The “Day Count Fraction,”
on any ETN Business Day, will be equal to the quotient of (1) the number of calendar days from and including the previous ETN Business
Day to but excluding the current ETN Business Day divided by (2) 360.

The first “Quarterly Reference
Date” will be the Inception Date. Following the Inception Date, the “Quarterly Reference Date” will
be on each January 1st, April 1st, July 1st, and October 1st, beginning on July 1,
2018, or if such date is not a LIBOR Business Day and an Index Business Day, the next succeeding day that is both a LIBOR Business
Day and an Index Business Day.

The “Reference Rate”
on any Quarterly Reference Date will be equal to the 3-Month USD LIBOR, which is the London Interbank Offered Rate for three-month
deposits in U.S. dollars, which is displayed on Reuters page LIBOR01 (or any successor service or page for the purpose of displaying
the London interbank offered rates of major banks, as determined by the Calculation Agent), as of 11:00 a.m., London time, on such
Quarterly Reference Date. If such rate does not appear on such page at such time on the relevant Quarterly Reference Date as described
above, the Reference Rate for such date will be determined on the basis of the rates at which three-month deposits in U.S. dollars
are offered by four major banks in the London interbank market (the “Reference Banks”) at approximately 11:00
a.m., London time to prime banks in the London interbank market for a period commencing as of such date in a representative amount.
The Calculation Agent will request the principal London office of each of the Reference Banks to provide a quotation of its rate.
If at least two of those quotations are provided, the Reference Rate for that date will be the arithmetic mean of the quotations.
If fewer than two quotations are provided as requested, the Reference Rate for such date will be the arithmetic mean of the rates
quoted by major banks in New York City, selected by the Calculation Agent, at approximately 11:00 a.m., New York City time, as
of such date for loans in U.S. dollars to leading European banks for a period of three months commencing as of such date and in
a representative amount. If fewer than two banks selected by the Calculation Agent provide quotes as described above, the Reference
Rate for that date will be determined by the Calculation Agent in its sole discretion (acting in good faith and in a commercially
reasonable manner).

If the Calculation Agent determines that
the 3-Month USD LIBOR for purposes of determining the Reference Rate has been discontinued, then it will determine whether to use
a substitute or successor rate for purpose of determining the Reference Rate on each relevant Quarterly Reference Date falling
on or after it has determined in its sole discretion (acting in good faith and in a commercially reasonable manner) is most comparable
to the existing rate had it not been discontinued, provided that if the Calculation Agent determines there is an appropriate industry-accepted
successor rate, the Calculation Agent shall use such successor rate.

If the Calculation Agent has determined
a substitute or successor rate in accordance with the foregoing (such rate, the “Replacement Rate”), for purposes
of determining the Reference Rate, (a) the Calculation Agent shall in its sole discretion (acting in good faith and in a commercially
reasonable manner) determine (i) the method for obtaining the Replacement Rate (including any alternative method for determining
the Replacement Rate if such substitute or successor rate is unavailable on the relevant Quarterly Reference Date), which method
shall be consistent with industry-accepted practices for the Replacement Rate, and (ii) any adjustment factor as may be necessary
to make the Replacement Rate comparable to the existing rate had it not been discontinued, consistent

    
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with industry-accepted practices for the Replacement Rate;
(b) references to the Reference Rate in this pricing supplement shall be deemed to be references to the Replacement Rate, including
any alternative method for determining such rate and any adjustment factor as described in sub-clause (a) above; (c) any changes
relating to the service or page for the purpose of displaying the Replacement Rate or the time at which such rate is published
on such service or page shall be determined by the Calculation Agent in its sole discretion (acting in good faith and in a commercially
reasonably manner).

The “Closing Level of the Index”
on any ETN Business Day will be the official closing level of the Index published on Bloomberg under the ticker symbol “SX5PGV
<Index>” or any successor page on Bloomberg or any successor service, as applicable; provided that if such day
is not an Index Business Day, the Closing Level of the Index will be deemed to be the Closing Level of the Index as of the immediately
preceding Index Business Day, as determined by the Calculation Agent; provided further that in the event a Market Disruption
Event exists on a Valuation Date, the Calculation Agent will determine the Closing Level of the Index according to the methodology
described herein.

The “Observation Trading Hours”
on any Trading Day, will be the time period from and including 9:30 a.m. New York City time to and including 4:00 p.m. New York
City time.

A “Business Day” is
any Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in New York City or London,
England generally are authorized or obligated by law, regulation or executive order to close.

An “ETN Business Day”
is a day on which trading is generally conducted on the New York Stock Exchange, NYSE Arca and the NASDAQ exchange.

An “Index Business Day”is
any day on which the level of the Index is calculated and published.

A “LIBOR Business Day”
is any trading day other than a day on which banking institutions in the city of London, England are authorized or obligated by
law or executive order to be closed.

A “Trading Day” is
a day which is (i) an Index Business Day and (ii) an ETN Business Day.

Rebalance Event

A Rebalance Event shall occur (1) quarterly,
on each Quarterly Rebalance Calculation Date, and (2) if the Closing Indicative Value on any Trading Day is equal to or less than
60% of the then current Rebalanced Indicative Value and no Acceleration Event has occurred on such day (each such day, a “Deleveraging
Calculation Date” and, together with any Quarterly Rebalance Calculation Date, a “Rebalance Trigger Date”).
The Trading Day following each Rebalance Trigger Date will be a “Rebalance Date,” subject to postponement in
the event of a Market Disruption Event and the Calculation Agent will make adjustments to the Index Amount and Exposure Fee and
other relevant terms of this Note.

Upon the occurrence of each Rebalance
Event, the Holder of the Notes will incur a Rebalance Fee on the relevant Rebalance Date. On any ETN Business Day that is a Rebalance
Date, the “Rebalance Fee” per ETN will be equal to the product of (1) the Rebalance Rate times (2) the
Closing Level of the Index on such Rebalance Date times (3) the absolute value of the difference between (a) the Index Units
on the Trading Day immediately preceding the relevant Rebalance Date minus (b) the Index Units on such Rebalance Date. On
any ETN Business Day that is not a Rebalance Date, the Rebalance Fee will equal zero. The “Rebalance Rate” on
any Rebalance Date will equal 0.05%. Following the Inception Date, a “Quarterly Rebalance Calculation Date”
will occur on the Trading Day immediately preceding each Quarterly Reference Date.

The “Initial Indicative Value”
is $100.00, which represents the initial theoretical leveraged investment in the Index. The initial “Rebalanced Indicative
Value” will be the Initial Indicative Value; thereafter, the Rebalanced Indicative Value will be the Closing Indicative
Value on the Rebalance Trigger Date immediately preceding the relevant Rebalance Date.

    
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Payment Upon Early Redemption

Subject to compliance with the procedures
described below, the Holder of the Notes may submit a request (the “Redemption Notice”) on any Trading Day through
and including May 1, 2028 (or, if the maturity of this Note is extended, five scheduled Trading Days prior to the scheduled Final
Valuation Date, as extended) to have the Company redeem this Note, in whole or in part. Notwithstanding the foregoing, the Company
will not accept a Redemption Notice submitted to the Company on any day after the fifth Trading Day preceding the Accelerated Valuation
Date in the case of an Optional Acceleration. If the Holder elects to offer a portion of this Note for redemption, and the requirements
for acceptance by the Company are met, the Holder will receive a cash payment per ETN on the Early Redemption Date equal to the
Early Redemption Amount.

If the Redemption Notice is delivered
prior to 10:00 a.m., New York City time on any Business Day, the immediately following Trading Day will be the applicable “Early
Redemption Valuation Date.” Otherwise, the second following Trading Day will be the applicable Early Redemption Valuation
Date.

The Holder of this Note must offer for
redemption at least 10,000 ETNs at one time in order to exercise its right to cause the Company to redeem a portion of this Note
on any Early Redemption Date (the “Minimum Redemption Amount”); provided that the Company or the Calculation
Agent may from time to time reduce, in whole or in part, the Minimum Redemption Amount. If this Note undergoes a split or reverse
split, the minimum number of ETNs needed to exercise the Holder’s right to cause the Company to redeem this Note will remain
the same.

Any ETNs previously redeemed by the Company
at the Holder’s option will be cancelled on the Early Redemption Date. The redeemed ETNs will no longer be outstanding.

The “Early Redemption Amount”
is a cash payment per ETN equal to the greater of (A) zero and (B)(1) the Closing Indicative Value on the applicable Early Redemption
Valuation Date minus (2) the Early Redemption Charge on the applicable Early Redemption Valuation Date, calculated by the Calculation
Agent.

The “Early Redemption Date”
is the second Business Day following an Early Redemption Valuation Date. If the applicable Early Redemption Valuation Date is postponed,
as determined by the Calculation Agent, the Early Redemption Date will be postponed until the date two Business Days following
such Early Redemption Valuation Date, as postponed. No interest or additional payment will accrue or be payable hereon as a result
of any postponement of the Early Redemption Date.

The “Early Redemption Charge”
per ETN will equal the product of (i) 0.10% times (ii) the Closing Level of the Index on the applicable Early Redemption
Valuation Date times (iii) the Index Units as of the immediately preceding Trading Day.

Acceleration at the Option of the Company
or Upon an Acceleration Event 

On any Business Day occurring after the
Inception Date, the Company will have the right to issue a notice to accelerate all, but not less than all, the issued and outstanding
ETNs (an “Optional Acceleration”). In addition, if an Acceleration Event occurs at any time with respect to
this Note, all of the issued and outstanding ETNs will be subject to automatic acceleration (an “Automatic Acceleration”).
An “Acceleration Event” will occur if the Intraday Indicative Value during Observation Trading Hours on any
Trading Day (other than a Trading Day during the Final Valuation Period or the Accelerated Valuation Period) is equal to or less
than 40% of the most recent Rebalanced Indicative Value. If an Acceleration Event occurs, an “Acceleration Fee”
equal to the product of (1) 0.10% times (2) the Closing Level of the Index on the Accelerated Valuation Date times
(3) the Index Units as of the immediately preceding ETN Business Day will apply.

If this Note is accelerated pursuant
to an Optional Acceleration, the Holder of Notes will receive a cash payment on the Acceleration Date equal to the arithmetic average,
as determined on the Accelerated Valuation Date by the Calculation Agent, of the Closing Indicative Values of such ETNs during
the Accelerated Valuation Period.

    
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If this Note is accelerated pursuant
to an Automatic Acceleration, the Holder of Notes will receive a cash payment on the Acceleration Date equal to the greater of
(A) zero and (B)(1) the Closing Indicative Value on the Accelerated Valuation Date minus (2) the Acceleration Fee on the Accelerated
Valuation Date, calculated by the Calculation Agent.

The cash payment received pursuant to
either an Optional Acceleration or an Automatic Acceleration, if any, is referred to as the “Accelerated Redemption Amount”
and will be payable on the third Business Day following the Accelerated Valuation Date (the “Acceleration Date”).
In no event will the Accelerated Redemption Amount be less than zero. The Company will give notice of any acceleration of this
Note through customary channels used to deliver notices to holders of exchange traded notes.

In the case of an Optional Acceleration,
the “Accelerated Valuation Period” shall be the five consecutive Trading Days specified in Company’s notice
of Optional Acceleration, the first Trading Day of which shall be at least three (3) calendar days after the date on which the
Company gives notice of such Optional Acceleration and the “Accelerated Valuation Date” will be the last Trading
Day in the Accelerated Valuation Period. In the case of an Automatic Acceleration, the Accelerated Valuation Date will be the Trading
Day immediately following the Trading Day on which the Acceleration Event occurs.

If the last scheduled Valuation Date
in the Accelerated Valuation Period is postponed, as determined by the Calculation Agent, the Acceleration Date will be postponed
until the date three Business Days following the last scheduled Valuation Date in the Accelerated Valuation Period, as postponed.
No interest or additional payment will accrue or be payable hereon as a result of any postponement of the Acceleration Date.

The Company will give the Trustee a copy
of the irrevocable call notice at the same time that it delivers such notice to the Holder of this Note.

Following an Acceleration Event, this
Note will be cancelled on the Acceleration Date. Consequently, as of such Acceleration Date, this Note will no longer be outstanding.

Market Disruption Events

The Calculation Agent will be solely
responsible for the determination and calculation of any adjustments to the Index and of any related determinations and calculations
with respect to any event described below and its determinations and calculations will be conclusive absent manifest error.

In respect of the Index, a “Market
Disruption Event” is:

		(a)	the occurrence or existence of a suspension, absence or material
limitation of trading of Index Components then constituting 20% or more of the level of the Index on the principal exchange on
which the Index Components are traded for those securities for more than two hours of trading, or during the one-half hour period
preceding the close of the principal trading session on the principal exchange on which the Index Components are traded; 

		(b)	a breakdown or failure in the price and trade reporting systems of
the principal exchange on which the Index Components are traded for the Index as a result of which the reported trading prices
for Index Components then constituting 20% or more of the level of the Index during the one-half hour preceding the close of the
principal trading session on the principal exchange on which the Index Components are traded are materially inaccurate; 

		(c)	the occurrence or existence of a suspension, absence or material
limitation of trading on the primary related exchange or market for trading in equity securities related to the Index, if available,
during the one-half hour period preceding the close of the principal trading session for such related exchange or market; or

		(d)	a decision to permanently discontinue trading in those related equity
securities. 

    
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in each case, as determined by the Calculation
Agent in its sole discretion; and in each case a determination by the Calculation Agent in its sole discretion that any event described
above materially interfered with Company’s ability or the ability of any of its affiliates to effect transactions in the
Index Components or any instrument related to the Index Components or to adjust or unwind all or a material portion of any hedge
position in the Index with respect to this Note.

For the purpose of determining whether
a Market Disruption Event with respect to the Index exists at any time, if trading in a security included in the Index is materially
suspended or materially limited at that time, then the relevant percentage contribution of that security to the level of the Index
will be based on a comparison of (1) the portion of the level of the Index attributable to that security relative to (2) the overall
level of the Index, in each case immediately before that suspension or limitation.

For the purpose of determining whether
a Market Disruption Event in respect of the Index has occurred:

		(a)	a limitation on the hours or number of days of trading will not constitute
a Market Disruption Event if it results from an announced change in the regular business hours of the principal exchange on which
the Index Components are traded or the primary exchange or market for trading in equity securities related to the Index; 

		(b)	limitations pursuant to NYSE Rule 80B (or any applicable rule or
regulation enacted or promulgated by the NYSE, any other U.S. self-regulatory organization, the SEC or any other relevant authority
of scope similar to NYSE Rule 80B) on trading during significant market fluctuations will constitute a suspension, absence or material
limitation of trading; and 

		(c)	a suspension of trading in equity securities related to the Index
by the primary exchange or market for trading in such contracts, if available, by reason of: 

		·	a price change exceeding limits set by such exchange or market; 

		·	an imbalance of orders relating to such contracts; or 

		·	a disparity in bid and ask quotes relating to such contracts;

will, in each such case, constitute
a suspension, absence or material limitation of trading in equity securities related to the Index; and

		(d)	a “suspension, absence or material limitation of trading”
on the primary related exchange or market on which equity securities related to the Index are traded will not include any time
when such exchange or market is itself closed for trading under ordinary circumstances; 

in each case, as determined by the Calculation
Agent in its sole discretion.

If the Calculation Agent determines that
a Market Disruption Event exists in respect of the Index on a Valuation Date or Rebalance Date, then that Valuation Date or Rebalance
Date will be postponed to the first succeeding Trading Day on which the Calculation Agent determines that no Market Disruption
Event exists in respect of the Index, unless the Calculation Agent determines that a Market Disruption Event exists in respect
of the Index on each of the five Trading Days immediately following the scheduled Valuation Date or Rebalance Date. In that case,
(a) the fifth succeeding Trading Day following the scheduled Valuation Date or Rebalance Date will be deemed to be such Valuation
Date for the Index, notwithstanding the Market Disruption Event in respect of the Index, and (b) the Calculation Agent will determine
the Closing Level of the Index on that deemed Valuation Date or Rebalance Date in accordance with the formula for and method of
calculating the Index last in effect prior to the commencement of the Market Disruption Event in respect of the Index using exchange-traded
prices on the principal exchange on which the Index Components are traded (as determined by the Calculation Agent in its sole discretion)
or, if trading in any component comprising the Index has been materially suspended or materially limited, the Calculation Agent’s
good faith estimate of the prices that would have prevailed on the principal exchange on which the Index Components are traded
(as determined by the Calculation Agent in its sole discretion) but for the

    
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suspension or limitation, as of the valuation time on that
deemed Valuation Date or Rebalance Date, of each component comprising the Index.

If a Market Disruption Event exists in
respect of the Index during the Accelerated Valuation Period or Final Valuation Period, (such disrupted date, the “Disrupted
Valuation Date”), all of the Valuation Dates that are scheduled to occur on consecutive Trading Days following such Disrupted
Valuation Date, if any, will be postponed by the corresponding number of days by which such Disrupted Valuation Date is postponed
as a result of such Market Disruption Event.

If the Final Valuation Date, the Valuation
Date corresponding to an Early Redemption Date or the last scheduled Valuation Date in the Accelerated Valuation Period is postponed,
the Maturity Date, the corresponding Early Redemption Date or the Acceleration Date, as the case may be, will be postponed until
the date three Business Days following such Final Valuation Date, Valuation Date corresponding to an Early Redemption Date or last
scheduled Valuation Date in the Accelerated Valuation Period, as postponed.

“Index Components”
means the equity securities comprising the Index from time to time.

Discontinuation
or Modification of the Index

If STOXX Limited, as “Index
Sponsor” discontinues publication of the Index and the Index Sponsor or anyone else publishes a substitute
index that the Calculation Agent determines is comparable to the Index, then the Calculation Agent will permanently replace the
original Index with that substitute index (the “Successor Index”) for all purposes under this Note, and all
provisions described herein as applying to the Index will thereafter apply to the Successor Index instead. If the Calculation Agent
replaces the original Index with a Successor Index, then the Calculation Agent will determine the Early Redemption Amount, Accelerated
Redemption Amount or Payment at Maturity (each, a “Redemption Amount”), as applicable, by reference to the Successor
Index.

If the Calculation Agent determines that
the publication of the Index is discontinued and there is no Successor Index, the Calculation Agent will determine the level of
the Index, and thus the applicable Redemption Amount, by a computation methodology that the Calculation Agent determines will as
closely as reasonably possible replicate the Index.

If the Calculation Agent determines that
the Index, the equity securities included in the Index or the method of calculating the Index is changed at any time in any respect,
including whether the change is made by the Index Sponsor under its existing policies or following a modification of those policies,
is due to the publication of a Successor Index, is due to events affecting the equity securities included in the Index or is due
to any other reason and is not otherwise reflected in the level of the Index by the Index Sponsor pursuant to the methodology described
herein, then the Calculation Agent will be permitted (but not required) to make such adjustments in the Index or the method of
its calculation as it believes are appropriate to ensure that the Closing Level of the Index used to determine the applicable Redemption
Amount is equitable.

Calculation
Agent

Credit Suisse International (“CSi”)
will serve as the Calculation Agent. The Calculation Agent will, in its reasonable discretion, make all calculations and/or determinations
regarding the value of this Note, including at maturity, upon early redemption or acceleration, Market Disruption Events, Business
Days and Trading Days, the ETN Fees, the intraday level of the Index if not published by the Index Sponsor, the Maturity Date,
any Early Redemption Dates, Rebalance Dates, the Acceleration Date, the amount payable in respect of this Note at maturity, upon
early redemption or acceleration and any other calculations or determinations to be made by the Calculation Agent as specified
herein. The Calculation Agent will have the sole ability to make determinations with respect to reduction of the Minimum Redemption
Amount, the occurrence of an Acceleration Event, changes in the Reference Rate, calculation of default amounts and whether a Market
Disruption Event or Rebalance Event has occurred, and will have responsibility to make determinations regarding a Trading Day.
Absent manifest error, all determinations of the Calculation Agent will be final and binding on the Holder of Notes and the Company,
without any liability on the part of the Calculation Agent. The Holder of this Note will not be entitled to any compensation from
the Company for any loss suffered as a result of any of the above determinations by the Calculation Agent.

    
	R-8

    	 

    

If the Calculation Agent ceases to perform
its role, the Company will either, at the Company’s sole discretion, perform such role, appoint another party to do so or
accelerate this Note. The Company may appoint a different Calculation Agent from time to time without Holder’s consent and
without notifying the Holder.

The “ETN Fees” means
collectively the Investor Fee, Exposure Fee and Rebalance Fee, and any applicable Early Redemption Charge and/or Acceleration Fee.

IV Calculation
Agent

The Company has initially appointed ICE
Data Indices, LLC as the IV Calculation Agent. The IV Calculation Agent will have the sole responsibility to calculate and disseminate
the Closing Indicative Value and Intraday Indicative Value of the ETNs. The Company may appoint a different IV Calculation Agent
from time to time without Holder’s consent and without notifying the Holder.

Default Amount on Acceleration

For the purpose of determining whether
the holders of the senior medium-term notes, of which this Note is a part, are entitled to take any action under the Indenture,
the Company will treat the stated principal amount of this Note outstanding as its principal amount. Although the terms of this
Note may differ from those of the other senior medium-term notes, holders of specified percentages in principal amount of all senior
medium-term notes, together in some cases with other series of Company’s debt securities, will be able to take action affecting
all the senior medium-term notes, including this Note. This action may involve changing some of the terms that apply to the senior
medium-term notes, accelerating the maturity of the senior medium-term notes after a default or waiving some of the Company’s
obligations under the indenture.

In case an Event of Default with respect
to this Note shall have occurred and be continuing, the amount declared due and payable upon any acceleration of this Note will
be determined by the Calculation Agent, and will equal, for each $100.00 stated principal amount of this Note, the Closing Indicative
Value determined by the Calculation Agent occurring on the Trading Day following the date on which this Note was declared due and
payable.

Manner of Payment

This Note is payable in the manner, with
the effect and subject to the conditions provided in the Indenture.

If a payment date is not a Business Day
as defined in the Indenture at a place of payment, payment may be made at that place on the next succeeding day that is a Business
Day, and no interest shall accrue for the intervening period.

Amendments

The Indenture contains provisions which
provide that the Company and the Trustee may amend or supplement the Indenture or the Securities without notice to or the consent
of any Holder in order to (i) cure any ambiguity, defect or inconsistency in the Indenture, provided that such amendments or supplements
shall not materially and adversely affect the interests of the Holders; (ii) comply with the requirements of the Indenture if the
Company consolidates with, merges with or into, or sells, conveys, transfers, leases or otherwise disposes of all or substantially
all of its property and assets, to any person; (iii) comply with any requirements of the Commission in connection with the qualification
of the Indenture under the Trust Indenture Act; (iv) evidence and provide for the acceptance of appointment hereunder with respect
to the Securities by a successor trustee; (v) establish the form or forms or terms of Securities of any series or of the coupons
appertaining to such Securities as permitted by the Indenture; (vi) provide for uncertificated or unregistered Securities and to
make all appropriate changes for such purpose; (vii) provide for a guarantee from a third party on outstanding Securities that
are issued under the Indenture; or (viii) make any change that does not materially and adversely affect the rights of any Holder.

The Indenture provides that, without
prior notice to any Holders, the Company and the Trustee may amend the Indenture and the Securities of any series with the written
consent of the Holders of a majority in principal

    
	R-9

    	 

    

amount of the outstanding Securities of all series affected
by such amendment (all such series voting as one class), and the Holders of a majority in principal amount of the outstanding Securities
of all series affected thereby (all such series voting as one class) by written notice to the Trustee may waive future compliance
by the Company with any provision of the Indenture or the Securities of such series; provided that, without the consent of each
Holder of the Securities affected thereby, an amendment or waiver, including a waiver of past defaults, may not: (i) extend the
stated maturity of the Principal of, or any sinking fund obligation or any installment of interest on, such Holder’s Security,
or reduce the principal amount thereof or the rate of interest thereon (including any amount in respect of original issue discount),
or adversely affect the rights of such Holder under any mandatory redemption or repurchase provision or any right of redemption
or repurchase at the option of such Holder, or reduce the amount of the Principal of an Original Issue Discount Security that would
be due and payable upon an acceleration of the maturity thereof or the amount thereof provable in bankruptcy, insolvency or similar
proceeding, or change any place of payment where, or the currency in which, the principal amount or the interest thereon is payable,
modify any right to convert or exchange such Holder’s Security for another security to the detriment of the Holder or impair
the right to institute suit for the enforcement of any such payment on or after the due date therefor; (ii) reduce the percentage
in principal amount of outstanding Securities the consent of whose Holders is required for any such supplemental indenture, for
any waiver of compliance with certain provisions of the Indenture or certain Defaults and their consequences provided for in the
Indenture; (iii) waive a Default in the payment of the principal amount of or interest on any Security of such Holder; or (iv)
modify any of the provisions of the Indenture governing supplemental indentures except to increase the required percentage or to
provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each outstanding
Security affected thereby.

In addition, this Note may be amended,
without the consent of any Holder, to conform the terms of this Note to the terms as set forth in Pricing Supplement No. ETN-22
dated May 10, 2018, and the prospectus supplement and prospectus referred to therein, each related to this Note and filed with
the Securities and Exchange Commission, and the Trustee is hereby authorized to enter into any such amendment to this Note without
the consent thereto of any such Holder.

General

The Company, acting through the Branch,
the Trustee and any agent of the Company or the Trustee may deem and treat the registered Holder hereof as the absolute owner of
this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon) for
the purpose of receiving payment of, or on account of, any amount payable at maturity or upon early redemption or acceleration,
and, subject to the provisions hereof, for all other purposes, and neither the Company, acting through the Branch, nor the Trustee
nor any agent of the Company or the Trustee shall be affected by any notice to the contrary.

No recourse under or upon any obligation,
covenant or agreement contained in the Indenture or any indenture supplemental thereto or in this Note, or because of any indebtedness
evidenced thereby or hereby, shall be had against any incorporator as such, or against any past, present or future stockholder,
officer, director or employee, as such, of the Company or of any successor, either directly or through the Company or any successor,
under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable
proceeding or otherwise, all such liability being expressly waived and released by the acceptance hereof and as part of the consideration
for the issue hereof.

The Indenture provides that, subject
to certain conditions, the Holders of at least a majority in principal amount (or, if any Securities are Original Issue Discount
Securities, such portion of the principal amount as is then accelerable) of the outstanding Securities of all series affected (voting
as a single class), by notice to the Trustee, may waive an existing Default or Event of Default with respect to the Securities
of such series and its consequences, except a Default in the payment of Principal of or interest on any Security or in respect
of a covenant or provision of the Indenture which cannot be modified or amended without the consent of the Holder of each outstanding
Security affected. Upon any such waiver, such Default shall cease to exist, and any Event of Default with respect to the Securities
of such series arising therefrom shall be deemed to have been cured, for every purpose of the Indenture; but no such waiver shall
extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

    
	R-10

    	 

    

The Indenture provides that a series
of Securities may include one or more tranches (each a “tranche”) of Securities, including Securities issued in a Periodic
Offering. The Securities of different tranches may have one or more different terms but all the Securities within each such tranche
shall have identical terms provided that Securities within a tranche may have different authentication dates, public offering prices,
initial interest accrual dates, and initial interest payment dates, if applicable. Notwithstanding any other provision of the Indenture,
subject to certain exceptions, with respect to sections of the Indenture concerning the execution, authentication and terms of
the Securities, redemption of the Securities, Events of Default of the Securities, defeasance of the Securities and amendment of
the Indenture, if any series of Securities includes more than one tranche, all provisions of such sections applicable to any series
of Securities shall be deemed equally applicable to each tranche of any series of Securities in the same manner as though originally
designated a series unless otherwise provided with respect to such series or tranche pursuant to a board resolution or a supplemental
indenture establishing such series or tranche.

This Note is unsecured and ranks pari
passu with all other unsecured and unsubordinated indebtedness of the Company.

No reference herein to the Indenture
and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, acting through the Branch,
which is absolute and unconditional, to pay any amount payable at maturity or upon repurchase on this Note in the manner, at the
place, at the time and in the coin or currency herein prescribed.

The laws of the State of New York (without
regard to conflicts of laws principles thereof) shall govern this Note.

    
	R-11

    	 

    

 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

 

	
        [PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE]

         

         

	

        [PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]

	
         

        the within Note and all rights thereunder, hereby irrevocably constituting
        and appointing

	
         

        __________________________________________________________ Attorney
        to transfer such Note on the books of the Company, with full power of substitution in the premises.

	
         

         

         

        Dated:  
	
        Signature:

         

         

        NOTICE: The signature to this assignment must correspond with the
        name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.

 

 

    
	R-12

    	 

    

 

ANNEX A

 

FORM OF OFFER FOR REDEMPTION

 

[PART A: TO BE COMPLETED BY THE BENEFICIAL OWNER]

 

	Dated:______________
	[insert date]

Credit Suisse AG (“Credit
Suisse”)

E-mail: list.etndesk@credit-suisse.com 

 

Re: Exchange Traded Notes due May 11, 2028

Linked
to the STOXX® Europe 50 USD (Gross Return) Index (the “ETNs”)

 

Ladies
and Gentlemen:

 

The
undersigned beneficial owner hereby irrevocably offers to Credit Suisse the right to redeem the ETNs, as described in the Pricing
Supplement dated May 10, 2018, in the amounts and on the date set forth below.

	
         

        Name of beneficial
        owner:
	 _______________________________
	 	[insert name of beneficial owner]

 

Number
of ETNs offered for redemption (You must offer at least the applicable minimum redemption amount for redemption at one time for
your offer to be valid. The minimum redemption amount will be equal to 10,000 ETNs. The trading day immediately succeeding the
date you offered your ETNs for redemption will be the valuation date applicable to such redemption.):

  

	 

[insert
number of ETNs offered for redemption by Credit Suisse]

 

	Applicable valuation date:	 	,	20    	 
	
         

        Applicable redemption date:
	 	,	20    	 
	 	[insert a date that is three business days following the applicable valuation date]

 

	Contact Name:	 
	 	[insert the name of a person or entity to be contacted with respect to this Offer for Redemption]
	 	 
	Telephone #:	 
	 	[insert the telephone number at which the contact person or entity can be reached]

 

My
ETNs are held in the following DTC Participant’s Account (the following information is available from the broker through
which you hold your ETNs):

 

Name:

 

DTC
Account Number (and any relevant sub-account):

 

Contact
Name:

 

Telephone
Number:

 

    A-1

    	 

    

Acknowledgement:
In addition to any other requirements specified in the Pricing Supplement being satisfied, I acknowledge that the ETNs specified
above will not be redeemed unless (i) this Offer for Redemption, as completed and signed by the DTC Participant through which
my ETNs are held (the “DTC Participant”), is delivered to Credit Suisse, (ii) the DTC Participant has booked a
“delivery versus payment” (“DVP”) trade on the applicable valuation date facing Credit Suisse, and (iii) the
DTC Participant instructs DTC to deliver the DVP trade to Credit Suisse as booked for settlement via DTC at or prior to 10:00 a.m.,
New York City time, on the applicable redemption date.  I also acknowledge that if this Offer for Redemption is received
after 4:00 p.m., New York City time, on a business day, I will be deemed to have made this Offer for Redemption on the following
business day.

 

The
undersigned acknowledges that Credit Suisse will not be responsible for any failure by the DTC Participant through which such undersigned’s
ETNs are held to fulfill the requirements for redemption set forth above.

 

	 	 	 
	[Beneficial Owner]	 

 

PART
B OF THIS NOTICE IS TO BE COMPLETED BY THE DTC PARTICIPANT IN WHOSE ACCOUNT THE ETNs ARE HELD AND DELIVERED TO CREDIT SUISSE BY
4:00 P.M., NEW YORK CITY TIME, ON THE BUSINESS DAY IMMEDIATELY PRECEDING THE APPLICABLE VALUATION DATE

 

    A-2

    	 

    

FORM
OF BROKER’S CONFIRMATION OF REDEMPTION

 

[PART
B: TO BE COMPLETED BY BROKER]

	Dated: ________________
	[insert date]

 

Credit
Suisse AG (“Credit Suisse”)

 

		Re:	Exchange Traded Notes
due May 11, 2028 

Linked to the STOXX® Europe 50 USD (Gross Return) Index (the  “ETNs”)

 

Ladies
and Gentlemen:

 

The
undersigned holder of Exchange Traded Notes due May 11, 2018, linked to the STOXX® Europe 50 USD (Gross Return)
Index, issued by Credit Suisse AG, acting through its Nassau Branch, CUSIP No. 22539U107 hereby
irrevocably offers to Credit Suisse the right to redeem, on the Redemption Date of                                     ,
with respect to the number of the ETNs indicated below as described in the Pricing Supplement dated May 10, 2018 relating to the
ETNs (the “Pricing Supplement”). Terms not defined herein have the meanings given to such terms in the Pricing
Supplement.

 

The
undersigned certifies to you that it will (i) book a delivery versus payment trade on the valuation date with respect to the
number of ETNs specified below at a price per ETN equal to the redemption value, facing Credit Suisse AG, DTC #355 and (ii) deliver
the trade as booked for settlement via DTC at or prior to 10:00 a.m., New York City time, on the redemption date.

 

Very
truly yours,

 

[NAME
OF DTC PARTICIPANT HOLDER]

 

Contact
Name:

 

Title:

 

Telephone:

 

Fax:

 

E-mail:

 

Number
of ETNs offered for redemption (You must offer at least the applicable minimum redemption amount for redemption at one time for
your offer to be valid (10,000 ETNs)). The trading day immediately succeeding the date you offered your ETNs for redemption will
be the valuation date applicable to such redemption.):

 

DTC
# (and any relevant sub-account):

 

 

    A-3EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 May 7, 2018 

Mr. Paul Cowan 
 [Address] 

 

	Re:	Separation Agreement 

 Dear Mr. Cowan: 

Thank you for your service to Quotient Limited (the “Company”). This letter, when fully executed, will constitute the separation agreement
(“Separation Agreement” or “Agreement”) between you and the Company concerning the terms of your separation from employment with the Company. 

1. Termination of Employment. Your employment with the Company and its affiliates terminated, as a result of your retirement, on March 21,
2018 (the “Separation Date”). You hereby resign from all directorships, officerships and other positions with the Company and its controlled affiliates. You agree to sign all appropriate documentation, if any, prepared by the Company in
connection with your retirement. The Company and you hereby waive any notice of termination requirements provided in the Service Agreement, dated February 16, 2012, between Quotient Biodiagnostic Holdings Limited and you (the
“Service Agreement”). 
 2. Ad-hoc advisory Services. During the period between the
Separation Date and the one-month anniversary of the Separation Date (the “Transition Period”), you agree to serve as a consultant to the Company. During the Transition Period you will make yourself
reasonably available and use your reasonable efforts to provide transitional support as reasonably requested by the Company. In consideration for such services, you will receive a payment on the date hereof, of $44,583. Following such one-month period, you will perform ad-hoc advisory services on behalf of the Company as reasonably requested by the Board for which you will be paid at the rate of 5000 CHF
per day / 600 CHF per hour plus reasonable out-of-pocket expenses. You shall not hold yourself out as a representative of the Company or its controlled affiliates,
including, but not limited to, communicating with customers, investors, or employees, except as explicitly directed by the Board. The parties hereby acknowledge and agree that: (i) as of the date hereof, you are not in possession of any Company
MNPI (as defined below) and (ii) they will, in connection with any ad-hoc advisory services provided after the Transition Period, cooperate in good faith to avoid any action or circumstance where you are
provided with or knowledge is imputed to you of any Company MNPI without your consent. “Company MNPI” means any information not already known to you that may be considered material non-public
information related to the Company or its securities or that may otherwise limit or be construed to limit your ability to trade in the Company’s securities under the rules and regulations promulgated by the U.S. Securities and Exchange
Commission. Any Company MNPI that is so provided or imputed to you shall be subject to Section 10 hereof. 
 3. Final Payment. You will
be paid your earned salary through the Separation Date. 
 4. Benefits. Provided that you (i) use your reasonable efforts to continue to
provide services to the Company as set forth above, (ii) cooperate with the Company after the Separation Date as described below, and (iii) do not breach your covenants and obligations set forth in the Service Agreement, the Company will
provide you with the following benefits (the “Benefits”): 

  
 -1- 

	 	a)	All unvested options to acquire ordinary shares of the Company (“Options”) which you hold that are scheduled to vest within twelve months following the Separation Date will remain outstanding and vest and
become exercisable on their regularly scheduled vesting dates; all other unvested Options you hold will be forfeited on the Separation Date; all outstanding and vested Options which you hold will remain exercisable until the twelve month anniversary
of the Separation Date after which they will expire. 

  

	 	b)	All MRSUs and RSUs which you hold are hereby terminated, other than the 30,000 RSUs that are eligible to vest upon receipt of the CE mark, which shall remain outstanding and be eligible to vest upon receipt of the CE
mark. 

  

	 	c)	You will receive an annual cash bonus of $496,000 for the fiscal year ending March 2018, which will be paid on or prior to August 1, 2018. 

 

	 	d)	Your accrued and vested benefits under any other Company benefit plans, and any reimbursements you are entitled to under current Company policies for periods before the Separation Date, will be paid or reimbursed to you
in accordance with the terms of the applicable Company benefit plan or policy. You shall submit all reimbursable expenses within seven days of the date hereof. 

5. Company Property. If you have any Company property in your possession, including any automobile leased by the Company for your use, you agree
to return it to the Human Resources Department within 14 days following the end of the Transition Period of your Separation Date. Company property includes work product, electronic devices and other physical property of the Company.
This includes equipment, supplies, keys, security items, credit cards, passwords, electronic devices, laptop computers, cellular phones and Blackberry devices. You must also return all originals and any copies of Company records. This includes any
disks, files, notebooks, etc. that you have personally generated or maintained with respect to the Company’s business, as well as any Company records in your possession. In addition, you and the Company agree to cooperate in good faith in
identifying, providing you access to and appropriately segregating property belonging to you and currently maintained at the Company. 
 6. General
Release. You knowingly and voluntarily (for yourself, your spouse, your heirs, executors, administrators and assigns (collectively, the “Releasing Parties”)) release and forever discharge the Company, its controlled
affiliates and its current and former directors, officers, employees and agents (collectively, the “Released Parties”) from any and all claims, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts,
compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through the date of this
Agreement) and whether known or unknown, suspected, or claimed, against the Company or any of the Released Parties which any Releasing Party, may have, which arise out of or are connected with your employment with, or your separation or retirement
from, the Company (including, but not limited to, any rights related to RSUs or MRSUs, any rights under the Service Agreement and any rights related to any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as
amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act) (collectively, “ADEA”); the Equal Pay Act of 1963, as amended; the Americans with
Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable executive orders; the anti-retaliation provisions of the
Fair Labor Standards Act; or their state or local counterparts, or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under

  
 -2- 

 
any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract,
infliction of emotional distress, libel, slander, defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as the
“Claims”). By signing this Agreement, you are representing to the Company that you fully understand this paragraph and have had an opportunity to seek legal advice regarding this paragraph and this Agreement before signing this Agreement.
Finally, you are representing that you fully understand that the filing of any Claim shall constitute a rejection or breach of our agreements contained herein. You also waive and release and promise never to assert any such Claims, even if you do
not believe that you have such Claims. You are not waiving or releasing any Claims arising under this Agreement or that cannot be waived as a matter of law. 

7. Continued Assistance. You will reasonably cooperate with and reasonably assist the Company and its representatives and attorneys as
reasonably requested with respect to any investigations, litigation, arbitration or other dispute resolutions by being available for interviews, depositions and/or testimony in regard to any matters in which you are or have been involved or with
respect to which you have relevant information. The Company will reimburse you for reasonable expenses you may incur for travel in connection with this obligation to assist the Company. In addition, the Company will compensate you as per paragraph 2
above for all time spent providing such assistance. 
 8. Future Activities. You will not be employed or otherwise act as an expert
witness or consultant or in any similar paid capacity in any litigation, arbitration, regulatory or agency hearing or other adversarial or investigatory proceeding against the Company. In addition, at no time in the future will you voluntarily have
any contact with any of the Company’s current or former employees for purposes of soliciting, advising about or discussing their participation or potential participation in any litigation, arbitration, regulatory or agency hearing or other
adversarial or investigatory proceeding against the Company. Nothing in the Separation Agreement shall prevent you from responding truthfully to informal or formal requests for information from governmental authorities or your taking any
actions provided for in the preceding sentence in connection with any litigation asserted against the Company and/or you. You shall promptly notify the Company of any such requests. Nothing in this Agreement shall prohibit or impede you from
communicating, cooperating or filing a complaint with any U.S. federal, state or local governmental or law enforcement branch, agency or entity (collectively, a “Governmental Entity”) with respect to possible violations of any U.S.
federal, state or local law or regulation, or otherwise making disclosures to any Governmental Entity, in each case, that are protected under the whistleblower provisions of any such law or regulation; provided, that in each case such
communications and disclosures are consistent with applicable law. You acknowledge and agree that you remain subject to your obligations set forth in the Service Agreement, including, but not limited to, Section 14 thereof. 

9. Preserving Name and Reputation. You will not at any time in the future defame, disparage or make statements or disparaging remarks
which embarrasses or causes material harm to the Company’s name and reputation or the names and reputation of any of its officers, directors or employees. “Disparagement” as used herein means the form and substance of any
communication, regardless of whether or not you believe it to be true, that tends to degrade or belittle the Company or subject it to ridicule or embarrassment. This paragraph 9 does not apply to statements made pursuant to or in connection with
court proceedings or under penalty of perjury; however you agree to give advance notice to the Company of such an event, to the extent practicable. The Company shall cause its executive officers and directors not to defame, disparage or make
disparaging statements or disparaging remarks about you. 

  
 -3- 

 10. Confidentiality. During the Transition Period and at all times after the Separation
Date, you shall keep secret and retain in strictest confidence, and shall not use for your benefit or the benefit of others, except in connection with the business and affairs of the Company and its affiliates, all confidential matters relating to
the Company’s business and the business of any of its controlled affiliates (the “Confidential Information”), including (a) its investors’ names, addresses, operations, buying patterns, pricing and discounting, special
requirements, financial and or contractual relations, bids and bidding practices and related information; (b) its personnel, including their names, home telephone numbers, addresses, skills, abilities, test results, evaluations, work history,
and related policies, and (c) information relating to the Company’s training, operations, advertising, marketing, financial policies and practices, business strategies, information systems and technology, financial information and other non-publicly disclosed information. You acknowledge that the Company’s Confidential Information is proprietary and that you may never disclose any such information to any person or entity at any time, including
after the Separation Date. You agree this paragraph is a material provision of this Separation Agreement and that in the event of breach, you will be liable for the return of the value of all consideration received as well as any other damages
sustained by the Company. 
 11. Forfeiture. In the event that you breach any of your obligations to the Company under this Separation
Agreement, the Employment Agreement or as otherwise imposed by law, the Company shall be entitled to stop payment of any benefit due under this Separation Agreement and shall be entitled to recover any benefit paid under the Separation Agreement and
to obtain all other relief provided by law or equity, including, but not limited to, injunctive relief. 
 12. No Admission/Offer of
Compromise. By making this retirement offer, the Company is not admitting liability or responsibility for any past due wages or other consideration. Any alleged responsibility or liability on the part of the Company has been and
continues to be denied. In addition, this retirement offer constitutes an offer of compromise pursuant to the applicable rules of evidence. 
 13.
Governing Law and Venue. To the extent not preempted by federal law, the provisions of this Separation Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, excluding any conflicts or
choice of law rule or principle that might otherwise refer construction or interpretation of this provision to the substantive law of another jurisdiction. Each party hereby agrees that the State of Delaware is the proper venue for any
litigation seeking to enforce any provision of this Separation Agreement, and each party hereby waives any right it otherwise might have to defend, oppose, or object to, on the basis of jurisdiction, venue, or forum nonconveniens, a suit filed by
the other party in any federal or state court in Delaware, to enforce any provision of this Separation Agreement.  
 15.
Severability. If any portion, provision or part of this Separation Agreement is held, determined or adjudicated to be invalid, unenforceable or void for any reason whatsoever, each such portion, provision or part shall be
severed from the remaining portions, provisions or parts of this Separation Agreement and shall not affect the validity or enforceability of such remaining portions, provisions or parts. 

16. Entire Agreement. This Separation Agreement between you and the Company will be in consideration of the mutual promises described
above. Also, this Agreement will constitute the entire agreement between you and the Company with respect to your separation from employment. There are no other agreements, written or oral, expressed or implied, between the parties hereto,
concerning the subject matter hereof, except the agreements set forth in this Separation Agreement. 

  
 -4- 

 17. Section 409A Compliance. To the extent applicable, it
is intended that this Separation Agreement comply with the provisions of Section 409A of the Internal Revenue Code, and this Separation Agreement shall be construed and applied in a manner consistent with this intent. Notwithstanding any other
provision herein to the contrary, to the extent that the reimbursement of any expenses or the provision of any in-kind benefits under this Separation Agreement is subject to Code Section 409A,
(i) the amount of such expenses eligible for reimbursement, or in-kind benefits to be provided, during any one calendar year shall not affect the amount of such expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (ii) reimbursement of any such expense shall be made by no later than December 31 of the year following the calendar year in which such expense
is incurred, and (iii) your right to receive such reimbursements or in-kind benefits shall not be subject to liquidation or exchange for another benefit. 

18. Withholding. All payments made to you pursuant to this Separation Agreement are subject to all applicable federal, state and local tax and
other withholdings required by law. You acknowledge and agree that all taxes imposed on you by reason of the payments and benefits hereunder are your sole responsibility and the Company is in no way indemnifying you or holding you harmless in
respect of any such taxes. The Company shall not be liable to you (or any other individual claiming a benefit through you) for any tax, interest, or penalties you may owe as a result of compensation paid under this Separation Agreement, and the
Company shall have no obligation to indemnify or otherwise protect you from the obligation to pay any taxes. 
 19. Headings. The
headings used herein are for the convenience of reference only and do not constitute part of this Separation Agreement. The headings shall not be deemed to limit or otherwise affect any of the provisions of this Separation Agreement. 

20. Counterparts. This Separation Agreement may be executed in one or more counterparts, including emailed or telecopied facsimiles, each
of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 21. Company Cooperation. In
connection with any future disposition by you, your family members or any entity affiliated with you or with your family members of any securities of the Company that bear a restrictive legend, the Company shall cause such legend to be removed and
the Company shall cause to be issued a certificate without such legend to the holder of the securities upon which it is stamped, if, unless otherwise required by state securities laws, such holder provides the Company with reasonable assurance that
such securities can be sold, assigned or transferred pursuant to Rule 144 under the Securities Act (“Rule 144”) (in which case, the Company shall facilitate the removal of the legend; provided, however, the Company shall not be required to
furnish an opinion of counsel to facilitate any sale, assignment or transfer pursuant to Rule 144 at any time that such securities are registered for resale under the Securities Act). 

We are pleased that we were able to part ways on these amicable terms. We wish you every success in your future endeavors. 

Sincerely, 
 Quotient Limited 

 

			
		
	By:	 	/s/ Heino von Prondzynski
		
	Name:	 	Heino von Prondzynski
		
	Title:	 	Chairman

  
 -5- 

 By signing below, I acknowledge that I have been given the opportunity to review this Separation
Agreement carefully; that I have read this Agreement and understand the terms of the Agreement; and that I voluntarily agree to them. 
 ACCEPTED AND AGREED
TO BY: 
  

			
	
	/s/ Paul Cowan
		
	Name:	 	Paul Cowan
		
	Date:	 	May 10, 2018

  

			
	
	/s/ Deidre Cowan
		
	Name:	 	Deidre Cowan
		
	Date:	 	May 10, 2018

  
 -6-

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