Document:

EX-4.2

 Exhibit 4.2 

REGISTRATION RIGHTS AGREEMENT 

REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of November 25, 2014, by and among Quotient Limited, a
company organized under the laws of Jersey (the “Company”), and the undersigned subscribers (each, a “Subscriber”, and collectively, the “Subscribers”). 

WHEREAS: 
 A. In
connection with the Subscription Agreement by and among the parties hereto of even date herewith (the “Subscription Agreement”), the Company has agreed, upon the terms and subject to the conditions of the Subscription Agreement, to
issue on the date hereof to each Subscriber new ordinary shares, with no par value in the capital of the Company (the “Ordinary Shares” and, the shares issued to each Subscriber, the “New Ordinary Shares”). 

B. To induce the Subscribers to execute and deliver the Subscription Agreement, the Company has agreed to provide certain registration
rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “1933 Act”), and applicable state securities laws. 

C. On or about the date hereof, the Company has entered into a Subscription Agreement (the “Visium Subscription
Agreement”) with Visium Balanced Master Fund, Ltd., an exempted company organized under the laws of the Cayman Islands (“Visium”), whereby the Company has agreed, upon the terms and subject to the conditions of the Visium
Subscription Agreement, to issue on the date thereof to Visium new Ordinary Shares (the “Visium Shares”) and warrants (the “Warrants”), which will be exercisable to purchase Ordinary Shares (collectively, upon
exercise, the “Warrant Shares”).  
 D. To induce Visium to execute and deliver the Visium Subscription
Agreement, the Company has agreed to provide certain registration rights under the 1933 Act and applicable state securities laws (the “Visium RRA”). 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and each of the Subscribers hereby agree as follows: 
  

	 	1.	Definitions. 

 Capitalized terms used herein and not otherwise defined herein shall have
the respective meanings set forth in the Subscription Agreement. As used in this Agreement, the following terms shall have the following meanings: 

a. “Business Day” means any day other than Saturday, Sunday or any other day on which commercial banks in the City of New
York are authorized or required by law to remain closed. 

 b. “Closing Date” shall have the meaning set forth in the Subscription
Agreement. 
 c. “Effective Date” means the date the Registration Statement has been declared effective by the SEC. 

d. “Effectiveness Deadline” means the date that is 90 days after the Closing Date. 

e. “Filing Deadline” means the date that is 30 days after the Closing Date. 

f. “Investor” means a Subscriber or any transferee or assignee thereof to whom a Subscriber assigns its rights under this
Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9 and any transferee or assignee thereof to whom a transferee or assignee assigns its rights under this Agreement and who agrees to become
bound by the provisions of this Agreement in accordance with Section 9. 
 g. “Person” means an individual, a limited
liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof. 

h. “register”, “registered” and “registration” refer to a registration effected by
preparing and filing one or more Registration Statements (as defined below) in compliance with the 1933 Act and pursuant to Rule 415 and the declaration or ordering of effectiveness of such Registration Statement(s) by the SEC. 

i. “Registrable Securities” means (i) the New Ordinary Shares, and (ii) any shares in the capital of the Company
issued or issuable with respect to the New Ordinary Shares as a result of any share split, share dividend, recapitalization, exchange or similar event or otherwise. 

j. “Registration Statement” means a registration statement or registration statements of the Company filed under the 1933
Act covering the Registrable Securities. 
 k. “Required Holders” means the holders of at least a majority of the
Registrable Securities. 
 l. “Required Registration Amount” for the Registration Statement means the number of New
Ordinary Shares issued pursuant to the Subscription Agreement, subject to adjustment as provided in Section 2(f). 
 m. “Rule
415” means Rule 415 promulgated under the 1933 Act or any successor rule providing for offering securities on a continuous or delayed basis. 

n. “SEC” means the United States Securities and Exchange Commission. 

  
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	 	2.	Registration. 

 a. Mandatory Registration. The Company shall prepare, and, as
soon as reasonably practicable but in no event later than the Filing Deadline, file with the SEC the Registration Statement covering the resale of at least the number of Ordinary Shares equal to the Required Registration Amount determined as of date
the Registration Statement is initially filed with the SEC. In the event that Form S-3 is unavailable for such a registration, the Company shall use such other form as is available for such a registration and reasonably acceptable to the Required
Holders, subject to the provisions of Section 2(f). The Registration Statement shall contain (except if otherwise directed by the Required Holders) the “Selling Shareholders” and “Plan of Distribution” sections
in substantially the form attached hereto as Exhibit B. The Company shall use its commercially reasonable efforts to have the Registration Statement declared effective by the SEC as soon as reasonably practicable, but in no event later than
the Effectiveness Deadline. By 5:30 p.m. on the second Business Day following the Effective Date, the Company shall file with the SEC, in accordance with Rule 424 under the 1933 Act, the final prospectus to be used in connection with sales pursuant
to such Registration Statement. 
 b. Combined Registration. Notwithstanding Section 2(d), the Company shall include in
any Registration Statement filed hereunder the Visium Shares and the Warrant Shares required to be registered under the Visium RRA. For so long as such Visium Shares and/or Warrant Shares are included in any Registration Statement, the holders
of such Visium Shares and/or Warrant Shares (determined as if all of the Warrants then outstanding related to such Warrant Shares have been exercised without regard to any limitations on the exercise of such Warrants) shall be deemed to be holders
of Registrable Securities for purposes of the definition of Required Holders as such term is used in Sections 2 and 3. 
 c. Allocation
of Registrable Securities. The initial number of Registrable Securities included in any Registration Statement and any increase in the number of Registrable Securities included therein shall be allocated pro rata among the Investors based on the
number of Registrable Securities held by each Investor at the time the Registration Statement covering such initial number of Registrable Securities or increase thereof is declared effective by the SEC. In the event that an Investor sells or
otherwise transfers any of such Investor’s Registrable Securities, each transferee that is assigned rights under this Agreement pursuant to Section 9 shall be allocated a pro rata portion of the number of Registrable Securities then
included in such Registration Statement for such transferor. Any Ordinary Shares included in a Registration Statement that remain allocated to any Person who does not hold any Registrable Securities covered by such Registration Statement shall be
allocated to the remaining Investors, pro rata based on the number of Registrable Securities then held by such Investors that are covered by such Registration Statement. In no event shall the Company include any securities other than Registrable
Securities on any Registration Statement without the prior written consent of the Required Holders. 
 d. Legal Counsel. Subject to
Section 5 hereof, the Required Holders shall have the right to select one legal counsel to review and oversee any registration pursuant to this Section 2 (“Legal Counsel”), which shall be counsel designated by the Required
Holders. The Company and Legal Counsel shall reasonably cooperate with each other in performing the Company’s obligations under this Agreement. 

  
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 e. Ineligibility for Form S-3. In the event that Form S-3 is not available for the
registration of the resale of Registrable Securities hereunder, the Company shall (i) register the resale of the Registrable Securities on another appropriate form reasonably acceptable to the Required Holders and (ii) undertake to
register the Registrable Securities on Form S-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3
covering the Registrable Securities has been declared effective by the SEC. 
 f. Sufficient Number of Shares Registered. In the
event the number of shares available under a Registration Statement filed pursuant to Section 2(a) is insufficient to cover all of the Registrable Securities pursuant to Section 2(c), the Company shall amend the applicable Registration
Statement, or file a new Registration Statement (on the short form available therefor, if applicable), or both, to register at least the Required Registration Amount of Registrable Securities, determined as of the trading day immediately preceding
the date of the filing of such amendment or new Registration Statement. The filing of the amendment or new Registration Statement, as applicable, should occur as soon as reasonably practicable, but in any event not later than fifteen (15) days
after the necessity therefor arises. The Company shall use its commercially reasonable efforts to cause such amendment and/or new Registration Statement to become effective as soon as reasonably practicable following the filing thereof. For purposes
of the foregoing provision, the number of shares available under a Registration Statement shall be deemed “insufficient to cover all of the Registrable Securities” if at any time the number of Ordinary Shares available for resale under the
Registration Statement is less than the Required Registration Amount. 
 g. Effect of Failure to File and Obtain and Maintain
Effectiveness of Registration Statement. If (i) a Registration Statement covering all of the Registrable Securities required to be covered thereby and required to be filed by the Company pursuant to this Agreement is (A) not filed with
the SEC on or before the Filing Deadline (a “Filing Failure”) or (B) not declared effective by the SEC on or before the Effectiveness Deadline (an “Effectiveness Failure”); or (ii) on any day after the
Effective Date sales of all of the Registrable Securities required to be included on such Registration Statement cannot be made (other than during (I) the period (the “Post Effective Period”) beginning on the first day
on which a post-effective amendment is required to be filed by the Company pursuant to the undertakings referred to in Rule 415(a)(3) of the 1933 Act and ending on the earlier of (x) the thirtieth
(30th) day after such date and (y) the date on which such post-effective amendment is declared effective by the SEC or (II) a Grace Period (as defined in Section 3(r)) pursuant to
such Registration Statement (including, without limitation, because of a failure to keep such Registration Statement effective, failure to disclose such information as is necessary for sales to be made pursuant to such Registration Statement or
failure to register a sufficient number of Ordinary Shares) (a “Maintenance Failure”) then, as partial relief for the damages to any holder by reason of any such delay in or reduction of its ability to sell the underlying Ordinary
Shares, the Company shall pay to each holder of Registrable Securities relating to such Registration Statement an amount in cash equal to one percent (1.0%) of the aggregate Subscription Price) (as such term is defined in the Subscription
Agreement) of such Investor’s Registrable Securities included in such Registration Statement on each of the following dates: (i) within five (5) Business Days of a Filing Failure and on every thirtieth day (pro rated for periods
shorter than thirty (30) days) 

  
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thereafter until such Filing Failure is cured; (ii) within five (5) Business Days of an Effectiveness Failure and on every thirtieth day (pro rated for periods shorter than thirty
(30) days) thereafter until such Effectiveness Failure is cured; and (iii) and on every thirtieth day (pro rated for periods shorter than thirty (30) days) following a Maintenance Failure until such Maintenance Failure is cured (which
payments shall be exclusive remedies available under this Agreement or under applicable law). The payments to which a holder shall be entitled pursuant to this Section 2(g) are referred to herein as “Registration Delay
Payments.” Registration Delay Payments shall be paid on the earlier of (I) the last day of the calendar month during which such Registration Delay Payments are incurred and (II) the third Business Day after the event or failure giving
rise to the Registration Delay Payments is cured. In the event the Company fails to make Registration Delay Payments within five (5) Business Days after the date payable, such Registration Delay Payments shall bear interest at the rate of one
percent (1.0%) per month (pro rated for shorter periods) until paid in full. Notwithstanding anything to the contrary herein or in the Subscription Agreement, in no event shall the aggregate amount of Registration Delay Payments (other than
Registration Delay Payments payable pursuant to events that are within the Company’s control) exceed, in the aggregate, 10% of the aggregate Subscription Price of the New Ordinary Shares. 

 

	 	3.	Related Obligations. 

 At such time as the Company is obligated to file a Registration
Statement with the SEC pursuant to Section 2(a), 2(e) or 2(f), the Company will use its commercially reasonable efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof, and,
pursuant thereto, the Company shall have the following obligations: 
 a. The Company shall submit to the SEC, within two
(2) Business Days after the Company learns that no review of a particular Registration Statement will be made by the staff of the SEC or that the staff has no further comments on a particular Registration Statement, as the case may be, a
request for acceleration of effectiveness of such Registration Statement to a time and date not later than 48 hours after the submission of such request. Other than during any Post Effective Period, the Company shall keep each Registration Statement
effective pursuant to Rule 415 at all times until the earlier of (i) the date as of which the Investors may sell all of the Registrable Securities covered by such Registration Statement pursuant to Rule 144 (or any successor thereto)
promulgated under the 1933 Act without the requirement for the Company to be in compliance with the current public information required thereunder and without volume or manner-of sale restrictions, or (ii) the date on which the Investors shall
have sold all of the Registrable Securities covered by such Registration Statement (the “Registration Period”). The Company shall ensure that each Registration Statement (including any amendments or supplements thereto and
prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading.

 b. The Company shall (i) prepare and file with the SEC such amendments (including post-effective amendments) and supplements to
the Registration Statement and the Rule 424 prospectus used in connection with such Registration Statement as may be necessary to keep such Registration Statement effective at all times during the 

  
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Registration Period, and (ii) during such period, comply with the provisions of the 1933 Act with respect to the disposition of all Registrable Securities covered by such Registration
Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement. In the case of
amendments and supplements to a Registration Statement that are required to be filed pursuant to this Agreement, including, pursuant to this Section 3(b), by reason of the Company filing a report on Form 10-Q, Form 10-QSB, Form 10-K, Form
10-KSB or any analogous report under the Securities Exchange Act of 1934, as amended (the “1934 Act”), the Company shall either incorporate such report by reference into such Registration Statement, if applicable, or file such
amendments or supplements with the SEC on the same day on which the 1934 Act report is filed that created the requirement for the Company to amend or supplement such Registration Statement. 

c. The Company shall permit Legal Counsel to review and comment upon (i) a Registration Statement at least three (3) Business Days
prior to its filing with the SEC and (ii) all amendments and supplements to all Registration Statements (except for Annual Reports on Form 10-K and Form 10-KSB, Current Reports on Form 8-K, and Quarterly Reports on Form 10-Q and Form 10-QSB and
any similar or successor reports) within a reasonable number of days prior to their filing with the SEC. The Company shall furnish to Legal Counsel, without charge, (i) copies of any correspondence from the SEC or the staff of the SEC to the
Company or its representatives relating to any Registration Statement, (ii) if requested by Legal Counsel, promptly after the same is prepared and filed with the SEC, one copy of any Registration Statement and any amendment(s) thereto,
including financial statements and schedules, all documents incorporated therein by reference, and all exhibits (in each case except for Annual Reports on Form 10-K and Form 10-KSB, Current Reports on Form 8-K, and Quarterly Reports on Form 10-Q and
Form 10-QSB and any similar or successor reports), and (iii) upon the effectiveness of any Registration Statement, one copy of the prospectus included in such Registration Statement and all amendments and supplements thereto. The Company shall
reasonably cooperate with Legal Counsel in performing the Company’s obligations pursuant to this Section 3. 
 d. The Company
shall furnish to each Investor whose Registrable Securities are included in any Registration Statement, without charge, (i) if requested by an Investor, promptly after the same is prepared and filed with the SEC, an electronic copy of such
Registration Statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference (in each case except for Annual Reports on Form 10-K and Form 10-KSB, Current Reports on Form 8-K, and
Quarterly Reports on Form 10-Q and Form 10-QSB and any similar or successor reports), all exhibits and each preliminary prospectus, (ii) upon the effectiveness of any Registration Statement, such number of copies of the prospectus included in
such Registration Statement and all amendments and supplements thereto as such Investor may reasonably request, and (iii) such other documents, including copies of any preliminary or final prospectus, as such Investor may reasonably request
from time to time in order to facilitate the disposition of the Registrable Securities owned by such Investor. 
 e. The Company shall use
its commercially reasonable efforts to (i) register and qualify, unless an exemption from registration and qualification applies, the resale 

  
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by Investors of the Registrable Securities covered by a Registration Statement under such other securities or “Blue Sky” laws of all applicable jurisdictions in the United States,
(ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration
Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify
the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto (x) to qualify to do business in any jurisdiction where it
would not otherwise be required to qualify but for this Section 3(e), (y) subject itself to general taxation in any such jurisdiction, or (z) to file a general consent to service of process in any such jurisdiction. The Company shall
promptly notify Legal Counsel and each Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale
under the securities or “Blue Sky” laws of any jurisdiction in the United States or its receipt of notice of the initiation or threatening of any proceeding for such purpose. 

f. The Company shall notify Legal Counsel and each Investor in writing of the happening of any event, as promptly as reasonably practicable
after becoming aware of such event, as a result of which the prospectus included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain any material, nonpublic information), and, subject to Section 3(r), as promptly as reasonably practicable
prepare a supplement or amendment to such Registration Statement to correct such untrue statement or omission, and, if requested by Legal Counsel or an Investor, deliver such number of copies of such supplement or amendment to Legal Counsel and each
Investor as Legal Counsel or such Investor may reasonably request. The Company shall also as promptly as reasonably practicable notify Legal Counsel and each Investor by facsimile, electronic mail or other electronic transmission or in writing
(i) when a prospectus or any prospectus supplement or post-effective amendment to the Registration Statement has been filed, and when a Registration Statement or any post-effective amendment to the Registration Statement has become effective
(notification of such effectiveness shall be delivered to Legal Counsel and each Investor by facsimile, electronic mail or other electronic transmission within two (2) Business Days of such effectiveness) and (ii) of any request by the SEC
for amendments or supplements to a Registration Statement or related prospectus or related information. 
 g. The Company shall use its
commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction. If
such an order or suspension is issued, the Company shall use its commercially reasonable efforts to obtain the withdrawal of such order or suspension at the earliest possible moment, and to notify Legal Counsel and each Investor who holds
Registrable Securities being sold of the issuance of such order and the resolution thereof, or its receipt of notice of the initiation or threat of any proceeding for such purpose. 

  
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 h. If any Investor is required under applicable securities law to be described in the
Registration Statement as an underwriter, at the reasonable request of such Investor, the Company shall furnish to such Investor, on the date of the effectiveness of the Registration Statement and thereafter from time to time on such dates as an
Investor may reasonably request, (i) a letter, dated such date, from the Company’s independent certified public accountants in form and substance as is customarily given by independent certified public accountants to underwriters in an
underwritten public offering, addressed to such Investors, and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration Statement, in form, scope and substance as is customarily given in an
underwritten public offering, addressed to such Investors. 
 i. Upon the written request of any Investor in connection with any
Investor’s due diligence requirements, if any, the Company shall make available for inspection by (i) any Investor, (ii) Legal Counsel and (iii) one firm of accountants or other agents retained by the Investors (collectively, the
“Inspectors”), all pertinent financial and other records, and pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably deemed necessary by each Inspector, and
cause the Company’s officers, directors and employees to supply all information that any Inspector may reasonably request that would be customarily provided to underwriters in an underwritten public offering; provided, however,
that each Inspector shall agree to hold in strict confidence and shall not make any disclosure (except to an Investor) or use of any Record or other information which the Company determines in good faith to be confidential, and of which
determination the Inspectors are so notified, unless (a) in the opinion of Legal Counsel to the Investors, the disclosure of such Records is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise
required under the 1933 Act, (b) the release of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction, or (c) the information in such Records has been made
generally available to the public other than by disclosure in violation of this or any other Transaction Document (as defined in the Subscription Agreement). Each Investor agrees that it shall, upon learning that disclosure of such Records is sought
in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective
order for, the Records deemed confidential. Nothing herein (or in any other confidentiality agreement between the Company and any Investor) shall be deemed to limit the Investors’ ability to sell Registrable Securities in a manner which is
otherwise consistent with applicable laws and regulations. 
 j. The Company shall hold in confidence and not make any disclosure of
information concerning an Investor provided to the Company which the Investor determines in good faith to be confidential, and of which determination the Company is so notified (and such information shall not include information provided to the
Company by the Investor for use in connection with the filing of any Registration Statement) unless (i) the disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such
information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental
body of competent jurisdiction, or (iv) such information has been made generally available to the public other than 

  
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by disclosure in violation of this Agreement or any other agreement. The Company agrees that it shall, upon learning that disclosure of such information concerning an Investor is sought in or by
a court or governmental body of competent jurisdiction or through other means, give prompt written notice to such Investor and allow such Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure of, or to
obtain a protective order for, such information. 
 k. The Company shall use its commercially reasonable efforts to cause all of the
Registrable Securities covered by a Registration Statement to be listed on each securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then
permitted under the rules of such exchange. 
 l. The Company shall cooperate with the Investors who hold Registrable Securities being
offered and, to the extent applicable, facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Registration Statement and enable such
certificates to be in such denominations or amounts, as the case may be, as the Investors may reasonably request and registered in such names as the Investors may request. 

m. If requested by an Investor, the Company shall (i) as soon as reasonably practicable, incorporate in a prospectus supplement or
post-effective amendment such information as an Investor reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable
Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) as soon as reasonably practicable, make all required filings of such
prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) as soon as reasonably practicable, supplement or make amendments to
any Registration Statement if reasonably requested by an Investor holding any Registrable Securities. 
 n. The Company shall use its
commercially reasonable efforts to cause the Registrable Securities covered by a Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such
Registrable Securities. 
 o. Unless available on the the SEC’s Electronic Data Gathering Analysis and Retrieval system, the
Company shall make generally available to its security holders as soon as practical, but in any event not later than ninety (90) days after the close of the period covered thereby, an earnings statement (in form complying with, and in the
manner provided by, the provisions of Rule 158 under the 1933 Act) covering a twelve-month period beginning not later than the first day of the Company’s fiscal quarter next following the effective date of a Registration Statement. 

p. The Company shall otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC in
connection with any registration hereunder. 

  
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 q. Within two (2) Business Days after a Registration Statement which covers Registrable
Securities is ordered effective by the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with copies to the Investors whose Registrable Securities are
included in such Registration Statement) confirmation that such Registration Statement has been declared effective by the SEC in the form attached hereto as Exhibit A. 

r. Notwithstanding anything to the contrary herein, at any time after the Effective Date, the Company may delay the disclosure of material,
non-public information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the board of directors of the Company and its counsel, in the best interest of the Company and otherwise required (a
“Grace Period”); provided, that the Company shall promptly (i) notify the Investors in writing of the existence of material, non-public information giving rise to a Grace Period (provided that in each notice the Company
will not disclose the content of such material, non-public information to the Investors) and the date on which the Grace Period will begin, and (ii) notify the Investors in writing of the date on which the Grace Period ends; provided
further, that no Grace Period shall exceed ten (10) consecutive days and during any three hundred sixty five (365) day period, such Grace Periods shall not exceed an aggregate of thirty (30) days, and the first day of any Grace
Period must be at least five (5) trading days after the last day of any prior Grace Period. For purposes of determining the length of a Grace Period above, the Grace Period shall begin on and include the date the Investors receive the notice
referred to in clause (i) and shall end on and include the later of the date the Investors receive the notice referred to in clause (ii) or the date referred to in such notice. The last sentence of Section 3(a), first sentence of
Section 3(b), and provisions of Section 3(g) and 3(m) hereof shall not be applicable during any Grace Period. Upon expiration of the Grace Period, the Company shall again be bound by the provisions of Sections 3(a), 3(b), 3(g) and 3(m)
with respect to the information giving rise thereto unless such information is no longer material. Notwithstanding anything to the contrary in the Transaction Documents, the Company shall cause its transfer agent to deliver unlegended Ordinary
Shares to a transferee of an Investor, in accordance with the terms of the Subscription Agreement, in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale prior to the
Investor’s receipt of the notice of a Grace Period and for which the Investor has not yet settled, and deliver a copy of the prospectus included as part of the applicable Registration Statement (unless an exemption from such prospectus delivery
requirement exists). 
  

	 	4.	Obligations of the Investors. 

 a. At least five (5) Business Days prior to the
first anticipated filing date of a Registration Statement, the Company shall notify each Investor in writing of the information the Company requires from each such Investor if such Investor elects to have any of such Investor’s Registrable
Securities included in such Registration Statement. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the Registrable Securities of a particular Investor that
(i) such Investor shall promptly furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to
effect the effectiveness of the registration of such Registrable Securities, and (ii) the Investor execute such documents in connection with such registration as the Company may reasonably request. 

  
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 b. Each Investor, by such Investor’s acceptance of the Registrable Securities, agrees to
cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of any Registration Statement hereunder, unless such Investor has notified the Company in writing of such Investor’s election to
exclude all of such Investor’s Registrable Securities from such Registration Statement. 
 c. Each Investor agrees that, upon receipt
of any notice from the Company of the happening of any event of the kind described in Section 3(g) or the first sentence of 3(f), written notice from the Company of a Grace Period or written notice from the Company that a previously effective
Registration Statement is no longer effective, such Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities until such Investor’s receipt of the
copies of the supplemented or amended prospectus contemplated by Section 3(g) or the first sentence of 3(f) or receipt of notice that no supplement or amendment is required or that the Grace Period has ended or that the Registration Statement
is effective. Notwithstanding anything to the contrary in the Transaction Documents, the Company shall cause its transfer agent to deliver unlegended Ordinary Shares to a transferee of an Investor, in accordance with the terms of the Subscription
Agreement, in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event of the kind
described in Section 3(g) or the first sentence of 3(f), and for which the Investor has not yet settled. 
 d. Each Investor covenants
and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to the Registration Statement. 

 

	 	5.	Expenses of Registration. 

 All reasonable expenses, other than underwriting discounts
and commissions incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and
disbursements of counsel for the Company, shall be paid by the Company. The Company shall not be liable to the Investors for the fees and disbursements of Legal Counsel in connection with registration, filing or qualification pursuant to Sections 2
and 3 of this Agreement. 
  

	 	6.	Indemnification. 

 In the event any Registrable Securities are included in a Registration
Statement under this Agreement: 
 a. To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless
and defend each Investor, the directors, officers, members, partners, employees, agents, representatives thereof, and each Person, if any, who controls any Investor within the meaning of the 1933 Act or the 1934 Act (each, an

  
 11 

 
“Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties, reasonable charges, reasonable costs, reasonable attorneys’ fees,
amounts paid in settlement or reasonable expenses, joint or several, incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or
governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto (“Losses”), to which any of them may become subject insofar as
such Losses arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification
of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or alleged omission to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus if used prior to the effective date of such Registration
Statement, or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the
statements made therein, in the light of the circumstances under which the statements therein were made, not misleading, (iii) any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any state securities law, or any
rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement (the matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”).
Subject to Section 6(c), the Company shall promptly reimburse the Indemnified Persons for Losses as they are incurred. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a):
(i) shall not apply to Losses incurred by an Indemnified Person arising out of or based upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written
information furnished to the Company by such Indemnified Person expressly for use in connection with the preparation of the Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available by
the Company pursuant to Section 3(d) and (ii) shall not apply to amounts paid in settlement if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld, delayed or
conditioned. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 9.

 b. In connection with any Registration Statement in which an Investor is participating, each such Investor agrees to severally and not
jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers, employees and agents and each Person, if any, who controls the
Company within the meaning of the 1933 Act or the 1934 Act (each, an “Indemnified Party”), against any Losses to which any of them have become subject, insofar as such Losses arise out of or are based upon any Violation, in each
case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Investor expressly for use in connection with such Registration Statement;
provided, however, that such Investor’s obligation to reimburse any legal or other expenses reasonably incurred by an Indemnified Party in connection with 

  
 12 

 
investigating or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing (each, a “Claim”) is subject to
Section 6(c); provided further, however, that the indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement if such
settlement is effected without the prior written consent of such Investor, which consent shall not be unreasonably withheld, delayed or conditioned; provided further, however, that such Investor shall be liable under this Section 6(b)
for only Losses that do not exceed the net proceeds to such Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made
by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 9.  

c. Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any
Claim, such Indemnified Person or Indemnified Party shall, if a request for indemnification in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the
commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with
counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel
with the reasonable fees and expenses of not more than one counsel for such Indemnified Person or Indemnified Party to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation
by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by
such counsel in such proceeding. In the case of an Indemnified Person, legal counsel referred to in the immediately preceding sentence shall be selected by the Investors holding at least a majority in interest of the Registrable Securities included
in the Registration Statement to which the Claim relates. The Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such Claim by the indemnifying party and
shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such Claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person reasonably
apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any Claim effected without its prior written consent; provided, however,
that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter
into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from all liability in respect to such Claim, and
such settlement shall not include any admission as to fault on the part of the Indemnified Party. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified
Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the  

  
 13 

 
indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under
this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such action. 
 d. The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Losses are incurred, and in each case submitted to the
indemnifying party for payment subject to and in accordance with this Section 6. 
 The indemnity agreements contained herein shall be in addition to
(i) any cause of action or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law. 

 

	 	7.	Contribution. 

 To the extent any indemnification by an indemnifying party is
prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided,
however, that: (i) no Person involved in the sale of Registrable Securities who is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in connection with such sale shall be entitled to
contribution from any Person involved in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of
proceeds received by such seller from the sale of such Registrable Securities pursuant to such Registration Statement.  
  

	 	8.	Reports Under the 1934 Act. 

 With a view to making available to the Investors the
benefits of Rule 144 promulgated under the 1933 Act or any other similar rule or regulation of the SEC that may at any time permit the Investors to sell securities of the Company to the public without registration (“Rule 144”), the
Company agrees to: 
 a. make and keep public information available, as those terms are understood and defined in Rule 144; 

b. file with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so long
as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144; and 

c. furnish or otherwise make available, as applicable, to each Investor so long as such Investor owns Registrable Securities, promptly upon
request, (i) a written statement by the Company, if true, that it has complied with the reporting requirements of Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of the most recent annual or quarterly report of the Company and such
other reports and documents so filed by the Company and (iii) such other information as may be reasonably requested to permit the Investors to sell such securities without registration pursuant to Rule 144. 

  
 14 

	 	9.	Assignment of Registration Rights. 

 The rights under this Agreement shall be
automatically assignable by the Investors to any transferee of all or any portion of such Investor’s Registrable Securities if: (i) the Investor agrees in writing with the transferee or assignee to assign such rights and a copy of such
agreement is furnished to the Company within a reasonable time after such assignment; (ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of (a) the name and address of such
transferee or assignee and (b) the securities with respect to which such registration rights are being transferred or assigned; (iii) immediately following such transfer or assignment the further disposition of such securities by the
transferee or assignee is restricted under the 1933 Act or applicable state securities laws; (iv) at or before the time the Company receives the written notice contemplated by clause (ii) of this sentence the transferee or assignee agrees
in writing with the Company to be bound by all of the provisions contained herein; and (v) such transfer shall have been made in accordance with the applicable requirements of the Subscription Agreement. 

 

	 	10.	Amendment of Registration Rights. 

 Provisions of this Agreement may be amended and the
observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Required Holders. Any amendment or waiver effected in accordance with
this Section 10 shall be binding upon each Investor and the Company. No such amendment shall be effective if it applies to less than all of the holders of the Registrable Securities. No consideration shall be offered or paid to any Person to
amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration also is offered to all of the parties to this Agreement. 
  

	 	11.	Miscellaneous. 

 a. A Person is deemed to be a holder of Registrable Securities whenever
such Person owns or is deemed to own of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon
the basis of instructions, notice or election received from the record owner of such Registrable Securities. 

  
 15 

 b. Any notices, consents, waivers or other communications required or permitted to be given
under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile, electronic mail or other electronic transmission
(provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case
properly addressed to the party to receive the same. The addresses, facsimile numbers and electronic mail addresses for such communications shall be: 

If to the Company: 
 Elizabeth
House 
 9 Castle Street 
 St
Helier 
 JE2 3RT 
 Jersey,
Channel Islands 
 Telephone: +44 131 445 6159 

Facsimile: +44 153 4700 007 

Attention: Paul Cowan 
 If to
Legal Counsel, if any, at such address as may be provided to the Company from time to time. 
 With a copy (for informational purposes) to:

 Clifford Chance US LLP 
 31
West 52nd Street 
 New York, New York 10019 

Attention: Alejandro E. Camacho and Per B. Chilstrom 

Facsimile: 212-878-8375 
 If to a Subscriber, to
its address, facsimile number and electronic mail address set forth on the Schedule of Subscribers attached hereto, with copies to such Subscriber’s representatives as set forth on the Schedule of Subscribers, or to such other address and/or
facsimile number and/or electronic mail address and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written
confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine or other electronic device containing the time,
date, recipient facsimile number or electronic mail address, as applicable, and an image of the first page of such transmission or sent copy of any such electronic mail or (C) provided by a courier or overnight courier service shall be
rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively. 

c. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or
remedy, shall not operate as a waiver thereof. 
 d. All questions concerning the construction, validity, enforcement and interpretation of
this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the
application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the 

  
 16 

 
exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or
enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 

e. This Agreement, the other Transaction Documents (as defined in the Subscription Agreement) and the instruments referenced herein and
therein constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein.
This Agreement, the other Transaction Documents and the instruments referenced herein and therein supersede all prior agreements and understandings among the parties hereto with respect to the subject matter hereof and thereof. 

f. Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the permitted successors
and assigns of each of the parties hereto. 
 g. The headings in this Agreement are for convenience of reference only and shall not limit
or otherwise affect the meaning hereof. 
 h. This Agreement may be executed in identical counterparts, each of which shall be deemed an
original but all of which shall constitute one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission or electronic email of a copy of this Agreement bearing the
signature of the party so delivering this Agreement. 
 i. Each party shall do and perform, or cause to be done and performed, all such
further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and
the consummation of the transactions contemplated hereby. 

  
 17 

 j. All consents, approvals, waivers and other determinations required to be made by the
Investors pursuant to this Agreement shall be made, unless otherwise specified in this Agreement, by the Required Holders. 
 k. The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict construction will be applied against any party. 

l. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the
benefit of, nor may any provision hereof be enforced by, any other Person. 
 m. The obligations of each Investor hereunder are several and
not joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor hereunder. Nothing contained herein, and no action taken by any Investor pursuant
hereto, shall be deemed to constitute the Investor as, and the Company acknowledges that the Investors do not so constitute, a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are
in any way acting in concert or as a group, and the Company will not assert any such claim with respect to such obligations or the transactions contemplated herein. 

* * * * * * 

  
 18 

 IN WITNESS WHEREOF, each Subscriber and the Company have caused its respective
signature page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	COMPANY:
	
	QUOTIENT LIMITED
		
	By:	 	 /s/ D.J.P.E. Cowan

		 	Name:	 	D.J.P.E. Cowan
		 	Title:	 	Chairman & CEO

  
 [Registration Rights
Agreement 
 Signature Page] 

 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	CORMORANT GLOBAL HEALTHCARE MASTER FUND, LP
		
	By:	 	 /s/ Bihua Chen

		 	Name:	 	Bihua Chen
		 	Title:	 	CEO/CIO
		 		 	Managing Member of GP

  
 [Registration Rights
Agreement 
 Signature Page] 

 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	COX FLP, LTD.
		
	By:	 	 /s/ David S. Boylan

		 	Name:	 	David S. Boylan
		 	Title:	 	President of GP

  
 [Registration Rights
Agreement 
 Signature Page] 

 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	ARROWSMITH FUND, LTD.
	
	By: Arrowsmith, LLC
		
	By:	 	 /s/ James R. Hodge

		 	Name:	 	James R. Hodge
		 	Title:	 	Managing Member

  
 [Registration Rights
Agreement 
 Signature Page] 

 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	ANN ARBOR PARTNERS, L.P.
	
	By: Souede & Hodge Associates
	Its: General Partner
		
	By:	 	 /s/ James R. Hodge

		 	Name:	 	James R. Hodge
		 	Title:	 	General Partner

  
 [Registration Rights
Agreement 
 Signature Page] 

 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	SOUTHWELL CAPITAL, LP
		
	By:	 	 /s/ Nelson Jaeggli

		 	Name:	 	Nelson Jaeggli
		 	Title:	 	Partner

  
 [Registration Rights
Agreement 
 Signature Page] 

 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	LAWRENCE B. LEVEY TRUST
	
	By: Lawrence B. Levey
	Its: Trustee
		
	By:	 	 /s/ Lawrence B. Levey

		 	Name:	 	Lawrence B. Levey
		 	Title:	 	Trustee

  
 [Registration Rights
Agreement 
 Signature Page] 

 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	JOSEPH M. COHEN
		
	By:	 	 /s/ Joseph M. Cohen

		 	Name:	 	Joseph M. Cohen
		 	Title:	 	Chairman

  
 [Registration Rights
Agreement 
 Signature Page] 

 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	JON M. COHEN
		
	By:	 	 /s/ Jon M. Cohen

		 	Name:	 	Jon M. Cohen
		 	Title:	 	MD

  
 [Registration Rights
Agreement 
 Signature Page] 

 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	JOSEPH M. COHEN FAMILY LIMITED PARTNERSHIP
		
	By:	 	 /s/ Jon M. Cohen

		 	Name:	 	Jon M. Cohen
		 	Title:	 	Trustee

  
 [Registration Rights
Agreement 
 Signature Page] 

 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	BENJAMIN LING
		
	By:	 	 /s/ Benjamin Ling

		 	Name:	 	Benjamin Ling
		 	Title:	 	

  
 [Registration Rights
Agreement 
 Signature Page] 

 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	 GANTCHER FAMILY LIMITED

PARTNERSHIP

		
	By:	 	Gantcher Family Partners, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Nathan Gantcher

		 	Name:	 	Nathan Gantcher
		 	Title:	 	Managing Member

  
 [Registration Rights
Agreement 
 Signature Page] 

 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	FORESITE CAPITAL FUND II, L.P.
		
	By:	 	Foresite Capital Management II, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Dennis D. Ryan

		 	Name:	 	Dennis D. Ryan
		 	Title:	 	CFO

  
 [Registration Rights
Agreement 
 Signature Page] 

 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	GALEN PARTNERS V, L.P.
		
	By:	 	Galen V, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ David W. Jahns

		 	Name:	 	David W. Jahns
		 	Title:	 	Managing Member 

  
 [Registration Rights
Agreement 
 Signature Page] 

 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	GALEN PARTNERS INTERNATIONAL V, L.P.
		
	By:	 	Galen V, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ David W. Jahns 

		 	Name:	 	David W. Jahns
		 	Title:	 	Managing Member 

  
 [Registration Rights
Agreement 
 Signature Page] 

 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	PERCEPTIVE LIFE SCIENCES MASTER FUND LTD.
		
	By:	 	 /s/ James H. Mannix

		 	Name:	 	James H. Mannix
		 	Title:	 	COO

  
 [Registration Rights
Agreement 
 Signature Page] 

 IN WITNESS WHEREOF, each Subscriber and the Company have caused their respective signature
page to this Registration Rights Agreement to be duly executed as of the date first written above. 
  

					
	SUBSCRIBERS:
	
	TITAN PERC, LTD.
		
	By:	 	 /s/ Darren Ross

		 	Name:	 	Darren Ross
		 	Title:	 	Director

  
 [Registration Rights
Agreement 
 Signature Page] 

 SCHEDULE OF SUBSCRIBERS 

 

					
	 
Subscriber
	 	 Subscriber’s Address, Facsimile Number

and Electronic Mail Address
	 	 Subscriber’s Representative’s

Address, Facsimile Number and

Electronic Mail Address

	Cormorant Global Healthcare Master Fund, L.P.	 		 	
	Cox FLP, Ltd.	 		 	
	Arrowsmith Fund, Ltd.	 		 	
	Ann Arbor Partners, L.P.	 		 	
	Southwell Capital, L.P.	 		 	
	Lawrence B. Levey, Trustee of the Lawrence B. Levey Trust u/a/d 9/11/06	 		 	
	Joseph M. Cohen	 		 	
	Jon M. Cohen	 		 	
	Joseph M. Cohen Family Limited Partnership	 		 	
	Benjamin Ling	 		 	
	Gantcher Family Limited Partnership	 		 	
	Foresite Capital Fund II, L.P.	 		 	
	Galen Partners V, L.P.	 		 	
	Galen Partners International V, L.P.	 		 	

					
	Perceptive Life Sciences Master Fund Ltd.	  		  	
	Titan Perc, Ltd.	  		  	

 EXHIBIT A 

FORM OF NOTICE OF EFFECTIVENESS 

OF REGISTRATION STATEMENT 

[                    ] 

[                    ] 

[                    ] 

Attention: [                    ] 

Re: [                    ] 

Ladies and Gentlemen: 
 [We are][I am]
counsel to Quotient Limited, a company organized under the laws of Jersey (the “Company”), and have represented the Company in connection with that certain Subscription Agreement (the “Subscription Agreement”),
entered into by and among the Company and the subscribers named therein (collectively, the “Holders”) pursuant to which the Company issued to the Holders its ordinary shares of no par value per share in the capital of the Company
(the “Ordinary Shares”). Pursuant to the Subscription Agreement, the Company also has entered into a Registration Rights Agreement with the Holders (the “Registration Rights Agreement”) pursuant to which the Company
agreed, among other things, to register the resale of the Registrable Securities (as defined in the Registration Rights Agreement). In connection with the Company’s obligations under the Registration Rights Agreement, on
            , 2014, the Company filed a Registration Statement on Form [S-1][S-3] (File No. 333-            ) (the
“Registration Statement”) with the Securities and Exchange Commission (the “SEC”) relating to the Registrable Securities which names each of the Holders as a selling shareholder thereunder. 

In connection with the foregoing, [we][I] advise you that a member of the SEC’s staff has advised [us][me] by telephone that the
SEC has entered an order declaring the Registration Statement effective under the Securities Act of 1933, as amended (the “1933 Act”) at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS] and
[we][I] have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the
Registrable Securities are available for resale under the 1933 Act pursuant to the Registration Statement. 
 This letter shall serve
as our standing instruction to you that the Ordinary Shares are freely transferable by the Holders pursuant to the Registration Statement. You need not require further letters from us to effect any future legend-free issuance or reissuance of
Ordinary Shares to the Holders provided at the time of such reissuance, the Company has not otherwise notified you that the Registration Statement is unavailable for the resale of the Registrable Securities. 

. 

  
 Exhibit A-1 

 
			
	Very truly yours,
	
	[ISSUER’S COUNSEL]
		
	By:	 	  

  

			
	CC:	  	[LIST NAMES OF HOLDERS]

  
 Exhibit A-2 

 EXHIBIT B 

SELLING SHAREHOLDERS 
 The
ordinary shares being offered by the Selling Shareholders are those previously issued to the Selling Shareholders. For additional information regarding the issuances of ordinary shares, see [“Private Placement of Ordinary shares”] above.
We are registering the ordinary shares in order to permit the Selling Shareholders and their donees, pledgees, transferees or other successors-in-interest that receive their shares after the date of this prospectus to offer the shares, as well as
any shares that we may issue or may be issuable by reason of any share split, share dividend or similar transaction involving these shares, for resale from time to time in the manner contemplated under “Plan of Distribution.”. Except for
the ownership of the ordinary shares [or as otherwise set forth in the table and related footnotes below], the Selling Shareholders have not had any material relationship with us within the past three years. 

The table below, including the footnotes, lists the Selling Shareholders and other information regarding the beneficial ownership of the
ordinary shares by each of the Selling Shareholders based in part on information provided to us by the Selling Shareholders. The second column lists the number of ordinary shares beneficially owned by each selling shareholder, based on its ownership
of the ordinary shares, as of             , 20[    ]. 
 The
third column lists the ordinary shares being offered by this prospectus by the Selling Shareholders. 
 In accordance with the terms of
registration rights agreements with the holders of the ordinary shares, this prospectus generally covers the resale of that number of ordinary shares equal to the number of ordinary shares issued to such holders in the private placement described in
[“Private Placement of Ordinary shares”] above, held by such holders as of the trading day immediately preceding the date this registration statement was initially filed with the SEC. The fourth column assumes the sale of all of the shares
offered by the Selling Shareholders pursuant to this prospectus. However, because the Selling Shareholders may sell all or some of their shares under this prospectus from time to time, or in another permitted manner, we cannot assure you as to the
actual number of shares that will be sold by the Selling Shareholders or that will be held by the Selling Shareholders after completion of any sales. We do not know how long the Selling Shareholders will hold the shares before selling them.
Information concerning the Selling Shareholders may change from time to time and changed information will be presented in a supplement to this prospectus if and when necessary and required. 

The Selling Shareholders may sell all, some or none of their shares in this offering. See “Plan of Distribution.” 

 

							
	 Name of Selling Shareholder
	  	Number of Shares Owned
Prior to Offering	  	Maximum Number of Shares
to be Sold Pursuant to this
Prospectus	  	Number of Shares Owned
After Offering
		  		  		  	
		  		  		  	
		  		  		  	

  
 Exhibit B-1 

 PLAN OF DISTRIBUTION 

We are registering the Ordinary Shares previously issued to permit the resale of these Ordinary Shares by the holders of the Ordinary Shares
from time to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling shareholders of the Ordinary Shares. We will bear all fees and expenses incident to our obligation to register the Ordinary
Shares. 
 The selling shareholders may (subject to receipt by us and/or such selling shareholders of any applicable regulatory consents)
sell all or a portion of the Ordinary Shares beneficially owned by them and offered hereby from time to time directly or through one or more underwriters, broker-dealers or agents. If the Ordinary Shares are sold through underwriters or
broker-dealers, the selling shareholders will be responsible for underwriting discounts or commissions or agent’s commissions. The Ordinary Shares may be sold in one or more transactions at fixed prices, at prevailing market prices at the time
of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected in transactions, which may involve crosses or block transactions, 

 

	 	•	 	on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale; 

  

	 	•	 	in the over-the-counter market; 

  

	 	•	 	in transactions otherwise than on these exchanges or systems or in the over-the-counter market; 

  

	 	•	 	through the writing of options, whether such options are listed on an options exchange or otherwise; 

  

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction; 

 

	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	privately negotiated transactions; 

  

	 	•	 	short sales; 

  
 Exhibit B-2 

	 	•	 	sales pursuant to Rule 144; 

  

	 	•	 	broker-dealers may agree with the selling securityholders to sell a specified number of such shares at a stipulated price per share; 

 

	 	•	 	a combination of any such methods of sale; and 

  

	 	•	 	any other method permitted pursuant to applicable law. 

 If the selling shareholders effect
such transactions by selling Ordinary Shares to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions from the selling shareholders
or commissions from purchasers of the Ordinary Shares for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those
customary in the types of transactions involved). In connection with sales of the Ordinary Shares or otherwise, the selling shareholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the Ordinary
Shares in the course of hedging in positions they assume. The selling shareholders may also sell Ordinary Shares short and deliver Ordinary Shares covered by this prospectus to close out short positions and to return borrowed shares in connection
with such short sales. The selling shareholders may also loan or pledge Ordinary Shares to broker-dealers that in turn may sell such shares. 

The selling shareholders may pledge or grant a security interest in some or all of the Ordinary Shares owned by them and, if they default in
the performance of their secured obligations, the pledgees or secured parties may offer and sell the Ordinary Shares from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision
of the Securities Act of 1933, as amended, amending, if necessary, the list of selling shareholders to include the pledgee, transferee or other successors in interest as selling shareholders under this prospectus. The selling shareholders also may
transfer and donate the Ordinary Shares in other circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus. 

The selling shareholders and any broker-dealer participating in the distribution of the Ordinary Shares may be deemed to be
“underwriters” within the meaning of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act. At the
time a particular offering of the Ordinary Shares is made, a prospectus supplement, if required, will be distributed which will set forth the aggregate amount of Ordinary Shares being offered and the terms of the offering, including the name or
names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the selling shareholders and any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers. 

Under the securities laws of some states, the Ordinary Shares may be sold in such states only through registered or licensed brokers or
dealers. In addition, in some states the Ordinary Shares may not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with. 

  
 Exhibit B-3 

 There can be no assurance that any selling shareholder will sell any or all of the Ordinary
Shares registered pursuant to the registration statement, of which this prospectus forms a part. 
 The selling shareholders and any other
person participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which
may limit the timing of purchases and sales of any of the Ordinary Shares by the selling shareholders and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the Ordinary Shares to
engage in market-making activities with respect to the Ordinary Shares. Further, regulatory consents may be required in Jersey, Channel Islands in connection with certain types of offers of Ordinary Shares by selling shareholders, including offers
to more than 50 persons other than on any national securities exchange or quotation service on which the securities are listed or quoted at the time of sale. All of the foregoing may affect the marketability of the Ordinary Shares and the ability of
any person or entity to engage in market-making activities with respect to the Ordinary Shares. 
 We will pay all expenses of the
registration of the Ordinary Shares pursuant to the registration rights agreement, estimated to be $[        ] in total, including, without limitation, Securities and Exchange Commission filing fees and
expenses of compliance with state securities or “Blue Sky” laws; provided, however, that a selling shareholder will pay all underwriting discounts and selling commissions, if any. We will indemnify the selling shareholders
against liabilities, including some liabilities under the Securities Act, in accordance with the registration rights agreements, or the selling shareholders will be entitled to contribution. We may be indemnified by the selling shareholders against
civil liabilities, including liabilities under the Securities Act, that may arise from any written information furnished to us by the selling shareholder specifically for use in this prospectus, in accordance with the related registration rights
agreement, or we may be entitled to contribution. 
 Once sold under the registration statement, of which this prospectus forms a part, the
Ordinary Shares will be freely tradable in the hands of persons other than our affiliates. 

  
 Exhibit B-4EX-4.3

 Exhibit 4.3 

NEITHER THE ISSUANCE AND SALE OF THIS WARRANT NOR THE ORDINARY SHARES INTO WHICH THIS WARRANT IS EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THIS WARRANT AND THE ORDINARY SHARES INTO WHICH THIS WARRANT IS EXERCISABLE MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL, IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT
TO RULE 144 UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THIS WARRANT AND THE ORDINARY SHARES INTO WHICH THIS WARRANT IS EXERCISABLE MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY
THIS WARRANT OR SUCH ORDINARY SHARES. 
 THIS WARRANT SHALL BE VOID AFTER 5:00 P.M. EASTERN TIME ON THE THIRD ANNIVERSARY OF THE DATE OF ISSUANCE SET
FORTH BELOW. 
 PRE-FUNDED WARRANT 

QUOTIENT LIMITED 
 Warrant No.: 

 

			
	Warrant Shares:	  	Initial Exercise Date:             , 2014

 THIS PRE-FUNDED WARRANT (this “Warrant”) certifies that, for value received,
             or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the Initial Exercise Date, as listed above, and on or prior to the close of business on the third (3rd) year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and
purchase from Quotient Limited, a Jersey, Channel Islands company (the “Company”), up to              ordinary shares (as subject to adjustment hereunder, the
“Warrant Shares”), of no par value per share (“Ordinary Shares”), in the capital of the Company. The purchase price of one Ordinary Share under this Warrant shall be equal to the Exercise Price, as defined in
Section 2(b). This Warrant is being issued pursuant to the Subscription Agreement, dated as of              (the “Subscription Agreement”), among the Company and the
initial holder of the Warrant. Capitalized terms used herein have the respective meanings ascribed thereto in the Subscription Agreement unless otherwise defined herein. 

Section 1. In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings indicated in this
Section 1: 
 “Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls
or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

“Board of Directors” means the board of directors of the Company. 

“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States
or a legal holiday in Jersey, Channel Islands or any day on which banking institutions in the State of New York or in Jersey, Channel Islands are authorized or required by law or other governmental action to close. 

 “Commission” means the United States Securities and Exchange Commission. 

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

 “Liens” means a lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other
restriction. 
 “Ordinary Share Equivalent” means any securities of the Company that would entitle the holder thereof to
acquire at any time Ordinary Shares, including, without limitation, any debt, preference shares, rights, options, warrants, share appreciation rights, restricted share units or other instrument that is at any time convertible into or exercisable or
exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares. 
 “Person” means an individual or
corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an informal
investigation or partial proceeding, such as a deposition), whether commenced or threatened. 
 “Rule 144” means Rule 144
promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as
such Rule. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Trading Day” means a day on which the Ordinary Shares are traded on a Trading Market. 

“Trading Market” means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for
trading on the date in question: the NYSE MKT LLC, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing). 

“Transfer Agent” means Continental Stock Transfer & Trust Company, the current transfer agent of the Company, with a
mailing address of 17 Battery Place, New York, New York 10004 and a facsimile number of 212-616-7615, and any successor transfer agent of the Company. 

“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary
Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on the Trading Market on which the Ordinary Shares are then listed or quoted as
reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Ordinary Shares are not then listed or quoted on a Trading Market and if the Ordinary Shares are then listed
or quoted on the OTC Bulletin Board, the volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Ordinary Shares are not then listed or quoted for trading on the
OTC Bulletin Board and if prices for the Ordinary Shares are then reported in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid
price per Ordinary Share so reported, 

  
 - 2 - 

 
or (d) in all other cases, the fair market value of the Ordinary Shares as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the
Company, the fees and expenses of which shall be paid by the Company. 
 Section 2. Exercise. 

(a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, on any business
day not later than 5:00 P.M., New York time, on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company at its principal executive offices (or such other office or agency of the Company as it may designate
by notice to the Holder), (a) if required pursuant to the immediately following sentence, this Warrant, (b) a Notice of Exercise form annexed hereto, properly delivered by the Holder via facsimile, and (c) the aggregate Exercise Price
for the shares specified in the applicable Notice of Exercise, and all applicable taxes and charges due in connection with the exercise of this Warrant, in lawful money of the United States of America by certified or official bank check or by bank
wire transfer in immediately available funds (such funds to be delivered on or prior to the Warrant Share Delivery Date (as defined below)). Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and this Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three
(3) Trading Days after the date the final Notice of Exercise is delivered to the Company, as applicable. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have
the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares
purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within one (1) Business Day after receipt of such notice. Upon delivery of the Notice of Exercise form to the Company pursuant to
this Section 2(a), the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised. Each exercise hereof shall constitute the re-affirmation
by the Holder that the representations and warranties contained in Article 2 of the Subscription Agreement are true and correct in all material respects with respect to the Holder with respect to the Warrant Shares as of the time of such
exercise (except for any representation or warranty made as of a specified date, which shall be true and correct in all respects as of such specified date). The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that,
by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face
hereof. 
 (b) Exercise Price. The exercise price per share of the Ordinary Shares under this Warrant shall be $0.01, subject to
adjustment hereunder (the “Exercise Price”). 
 (c) Mechanics of Exercise. 

(i) Delivery of Warrant Shares Upon Exercise. Subject to Section 2(e) hereof, the Company shall cause the Transfer Agent to
transmit Warrant Shares purchased hereunder to the Holder by crediting the account of the Holder’s prime broker with the Depository Trust Company (“Depository”) through its system (“DWAC”) system if the Company
is then a participant in such system and either (A) there is an effective registration statement under the Securities Act permitting the resale of the Warrant Shares by the Holder, or (B) the Warrant Shares are otherwise eligible to be
sold under Rule 144 without regard to the volume or manner of sale restrictions thereunder, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise, in each case by the date that is three
(3)

  
 - 3 - 

 
Trading Days after the latest of (A) the delivery to the Company of the Notice of Exercise and receipt of the DWAC request from the Holder’s prime broker (if applicable),
(B) surrender of this Warrant (if required) and (C) payment of the aggregate Exercise Price as set forth above (such date, the “Warrant Share Delivery Date”). Delivery of the Warrant Shares is subject to payment to the
Company of the Exercise Price and all taxes required to be paid by the Holder, if any, pursuant to Section 2(c)(vi) prior to the issuance of such shares, having been paid. 

(ii) Delivery of New Warrant Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of the
Holder and upon surrender of this Warrant, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares
called for by this Warrant, which new Warrant shall in all other respects be identical to this Warrant. 
 (iii) Rescission Rights.
If the Company fails to cause the Transfer Agent to transmit either to the Holder’s prime broker the Warrant Shares or to the Holder a certificate or the certificates representing the Warrant Shares, as applicable pursuant to
Section 2(c)(i) hereof by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 
 (iv)
Compensation for Buy-In on Failure to Timely Deliver Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder’s prime broker the Warrant
Shares, or to the Holder a certificate or the certificates representing the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open
market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, Ordinary Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a
“Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the Ordinary Shares so purchased exceeds
(y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such
purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of this Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed
rescinded) or deliver to the Holder the number of Ordinary Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Ordinary Shares having a total
purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Ordinary Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the
Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and evidence of the amount of such loss. Nothing herein shall limit the
Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver
certificates representing Ordinary Shares upon exercise of this Warrant as required pursuant to the terms hereof. 
 (v) No Fractional
Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share. 

  
 - 4 - 

 (vi) Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be
made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the
name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental
thereto. 
 (vii) Closing of Books. The Company will not close its shareholder books or records in any manner which prevents the
timely exercise of this Warrant, pursuant to the terms hereof. 
 (d) Holder’s Exercise Limitations. The Company shall not
effect any exercise of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the
applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates) would beneficially own in excess of the Beneficial
Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of Ordinary Shares beneficially owned by the Holder and its Affiliates shall include the number of Ordinary Shares issuable upon exercise of this Warrant
with respect to which such determination is being made, but shall exclude the number of Ordinary Shares which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of
its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Ordinary Share Equivalents) subject to a limitation on conversion or
exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 2(d), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with
Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(d) applies, the determination of
whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice
of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each
case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination and shall have no liability for exercises of this Warrant that are not in compliance with the
Beneficial Ownership Limitation. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For
purposes of this Section 2(d), in determining the number of outstanding Ordinary Shares, the Holder may rely on the number of outstanding Ordinary Shares as reflected in (A) the Company’s most recent periodic or annual report filed
with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company setting forth the number of Ordinary Shares outstanding. Upon the written or oral request of
the Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the
conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding Ordinary Shares was reported. The “Beneficial Ownership Limitation”
shall be 9.99% of 

  
 - 5 - 

 
the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’
prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(d). Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company. The
provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(d) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with
the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this
Warrant. 
 (e) Compliance with the Securities Act of 1933. Except as provided in the Subscription Agreement, the Company may
cause the legend set forth on the first page of this Warrant to be set forth on this Warrant, and, if required, a similar legend on any security issued or issuable upon exercise of this Warrant, unless counsel for the Company is of the opinion
as to any such security that such legend is unnecessary. For the avoidance of doubt, the Warrant Shares will be considered “Registrable Securities” for purposes of the Registration Rights Agreement, dated as of
                    , by and between the Company and the Holder (the “Registration Rights Agreement”) and will be entitled to the
registration rights set out therein. 
 Section 3. Certain Adjustments. 

(a) Share Dividends and Splits. If the Company, at any time while this Warrant is outstanding, effects a share split or payment of
share dividend, then upon the effective date thereof, the number of Ordinary Shares which the Holder shall be entitled to purchase upon exercise of this Warrant shall be increased or decreased, as the case may be, in direct proportion to the
increase or decrease in the number of Ordinary Shares by reason of such share split or payment of share dividend and the Exercise Price shall be, in the case of an increase in the number of shares, proportionally decreased and, in the case of
decrease in the number of shares, proportionally increased. Any adjustment made pursuant to this Section 3(a) shall become effective immediately prior to 9:00 a.m. (New York city time) on the Ex-Dividend Date for such dividend or distribution
or the effective date of such subdivision or combination, as the case may be. “Ex-Dividend Date” means, when used with respect to any dividend, distribution or issuance, the first date on which the Ordinary Shares trade on the
Trading Market, regular way, without the right to receive the relevant dividend, distribution or issuance. 
 (b) Subsequent Rights
Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the
record holders of Ordinary Shares (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the
Holder had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on
which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights
(provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in
such Purchase Right to such extent (or beneficial ownership of such Ordinary Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its
right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). 

  
 - 6 - 

 (c) Pro Rata Distributions. The Holder, as the holder of this Warrant, shall be entitled
to receive such dividends paid and distributions of any kind made to the holders of Ordinary Shares of the Company to the same extent as if the Holder had exercised this Warrant into Ordinary Shares (without regard to any limitations on exercise
herein or elsewhere and without regard to whether or not a sufficient number of shares are authorized and reserved to effect any such exercise and issuance) and had held such Ordinary Shares on the record date for such dividends and distributions.
Payments under the preceding sentence shall be made concurrently with the dividend or distribution to the holders of Ordinary Shares. 
 (d)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person and
the Company is not the surviving corporation, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of
related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Ordinary Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any
reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the
Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with another Person or group of Persons whereby such other Person or group of Persons acquires more than 50% of the outstanding Ordinary Shares (not including any Ordinary Shares held by the other Person or other Persons making or party to, or
associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the
Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in
Section 2(d) on the exercise of this Warrant), the number of Ordinary Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate
Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of Ordinary Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in
Section 2(d) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one Ordinary Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Ordinary Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it
receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction the Company or any Successor Entity (as defined below) shall, at the Holder’s
option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the
remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from
the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to
the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the 

  
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applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as
of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the weighted average price of the Ordinary
Shares for the Trading Day immediately preceding the date of announcement of the applicable Fundamental Transaction, (ii) the weighted average price of the Ordinary Shares for the Trading Day immediately following the date of announcement of
the applicable Fundamental Transaction and (iii) the weighted average price of the Ordinary Shares for the Trading Day immediately preceding the date of consummation of the applicable Fundamental Transaction and (D) a remaining option time
equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the
“Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the Registration Rights Agreement in accordance with the provisions of this Section 3(d) pursuant to written agreements and
shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a
corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this
Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary Shares pursuant to such Fundamental
Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such
Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the
date of such Fundamental Transaction, the provisions of this Warrant and the Registration Rights Agreement referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and
shall assume all of the obligations of the Company under this Warrant and the Registration Rights Agreement with the same effect as if such Successor Entity had been named as the Company herein. 

(e) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as
the case may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

 (f) Notice to Holder. 

(i) Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company
shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. 

(ii) Notice to Allow Exercise by Holder. If during the term in which this Warrant may be exercised by the Holder (A) the Company
shall declare a dividend (or any other distribution in whatever form) on the Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the Company shall authorize the
granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any share capital of any class, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the
Ordinary Shares, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange 

  
 - 8 - 

 
whereby the Ordinary Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of
the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of
the Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is
expected to become effective or close, and the date as of which it is expected that holders of the Ordinary Shares of record shall be entitled to exchange their shares of the Ordinary Shares for securities, cash or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be
specified in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of its subsidiaries, the Company shall simultaneously disclose such information in
compliance with applicable securities laws. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be
expressly set forth herein. 
 Section 4. Transfer of Warrant. 

(a) Transferability. As provided herein, this Warrant may be transferred only pursuant to a registration statement filed under the
Securities Act, or an exemption from such registration. Subject to such restrictions and subject to compliance with the applicable laws of Jersey, Channel Islands, the Company shall transfer this Warrant from time to time upon the books to be
maintained by the Company for that purpose, upon surrender hereof for transfer, properly endorsed or accompanied by appropriate instructions for transfer and such other documents as may be reasonably required by the Company to establish that such
transfer is being made in accordance with the terms hereof, and a new Warrant shall be issued to the transferee and the surrendered Warrant shall be canceled by the Company. 

(b) New Warrant. This Warrant may be combined with other Warrants upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in
such combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for this Warrant or Warrants to be combined in accordance with such notice. All Warrants issued on transfers or exchanges shall include reference to the
initial issuance date set forth on the first page of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto and the Warrant number. 

(c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company or on behalf of the Company
for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise
hereof or any distribution to the Holder, and for all other purposes, absent actual written notice to the contrary. 

  
 - 9 - 

 Section 5. Miscellaneous. 

(a) No Rights as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a shareholder of the Company prior to the issuance of the Warrant Shares as set forth in Section 2(c)(i) except as set forth in Section 3 hereof. 

(b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any share certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and upon
surrender and cancellation of such Warrant or share certificate, if mutilated, the Company will make and deliver a new Warrant or share certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or share certificate.
Applicants for a replacement Warrant under such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable charges as the Company may prescribe. 

(c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day. 

(d) No Inconsistent Actions. Except and to the extent as waived or consented to by the Holder, the Company shall not by any action,
including, without limitation, amending its certificate of incorporation or articles of association or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to
protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such
exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this
Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations
under this Warrant. 
 (e) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this
Warrant shall be determined in accordance with the laws of the State of New York. 
 (f) Restrictions. The Holder acknowledges that
the Warrant Shares acquired upon the exercise of this Warrant, if not registered for resale under the Securities Act, will have restrictions upon resale imposed by state and federal securities laws unless the shares are sold under an exemption from
registration, including, without limitation, Rule 144 (if available). 
 (g) Nonwaiver and Expenses. No course of dealing or any
delay or failure to exercise any right hereunder on the part of the Holder shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant or the
Subscription Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover
any reasonable costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights,
powers or remedies hereunder. 

  
 - 10 - 

 (h) Notices. Any notice, request or other document required or permitted to be given or
delivered under this Warrant must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or
electronically generated and kept on file by the sending party); or (iii) one Business Day after deposit with an overnight courier service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers
for such communications to the Company shall be: 
 If to the Company: 

Elizabeth House 
 9 Castle Street

 St Helier 
 JE2 3RT 

Jersey, Channel Islands 

Telephone: +44 131 445 6159 

Facsimile: +44 153 4700 007 

Attention: Paul Cowan 
 With
Copies to: 
 Clifford Chance US LLP 

31 West 52nd Street 

New York, New York 10019 

Attention: Alejandro E. Camacho and Per B. Chilstrom 

Facsimile: 212-878-8375 
 If to
an initial Holder, to the address provided in the Subscription Agreement. 
 If to a transferee Holder, to the address of such Holder set
forth in the transfer documentation provided to the Company. 
 (i) Limitation of Liability. No provision hereof, in the absence of
any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Ordinary
Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 
 (j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to seek specific performance of its rights under this Warrant. The Company agrees that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be
adequate. 
 (k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from
time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. 

  
 - 11 - 

 (l) Amendment. This Warrant may be modified or amended or the provisions hereof waived
with the written consent of the Company and the Holder. 
 (m) Severability. Wherever possible, each provision of this Warrant shall
be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 
 (n) Headings. The
headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 

******************** 

(Signature Page Follows) 

  
 - 12 - 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto
duly authorized as of the date first above indicated. 
  

					
	QUOTIENT LIMITED
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 [Prefunded Warrant
Signature Page] 

 NOTICE OF EXERCISE 

 

	TO:	QUOTIENT LIMITED 

 The undersigned is the Holder of Warrant
No.              (the “Warrant”) issued by Quotient Limited, a Jersey, Channel Islands company (the “Company”). As a condition to this exercise,
the undersigned Holder hereby represents and warrants to the Company that the representations and warranties set forth in Article 2 of the Subscription Agreement (as defined in the Warrant) are true and correct in all material respects as of
the date hereof as if they had been made on such date with respect to the Warrant Shares (except for any representation or warranty made as of a specified date, which shall be true and correct in all respects as of such specified date). The
undersigned Holder further acknowledges that the sale, transfer, assignment or hypothecation of the Warrant Shares to be issued upon exercise of this Warrant is subject to the terms and conditions contained in the Warrant. Capitalized terms
used herein and not otherwise defined have the respective meanings set forth in the Warrant. 
 (1) The undersigned hereby elects to
purchase              Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full,
together with all applicable transfer taxes, if any. 
 (2) Unless the Warrant Shares will be delivered electronically via DWAC, please
issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified below: 

	
	  

 and deliver the physical certificate representing said Warrant Shares to the following address: 

			
	 	 	.

 If the Warrant Shares will be delivered electronically via DWAC, please issue them to the following
account: 
  

	 	•	 	Name of DTC Participant:              

  

	 	•	 	DTC Participant Number:              

  

	 	•	 	Name of Account at DTC Participant to be credited with the Warrant Shares:                  

 

	 	•	 	Account Number at DTC Participant to be credited with the Warrant Shares:                  

[SIGNATURE OF HOLDER] 
  

	
	Name of Investing Entity:
	
	  

	Signature of Authorized Signatory of Investing Entity:
	
	  

	Name of Authorized Signatory:
	
	  

	Title of Authorized Signatory:
	
	  

	Date:

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute 

this form and supply required information. 

Do not use this form to exercise the Warrant.) 

FOR VALUE RECEIVED, all of the shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to
                                         whose
address is
                                         

 

			
	Dated:	 	            ,         

  

					
		 	Holder’s Signature:	 	  

			
		 	Holder’s Address:	 	  

		 		 	  

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without
alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the
foregoing Warrant.

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