Document:

Exhibit 4.20

 

PRIVATE AND CONFIDENTIAL

 

Midatech Pharma plc

65 Innovation Drive, Milton Park

Milton

Abingdon

Oxfordshire

OX14 4RQ

 

29 January 2019

 

 

CMS Medical Venture Investment (HK) Limited

Unit 2106, 21st Floor

Island Place Tower

No. 510 King's Road, North Point

Hong Kong

 

	Subscriber commitment confirmation
	Number of Subscription Units	103,896,103
	Number of Subscription Shares	103,896,103
	Number of Warrants	103,896,103
	Subscription Price per Unit	3.85 pence
	Total Subscription Price	£3,999,999.97

 

Dear Subscriber

 

Subscription Letter in relation to Midatech
Pharma plc (the “Company”)

 

We refer to the offer made to certain prospective
investors to subscribe for units comprising one ordinary share of 0.005 pence each in the share capital of the Company (the “Subscription
Share(s)”) and one warrant to purchase a new ordinary share in the share capital of the Company (“Warrant”)
pursuant to the terms of a warrant instrument adopted by the Company (collectively “Subscription Unit(s)”) and
such fundraising being (the “Subscription”).

 

By executing and returning the attached
Confirmation Letter, you:

 

		1.	agree as a legally binding obligation to subscribe for the number of Subscription Units at the
Subscription Price, each as shown in the ‘Subscriber commitment confirmation’ above, on the terms set out in this letter,
the attached Confirmation Letter and subject to the articles of association of the Company from time to time;

		2.	give the various warranties, confirmations, representations, acknowledgements and undertakings
set out below; and

		3.	confirm that you are not relying on any warranty or representation made by the Company or any of
its representatives or any other party.

 

The Subscription Shares to be issued pursuant
to the Subscription will rank pari passu in all respects with the existing ordinary shares of 0.005 pence each in the share
capital of the Company (“Ordinary Shares”).

 

The Subscription is conditional, among
other things, upon Admission (defined below).

 

    	 	 	 

    	 

    

 

In this letter, any reference to any provision
of any legislation shall include any amendment, modification, re-enactment or extension thereof.

 

		1.	Dealings

 

		1.1	Application will be made to the London Stock Exchange plc for all of the new ordinary shares in
the Company (to be issued in connection with the Subscription) (the “New Ordinary Shares”) to be admitted to
trading on AIM (“Admission”). It is expected that Admission will become effective, and that dealings in the
New Ordinary Shares will commence by no later than 28 February 2019.

 

 

		2.	Conditions and Termination

 

The
obligations accepted by you pursuant to your signature and return of the Confirmation Letter and set out in this letter are irrevocable
and not capable of termination or rescission by you in any circumstances, except in the case of fraud.

 

		3.	Settlement

 

		3.1	Payment of an amount equal to the value of the Total Subscription Price shown in the ‘Subscriber
commitment confirmation’ shall be wired to the escrow account detailed below (“Escrow Account”). The Subscription
Monies are held in the Escrow Account on trust by Link Corporate Trustees (UK) Limited as the “Escrow Agent”
until Admission on the terms and conditions of an escrow agreement dated on or around the date of this letter (the “Escrow
Agreement”).

 

Escrow Account details:

 

Name:

Client Account
Sort Code:

Account Number:

IBAN:

SWIFT/BIC:

 

 

		3.2	Pursuant to the terms of the Escrow Agreement:

 

		(a)	if Admission occurs, the Total Subscription Price will be
released to us upon Admission taking place; and

 

		(b)	if Admission does not occur on or prior to 28 February 2019
we agree that any Subscription monies paid by you will be returned to you. 

 

		3.3	Subject to (i) the terms and conditions of this letter and (ii) Admission occurring, we will deliver
your Subscription Shares in accordance with the certificated settlement details provided in Attachment B.

 

		3.4	In the event of late receipt of the Total Subscription Price, you will be charged interest on the
amount thereof from time to time outstanding at the rate of 2 percentage points above the Bank of England base rate from time to
time, calculated on a daily basis.

 

    	 	 	 

    	 

    

 

		4.	Registration

 

The person
named for registration purposes in Attachment B must be (a) the person procured by you to subscribe for or acquire the relevant
Subscription Shares, (b) yourself or (c) a nominee of any such person or yourself, as the case may be. The ISIN for the Subscription
Shares is GB00BRTL9B63.

 

		5.	Further Terms

 

		5.1	By returning the attached Confirmation Letter duly completed and thereby accepting your Subscription
Shares you will be deemed to have agreed, warranted, confirmed, represented, acknowledged and undertaken to us in the following
terms (the “Confirmations”) (in respect of yourself and/or any other person on whose behalf you are subscribing
– and “you”, where referred to below, shall be interpreted accordingly) and your Subscription is conditional
on such Confirmations being and remaining true and accurate at all times up to and including the completion of your Subscription:

 

		(a)	Your acceptance of your Subscription on the terms set out in this letter is irrevocable and not
capable of termination or rescission by you in any circumstances, except in the case of fraud.

 

		(b)	You confirm and warrant that you have not relied on any information given or any written or oral
representations, warranties, or statements express or implied statutory or otherwise made or deemed to be made at any time by the
Company, or any person in connection with the Subscription, Admission or the Company other than the marketing presentation dated
26 November 2018 (the “Marketing Presentation”) provided to you in connection with the Subscription and, accordingly,
there shall be no liability or responsibility for the Company, Panmure Gordon (UK) Limited or Stifel Nicolaus Europe Limited (the
“Placing Agents”) and their respective directors, officers, agents, employees or advisers or for any other third
party for any other information or representation, except in the case of fraud. You acknowledge that neither the Placing Agents
nor any person representing the Placing Agents makes any representation or warranty as to the accuracy or completeness of the Marketing
Presentation.

 

		(c)	You (including any person on whose behalf you are subscribing) are a person of a kind described
in Article 19(5) (investment professionals) or Article 49 (high net worth companies, unincorporated associations etc.) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial Promotion Order”) or you are
otherwise entitled by law to receive communications which are a “financial promotion” (as referred to in section 21
of the Financial Services and Markets Act 2000 (“FSMA”)) without the need for such communications to be approved,
made or directed by an “authorised person” as referred to in FSMA and you undertake to provide us with such information
as we may require to verify your ability to receive financial promotions in those circumstances.

 

		(d)	The agreement confirmed by this letter (and your signature and return to us of the attached Confirmation
Letter) is a legally binding contract. The terms and conditions of your Subscription will be governed by, and construed in accordance
with, the laws of England and Wales and the Courts of England will have exclusive jurisdiction to settle any disputes which may
arise out of or in connection with the same but a judgment or order of any court may be enforced in any court of competent jurisdiction.

 

    	 	 	 

    	 

    

 

		(e)	You irrevocably appoint any director or employee of the Company as your agent for the purpose of
executing and delivering to the Company and/or its registrars any document on your behalf necessary to enable you to be registered
as the holder of your Subscription Shares.

 

		(f)	You are entitled to accept your Subscription under the laws of all relevant jurisdictions which
apply to you, have complied and will fully comply with all such laws in relation to your Subscription (including, where applicable,
the Money Laundering Regulations 2007 (as amended), the Anti-terrorism, Crime and Security Act 2001, the Criminal Justice Act 1993
and the Proceeds of Crime Act 2002 (together, the “Money Laundering Regulations”)) and, if you are making payment
on behalf of a third party, you have obtained and recorded satisfactory evidence to verify the identity of the third party as required
by the Money Laundering Regulations and you will provide the Company on demand with any information or documentation it might require
for the purposes of verification pursuant to the Money Laundering Regulations (“Information”), and you have
obtained all governmental and other consents which may be required in relation to your Subscription. If within a reasonable time
after a request for Information, we have not received Information satisfactory to us, we may, at our absolute discretion, terminate
your Subscription in which event the monies payable by you pursuant to the paragraph headed ‘Settlement’ will, if paid,
be returned without interest to the account of the drawee bank from which they were originally debited.

 

		(g)	Time shall be of the essence as regards obligations pursuant to this letter.

 

		(h)	In accepting your Subscription Shares you are acting as principal and for no other person and that
your acceptance of that commitment will not give any other person a contractual right to require the issue by the Company of any
of the Subscription Shares.

 

		(i)	You (the “Subscriber”) acknowledge, undertake, represent, warrant, confirm and
agree (as the case may be):

 

		(i)	that the Subscriber:

 

		(A)	in making its decision to purchase the Subscription Shares: (a) has made its own independent and
informed investment decision regarding the Subscription Shares based on its own knowledge (and information which it may have or
which is publicly available) and the Marketing Presentation, with respect to the Subscription Shares and the Company; (b) has had
access to such information as it deems necessary or appropriate in connection with its purchase of the Subscription Shares; (c)
has had a full opportunity to ask questions of and receive answers from the Company or any person or persons acting on behalf of
the Company concerning the terms and conditions of the offering of the Subscription Shares and the merits and risks of investing
in the Subscription Shares; and (d) has sufficient knowledge and experience in financial and business matters and expertise in
assessing credit, market and all other relevant risk and is capable of evaluating, and has evaluated, independently the merits,
risks and suitability of subscribing for the Subscription Shares for itself;

 

    	 	 	 

    	 

    

 

		(B)	is a sophisticated investor and acknowledges that by its subscription for or holding of the Subscription
Shares that it is capable of bearing the economic risk of loss of investment that may occur with respect to acquiring the Subscription
Units, including the possibility that the Subscriber may lose all or a substantial portion of its investment in the Subscription
Shares, and the Subscriber will not look to the Company or to any other person acting on its behalf for all or part of any such
loss or losses that it may suffer.

 

		(j)	You are entitled to take up your Subscription Shares and you have fully observed the laws of all
relevant jurisdictions, obtained all governmental and other consents which may be required thereunder and complied with all relevant
formalities and that you have not taken any action which will or may result in the Company, its respective directors, officers,
agents, employees or advisers being in breach of the regulatory requirements of any territory in connection with the Subscription
or your acceptance of your Subscription Shares.

 

		(i)	You have full knowledge of, or have been independently advised as to, the applicable securities
laws of the jurisdiction in which you are resident and the jurisdiction from which you are subscribing for the Subscription Shares
(the “Jurisdictions”).

 

		(ii)	Applicable securities laws of the Jurisdictions do not require the Company to make any filings
or seek any approvals of any kind whatsoever from any regulatory authority of any kind in such Jurisdictions in connection with
the offering to you of or subscription by you for the Subscription Shares.

 

		(iii)	You confirm that the offering to you or the subscription by you of the Subscription Shares does
not trigger in the Jurisdictions: (i) any obligation to prepare and file a prospectus or similar document, or any other report
with respect to such purchase; (ii) any continuous disclosure reporting obligation of the Company; or (iii) any registration or
other obligation on the part of the Company.

 

		(k)	You have the power and capacity to enter into, and will perform, your obligations under the conditions
of this letter, and have obtained all necessary consents and authorities which may be required in relation to this letter and your
Subscription.

 

		(l)	Whilst no stamp duty or stamp duty reserve tax may be payable pursuant to the issue to you of the
Subscription Shares, if any liability to stamp duty or stamp duty reserve tax does arise, it will be entirely for your account
and the Company will not have any liability in respect of any duty or any related costs, fines, penalties and interest arising
in respect thereof.

 

    	 	 	 

    	 

    

 

		(m)	You have not taken any action which will or might result in the Company being in breach of the
legal or regulatory requirements of any jurisdiction.

 

		(n)	You have read the Marketing Presentation and accept that any investment in the Company is subject
to the risk factors identified in the Marketing Presentation.

 

		(o)	You agree to indemnify and hold each of the Company and affiliates, directors, officers, employees
and agents harmless from and against any and all costs, claims, liabilities and expenses (including legal fees and expenses) arising
out of or in connection with any breach by you (or any person on whose behalf you are acting) of the representations, warranties,
acknowledgements, agreements and undertakings in this letter, save to the extent that such breach was caused by and in the reasonable
control of the Company and further agree that the provisions of this letter shall survive after completion of the Subscription.

 

The Company will rely on the truth and
accuracy of the foregoing Confirmations, and if any of the same are no longer accurate, you shall promptly notify the Company.

 

    	 	 	 

    	 

    

 

IMPORTANT NOTICE

 

		1.	This letter is sent to you by us on a confidential basis on the
understanding that you are either:

 

		(a)	an “authorised person” under FSMA;

 

		(b)	a person having professional experience in matters relating to investments as defined in article
19 of the Financial Promotion Order;

 

		(c)	an organisation satisfying certain minimum net worth requirements as specified in article 49 of
the Financial Promotion Order (relating to high net worth companies, unincorporated associations etc.); or

 

		(d)	otherwise entitled to receive it by law,

 

each, a “Relevant
Person”,

 

and the Subscription
is only available to such relevant Persons and will only be engaged in with them. Onward transmission of this letter, may constitute
an offence under FSMA.

 

		2.	Those persons who are not Relevant Persons should not rely on
this letter and should take no action.

 

Please sign, date and complete the enclosed
Confirmation Letter (Attachment A) immediately. A scanned copy of the signed and dated Confirmation Letter should be sent
by email to Lena Hodge (lhodge@brownrudnick.com) with a copy to Craig Cook (craig.cook@midatechpharma.com) immediately, with the
original copy to follow by first class post (or, if sent from abroad, airmail or international courier) to Midatech Pharma plc
c/o Brown Rudnick LLP, 8 Clifford Street, London W1S 2LQ for the attention of Lena Hodge.

 

In addition, please complete, sign and
date the enclosed Registration and Delivery Details Form (Attachment B). A scanned copy of the Registration and Delivery
Details Form should be sent by email to Lena Hodge (lhodge@brownrudnick.com) with a copy to Craig Cook (craig.cook@midatechpharma.com)
so as to arrive no later than 12 p.m. (noon) on on the date following the date of this letter.

 

    	 	 	 

    	 

    

 

Yours faithfully

 

 

 

 

/s/ Craig Cook

 

Craig Cook, Chief Executive Officer

 

for and on behalf of

Midatech Pharma plc

 

    	 	 	 

    	 

    

 

ATTACHMENT A

 

Confirmation Letter

 

THIS LETTER MUST BE COMPLETED AND RETURNED
BY EMAIL IMMEDIATELY TO LHODGE@BROWNRUDNICK.COM (COPY TO CRAIG.COOK@MIDATECH.COM), BUT IN ANY EVENT BY NOT LATER THAN 12 P.M. (NOON)
ON THE DATE FOLLOWING THE DATE OF THE SUBSCRIPTION LETTER.

 

 

Midatech Pharma plc

c/o Brown Rudnick LLP

8 Clifford Street

London W1S 2LQ

 

	Subscriber commitment confirmation
	Number of Subscription Units	103,896,103
	Number of Subscription Shares	103,896,103
	Number of Warrants	103,896,103
	Subscription Price per Unit	3.85 pence
	Total Subscription Price	£3,999,999.97

 

 

Dear Sirs

 

Confirmation Letter in relation to Midatech
Pharma plc (the “Company”)

 

With reference to your letter dated 29
January 2019 (the “Subscription Letter”) and on the terms set out therein, we confirm, subject only to Admission,
our irrevocable acceptance of our Subscription Shares at the Subscription Price, each as shown in the ‘Subscriber commitment
confirmation’ above, on the terms set out in the Subscription Letter and the articles of association of the Company from
time to time. Unless the context requires otherwise, terms defined in the Subscription Letter have the same meaning in this Confirmation
Letter.

 

By signing and returning this Confirmation
Letter we irrevocably agree to be bound by the terms and conditions and we give the confirmations, warranties, representations,
acknowledgements and undertakings contained in the Subscription Letter. We understand that our obligations are not capable of termination
by us in any circumstance (except fraud). We acknowledge that, in the event of late payment or all or part of the Total Subscription
Price, we will be charged interest as specified in the Subscription Letter.

 

We undertake to provide registration details
in respect of our Subscription by completing and returning to you Attachment B to the Subscription Letter by 12 p.m. (noon)
on the date following the date of this confirmation letter.

 

    	 	 	 

    	 

    

 

Yours faithfully

 

	/s/ Huaizheng Peng

Signed	 	29 January 2019

Date
	 	 	Signed at the following address
	HUAIZHENG PENG 	 	 
	Name of signatory (BLOCK CAPITALS)	 	 
	 	 	 
	 	 	 
	CMS MEDICAL VENTURE INVESTMENT (HK) 	 	 
	LIMITED	 	 
	Name of subscriber if different from signatory	 	 
	(BLOCK CAPITALS)	 	 

 

    	 	 	 

    	 

    

 

ATTACHMENT B

 

Registration and Delivery
Details Form

 

THIS FORM MUST BE COMPLETED AND RETURNED
BY EMAIL IMMEDIATELY TO LHODGE@BROWNRUDNICK.COM FOR ATTENTION OF LENA HODGE (COPY TO CRAIG.COOK@MIDATECHPHARMA.COM FOR THE ATTENTION
OF CRAIG COOK), BUT IN ANY EVENT BY NOT LATER THAN 12 P.M. (NOON) ON THE DATE FOLLOWING THE DATE OF THE CONFIRMATION LETTER.

 

	Registration Details (and name of the legal or natural person to whom any definitive share certificate should be issued)	CMS Medical Venture Investment (HK) Limited
	
        Delivery Instructions for certificates

         

        OR

         

        CREST ID:

         

        Account:

         

         

         
	
        Unit 2106, 21st Floor

        Island Place Tower

        No. 510 King's Road, North Point

        Hong Kong

         

         

	         

	Person to be contacted in connection with settlement arrangements/registration	Dr. Peng Huaizheng
	Telephone/extension no.	 

 

 

	
        /s/ Huaizheng Peng

Signed

         

        HUAIZHENG PENG_

        Name of signatory (BLOCK CAPITALS)

         

         

        CMS MEDICAL VENTURE INVESTMENT (HK) LIMITED

        Name of subscriber if different from signatory
        (BLOCK CAPITALS)

         
	
        29 JANUARY 2019

        Date

         

 

Please note: It is expected that definitive
share certificates will be despatched to you at your risk as soon as practicable after Admission. Pending such despatch, transfers
of Ordinary Shares will be certified against the register.Exhibit 4.21

 

Date: ..............................
2019

 

 

 

 

	
        Midatech Pharma plc

         

         

         

        Panmure Gordon (UK) Limited

         

         

         

        [__________________________]

 

 

 

 

 

 

Lock-in Agreement

 

 

 

 

 

 

Fieldfisher Riverbank House 2 Swan
Lane London EC4R 3TT

 

    	 	 	 

    	 

    

 

	Contents	 
	 	 	 
	No.	Heading	Page
	 	 	 
	1.	Definition	2
	 	 	 
	2.	Undertaking	3
	 	 	 
	3.	Exceptions	4
	 	 	 
	4.	Termination	5
	 	 	 
	5.	Remedies	5
	 	 	 
	6.	Governing Law and Jurisdiction	5
	 	 	 
	7.	Variation and Waiver	5
	 	 	 
	8.	Assignment	5
	 	 	 
	9.	Notices	5
	 	 	 
	10.	General	6

  

    	 	 	i

    	 

    

 

THIS AGREEMENT is made this ____day
of ________2019

BETWEEN:

 

		(1)	MIDATECH PHARMA PLC (Registered in England and Wales with No. 09216368) whose registered
office is at 65 Innovation Drive, Milton Park, Milton, Abingdon, Oxfordshire OX14 4RQ (the "Company");

 

		(2)	PANMURE GORDON (UK) LIMITED (Registered in England and Wales with No. 04915201) whose registered
office is at One New Change, London EC4M 9AF ("Panmure"); and

 

		(3)	_________________________________ of ___________________________(the "Shareholder").

 

IT IS AGREED as follows:

 

BACKGROUND

 

		(A)	The Company is proposing to undertake a capital raising and to seek admission of the ordinary shares
issued pursuant to such capital raising to trading on the AIM market of the London Stock Exchange.

 

		(B)	As part of the arrangements for the proposed admission to AIM, the Shareholder has agreed on the
terms of this Agreement to certain restrictions on the disposal of its shares in the Company for a period following such admission.

 

		1.	Definition

 

		1.1	For the purpose of this Agreement the following words and phrases shall have the following meanings:

 

"Admission"
means the admission of the New Ordinary Shares to trading on AIM becoming effective as provided in rule 6 of the AIM Rules;

 

"AIM"
means the market of that name operated by the London Stock Exchange;

 

"AIM
Rules" means the AIM Rules for Companies published by the London Stock Exchange from time to time;

 

"Associate"
shall in respect of the Shareholder, bear the meaning ascribed to it in paragraph (c) of the definition of "related party"
in the AIM Rules as if the Shareholder fell within paragraphs (a) and/or (b) of such definition;

 

"Business
Day" means a day upon which dealings may take place on AIM;

 

"Dispose
of" or "Disposal" means directly or indirectly mortgaging, pledging, charging, assigning, selling, transferring,
subscribing or otherwise disposing, including agreeing (conditionally or unconditionally) to do the same;

 

"in
writing" shall include transmission by electronic mail;

 

"London
Stock Exchange" means London Stock Exchange plc;

 

    	 	 	2

    	 

    

 

"New
Ordinary Shares" means the new shares of the Company being issued pursuant to the capital raising being carried out by
the Company which is expected to complete by 28 February 2019;

 

"Orderly
Market Period" means the period of twelve months commencing on the expiry of the Restricted Period;

 

"Restricted
Period" means the period from the date of Admission up to and including the date falling twelve months after Admission;

 

"Restricted
Shares" means the Shares and any interests in Shares held by the Shareholder or an Associate as at Admission and acquired
during the Restricted Period and includes any shares of any class or any interest in any shares of the Company or any rights arising
from or attached to any such shares including but not limited to any such shares in the Company which convert or are converted
into Shares on or prior to Admission, any shares which the Shareholder subsequently acquires in the Company which are derived from
such Shares including without prejudice to the generality of the foregoing from any sub-division, bonus issue, open offer or rights
issue, and any Shares arising from the exercise of options or warrants; and

 

"Shares"
means ordinary shares of £0.00005 each in the capital of the Company.

 

		1.2	In this Agreement:

   

		(a)	references to the masculine include the feminine and neuter and words denoting the singular include
the plural and vice versa;

 

		(b)	unless the context otherwise requires any reference to any clause or Schedule is to a clause of
or the Schedule to this Agreement;

 

		(c)	references to any Act, statute or statutory provision includes references to any such Act, statute
or statutory provision as amended, re-enacted or replaced from time to time

 

		(d)	references to persons include references to partnerships, corporations or unincorporated associations;
and

 

		(e)	the headings are included for ease of reference and shall not affect the construction of this Agreement.

 

		2.	Undertaking

 

		2.1	The Shareholder undertakes to the Company and Panmure (for so long as it remains nominated adviser
or broker to the Company) that save in the circumstances set out in clause 3 below, it will not during the Restricted Period, Dispose
of the legal or beneficial ownership of, or any other interest in, the Restricted Shares.

 

		2.2	The Shareholder further undertakes to the Company and Panmure that, save in the circumstances set
out in clause 3 below, during the Orderly Market Period it will only Dispose of the legal or beneficial ownership of, or any other
interest in, the Restricted Shares through Panmure (or the broker for the time being of the Company if it is not Panmure (the "Replacement
Broker")) in such manner as Panmure or the Replacement Broker may reasonably require so as to ensure an orderly market
in the Shares.

 

    	 	 	3

    	 

    

 

		2.3	The requirement in clause 2.2 that a Disposal be effected through Panmure or the Replacement Broker
is subject to the following provisos:

 

		(a)	Panmure or the Replacement Broker shall only charge commissions in respect of any transfer or sale
equivalent to those which would have been reasonably payable by the Shareholder for an institutional execution-only broking service
if this restriction did not apply and on a basis that Panmure or the Replacement Broker provides best execution; and

 

		(b)	if Panmure or the Replacement Broker is unable to make the Disposal within five Business Days of
it having received a written request to do so by or on behalf of the Shareholder the Shareholder shall be entitled to effect the
Disposal through such broker as he shall, in its absolute discretion, decide.

  

		2.4	The Shareholder undertakes to use all reasonable endeavours to ensure that its Associates comply
with the restrictions contained in this clause 2 in respect of any Restricted Shares in which such person is interested.

 

		2.5	The Shareholder consents to the inclusion in a circular and press release to be prepared by the
Company of references to this Agreement and a summary of its contents.

 

		3.	Exceptions

 

		3.1	The restrictions contained in clause 2 shall not prevent a Disposal:

 

		(a)	pursuant to the prior written consent of each of the Company and Panmure (acting in their absolute
discretion);

 

		(b)	in acceptance of a general offer (or by the giving of an irrevocable undertaking to accept such
offer) made to shareholders of the Company to acquire all the issued Shares (other than any Shares which are already owned by the
person making such offer and any other person acting in concert with him) recommended by the board of directors of the Company;

 

		(c)	under any scheme or reconstruction under section 110 of the Insolvency Act 1986 to the Company;

 

		(d)	pursuant to any compromise or arrangement under Part 26 of the Companies Act 2006 providing for
the acquisition by any person (or group of persons acting in concert) of 50 per cent. or more of the equity share capital of the
Company and which compromise or arrangement has been sanctioned by the Courts; or

 

		(e)	pursuant to an intervening court order.

 

		4.	Termination

 

		4.1	The obligations of the parties under clause 2 of this Agreement are conditional upon Admission
becoming effective on or before 28 February 2019, or such later time or date as the Company and Panmure may agree in writing and
shall cease on the earlier of the expiry of the period referred to in clause 2.2 or the Shares no longer being admitted to trading
on AIM.

 

		4.2	If the condition set out in clause 4.1 is not fulfilled by the date specified, this Agreement shall
cease and determine and no party to this Agreement will have any claim against any other party to this Agreement for costs, damages,
compensation or otherwise.

 

    	 	 	4

    	 

    

 

		5.	Remedies

 

In view of
the difficulties in placing a monetary value upon the effects of any breach of the terms of the undertakings referred to in this
Agreement, the Shareholder recognises that each of Panmure and/or the Company will be entitled to seek and the Shareholder shall
not raise any objection to Panmure and/or the Company seeking injunctive relief as well as any other relief which may be appropriate
under the circumstances in any court of competent jurisdiction in the event of any breach or anticipatory breach of the obligations
set out above.

 

		6.	Governing Law and Jurisdiction

 

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

  

		7.	Variation and Waiver

 

		7.1	No variation of this Agreement shall be effective unless it is in writing and signed by or on behalf
of each of the parties hereto.

 

		7.2	No waiver of any term, provision or condition of this Agreement shall be effective except to the
extent made in writing and signed by the waiving party.

 

		7.3	No omission or delay on the part of any party in exercising any right, power or privilege under
this Agreement shall operate as a waiver by it or any right to exercise it in future or of any other of its rights under this Agreement.

 

		8.	Assignment

 

No party shall
without the prior written consent of the other parties (such consent not to be unreasonably withheld or delayed) assign, transfer,
charge or deal in any other manner with this Agreement or any of its rights under it nor purport to do any of the same.

 

		9.	Notices

 

		9.1	Each party may give any notice or other communication under or in connection with this Agreement
by letter or facsimile transmission addressed to any other party. The address for service of each party shall be the address set
out above or such other address within the United Kingdom for service as the addressee may from time to time notify to the other
parties for the purposes of this clause or (in the case of a company) its registered office from time to time.

 

		9.2	Any such notice shall be delivered by hand or sent by fax transmission or pre-paid first class
post and if delivered by fax shall conclusively be deemed to have been given or served at the time of printout of a transmission
report showing that the correct number of pages has been sent without error and if sent by post shall conclusively be deemed to
have been received 48 hours after the time of posting.

 

		9.3	If any deemed receipt under clause 9.2 occurs before 9.00 a.m. on any Business Day, the notice
shall be deemed to have been received at 9.00 a.m. on that day, and if deemed receipt occurs after 5.00 p.m. on any Business Day
or on any day which is not a Business Day, the notice shall be deemed to have been received at 9.00 a.m. on the next Business Day.

 

    	 	 	5

    	 

    

 

		9.4	The Shareholder irrevocably appoints Link Asset Services (for the attention of David Bell) of 65
Gresham Street, London, EC2V 7NQ, as its agent for service of process in any proceedings in the courts of England and Wales arising
out of or in connection with this Agreement and agrees that failure by its process agent to notify it of such service shall not
affect the validity of such service. If its process agent is or becomes unable or unwilling for any reason to act as agent for
service of process in England and Wales, the Shareholder shall promptly appoint another process agent who is able and willing so
to act and notify the other parties of the new process agent's name and address. If its process agent moves to a new address within
England and Wales, the Shareholder shall promptly notify the other parties of its process agent's new address.

 

		10.	General

 

		10.1	If any provision of this Agreement is held to be invalid or unenforceable, then such provision
shall (so far as invalid and unenforceable) be given no effect and shall be deemed not to be included in this Agreement but without
invalidating any of the remaining provisions of this Agreement.

 

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

 

		10.3	It is not intended that a person who is not a party to this Agreement shall have rights under this
Agreement pursuant to the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms.

 

EXECUTED as a deed and delivered
on the date stated at the beginning of this document.

 

    	 	 	6

    	 

    

 

EXECUTED as a DEED
by MIDATECH PHARMA PLC acting

by a director in the presence of:

 

 

	 	 
	 	Signature of director

 

	Signature of witness  	 

 

	Print name  	 

 

	Address  	 

 

	 

 

	 

 

	Occupation  	 

 

 

 

 

EXECUTED as a DEED
by PANMURE GORDON (UK) LIMITED acting by a director in the presence of:

 

 

 

	 	 
	 	Signature of director

 

	Signature of witness  	 

 

	Print name  	 

 

	Address  	 

 

	 

 

	 

 

	Occupation  	 

 

 

  

 

 

    	 	 	7

    	 

    

 

 

	Executed as a deed by _______________________	 
	acting by a director, in the presence of:	 
	
         

         

         

        ..............................................................

        Witness signature

         

        _______________________

        Name

         

        _______________________

        Occupation

         
	
         

        ............................................................

         

        Director

         

         

         

        Address

        _______________________

        _______________________

        _______________________

         

 

 

8

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