Document:

Exhibit 4.64

 

Private & Confidential

 

Certain identified information, marked
by [******], has been excluded from this exhibit because 

it is both not material and is the type that the registrant treats
as private or confidential.

 

DATED
THE 25TH DAY OF SEPTEMBER 2020

 

 

 

AMONG

 

ACCELERATE
TECHNOLOGIES PTE LTD

 

AND

 

APTORUM
INNOVATIONS HOLDING LIMITED

 

AND

 

THE
PERSONS WHOSE NAMES ARE SET OUT IN SCHEDULE 1

 

AND

 

APTORUM
INNOVATIONS HOLDING PTE. LIMITED

 

 

 

 

SHARE
SUBSCRIPTION

&
SHAREHOLDERS AGREEMENT

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	CLAUSE	 	HEADING	 	PAGE
	1	 	DEFINITIONS AND INTERPRETATION	 	1
	2	 	AGREEMENT TO SUBSCRIBE	 	5
	3	 	CONDITIONS PRECEDENT TO FIRST CLOSING	 	6
	4	 	FIRST CLOSING	 	7
	5	 	CONDITIONS PRECEDENT TO SECOND CLOSING	 	8
	6	 	SECOND CLOSING	 	9
	7	 	USE OF SUBSCRIPTION AMOUNTS	 	9
	8	 	CAPITAL STRUCTURE OF THE COMPANY	 	11
	9	 	BOARD OF DIRECTORS	 	11
	10	 	GENERAL MEETINGS OF THE COMPANY	 	13
	11	 	OPERATIONAL ASPECTS OF THE COMPANY	 	14
	12	 	CONFIDENTIALITY	 	15
	13	 	RESTRICTIVE COVENANTS	 	16
	14	 	TRANSFER OF SHARES	 	17
	15	 	RIGHT OF PRE-EMPTION; EMPLOYEE SHARE OPTION SCHEME	 	21
	16	 	RIGHT OF FIRST NEGOTIATION	 	23
	17	 	DURATION AND TERMINATION	 	23
	18	 	GENERAL TERMS	 	24
	19	 	REPRESENTATIONS AND WARRANTIES OF THE PARTIES	 	25
	20	 	NOTICES	 	26
	 	 	 	 	 
	 	 	SCHEDULE 1 - FOUNDING SCIENTISTS	 	27

 

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This
SHARE SUBSCRIPTION & SHAREHOLDERS AGREEMENT (this “Agreement”) dated the 25th day of September 2020
is made by and between the following parties (collectively, the “Parties” and each, a “Party”):

 

		(1)	ACCELERATE
                                         TECHNOLOGIES PTE LTD (UEN: 199503187D), a private company limited by shares incorporated
                                         under the laws of Singapore and having its registered address at 1 Fusionopolis Way,
                                         #19-10 Connexis North, Singapore 138632 (“A*ccelerate”)

 

		(2)	APTORUM
                                         INNOVATIONS HOLDING LIMITED, a private company limited by shares incorporated under
                                         the laws of the Cayman Islands and having its registered address at Floor 4, Willow House,
                                         Cricket Square, Grand Cayman KY 1-9010, Cayman Islands (“AIHL”);

 

		(3)	THE
                                         PERSONS WHOSE NAMES ARE SET OUT IN SCHEDULE 1 (collectively, the “Founding
                                         Scientists”, and each, a “Founding Scientist”; and

 

		(4)	APTORUM
                                         INNOVATIONS HOLDING PTE. LIMITED (UEN: 201918058R), a private company limited by
                                         shares incorporated under the laws of Singapore and having its registered address at
                                         10 Anson Road, #11-20 International Plaza, Singapore 079903 (the “Company”).

 

WHEREAS:

 

		(A)	As
                                         at the date of this Agreement, the Company has a paid-up and issued share capital of
                                         S$1,000 comprising 1,000 Ordinary Shares (as defined below), all of which are owned legally
                                         and beneficially by AIHL, and has a sole Director (as defined below), namely, Dr. Clark
                                         Cheng, as appointed by AIHL.

 

		(B)	AIHL,
                                         A*ccelerate and the Founding Scientists (i.e., the Subscribers and each, a Subscriber
                                         (as defined below)) wish to subscribe for the Subscription Shares (as defined below),
                                         and the Company agrees to allot and issue the Subscription Shares to each of the Subscribers,
                                         on the terms and subject to the conditions herein specified.

 

		(C)	This
                                         Agreement shall further set out the terms and conditions which shall govern the relationship
                                         amongst the Subscribers as shareholders of the Company, and their management of the business
                                         of the Company.

 

NOW,
THEREFORE, in consideration of the mutual promises, representations, warranties, covenants and conditions set forth in this
Agreement, the Parties agree as follows:

 

		1.	DEFINITIONS
AND INTERPRETATION

 

		1.1	Unless
                                         the context otherwise requires in this Agreement, the following words and expressions
                                         shall have the following meanings:

 

“A*ccelerate
First Tranche Shares” means 215,000 fully paid-up Ordinary Shares to be allotted and issued to A*ccelerate pursuant
to the terms of this Agreement as at the First Closing Date.

 

“A*ccelerate
First Tranche Subscription Amount” means S$215,000 to be contributed by A*ccelerate or AVCPL at the First Closing in
the form of immediately available funds or equipment, consumables and materials of equivalent value to A*STAR RI.

 

“A*ccelerate
Second Tranche Shares” means 185,000 fully paid-up Ordinary Shares to be allotted and issued to A*ccelerate pursuant
to the terms of this Agreement as at the Second Closing Date.

 

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“A*ccelerate
Second Tranche Subscription Amount” means S$185,000 to be contributed by A*ccelerate or AVCPL at the Second Closing
in the form of immediately available funds or equipment, consumables and materials of equivalent value to A*STAR RI.

 

“A*ccelerate
Total Subscription Amounts” means the aggregate of the A*ccelerate First Tranche Subscription Amount and the A*ccelerate
Second Tranche Subscription Amount.

 

“A*STAR”
means the Agency for Science, Technology and Research.

 

“A*STAR
RI” means the Institute of Bioengineering and Nanotechnology, A*STAR Research Entities (“IBN”) or
the Institute of Molecular and Cell Biology, A*STAR Research Entities (“IMCB”), as agreed by the Parties and
as the context may require.

 

“ACRA”
means the Accounting and Corporate Regulatory Authority of Singapore.

 

“Affiliate”
means:

 

		(a)	in
                                         relation to a natural person, the spouse, parent, sibling or child (including a step
                                         child) of such person;

 

		(b)	in
                                         relation to any entity, any person which Controls, is Controlled by, or is under common
                                         Control with, such entity; and

 

		(c)	in
                                         relation to an investment fund or private fund, it includes any other investment fund
                                         or private fund under common Control with such fund or managed by the manager of such
                                         investment fund or private fund or such entity (as the case may be) provided that, for
                                         the avoidance of doubt, an entity in which such investment fund or private fund has merely
                                         made an investment shall not be an Affiliate of such investment fund or private fund.

 

The
term “Affiliate” with regard to A*ccelerate shall include A*STAR, AVCPL and all other research institutes and centres
funded and managed by A*STAR.

 

“AIHL
First Tranche Shares” means 1,074,000 fully paid-up Ordinary Shares to be allotted and issued to AIHL pursuant to the
terms of this Agreement as at the First Closing Date.

 

“AIHL
First Tranche Subscription Amount” means S$1,075,000 to be contributed to the share capital of the Company in immediately
available funds by AIHL at the First Closing.

 

“AIHL
Second Tranche Shares” means 925,000 fully paid-up Ordinary Shares to be allotted and issued to AIHL pursuant to the
terms of this Agreement as at the Second Closing Date.

 

“AIHL
Second Tranche Subscription Amount” means S$925,000 to be contributed to the share capital of the Company in immediately
available funds by AIHL at the Second Closing.

 

“AIHL
Total Subscription Amounts” means the aggregate of the AIHL First Tranche Subscription Amount and the AIHL Second Tranche
Subscription Amount.

 

“Applicable
Law” means any decree, law, regulation, ministerial resolution or order, implementing regulations, statute, act, ordinance,
directive (to the extent having the force of law), order, treaty, code or rule, as enacted, issued or promulgated, or any interpretation
thereof, by any governmental entity having jurisdiction over the matter in question.

 

“AVCPL”
means Accelerate Venture Creation Pte. Ltd..

 

“Board”
shall mean the board of directors of the Company, as constituted from time to time in accordance with the terms of this Agreement.

 

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“Business
Day” means a day (other than gazetted public holidays, Saturdays and Sundays) on which banks are open for business in
Singapore and Hong Kong.

 

“Company-A*STAR
RI Funding Agreement” means the “Company-A*STAR RI Funding Agreement for Partial Research Sponsorship” entered
into on or around the date of this Agreement by and among the Company, IBN and IMCB.

 

“Contributing
Subscribers” means both of AIHL and A*ccelerate, and “Contributing Subscriber” means either one of
them.

 

“Constitution”
means the constitution of the Company, as amended from time to time in accordance with this Agreement and Applicable Law.

 

“Control”
(including, with its correlative meanings, the terms “Controlled by” or “under common Control with”)
means (a) the possession, directly or indirectly, of the power to direct, or cause the direction of, management and policies of
a Person whether through the ownership of voting securities, by agreement or otherwise, or the power to elect more than half of
the Directors, partners or other individuals exercising similar authority with respect to a Person; or (b) the possession, directly
or indirectly, of a voting interest in excess of fifty per cent (50%) in a Person.

 

“Deed
of Ratification and Accession” means a deed in such form as the Directors may require a new Shareholder to execute in
respect of such new Shareholder’s consent to accept and ratify the terms and conditions of this Agreement.

 

“Dilution
Instruments” means any and all classes of Shares, securities, rights, options, warrants, appreciation rights or instruments
(including debt instruments which are convertible into or entitle the holder to acquire or receive any Shares or any options to
purchase rights to subscribe for securities by their terms convertible into or exchangeable for Shares with voting rights or economic
rights).

 

“Directors”
means the directors for the time being of the Company, and a “Director” means any one of them.

 

“Exclusive
Licence Agreement” means the “Exclusive Licence Agreement” entered into on or around the date of this Agreement
by and among the Company and A*ccelerate.

 

“Fair
Value” means in relation to any Shares, the fair market value thereof certified by the Independent Valuer (acting as
expert and not an arbitrator) on the following assumptions and basis: (a) the Shares are the subject of an arm’s length
sale between a willing seller under no compulsion to sell and a willing buyer under no compulsion to buy, each with full knowledge
of all relevant facts; and (b) the Company shall at the time of such certification be carrying on its business as a going concern
and shall continue to do so. If any difficulty shall arise in applying any of the foregoing assumptions or basis, then such difficulty
shall be resolved by the Independent Valuer in such manner as it may in its absolute discretion deem fit. Unless otherwise specified
in this Agreement, the cost of such determination shall be borne by the selling Party.

 

“First
Closing” means closing for the allotment and issue of the First Tranche Subscription Shares in the manner described
in Clause 4 of this Agreement.

 

“First
Closing Date” means the date defined in Clause 3.4 on which the First Closing shall take place.

 

“First
Tranche Shares” means the aggregate of (a) the A*ccelerate First Tranche Shares; (b) AIHL First Tranche Shares; and
(c) the Founding Scientists First Tranche Shares, to the extent subscribed.

 

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“Founding
Scientists First Tranche Shares” means an aggregate of 144,333 Ordinary Shares to be allotted and issued to the Founding
Scientists in equal numbers pursuant to the terms of this Agreement as at the First Closing Date.

 

“Founding
Scientists Second Tranche Shares” means 123,333 Ordinary Shares to be allotted and issued to the Founding Scientists
pursuant to the terms of this Agreement as at the Second Closing Date.

 

“Independent
Valuer” means a third party independent valuer from any of Deloitte Touche Tohmatsu, Ernst & Young, KPMG, and PricewaterhouseCooper
or other accounting firms to be appointed by the Shareholders by mutual agreement in writing.

 

“Licensed
Product” shall have the meaning given to it in the Exclusive Licence Agreement.

 

“Licensed
Technology” shall have the meaning given to it in the Exclusive Licence Agreement.

 

“New
A*STAR RI IP” shall have the meaning given to it in the Exclusive Licence Agreement.

 

“Ordinary
Shares” means the ordinary shares in the capital of the Company.

 

“Person”
means any individual, corporation, joint stock company, limited liability company, partnership, joint venture, association, trust,
unincorporated organization, governmental authority, or other entity.

 

“Project
Delivery Agreement” means an internal agreement entered into between A*ccelerate (or AVCPL) and A*STAR RI dated 1 April
2020.

 

“Research”
means sponsored researches to be undertaken by A*STAR RI pursuant to the Project Delivery Agreement and pursuant to the Company-A*STAR
RI Funding Agreement.

 

“S$”
or “Singapore Dollars” means the lawful currency of Singapore.

 

“Second
Closing” means closing for the allotment and issue of the Second Tranche Subscription Shares in the manner described
in Clause 6 of this Agreement.

 

“Second
Closing Date” means the date defined in Clause 5.4 on which the Second Closing shall take place.

 

“Second
Tranche Shares” means the aggregate of (a) the A*ccelerate Second Tranche Shares; (b) AIHL Second Tranche Shares; and
(c) the Founding Scientists Second Tranche Shares, to the extent subscribed.

 

“Shares”
means all the issued shares in the capital of the Company.

 

“Shareholder”
means a holder of Shares whose name is registered for the time being in the electronic register of members of the Company as the
legal owner of such Shares.

 

“Subscribers”
means collectively, A*ccelerate, AIHL and the Founding Scientists, and “Subscriber” means any one of them.

 

“Subscription
Amounts” means the aggregate of the A*ccelerate Total Subscription Amounts and the AIHL Total Subscription Amounts.

 

“Subscription
Shares” means the aggregate of the First Tranche Shares and the Second Tranche Shares.

 

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“Transaction
Agreements” refers collectively to (a) this Agreement, (b) the Exclusive Licence Agreement, and (c) the Company-A*STAR
RI Funding Agreement.

 

“Transfer”
(including the terms “Transferred” and “Transferability”) as used herein means to
sell, assign, transfer, entrust, mortgage or encumber any Shares, including any assignment for the benefit of creditors or the
appointment of receiver or liquidator of assets but shall exclude any transfer by way of testamentary or intestate succession.

 

		1.2	In
                                         this Agreement, except where the context otherwise requires:

 

		(a)	words
                                         in the singular include the plural and vice versa, and references to one gender include
                                         other genders;

 

		(b)	a
                                         reference to an enactment or regulation includes a reference to any subordinate law,
                                         decree, resolution, order or the like made under the relevant enactment or regulation
                                         and is a reference to that enactment, regulation or subordinate law, decree, resolution,
                                         order or the like as from time to time amended, consolidated, modified, re-enacted or
                                         replaced;

 

		(c)	a
                                         reference to (i) years, quarters, months, days and the passage of time is to be construed
                                         in accordance with the Gregorian calendar; (ii) writing includes any modes of reproducing
                                         words in any legible form and emails to the extent confirmed by return email from the
                                         recipient thereof; (iii) “includes” or “including” means “includes
                                         without limitation” or “including without limitation” as applicable;

 

		(d)	a
                                         reference to any agreement or contract, including this Agreement, is to be interpreted
                                         to mean such agreement or contract, as amended, modified or supplemented in accordance
                                         with its terms from time to time;

 

		(e)	if
                                         a period of time is specified as from a given day, or from the day of an act or event,
                                         it is to be calculated inclusive of that day; and

 

		(f)	the
                                         headings of all sections of this Agreement have been inserted for reference only and
                                         are not to be deemed to be a part of this Agreement.

 

		2.	AGREEMENT
TO SUBSCRIBE

 

		2.1	The
                                         Subscribers shall, on the terms and subject to the conditions set forth in this Agreement,
                                         subscribe for the Subscription Shares in the following manner:

 

		2.1.1	The
                                         First Closing shall take place on the First Closing Date on which the Subscribers shall
                                         subscribe for, and the Company shall allot and issue to the Subscribers, the First Tranche
                                         Shares in the manner described below:

 

		(a)	The
                                         A*ccelerate First Tranche Shares to A*ccelerate in consideration of the A*ccelerate First
                                         Tranche Subscription Amount.

 

		(b)	The
                                         AIHL First Tranche Shares to AIHL in consideration of the AIHL First Tranche Subscription
                                         Amount.

 

		(c)	The
                                         Founding Scientists First Tranche Shares to the Founding Scientists based on the allocation
                                         set out in Schedule 1 as fully paid-up Ordinary Shares in consideration of the Founding
                                         Scientists’ continued support on the Licensed Products and Licensed Technology
                                         and undertaking to provide necessary support to meet the milestones prior to the completion
                                         or termination of the Project under the Company-A*STAR RI Funding Agreement.

 

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		2.1.2	The
                                         Second Closing shall take place on the Second Closing Date on which, the Subscribers
                                         shall subscribe, and the Company shall allot and issue to the Subscribers, the Second
                                         Tranche Shares in the manner described below:

 

		(a)	The
                                         A*ccelerate Second Tranche Shares to A*ccelerate in consideration of the A*ccelerate
                                         Second Tranche Subscription Amount.

 

		(b)	The
                                         AIHL Second Tranche Shares to AIHL in consideration of the AIHL Second Tranche Subscription
                                         Amount.

 

		(c)	The
                                         Founding Scientists Second Tranche Shares to the Founding Scientists based on the allocation
                                         set out in Schedule 1 as fully paid-up Ordinary Shares in consideration of the Founding
                                         Scientists’ continued support on the Licensed Products and Licensed Technology.

 

		2.2	The
                                         Subscribers shall execute such further instruments and to take all such further action
                                         as may reasonably be necessary to carry out the intent of this Agreement.

 

		3.	CONDITIONS
                                         PRECEDENT TO FIRST CLOSING

 

		3.1	The
                                         obligation of the Subscribers to effect the First Closing is conditional upon each of
                                         the following conditions (the “Conditions Precedent to First Closing”)
                                         having been fulfilled to the reasonable satisfaction of the Contributing Subscribers,
                                         unless jointly waived in writing by Contributing Subscribers in whole or in part (to
                                         the extent permissible under Applicable Law), on or before three (3) months from the
                                         date of this Agreement (the “First Closing Long Stop Date”):

 

		3.1.1	Contributing
                                         Subscribers shall have mutually approved the terms and conditions of each of the Exclusive
                                         Licence Agreement and the Company-A*STAR RI Funding Agreement, all of which shall be
                                         executed by the relevant Persons on the First Closing Date;

 

		3.1.2	The
                                         Company shall have duly passed all necessary written resolutions of the Board in accordance
                                         with the Constitution to approve the execution of the Transaction Agreements and authorising
                                         specified individuals to take steps to consummate the transactions contemplated in the
                                         Transaction Agreements, including but not limited to the following:

 

		(a)	Issue
                                         and allotment of the First Tranche Subscription Shares to the Subscribers, including
                                         issuance of the original share certificates therefor;

 

		(b)	Appointment
                                         of three individuals nominated by AIHL as Directors, subject to Applicable Laws (the
                                         “NEW AIHL Directors”); and

 

		(c)	Authorising
                                         the necessary entries in the Company’s statutory registers and filing of relevant
                                         forms with the relevant governmental authorities in respect of Clauses 3.1.2(a) and 3.1.2(b)
                                         above;

 

		3.1.3	AIHL
                                         shall have, as the existing sole Shareholder, passed all necessary resolutions in accordance
                                         with the Constitution and Applicable Law to authorise the Board to issue and allot the
                                         First Tranche Subscription Shares in the manner contemplated under this Agreement;

 

		3.1.4	A*ccelerate
                                         shall have obtained all necessary approvals in respect of the execution of this Agreement
                                         and the consummation of the transactions contemplated hereunder; and

 

		3.1.5	AIHL
                                         shall have obtained all necessary approvals in respect of the execution of this Agreement
                                         and any other Transaction Agreements, and authorising specified individuals to take steps
                                         to consummate the transactions contemplated thereunder.

 

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		3.2	If
                                         any Contributing Subscriber at any time becomes aware of any circumstance that shall
                                         or is likely to give rise to the non-fulfilment or delay in the fulfilment of any of
                                         the Conditions Precedent to First Closing, then such Contributing Subscriber shall immediately
                                         notify the other Contributing Subscriber in writing of such circumstances and the expected
                                         delay in fulfilment of relevant Conditions Precedent to First Closing.

 

		3.3	If
                                         any of the Conditions Precedent to First Closing is not fulfilled to the reasonable satisfaction
                                         of Contributing Subscribers unless waived in writing by the Contributing Subscribers
                                         in whole or in part (to the extent permissible under Applicable Law), by the First Closing
                                         Long Stop Date (or such other later date as may be mutually extended by the Contributing
                                         Subscribers in writing), the Contributing Subscribers may by mutual consent terminate
                                         this Agreement without incurring any liability to all Parties.

 

		3.4	If
                                         the Conditions Precedent to First Closing are fulfilled to the reasonable satisfaction
                                         of Contributing Subscribers by the First Closing Long Stop Date, the Contributing Subscribers
                                         shall proceed to fix the date of the First Closing being a Business Day no later than
                                         ten (10) days from the date the Contributing Subscribers agree that the Conditions Precedent
                                         to First Closing have been fulfilled to their reasonable satisfaction (the “First
                                         Closing Date”).

 

		4.	FIRST
CLOSING

 

		4.1	Closing
                                         for the allotment and issue of the First Tranche Subscription Shares shall (or shall
                                         be deemed to) take place on the First Closing Date at the registered office of the Company
                                         (or such other venue as the Parties may agree in writing) whereupon:

 

		4.1.1	A*ccelerate
                                         shall provide written confirmation of the contribution of the A*ccelerate First Tranche
                                         Subscription Amount and AIHL shall provide documentary evidence that it had contributed
                                         the AIHL First Tranche Subscription Amount in such manner to be agreed between them;
                                         and

 

		4.1.2	against
                                         compliance by A*ccelerate and AIHL of their respective obligations under Clause 4.1.1,
                                         the Company shall cause the following actions to be undertaken:

 

		(a)	file
                                         with ACRA a notice of allotment in respect of the allotment and issue of the First Tranche
                                         Subscription Shares, and enter in the Company’s register of allotment respectively
                                         reflecting the Subscribers as the registered holders of the First Tranche Subscription
                                         Shares respectively;

 

		(b)	file
                                         with ACRA a notice of appointment as directors in respect of the appointment of the NEW
                                         AIHL Directors, and enter in the Company’s register of directors reflecting the
                                         NEW AIHL Directors as Directors with effect as of the First Closing Date; and

 

		(c)	deliver,
                                         within ten (10) Business Days from the First Closing Date, to the Subscribers the original
                                         share certificates in respect of the First Tranche Subscription Shares issued in the
                                         name of the Subscribers respectively together with a certified copy of the Company’s
                                         electronic register of members reflecting the Subscribers as holders of the First Tranche
                                         Subscription Shares.

 

		4.2	The
                                         Parties shall do all such acts and things and execute all such documents, as they are
                                         reasonably required to do, to give effect to the issuance and allotment of the First
                                         Tranche Shares as contemplated under this Agreement.

 

		4.3	The
                                         obligations of each of the Contributing Subscribers in Clause 4.1 are interdependent
                                         and shall be deemed to have occurred simultaneously. The First Closing shall not occur
                                         unless all of the obligations contained in Clause 4.1 are complied with and are fully
                                         effective.

 

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		4.4	If
                                         the First Closing does not occur in the manner and timeline envisaged in this Agreement
                                         for reasons not caused by the Company, either Contributing Subscriber may terminate this
                                         Agreement and in the event of such termination and where any Contributing Subscriber
                                         has remitted any monies to the Company, the Company shall forthwith refund such monies
                                         within ten (10) Business Days from the date the Company receives a written notice of
                                         termination of this Agreement from the Contributing Subscriber,without incurring any
                                         liability to any other Party.

 

		5.	CONDITIONS
                                         PRECEDENT TO SECOND CLOSING

 

		5.1	The
                                         obligation of the Subscribers to effect the Second Closing is conditional upon each of
                                         the following conditions (the “Conditions Precedent to Second Closing”)
                                         having been fulfilled to the reasonable satisfaction of the Contributing Subscribers,
                                         unless jointly waived in writing by the Contributing Subscribers in whole or in part
                                         (to the extent permissible under Applicable Law), on five (5) months from the First Closing
                                         Date or any other date agreed between the Contributing Subscribers (the “Second
                                         Closing Long Stop Date”):

 

		5.1.1	The
                                         First Closing shall have successfully taken place in the manner contemplated under Clause
                                         4;

 

		5.1.2	The
                                         Company shall have duly passed all necessary written resolutions of the Board in accordance
                                         with the Constitution to approve the issue and allotment of the Second Tranche Subscription
                                         Shares to the Subscribers, including issuance of the original share certificates therefor,
                                         and authorising the necessary entries in the Company’s statutory registers and
                                         filing of relevant forms with the relevant governmental authorities in connection with
                                         the allotment and issue of the Second Tranche Subscription Shares;

 

		5.1.3	The
                                         Shareholders shall have passed all necessary written resolutions in accordance with the
                                         Constitution and Applicable Law to authorise the Board to issue and allot the Second
                                         Tranche Subscription Shares in the manner contemplated under this Agreement; and

 

		5.1.4	The
                                         A*STAR RI shall have achieved Milestone 1 of Schedule B of the Company-A*STAR RI Funding
                                         Agreement.

 

		5.2	If
                                         any Contributing Subscriber at any time becomes aware of any circumstance that shall
                                         or is likely to give rise to the non-fulfilment or delay in the fulfilment of any of
                                         the Conditions Precedent to Second Closing, then such Contributing Subscriber shall immediately
                                         notify the other Contributing Subscriber in writing of such circumstances and the expected
                                         delay in fulfilment of relevant Conditions Precedent to Second Closing.

 

		5.3	If
                                         any of the Conditions Precedent to Second Closing are not fulfilled to the reasonable
                                         satisfaction of Contributing Subscribers unless waived in writing by the Contributing
                                         Subscribers in whole or in part (to the extent permissible under Applicable Law), by
                                         the Second Closing Long Stop Date (or such other later date as may be mutually extended
                                         by the Contributing Subscribers in writing), the Contributing Subscribers may by mutual
                                         consent terminate this Agreement with respect to the Contributing Subscribers’
                                         obligation to proceed with the Second Closing without incurring any liability to any
                                         other Party, provided however that if Clause 5.1.4 is the only Condition Precedent to
                                         Second Closing not met before the Second Closing Long Stop Date, AIHL shall be entitled
                                         at its sole discretion to unilaterally extend the Second Closing Long Stop to a later
                                         date when the condition stated under Clause 5.1.4 can and has been met pursuant to the
                                         manner set forth in Clause 5.1.4.

 

		5.4	If
                                         the Conditions Precedent to Second Closing are fulfilled to the reasonable satisfaction
                                         of the Contributing Subscribers by the Second Closing Long Stop Date, the Contributing
                                         Subscribers shall proceed to fix the second closing date being a Business Day no later
                                         than ten (10) days from the date the Contributing Subscribers agree that the Conditions
                                         Precedent to Second Closing have been fulfilled to their reasonable satisfaction (“Second
                                         Closing Date”).

 

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		6.	SECOND
CLOSING

 

		6.1	Closing
                                         for the allotment and issue of the Second Tranche Subscription Shares shall (or shall
                                         be deemed to) take place on the Second Closing Date at the registered office of the Company
                                         (or such other venue as the Contributing Subscribers may agree in writing) whereupon:

 

		6.1.1	A*ccelerate
                                         shall provide written confirmation of the contribution of the A*ccelerate Second Tranche
                                         Subscription Amount and AIHL shall provide documentary evidence that it had contributed
                                         the AIHL Second Tranche Subscription Amount respectively in such manner to be agreed
                                         between them; and

 

		6.1.2	against
                                         compliance by the Contributing Subscribers of their respective obligations under Clause
                                         6.1.1, the Company shall cause the following actions to be undertaken:

 

		(a)	file
                                         with ACRA a notice of allotment in respect of the allotment and issue of the Second Tranche
                                         Subscription Shares, and enter in the Company’s register of allotment respectively
                                         reflecting the Subscribers as the registered holders of the Second Tranche Subscription
                                         Shares; and

 

		(b)	deliver,
                                         within ten (10) Business Days from the Second Closing Date, to the Subscribers the original
                                         share certificates in respect of the Second Tranche Subscription Shares issued in the
                                         name of the Subscribers respectively together with a certified copy of the Company’s
                                         electronic register of members reflecting the Subscribers as holders of the Second Tranche
                                         Subscription Shares.

 

		6.2	The
                                         Parties shall do all such acts and things and execute all such documents, as they are
                                         reasonably required to do, to give effect to the issuance and allotment of the Second
                                         Tranche Shares as contemplated under this Agreement.

 

		6.3	The
                                         obligations of each of the Contributing Subscribers in Clause 6.1 are interdependent
                                         and shall be deemed to have occurred simultaneously. The Second Closing shall not occur
                                         unless all of the obligations contained in Clause 6.1 are complied with and are fully
                                         effective.

 

		6.4	Subject
                                         to Clause 5.3, if the Second Closing does not occur in the manner and timeline envisaged
                                         in this Agreement for reasons not caused by the Company, any Contributing Subscriber
                                         may terminate this Agreement with respect of the obligations in respect of the Second
                                         Closing and in the event of such termination and where any Contributing Subscriber has
                                         remitted any monies to the Company, the Company shall forthwith refund such monies within
                                         ten (10) Business Days from the date the Company receives a written notice of such termination
                                         from the Contributing Subscriber, without incurring any liability to any other Party.

 

		7.	USE
                                         OF SUBSCRIPTION AMOUNTS

 

		7.1	The
                                         Parties agree that the Company shall use the Subscription Amounts (from the successful
                                         completion of the relevant First Closing and/or Second Closing) as follows:

 

		7.1.1	Upon
                                         the execution of Transaction Documents and after the First Closing Date:

 

		(a)	the
                                         Company shall apply [***] from the AIHL Total Subscription Amounts to make the “First
                                         Payment” set forth in Schedule A of the Company-A*STAR RI Funding Agreement in
                                         accordance with the Company-A*STAR RI Funding Agreement; and

 

		(b)	A*ccelerate
                                         shall procure the contribution of the A*ccelerate First Tranche Subscription Amount in
                                         accordance with the Project Delivery Agreement,

 

(collectively,
the “First Funding Round”).

 

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		7.1.2	Subject
                                         to the completion of the First Closing and the First Funding Round:

 

		(a)	upon
                                         completion of the milestone corresponding to the “Second Payment” set forth
                                         under Schedule A of the Company-A*STAR RI Funding Agreement, the Company shall apply
                                         [***] from the AIHL Total Subscription Amounts to A*STAR RI to make the “Second
                                         Payment” under the Company-A*STAR RI Funding Agreement in accordance with the Company-A*STAR
                                         RI Funding Agreement;

 

		(b)	upon
                                         further completion of the first development milestone set out in paragraph 8(a) of Schedule
                                         1 of the Exclusive Licence Agreement, the Company shall pay [***] from the AIHL Total
                                         Subscription Amounts to A*ccelerate in accordance with the Exclusive Licence Agreement;
                                         and

 

		(c)	A*ccelerate
                                         shall procure the contribution of the A*ccelerate Second Tranche Subscription Amount
                                         in accordance with the Project Delivery Agreement,

 

(collectively,
the “Second Funding Round”).

 

		7.1.3	Subject
                                         to the completion of the Second Closing and the Second Funding Round:

 

		(a)	upon
                                         completion of the milestone corresponding to the “Third Payment” set forth
                                         under Schedule A of the Company-A*STAR RI Funding Agreement, the Company shall apply
                                         [***] from the AIHL Total Subscription Amounts to make the “Third Payment”
                                         under the Company-A*STAR RI Funding Agreement in accordance with the Company-A*STAR RI
                                         Funding Agreement; and

 

		(b)	upon
                                         completion of the second development milestone under the Exclusive Licence Agreement,
                                         the Company shall pay [***]] from the AIHL Total Subscription Amounts to A*ccelerate
                                         in accordance with the Exclusive Licence Agreement,

 

(collectively,
the “Third Funding Round”).

 

		7.1.4	Subject
                                         to the completion of the Third Funding Round:

 

		(a)	upon
                                         completion of the milestone corresponding to the “Fourth Payment” set forth
                                         under Schedule A of the Company-A*Star RI Funding Agreement, the Company shall apply
                                         [***] from the AIHL Total Subscription Amounts to make the “Fourth Payment”
                                         under the Company-A*STAR RI Funding Agreement in accordance with the Company-A*STAR RI
                                         Funding Agreement;

 

		(b)	upon
                                         completion of the third development milestone set out in paragraph 8(a) of Schedule 1
                                         of the Exclusive Licence Agreement, the Company shall pay [***] from the AIHL Total Subscription
                                         Amounts to A*ccelerate in accordance with the Exclusive Licence Agreement; and

 

		(c)	upon
                                         completion of the fourth development milestone set out in paragraph 8(a) of Schedule
                                         1 of the Exclusive Licence Agreement, the Company shall release [***] from the AIHL Total
                                         Subscription Amounts to A*ccelerate in accordance with the Exclusive Licence Agreement,

 

(collectively,
the “Fourth and Final Funding Round”).

 

		7.2	If
                                         any of the development milestones referred to in Clauses 7.1.2 (a), 7.1.2(b), 7.1.3 and
                                         7.1.4 does not occur in the manner or within the timeline envisaged in this Agreement
                                         and is not fulfilled to the reasonable satisfaction of the Company, unless waived in
                                         writing by the Company in whole or in part (to the extent permissible under Applicable
                                         Law), the Contributing Subscribers may negotiate in good faith to amend the relevant
                                         milestones or waive such requirement.

 

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		7.3	In
                                         the event that the Contributing Subscribers have reached a deadlock (including but not
                                         limited to failure for the Contributing Subscribers to agree after good faith negotiation
                                         pursuant to Clause 7.2 to amend the relevant milestones or waive such requirement), based
                                         on the net asset value per Share, within ten (10) Business Days of obtaining the approval
                                         of the Company’s Shareholders (excluding the requesting Contributing Shareholder),
                                         which shall not be unreasonably withheld. Alternatively, the Contributing Shareholders
                                         may mutually agree to enter into capital reduction exercise in which the other Contributing
                                         Shareholders will waive rights to any pro-rata return of an agreed sum of any unused
                                         working capital to a Contributing Shareholder, or such other method permitted under applicable
                                         laws as may be mutually agreed between the Contributing Shareholders.

 

		8.	CAPITAL
STRUCTURE OF THE COMPANY

 

		8.1	Upon
                                         the First Closing being given effect to, and unless otherwise varied by mutual consent
                                         of the Shareholders or as a result of transfer of Shares as permitted under this Agreement,
                                         the Contributing Subscribers and the Founding Scientists shall exercise their respective
                                         voting rights and powers available to them as Shareholders to ensure that:

 

		8.1.1	the
                                         share capital of the Company shall at all times be held by them unless otherwise transferred
                                         pursuant to Clause 14;

 

		8.1.2	each
                                         of the Subscribers shall not:

 

		(a)	enter
                                         into or agree to be bound by any voting trust with respect to any Shares held by it;

 

		(b)	create
                                         or permit to be created any pledge, lien or charge over, or grant any option or other
                                         rights over, or dispose of, any Shares held by it;

 

		(c)	enter
                                         into any shareholder agreement or arrangement of any kind with any person with respect
                                         to any Shares held by it; or

 

		(d)	take
                                         any other action, which in any such case is inconsistent with the spirit, intent and
                                         objectives of this Agreement; and

 

		8.1.3	as
                                         between themselves, they shall procure the convening of all meetings, the giving of all
                                         waivers and consents, and the passing of all resolutions to give effect to the provisions
                                         of this Agreement.

 

		9.	BOARD
OF DIRECTORS

 

		9.1	Subject
                                         to this Agreement, the Constitution, and Applicable Law, the Board of Directors shall
                                         have the overall responsibility for determining the strategy, management, planning and
                                         policies of the Company.

 

		9.2	Following
                                         the First Closing, the Board shall comprise of up to five (5) Directors, comprising up
                                         to one (1) Director nominated by A*ccelerate and up to four (4) Directors nominated by
                                         AIHL (“AIHL Directors”).A*ccelerate may nominate one (1) Director
                                         to the Board at any time upon written notice to the Company following the First Closing
                                         (“A*ccelerate Director”), prior to which A*ccelerate shall be entitled
                                         to appoint a representative to attend as an observer at all Board Meetings (the “A*ccelerate
                                         Observer”). The A*ccelerate Observer shall be entitled to receive all notices
                                         of Board Meetings, materials and access to the Company that a Director may receive from
                                         the Company, and speak at any Board Meetings (but shall not be entitled to vote). The
                                         appointment of the A*ccelerate Observer shall automatically terminate upon the appointment
                                         of the A*ccelerate Director.

 

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		9.3	After
                                         the Board is formed pursuant to Clause 9.2, the Board shall pass necessary resolutions
                                         in accordance with the Constitution to approve the appointment of the CEO and financial
                                         controller of the Company, and the A*ccelerate Observer, pursuant to this Agreement.

 

		9.4	Unless
                                         otherwise approved in writing by the Board, no Director is entitled to receive remuneration
                                         for holding office as a Director or exercising the functions of that office.

 

		9.5	Board
                                         Meetings:

 

		9.5.1	The
                                         Board shall meet as often as is deemed necessary or expedient for the due performance
                                         of the functions of the Directors in accordance with Applicable Law (“Board
                                         Meetings”). A Board Meeting may be called by any Director and fourteen (14)
                                         days’ prior written notice shall be given to each Director, Provided However That
                                         a Board Meeting may be convened by shorter notice with the written consent of all Directors.

 

		9.5.2	The
                                         quorum for all Board Meetings shall be any two (2) Directors (if the A*ccelerate Director
                                         has not been appointed) or three (3) Directors, comprising at least two (2) AIHL Directors,
                                         and the A*ccelerate Director (if the A*ccelerate Director has been appointed).

 

		9.5.3	If
                                         the quorum is not present within half an hour of the scheduled time of the Board Meeting,
                                         the Board Meeting shall stand adjourned to the same day, location and time on the following
                                         week. If such day is not a Business Day, the Board Meeting shall be held on the next
                                         Business Day at the same location and time. The Directors present at such adjourned Board
                                         Meeting, at least two (2) of whom shall be AIHL Directors, shall constitute the quorum
                                         for such adjourned Board Meeting and all matters may be discussed and acted upon at such
                                         adjourned Board Meeting, provided due and proper notice and agenda of the second adjourned
                                         Board Meeting has been provided to all Directors.

 

		9.5.4	Subject
                                         to Clause 10.6, all decisions of the Board at any Board Meeting shall be taken by simple
                                         majority vote of participating Directors. Each Director present in the Board Meeting
                                         shall be entitled to one (1) vote.

 

		9.5.5	The
                                         Directors may participate in a Board Meeting by means of a telephone or video conference,
                                         or similar communications equipment, by which all Directors participating in the Board
                                         Meeting are able to hear and be heard by the other Directors without the need for a Director
                                         to be in the physical presence of another Directors and participation in the Board Meeting
                                         in this manner shall be deemed to constitute presence in person at such Board Meeting.
                                         The Directors participating in any such Board Meeting shall be counted in the quorum
                                         for such Board Meeting and subject to there being a requisite quorum at all times during
                                         such Board Meeting, all resolutions passed by the Directors at such Board Meeting shall
                                         be deemed to be as effective as a resolution passed at a Board Meeting duly convened
                                         and held. A Board Meeting conducted by means of telephone or video conference, or other
                                         similar communications equipment, as aforesaid is deemed to be held at the place agreed
                                         by the Directors attending the Board Meeting.

 

		9.6	A
                                         resolution in writing of the Directors shall be as valid and effectual as if it has been
                                         passed at a Board Meeting duly convened and held, if the resolution is signed by a majority
                                         of the Directors for the time being entitled to receive notice of a Board Meeting. All
                                         such resolutions shall be circulated to the Directors at least fourteen (14) days prior
                                         to the date such resolution is to take effect. Any such resolution may consist of several
                                         documents in like form, each signed by one or more Directors. All such resolutions shall
                                         without delay, be forwarded or otherwise delivered to the company secretary of the Company
                                         to be recorded and filed in the Company’s minute book. The expressions “in
                                         writing” and “signed” include any writing or signature of any Director
                                         delivered by fax or any other form of electronic transmission.

 

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		10.	GENERAL
MEETINGS OF THE COMPANY

 

		10.1	The
                                         Company shall hold all its general meetings (“General Meetings”) in
                                         accordance with Applicable Law. The Board may convene a General Meeting whenever it may
                                         deem fit. All General Meetings shall be held at the principal place of business of the
                                         Company or at such other place as the Board may determine from time to time.

 

		10.2	In
                                         the event that a physical General Meeting is not practical or not able to be held, it
                                         shall be conducted by means of telephone and/or video conferencing call or similar communications
                                         equipment whereby all Shareholders participating in the General Meeting can hear each
                                         other and such participation shall be deemed to constitute in person at that General
                                         Meeting. Such General Meeting shall be deemed to take place where the largest group of
                                         Shareholders present for the purposes of that General Meeting is assembled, or if there
                                         is no such group, where the chairman of that General Meeting is present.

 

		10.3	The
                                         chairman of the Board, if any, shall chair all General Meetings, or if he is not available
                                         or present at the General Meeting, then the Shareholders present at the General Meeting
                                         shall appoint any one of them to act as the chairman of that General Meeting. The chairman
                                         of General Meetings does not have a casting vote.

 

		10.4	No
                                         business shall be transacted at any General Meeting unless a quorum is present. The quorum
                                         for all General Meetings shall be at least two (2) Shareholders, one (1) of whom shall
                                         be AIHL, and one (1) of whom shall be A*ccelerate, present in person or by proxy. If
                                         the quorum is not present within half an hour of the scheduled time of the General Meeting,
                                         the General Meeting shall stand adjourned to the same day, location and time on the following
                                         week or to any other day and at any other time and location as the Board may determine
                                         (“Adjourned General Meeting”). At the Adjourned General Meeting, if
                                         the quorum is not present within half an hour of the scheduled time of the Adjourned
                                         General Meeting, then any Shareholder, one (1) of whom shall be AIHL present in person
                                         or by proxy, shall constitute the quorum for the Adjourned General Meeting and all matters
                                         may be discussed and acted upon at the Adjourned General Meeting, provided due and proper
                                         notice and agenda of the Adjourned General Meeting has been provided to each Shareholder.

 

		10.5	Voting
                                         at General Meetings shall be done by way of poll voting. Except as provided in Clause
                                         10.6 or otherwise required by Applicable Law, all resolutions shall be adopted by simple
                                         majority.

 

		10.6	The
                                         following matters in relation to the affairs of the Company shall be subject to the affirmative
                                         votes of the Contributing Subscribers, except that the Contributing Subscribers shall
                                         not unreasonably withhold their respective approvals where the relevant matter is for
                                         the purposes of attracting further investors, or capital increase by the Company, or
                                         enhancing the business strategy of the Company (the “Reserved Matters”):

 

		10.6.1	Any
                                         material change in the business strategy of the Company.

 

		10.6.2	Any
                                         material change in the nature of business of the Company,or commencing any new business
                                         by the Company which is not ancillary or incidental to the business, or in a new market
                                         which is materially adverse to the interest of any Contributing Subscriber.

 

		10.6.3	Any
                                         amendment to the Constitution which affects the rights attaching to the Shares.

 

		10.6.4	Cessation
by the Company of the business activities substantially as now conducted.

 

		10.6.5	Any
                                         transfer, relocation or commencement of any aspect of operations outside of Singapore
                                         other than marketing or sales and distributorship.

 

		10.6.6	Acquisition
                                         or disposal of or dilution of or winding up or dissolution of any interest in any other
                                         business, company, partnership or sole proprietorship.

 

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		10.6.7	Commencement,
                                         settlement or compromise of any material legal proceedings (other than debt recovery
                                         proceedings in the ordinary course of business) instituted or threatened against the
                                         Company, or submission to arbitration or alternative dispute resolution any dispute involving
                                         the Company.

 

		10.6.8	Creation
                                         of or revisions to any employee share plan or share option plan.

 

		10.6.9	Provision
                                         by the Company of a guarantee or any security in favour of any party other than its subsidiaries.

 

		10.6.10	Liquidation,
                                         dissolution, reorganisation, restructuring, merger or amalgamation of the Company, or
                                         the making or agreeing to make a composition or arrangement with creditors, move for
                                         insolvency, receivership or administration or do or permit or suffer to be done any act
                                         or thing whereby the Company may be wound up (whether voluntarily or compulsorily).

 

		10.6.11	Creation
                                         or issuance by the Company of Shares, debentures or Dilution Instruments or the consolidation,
                                         sub-division or conversion of or the reduction in its share capital or the alteration
                                         of the rights attaching to them, save as otherwise permitted under this Agreement.

 

		10.7	Notwithstanding
                                         Clause 10.6, in the event that each of Contributing Subscribers holds less than 3% of
                                         the share capital of the Company, its affirmative vote to the Shareholders’ approval
                                         to any of the Reserved Matters is no longer required. In the event that New Investors
                                         are introduced and pursuant to the request by the New Investors, Contributing Subscribers
                                         shall use commercially reasonable efforts to negotiate and amend the Reserved Matters
                                         and/or their authorities with respect to the approval of the Reserved Matters.

 

		10.8	A
                                         resolution in writing of the Shareholders shall be as valid and effectual as if it has
                                         been passed at a General Meeting duly convened and held if the resolution is signed by
                                         a majority of the Shareholders for the time being entitled to receive notice of a General
                                         Meeting (one of whom shall be AIHL), or in the case of Reserved Matters, signed by the
                                         Contributing Subscribers. All such resolutions shall be circulated to the Shareholders
                                         at least fourteen (14) days prior to the date such resolution is to take effect. Any
                                         such resolution may consist of several documents in like form, each signed by one or
                                         more Shareholder. The expressions “in writing” and “signed” include
                                         approval by fax or electronic mail transmission.

 

		11.	OPERATIONAL
                                         ASPECTS OF THE COMPANY

 

		11.1	Day-to-Day
                                         Management of the Company: The day-to-day administration and management of the Company
                                         shall be vested in a Chief Executive Officer (“CEO”) whose appointment
                                         (including terms of his remuneration) and removal requires the mutual approval of the
                                         Contributing Subscribers. It is hereby agree that the initial CEO of the Company shall
                                         be Dr. Clark Cheng.

 

		11.2	Accounts
                                         and Records: The Company shall maintain accurate books of account, and financial and
                                         related records, in accordance with generally accepted accounting principles in Singapore
                                         or any other international accepted accounting principles. The Company shall, upon reasonable
                                         notice and during normal business hours, make available at its registered address for
                                         inspection by any Director (and its designated representatives) or as the case may be,
                                         the A*ccelerate Observer, the books of account and records of the Company.

 

		11.3	Information
                                         Rights:

 

		11.3.1	Upon
                                         request, the Company shall provide to any Director or as the case may be, the A*ccelerate
                                         Observer, a copy of the audited financial statements of the Company forthwith upon the
                                         same becoming available within one hundred eighty (180) days of close of the relevant
                                         financial year.

 

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		11.3.2	The
                                         Company shall provide the Contributing Subscribers with a copy of the Company’s
                                         half-yearly management accounts within thirty (30) days from the close of every half
                                         year. The Contributing Subscribers hereby agree and acknowledge that A*ccelerate shall
                                         be permitted to disclose its copy of the Company’s half-yearly management accounts
                                         to A*ccelerate for the duration of the Exclusive Licence Agreement.

 

		11.3.3	The
                                         Company shall provide the Contributing Subscribers with a copy of the Company’s
                                         annual budget no later than ten (10) days prior to the close of the relevant financial
                                         year.

 

		11.4	Operation
                                         of Banking Matters:

 

		11.4.1	The
                                         Board shall ensure that the authorised signatories of all bank accounts and facilities
                                         of the Company (including but not limited to all bank accounts and loan facilities of
                                         the Company) and in the case of electronic operations and transactions of such accounts
                                         and facilities, the persons from whom approvals must be sought prior to the Company undertaking
                                         such electronic operations and transactions shall comprise the following personnel acting
                                         in accordance with the signing authority pursuant to this Clause 11.4.1:

 

	Group
    A Authorised Person(s)	Group
B Authorised Person(s)

	[***]	[***]

 

		(a)	For
                                         any amount up to [***]: To be jointly approved/signed by any two of the Group A Authorised
                                         Person(s) and Group B Authorised Person(s) (each, an “Authorised Person”).

 

		(b)	For
                                         any amount above [***]: To be jointly approved/signed by one Group A Authorised Person
                                         and one Group B Authorised Person.

 

		11.4.2	The
                                         above thresholds may be subject to changes depending on the Company’s requirements
                                         as part of its ordinary course of business subject to the consent of the Board.

 

		11.4.3	The
                                         first financial controller of the Company shall be Miss Sabrina Khan (or such other Person
                                         nominated by the Company). The appointment and removal of the financial controller shall
                                         require the mutual approval of the Contributing Subscribers.

 

		12.	CONFIDENTIALITY

 

		12.1	Each
                                         Shareholder (“Recipient”) agrees that all of the Confidential Information
                                         (as defined below) of the Company and any other Shareholder (each, a “Disclosing
                                         Party”) shall be held by the Recipient in confidence and shall only be disclosed
                                         to the employees, agents and representatives of the Recipient on a strict need-to-know
                                         basis only, provided that such employees, agents and representatives shall, if so required
                                         by any Disclosing Party, sign an undertaking to safeguard the Disclosing Party’s
                                         Confidential Information in such form as the Disclosing Party may require. Each A*ccelerate
                                         Director and AIHL Director may share Confidential Information with A*ccelerate and AIHL
                                         respectively.

 

		12.2	It
                                         is agreed that A*ccelerate may disclose all or any part of the Confidential Information
                                         to its Affiliates on the basis that A*ccelerate shall procure that such Affiliates shall
                                         also agree to treat the information as confidential.

 

		12.3	The
                                         Recipient shall take appropriate and adequate measures to prevent the improper or unauthorised
                                         disclosure of the Confidential Information of any Disclosing Party, and that it shall
                                         not utilise the Confidential Information of any Disclosing Party, directly or indirectly,
                                         except for the purposes contemplated under this Agreement, or required by law to be disclosed
                                         in response to a valid order of a court of competent jurisdiction or authorised government
                                         agency, subject to prompt prior notice by the Recipient to the Disclosing Party to enable
                                         the Disclosing Party to apply for a protective order prior to disclosure.

 

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		12.4	If
                                         a Recipient ceases to be a Shareholder, it shall, if required by written notice from
                                         any Disclosing Party, return the Confidential Information of the Disclosing Party, or
                                         destroy documents or records (and/or copies thereof) containing the Confidential Information
                                         of the Disclosing Party.

 

		12.5	For
                                         purposes hereof, “Confidential Information” means this Agreement,
                                         and any information of a technical, scientific, or commercial nature which is proprietary
                                         to the Disclosing Party or its licensors, Affiliates, or vendors, or is in the possession
                                         of a party under an obligation of confidence and includes, among other things, product
                                         solutions and any and all components thereof, documents, electronic data, and media for
                                         the storage thereof, plans, photographs, apparatus and samples containing any such information,
                                         as well as any and all improvements, innovations and developments thereof and which had
                                         been marked “Confidential” or with words of similar import. Information communicated
                                         by a Disclosing Party orally or visually shall be summarized in writing, marked “Confidential”
                                         and delivered to the Recipient within fourteen (14) days of such communication failing
                                         which such information shall not constitute Confidential Information shall not include
                                         information that, as shall be proven by the Recipient, was lawfully and legitimately
                                         known to and/or in the possession of the Recipient free of any obligation of confidence
                                         to any Disclosing Party, as the case may be, or any third party at the time of disclosure,
                                         or generally available from public sources without fault on the part of the Recipient.

 

		12.6	Notwithstanding
                                         this Clause 12, a Party may disclose the terms and conditions of this Agreement, with
                                         prior written notification to the other Parties should this type of disclosure be necessary:
                                         (i) in any governmental filing or to other authorities as required by the applicable
                                         laws and/or regulation or rules of NASDAQ, an Alternative Stock Exchange, the Financial
                                         Industry Regulatory Authority or the U.S. Securities and Exchange Commission and (ii)
                                         in connection with any action or claim to enforce its rights thereunder.

 

		12.7	Furthermore,
                                         a Recipient may disclose Confidential Information to underwriters, investors, lenders,
                                         prospective collaboration partners and financial advisors under non-disclosure agreements
                                         with obligations no less onerous than those stated herein in performing due diligence
                                         in any other transaction otherwise permitted in this Agreement. The Party disclosing
                                         said information shall give the other Parties prior written notification should this
                                         type of disclosure be necessary.

 

		12.8	This
                                         Clause 12 shall survive the expiry or termination of this Agreement.

 

		13.	RESTRICTIVE
                                         COVENANTS

 

		13.1	Each
                                         Shareholder shall ensure that for as long as it holds Shares and for a period of twelve
                                         (12) months from the date it ceases to be a Shareholder (the “Relevant Period”),
                                         it shall not (and shall procure that none of its Affiliates shall):

 

		13.1.1	either
                                         on its own account or in conjunction with or on behalf of any person, carry on or be
                                         engaged, concerned or interested directly or indirectly whether as shareholder, director,
                                         employee, partner, agent or otherwise in carrying on any third party business competing
                                         with the Company;

 

		13.1.2	either
                                         on its own account or in conjunction with or on behalf of any other person, solicit or
                                         entice away or attempt to solicit or entice away from the Company the customers of any
                                         person who is or has at any time within one (1) year prior to the date of cessation as
                                         a Shareholder been a customer, client, identified prospective customer or client, agent
                                         or correspondent of the Company or in the habit of dealing with the Company; or

 

		13.1.3	either
                                         on its own account or in conjunction with or on behalf of any other person, employ, solicit
                                         or entice away or attempt to employ, solicit or entice away from the Company any person
                                         who is or shall have been at the date of or within one (1) year prior to the date of
                                         cessation as a Shareholder an officer, manager, consultant or employee of the Company
                                         (or any subsidiary) whether or not such person would commit a breach of contract by reason
                                         of leaving such employment.

 

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		13.2	For
                                         as long as a Shareholder holds Shares and after it ceases to hold Shares, it shall not
                                         do or say anything which is detrimental to the reputation of the Company or which may
                                         lead any person to cease to deal with the Company on substantially equivalent terms to
                                         those previously offered or at all. For the avoidance of doubt, subject to compliance
                                         of Clause 12, this provision does not apply for any confidential discussion between A*ccelerate
                                         and its Affiliates or with any ministry, statutory board or governmental authority of
                                         Singapore.

 

		13.3	Each
                                         and every obligation under this Clause 13 shall be treated as a separate obligation and
                                         shall be severally enforceable as such, and in the event of any obligation or obligations
                                         being or becoming unenforceable in whole or in part, such part or parts as are unenforceable
                                         shall be deleted from this Clause13, and any such deletion shall not affect the enforceability
                                         of all such parts of this Clause 13 as remain not so deleted. While the obligations contained
                                         in this Clause 13 are considered by the Parties to be reasonable in all the circumstances,
                                         they recognise that some of the restrictions may fail for technical reasons and accordingly,
                                         they agree that if any of such restrictions shall be adjudged to be void as going beyond
                                         what is reasonable in all the circumstances for the protection of the interest of the
                                         Parties but would be valid if part of the wording thereof were deleted or the periods
                                         thereof reduced or the range of activities or area dealt with thereby reduced in scope,
                                         the said restriction shall apply with such modifications as may be necessary to make
                                         it valid and effective.

 

		13.4	The
                                         obligations set out in this Clause 13 shall survive the expiry or termination of this
                                         Agreement.

 

		14.	TRANSFER
                                         OF SHARES

 

		14.1	General
                                         Restriction:

 

		14.1.1	Except
                                         with the prior written consent of each Shareholder or save as otherwise permitted under
                                         this Agreement, no Shareholder shall pledge, charge, mortgage (whether by way of fixed
                                         or floating charge) or otherwise encumber its legal and/or beneficial interest in any
                                         Shares held by him; or Transfer any legal and/or beneficial interest in any Shares held
                                         by him.

 

		14.1.2	Any
                                         Transfer or purported Transfer of any Share made otherwise than in accordance with this
                                         Agreement (except for a Transfer authorized pursuant to this Clause 14) shall be void
                                         and of no effect and the Directors shall refuse to register that Transfer. No Share or
                                         any beneficial interest in it shall be Transferred otherwise than in accordance with
                                         this Agreement.

 

		14.2	Transfer
                                         to Affiliates:

 

		14.2.1	Notwithstanding
                                         Clause 14.1, in case a Shareholder proposes to Transfer its Shares to an Affiliate, each
                                         of the other Shareholders shall not withhold its consent to such Transfer without any
                                         reasonable ground and shall not be entitled to participate in such Transfer and shall
                                         have (and be deemed to have) consented to and waived all rights of first refusal in connection
                                         with such Transfer, Provided However That:

 

		(a)	the
                                         obligations of the Transferring Shareholder under this Agreement shall remain unaffected
                                         by such Transfer under this Clause 14.2 and after such Transfer, the Affiliate shall
                                         be equally bound to the said obligations;

 

		(b)	unless
                                         the transferee is already a Shareholder, the transferee shall execute a Deed of Ratification
                                         and Accessioncontemporaneously with such Transfer; and

 

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		(c)	the
                                         relevant Shares shall be Transferred back to the Transferring Shareholder immediately
                                         upon the transferee ceasing to be an Affiliate.

 

		14.2.2	For
                                         the avoidance of doubt, Clauses 14.1, 14.3 and 14.4 shall not apply in respect of the
                                         Transfer by a Shareholder to its Affiliate pursuant to this Clause 14.2, and the Shareholders
                                         shall exercise their respective powers to procure that the Board approves such a Transfer.

 

		14.3	Right
                                         of First Refusal and Transfer Procedures:

 

		14.3.1	Subject
                                         to Clauses14.2 and 14.5:

 

		(a)	any
                                         Shareholder (“Transferring Shareholder”) who proposes to Transfer
                                         its Shares otherwise than in accordance with Clauses 14.2 or 14.5, whether to any Person
                                         (“Prospective Purchaser”) or otherwise, shall be required to give
                                         notice in writing (“ROFR Offer Notice”) to the Company of the proposed
                                         Transfer, clearly specifying the number of Shares it wishes to Transfer (“ROFR
                                         Offer Shares”), the name of the Prospective Purchaser (if any), the price,
                                         whether or not the ROFR Offer Notice is conditional upon all (and not part only) of the
                                         ROFR Offer Shares being sold pursuant to the offer made (and in the absence of such stipulation
                                         it shall be deemed not to be so conditional), and other material terms of the proposed
                                         Transfer; and

 

		(b)	the
                                         Transferring Shareholder shall not conclude the Transfer of the ROFR Offer Shares whether
                                         to the Prospective Purchaser or otherwise without first offering the ROFR Offer Shares
                                         to the other Shareholders (“ROFR Holders”) in accordance with this
                                         Clause 14.3 (“Right of First Refusal”).

 

		14.3.2	No
                                         ROFR Offer Notice once given may be withdrawn without the consent of the Board. The ROFR
                                         Offer Notice shall constitute the Company as the agent of the Transferring Shareholder
                                         for the sale of the ROFR Offer Shares at the ROFR Offer Price (as defined in Clause 14.3.3).

 

		14.3.3	For
                                         purposes of this Clause 14, “ROFR Offer Price” means the higher of:

 

		(a)	the
                                         price per ROFR Offer Share offered by the Prospective Purchaser, where the Prospective
                                         Purchaser is reasonably believed by the Transferring Shareholder where the Contributing
                                         Shareholders believe to be acting in good faith; or

 

		(b)	the
                                         price thereof agreed between the Transferring Shareholder and the Board within one (1)
                                         month from the date of the ROFR Offer Notice, or, in the absence of such agreement, the
                                         Fair Value of the ROFR Offer Shares at the date of the ROFR Offer Notice as determined
                                         and certified by an Independent Valuer.

 

The
fees of the Independent Valuer shall be borne by the Transferring Shareholder, unless otherwise agreed by the Board.

 

		14.3.4	The
                                         Company shall upon receipt of a ROFR Offer Notice or, where later, upon the determination
                                         of the ROFR Offer Price, give notice in writing to the ROFR Holders of the ROFR Offer
                                         Shares that are available for purchase (“Company’s Notice”).
                                         The Company Notice shall invite the ROFR Holders to notify the Company in writing within
                                         one month from the date of the Company’s Notice (“ROFR Prescribed Period”)
                                         whether they wish to purchase such maximum number of the ROFR Offer Shares (calculated
                                         with reference to the proportion that the ROFR Holders’ respective shareholdings
                                         in the Company bear to one another).

 

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		14.3.5	If
                                         the ROFR Holders shall within the ROFR Prescribed Period apply for all or any of the
                                         ROFR Offer Shares, the Company shall allocate the ROFR Offer Shares (or so many of them
                                         as shall be applied for as aforesaid) amongst the ROFR Holders, and in the case of competition,
                                         on a pro rata basis (as nearly as possible) in accordance with the proportion that the
                                         relevant ROFR Holders’ respective shareholdings in the Company bear to one another,
                                         provided that no ROFR Holder shall be obliged to take more than the maximum number of
                                         the ROFR Offer Shares specified by it.

 

		14.3.6	After
                                         the ROFR Prescribed Period, the Company shall forthwith give notice of such allocations
                                         made by it pursuant to Clause 14.3.5 (“Allocation Notice”) to the
                                         Transferring Shareholder and the ROFR Holders to whom the ROFR Offer Shares have been
                                         allocated pursuant to Clause 14.3.5 (“Purchasing ROFR Holders”), and
                                         shall specify in such Allocation Notice the place and time (being not later than one
                                         (1) month after the date of the Allocation Notice) at which the Transfer of the ROFR
                                         Offer Shares so allocated shall be completed.

 

		14.3.7	If
                                         it is a condition specified in the ROFR Offer Notice that all and not some only of the
                                         ROFR Offer Shares shall be purchased and if the ROFR Holders do not, on a collective
                                         basis, apply to purchase all the ROFR Offer Shares, the Company shall in the Allocation
                                         Notice further invite each of the Purchasing ROFR Holders to apply in writing to the
                                         Company within one (1) month from the date of the Allocation Notice for all or any of
                                         the ROFR Offer Shares not allocated under Clause 14.3.6 (“Unallocated ROFR Offer
                                         Shares”) and in the case of competition, the Company shall allocate the Unallocated
                                         ROFR Offer Shares pro rata as nearly as possible in accordance with the proportion
                                         that the Purchasing ROFR Holders’ respective shareholdings in the Company bear
                                         to one another. If, upon the expiry of the said period of one (1) month, the Purchasing
                                         ROFR Holders do not, on a collective basis, apply to purchase all the Unallocated ROFR
                                         Offer Shares, the Transferring Shareholder shall be entitled to sell all (and not some
                                         only) of any Unallocated ROFR Offer Shares to the Prospective Purchaser at a price not
                                         less than the ROFR Offer Price and on terms no more favourable than those offered to
                                         the ROFR Holders, provided that such sale takes place within the one (1) month referred
                                         to in Clause 14.3.9 and subject to Clause 14.4.

 

		14.3.8	If
                                         the ROFR Offer Shares offered pursuant to this Clause 14.3 are taken up by any Purchasing
                                         ROFR Holders, the Transferring Shareholder shall be bound, upon payment of the ROFR Offer
                                         Price, to Transfer such Offer Shares to the Purchasing ROFR Holders. If, after becoming
                                         so bound, the Transferring Shareholder makes default in transferring any of the ROFR
                                         Offer Shares, the Company shall be entitled to receive the relevant ROFR Offer Price
                                         and the Transferring Shareholder shall be deemed to have appointed the Board as its agent
                                         and lawful attorney to execute, complete and deliver a transfer of the ROFR Offer Shares
                                         to each Purchasing ROFR Holder. Upon execution of such transfer, the Company shall hold
                                         the relevant ROFR Offer Price on trust for the Transferring Shareholder. The receipt
                                         by the Company of the relevant ROFR Offer Price shall be a good discharge to each Purchasing
                                         ROFR Holder, and after such Purchasing ROFR Holder’s name has been registered as
                                         the holder of the relevant ROFR Offer Shares in the electronic register of members of
                                         the Company in exercise of the aforesaid power, the validity of the proceedings shall
                                         not be questioned by any Person.

 

		14.3.9	If
                                         the ROFR Holders do not exercise their Right of First Refusal within the ROFR Prescribed
                                         Period and subject to Clause 14.4, the Transferring Shareholder shall be free to sell
                                         any ROFR Offer Shares to the Prospective Purchaser at a price not less than the ROFR
                                         Offer Price and on terms where the Board considers to be not substantially more favourable
                                         than those offered to the ROFR Holders within one (1) month from the expiry of the ROFR
                                         Prescribed Period, Provided However That the Board shall be entitled to reject the Transfer
                                         and refuse registration of the Prospective Purchaser if:

 

		(a)	the
                                         Prospective Purchaser is, or is reasonably believed by the Board to be, a competitor
                                         of the Company or is a nominee for a person who is a competitor or connected with a competitor
                                         of the Company;

 

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		(b)	the
                                         Transferring Shareholder has breached any provision of this Agreement;

 

		(c)	such
                                         Transfer constitutes a breach of or default under any agreement or loan to which the
                                         Company is a party or by which its property may be bound, and the Company has used commercially
                                         reasonable efforts to seek a waiver from the counterparty but has failed to obtain the
                                         same; and

 

		(d)	the
                                         Prospective Purchaser has not executed, or has refused to execute, a Deed of Ratification
                                         and Accession contemporaneously with such Transfer.

 

		14.4	Tag
                                         Along Right:

 

		14.4.1	If
                                         the ROFR Offer Share under Clause 14.3 exceeds [***] of the share capital of the Company,
                                         any ROFR Holder that has chosen not to exercise its Right of First Refusal in accordance
                                         with Clause 14.3 (each, a “Tag Along Shareholder”)shall have the right
                                         (but not the obligation) to participate in the sale of ROFR Offer Shares by the Transferring
                                         Shareholder to the Prospective Purchaser at a price not less than the ROFR Offer Price
                                         and on terms no more favourable than those offered to the ROFR Holders(“Tag
                                         Along Right”).

 

		14.4.2	Each
                                         Tag Along Shareholder shall be required to notify the Company and the Transferring Shareholder
                                         of its decision to exercise the Tag Along Right on or before the expiry of the ROFR Prescribed
                                         Period (“Tag Along Notice”), and shall state in the Tag Along Notice
                                         the number of its Shares that it wishes to sell as part of the Transfer (“Tag
                                         Along Shares”), except that the number of the Tag Along Shares which the Prospective
                                         Purchaser is required to purchase shall be capped by the number of ROFR Offer Shares
                                         which the Prospective Purchaser is purchasing from the Transferring Shareholder.

 

		14.4.3	For
                                         the avoidance of doubt, the Tag Along Shareholder shall not be required to provide the
                                         Prospective Purchaser any indemnification or otherwise assume any other post-closing
                                         liabilities except to give customary representations and warranties on its legal title
                                         to its Tag Along Shares, legal authority and capacity and non-contravention of other
                                         agreements.

 

		14.4.4	In
                                         the event of a Tag Along Shareholder exercising its Tag Along Right pursuant to this
                                         Clause 14.4, the Transferring Shareholder and each of the other ROFR Holders shall be
                                         deemed to have waived their respective Right of First Refusal in respect of the Tag Along
                                         Shares which are Transferred in accordance with this Clause 14.4. If the Transferring
                                         Shareholder fails to procure the Prospective Purchaser to purchase the Tag Along Shares
                                         of any Tag Along Shareholder in accordance with this Clause 14.4, the Transferring Shareholder
                                         shall not be entitled to transfer any ROFR Offer Shares to the Prospective Purchaser.

 

		14.5	Call
                                         Option over A*ccelerate Shares:

 

		14.5.1	In
                                         consideration of AIHL entering into this Agreement and proceeding to the First Closing
                                         hereunder, A*ccelerate hereby grants to AIHL an option to require A*ccelerate to sell
                                         and Transfer to AIHL (or its nominee) [***] of all Shares in the capital of the Company
                                         which are registered under A*ccelerate’s name (“A*ccelerate Call Option
                                         Shares”) subject to the provisions of this Clause 14.5.

 

		14.5.2	For
                                         purposes of determining the consideration payable for the A*ccelerate Call Option Shares,
                                         the A*ccelerate Call Option Shares shall be valued at the higher of:

 

		(a)	[***]
                                                                                                                                                                                                                                  valuation of the Company; or

 

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		(b)	the
                                         market valuation of the Company based on the most recent prior round investment (if available).

 

		14.5.3	The
                                         A*ccelerate Call Option may only be exercised by AIHL after it has invested a total of
                                         [***] in the Company since the First Closing Date for the purpose of the hiring of new
                                         headcount and funding other types of overheads incurred in carrying out the Company’s
                                         business activities in Singapore, such investment shall be independent to the AIHL Total
                                         Subscription Amounts hereunder.

 

		14.5.4	The
                                         A*ccelerate Call Option shall expire on [***] Date (“A*ccelerate Call Option
                                         Expiry Date”).

 

		14.5.5	The
                                         A*ccelerate Call Option may be exercised by AIHL at any time prior to the expiry of the
                                         A*ccelerate Call Option Expiry Date by serving a written notice of its exercise of the
                                         A*ccelerate Call Option on A*ccelerate (“A*ccelerate Call Option Notice”).
                                         Upon receipt of the A*ccelerate Call Option Notice, A*ccelerate shall be obliged to sell
                                         and Transfer all the A*ccelerate Call Option Shares to AIHL (or its nominee, as the case
                                         may be). A*ccelerate and AIHL shall engage each other in good faith, and shall use all
                                         reasonable endeavours, to complete the sale and Transfer of the A*ccelerate Call Option
                                         Shares within ten (10) Business Days from the date of the A*ccelerate Call Option Notice.

 

		14.5.6	For
                                         the avoidance of doubt, Clauses 14.1 to 14.4 shall not apply in respect of the Transfer
                                         of the A*ccelerate Call Option Shares from A*ccelerate to AIHL pursuant to this Clause
                                         14.5.

 

		14.6	Shares
                                         of Founding Scientists:

 

		14.6.1	If
                                         any of the Founding Scientists were to cease necessary support for achievement of the
                                         agreed milestones prior to the completion or termination of the specific milestones within
                                         Project under the Company-A*STAR RI Funding Agreement (each, an “Relevant Founding
                                         Scientist”), then the Relevant Founding Scientist shall transfer Shares ([***]
                                         for each milestone not completed up to [***]) registered under his name to either:

 

		(a)	the
                                         Contributing Subscribers on a [***] proportion; or

 

		(b)	to
                                         AIHL,

 

(as
A*ccelerate may elect at its own discretion and subject to acceptance by AIHL) based on the net asset value per Share.

 

In
the event that the Contributing Shareholders cannot agree on the above election, the Relevant Founding Scientists are allowed
to keep his Shares notwithstanding this Clause 14.6.1.

 

		14.6.2	For
                                         the avoidance of doubt, Clauses 14.1, 14.3 and 14.4 shall not apply in respect of a Transfer
                                         made by a Founding Scientist under Clause 14.6.1, and the Shareholders shall exercise
                                         their respective powers to procure that the Board approves such a Transfer.

 

		15.	RIGHT
OF PRE-EMPTION; EMPLOYEE SHARE OPTION SCHEME

 

		15.1	Subject
                                         to the terms and conditions of this Agreement, and in compliance with the procedure set
                                         out in this Clause 15, in the event that, the Company is desirous of issuing any Dilution
                                         Instruments within a period of two (2) years following First Closing Date (“Proposed
                                         Issuance”), the Company shall comply with the Constitution and the affirmative
                                         approval provisions contained in Clause 10.6, and shall provide a right to each Shareholder
                                         (each, “Pre-emptive Right Holder”) a right to participate in the Proposed
                                         Issuance to the extent necessary to maintain their respective shareholdings in the Company
                                         (“Pro-Rata Share”) in accordance with the provisions of this Clause
                                         15 (“Right of Pre-emption”).

 

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		15.2	The
                                         Company shall give the Pre-emptive Right Holders written notice of the Proposed Issuance
                                         (“Issuance Notice”) specifying the following terms (collectively,
                                         “Offered Terms”):

 

		15.2.1	Number
                                         and class of the Dilution Instrument proposed to be issued (“Issuance Shares”).

 

		15.2.2	Price
                                         per Issuance Share (“Issuance Price”).

 

		15.2.3	Manner
                                         and time of payment of the Issuance Price.

 

		15.2.4	Date
                                         of the Proposed Issuance and details of new proposed investor.

 

		15.3	The
                                         Pre-emptive Right Holders shall be entitled to exercise their Right of Pre-emption by
                                         issuing a written notice to the Company, within one (1) month from the date of receipt
                                         of the Issuance Notice, notifying their intention to the Company that they wish to exercise
                                         their Right of Pre-emption on all or part of their Pro-rata Share of the Issuance Shares
                                         (“Exercise Notice”) and shall pay for and subscribe to such number
                                         of Issuance Shares as they wish to subscribe to (but up to their Pro-rata Share as the
                                         case may be), at the Issuance Price and on the Offered Terms as set out in the Issuance
                                         Notice.

 

		15.4	If
                                         any Pre-emptive Right Holder ails to issue the Exercise Notice within the time period
                                         specified in Clause 15.3 or does not wish to subscribe to its full entitlement, then
                                         after the receipt of all the Exercise Notice(s), the Company by way of written notice
                                         (“Balance Issuance Notice”) shall offer to issue and allot the Balance
                                         Issuance Shares to the other Pre-emptive Right Holders on a pro-rata basis on
                                         the same terms as mentioned in the Issuance Notice. If any Pre-emptive Right Holder(s)
                                         wishes to exercise its Pre-emptive Right over the Balance Issuance Shares, then within
                                         seven (7) days from the Balance Issuance Notice, it shall issue a notice to the Company
                                         notifying its intention to exercise the Pre-emptive Right on all or part of its Pro-Rata
                                         Share of the Balance Issuance Shares (“Balance Shares Exercise Notice”).
                                         Subject to the receipt of the payment against exercise of the Pre-emptive Right by the
                                         Pre-emptive Right Holders, the Company shall issue and allot such number of the Issuance
                                         Shares and/or Balance Issuance Shares as is set out in the Exercise Notice and/or the
                                         Balance Shares Exercise Notice, as the case may be, to the Pre-emptive Right Holders
                                         on the date of closing of the issuance as stated in the Issuance Notice or the Balance
                                         Issuance Notice.

 

		15.5	If
                                         the Pre-emptive Right Holders do not subscribe to their Pro-Rata Share of the Issuance
                                         Shares and/or the Balance Issuance Shares, in full or in part, then the Board may, in
                                         its discretion, issue and allot such unsubscribed Issuance Shares and/or the Balance
                                         Issuance Shares to any Person as it deems fit on the Offered Terms as set out in the
                                         Issuance Notice within a period of within one (1) month from the expiry of the period
                                         as set out in Clause 15.4. If the Company does not complete the issuance and allotment
                                         to such Person within one (1) month of the expiry of the period as set out in Clause
                                         15.4, the Company shall not proceed with such issuance and allotment without issuing
                                         a fresh Issuance Notice and following the procedure set out in this Clause 15.

 

		15.6	If
                                         the Company issues and allots any Issuance Shares to a new investor (the “New
                                         Investor”) pursuant to this Clause 15, the New Investor shall be required to
                                         execute a Deed of Ratification and Accession unless otherwise agreed amongst the Contributing
                                         Subscribers and the New Investor.

 

		15.7	Creation
                                         of an employee share option scheme:

 

		15.7.1	The
                                         Shareholders agree that the Board shall be authorised to adopt and implement an employee
                                         share option scheme or share grant scheme for the benefit of the Company’s employees
                                         (“ESOS”) which shall comprise up to 5% of the enlarged share capital
                                         of the Company following the Second Closing Date. The Board shall have sole discretion
                                         to determine the terms and conditions of the ESOS, and the criteria for the selection
                                         of eligible employees for participation in the ESOS.

 

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		15.7.2	The
                                         foregoing provisions of this Clause 15 shall not apply in the event of an offering of
                                         new Shares to any eligible employees pursuant to the ESOS.

 

		16.	RIGHT
                                         OF FIRST NEGOTIATION

 

		16.1	If
                                            AIHL and/or its Affiliates acquire or develop new intellectual property rights relating to
                                            “Next-Generation Sequencing in the detection of pathogens in human infectious disease
                                            diagnosis space”, the Company shall have right of first negotiation to the said rights
                                            which may be exercised by the Company at any time during the period commencing on the effective
                                            date of the Exclusive Licence Agreement and the expiry of [***] from the said effective date
                                            (“Right of First Negotiation”).

 

		16.2	A*ccelerate
                                         shall grant to the Company an option to negotiate a royalty bearing, revocable for cause
                                         licence to use the New A*STAR RI IP for their commercial activities pursuant to Section
                                         14 of the Exclusive Licence Agreement.

 

		17.	DURATION
                                         AND TERMINATION

 

		17.1	Except
                                         as otherwise provided herein, this Agreement shall, after the First Closing and/or the
                                         Second Closing, continue in full force and effect without limit in point of time until
                                         the earlier of the following events:

 

		17.1.1	termination
                                         pursuant to the provisions of this Agreement;

 

		17.1.2	the
                                         Contributing Subscribers agree in writing to terminate this Agreement;

 

		17.1.3	a
                                         resolution to wind-up the Company is passed in accordance with the Constitution, this
                                         Agreement and Applicable Law, or if a liquidator is otherwise appointed; or

 

		17.1.4	in
                                         relation to any one Shareholder, upon that Shareholder ceasing to hold any Shares, whether
                                         in accordance with Clause14 or following the occurrence of an Event of Default.

 

		17.2	An
                                         “Event of Default” shall be deemed to have occurred after the First
                                         Closing and/or the Second Closing (whichever is applicable) if a Party(“Defaulting
                                         Party”):

 

		17.2.1	commits
                                         a material breach of any part of this Agreement that is not capable of remedy;

 

		17.2.2	commits
                                         a material breach of any part of this Agreement and fails to remedy the same within thirty
                                         (30) days from the service of any written notice by other Parties (“Non-defaulting
                                         Parties”) complaining of such breach;

 

		17.2.3	enters
                                         into any composition or arrangement with its creditors generally or an encumbrancer lawfully
                                         takes possession of or an administrative receiver is appointed over the whole or any
                                         part of the undertaking, property or assets of the Defaulting Party;

 

		17.2.4	an
                                         order is made or resolution is passed or a notice is issued convening a meeting for the
                                         purpose of passing a resolution or any analogous proceedings are taken for the appointment
                                         of an administrator of or the winding up of the Defaulting Party, other than members’
                                         voluntary liquidation solely for the purpose of amalgamation or reconstruction, or in
                                         the case of an individual, bankruptcy proceedings are instituted against the Defaulting
                                         Party; or

 

		17.2.5	a
                                         notification by the relevant authorities that the Defaulting Party is not a fit and proper
                                         person (or any such notice/words carrying that effect) to be a Shareholder.

 

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		17.3	Upon
                                         the occurrence of an Event of Default, the Non-defaulting Party may serve written notice
                                         on the Defaulting Parties within thirty (30) days of the Event of Default coming to the
                                         actual notice of the Non-defaulting Parties (“Termination Notice”)
                                         to:

 

		17.3.1	require
                                         the Defaulting Party to perform its obligation, in which case the remedy of specific
                                         performance of this Agreement shall be available to the Non-Defaulting Parties; or

 

		17.3.2	require
                                         the Company be wound up in which event the Parties shall forthwith do all acts and things
                                         necessary to wind up the Company in accordance with Applicable Law; or

 

		17.3.3	to
                                         terminate this Agreement, whereupon this Agreement shall have no further force and effect
                                         with no Party having any rights and obligations against the other save and except for
                                         any antecedent breaches, and the obligations under Clauses 12 (Confidentiality), 13 (Restrictive
                                         Covenants), 17 (Duration and Termination) and 18 (General Terms) (collectively, the “Surviving
                                         Obligations”) and such other obligations hereunder which are intended to survive
                                         the expiry or termination of this Agreement.

 

		18.	GENERAL
                                         TERMS

 

		18.1	Prevalence
                                         of Agreements: In the event of any inconsistency or conflict between the provisions of
                                         this Agreement and the provisions of the Constitution, the provisions of this Agreement
                                         shall prevail, and the Parties shall exercise all powers and rights available to them
                                         to give effect to the provisions of this Agreement, to the extent permitted under Applicable
                                         Law, and/or procure an amendment of the relevant provisions of the Constitution to ensure
                                         consistency with the provisions of this Agreement.

 

		18.2	Costs
                                         and Expenses: The Parties shall bear their own costs and expenses incurred in connection
                                         with the preparation, negotiation and execution of this Agreement and any documents ancillary
                                         to it, and in complying with its obligations under this Agreement (unless otherwise expressly
                                         specified herein).

 

		18.3	Entire
                                         Agreement: This Agreement (including the Schedules and the other Transaction Agreements)
                                         constitute the entire agreement between the Parties, and supersede all prior or contemporaneous
                                         proposals, agreements and all other communications (whether written or oral, express
                                         or implied), in respect of the subject matters hereof.

 

		18.4	No
                                         Partnership or Agency: This Agreement shall not constitute or imply any partnership,
                                         agency, fiduciary relationship or other relationship among the Parties other than the
                                         contractual relationship expressly provided for in this Agreement.

 

		18.5	Assignment:
                                         Save as otherwise permitted under this Agreement, no Party shall transfer or assign all
                                         or any of its rights, obligations or benefits hereunder in whole or in part to any third
                                         party unless otherwise made in accordance with this Agreement. Subject to the other provisions
                                         of this Agreement, all the terms and conditions of this Agreement shall be binding upon
                                         and inure to the benefit of the Parties and their respective permitted assigns and successors-in-title
                                         except that any permitted assignee or transferee shall agree in writing to comply with
                                         all terms and conditions of this Agreement, and any assignment shall not exceed the existing
                                         scope of this Agreement.

 

		18.6	Amendments:
                                         No amendment, modification of or addition to any provision of this Agreement shall be
                                         effective unless made in writing and signed by the duly authorised representatives of
                                         the Parties.

 

		18.7	Waiver:
                                         No failure or delay by any Party in exercising any right, power or privilege under this
                                         Agreement shall impair the same or operate as a waiver of the same nor shall any single
                                         or partial exercise of any right, power or privilege preclude any further exercise of
                                         the same or the exercise of any other right, power or privilege.

 

    	 24 | P a g e
	 

     

    

 

		18.8	Severance:
                                         If any provision of this Agreement or the application of any such provision is held by
                                         a court of competent jurisdiction to be wholly or partly illegal, invalid or unenforceable,
                                         the same shall be deemed to be deleted from this Agreement and shall be no force and
                                         effect, whereas the other provisions hereof shall remain in full force and effect as
                                         if such provision had not originally been contained in this Agreement. In the event of
                                         such deletion, and if the commercial basis of this Agreement is, whether by reason of
                                         any illegality or change in circumstances, substantially altered, the Parties shall review
                                         and agree on revisions mutually acceptable to them which shall most closely reflect their
                                         original intent and purposes in place of the terms so deleted.

 

		18.9	Third
                                         Party Rights: A person who is not a Party shall have no right under the Contracts (Rights
                                         of Third Parties) Act (Cap. 53B) to enforce any provision under this Agreement.

 

		18.10	Counterparts:
                                         This Agreement may be signed in any number of counterparts, all of which taken together
                                         shall constitute one and the same instrument. The Parties agree that execution of this
                                         Agreement by industry standard electronic signature software shall have the same legal
                                         force and effect as the exchange of original signatures, and that in any proceeding arising
                                         under or related to this Agreement, each Party hereby waives any right to raise any defense
                                         or waiver based upon execution of this Agreement by means of such electronic signatures
                                         or maintenance of the executed agreement electronically.

 

		18.11	Governing
                                         Law and Jurisdiction: This Agreement and the relationship between the Parties shall be
                                         governed by, and interpreted, in accordance with the laws of Singapore. The Parties irrevocably
                                         submit to the exclusive jurisdiction of the Courts of Singapore.

 

		19.	REPRESENTATIONS
                                         AND WARRANTIES OF THE parties

 

		19.1	Each
                                         Party warrants that as at the date of this Agreement:

 

		19.1.1	it
                                         has the full legal power, authority and capacity to enter into this Agreement and be
                                         bound in all respects in accordance with its terms;

 

		19.1.2	no
                                         consents, permits or approvals, corporate, governmental or otherwise are required as
                                         a condition precedent to its execution of this Agreement or to its performance of its
                                         obligations hereunder;

 

		19.1.3	the
                                         execution of this Agreement and the performance of its respective obligations hereunder
                                         will not conflict with or result in a breach of the terms, conditions or provisions of;
                                         constitute a default under; or result in a violation of any agreement, instrument, order,
                                         decree or judgement to which it is subject or by which it or any of its property is bound,
                                         nor shall it conflict with or violate any statute, law, rule, regulation, order, decree,
                                         or judgement of any court or governmental authority which is binding upon it or its property;

 

		19.1.4	this
                                         Agreement (and all other contracts and instruments contemplated hereunder) have been
                                         duly and validly executed and delivered by it and constitute the due and legal valid
                                         and binding agreements enforceable against it in accordance with the applicable terms;
                                         and

 

		19.1.5	there
                                         is no claim, litigation, proceeding or governmental investigation pending or, so far
                                         as is known to it, threatened against or relating to it or its properties or business
                                         or the transactions contemplated by this Agreement which does or would materially and
                                         adversely affect its ability to enter into this Agreement or to carry out any of its
                                         obligations hereunder and, so far as is known to it, there is no basis for any such claim,
                                         litigation, proceeding or governmental investigation, except as has been fully disclosed
                                         by written notice to the other Shareholders.

 

    	 25 | P a g e
	 

     

    

 

		19.2	The
                                         Parties acknowledge that they have read this Agreement and understood its provisions.
                                         No promise, inducement, representation or agreement other than as expressly set forth
                                         in this Agreement has been made to or by any Party to any of the other Parties.

 

		20.	Notices

 

		20.1	Any
                                         notice required or permitted hereunder shall be in writing and shall be deemed given
                                         as of the date it is delivered by hand or sent by overnight courier or registered or
                                         certified mail, postage prepaid, to the other Parties at the address first given hereunder
                                         or to such other addresses as the Parties may direct in writing.

 

If
to the Company:

If
to AHIL:

 

If
to A*ccelerate:

If
to the Founding Scientists:

Please
refer to the contact information set forth in Schedule 1

 

 

[THE
REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

    	 26 | P a g e
	 

     

    

 

SCHEDULE
1

FOUNDING
SCIENTISTS

 

 

    	 27 | P a g e
	 

     

    

 

IN
WITNESS WHEREOF, the Parties have caused their duly authorised officers to execute this Agreement on the date first above
written.

 

	Company	 	 	 
	 	 	 	 
	Signed for and on behalf of	)	 	 
	APTORUM INNOVATIONS HOLDING PTE. LimitED	)	 	Name:
	in the presence of:	)	 	Designation:
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Name of Witness:	 	 	 

 

    	 28 | P a g e
	 

     

    

 

	A*ccelerate	 	 	 
	 	 	 	 
	Signed for and on behalf of	)	 	 
	ACCELERATE TECHNOLOGIES PTE LTD	)	 	Name:
	in the presence of:	)	 	Designation:
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Name of Witness:	 	 	 

 

    	 29 | P a g e
	 

     

    

 

	AIHL	 	 	 
	 	 	 	 
	Signed for and on behalf of	)	 	 
	APTORUM INNOVATIONS HOLDING LIMITED	)	 	Name:
	in the presence of:	)	 	Designation:
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Name of Witness:	 	 	 

 

    	 30 | P a g e
	 

     

    

 

	Founding Scientist	 	 	 
	 	 	 	 
	Signed by	)	 	 
	in the presence of:	)	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Name of Witness:	 	 	 

 

    	 31 | P a g e
	 

     

    

 

	Founding Scientist	 	 	 
	 	 	 	 
	Signed by	)	 	 
	in the presence of:	)	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Name of Witness:	 	 	 

 

    	 32 | P a g e
	 

     

    

 

	Founding Scientist	 	 	 
	 	 	 	 
	Signed by	)	 	 
	in the presence of:	)	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Name of Witness:	 	 	 

 

    	 33 | P a g eDocument

Exhibit 10.1

BRICKELL BIOTECH, INC. 
2020 OMNIBUS LONG-TERM INCENTIVE PLAN,
AS AMENDED ON APRIL 19, 2021

TABLE OF CONTENTS
															
					Page
	SECTION 1		GENERAL		1

	1.1.		Purpose		1

	1.2.		Participation		1

	1.3.		Foreign Participants		1

	1.4.		Operation and Administration		1

	1.5.		History		2

	SECTION 2		DEFINITIONS		2

	SECTION 3		SHARES AND PLAN LIMITS		6

	3.1.		Shares of Stock and Other Amounts Subject to Plan		6

	3.2.		Adjustments		8

	3.3.		Plan Limitations		9

	SECTION 4		OPTIONS		9

	4.1.		Grant of Options		9

	4.2.		Option Agreement		10

	4.3.		Term of Option		10

	4.4.		Exercise Price		10

	4.5.		Minimum Vesting		10

	4.6.		Payment of Option Exercise Price		10

	4.7.		No Repricing		11

	SECTION 5		FULL VALUE AWARDS		11

	5.1.		Grant of Full Value Award		11

	5.2.		Full Value Award Agreement		12

	5.3.		Conditions		12

	5.4.		Minimum Vesting		12

	SECTION 6		CASH INCENTIVE AWARDS		13

	SECTION 7		CHANGE IN CONTROL		13

	7.1.		Change in Control		13

	7.2.		Committee Actions On a Change in Control		13

	SECTION 8		COMMITTEE		14

	8.1.		Administration		14

	8.2.		Selection of Committee		14

	8.3.		Powers of Committee		14

	8.4.		Delegation by Committee		15

	8.5.		Information to be Furnished to Committee		15

	8.6.		Liability and Indemnification of Committee		16

	SECTION 9		AMENDMENT AND TERMINATION		16

	SECTION 10		GENERAL PROVISIONS		17

ii

															
	10.1.		General Restrictions		17

	10.2.		Tax Withholding		17

	10.3.		Grant and Use of Awards		18

	10.4.		Dividends and Dividend Equivalents		18

	10.5.		Settlement of Awards		19

	10.6.		Transferability		19

	10.7.		Form and Time of Elections		19

	10.8.		Agreement With Company		19

	10.9.		Action by Company or Subsidiary		20

	10.10.		Gender and Number		20

	10.11.		Limitation of Implied Rights		20

	10.12.		Evidence		21

	10.13.		Limitations under Section 409A		21

iii

BRICKELL BIOTECH, INC.  
2020 OMNIBUS LONG-TERM INCENTIVE PLAN

SECTION 1
GENERAL

1.1.     Purpose.  The Brickell Biotech, Inc. 2020 Omnibus Long-Term Incentive Plan (the “Plan”) has been established by Brickell Biotech, Inc., a Delaware corporation, (the “Company”) to (i) attract and retain persons eligible to participate in the Plan; (ii) motivate Participants, by means of appropriate incentives, to achieve long-range goals; (iii) provide incentive compensation opportunities that are competitive with those of other similar companies; and (iv) further align the interests of Participants with those of the Company’s other stockholders through compensation that is based on the Company’s shares; and thereby promote the long-term financial interest of the Company and the Related Companies including the growth in value of the Company’s shares and enhancement of long-term stockholder return.  Capitalized terms in the Plan are defined in Section 2.  
1.2.     Participation.  Subject to the terms and conditions of the Plan, the Committee shall determine and designate, from time to time, from among the Eligible Individuals, those persons who will be granted one or more Awards under the Plan, and thereby become “Participants” in the Plan.
1.3.     Foreign Participants. In order to assure the viability of Awards granted to Participants who are subject to taxation in foreign countries, the Committee may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom. Moreover, the Committee may approve such appendixes, supplements to, or amendments, restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of the Plan as in effect for any other purpose; provided, however, that no such supplements, amendments, restatements, or alternative versions shall increase the share limitations contained in Section 3.1 of the Plan.
1.4.     Operation and Administration.  The operation and administration of the Plan, including the Awards made under the Plan, shall be subject to the provisions of Section 8 (relating to operation and administration).  
1

1.5.     History.  The Plan was adopted by the Company on March 16, 2020, subject to approval by stockholders.  To the extent not prohibited by Applicable Laws, Awards which are to use shares of Stock reserved under the Plan that are contingent on the approval by the Company’s stockholders may be granted prior to that meeting contingent on such approval.  The Plan shall be unlimited in duration and, in the event of Plan termination, shall remain in effect as long as any Awards under it are outstanding; provided, however, that no Awards may be granted under the Plan after the ten-year anniversary of the date on which the stockholders approved the Plan.  

SECTION 2
DEFINITIONS
2.1.     “Administrator” means the Board or any of its Committees as will be administering the Plan, in accordance with Section 8.
2.2.     “Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.
2.3.     “Award Agreement” means the written agreement, including an electronic agreement, setting forth the terms and conditions applicable to each Award granted under the Plan.  The Award Agreement is subject to the terms and conditions of the Plan.
2.4.     “Award” means any award or benefit granted under the Plan, including, without limitation, the grant of Options and Full Value Awards.
2.5.     “Board” means the Board of Directors of the Company.
2.6.     “Change in Control” means the first to occur of any of the following:
(a)    the consummation of a purchase or other acquisition by any person, entity or group of persons (within the meaning of Section 13(d) or 14(d) of the Exchange Act or any comparable successor provisions, other than an acquisition by a trustee or other fiduciary holding securities under an employee benefit plan or similar plan of the Company or a Related Company), of “beneficial ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either the 
2

outstanding shares of Stock or the combined voting power of the Company’s then outstanding voting securities entitled to vote generally;
(b)    the consummation of a reorganization, merger, consolidation, acquisition, share exchange or other corporate transaction of the Company, in each case, with respect to which persons who were stockholders of the Company immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own more than 50% of the combined voting power entitled to vote generally in the election of directors of the reorganized, merged or consolidated company’s then outstanding securities;
(c)    the consummation of any plan of liquidation or dissolution of the Company providing for the sale or distribution of substantially all of the  assets of the Company and its Subsidiaries or the consummation of a sale of substantially all of the  assets of the Company and its Subsidiaries; or
(d)    at any time during any period of two consecutive years, individuals who at the beginning of such period were members of the Board cease for any reason to constitute at least a majority thereof (unless the election, or the nomination for election by the Company’s stockholders, of each new director was approved by a vote of at least two-thirds of the directors still in office at the time of such election or nomination who were directors at the beginning of such period). 
2.7.     “Code” means the United States Internal Revenue Code of 1986, as amended.  A reference to any provision of the Code shall include reference to any successor provision of the Code.
2.8.     “Committee” has the meaning set forth in Section 8.1.
2.9.     “Common Stock” or “Stock” means the common stock of the Company.
2.10.     “Company” has the meaning set forth in Section 1.1.
2.11.     “Consultant” means any natural person engaged as a consultant or advisor by the Company or a Parent or Subsidiary or other Related Company (as determined by the Committee) to render bona fide services to such entity and such services are not in connection with the sale of shares of Stock in a capital-raising transaction, and do not directly or indirectly promote or maintain a market for the Company’s securities.
3

2.12.     “Director” means a member of the Board.
2.13.     “Eligible Individual” means any Employee, Consultant or Director; provided, however, that to the extent required by the Code, an ISO may only be granted to an Employee of the Company or a Parent or Subsidiary.  An Award may be granted to an Employee, Consultant or Director, in connection with hiring, retention or otherwise, prior to the date the Employee, Consultant or Director first performs services for the Company or the Subsidiaries, provided that such Awards shall not become vested prior to the date the Employee, Consultant or Director first performs such services.
2.14.     “Employee” means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary of the Company or a Related Company (as determined by the Committee).  Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company.
2.15.     “Exchange Act” means the Securities Exchange Act of 1934, as amended.
2.16.     “Exercise Price” of each Option granted under this Plan shall be established by the Committee or shall be determined by a method established by the Committee at the time the Option is granted.
2.17.     “Fair Market Value” means, as of any date, the value of Common Stock determined as follows:
(a)    If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq Stock Exchange, its Fair Market Value will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the last previous trading day prior to such date of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
(b)    If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a share of Stock will be the mean between the high bid and low asked prices for the Common Stock on the last previous trading day prior to such date of determination (or, if no bids and asks were reported on that date, as applicable, on the last trading date such bids and asks were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or
4

(c)    In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.
2.18.     A “Full Value Award” is a grant of one or more shares of Stock or a right to receive one or more shares of Stock in the future, with such grant subject to one or more conditions, as determined by the Committee.
2.19.      An “Incentive Stock Option” or an “ISO” is an Option that is intended to satisfy the requirements applicable to an “incentive stock option” described in Section 422(b) of the Code.
2.20.     A “Non-Qualified Option or an “NQO” is an Option that is not intended to be an “incentive stock option” as that term is described in Section 422(b) of the Code. 
2.21.     An “Option” entitles the Participant to purchase shares of Stock at an Exercise Price established by the Committee.  Any Option granted under this Plan may be either an ISO or an NQO as determined in the discretion of the Committee.  
2.22.     “Outside Director” means a Director of the Company who is not an officer or employee of the Company or the Related Companies.
2.23.     “Parent” means a parent corporation within the meaning of Section 424(e) of the Code.
2.24.     “Participant” means the holder of an outstanding Award.
2.25.     “Period of Restriction” means the period during which the transfer of shares of Stock are subject to restrictions and therefore, the shares of Stock are subject to a substantial risk of forfeiture.  Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator.
2.26.     “Plan” has the meaning set forth in Section 1.1.
2.27.     “Related Company” means any corporation, partnership, joint venture, limited liability company or other entity during any period in which a controlling interest in such entity is owned, directly or indirectly, by the Company (or by any entity that is a successor to the Company), and any other business venture designated by the Committee in which the Company (or any entity that is a successor to the 
5

Company) has, directly or indirectly, a significant interest (whether through the ownership of securities or otherwise), as determined in the discretion of the Committee.
2.28.     “Securities Act” means the Securities Act of 1933, as amended.
2.29.     “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code.
2.30.     “Termination Date” means the date on which a Participant both ceases to be an employee of the Company and the Related Companies and ceases to perform material services for the Company and the Related Companies (whether as a director or otherwise), regardless of the reason for the cessation; provided that a “Termination Date” shall not be considered to have occurred during the period in which the reason for the cessation of services is a leave of absence approved by the Company or the Related Company which was the recipient of the Participant’s services; and provided, further that, with respect to an Outside Director, “Termination Date” means the date on which the Outside Director’s service as an Outside Director terminates for any reason. If, as a result of a sale or other transaction, the entity for which the Participant performs services ceases to be a Related Company (and such entity is or becomes an entity separate from the Company), the occurrence of such transaction shall be the Participant’s Termination Date. With respect to Awards that constitute deferred compensation subject to Section 409A of the Code, references to the Participant's termination of employment (including references to the Participant's employment termination, and to the Participant terminating employment, a Participant’s separation from service, and other similar reference) and references to a Participant's termination as a Director (including separation from service and other similar references) shall mean the date that the Participant incurs a “separation from service” within the meaning of Section 409A of the Code. 

SECTION 3
SHARES OF STOCK AND PLAN LIMITS
3.1.     Shares of Stock and Other Amounts Subject to Plan.  The shares of Stock for which Awards may be granted under the Plan shall be subject to the following:
(a)    Subject to the following provisions of this Section 3.1, the maximum number of shares of Stock that may be delivered to Participants and their beneficiaries under the Plan shall be the sum of (i) 9,179,389 shares of Stock (which number includes 
6

all shares available for delivery under this Section 3.1(a) since the establishment of the Plan, determined in accordance with the terms of the Plan); and (ii) any shares granted previously under the Company’s 2009 Equity Incentive Plan, as amended and the Amended and Restated Stock Incentive Plan of Vical Incorporated (the “Prior Plans”) that are forfeited, expire or are canceled after the Effective Date without delivery of shares or which result in the forfeiture of the shares back to the Company to the extent that such shares would have been added back to the reserve under the terms of the Prior Plans, but not including shares that remained available for grant pursuant to the Prior Plans that were not previously granted. Shares of Stock issued by the Company in connection with awards that are assumed or substituted in connection with a reorganization, merger, consolidation, acquisition, share exchange or other corporate transaction shall not be counted against the number of shares of Stock that may be issued with respect to Awards under the Plan.
(b)    Only shares of Stock, if any, actually delivered to the Participant or beneficiary on an unrestricted basis with respect to an Award shall be treated as delivered for purposes of the determination under Section 3.1(a) above, regardless of whether the Award is denominated in shares of Stock or cash.  Consistent with the foregoing:
(i)    To the extent any shares of Stock covered by an Award are not delivered to a Participant or beneficiary because the Award is forfeited or cancelled, or the shares of Stock are not delivered on an unrestricted basis (including, without limitation, by reason of the Award being settled in cash), such shares of Stock shall not be deemed to have been delivered for purposes of the determination under Section 3.1(a) above.
(ii)    Subject to the provisions of paragraph (i) above, the total number of shares of Stock covered by an Award will be treated as delivered for purposes of this paragraph (b) to the extent payments or benefits are delivered to the Participant with respect to such shares.  Accordingly (A) if shares covered by an Award are used to satisfy the applicable tax withholding obligation or Exercise Price, the number of shares held back by the Company to satisfy such withholding obligation or Exercise Price shall be considered to have been delivered; (B) if the Exercise Price of any Option granted under the Plan is satisfied by tendering shares of Stock to the Company (by either actual delivery or by attestation, including shares of Stock that would otherwise be distributable upon the exercise of the Option), the number of shares tendered 
7

to satisfy such Exercise Price shall be considered to have been delivered; and (C) if shares of Stock are repurchased by the Company with proceeds received from the exercise of an option issued under this Plan, the total number of such shares repurchased shall be deemed delivered.
(c)    The shares of Stock with respect to which Awards may be made under the Plan shall be: (i) shares currently authorized but unissued; (ii) to the extent permitted by Applicable Law, shares currently held or acquired by the Company as treasury shares, including shares purchased in the open market or in private transactions; or (iii) shares purchased in the open market by a direct or indirect wholly-owned subsidiary of the Company (as determined by the Chief Executive Officer or the Chief Financial Officer of the Company).  The Company may contribute to the subsidiary or trust an amount sufficient to accomplish the purchase in the open market of the shares of Stock to be so acquired (as determined by the Chief Executive Officer or the Chief Financial Officer of the Company).
3.2.     Adjustments.  In the event of a corporate transaction involving the Company (including, without limitation, any share dividend, share split, extraordinary cash dividend, recapitalization, reorganization, merger, amalgamation, consolidation, share exchange,  split-up, spin-off, sale of assets or subsidiaries, combination or exchange of shares), the Committee shall, in the manner it determines equitable in its sole discretion, adjust Awards to reflect the transactions.  Action by the Committee may include: (i) adjustment of the number and kind of shares which may be delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards; (iii) adjustment of the Exercise Price of outstanding Options; and (iv) any other adjustments that the Committee determines to be equitable (which may include, without limitation, (A) replacement of Awards with other Awards which the Committee determines have comparable value and which are based on shares of a company resulting from the transaction, and (B) cancellation of the Award in return for cash payment of the current value of the Award, determined as though the Award is fully vested at the time of payment, provided that in the case of an Option, the amount of such payment will be the excess of value of the shares of Stock subject to the Option at the time of the transaction over the Exercise Price).  However, in no event shall this Section 3.2 be construed to permit a modification (including a replacement) of an Option if such modification either: (i) would result in accelerated recognition of income or imposition of additional tax under Section 409A of the Code; or (ii) would cause the Option subject to the modification (or cause a replacement Option) to be subject to Section 409A of the Code, provided that the restriction of this clause (ii) shall not apply to any Option that, at the 
8

time it is granted or otherwise, is designated as being deferred compensation subject to Section 409A of the Code.
3.3.     Plan Limitations.  Subject to Section 3.2, the following additional maximums are imposed under the Plan:
(a)    The maximum number of shares of Stock that may be delivered to Participants and their beneficiaries with respect to ISOs granted under the Plan shall be 9,179,389 shares of Stock (which number includes all shares of Stock available for delivery under this Section 3.3(a) since the establishment of the Plan, determined in accordance with the terms of the Plan).
(b)    Notwithstanding the provisions of Sections 4.5 and 5.4 of the Plan, the Committee may grant Awards that are not subject to the minimum vesting limitations of Sections 4.5 (with respect to Options) and of Section 5.4 (with respect to Full Value Awards) in certain circumstances as determined by the Committee in its sole discretion; provided, however, that the aggregate number of shares of Stock subject to Options and Full Value Awards granted pursuant to the Plan that are not subject to the minimum vesting limitations of Sections 4.5 and 5.4 (excluding any such Awards to the extent that they have been forfeited or cancelled) may not exceed 5% of the limit imposed by subsection 3.1(a) (relating to the limit on shares of Stock granted under the Plan).

SECTION 4
OPTIONS
4.1.     Grant of Options.  Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time, may grant Options to an Eligible Individual in such amounts as the Administrator, in its sole discretion, will determine. Each Option will be designated in the Award Agreement as either an ISO or an NQO.  Notwithstanding a designation for a grant of Options as ISOs, however, to the extent that the aggregate Fair Market Value of the shares of Stock with respect to which ISOs 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 $100,000, such Options will be treated as NQOs.  For purposes of this Section 4.1, ISOs will be taken into account in the order in which they were granted, the Fair Market Value of the shares of Stock will be determined as of the time the Option with respect to such shares of Stock is granted, and calculation will be performed in accordance with Section 422 of the Code and Treasury Regulations promulgated thereunder. 
9

4.2.     Option Agreement.  Each Award of an Option will be evidenced by an Award Agreement that will specify the date of grant of the Option, the Exercise Price, the term of the Option, the number of shares of Stock subject to the Option, the exercise restrictions, if any, applicable to the Option, including the dates upon which the Option is first exercisable in whole and/or part, and such other terms and conditions as the Administrator, in its sole discretion, may determine.
4.3.     Term of Option.  The term of each Option will be stated in the Award Agreement; provided, however, that the term will be no more than 10 years from the date of grant thereof.  In the case of an ISO granted to a Participant who, at the time the ISO is granted, owns capital stock representing more than 10% of the total combined voting power of all classes of capital stock of the Company or any Parent or Subsidiary, the term of the ISO will be five years from the date of grant or such shorter term as may be provided in the Award Agreement.  
4.4.     Exercise Price.  The Exercise Price shall not be less than 100% of the Fair Market Value of a share of Stock on the date of grant (or, if greater, the par value, if any, of a share of Stock).  In addition, in the case of an ISO granted to an Employee who owns capital stock representing more than 10% of the voting power of all classes of capital stock of the Company or any Parent or Subsidiary, the per share Exercise Price will be no less than 110% of the Fair Market Value per share of Stock on the date of grant.  Notwithstanding the foregoing provisions of this Section 4.4, Options may be granted with a per share Exercise Price of less than 100% of the Fair Market Value per share of Stock on the date of grant pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code.
4.5.     Minimum Vesting.  Notwithstanding the foregoing, and subject to Section 3.3(b), in no event shall an Option granted to any Participant become exercisable or vested prior to the first anniversary of the date on which it is granted (subject to acceleration of exercisability and vesting, to the extent permitted by the Committee, in the event of the Participant’s death, disability, Change in Control or involuntary termination).    
4.6.     Payment of Option Exercise Price.  The payment of the Exercise Price of an Option granted under this Section 4 shall be subject to the following:
(a)    Subject to the following provisions of this Section 4.6, the full Exercise Price for shares of Stock purchased upon the exercise of any Option shall be paid at the time of such exercise (except that, in the case of an exercise arrangement approved by 
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the Committee and described in Section 4.6(c), payment may be made as soon as practicable after the exercise).
(b)    Subject to Applicable Law, the full Exercise Price shall be payable in cash, by promissory note, or by tendering, by either actual delivery of shares or by attestation, shares of Stock acceptable to the Committee (including shares otherwise distributable pursuant to the exercise of the Option), and valued at Fair Market Value as of the day of exercise, or in any combination thereof, as determined by the Committee.
(c)    Subject to Applicable Law, if shares are publicly traded, the Committee may permit a Participant to elect to pay the Exercise Price upon the exercise of an Option by irrevocably authorizing a third party to sell shares of Stock (or a sufficient portion of the shares of Stock) acquired upon exercise of the Option and remit to the Company a sufficient portion of the sale proceeds to pay the entire Exercise Price and any tax withholding resulting from such exercise.
4.7.     No Repricing.  Except for either adjustments pursuant to Section 3.2 (relating to the adjustment of shares of Stock), or reductions of the Exercise Price approved by the Company's stockholders, the Exercise Price for any outstanding Option may not be decreased after the date of grant nor may an outstanding Option granted under the Plan be surrendered to the Company as consideration for the grant of a replacement Option with a lower Exercise Price.  Except as approved by Company’s stockholders, in no event shall any Option granted under the Plan be surrendered to Company in consideration for a cash payment or the grant of any other Award if, at the time of such surrender, the Exercise Price of the Option is greater than the then current Fair Market Value of a share of Stock.  In addition, no repricing of an Option shall be permitted without the approval of Company’s stockholders if such approval is required under the rules of any stock exchange on which Stock is listed.  

SECTION 5
FULL VALUE AWARDS
5.1.     Grant of Full Value Award.  Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time, may grant Full Value Awards to Eligible Individuals in such amounts as the Administrator, in its sole discretion, will determine.
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5.2.     Full Value Award Agreement.  Each Full Value Award will be evidenced by an Award Agreement that will specify the Period of Restriction, the number of shares of Stock granted, and such other terms and conditions as the Administrator, in its sole discretion, may determine.  
5.3.     Conditions.  A Full Value Award may be subject to one or more of the following, as determined by the Committee:
(a)    The grant shall be in consideration of a Participant’s previously performed services, or surrender of other compensation that may be due.
(b)    The grant shall be contingent on the achievement of performance or other objectives during a specified period.
(c)    The grant shall be subject to a risk of forfeiture or other restrictions that will lapse upon the achievement of one or more goals relating to completion of service by the Participant, or achievement of performance or other objectives.
The grant of Full Value Awards may also be subject to such other conditions, restrictions and contingencies, as determined by the Committee.
5.4.     Minimum Vesting. 
(a)    Notwithstanding the foregoing, and subject to Section 3.3(b), if a Participant’s right to become vested in a Full Value Award is conditioned on the completion of a specified period of service with the Company or the Related Companies, without achievement of performance targets or other performance objectives (whether or not related to performance measures) being required as a condition of vesting, and without it being granted in lieu of other compensation, then the required period of service for vesting shall be not less than one year (subject, to the extent provided by the Committee, to acceleration of vesting in the event of the Participant’s death, disability, Change in Control or involuntary termination). The foregoing requirements shall not apply to grants that are a form of payment of earned performance awards or other incentive compensation.
(b)    Notwithstanding the foregoing, and subject to Section 3.3(b), if a Participant’s right to become vested in a Full Value Award is conditioned on the achievement of performance targets or other performance objectives (whether or not related to performance measures and whether or not such Full Value Award is designated as “Performance-Based Compensation”), then the required performance period for 
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determining the achievement of such performance targets or other performance objectives for vesting shall be not less than one year (subject, to the extent provided by the Committee, to acceleration of vesting in the event of the Participant’s death, disability, Change in Control or involuntary termination).  

SECTION 6
CASH INCENTIVE AWARDS  
6.1.     A Cash Incentive Award is the grant of a right to receive a payment of cash (or in the discretion of the Committee, Shares having value equivalent to the cash otherwise payable) that is contingent on achievement of performance or other objectives over a specified period established by the Committee.  The grant of Cash Incentive Awards may also be subject to such other conditions, restrictions and contingencies, as determined by the Committee.  Except as otherwise provided in the applicable plan or arrangement, distribution of any bonus awards by the Company or its Subsidiaries (whether granted this Plan or otherwise), for a performance period ending in a calendar year, shall be made to the participant between January 1 and March 15 of the following calendar year; provided, however, that for purposes of determining compliance with Code section 409A, a payment will be considered to satisfy the requirement of this sentence if distribution is made no later than the end of the calendar year following the end of the applicable performance period.

SECTION 7
CHANGE IN CONTROL
7.1.     Change in Control.  Subject to the provisions of Section 3.2 and the authority of the Committee to take the actions permitted pursuant to Section 7.2, the occurrence of a Change in Control shall have the effect, if any, with respect to any Award as set forth in the Award Agreement or, to the extent not prohibited by the Plan or the Award Agreement, as provided by the Committee.
7.2.     Committee Actions On A Change in Control.  On a Change in Control, if the Plan is terminated by the Company or its successor without provision for the continuation of outstanding Awards hereunder, the Committee may cancel any outstanding Awards in return for cash payment of the current value of the Award, determined with the Award fully vested at the time of payment, provided that in the case of an Option, the amount of such payment will be the excess of value of the shares of Stock subject to the Option at the time of the transaction over the Exercise Price; 
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provided, further, that in the case of an Option, such Option will be cancelled with no payment if, as of the Change in Control, the value of the shares of Stock subject to the Option at the time of the transaction are equal to or less than the Exercise Price.  However, in no event shall this Section 7.2 be construed to permit a payment if such payment would result in accelerated recognition of income or imposition of additional tax under Section 409A of the Code.  

SECTION 8
COMMITTEE
8.1.     Administration.  The authority to control and manage the operation and administration of the Plan shall be vested in a committee (the “Committee”) in accordance with this Section 8.  The Committee shall be selected by the Board, and shall consist of two or more members of the Board.  Unless otherwise provided by the Board, the Compensation Committee of the Board shall serve as the Committee. As a committee of the Board, the Committee is subject to the overview of the Board.  If the Committee does not exist, or for any other reason determined by the Board, and to the extent not prohibited by Applicable Law, the Board may take any action under the Plan that would otherwise be the responsibility of the Committee.
8.2.     Selection of Committee.  So long as the Company is subject to Section 16 of the Exchange Act, the Committee shall be selected by the Board and shall consist of not fewer than two members of the Board or such greater number as may be required for compliance with Rule 16b-3 issued under the Exchange Act and shall be comprised of persons who are independent for purposes of applicable stock exchange listing requirements and who would meet the requirements of a “non-employee director” within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934.  
8.3.     Powers of Committee.  The Committee’s administration of the Plan shall be subject to the following:
(a)    Subject to the provisions of the Plan, the Committee will have the authority and discretion to select individuals who shall be Eligible Individuals and who, therefore, are eligible to receive Awards under the Plan. The Committee shall have the authority to determine the time or times of receipt of Awards, to determine the types of Awards and the number of shares of Stock covered by the Awards, to establish the terms, conditions, performance targets, restrictions, and other provisions of such Awards, to cancel or suspend Awards, and to accelerate the exercisability or vesting of any Award under circumstances designated by it. In making such Award 
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determinations, the Committee may take into account the nature of services rendered by the respective employee, the individual’s present and potential contribution to the Company’s or a Related Company’s success and such other factors as the Committee deems relevant.
(b)    To the extent that the Committee determines that the restrictions imposed by the Plan preclude the achievement of the material purposes of the Awards in jurisdictions outside the United States, the Committee will have the authority and discretion to modify those restrictions as the Committee determines to be necessary or appropriate to conform to applicable requirements or practices of jurisdictions outside of the United States.
(c)    The Committee will have the authority and discretion to interpret the Plan, to establish, amend, and rescind any rules and regulations relating to the Plan, to determine the terms and conditions of any Award Agreement made pursuant to the Plan, and to make all other determinations that may be necessary or advisable for the administration of the Plan.
(d)    Any interpretation of the Plan by the Committee and any decision made by it under the Plan is final and binding on all persons.
(e)    In controlling and managing the operation and administration of the Plan, the Committee shall take action in a manner that conforms to applicable corporate law.  
(f)    Notwithstanding any other provision of the Plan, no benefit shall be distributed under the Plan to any person unless the Committee, in its sole discretion, determines that such person is entitled to benefits under the Plan.
8.4.     Delegation by Committee. Except to the extent prohibited by Applicable Law, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it.  Any such allocation or delegation may be revoked by the Committee at any time.
8.5.     Information to be Furnished to Committee.  The Company, Subsidiaries and any applicable Related Company shall furnish the Committee with such data and information as it determines may be required for it to discharge its duties.  The records of the Company, Subsidiaries and any applicable Related Company as to an employee’s or Participant’s employment (or other provision of services), termination of employment (or cessation of the provision of services), leave of absence, reemployment 
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and compensation shall be conclusive on all persons unless determined to be incorrect.  Participants and other persons entitled to benefits under the Plan must furnish the Committee such evidence, data or information as the Committee considers desirable to carry out the terms of the Plan.
8.6.     Liability and Indemnification of Committee.  No member or authorized delegate of the Committee shall be liable to any person for any action taken or omitted in connection with the administration of the Plan unless attributable to his own fraud or willful misconduct; nor shall the Company or any Related Company be liable to any person for any such action unless attributable to fraud or willful misconduct on the part of a director or employee of the Company or Related Company. The Committee, the individual members thereof, and persons acting as the authorized delegates of the Committee under the Plan, shall be indemnified by the Company against any and all liabilities, losses, costs and expenses (including legal fees and expenses) of whatsoever kind and nature which may be imposed on, incurred by or asserted against the Committee or its members or authorized delegates by reason of the performance of a Committee function if the Committee or its members or authorized delegates did not act dishonestly or in willful violation of the law or regulation under which such liability, loss, cost or expense arises. This indemnification shall not duplicate but may supplement any coverage available under any applicable insurance.

SECTION 9
AMENDMENT AND TERMINATION
The Board may, at any time, amend or terminate the Plan, and the Board or the Committee may amend any Award Agreement, provided that no amendment or termination may, in the absence of written consent to the change by the affected Participant (or, if the Participant is not then living, the affected beneficiary), adversely affect the rights of any Participant or beneficiary under any Award granted under the Plan prior to the date such amendment is adopted by the Board (or the Committee if applicable); and further provided that adjustments pursuant to Section 3.2 shall not be subject to the foregoing limitations of this Section 9; and further provided that the provisions of Section 4.7 (relating to Option repricing) cannot be amended unless the amendment is approved by the Company's stockholders.  Approval by the Company’s stockholders will be required for any material revision to the terms of the Plan, with the Committee’s determination of “material revision” to take into account the exemptions under applicable stock exchange rules. No amendment or termination shall be adopted or effective if it would result in accelerated recognition of income or imposition of additional tax under Section 409A of the Code or, except as 
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otherwise provided in the amendment, would cause amounts that were not otherwise subject to Section 409A of the Code to become subject to Section 409A of the Code.

SECTION 10
GENERAL PROVISIONS
10.1.     General Restrictions.  Delivery of shares of Stock or other amounts under the Plan shall be subject to the following:
(a)    Notwithstanding any other provision of the Plan, the Company shall have no obligation to recognize an exercise of an Option or deliver any shares of Stock or make any other distribution of benefits under the Plan unless such exercise, delivery or distribution complies with all Applicable Laws (including, without limitation, the requirements of the United States Securities Act of 1933 and the securities laws of any other applicable jurisdiction), and the applicable requirements of any securities exchange or similar entity or other regulatory authority with respect to the issue of shares and securities by the Company.
(b)    To the extent that the Plan provides for issuance of share certificates to reflect the issuance of shares of Stock, the issuance may be effected on a non-certificated basis, to the extent not prohibited by Applicable Law, the By-laws of the Company.
(c)    To the extent provided by the Committee, any Award may be settled in cash rather than shares of Stock.
10.2.     Tax Withholding.  All distributions under the Plan are subject to withholding of all applicable taxes, and the Committee may condition the delivery of any shares of Stock or other benefits under the Plan on satisfaction of the applicable withholding obligations.  Except as otherwise provided by the Committee and subject to Applicable Law, such withholding obligations may be satisfied (i) through cash payment by the Participant; (ii) through the surrender of shares of Stock which the Participant already owns; or (iii) through the surrender of shares of Stock to which the Participant is otherwise entitled under the Plan (including shares otherwise distributable pursuant to the Award); provided, however, that such shares of Stock under this clause (iii) may be used to satisfy not more than the maximum individual tax rate for the Participant in applicable jurisdiction for such Participant (based on the applicable rates of the relevant tax authorities (for example, federal, state, and local), including the Participant’s share of payroll or similar taxes, as provided in tax law, regulations, or the authority’s 
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administrative practices, not to exceed the highest statutory rate in that jurisdiction, even if that rate exceeds the highest rate that may be applicable to the specific Participant).
10.3.     Grant and Use of Awards.  In the discretion of the Committee, an Eligible Individual may be granted any Award permitted under the provisions of the Plan, and more than one Award may be granted to an Eligible Individual.  Subject to Section 4.7 (relating to repricing), Awards may be granted as alternatives to or replacement of awards granted or outstanding under the Plan, or any other plan or arrangement of the Company or a Subsidiary or a Related Company (including a plan or arrangement of a business or entity, all or a portion of which is acquired by the Company or a Subsidiary or a Related Company).  Subject to the overall limitation on the number of shares of Stock that may be delivered under the Plan, the Committee may use available shares of Stock as the form of payment for compensation, grants or rights earned or due under any other compensation plans or arrangements of the Company or a Subsidiary or a Related Company, including the plans and arrangements of the Company or a Subsidiary or a Related Company assumed in business combinations.  Notwithstanding the provisions of Section 4.4, Options granted under the Plan in replacement for awards under plans and arrangements of the Company or a Subsidiary or a Related Company assumed in business combinations may provide for Exercise Prices that are less than the Fair Market Value of the shares of Stock at the time of the replacement grants, if the Committee determines that such Exercise Price is appropriate to preserve the economic benefit of the award.  The provisions of this Section shall be subject to the provisions of Section 10.13.
10.4.     Dividends and Dividend Equivalents.  An Award (other than an Option) may provide the Participant with the right to receive dividend or dividend equivalent payments with respect to shares of Stock subject to the Award; provided, however, that no dividend or dividend equivalents granted in relation to Full Value Awards that are subject to vesting shall be settled prior to the date that such Full Value Award (or applicable portion thereof) becomes vested and is settled.  Any such settlements, and any such crediting of dividends or dividend equivalents or reinvestment in shares of Stock, will be subject to the Company's By-laws as well as Applicable Law and further may be subject to such conditions, restrictions and contingencies as the Committee shall establish, including the reinvestment of such credited amounts in share of Stock equivalents.  The provisions of this Section shall be subject to the provisions of Section 10.13.
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10.5.     Settlement of Awards.  The obligation to make payments and distributions with respect to Awards may be satisfied through cash payments, the delivery of shares of Stock, the granting of replacement Awards, or combination thereof as the Committee shall determine.  Satisfaction of any such obligations under an Award, which is sometimes referred to as “settlement” of the Award, may be subject to such conditions, restrictions and contingencies as the Committee shall determine.  The Committee may permit or require the deferral of any Award payment or distribution, subject to such rules and procedures as it may establish, which may include provisions for the payment or crediting of interest or dividend equivalents, and may include converting such credits into deferred share of Stock equivalents.  Except for Options designated at the time of grant or otherwise as intended to be subject to Section 409A of the Code, this Section 10.5 shall not be construed to permit the deferred settlement of Options, if such settlement would result in deferral of compensation under Treas. Reg. §1.409A-1(b)(5)(i)(A)(3) (except as permitted in Sections (i) and (ii) of that section).  Each Subsidiary shall be liable for payment of cash due under the Plan with respect to any Participant to the extent that such benefits are attributable to the services rendered for that Subsidiary by the Participant.  Any disputes relating to liability of a Subsidiary for cash payments shall be resolved by the Committee.  The provisions of this Section shall be subject to the provisions of Section 10.13.
10.6.     Transferability.  Except as otherwise provided by the Committee, Awards under the Plan are not transferable except as designated by the Participant by will or by the laws of descent and distribution.
10.7.     Form and Time of Elections.  Unless otherwise specified herein, each election required or permitted to be made by any Participant or other person entitled to benefits under the Plan, and any permitted modification, or revocation thereof, shall be in writing filed with the Committee at such times, in such form, and subject to such restrictions and limitations, not inconsistent with the terms of the Plan, as the Committee shall require.
10.8.     Agreement With Company.  An Award under the Plan shall be subject to such terms and conditions, not inconsistent with the Plan, as the Committee shall, in its sole discretion, prescribe.  The terms and conditions of any Award to any Participant shall be reflected in such form of written (including electronic) document as is determined by the Committee.  A copy of such document shall be provided to the Participant, and the Committee may, but need not require that the Participant sign a copy 
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of such document.  Such document is referred to in the Plan as an “Award Agreement” regardless of whether any Participant signature is required.
10.9.     Action by Company or Subsidiary.  Any action required or permitted to be taken by the Company or any Subsidiary or Related Company shall be by resolution of its board of directors, or by action of one or more members of the board (including a committee of the board) who are duly authorized to act for the board, or (except to the extent prohibited by Applicable Law or applicable rules of any stock exchange) by a duly authorized officer of such company.
10.10.     Gender and Number.  Where the context admits, words in any gender shall include any other gender, words in the singular shall include the plural and the plural shall include the singular.
10.11.     Limitation of Implied Rights.
(a)    Neither a Participant nor any other person shall, by reason of participation in the Plan, acquire any right in or title to any assets, funds or property of the Company or any Subsidiary or Related Company whatsoever, including, without limitation, any specific funds, assets, or other property which the Company or any Subsidiary or Related Company, in its sole discretion, may set aside in anticipation of a liability under the Plan.  A Participant shall have only a contractual right to the shares of Stock or amounts, if any, payable under the Plan, unsecured by any assets of the Company or any Subsidiary or Related Company, and nothing contained in the Plan shall constitute a guarantee that the assets of the Company or any Subsidiary or Related Company shall be sufficient to pay any benefits to any person.
(b)    The Plan does not constitute a contract of employment, and selection as a Participant will not give any participating employee or other individual the right to be retained in the employ of the Company or any Subsidiary or Related Company or the right to continue to provide services to the Company or any Subsidiary or Related Company, nor any right or claim to any benefit under the Plan, unless such right or claim has specifically accrued under the terms of the Plan.  Except as otherwise provided in the Plan, no Award under the Plan shall confer upon the holder thereof any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights and is registered in the Company's Register of share of stockholders.
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(c)    All Stock and shares issued under any Award or otherwise are to be held subject to the provisions of the Company's By-laws and each Participant is deemed to agree to be bound by the terms of the Company's By-laws as they stand at the time of issue of any shares of Stock under the Plan.
10.12.     Evidence.  Evidence required of anyone under the Plan may be by certificate, affidavit, document or other information which the person acting on it considers pertinent and reliable, and signed, made or presented by the proper party or parties.
10.13.     Limitations under Section 409A.  The provisions of the Plan shall be subject to the following: 
(a)    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 of the Code, except as otherwise determined in the sole discretion of the Administrator.  The Plan and each Award Agreement under the Plan is intended to meet the requirements of Section 409A of the Code and will be construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator.  To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Section 409A of the Code the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Section 409A of the Code, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Section 409A of the Code.
(b)    Neither Section 10.3 nor any other provision of the Plan shall be construed to permit the grant of an Option if such action would cause the Option being granted or the option or stock appreciation right being replaced to be subject to Section 409A of the Code, provided that this Section (b) shall not apply to any Option (or option or stock appreciation right granted under another plan) being replaced that, at the time it is granted or otherwise, is designated as being deferred compensation subject to Section 409A of the Code.
(c)    Except with respect to an Option that, at the time it is granted or otherwise, is designated as being deferred compensation subject to Section 409A of the Code, no Option shall condition the receipt of dividends with respect to an Option on the exercise of such Award, or otherwise provide for payment of such dividends in a 
21

manner that would cause the payment to be treated as an offset to or reduction of the Exercise Price of the Option pursuant Treas. Reg. §1.409A-1(b)(5)(i)(E).
(d)    The Plan shall not be construed to permit a modification of an Award, or to permit the payment of a dividend or dividend equivalent, if such actions would result in accelerated recognition of taxable income or imposition of additional tax under Section 409A of the Code. 
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