Document:

EX-10.15

 Exhibit 10.15 
  

 
 CONFIDENTIAL 
 [*] =
Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

Assigned Capacity and Manufacturing Agreement for 2,000 L Scale 

(the “Agreement”) 
 by and
between· 
 Lonza Biologics Tuas Pte Ltd 
 35
Tuas South Avenue 6, SG-Singapore, 637377 
  

					
		  		  	-hereinafter “Lonza”-

 and 
 Forty Seven Inc.,

 1490 O’Brien Drive, Suite A 
 Menlo Park, CA 94025 USA

  

					
		  		  	-hereinafter “Forty Seven” or“Customer”-

 Effective as of December 21, 2017 (the “Effective Date”) 

2k Singapore 

 

 
 CONFIDENTIAL 
  

 Table of Contents 
  

							
	 	  	 	  	Page	 
	1	  	DEFINITIONS AND INTERPRETATION	  	 	3	 
			
	2	  	PERFORMANCE OF SERVICES	  	 	8	 
			
	3	  	PROJECT MANAGEMENT / STEERING COMMITTEE	  	 	11	 
			
	4	  	QUALITY	  	 	12	 
			
	5	  	INSURANCE	  	 	12	 
			
	6	  	ASSIGNED CAPACITY, ALTERNATE PRODUCT, FORECASTING, ORDERING AND CANCELLATION	  	 	12	 
			
	7	  	DELIVERY AND ACCEPTANCE	  	 	14	 
			
	8	  	PRICE AND PAYMENT	  	 	16	 
			
	9	  	[INTENTIONALLY OMITTED.]	  	 	17	 
			
	10	  	INTELLECTUAL PROPERTY	  	 	17	 
			
	11	  	WARRANTIES	  	 	19	 
			
	12	  	INDEMNIFICATION AND LIABILITY	  	 	20	 
			
	13	  	CONFIDENTIALITY	  	 	22	 
			
	14	  	TERM AND TERMINATION	  	 	24	 
			
	15	  	FORCE MAJEURE	  	 	25	 
			
	16	  	MISCELLANEOUS	  	 	26	 

  

			
	Appendix A	  	Project Plan
		
	Appendix B	  	Price
		
	Appendix C	  	Quality Agreement
		
	Appendix D	  	Specifications
		
	Appendix E	  	Approved Entities

  
 2 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

 Recitals 

WHEREAS, Forty Seven is engaged in the development and research of certain products for the treatment of various indications (as further defined below,
“Products”); 
 WHEREAS, Lonza and its Affiliates have expertise in the evaluation, development and manufacture of such Products; 

WHEREAS, Forty Seven wishes to engage Lonza for Services relating to the development and manufacture of the Product as described in this Agreement; and 

WHEREAS, Lonza or its Affiliate; is prepared to perform such Services for Forty Seven in accordance with the terms and subject to the conditions set out
herein. 
 NOW, THEREFORE, in consideration of the mutual promises contained herein, and for other good and valuable consideration, the parties intending to
be legally bound, agree as follows: 
  

	1	Definitions and Interpretation 

  

			
	“Affiliate”	  	means any company, partnership or other entity which directly or indirectly, Controls, is Controlled by or is under common control with the relevant Party. “Control” means the ownership of more than fifty percent (50%) of
the issued share capital or the legal power to direct or cause the direction of the general management and policies of the relevant Party.
		
	“Agreement”	  	means this agreement incorporating all Appendices, as amended from time to time by written agreement of the Parties.
		
	“Alternate Product(s)”	  	 means any product(s) which the Parties agree may be substituted in place of or manufactured in addition to the CD47 Product in accordance
with Clause 6.2, and after such substitution all references in this Agreement to “Product” shall be deemed to apply to such Alternate

Product(s).

		
	“Applicable Laws”	  	means all relevant U.S., U.K. and European Union, federal, state and local laws, statutes, rules, and regulations which are applicable to a Party’s activities hereunder, including, without limitation, the applicable regulations
and guidelines of any Governmental Authority and cGMP together with amendments thereto.
		
	“Approval”	  	means the first marketing approval by the FDA or EMA of Production from the Facility for commercial supply.

  
 3 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

			
	“Assigned Capacity”	  	means the annual capacity at the Facility assigned by Lonza to Forty Seven for the manufacture of cGMP Batches as described in clause 6.1.
		
	“Background Intellectual Property”	  	means any Intellectual Property either (i) owned or controlled by a Party prior to the Effective Date or (ii) developed or acquired by a Party independently from the performance of the Services hereunder during the Term of
this Agreement.
		
	“Batch”	  	means the Product derived from a single run of the Manufacturing Process at the Facility at 2,000 litre scale and associated analytical testing required for the release of the Product.
		
	“CD47 Product”	  	means the human IgG antibody produced by the Cell Line, known as SSCI047 that binds to CD47 and of which Forty Seven is the proprietor as set out in Appendix D.
		
	“Cell Line”	  	means the GS-CHO cell line expressing Product, created by Lonza under the Prior MSA, an example of the particulars of which are set out in Appendix D, and which does not include Lonza’s
host cell lines.
		
	“Certificate of Analysis”	  	means a document prepared by Lonza listing tests performed by Lonza or approved External Laboratories, the Specifications and test results.
		
	“Certificate of Compliance”	  	means a document prepared by Lonza: (i) listing the manufacturing date, unique Batch number, and concentration of Product in such Batch, (ii) certifying that such Batch was manufactured in accordance with the Master Batch
Record and cGMP.
		
	“cGMP”	  	means those laws and regulations applicable in the U.S., U.K. and European Union, relating to the manufacture of medicinal products for human use, including, without limitation, current good manufacturing practices as specified in
the ICH guidelines, including without limitation, ICH Q7A “ICH Good Manufacturing Practice Guide for Active Pharmaceutical Ingredients”, US Federal Food Drug and Cosmetic Act at 21CFR (Chapters 210, 211, 600 and 610) and the Guide to Good
Manufacturing Practices for Medicinal Products as promulgated under European Directive 91/356/EEC. For the avoidance of doubt, Lonza’s operational quality standards are defined in internal cGMP policy
documents.

  
 4 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

			
	“cGMP Batches”	  	means any Batches which are required under the Project Plan to be manufactured in accordance with cGMP.
		
	“Commencement Date”	  	means the date of removal of the vial of cells from frozen storage for the production of a Batch.
		
	“Confidential Information”	  	means Forty Seven Information and/or Lonza Information, as the context requires.
		
	“EMA”	  	means the European Medicines Agency, or any successor agency thereto.
		
	“Engineering Batches”	  	means a Batch that is intended to demonstrate the transfer of the Manufacturing Process to the Facility, as described in Clause 2.2.
		
	“External Laboratories”	  	means any Third Party instructed by Lonza, with Forty Seven’s prior consent, which is to conduct activities required to complete the Services.
		
	“Facility”	  	means Lonza’s manufacturing facility in Singapore.
		
	“FDA”	  	means the United States Food and Drug Administration, or any successor agency thereto.
		
	“Forty Seven Information”	  	means all technical and other information (i) from time to time supplied by Forty Seven to Lonza under this Agreement which, at the time of disclosure by Forty Seven, was not known to Lonza or in the public domain or
(ii) which was owned by Forty Seven pursuant to the Prior MSA and/or is specific to the Cell Line or Product, or any other materials or information supplied by Forty Seven to Lonza under this Agreement.
		
	“Forty Seven Materials”	  	means any components of Product, or other materials of any nature as may be provided by Forty Seven to Lonza under this Agreement provided that the Cell Line will be subject always to the terms of the GS Licence.
		
	“Governmental Authority”	  	means any Regulatory Authority and any national, multi-national, regional, state or local regulatory agency, department, bureau, or other governmental entity in the U.S., U.K. or European
Union.

  
 5 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

			
	“GS Licence”	  	means the licence agreement between Forty Seven and Lonza Sales AG dated 24 May 2016 for the use of Lonza’s proprietary glutamine synthetase gene expression system, as amended from time to time.
		
	“Intellectual Property”	  	means (i) inventions (whether or not patentable), patents, trade secrets, copyrights, trademarks, trade names and domain names, rights in designs, rights in computer software, database rights, rights in confidential information
(including know-how) and any other intellectual property rights, in each case whether registered or unregistered, (ii) all applications (or rights to apply) for, and renewals or extensions of, any of the
rights described in the foregoing sub-clause (i) and (ii) and all rights and applications that are similar or equivalent to the rights and application described in the foregoing sub-clauses (i) and (ii), which exist now, or which come to exist in the future, in any part of the world.
		
	“Lonza Information”	  	means all information that is proprietary to Lonza or any Affiliate of Lonza and that is maintained in confidence by Lonza or any Affiliate of Lonza and that is disclosed by Lonza or any Affiliate of Lonza to Forty Seven under or in
connection with this Agreement, including without limitation, any and all Lonza know-how and trade secrets, but excluding any Forty Seven Information.
		
	“Manufacturing Process”	  	means Lonza’s production process for the manufacture of Product.
		
	“Master Batch Record”	  	means the document, proposed by Lonza and approved by Forty Seven, which defines the manufacturing methods, test methods and other procedures, directions and controls associated with the manufacture and testing of Product.
		
	“New Forty Seven Intellectual Property”	  	has the meaning given in Clause 10.2.
		
	“New General Application Intellectual Property”	  	has the meaning given in Clause 10.3.
		
	“Party”	  	means each of Lonza and Forty Seven and, together, the ”Parties”.
		
	“Price”	  	means the price for the Services and Products as set out in Clause 8 and/or Appendix B.

  
 6 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

			
	“Prior MSA”	  	means the (i) sub-award agreement between Forty·Seven and Lonza Sales AG dated 25 August 2010; as novated and amended by the novation and amendment agreement .between the
Parties dated 01 March 2016 and as amended from time to time, and (ii) the Assigned Capacity and Manufacturing Agreement between Forty Seven and Lonza Sales AG dated 30 August 2016 as amended.
		
	“Process Validation Batch”	  	means a Batch that is produced with the intent to show reproducibility of the Manufacturing Process and Is required to complete process validation studies.
		
	“Product(s)”	  	means the CD47 Product and/or the Alternate Product(s) to be manufactured by Lonza under this Agreement.
		
	“Project Plan”	  	means the Plan(s) describing the Services to be performed by Lonza under this Agreement, including any update and amendment of the Project Plan to which the Parties may agree from time to time.
		
	“Quality Agreement”	  	means the quality agreement, attached hereto as Appendix C, setting out the responsibilities of the Parties in relation to quality as required for compliance with cGMP.
		
	“Raw Materials”	  	means all ingredients, solvents and other components of the Product required to perform the Manufacturing Process or Services set forth in the bill of materials detailing the· same [*].
		
	“Raw Materials Fee”	  	means the procurement and handling fee of [*] of the amount incurred by Lonza to be paid to a Third Party (“Lonza’s Cost”) for the acquisition of Raw Materials (other than Resins) that is charged to Forty Seven in
addition to Lonza’s Cost of such Raw Materials.
		
	“Regulatory Approval”	  	means, with respect to a Product, all approvals, licenses, registrations or authorizations necessary for the commercialization of such Product in a particular jurisdiction.
		
	“Regulatory Authority”	  	means the FDA, EMA and any other similar regulatory authorities: as may be agreed upon in writing by the Parties.
		
	“Release”	  	has the meaning given in Clause 7.1.

  
 7 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

			
	“Resin”	  	means the chromatographic media and/or UF membranes intended to refine or purify the Product, as specified in the Master Batch Record.
		
	“Safety Stock”	  	has the meaning set out in Clause 2.9.
		
	“Services”	  	means all or any part of the services to be performed by Lonza under this Agreement, particulars of which are set out in a Project Plan.
		
	“Specifications”	  	means the specifications of the Product; an example of which is specified in Appendix D, which may be amended from time to time in accordance with this Agreement.
		
	“Suite Fee”	  	has the meaning set out in Clause 8.1.
		
	“Term”	  	has the meaning given in Clause 14.1.
		
	“Third Party”	  	means any party other than Forty Seven, Lonza and their respective Affiliates.

 In this Agreement references to the Parties are to the Parties to this Agreement, headings are used for convenience only
and· do not affect its interpretation, references to a statutory provision include references to the statutory provision as modified or re-enacted or both from time to time and to any subordinate
legislation made under the statutory provision, references to the singular include the plural and vice versa, and references to the word “including” are to be construed without limitation. 

 

	2	Performance of Services 

  

	 	2.1	Performance of Services. Subject to clause 2.5, Lonza shall itself and/or through its affiliates, diligently carry out the Services at the Facility as provided in the Project Plan and use commercially reasonable
efforts to perform the Services without any material defect and according to the estimated timelines as set forth in the Project Plan (owing to the unpredictable nature of the biological processes involved in the Services, the timescales set down
for the performance of the Services are estimated only). Lonza shall retain appropriately qualified and trained personnel with the requisite knowledge and experience to perform the Services in accordance with this Agreement. Lonza may subcontract or
delegate any of its rights or obligations under this Agreement to perform the Services to its Affiliate(s); provided that Lonza shall be responsible for each such Affiliate’s performance or
non-performance under this Agreement as if Lonza itself were performing such activities. Lonza may engage an External Laboratory to provide some of the Services provided, that any External Laboratories shall
be subject to the same obligations and other provisions contained in this Agreement or any applicable Project Plan. In the event of a dispute Lonza shall use its reasonable endeavours to enforce such obligations upon such External Laboratories and
pass onto the Customer whatever remedies it obtains from such External Laboratories provided always that Lonza shall not be responsible for any services performed by such External laboratories. 

  
 8 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

	 	2.2	Engineering Batches. Lonza shall manufacture Engineering Batches in accordance with the Project Plan, the other applicable terms of this Agreement and the Quality Agreement. Forty Seven shall have the right to
make whatever further use of the non-cGMP Engineering Batches as it shall determine, provided that Forty Seven pays for any such Batches manufactured in accordance with this Section 2.2 at the rate set forth in Clause 8.1, such use is not for
human use and does not violate any Applicable Laws. Lonza makes no warranty that Engineering Batches will meet CGMP and Specifications, but Lonza will use commercially reasonable efforts to meet CGMP and Specifications with respect to each
Engineering Batch. If Lonza determines that an Engineering Batch does meet cGMP and the Specifications, it will release such Engineering Batch as a cGMP Batch. Regardless of whether any Engineering Batch meets cGMP or the Specifications, Forty Seven
shall pay to Lonza the Price for such Engineering Batch plus the Raw Materials Fee associated with such Engineering Batches. 

  

	 	2.3	cGMP Batches. Lonza will, in accordance with the terms of this Agreement and Quality Agreement, manufacture at the Facility and release to Forty Seven, cGMP Batches that comply with the Manufacturing Process,
cGMP and the Specifications, together with a Certificate of Analysis (such manufacture, “cGMP manufacture”); provided, however, that (i) Lonza is not obligated to commence cGMP manufacture until at least [*] has been manufactured in
compliance with cGMP and Specifications and (ii) after any change in the process for such Product agreed to or requested by Forty Seven, Lonza shall not be obligated to recommence cGMP manufacture until at least [*] has been manufactured in
compliance with cGMP and Specifications. Prior to commencement of cGMP manufacturing, Lonza shall review the process assumptions. In the event that there is a material difference in the process assumptions as compared with the process results
demonstrated during the manufacture of Engineering Batches, the Parties shall meet to discuss in good faith a revision to the Batch Price to reflect such difference. 

 

	 	2.4	Process Validation Batches. Lonza shall manufacture and deliver Process Validation Batches as mutually agreed by Parties sufficient to document the operability and reproducibility of the Manufacturing Process and
permit the Parties to complete and file the necessary regulatory documents. 

  

	 	2.4.1	Prior to commencement of Process Validation Batches, Lonza and Forty Seven shall agree a process validation plan identifying the validation requirements of the Manufacturing Process. All process validation activities
are excluded from the Price of Process Validation Batches shall be approved by Forty Seven in advance and shall be paid for by Forty Seven at the Price set out in the applicable Project Plan. Any regulatory support activities (including pre-Approval inspection) required and agreed to by Forty Seven to support the Approval of the Product from the Facility shall be performed and supported by Lonza as reasonably requested by Forty Seven. The cost of
all such regulatory support activities are excluded from the Price of Process Validation Batches, shall be approved by Forty Seven in advance, and shall be paid for by Forty Seven at the Price set out in the applicable Project Plan.

  

	 	2.5	Manufacturing Process. Any changes to the Specifications or the Manufacturing Process for a Product shall be carried out in accordance with the Quality Agreement and Lonza’s standard operating procedures.

  
 9 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

	 	2.6	Supply of Forty Seven Information and Forty Seven Materials. Forty Seven shall supply to Lonza all Forty Seven Information and Forty Seven Materials, and other information or materials that may be reasonably
required by Lonza to perform the Services. Lonza shall not be responsible for any delays arising out of Forty Seven’s failure to provide such Forty Seven Information, Forty Seven Materials, or other information or materials reasonably required
to perform the Services to Lonza, and [*], including, if applicable, [*]. 

  

	 	2.7	Forty Seven Materials. 

  

	 	2.7.1	Sale or License. All Forty Seven Materials shall remain the property of Forty Seven, and the transfer of physical possession of any such Forty Seven Materials to, and the physical possession of such Forty Seven
Materials by, Lonza, including its Affiliates and/or any External Laboratory shall not be (nor be construed as) a sale, lease, offer to sell or lease, or other transfer of title of such materials to Lonza including its Affiliates and/or any External
Laboratories, provided that the Cell Line shall be subject always to the terms of the GS License. 

  

	 	2.7.2	Limited Use. Lonza including its Affiliates and any External Laboratories shall not use the Forty Seven Materials for any purpose other than as necessary for the performance of the Services. Subject to clause
2.1, Lonza, including its Affiliates and any External Laboratories will not provide or transfer any Forty Seven Materials to any Third Party without the prior written consent of the Forty Seven. Lonza, its Affiliates and/or any External Laboratories
shall only use the Forty Seven Materials in accordance with this Agreement and Applicable Laws. 

  

	 	2.7.3	No Modification or Derivation. Lonza, its Affiliates and External Laboratories shall not attempt to alter or modify the Forty Seven Materials in any way, or to make any derivatives or analogs thereof, without the
express prior written consent of Forty Seven, and shall not under any circumstances attempt, directly or indirectly, to analyze, characterize, reverse engineer or otherwise derive the structures, sequences, or constructs of the Forty Seven
Materials. 

  

	 	2.7.4	Care of Use. Lonza agrees to use, and shall cause its Affiliates and External Laboratories to use reasonable care in the use, handling, storage, containment, transportation and disposition of the Forty Seven
Materials. Lonza shall not use, nor authorize the use of, any Forty Seven Materials on or in humans for any purpose under any circumstances. 

  

	 	2.8	Raw Materials. Lonza shall procure all required Raw Materials as well as consumables, other than those Raw Materials that are Forty Seven Materials, Forty Seven shall be responsible for payment in accordance with
this Clause 2.8, Clause 8.5 and Clause 14.3.2(b) for all consumables and Raw Materials ordered or irrevocably committed to be procured by Lonza in accordance with this Agreement. Upon cancellation of any Batch by Forty Seven, or termination of this
Agreement all such unused Raw Materials shall be paid for by Forty Seven, at the cost incurred by Lonza plus the Raw Materials Fee, within [*] days of invoice and at Forty Seven’s option, either (a) delivered to Forty Seven or (b) disposed
of by Lonza; provided that upon any such cancellation or termination, Lonza shall use commercially reasonable efforts to cancel or mitigate any obligation to purchase Raw Materials. 

  
 10 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

	 	2.9	Safety Stock. Lonza will, unless Forty Seven instructs Lonza otherwise, and subject to Forty Seven paying the appropriate Raw Materials Fee, maintain a sufficient safety stock of Raw Materials (including a safety
stock of Resin) in accordance with Lonza’s standard policies or as otherwise agreed in writing by the Parties. 

  

	 	2.10	Records. Lonza will maintain in accordance with the Quality Agreement records and samples relating to the manufacture of the Product. 

 

	3	Project Management / Steering Committee 

  

	 	3.1	Project Plans. With respect to a new project to be governed by this Agreement, a new Project Plan shall be added by agreement in a writing signed by the Parties and appended to Appendix A. Each Project Plan shall
include a description of the Services to be provided, the Product to be manufactured, Specifications, a schedule for completion of the Project Plan, pricing details, and such other information as is necessary for relevant Services. In the event of a
conflict between the terms of a Project Plan and this Agreement, the terms of this Agreement will govern unless the Parties expressly agree otherwise in writing. Any modifications or amendments to the Project Plans shall be expressly agreed in
writing and signed by the Parties. 

  

	 	3.2	Project Management. With respect to each Project Plan, each party will appoint a project manager who will be the party responsible for overseeing the Project Plan. 

 

	 	3.3	Steering Committee. Each Party shall name a mutually agreed upon equal number of representatives for the Steering Committee, which shall meet twice per calendar year, or as otherwise mutually agreed by the
Parties. In the event that a Steering Committee dispute cannot be resolved, such dispute shall be escalated to a senior executive of each of Forty Seven and Lonza. 

The primary function of the Steering Committee is to ensure the ongoing communication between the Parties and discuss and resolve any issues
arising under this Agreement. In addition to the primary function described above, the Steering Committee shall also take on the following responsibilities: 
  

	 	3.3.1	discuss and seek resolution of issues around management of the Services; 

  

	 	3.3.2	agree and monitor deadlines and milestones for the Services; 

  

	 	3.3.3	discuss and seek resolution for any Batch failures and unreleased Batches; and 

  

	 	3.3.4	discuss and recommend any changes to the Services (although such changes will not take effect until they have been incorporated into a written amendment to the Project Plan which has been signed by the Parties).

  

	 	3.4	Person in Plant. Forty Seven shall be permitted to have, at no additional cost, [*] at the Facility as reasonably requested by Forty Seven, at any time during the Manufacturing Process for the purpose of
observing, reporting on, and consulting as to the performance of the Services. Such employee shall be subject to and agree to abide by confidentiality obligations to Third Parties and Lonza’s customary practices and operating procedures
regarding persons in plant, and such employee agrees to comply with all instructions of Lonza’s employees at the Facility. 

  
 11 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

	4	Quality 

  

	 	4.1	Responsibility for quality assurance and quality control of Product shall be allocated between Forty Seven and Lonza as set forth in the Quality Agreement and in Lonza standard operating procedures. If there is a
conflict between the terms and conditions of this Agreement and the Quality Agreement, the terms and conditions of this Agreement shall prevails. If the Quality Agreement is not in place at the Effective Date, Lonza and Forty Seven commit to enter
into the Quality Agreement in a timely manner, but in no event later than the commencement of cGMP manufacturing under this Agreement. 

  

	 	4.2	Provisions regarding inspections by Regulatory Authorities and audits shall be set out in the Quality Agreement. 

  

	5	Insurance 

  

	 	5.1	Each Party shall, during the Term and for [*] years after delivery of the last Product manufactured or Services provided under this Agreement, obtain and maintain at its own cost and expense from a qualified insurance
company, comprehensive general liability insurance including, but not limited to, contractual liability coverage and product liability coverage in the amount of at least [*] per claim. Each Party shall provide the respective other Party with a
certificate of such insurance upon reasonable request. 

  

	6	Assigned Capacity, Alternate Product, Forecasting, Ordering and Cancellation 

  

	 	6.1	Assigned Capacity. 

  

	 	(a)	Lonza shall manufacture [*] Engineering Batch in [*] and such Engineering Batch is non-cancellable. Lonza shall manufacture [*] cGMP Batches per year during the Assigned Capacity.
Lonza will use commercially reasonable efforts to accommodate Forty Seven’s Forecast as set out in clause 6.3 below, provided however that, except as expressly set forth in this Agreement (including Section 6.1(b)), [*] and subject to [*],
Lonza shall [*]. 

  

	 	(b)	Whether a cGMP Batch is manufactured within the Assigned Capacity shall be measured from the Commencement Date of such cGMP Batch and for the purposes of clarity, such Assigned Capacity shall be from [*] to [*], unless
(i) the Term is extended pursuant to Clause 14.1, in which case the Assigned Capacity shall continue through [*] or (ii) Lonza and Forty Seven mutually agree on terms of a commercial agreement that modifies or replaces the Assigned
Capacity and/or (iii) Forty Seven provides written notice (“[*] Notice”) to Lonza that Forty Seven wishes to [*] with the intention that [*], provided Forty Seven provides such [*] Notice to Lonza no later than [*], provided further
that if Lonza does not receive such [*] Notice on or before [*], the Assigned Capacity [*]. The Assigned Capacity shall be [*] cGMP Batches per year at 2,000 litre scale at Lonza’s Facility. Subject to the foregoing provisions, the above cGMP
Batches shall be regarded as a binding commitment on the Parties for the Term, and (except as set forth in Clauses [*]) [*]. 

  

	 	6.2	 Alternate Product. Forty-Seven may request Lonza to manufacture Alternate Product(s) in place of or in
addition to the CD47 Product within the Assigned Capacity provided always that any such Alternate Products does not exceed Lonza’s then current standard 

  
 12 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

	 	
processing times and subject to Lonza’s agreement, and the negotiation and execution of an amended Project Plan agreed between the Parties that shall set out the price and terms for the
transfer of the Alternate Product into the Facility and for payment of all such additional costs as reasonably incurred by Lonza in completion of such transfer. If an Alternate Product is introduced, the number of cGMP Batches to be manufactured
within the Assigned Capacity in each year may be revised as agreed in writing by the Parties. 

  

	 	6.3	Forecasting and Ordering. 

  

	 	(a)	No later than the first (1st) day of each calendar quarter, Forty Seven shall supply Lonza with a written forecast showing Forty Seven’s good faith estimated
quarterly Commencement Date requirements for Batches to be manufactured within the Assigned Capacity at Lonza’s Facility and any Additional cGMP Batches (as defined below) requested by Forty Seven to be manufactured at Lonza’s Facility in
the following [*] month period or the remainder of the Term, whichever is less (the “Forecast”). No later than [*] days following Lonza’s receipt of a Forecast, Lonza shall provide written notice to Forty Seven of whether it has (as
of the date of receipt of the Forecast) capacity available to manufacture the number of Batches forecasted therein in accordance with the schedule proposed by Forty Seven and shall provide Forty Seven with an estimated production schedule showing
the estimated Commencement Date and estimated delivery date of each Batch (“Forecast Response”). The forecast and notice of available capacity given in this Clause 6.3 shall not be binding on Forty Seven or Lonza, except as otherwise set
forth in Clause 6.1. For the avoidance of doubt, no notice from Lonza to Forth Seven provided pursuant to this Clause 6.3 shall relieve Lonza of its obligations under Clause 6.1, except as permitted by Clause 6.4. 

 

	 	(b)	Forty Seven may place firm purchase orders for its requirement for Additional cGMP Batches at least [*] months prior to the desired Commencement Date of each such Batch unless otherwise mutually agreed. Lonza shall
accept or reject Forty Seven’s orders for Additional cGMP Batches within [*] calendar days of Lonza’s receipt of the purchase order; provided that if Lonza fails to accept or reject a purchase order within such [*] calendar day period,
[*]. Lonza shall use commercially reasonable efforts to accept all purchase orders submitted by Forty Seven in accordance with this Section 6.3(b). Each accepted purchase order is a “Binding Purchase Order.” All Binding Purchase
Orders shall be subject to the cancellation provisions in Clause 6.5. 

  

	 	6.4	Rescheduling. [*] reschedule the Commencement Date with respect to any cGMP Batch, provided that the rescheduled Commencement Date is no earlier or no later than [*] days from the Commencement Date originally
estimated (i) in the portion of the Forecast Response relating to the then-current first [*] months of the Assigned Capacity or (ii) at the time of Lonza’s acceptance of the binding purchase order for any Additional cGMP Batches.

  

	 	6.5	 Cancellation of cGMP Batches. If Forty Seven cancels (i) any cGMP Batch within the Assigned Capacity
it shall not receive any refund or rebate of the Suite Fee (except as set forth in this Clause 6.5 or Clause 6.7), and (ii) any Additional cGMP Batch, as defined below, for which Lonza accepted a purchase order, (A) Forty Seven shall pay
[*] of the Price for such cancelled Additional cGMP Batch if Forty Seven provides written notice of 

  
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cancellation of such Additional cGMP Batch to Lonza less than or equal to [*] months prior to the Commencement Date of such Additional cGMP Batch or (B) Forty Seven shall pay [*] of the
Price for such cancelled Additional cGMP Batch if Forty Seven provides written notice of cancellation of such Additional cGMP Batch to Lonza more than [*] months but less than or equal to [*] months prior to the Commencement Date of such Additional
cGMP Batch. In addition, Forty Seven shall pay for all costs associated with the cancelled cGMP Batch that Lonza has incurred, or is irrevocably committed to pay, including the costs of Raw Materials and the Raw Materials Fee, in accordance with
Clause 2.8. Lonza shall use commercially reasonable efforts to sell all or any part of the Assigned Capacity (“Additional cGMP Batch Capacity”) that Forty Seven has notified Lonza that it does not wish to use, but Lonza does not make any
commitment, warranty or representation that it will be successful in finding any Third Party customer (existing or new) to fill such excess Assigned Capacity and/or Additional cGMP Batch Capacity. If Lonza is able to sell all or any part of such
excess Assigned Capacity to a Third Party for a new project, Lonza shall refund to Forty Seven [*] the Suite Fee for such year with respect to each manufacturing slot Lonza is able to sell to a Third Party. If Lonza is able to sell all or any part
of such excess Additional cGMP Batch Capacity to a Third Party for a new project, Lonza shall refund to Forty Seven [*] the Price paid by Forty Seven for the cancelled Additional cGMP to the extent [*]. In addition, Forty Seven may refer potential
Third Party customers to Lonza in respect of any such excess Assigned Capacity and/or Additional cGMP Batch Capacity, provided that Lonza shall at all times have the sole and absolute discretion whether or not it decides to enter into discussions
with such referred Third Party customers. 

  

	 	6.6	In the event that the parties agree any additional stages of work to be added to the Project Plan (“Additional Project”), the prices for such Additional Work shall be calculated based on Lonza’s standard
pricing at the time of agreement on such Additional Work. ·Once the Additional Work has been added into this Agreement, the pricing for such Additional Work shall be subject to review in accordance with the provisions of Clause 8.4.

  

	7	Delivery and Acceptance 

  

	 	7.1	Delivery. All Product shall be delivered [*] (as defined by incoterms®2010) [*] and with respect to the Product, title and risk of loss shall transfer to
Forty Seven upon Release in accordance with this provision. For the avoidance of doubt, shipping or transportation of the Products, whether or not any arrangements are made by Lonza on behalf of the Forty Seven, shall be made at the sole risk and
expense of the Forty Seven. 

  

	 	7.2	Storage 

  

	 	7.2.1	Forty Seven shall arrange for shipment and take delivery of each Batch from the Facility, at Forty Seven’s expense, within [*] days after Release or pay applicable storage costs. Lonza shall provide storage on a
bill and hold basis for such Batch(es) at no charge for up to [*] days; provided that any additional storage beyond [*] days will be subject to availability and, if available, will be charged to Fort Seven and will be subject to a separate
agreement. In addition to clause 8.2, Forty Seven shall be responsible for all value added tax (VAT) and any other applicable taxes, levies, import, duties and fees of whatever nature imposed as a result of any storage (other than taxes on
Lonza’s income). Notwithstanding anything to the contrary contained in this Agreement, in no event shall Lonza be required to store any Batch for more than [*] calendar days after Release. Within [*] days following a written request from Lonza,
Forty Seven shall provide Lonza with a letter in form satisfactory to Lonza confirming the bill and hold status of each stored Batch. 

  
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	 	7.2.2	The Products shall be stored by Lonza at Lonza’s premises in accordance with Lonza’s standard operating procedure, subject always to audit by Forty Seven in accordance with the Quality Agreement and clause
7.2.1. Lonza shall keep all such Products and Forty Seven Materials free of all security interests, liens and other encumbrances and Lonza shall retain control thereof and shall not transfer the same to any Third party unless otherwise agreed in
writing by the Parties. 

  

	 	7.3	Acceptance/Rejection of Product 

  

	 	7.3.1	Promptly following Release of cGMP Batches, Forty Seven shall inspect such cGMP Batches and shall have the right to test such Batches to determine compliance with the Specifications. Forty Seven shall notify Lonza in
writing of any rejection of a cGMP Batch based on any claim that it fails to meet Specifications within [*] days of Release, after which time all unrejected cGMP Batches shall be deemed accepted, subject to Forty Seven’s right to reject any
cGMP Batch for latent defects set out in this clause 7.3.1. Forty Seven shall inform Lonza in writing in case of latent defects (i.e. not discovered by routine quality control means), promptly upon discovery of such defects but no later than [*]
after delivery of the Product. 

  

	 	7.3.2	In the event that Lonza believes that a cGMP Batch has been incorrectly rejected by Forty Seven, Lonza must notify Forty Seven in writing within [*] days (such notice, the “Dispute Notice”) and Lonza may
require, that Forty Seven provide to it cGMP Batch samples for testing. Lonza may retain and test the samples of such cGMP Batch. In the event of a discrepancy between Forty Seven’s and Lonza’s test results such that Lonza’s test
results determine that the cGMP Batch conforms with the Specifications, or there otherwise exists a dispute between the Parties over whether such cGMP Batch fails to conform to the Specifications or the extent to which such failure is attributable
to a given Party, the Parties shall use good faith efforts to resolve any such discrepancy or dispute; provided that if such dispute cannot be settled within [*] days from the receipt of the Dispute Notice, then the Parties will submit a sample of
the cGMP Batch to an independent laboratory and require the independent laboratory promptly to review records, test data and perform comparative tests and/or analyses on samples of the Product that allegedly fails to conform to Specifications. Such
Independent laboratory shall be mutually agreed upon by the Parties. The independent laboratory’s results shall be in writing and shall be final and binding save for manifest error. Unless otherwise agreed to by the Parties in writing, the
costs associated switch such testing and review shall be borne by the Party against whom the Independent laboratory rules. 

  

	 	7.3.3	 Subject to clauses 2.2 and 2.3, in the event that it is determined (by the Parties or the independent laboratory)
that any cGMP Batch failed to conform with the Specifications (each a “Failed Batch”) and such failure was [*] (“Lonza Responsibility”) then Lonza shall replace such Failed Bath at its sole cost and expense, including bearing the
cost of obtaining any Raw Material, Resin or other material required for the manufacture of such replacement cGMP Batch. Such replacement shall be made as promptly as practicable, subject to available

  
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manufacturing capacity after the confirmation of Lonza Responsibility and in any case as soon as reasonably possible after confirmation of Lonza Responsibility. [*] acknowledges and agrees that
[*] with respect to a Failed Batch that is a Lonza Responsibility [*], and in furtherance thereof, [*]. Lonza shall not be responsible for the cost of Raw Materials or Forty Severn Materials consumed in any Batch which failed to meet Specifications
except to the extent set forth in this Clause 7.3.3. 

  

	8	Price and Payment 

  

	 	8.1	Suite Fee and Batch Fees. Forty Seven shall pay Lonza an annual Suite Fee of [*]. Except as set forth under this agreement, the Suite Fee is payable in full regardless of utilization by Forty Seven and the Suite
Fee shall not be reduced or refunded if Forty Seven does not make full use of the Assigned Capacity. In addition to the foregoing, Forty Seven shall pay Lonza (i) [*] for each Engineering Batch manufactured by Lonza and (ii) [*] for each additional
cGMP Batch, including any process Validation Batches), manufactured in any calendar year after the first [*] cGMP Batch(es), manufactured in such year (each an “Additional cGMP Batch”) 

 

	 	8.2	Other Services. In addition to Clause 8.1, pricing for the Services (other than the manufacture of Batches within the Assigned Capacity, Engineering Batches and Additional cGMP Batches) provided by Lonza are set
out in, and based on the assumptions and information set out in, the applicable Project Plan. In the event of changes to the Services based on Forty Seven’s request which result in additional costs, the Parties shall execute a written amendment
to this Agreement. 

  

	 	8.3	Raw Materials, Resins, Raw Materials Fees and Safety Stock. In addition to the Suite Fee and Batch fees in accordance with Clause 8.1, and he prices payable under Clause 8.2, Forty Seven shall pay for all Raw
Materials, Resins, Safety Stock and the Raw materials Fee. 

  

	 	8.4	Unless otherwise indicated in writing by Lonza, all prices and charges are exclusive of value added tax (VAT0 and of any other applicable taxes, levies, import, duties an fees of whatever nature imposed by or under the
authority of any government or public authority and all such charges applicable to the Services (other than taxes on Lonza’s income) shall be paid by Forty Seven. When sending payment to Lonza, the Forty Seven shall quote the relevant Invoice
number in its remittance advice. 

  

	 	8.5	Payment Terms. 

  

	 	8.5.1	Suite Fee. The Suite Fee shall be payable in [*] instalments each year, with the first payment due on [*] and the second payment due on [*] and thereafter payable [*] during the Term. Subject to clause 14, Forty
Seven will pay the Suite Fee to Lonza for the Term of this Agreement. 

  

	 	8.5.2	Batch Fees. Lonza shall issue invoices to Forty Seven for [*] of the Price for each Engineering Batch and each Additional cGMP Batch upon commencement thereof and [*] upon Release of each such applicable Batch,
unless otherwise stated in the Project Plan. 

  
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	 	8.5.3	Raw Materials and Raw Materials Fee. Lonza’s Cost for Raw Materials and the Raw Materials Fee for each Batch shall be invoiced upon the Release of each such Batch. Lonza will provide a list of the Raw
Materials and the unit price reflecting Lonza’s Cost for each component of the Raw Materials (excluding any Lonza Intellectual Property). Resins shall be invoiced at [*]. 

 

	 	8.5.4	All invoices are strictly net and payment must be made within [*] days of date of Invoice. Payment shall be made without deduction, deferment, set-off, lien or counterclaim.

  

	 	8.6	If in default of payment of any undisputed invoice on the due date, Interest shall accrue on any amount overdue at the lesser of (i) rate of [*] above the London Interbank Offered Rate (LIBOR) or (ii) the
maximum rate allowable by applicable law, Interest to accrue on a day to day basis until full payment; and Lonza shall, at its sole discretion, and without prejudice o any other of its accrued rights, be entitled to suspend the provision of the
Services and or delivery of Product until all overdue amounts have been paid in full including interest for late payments. 

  

	 	8.6.1	Price Adjustment. Not more than once per calendar year and with effect from [*], Lonza may adjust the Price for Services in accordance with [*] based upon any change in the index from the previous calendar year
or increase the Price by [*], by providing Forty Seven [*] days prior written notice of such adjustment. The new Price reflecting such Price adjustment shall be effective for any Services and/or Batch for which the Commencement Date is on or after
the effective date of Lonza’s notice to Forty Seven of the Price adjustment. 

  

	 	8.6.2	In addition to the above, the Price may be changed by Lonza not more than once per calendar year, upon prior written notice to Forty Seven (providing reasonable detail in support thereof), to reflect an increase of more
than [*], as compared to the prior calendar year, in Lonza’s costs to manufacture the Product (other than any change in the cost of Raw Materials), including any change In an environmental, safety or regulatory standard that is outside of
Lonza’s control and substantially impacts Lonza’s cost and ability to perform the Services, provided that (i) any such Increase up to [*] shall be [*] and (ii) to the extent any such increase is more than [*], the amount of such
increase above [*] shall be [*] such that the Price shall be Increased by [*]. Notwithstanding the foregoing, in no event shall the Price be increased by more than [*] for the purposes of this clause 8.6.2 in any calendar year, except with respect
to any such increase to the extent attributable to [*], in which case [*]. 

  

	9	[Intentionally Omitted.] 

  

	10	Intellectual Property 

  

	 	10.1	Background Intellectual Property. Neither Party will as a result of this Agreement, acquire any right, title, or interest in any Background Intellectual Property of the other Party or any of Its Affiliates.

  

	 	10.2	 New Forty Seven intellectual Property. Subject to Clauses 10.1 and 10.3, Forty Seven shall own all right,
title, and interest in and to any and all Intellectual Property that Lonza and/or its Affiliates, the External Laboratories or other contractors or agents of Lonza develops, 

  
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conceives, invents, first reduces to practice or makes, solely or jointly with Forty Seven or others as a result of the receipt of the Forty Seven information, Forty Seven Materials and/or any
Products (collectively; the “New Forty Seven Intellectual Property”). For avoidance of doubt “New Forty Seven Intellectual Property”‘ shall include any material, processes or other items that solely embody, or that solely
are claimed or covered by, any of the foregoing Intellectual Property, but excluding any New General Application Intellectual Property. Lonza shall, and shall cause its Affiliates to, promptly disclose to Forty Seven in writing all New Forty Seven
Intellectual Properly. 

  

	 	10.3	New General Application Intellectual Property. Notwithstanding clause 10.2 and subject to the license granted in Clause 10.5, Lonza shall own all right, title and interest in intellectual Property that Lonza and/or its
Affiliates, the External Laboratories or other contractors or agents of Lonza, solely or jointly with Forty Seven, develops, conceives, invents, or first reduces to practice or makes in the course of performance of the Services (i) that is,
generally applicable to, the development or manufacture of chemical or biological products or product components and not specific to the Product and the use or practice of which would not require the use or disclosure of Forty Seven Information,
Forty Seven Materials or Forty Seven Background Intellectual Property, or (ii) is an improvement of or direct derivative of any Lonza Background Intellectual Property and/or Lonza Information (collectively the “New General Application
Intellectual Property”). For avoidance of doubt, “New General Application Intellectual Property” shall include any material, processes or other items that embody, or that are claimed or covered by, any of the foregoing Intellectual
Property. 

  

	 	10.4	Assignment of New Forty Seven Intellectual Property. Lonza hereby assigns, and shall cause its Affiliates to assign, to Forty Seven all of its right, title and interest in any New Forty Seven Intellectual
Property. Lonza shall execute, and shall cause its personnel as well as its Affiliates, External Laboratories or other contractors or agents and their personnel, involved in the performance of the Services to execute, any documents reasonably
required to confirm Forty Seven’s ownership of the New Forty Seven Intellectual Property, and any documents required to apply for, maintain and enforce any patent or other right in the New Forty Seven intellectual Property. This clause 10.4
shall be subject to the terms of the Prior MSA and the GS Licence. Subject to the terms and conditions as set forth in this Agreement and the GS Licence, the Cell Line (excluding any Lonza Background Intellectual Property and New General Application
Intellectual Property), shall be the sole and exclusive property of Forty Seven, and Lonza hereby assigns to Forty Seven all of its right, title and interest in and to the Cell Line. 

 

	 	10.5	Subject to the terms and conditions set forth herein, Lonza hereby grants to Forty Seven, a non-exclusive, world-wide, fully paid-up,
irrevocable, transferable license, including the right to grant and authorize sublicenses, under the New General Application Intellectual Property (a) to make, have made, use, sell, offer for sale and import the Products manufactured under this
Agreement and (b) to the extent necessary to practice and exploit Forty Seven’s rights in and to the New Forty Seven Intellectual Property in the Products. 

 

	 	10.6	Forty Seven hereby grants Lonza the non-exclusive right to use the Forty Seven Information, Forty Seven Background Intellectual Property, Forty Seven Materials, New Forty Seven
Intellectual Property, the Cell Line, and any and all other intellectual property supplied by or on behalf of the Forty Seven, during the Term solely for the purpose of fulfilling its obligations under this Agreement. 

 

	 	10.7	In the event that Forty Seven is not in breach of clause 11.2 and clause 13 and provided that Lonza has not terminated this Agreement pursuant to clause 14.2, Forty Seven will have the right to transfer the
Manufacturing Process to itself and/or any Third Party that is (a) listed on Appendix E hereto upon providing a written notice of five (5) business days to Lonza or (b) approved by Lonza in writing for the manufacture of that Product (but no other
product): provided, however, to the extent such technology transfer includes Lonza Confidential Information, Lonza Background Intellectual Property or New General Application Intellectual Property, such technology transfer shall be subject to the
terms of a technology transfer agreement between the Parties (“Technology Transfer Agreement”) in accordance with terms to be agreed by the Parties, including price and payment terms. Lonza shall provide reasonably necessary documents and
reasonably cooperate with Forty Seven to complete such technology transfer. 

  
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	11	Warranties 

  

	 	11.1	Lonza warrants that: 

  

	 	11.1.1	The Services shall be performed in accordance with this Agreement (including all Appendices hereto) and Applicable Laws; 

  

	 	11.1.2	subject to the provisions set out in clause 2.2 and clause 7.3.3, the manufacture of Product shall be performed in accordance with Applicable Law and cGMP and the Products will, at the date of delivery, meet the
Specifications; 

  

	 	11.1.3	to the best of Lonza’s knowledge and as on the Effective Date of this Agreement, the use by Lonza of the Manufacturing Process wilt not infringe any rights (including without limitation any intellectual or
industrial property rights) vested in any Third Party, and Lonza will not knowingly include in the Manufacturing Process any elements that infringe any such intellectual or industrial property rights vested in any Third Party; provided however that
Lonza gives no warranty that the use by Lonza including its Affiliates of the Manufacturing Process in association with Forty Seven Materials and/or Forty Seven Information in undertaking the Services shall not infringe any Third Party intellectual
or industrial property rights; 

  

	 	11.1.4	it or its Affiliate holds all necessary permits, approvals, consents and licenses to, enable it or such Affiliate to perform the Services to be performed by it or such Affiliate, as applicable, at the Facility (subject
always to Clause 11.2.3) or such other Lonza facility where the Parties may agree in writing that Product may be manufactured; 

  

	 	11.1.5	it has the necessary corporate authorizations to enter into and perform this Agreement; 

  

	 	11.1.6	as on the Effective Date of this Agreement, Lonza including its Affiliates have not been debarred by a Regulatory Authority nor have debarment proceedings against Lonza including its Affiliates been commenced. Lonza
will promptly notify Forty Seven in writing if any such proceedings have commenced or if Lonza including its Affiliates is debarred by a Regulatory Authority. In the event that Forty Seven receives such notice from Lonza or otherwise becomes aware
that Lonza including its Affiliates is debarred by a Regulatory Authority; then Forty Seven shall have the right to terminate this Agreement In accordance with clause 14.2.1 and in such an event the Forty Seven shall pay to Lonza of all accrued and
unpaid obligations up to the date of termination, to the extent not previously been paid by Forty Seven; 

  

	 	11.1.7	title to all Product shall pass to Forty Seven as set forth in Clause 7.1 free and clear of any security interest, lien or other encumbrance in favour of Lonza; and 

 

	 	11.1.8	each employee of Lonza, a Lonza Affiliate and/or each External Laboratory who will receive or have access to Forty Seven Information or who will perform Services will be subject to written obligations (i) to assign
to Lonza any and all right, title and interest in and to all Intellectual Property developed by such employee or External Laboratory in connection with the performance of Services in accordance with this Agreement and (ii) to protect the Forty
Seven Information in accordance with terms at least as protective of the Forty Seven Information as the terms of this Agreement, in each case prior to the earlier of any disclosure of Forty Seven Information to such employee or External Laboratory
or the commencement of any such performance by such employee or External Laboratory. 

  
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	 	11.2	Forty Seven warrants that: 

  

	 	11.2.1	to the best of the Forty Seven’s knowledge, Forty Seven has all the rights necessary to permit Lonza and its Affiliates to perform the Services in accordance with the terms of this Agreement without infringing the
Intellectual Property rights of any Third Party; 

  

	 	11.2.2	Forty Seven will promptly notify Lonza in writing if it receives or is notified of a formal written claim from a Third Party that Forty Seven Information and/or Forty Seven Background Intellectual Property, Forty Seven
Materials, New Forty Seven Intellectual Property, the Cell Line; and/or any and all other information, materials and Intellectual Property supplied by or on behalf of the Forty Seven, or that the use by Lonza thereof for the provision of the
Services infringes any Intellectual Property or other rights of any Third Party; 

  

	 	11.2.3	to the best of Forty Seven’s knowledge, Forty Seven has all the rights necessary to provide, and permit Lonza and its Affiliates and the External Laboratories to use for the purposes of this Agreement, the Forty
Seven Information, Forty Seven Background Intellectual Property, Forty Seven Materials, New Forty Seven Intellectual Property, the Cell Line (subject to the terms of the GS Licence) and any and all other information, materials and Intellectual
Property supplied by or on behalf of the Forty Seven, and that the use of anything referred to in this clause 11.2.3 will not infringe the Intellectual Property rights of any Third Party; and 

 

	 	11.2.4	Forty Seven has the necessary corporate authorizations to enter into this Agreement. 

  

	 	11.2.5	as on the Effective Date of this Agreement, Forty Seven including its Affiliates have not been debarred by a Regulatory Authority nor have debarment proceedings against Forty Seven including its Affiliates been
commenced. Forty Seven will promptly notify Lonza in writing if any such proceedings have commenced or if Forty Seven including its Affiliates is debarred by a Regulatory Authority. 

 

	 	11.3	DISCLAIMER: THE WARRANTIES EXPRESSLY SET FORTH IN THIS AGREEMENT ARE IN LIEU OF ALL OTHER WARRANTIES, AND ALL OTHER WARRANTIES, BOTH EXPRESS AND IMPLIED, ARE EXPRESSLY DISCLAIMED, INCLUDING WITHOUT LIMITATION ANY
WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 

  

	12	Indemnification and Liability 

  

	 	12.1	 Indemnification by Lonza. Lonza shall indemnify the Forty Seven, its Affiliates, and their respective officers,
employees and agents (“Forty Seven Indemnitees”) for any loss, damage, costs, liability and expenses (including reasonable attorney fees) that Forty Seven Indemnitees may suffer as a result of any Third Party claim arising directly out of
(i) any material breach of the warranties given by Lonza in Clause 11.1 above and/or (ii) any claims alleging that the Services (excluding use by Lonza, Lonza’s Affiliates, contractors

  
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or the External Laboratories of the Forty Seven Information, Forty Seven Background Intellectual Property, Forty Seven Materials, New Forty Seven Intellectual Property, and/or any and all
information, materials and other intellectual Property supplied by or on behalf of the Forty Seven (excluding Lonza’s host cell lines)) infringe any Intellectual Property rights of a Third Party except, in each case, to the extent that such
claims resulted from the negligence, intentional misconduct or breach of this Agreement by any Forty Seven Indemnitees. 

  

	 	12.2	Indemnification by Forty Seven. Forty Seven shall indemnify Lonza, its Affiliates, and their respective officers, employees and agents (“Lonza Indemnitees”) from and against any loss, damage, costs,
liability and expenses (including reasonable attorney fees) that any Lonza Indemnitees may suffer as a result of any Third Party claim arising directly out of (i) any material breach of the warranties given by Forty Seven in Clause 11.2 above;
and/or (ii) any claims alleging that the performance of Services infringes any Intellectual Property rights of third parties; and/or (iii) the manufacture, use, sale, or distribution by or on behalf of any Forty Seven Indemnitee of any
Product, including any claims of product liability; and/or (iv) the use by Lonza, any of Lonza’s Affiliates, or any External Laboratory in accordance with this Agreement of any Forty Seven Information, Forty Seven Materials, Forty Seven
Background Intellectual Property, New Forty Seven intellectual Property and/or any other information, materials or Intellectual Property provided by or on behalf of Forty Seven for the purposes of this Agreement (excluding Lonza’s host cell
lines); except, in, each case, to the extent that such claims resulted from the negligence, intentional misconduct or breach of this Agreement by any Lonza Indemnitees. 

 

	 	12.3	Indemnification Procedure. If the Party to be indemnified intends to claim indemnification under this Clause 12, it shall promptly notify the Indemnifying Party in writing of such claim. The indemnitor shall have
the right to control the defense and/or settlement thereof; provided, however, that the Indemnitor must obtain the prior written consent of the Indemnitee (not to be unreasonably withheld) before entering into any settlement of such Third Party
claim that admits fault, wrongdoing or damages (to the extent not readily payable by the indemnitor at the time of settlement) and any indemnitee shall have the right to retain its own counsel at its own expense. The Indemnitee, its employees and
agents, shall reasonably cooperate with the indemnitor in the investigation of any liability covered by this Clause 12. The failure to deliver prompt written notice to the indemnitor of any claim, to the extent prejudicial to its ability to defend
such claim, shall relieve the indemnitor of any obligation to the indemnitee under this Clause 12. 

  

	 	12.4	DISCLAIMER OF CERTAIN DAMAGES. SUBJECT ALWAYS TO CLAUSE 12.6, IN NO EVENT SHALL EITHER PARTY OR ANY OF ITS AFFILIATES BE LIABLE TO THE OTHER PARTY AND/OR ANY OF THE OTHER PARTY’S AFFILIATES AND/OR ANY OF THE
OTHER PARTY’S INDEMNITEES (IN EACH CASE WHETHER IN CONTRACT, TORT, NEGLIGENCE, BREACH OF STATUTORY DUTY OR OTHERWISE, HOWSOEVER ARISING) FOR ANY LOSS OF PROFITS, LOSS OF REVENUES, LOSS OF GOODWILL, LOSS OF REPUTATION, OR FOR ANY INCIDENTAL,
INDIRECT, SPECIAL, PUNITIVE OR CONSEQUENTIAL LOSSES OR DAMAGES, ARISING FROM OR RELATED TO THIS AGREEMENT, PROVIDED THAT THIS SHALL NOT PRECLUDE ANY CLAIM BY LONZA FOR ANY UNPAID INVOICES. 

 

	 	12.5	LIMITATION OF LIABILITY. SUBJECT ALWAYS TO CLAUSE 12.6, THE AGGREGATE LIABILITY OF EACH PARTY AND ITS AFFILIATES TO THE OTHER PARTY AND ITS AFFILIATES WITH RESPECT TO ANY CLAIM UNDER OR IN RELATION TO THIS
AGREEMENT (WHETHER IN CONTRACT, TORT, NEGLIGENCE, BREACH OF STATUTORY DUTY, UNDER ANY INDEMNITY OR OTHERWISE HOWSOEVER ARISING) SHALL NOT EXCEED, IN THE AGGREGATE, THREE TIMES THE TOTAL AMOUNTS PAID BY FORTY SEVEN TO LONZA UNDER THIS AGREEMENT IN
THE TWELVE (12) MONTH PERIOD PRIOR TO SUCH CLAIM. 

  
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	 	12.6	NOTHING IN THIS AGREEMENT SHALL OPERATE SO AS TO EXCLUDE OR IN ANY WAY LIMIT A PARTY’S, OR ITS AFFILIATE’S, LIABILITY (i) FOR FRAUD, INTENTIONAL MISCONDUCT OR GROSS NEGLIGENCE, OR (ii) FOR DEATH OR
PERSONAL INJURY CAUSED BY ITS FRAUD, INTENTIONAL MISCONDUCT OR GROSS NEGLIGENCE OR (iii) FOR ANY OTHER LIABILITY THAT MAY NOT BE EXCLUDED OR LIMITED AS A MATTER OF LAW. 

 

	13	Confidentiality 

  

	 	13.1	A Party receiving Confidential Information (the “Receiving Party”) agrees to strictly keep secret any and all Confidential Information received during the Term from or on behalf of the other Party (the
“Disclosing Party”) as well as the terms of this Agreement using at least the same level of measures as it uses to protect its own Confidential Information, but in any case at least commercially reasonable and customary efforts.
Confidential Information shall include information disclosed in any form including but not limited to in writing, orally, graphically or in electronic or other form to the Receiving Party, observed by the Receiving Party or its employees, agents,
consultants, or representatives, or otherwise learned by the Receiving Party under this Agreement, which the Receiving Party knows or reasonably should know is confidential or proprietary. For the avoidance of doubt, Forty Seven shall be deemed the
Disclosing Party with respect to Forty Seven Information and Lonza shall be deemed the Disclosing Party with respect to Lonza information. 

  

	 	13.2	Notwithstanding the foregoing, Receiving Party may disclose to any courts and/or other authorities Confidential Information which is or will be required pursuant to applicable governmental or administrative or public
law, rule, regulation or order. In such case the Party that received the Confidential Information will, to the extent legally permitted, inform the other Party promptly in writing and cooperate with the Disclosing Party in seeking to minimize the
extent of Confidential Information which is required to be disclosed to the courts and/or authorities. If the Disclosing Party fails to obtain any protective order or other remedy, the Receiving Party shall furnish only that portion of the
Confidential Information that is legally required to be disclosed and any Confidential Information so disclosed shall be treated as confidential for all purposes other than such legally compelled disclosure. 

 

	 	13.3	The obligation to maintain confidentiality under this Agreement does not apply to Confidential Information, which: 

  

	 	13.3.1	at the time of disclosure was publicly available; or 

  

	 	13.3.2	is or becomes publicly available other than as a result of a breach of this Agreement by the Receiving Party; or 

  

	 	13.3.3	as the Receiving Party can establish, by competent proof, was rightfully in its possession at the time of disclosure by the Disclosing Party and had not been received from or on behalf of Disclosing Party (or anyone for
whom it is responsible); or 

  
 22 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

	 	13.3.4	is supplied to a Party by a Third Party which was not in breach of an obligation of confidentiality to Disclosing Party or any other party; or 

 

	 	13.3.5	is developed by the Receiving Party independently from and without use of or reference to the Confidential Information, as evidenced by contemporaneous written records. 

 

	 	13.4	The Receiving Party will use Confidential Information of the Disclosing Party only for the purposes of exercising its rights and fulfilling its obligations under this Agreement and will not otherwise make any use of the
Confidential Information of the Disclosing Party for its own separate benefit or the benefit of any Third Party including, without limitation, with respect to research or product development or any reverse engineering or similar testing. The
Receiving Party agrees to return or destroy promptly (and certify such destruction) on Disclosing Party’s request all Confidential Information of the Disclosing Party, except that one copy of such Confidential Information may be kept by the
Receiving Party in its confidential files for record keeping purposes only. 

  

	 	13.5	Each Party will restrict the disclosure of Confidential Information of the other Party to such officers, employees, professional advisers, consultants, and actual finance providers of itself and its Affiliates
(“Representatives”) who have been informed of the confidential nature of the Confidential Information and who have a need to know such Confidential Information solely for the purpose of this Agreement; provided that each Party may disclose
the terms of this Agreement to potential finance-providers, acquirers and sublicensees in connection with an applicable financing or acquisition, of or sublicense by such Party. Prior to disclosure to such persons, the Party in receipt of the
Confidential Information shall bind its and its Affiliates’ Representatives, potential finance provider, potential acquirer and/or potential sublicensee (as applicable) to confidentiality and non-use
obligations no less stringent than those set forth herein and shall be fully responsible and liable for all acts and omissions of such persons in violation of this Clause 13. The Receiving Party shall notify the Disclosing Party as promptly as
practicable of any unauthorized use or disclosure of the Confidential Information. Lonza may disclose Forty Seven’s Confidential Information to Lonza’s Affiliates and the External Laboratories, in each case who have a need to know such
Confidential Information for the purposes of this Agreement and who are bound by written confidentiality and non-use obligations no less protective than those set forth herein. 

 

	 	13.6	The Receiving Party shall at any time be fully liable for any and all breaches of the confidentiality obligations in this Clause 13 by any of its Affiliates or the employees, consultants and representatives of itself or
its Affiliates 

  

	 	13.7	Each Party hereto expressly agrees that any breach or threatened breach of the undertakings of confidentiality provided under this Clause 13 by a Party may cause irreparable harm to the other Party and that money
damages may not provide a sufficient remedy to the non-breaching Party for any breach or threatened breach. In the event of any breach and/or threatened breach, then, in addition to all other remedies
available at law or in equity, the non-breaching Party shall be entitled to seek injunctive relief and any other relief deemed appropriate by the non-breaching Party.

  
 23 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

	14	Term and Termination 

  

	 	14.1	Term. This Agreement shall commence on the Effective Date and shall end on the later of the completion of the final cGMP Batch to be manufactured within the Assigned Capacity or the fourth (4th) anniversary of the Effective Date in 2021 unless terminated earlier as provided herein or extended by mutual written consent of the Parties or otherwise in accordance with the terms of this
Agreement (the “Term”). The Term may be extended by Forty Seven at its sole option and discretion for a further period of one (1) year by providing written notice of such extension to Lonza, such notice shall be provided no later than
[*] and the Parties shall execute a written amendment for such extension. 

  

	 	14.2	Termination. This Agreement may be terminated as follows: 

  

	 	14.2.1	by either Party if the other Party breaches a material provision of this Agreement or a Project Plan and fails to cure such breach to the reasonable satisfaction of the
non-breaching Party within [*] days ([*] days for non-payment) following written notification of such breach from the
non-breaching party to the breaching party; provided, however, that such [*] day period shall be extended as agreed by the Parties if the identified breach is incapable of cure within [*] days and if the
breaching Party provides a plan and timeline to cure the breach, promptly commences efforts to cure the breach and diligently prosecutes such cure (it being understood that this extended period shall be unavailable for any breach regarding non-payment); 

  

	 	14.2.2	by either Party, immediately, if the other Party enters into administration, is declared insolvent is dissolved or liquidated, makes a general assignment for the benefit of its creditors, or files or has filed against
it, a petition in bankruptcy or has an administrator or receiver appointed for a substantial part of its assets; 

  

	 	14.2.3	by either Party pursuant to Clause 15; 

  

	 	14.2.4	by customer for any reason upon providing a written notice of no less than [*] to Lonza. 

  

	 	14.3	Consequences of Termination. In the event of termination of this Agreement and subject to always to Clauses is 8.5, 14.4 in 14.5; 

 

	 	14.3.1	all Batches scheduled or in-process with respect to any Product on the effective date of termination shall be deemed to have been canceled, unless this Agreement is terminated by
Forty Seven under Clause 14.2.1 or 14.2.2, in which case Forty Seven may elect, by provision of written notice to Lonza, for Lonza to complete manufacture of and deliver in accordance with the terms of this Agreement any such cGMP Batch in-process; 

  

	 	14.3.2	Subjects to the other terms of this Agreement, within [*] days of receipt of an invoice therefor, Lonza shall be compensated for: 

  

	 	(a)	all Services rendered in accordance with this Agreement up to the date of termination, including in respect of any Product in-process (including any additional cGMP Batches); and

  

	 	(b)	all costs through the date of termination, including Raw Materials costs and Raw Materials Fees for Raw Materials used or purchased for use in connection with the Project Plan (as set forth in Section 2.8), in each
case, to the extent such costs were incurred in accordance with this agreement. 

  
 24 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

	 	14.3.3	Provided that Forty Seven has made all payments to Lonza in accordance with this Agreement, upon termination or expiration all unused Raw Materials and Forty Seven Materials and Product created pursuant to this
Agreement shall, at Forty Seven’s election, be delivered to a Customer or disposed of by Lonza and in each case, at cost to Forty Seven. 

  

	 	14.4	In the event of termination of this Agreement by Lonza pursuant to Clause 14.2.1 or 14.2.2, then in addition to Clause 14.3, [*] terminated by Lonza in accordance with Clause 14.2.1 or 14.2.2. 

 

	 	14.5	In the event of termination of this Agreement by Forty Seven pursuant to Clause 14.2.4, then [*] in accordance with the terms of this Agreement and [*] obligations hereunder [*] until the earliest of [*] terminated by
Forty Seven in accordance with Clause 14.2.4, or (iii) the termination of this Agreement in accordance with the terms of Clause 14.2. 

  

	 	14.6	General. Expiration or termination of this Agreement for any reason shall not release any Party hereto from any obligation or liability which, as of the effective date of termination, has already accrued to the
other Party or which is attributable to a period prior to the effective date of termination nor preclude either Party from pursuing all rights and remedies it may have hereunder or at law or in equity with respect to any breach of this Agreement.
Except as set forth in this Section 14.6 or 14.7, upon expiration or termination this Agreement shall be of no further force or effect. 

  

	 	14.7	Survival. Clauses 2.7, 2.10, 5, 7, 8.6 Error Reference source not found., 10, 11.1.6, 11.2.5, 12, 13, 14, 15, and 16 shall survive the expiration or termination of this Agreement. 

 

	15	Force Majeure 

  

	 	15.1	If Lonza is prevented or delayed in the performance of any of its obligations under the Agreement by Force Majeure and gives written notice thereof to Forty Seven specifying the matters constituting Force Majeure
together with such evidence as Lonza reasonably can give and specifying the period for which it is estimated that such prevention or delay will continue, Lonza shall be excused from the performance or the punctual performance of such obligations as
the case may be from the date of such notice for so long as such cause of prevention or delay shall continue. In such event, Forty Seven’s obligations under Clause 8 shall be suspended for so long as such Force Majeure shall continue. Provided
that, if such Force Majeure persists for a period of [*] months or more, either Party may terminate this Agreement by delivering written notice to the other Party. 

 

	 	15.2	“Force Majeure” shall be deemed to include any reason or cause beyond Lonza’s reasonable control affecting the performance by Lonza of its obligations under the Agreement, including, but not limited to,
any cause arising from or attributable to acts of God, strike, lockouts, labor troubles, restrictive governmental orders or decrees, riots, insurrection, war, terrorists acts, or the inability of Lonza to obtain any required raw material, energy
source, equipment, labor or transportation. 

  

	 	15.3	With regard to Lonza, any such event of Force Majeure affecting services or production at its affiliates or suppliers shall be regarded as an event of Force Majeure. 

  
 25 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

	16	Miscellaneous 

  

	 	16.1	Severability. If any provision hereof is or becomes at any time illegal, invalid or unenforceable in any respect, neither the legality, validity nor enforceability of the remaining provisions hereof shall in any
way be affected or impaired thereby. The Parties hereto undertake to substitute any illegal, invalid or unenforceable provision by a provision which is as far as possible commercially equivalent considering the legal interests and the purpose.

  

	 	16.2	Amendments. Modifications and/or amendments of this Agreement must be in writing and signed by the Parties. 

  

	 	16.3	Performance by Affiliates. Lonza shall be entitled to instruct one or more of its Affiliates to perform any of Lonza’s obligations contained in this Agreement, but Lonza shall remain fully responsible in
respect of those obligations and shall be responsible for any action or omission of such Affiliate that would constitute a breach of this Agreement had such action or omission been conducted by Lonza itself. 

 

	 	16.4	Assignment. Neither Party shall be entitled to assign, transfer, charge or in any way make over the benefit and/or the burden of this Agreement without the prior written consent of the other which consent shall
not be unreasonably withheld or delayed, save that Lonza shall be entitled without the prior written consent Forty Seven to assign, transfer, charge, sub-contract, deal with or in any other manner make over
the benefit and/or burden of this Agreement (i) to an Affiliate or (ii) to any joint venture company of which Lonza is the beneficial owner of at least fifty percent (50%) of the issued share capital thereof or (iii) to any company
with which Lonza may merge or (iv) to any company to which Lonza may transfer substantially all of its business or assets and undertakings. Notwithstanding the foregoing, Forty Seven may, [*], assign this Agreement to [*]. 

 

	 	16.5	Notice. All notices must be written and sent to the address of the Party first set forth above. All notices must be given (a) by personal delivery, with receipt acknowledged, (b) by facsimile followed
by hard copy delivered by the methods under (c) or (d), (c) by prepaid certified or registered mail, return receipt requested, or (d) by prepaid recognized next business day delivery service. Notices will be effective upon receipt or at a
later date stated in the notice. 

  

	 	16.6	Governing Law/Jurisdiction. 

  

	 	16.6.1	This Agreement is governed in all respects by the laws of the State of New York without regard to its conflict of laws rules. Subject to Clause 16.6.2, the Parties agree to submit to the jurisdiction of the courts in
the State of New York. 

  

	 	16.6.2	 Any dispute arising between the Parties under this Agreement will be referred to and finally settled by binding
arbitration under the Rules of Arbitration of the International Chamber of Commerce by a single arbitrator knowledgeable in biopharmaceutical research and development related matters and familiar with the biopharmaceutical industry, appointed in
accordance with the said Rules. The place of arbitration shall be New York, New York and the arbitration shall be conducted in the English language. The arbitrator’s award shall be final and binding. The Parties covenant and agree that they
will participate in the arbitration in good faith and that they will share equally the costs of the arbitration, except as 

  
 26 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

	 	
otherwise provided herein. Judgment upon the award rendered in any such arbitration may be entered in any court of competent jurisdiction, or application may be made to such court for a judicial
acceptance of the award and an enforcement, as the law of such jurisdiction may require or allow. Notwithstanding the foregoing, nothing in this Clause 16.6 shall prevent either Party from applying to a court of competent jurisdiction for equitable
or injunctive relief. 

  

	 	16.7	Rights of Third Parties. The parties to this Agreement do not intend that any term hereof should be enforceable by any person who is not a party to this Agreement, save that Affiliates of Lonza and Affiliates of
Forty Seven respectively may rely on the indemnities granted to them and limitations and exclusions of liability contained herein. The Parties may amend this Agreement without the consent of the Affiliates of either Party. 

 

	 	16.8	Announcements / Press Releases. Neither Party shall make any press release or announcement regarding the subject matter of this Agreement without the prior written consent of the other. The Parties shall use
reasonable efforts to issue a joint press release within thirty (30) days of the Effective Date regarding the entry into this Agreement. 

  

	 	16.9	Entire Agreement. This Agreement, including for clarity the Appendices hereto, contains the entire agreement between the Parties as to the subject matter hereof and supersedes all prior and contemporaneous
agreements solely with respect to the subject matter hereof. For the avoidance of doubt, nothing in this Agreement is intended to or otherwise affects or amends the prior MSA, as amended or the GS Licence between Forty Seven and Lonza Sales AG.

  

	 	16.10	Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same document. Each party
acknowledges that an original signature or a copy thereof transmitted by facsimile or by .pdf shall constitute an original signature for purposes of this Agreement. 

  
 27 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

 IN WITNESS WHEREOF, each of the parties here too has caused this Agreement to be executed by its duly
authorized representative effective as of the date written above. 
  

			
	LONZA BIOLOGICS TUAS PTE LTD
		
	By:	 	 /s/ Sylke Hassel

		 	Name: Sylke Hassel
		 	Title:   Head of Mammalian Manufacturing Business Unit
		
	By	 	 /s/ Andrew Morgan

		 	Name: Andrew Morgan
		 	Title:   General Manager, Singapore
	
	FORTY SEVEN INC
		
	By	 	 /s/ Mark McCamish

		 	Name: Mark McCamish
		 	Title:   CEO

  
 28 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

 Appendix A 

Product and Project Plan 
 See attached.

 [*] (23 pages omitted) 

  
 29 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

 Appendix B 

Price 
 [*] 

  
 30 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

 Appendix C 

Quality Agreement 
 See
Attached. 

  
 31 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

 Appendix D 

Specifications 
 [*] (4 pages omitted) 

  
 32 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
 CONFIDENTIAL 
  

 Appendix E 

[*] 

  
 33 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.EX-4.1

 Exhibit 4.1 

GLOBAL INDEMNITY LIMITED 

2018 SHARE INCENTIVE PLAN 

Section 1.    Purpose; Definitions 

The purpose of the Plan is to give Global Indemnity Limited, a Cayman exempted company (the “Company”), and its Affiliates (as
defined below) a competitive advantage in attracting, retaining and motivating officers, employees, consultants and non-employee directors, and to provide the Company and its Affiliates with a share plan
providing incentives linked to the financial results of the Company’s businesses and increases in shareholder value. 
 For purposes of
the Plan, the following terms are defined as set forth below: 
 “Affiliate” of a Person means a Person, directly or
indirectly, controlled by, controlling or under common control with such Person and with respect to the Company, includes without limitation its Subsidiaries and its Parent. 

“Applicable Laws” means the legal and regulatory requirements relating to the administration of equity-based awards, including but
not limited to the related issuance of Ordinary Shares, including without limitation, under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Ordinary Shares are listed
or quoted and the applicable laws of any non-U.S. country or jurisdiction where Awards are, or will be, granted under the Plan. 

“Award” means any award under this Plan of any Stock Option, Restricted Share, or Other Share-Based Award. 

“Award Agreement” means a Restricted Share Agreement or an Option Agreement. An Award Agreement may include provisions
included in an employment or consulting agreement of the Company or any of its Affiliates. 
 “Board” means the
Board of Directors of the Company. 
 “Cause” means, unless otherwise provided in the Participant’s employment
or consulting agreement with the Company or any of its Affiliates, that (i) the Participant is charged with or has committed a felony or other crime involving moral turpitude or conduct adverse to the interests of the Company, (ii) the
Participant commits fraud, embezzlement or other conduct adverse to the interests of the Company or its Affiliates, (iii) the Participant substantially fails to perform his duties or obligations to the Company or its Affiliates, provided that
he has been given notice and an opportunity to cure not to exceed thirty (30) days under circumstances in which the Board determines, in its sole discretion, that such failure to perform is in fact curable, or (iv) the Participant violates
Company policies or policies of its Affiliates or materially breaches any representation made to the Company or its Affiliates. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto. Reference to
a specific section of the Code or regulation thereunder shall include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or
superseding such section or regulation. 

 “Committee” means (a) the Compensation Committee of the Board; or
(b) a committee (or subcommittee) of the Board that the Board may designate to administer or make decisions required to be made under the Plan, whose membership shall be composed of not less than two directors who are intended to qualify as Non-Employee Directors, each of whom shall be appointed by and serve at the pleasure of the Board; or (c) if at any time no such committee of the Board under (a) or (b) is so designated by the Board, the
Board. For the avoidance of doubt, and notwithstanding the foregoing, the Board in its sole discretion may reserve to itself on an exclusive or non-exclusive basis any authority with respect to the Plan that
is provided to any of the committees under clauses (a) or (b) of the immediately preceding sentence. 

“Company” has the meaning set forth in the preamble hereto and any successors by operation of law. 

“Disability” means permanent and total disability as defined in Section 22(e)(3) of the Code. A Disability shall
only be deemed to occur at the time of the determination by the Committee of the Disability. 
 “Employment” means,
unless otherwise defined in an applicable Award agreement or employment or consulting agreement, employment with, or service as a director or officer of, or as a consultant to, the Company or any of its Affiliates. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto.

 “Exchange Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for
awards of the same type (which may have higher or lower exercise prices and different terms), awards of a different type, and/or cash, (ii) Participants would have the opportunity to transfer any outstanding Awards to a financial institution or
other person or entity selected by the Committee, and/or (iii) the exercise price of an outstanding Award is increased or reduced. The Committee will determine the terms and conditions of any Exchange Program in its sole discretion. 

“Exercise Price” has the meaning set forth in Section 5(a). 

“Fair Market Value” of the Ordinary Shares means (unless otherwise provided in the applicable Award Agreement), as of
any given date, the closing price on the applicable date of the Ordinary Shares on the Nasdaq National Market or, if not listed on such market, on any other national securities exchange on which the Ordinary Shares are listed or, if not so listed,
on The Nasdaq Stock Market LLC and, if not so quoted, the average of the closing bid and ask prices for the Ordinary Shares in the over-the-counter market on which the
Ordinary Shares are actively traded. If such sales prices are not so available or the Ordinary Shares are not actively traded, as determined by the Committee in its sole discretion, the Fair Market Value of the Ordinary Shares shall mean the fair
value as determined by the Committee in light of all circumstances, including comparable recent bona fide sales of applicable or similar securities. In the absence of any established market for the Ordinary Shares, the Fair Market Value of the
Ordinary Shares shall 

  
 -2- 

 
be determined in good faith by the Committee. For purposes of the grant of any Stock Option, the applicable date shall be the date on which the Stock Option is granted. 

“Family Member” means, solely to the extent provided for in Rule 701 under the Securities Act or, following the filing
of a Securities Act Form S-8 with respect to the Plan, solely to the extent provided for in Securities Act Form S-8, any child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law, including adoptive relationships, any person sharing the employee’s household (other than a tenant or employee), a trust in which these persons have
more than fifty percent (50%) of the beneficial interest, a foundation in which these persons (or the employee) control the management of assets, and any other entity in which these persons (or the employee) own more than fifty percent (50%) of the
voting interests or as otherwise defined in Rule 701 under the Securities Act or Securities Act Form S-8, as applicable. 

“FPC” means Fox Paine & Company, LLC, its subsidiaries and related entities (including without limitation Fox
Paine Capital, LLC, Fox Paine Capital Fund, L.P., Fox Paine Capital Fund H GP, LLC, Fox Paine Capital Fund II L.P., Fox Paine Capital Fund II International, L.P., Fox Paine Capital Fund II Co-Investors
International, LP), and all Persons that are partners or shareholders or members in any such related entities) and all partners, members, directors, employees, shareholders and agents of any of the foregoing. 

“Incentive Stock Option” means a Stock Option that qualifies as and is intended to qualify as an incentive stock
option within the meaning of Section 422 of the Code. 
 “Non-Employee
Director” means a member of the Board who qualifies as a Non-Employee Director (as defined in Rule 16b-3). 

“Nonstatutory Stock Option” means a Stock Option not intended to qualify as an Incentive Stock Option. “Option
Agreement” means an agreement setting forth the terms and conditions of a Stock Option Award. “Other Share-Based Award” means any Award granted under Section 7. 

“Officer” means a Person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the
rules and regulations promulgated thereunder 
 “Ordinary Shares” means the A Ordinary shares, par value $0.0001 per
share, of the Company having the rights, preferences and privileges set out in the Company’s Memorandum and Articles of Association, as amended from time to time (the “Articles of Association”). 

“Parent” means any parent corporation of the Company within the meaning of Section 424(e) of the Code. 

“Participant” has the meaning set forth in Section 4. 

“Performance Goal” means the objective performance goals established by the Committee that may be based on one or more of the
following performance criteria: (i) the attainment of certain target levels of, or a specified percentage increase in, revenues, income 

  
 -3- 

 
before taxes and extraordinary items, net income, operating income, earnings before income tax, earnings before interest, taxes, depreciation and amortization or a combination of any or all of
the foregoing; (ii) the attainment of certain target levels of, or a percentage increase in, after-tax or pre-tax profits including, without limitation, that
attributable to continuing and/or other operations; (iii) the attainment of certain target levels of, or a specified increase in, operational cash flow; (iv) the achievement of a certain level of, reduction of, or other specified
objectives with regard to limiting the level of increase in, all or a portion of, the Company’s bank debt or other long-term or short-term public or private debt or other similar financial obligations of the Company, which may be calculated net
of such cash balances and/or other offsets and adjustments as may be established by the Committee; (v) earnings per share or the attainment of a specified percentage increase in earnings per share or earnings per share from continuing
operations; (vi) the attainment of certain target levels of, or a specified increase in return on capital employed or return on invested capital; (vii) the attainment of certain target levels of, or a percentage increase in, after-tax or pre-tax return on shareholders’ equity; (viii) the attainment of certain target levels of, or a specified increase in, economic value added targets
based on a cash flow return on investment formula; (ix) the attainment of certain target levels in the fair market value of the shares of the Company’s Ordinary Shares; (x) the growth in the value of an investment in the
Company’s Ordinary Shares assuming the reinvestment of dividends; (xi) the attainment of a certain level of, reduction of, or other specified objectives with regard to limiting the level in or increase in, all or a portion of controllable
expenses or costs or other expenses or costs or a reduction of the loss ratio, expense ratio, or combined ratio; (xii) achievement of certain targets with respect to the Company’s book value, assets or liabilities; and/or (xiii) such
other criteria that the Committee determines, in its sole discretion. For purposes of item (i) above, “extraordinary items” shall mean all items of gain, loss or expense for the fiscal year determined to be extraordinary or unusual in
nature or infrequent in occurrence or related to a corporate transaction (including, without limitation, a disposition or acquisition) or related to a change in accounting principle, all as determined in accordance with standards established by
Opinion No. 30 of the Accounting Principles Board. In addition, such Performance Goal may be based upon the attainment of specified levels of Company (or subsidiary, division or other operational unit of the Company) performance under one or
more of the measures described above relative to the performance of other corporations. Furthermore, such Performance Goal may be supplemented by reference to per share determinations. 

“Performance Period” means three consecutive fiscal years of the Company, or such shorter period as determined by the
Committee in its discretion. 
 “Person” means an individual, corporation, partnership, limited liability company,
joint venture, trust, unincorporated organization, government (or any department or agency thereof) or other entity. 

“Plan” means the Global Indemnity Limited 2018 Share Incentive Plan, as set forth herein and as hereinafter
amended from time to time. 
 “Plan Shares” has the meaning set forth in Section 12(a). 

“Restricted Shares” means an Award of Ordinary Shares granted under Section 6. 

  
 -4- 

 “Restricted Share Purchase Agreement” means an agreement setting forth the terms
and conditions of an Award of Restricted Shares. 
 “Retirement” means a Participant’s Termination of Employment
without Cause at or after age fifty-five (55). 
 “Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised with respect to the Plan. 

“SEC” means the Securities and Exchange Commission or any successor agency. 

“Section 409A” means Section 409A of the Code, including any valid regulation or other official
guidance promulgated thereunder. 
 “Section 457A” means Section 457A of the Code, including any
valid regulation or other official guidance promulgated thereunder. 
 “Securities Act” means the Securities Act of
1933, as amended from time to time, and any successor thereto. 
 “Share Award” means an Award consisting of either
shares of Ordinary Shares or a right to receive Ordinary Shares in the future, each pursuant to Section 6 of the Plan. 

“Stock Option” means any Nonstatutory Stock Option or Incentive Stock Option. 

“Subsidiary’ means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code. 

“Termination of Employment” means (i) a termination of service (for reasons other than a military or personal
leave of absence granted by the Company) of a Participant from the Company or an Affiliate, unless the Participant thereupon becomes employed by the Company or another affiliate. For purposes of Incentive Stock Options, any such leave may not exceed
three (3) months, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months
following the first (1st) day of such leave any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option. 

In addition, certain other terms used herein have definitions otherwise ascribed to them herein. 

Section 2.    Administration 

This Plan shall be administered by the Committee. 

Among other things, the Committee shall have the authority, subject to the terms of the Plan, to: 

(a)    select the Participants to whom Awards may from time to time be granted and designate the Affiliates of the Company
for purposes of the Plan; 

  
 -5- 

 (b)    determine whether and to what extent Awards are to be granted
hereunder, 
 (c)    determine the number of shares of Ordinary Shares to be covered by each Award granted hereunder;

 (d)    determine the terms and conditions of any Award granted hereunder (including, but not limited to, the Exercise
Price (subject to Section 5(a)), any vesting conditions, restrictions or limitations (which may be related to the performance of the Participant, the Company or any of its Affiliates)) and any acceleration of vesting or waiver or cancellation
regarding any Award and the shares of Ordinary Shares relating thereto, based on such factors as the Committee shall determine; 

(e)    subject to Section 8 hereof, modify, amend or adjust the terms and conditions of any Award, at any time or from
time to time, including, but not limited to, the authority to institute and determine the terms and conditions of an Exchange Program. 

(f)    determine to what extent and under what circumstances Ordinary Shares and other amounts payable with respect to an
Award shall be deferred; 
 (g)    to authorize any person to execute on behalf of the Company any instrument required to
effect the grant of an Award previously granted by the Committee; 
 (h)    adopt, alter and repeal such administrative
rules, guidelines and practices governing the Plan as it shall from time to time deem advisable; 
 (i)    interpret the
terms and provisions of the Plan and any Award issued under the Plan (and any agreement, including, but not limited to, an Award Agreement relating thereto); 

(j)    adopt any sub plans applicable to residents of any specified jurisdiction as it deems necessary or appropriate in
order to comply with or take advantage of any tax laws or other laws applicable to the Company, its Affiliates, or to Participants or to otherwise facilitate the administration of the Plan, which sub plans may include additional restrictions or
conditions applicable to Awards or Plan Shares acquired upon exercise of Awards; and 
 (k)    make all determinations
necessary or advisable for administering the Plan and otherwise supervise and administer the Plan. 
 The Committee may act only by a
majority of its members then serving thereon, except that, if permissible under Applicable Law, the Committee may designate or allocate all or any portion of its responsibilities and powers to any one or more of their number or any officer of the
Company. Any such designation or allocation may be revoked by the Committee at any time. 
 Any dispute or disagreement which may arise
under, or as a result of, or in any way relate to, the interpretation, construction or application of the Plan or an Award (or related Award Agreement) granted hereunder shall be determined and resolved by the Committee. Any

  
 -6- 

 
determination or resolution made by the Committee pursuant to the provisions of the Plan with respect to the Plan, any Award or Award Agreement shall be made in the sole discretion of the
Committee and, with respect to an Award, at the time of the grant of the Award or, unless in contravention of any express term of the Plan or the Award Agreement, at any time thereafter. Except as otherwise set forth herein or in any Award
Agreement, all decisions made by the Committee in accordance with the terms of this Plan or the Award Agreements shall be final, conclusive and binding on all Persons, including the Company, its Affiliates and the Participants, and will be given the
maximum deference permitted by Applicable Laws. 
 To the maximum extent permitted by Applicable Law and the Articles of Association of the
Company and to the extent not covered by insurance directly insuring such person, each officer and member or former member of the Committee or the Board shall be indemnified and held harmless by the Company against any cost or expense (including
reasonable fees and expenses of counsel reasonably acceptable to the Committee) or liability (including any sum paid in settlement of a claim with the approval of the Committee), and advanced amounts necessary to pay the foregoing at the earliest
time and to the fullest extent permitted, arising out of any act or omission to act in connection with the administration of this Plan, except to the extent arising out of such officer’s, member’s or former member’s own fraud or bad
faith. Such indemnification shall be in addition to any rights of indemnification the employees, officers, directors or members or former officers, directors or members may have under Applicable Law or under the Articles of Association of the
Company or any Affiliate. Notwithstanding anything else herein, this indemnification will not apply to the actions or determinations made by an individual with regard to Awards granted to him or her under this Plan. 

Section 3.    Shares 

The total number of Ordinary Shares reserved and available for grant under the Plan shall be 2,500,000 (subject to any increase or decrease
pursuant to this Section 3). Shares subject to an Award under the Plan may be authorized and unissued shares of Ordinary Shares or Ordinary Shares held in or acquired for the treasury of the Company or both. 

If any Restricted Shares or Other Share-Based Awards are forfeited to or repurchased by the Company due to failure to vest or if any Stock
Option expires or terminates without being exercised, the shares subject to such Awards shall again be available for distribution in connection with Awards under the Plan. In addition, in determining the number of Ordinary Shares available for
Awards other than Incentive Stock Options, if Ordinary Shares have been delivered or exchanged by a Participant as full or partial payment to the Company for payment of the exercise price, or for payment of withholding taxes, or if the number of
Ordinary Shares otherwise deliverable has been reduced for payment of the exercise price or for payment of withholding taxes, or if Awards are surrendered pursuant to an Exchange Program, the number of Ordinary Shares exchanged or reduced as payment
in connection with the exercise or for withholding and the Ordinary Shares subject to such Award surrendered pursuant to an Exchange Program shall again be available for purposes of Awards other than Incentive Stock Options under this Plan. 

The total number of Ordinary Shares subject to any Stock Option which may be granted under this Plan to any Participant shall not exceed
300,000 shares (subject to any increase or 

  
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decrease pursuant to this Section 3) during each fiscal year of the Company. The individual Participant limitations set forth in this Section 3 shall be cumulative; that is, to the
extent that Ordinary Shares for which Options are permitted to be granted to a Participant pursuant to this Section during a fiscal year of the Company are not covered by a grant of a Stock Option in the Company’s fiscal year, such Ordinary
Shares available for grants to such Participant automatically increase in the subsequent fiscal years during the term of the Plan until used. 

No individual may be granted in any fiscal year of the Company Other Share-Based Awards that are contingent upon the attainment of Performance
Goals covering more than 50,000 Shares. 
 In the event any merger, reorganization, consolidation, combination, recapitalization, spin-off, stock dividend, share split, reverse share split, extraordinary distribution (whether in the form of cash, Ordinary Shares, other securities, or other property) with respect to the Ordinary Shares,
repurchase or exchange of Ordinary Shares or other securities of the Company, any sale or transfer of all or part of the Company’s assets or business or other change in corporate structure affecting the Ordinary Shares occurs or is proposed
(such an event, an “Equity Restructuring”), the Committee or the Board shall, effective as of the time of the Equity Restructuring, make such substitution or adjustment in the aggregate number and kind of shares or other property reserved
for issuance under the Plan or any limitations under the Plan, in the number, kind and Exercise Price (as defined herein) of shares or other property subject to outstanding Stock Options, in the number and kind of shares or other property subject to
Restricted Share Awards or other Awards, and/or such other substitution or adjustments, in each case as the Committee or the Board shall determine in its discretion to be appropriate in order to prevent diminution or enlargement of the benefits or
potential benefits intended to be made available under the Plan, provided that, in no case shall such determination adversely affect in any material respect the rights of a Participant hereunder or under any Award Agreement. In connection with any
event described in this paragraph, the Committee may provide, in its sole discretion, for the cancellation of any outstanding Stock Option and payment in cash or other property in exchange therefor in an amount equal to the excess at such time, if
any, of the Fair Market Value of the underlying Ordinary Shares over the per share exercise price for such Stock Options. 
 In the event of
a merger or consolidation in which the Company is not the surviving entity or in the event of any transaction that results in the acquisition of substantially all of the Company’s outstanding Ordinary Shares by a single person or entity or by a
group of persons and/or entities acting in concert, or in the event of the sale or transfer of all or substantially all of the Company’s assets (all of the foregoing being referred to as “Acquisition Events”), then the Committee may,
in its sole discretion, treat each outstanding Award as the Committee determines (subject to the provision of the following paragraph) without a Participant’s consent, including without limitation that: (i) Awards will be assumed, or
substantially equivalent awards will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and prices; (ii) upon written notice to a Participant,
that the Participant’s Awards will terminate upon or immediately prior to the consummation of the Acquisition Event, by delivering notice of termination to each Participant a reasonable period of time (as determined in the Committee) prior to
the date of consummation of the Acquisition Event, in which case during the period from the date on which such notice of termination is delivered to the consummation of the Acquisition Event, each such Participant

  
 -8- 

 
shall have the right to exercise in full all of his or her Stock Options that are then outstanding (without regard to any limitations on exercisability otherwise contained in the Stock Option
agreements); (iii) outstanding Awards will vest and become exercisable, realizable, or payable, or restrictions applicable to an Award will lapse, in whole or in part prior to or upon consummation of the Acquisition Event, and, to the extent
the Committee determines, terminate upon or immediately prior to the effectiveness of such Acquisition Event; (iv) (A) the termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount that would have
been attained upon the exercise of such Award or realization of the Participant’s rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the Committee
determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment), or (B) the replacement of such
Award with other rights or property selected by the Committee in its sole discretion; or (v) any combination of the foregoing. In taking any of the actions permitted under this paragraph, the Committee will not be obligated to treat all Awards,
all Awards held by a Participant, or all Awards of the same type, similarly. 
 In the event that the successor corporation does not assume
or substitute for the Award (or portion thereof), the Participant will fully vest in and have the right to exercise such outstanding Option, including shares as to which such Award would not otherwise be vested or exercisable, all restrictions on
other Awards will lapse, and, with respect to such Awards with performance-based vesting, all performance goals or other vesting criteria will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met,
in all cases, unless specifically provided otherwise under the applicable Award agreement or other written agreement between the Participant and the Company or any of its Affiliates, as applicable. In addition, if an Option is not assumed or
substituted in the event of an Acquisition Event, the Committee will provide for the notice and exercisability period set forth in clause (ii) of the immediately preceding paragraph. 

For the purposes of this Section, an Award will be considered assumed if, following the Acquisition Event, the Award confers the right to
purchase or receive, for each Ordinary Share subject to the Award immediately prior to the Acquisition Event, the consideration (whether shares, cash, or other securities or property) received in the Acquisition Event by holders of Ordinary
Shares for each Ordinary Share held on the effective date of the Acquisition Event (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Ordinary Shares); provided,
however, that if such consideration received in the Acquisition Event is not solely common stock or ordinary shares of the successor corporation or its Parent, the Committee may, with the consent of the successor corporation, provide for the
consideration to be received upon the exercise of a Stock Option or upon the payout of other Awards, for each Ordinary Share subject to such Award, to be solely common stock or ordinary shares of the successor corporation or its Parent equal in fair
market value to the per share consideration received by holders of Ordinary Shares in the Acquisition Event. 
 In the event of the proposed
dissolution or liquidation of the Company, the Committee will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an Award will terminate
immediately prior to the consummation of such proposed action. 

  
 -9- 

 Section 4.    Participants 

The following persons shall be “Participants” eligible to be granted Awards under the Plan: (i) Persons who are officers,
directors, employees or consultants of the Company and/or any of its Affiliates; (ii) Persons who at the time of grant may be performing (or subject to being required to perform) services for the Company or any of its Affiliates (including,
without limitation, officers, directors, employees, Affiliates and consultants of FPC); and (iii) Non-Employee Directors of the Company and its Affiliates who are responsible for or contribute to the
management, growth and profitability of the business of the Company and its Affiliates. However, Incentive Stock Options may be granted only to employees of the Company, its Subsidiaries or its Parent. 

Section 5.    Stock Options 

The Board or the Committee as its duly authorized delegate shall have the authority to grant to Participants Stock Options. Stock Options shall
be evidenced by Option Agreements, which shall include such terms and provisions as the Committee may determine from time to time, including whether such Stock Option is designated as an Incentive Stock Option or Nonstatutory Stock Option. However,
notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Ordinary Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year (under all plans
of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Stock Options will be treated as Nonstatutory Stock Options. For purposes of the immediately preceding sentence, Incentive Stock Options will be
taken into account in the order in which they were granted. The Fair Market Value of the Ordinary Shares for purposes of the foregoing in this paragraph will be determined as of the time the Stock Option with respect to such Ordinary Shares is
granted. 
 The grant of a Stock Option shall occur on the date the Committee by resolution selects an individual to receive a grant of a
Stock Option, determines the number of Ordinary Shares to be subject to such Stock Option to be granted to such individual and specifies the terms and provisions of the Stock Option, or on such other date as the Committee may determine. The Company
shall notify a Participant of any grant of a Stock Option, and a written Option Agreement shall be duly executed and delivered by the Company to the Participant. Such Option Agreement shall become effective upon execution and delivery by the
Participant to the Company. 
 Stock Options shall be subject to the following terms and conditions, and shall contain such additional terms
and conditions as the Committee shall deem desirable: 
 (a)    Exercise Price. The price per Ordinary Share
purchasable under a Stock Option shall be such price as determined by the Committee and set forth in the Option Agreement (the “Exercise Price”); provided that the Exercise Price shall not be less than the grant date Fair Market Value of
the Ordinary Shares, and: 
 (i)    In the case of an Incentive Stock Option 

(A)    granted to an employee of the Company, its Subsidiaries or its Parent who, at the time of the grant of such
Incentive Stock Option, owns shares representing 

  
 -10- 

 
more than ten percent (10%) of the voting power of all share classes of the Company or its Subsidiaries or its Parent (a “Ten Percent Shareholder”), the per share Exercise Price
shall be no less than one hundred ten percent (110%) of the Fair Market Value per share on the date of grant; and 

(B)    granted to any employee of the Company, its Subsidiaries or its Parent other than a Ten Percent Shareholder, the
per share Exercise Price shall be no less ‘than one hundred percent (100%) of the Fair Market Value per share on the date of grant. 

(ii)    in the case of any other Stock Option granted, including Nonstatutory Stock Options, the per share Exercise Price
as determined by the Committee 
 (iii)    Notwithstanding the foregoing, Stock Options may be granted with a per share
Exercise Price of less than one hundred percent (100%) of the Fair Market Value per share on the date of grant pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code.  
 (b)    Option Term. The term of each Stock Option shall be
fixed by the Committee provided, however, that no Stock Option shall be exercisable more than ten (10) years after the date such Stock Option is granted. Absent any such term being fixed by the Committee, pursuant to an Option Agreement or
otherwise, such term shall be ten (10) years; provided, however, that the term of an Incentive Stock Option granted to a Ten Percent Shareholder shall not exceed five (5) years. 

(c)    Exercisability. Except as otherwise provided herein, Stock Options shall be exercisable at such time or times
and subject to such terms and conditions as shall be determined by the Committee If the Committee provides that any Stock Option is exercisable only in installments, the Committee may at any time waive such installment exercise provisions, in whole
or in part, based on such factors as the Committee may determine. In addition, the Committee may at any time accelerate the exercisability of any Stock Option. 

(d)    Method of Exercise. Subject to the provisions of this Section 5, Stock Options that have become
exercisable in accordance with its terms may be exercised, in whole or in part, at any time during the option term by giving written notice of exercise to the Company specifying the number of Ordinary Shares subject to the Stock Option to be
purchased. 
 Such notice shall be accompanied by payment in full of the Exercise Price per share by certified or bank check or such other
instrument or method of payment as the Committee may accept. Unless determined otherwise by the Committee at the time of grant and set forth in the Option Agreement, payment, in full or in part, may also be made in the form of a promissory note to
the extent permitted by Applicable Laws, or fully vested Ordinary Shares (other than Restricted Shares) already owned by the Participant (for at least six months or such other period, as determined by the Committee, that is necessary to avoid a
charge, for accounting purposes, against the Company’s earnings as reported in the Company’s financial statements if acquired upon exercise of a Stock Option or received upon the lapse of restrictions on an Award of

  
 -11- 

 
Restricted Shares) of the same class as the Ordinary Shares subject to the Stock Option (based on the Fair Market Value of the Ordinary Shares on the date the Stock Option is exercised) or, if
the Ordinary Shares are traded on a national securities exchange, including The Nasdaq Stock Market LLC, or quoted on a national quotation system sponsored by the National Association of Securities Dealers, and the Committee authorizes, to the
extent permitted by law, through a procedure whereby the Participant delivers irrevocable instructions to a broker reasonably acceptable to the Committee to deliver promptly to the Company an amount equal to the purchase price or through “net
settlement” in Ordinary Shares, or other cashless exercise program (whether through a broker or otherwise) implemented by the Company in connection with the Plan, or such other consideration and method of payment for the issuance of Shares
to the extent permitted by Applicable Laws or any combination of the methods of payment set forth in this Section. 
 No Ordinary Shares
shall be issued until full payment therefor (including without limitation any applicable tax withholding obligations) has been made. A Stock Option may not be exercised for a fraction of an Ordinary Share. Ordinary Shares issued upon exercise of a
Stock Option will be issued in the name of the Participant or, if requested by the Participant, in the name of the Participant and his or her spouse. Until the Ordinary Shares are issued (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a shareholder will exist with respect to the Ordinary Shares subject to a Stock Option, notwithstanding the exercise of the
Stock Option. The Company will issue (or cause to be issued) such Ordinary Shares promptly after the Stock Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Ordinary
Shares are issued, except as provided in Section 3. 
 (e)    Nontransferability of Stock Options. No Stock
Option shall be transferable by the Participant other than (i) by will or by the laws of descent and distribution, or (ii) as otherwise expressly permitted under the applicable Option Agreement. All Stock Options granted to an individual
shall be exercisable, subject to the terms of the Plan, during the Participant’s lifetime, only by the Participant or any Person to whom such Stock Option is transferred pursuant to the preceding sentence, including such Participant’s
guardian, legal representative and other transferee. The term “Participant” includes the estate of the Participant or the Legal representative of the Participant named in the Option Agreement and any Person to whom an Option is otherwise
transferred in accordance with this Section 5(e), by will or the laws of descent and distribution; provided, however, that references herein to Employment of a Participant or termination of Employment of a Participant shall continue to refer to
the Employment or termination of Employment of the applicable grantee of an Award hereunder. 
 (f)    Termination of
Employment. 
 (i)    Termination for Any Reason (other than Cause). Except as otherwise determined by the
Committee and expressly provided in the applicable Option Agreement or applicable employment or consulting agreement, upon the termination of the Participant’s Employment for any reason (other than Cause), including death or Disability,
(A) vesting ceases, (B) the term of unvested stock options lapses and vested and unvested options will become unexercisable, and (C) such Participant shall have ninety (90) days to exercise the portion of the

  
 -12- 

 
Participant’s Stock Option that is vested on the date of the Participant’s termination of Employment. Notwithstanding anything contained herein to the contrary, the Participant shall
not be permitted to exercise any Stock Option at a time beyond the initial option term. 
 (ii)    Termination for
Cause. All outstanding and unexercised Stock Options, whether vested or unvested, as of the time the Participant is notified that his or her Employment is terminated for Cause or at the time the Participant voluntarily terminates employment
within ninety (90) days after the occurrence of an event that would be grounds for a termination for Cause, will be cancelled immediately. 

Section 6.    Restricted Shares 

The Committee shall determine the Participants to whom and the time or times at which grants of Restricted Shares will be awarded, the number
of shares to be awarded to any Participant, the purchase price, the conditions for vesting, the time or times within which such Awards may be subject to cancellation, repurchase and restrictions on transfer and any other terms and conditions of the
Awards (including provisions (i) relating to placing legends on certificates representing Restricted Shares, (ii) permitting the Company to require that Restricted Shares be held in custody by the Company with a share transfer certificate
from the owner thereof until restrictions lapse and (iii) relating to any rights to repurchase Restricted Shares on the part of the Company). Each Participant receiving Restricted Shares shall be issued a share certificate in respect of such
Restricted Shares, unless the Committee elects to use another system, such as book entries by the transfer agent, as evidencing ownership of shares of Restricted Shares. Unless the Committee determines otherwise, the Company as escrow agent will
hold Restricted Shares until the restrictions on such Restricted Shares have lapsed. Unless otherwise specified in the Restricted Share Agreement, upon a Participant’s termination for any reason during the relevant restriction period, all
unvested Restricted Shares will be forfeited to the Company, without compensation. 
 Furthermore, in addition to the foregoing
restrictions, Restricted Shares held by an officer, director or consultant of the Company or one of its Affiliate may be subject to additional or greater restrictions and any restrictions set forth in the Articles of Association. The terms and
conditions of Restricted Share Awards shall be set forth in a Restricted Share Agreement, which shall include such terms and provisions as the Committee may determine from time to time, and which shall be duly executed and delivered by the Company
to the Participant and become effective upon execution and delivery by the Participant to the Company. Except as provided in this Section 6, the Restricted Share Agreement, and any other relevant agreements, the Participant shall have, with
respect to the Restricted Shares, all of the rights of a shareholder of the Company holding the class or series of Ordinary Shares that is the subject of the Restricted Share Award, including, if applicable, the right to vote the shares and, subject
to the following sentence, the right to receive any cash dividends or distributions (but, subject to Section 3, not the right to receive non-cash dividends or distributions). If so determined by the
Committee in the applicable Restricted Share Agreement, cash dividends and distributions on the class or series of Ordinary Shares that is the subject of the Restricted Share Award shall be automatically deferred and reinvested in additional
Restricted Shares, held subject to the vesting of the underlying Restricted Shares, or held subject to meeting conditions applicable only to dividends and distributions. 

  
 -13- 

 Section 7.    Other Share-Based Awards 

The Committee is authorized to grant to Participants Other Share-Based Awards that are payable in, valued in whole or in part by reference to,
or otherwise based on or related to Ordinary Shares, including but not limited to, Ordinary Shares awarded purely as a bonus and not subject to any restrictions or conditions, Ordinary Shares in payment of the amounts due under an incentive or
performance plan sponsored or maintained by the Company or a Subsidiary, share appreciation rights (either separately or in tandem with Options), share equivalent units, and Awards valued by reference to book value of Ordinary Shares. 

Subject to the provisions of this Plan, the Committee shall have authority to determine the persons to whom and the time or times at which
such Awards shall be made, the number of Ordinary Shares to be awarded pursuant to or referenced by such Awards, and all other conditions of the Awards. Grants of Other Share-Based Awards may be subject to such conditions, restrictions and
contingencies as the Committee may determine which may include, but are not limited to, continuous service with the Company or an Affiliate and/or the achievement of Performance Goals. The criteria that may be used by the Committee in granting Other
Share-Based Awards contingent on Performance Goals shall consist of the attainment of one or more of the Performance Goals. The Committee may select one or more Performance Goals for measuring performance and the measuring may be stated in absolute
terms or relative to comparable companies. 
 Other Share-Based Awards made pursuant to this Section 7 are subject to the following
terms and conditions: 
 (a)    Dividends. Unless otherwise determined by the Committee at the time of Award,
subject to the provisions of the Award agreement and this Plan, the recipient of an Award under this Section 7 shall be entitled to receive, currently or on a deferred basis, dividends or dividend equivalents with respect to the number of
Ordinary Shares covered by the Award, as determined at the time of the Award by the Committee, in its sole discretion. 

(b)    Vesting. Any Award under this Section 7 and any Ordinary Shares covered by any such Award shall vest or
be forfeited to the extent so provided in the Award agreement, as determined by the Committee, in its sole discretion. 

(c)    Waiver of Limitation. In the event of the Participant’s Retirement, Disability or death, or in cases of
special circumstances, the Committee may, in its sole discretion, waive in whole or in part any or all of the limitations imposed hereunder (if any) with respect to any or all of an Award under this Article. 

(d)    Purchase Price. Ordinary Shares issued on a bonus basis under this Section 7 may be issued for no
cash consideration; Ordinary Shares purchased pursuant to a purchase right awarded under this Section 7 shall be priced as determined by the Committee. 

(e)    Committee Certification. At the expiration of the Performance Period, the Committee shall determine and
certify in writing the extent to which the Performance Goals have been achieved. 

  
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 Section 8.    Term, Amendment and Termination 

This Plan will be effective as of March 4, 2018, and expire on March 4, 2023, unless terminated earlier by the Board or the
Committee in accordance with this Section. Awards outstanding as of such date shall not be affected or impaired by the expiration of the Plan and shall be subject to the terms of the Plan. 

The Board or the Committee may at any time amend, alter, suspend, or terminate the Plan, prospectively or retroactively (as permitted by
Applicable Law); provided, however, that, unless otherwise required by Applicable Law or specifically provided herein, no amendment, alteration, suspension or termination shall be made that is materially adverse to the rights of a Participant under
an Award theretofore granted without mutual agreement between the Participant and the Committee, which agreement must be in writing and signed by the Participant and the Company; provided, further, without the approval of the shareholders of the
Company in accordance with Applicable Law, to the extent required by the applicable provisions of Rule 16b-3 or the rules of any exchange or system on which the Ordinary Shares are listed or traded, or, with
regard to Incentive Stock Options, Section 422 of the Code, no amendment may be made which would (i) increase the aggregate number of Ordinary Shares that may be issued under this Plan or the maximum individual Participant limitations
under Section 3; (ii) change the classification of Participants eligible to receive Awards under this Plan; (iii) extend the maximum Stock Option period or (iv) require shareholder approval in order for the Plan to continue to comply
with the applicable provisions of Rule 16b-3, or, with regard to Incentive Stock Options, Section 422 of the Code. Termination of the Plan will not affect the Committee’s ability to exercise the
powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination. 
 The Committee may
amend the terms of any Award theretofore granted, prospectively or retroactively (to the extent permitted by Applicable Law), but no such amendment shall be made that is adverse to the rights of the Participant thereunder without the
Participant’s consent. 
 The Plan will be subject to approval by the shareholders of the Company within twelve (12) months
after the date the Plan is adopted by the Board. Such shareholder approval will be obtained in the manner and to the degree required under Applicable Laws. 

Section 9.    Unfunded Status of Plan 

It is presently intended that the Plan constitute an “unfunded” plan for incentive and deferred compensation. The Committee may
authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Ordinary Shares or make payments; provided, however, that unless the Committee otherwise determines, the existence of such trusts
or other arrangements is consistent with the “unfunded” status of the Plan. 
 Section 10.    Forfeiture Events

 The Committee may specify in an Award agreement that the Participant’s rights, payments, and benefits with respect to an Award
will be subject to the reduction, cancellation, forfeiture, or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Notwithstanding any

  
 -15- 

 
provisions to the contrary under this Plan, an Award shall be subject to the Company’s clawback policy as may be established and/or amended from time to time (the “Clawback
Policy”). The Committee may require a Participant to forfeit, return or reimburse the Company all or a portion of the Award and any amounts paid thereunder pursuant to the terms of the Clawback Policy or as necessary or appropriate to
comply with Applicable Laws. 
 Section 11.    General Provisions 

(a)    Awards and Certificates. Shares of Restricted Shares and Ordinary Shares issuable upon the exercise of a
Stock Option (together, “Plan Shares”) shall be evidenced in such manner as the Committee may deem appropriate, including book entry registration or issuance of one or more share certificates. Any certificate issued in respect of Plan
Shares shall be registered in the name of such Participant and shall bear appropriate legends referring to the terms, conditions, and restrictions applicable to such Award. Such Plan Shares may bear other legends to the extent the Committee or the
Board determines it to be necessary or appropriate. If and when all restrictions expire without a prior cancellation of the Plan Shares theretofore subject to such restrictions, upon surrender of legended certificates representing such shares new
certificates for such shares shall be delivered to the Participant without the second legend listed above. The date of grant of an Award will be, for all purposes, the date on which the Committee makes the determination granting such Award, or such
other later date as is determined by the Committee. Notice of the determination will be provided to each Participant within a reasonable time after the date of such grant. 

(b)    Representations and Warranties. The Committee may require each Person purchasing or receiving Plan Shares to
(i) represent to and agree with the Company in writing that such Person is acquiring the shares without a view to the distribution thereof and (ii) make any other representations and warranties that the Committee deems appropriate. 

(c)    Additional Compensation. Nothing contained in the Plan shall prevent the Company or any of its Affiliates
from adopting other or additional compensation arrangements for its employees. 
 (d)    No Right of Employment.
Adoption of the Plan or grant of any Award shall not confer upon any employee or any other individual any right to continued Employment, nor shall it interfere in any way with the right of the Company or any of its Affiliates to terminate the
Employment of any eligible Participant at any time, with or without cause, to the extent permitted by Applicable Laws. 

(e)    Withholding Taxes. No later than the date as of which an amount first becomes includible in the gross income
of a Participant for income tax purposes or subject to Federal Insurance Contributions Act withholdings with respect to any Award, including, without limitation, upon exercise of any Stock Option, under the Plan, such Participant shall pay to the
Company or, if appropriate, one of its Affiliates, or make arrangements satisfactory to the Committee regarding the payment of, any United States federal, state or local or non-U.S. taxes of any kind required
by Applicable Law to be withheld with respect to such amount. If approved by the Committee, minimum required statutory withholding obligations, or such greater amount of withholding as the Committee may determine may be settled with Ordinary Shares
(provided 

  
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the delivery of such Ordinary Shares will not result in any adverse accounting consequences, as the Committee determines in its sole discretion), including Ordinary Shares that are part of the
Award that gives rise to the withholding requirement. The obligations of the Company under the Plan shall be conditional on such payment or arrangements, and the Company and its Affiliates shall, to the extent permitted by law, have the right to
deduct any such taxes from any payment otherwise due to the Participant. The Committee may establish such procedures as it deems appropriate, including making irrevocable elections, for the settlement of withholding obligations with Ordinary Shares,
having the Participant deliver to the Company already-owned Ordinary Shares having a fair market value equal to the minimum statutory amount required to be withheld or such greater amount as the Committee may determine provided the delivery of such
Ordinary Shares will not result in any adverse accounting consequences, as the Committee determines in its sole discretion, or selling a sufficient number of Ordinary Shares otherwise deliverable to the Participant through such means as the
Committee may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld, or any combination of the payment methods described in this Section. The fair market value of the Ordinary Shares to
be withheld or delivered will be determined as of the date that the taxes are required to be withheld. 

(f)    Beneficiaries. The Committee shall establish such procedures as it deems appropriate for a Participant to
designate a beneficiary to whom any amounts payable in the event of the Participant’s death are to be paid or by whom any rights of the Participant, after the Participant’s death, may be exercised. 

(g)    Governing Law. The Plan and all Awards made and actions taken thereunder shall be governed by and construed
and enforced in accordance with the laws of the State of Delaware without regard to the principles of conflicts of law thereof. 

(h)    Compliance with Laws. Shares will not be issued pursuant to the exercise of an Award unless the exercise of
such Award and the issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance. The inability of the Company to obtain authority from
any regulatory body having jurisdiction or to complete or comply with the requirements of any registration or other qualification of the Ordinary Shares under any state, federal or foreign law or under the rules and regulations of the U.S.
Securities and Exchange Commission, the stock exchange on which Ordinary Shares of the same class are then listed, or any other governmental or regulatory body, which authority, registration, qualification or rule compliance is deemed by the
Company’s counsel to be necessary or advisable for the issuance and sale of any Ordinary Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Ordinary Shares as to which such requisite
authority, registration, qualification or rule compliance will not have been obtained. 

(i)    Nontransferability. Unless determined otherwise by the Committee or as otherwise set forth in the Plan, an
Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant. If
the Committee makes an Award transferable, such Award will contain such additional terms and conditions as the Committee deems appropriate. 

  
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 (j)    Fractional Shares. No fractional shares shall be issued under
the Plan and no cash settlements shall be made with respect to fractional shares eliminated by rounding. 

(k)    Shareholders’ Agreement and Other Requirements. Notwithstanding anything herein to the contrary, as a
condition to the receipt of Plan Shares, to the extent required by the Committee, the Participant shall execute and deliver a shareholders’ agreement or such other documentation which shall set forth certain restrictions on transferability of
the Plan Shares, a right of first refusal of the Company with respect to Plan Shares, the right of the Company to purchase Plan Shares and such other terms as the Board or Committee shall from time to time establish. Such shareholders’
agreement shall apply to all Plan Shares acquired under the Plan. The Company may require, as a condition of grant or exercise of any Award, the Participant to become a party to any other existing shareholders’ agreement. As a condition to the
exercise of an Award, the Company may require the person exercising such Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute
such Ordinary Shares if, in the opinion of counsel for the Company, such a representation is required. 

(l)    Sections 409A and 457A. Notwithstanding other provisions of the Plan or any Award agreements thereunder, no
Award shall be granted, deferred, accelerated, extended, paid out or modified under this Plan in a manner that would result in the imposition of an additional tax under Sections 409A or 457A upon a Participant. Awards will be designed and operated
in such a manner that they are either exempt from the application of, or comply with, the requirements of Section 409A and Section 457A such that the grant, payment, settlement or deferral will not be subject to the additional tax or
interest applicable under Section 409A or Section 457A, except as otherwise determined in the sole discretion of the Committee. The Plan and each Award agreement under the Plan is intended to meet the requirements of Section 409A and
Section 457A and will be construed and interpreted in accordance with such intent, including with respect to any ambiguities or ambiguous terms, except as otherwise determined in the sole discretion of the Committee. In the event that it is
reasonably determined by the Committee that, as a result of Section 409A or Section 457A, payments or deliveries of shares in respect of any Award under the Plan may not be made at the time contemplated by the terms of the Plan or the
relevant Award agreement, as the case may be, without causing the Participant holding such Award to be subject to taxation under Section 409A or Section 457A, the Company will make such payment or delivery of shares on the first day that
would not result in the Participant incurring any tax liability under Section 409A or Section 457A. In the case of a Participant who is a “specified employee” (within the meaning of Section 409A(a)(2)(B)(i) of the Code),
payments and/or deliveries of shares in respect of any Award subject to Section 409A of the Code that are linked to the date of the Participant’s separation from service shall not be made prior to the date which is six (6) months
after the date of such Participant’s separation from service from the Company and its affiliates, determined in accordance with Section 409A. The Company shall use commercially reasonable efforts to implement the provisions of this
Section 12(l) in good faith; provided that neither the Company, the Committee nor any of the Company’s employees, directors or representatives shall have any liability to Participants with respect to this Section 12(l). In no event
will the Company or any Affiliates have any liability or obligation to reimburse, indemnify, or hold harmless any Participant for any taxes, interest, or penalties imposed, or other costs incurred, as a result of Section 409A or
Section 457A. 
 *    *    * 

  
 -18-

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