Document:

Exhibit 10.1

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

CLINICAL COLLABORATION AGREEMENT

 

This Clinical Collaboration Agreement (“Agreement”),
effective as of the 21 day of August, 2018 (“Effective Date”), is entered into by and between The University
of Texas M. D. Anderson Cancer Center, with a place of business located at 1515 Holcombe Blvd., Houston, TX 77030, USA (“MD
Anderson”), a member institution of The University of Texas System (“System”) and Cyclacel Limited,
with a place of business located at 1 James Lindsay Place, Dundee, Scotland, DD1 5JJ, United Kingdom, (“Cyclacel”)
(MD Anderson and Cyclacel each a “Party,” and collectively, the “Parties”).

 

WITNESSETH

 

Whereas, Cyclacel is clinical-stage
biopharmaceutical using cell cycle control, transcriptional regulation and DNA damage response biology to develop innovative, targeted
medicines for cancer and other proliferative diseases and is involved in the field of research and development of such pharmaceutical
products, including the sponsorship of clinical trials.

 

Whereas, MD Anderson is a comprehensive
cancer research, treatment, and prevention center, with scientists and technicians in substantive fields relating to cancer research.

 

Whereas, the Parties hereby wish
to establish a clinical collaboration, as further described herein, (“Collaboration”) whereby Cyclacel will
provide support for one or more clinical research studies to be conducted by MD Anderson pursuant to this Agreement using Cyclacel’s
drug candidates, including CYC065 and CYC140 (each, a “Cyclacel Drug Candidate,” and collectively, the “Cyclacel
Drug Candidates”), each such study a “Study,” and all such Studies the “Studies”).

 

Whereas, MD Anderson and Cyclacel
shall have the right to carry out any obligation set out in this Agreement through an Affiliate, where an “Affiliate”
means any individual, MD Anderson, partnership or other entity which directly or indirectly, at present or in the future, controls,
is controlled by or is under common control of a Party, and “control” will mean direct or indirect beneficial ownership
of at least fifty per cent (50%) of the voting share capital in such MD Anderson or other business entity, or to hold the effective
power to appoint or dismiss members of the management.

 

Now therefore, in consideration
of the premises and the mutual covenants and conditions hereinafter recited, the Parties do hereby agree as follows:

 

		1	Subject and Scope of Agreement

 

		1.1	The Parties intend that the scope of the Collaboration will consist of the Studies included in
Appendix I, attached hereto, the details of which are to be mutually agreed upon by the Parties. Cyclacel and MD Anderson agree
to jointly design and write the Protocols for the Studies based on a first draft provided by Cyclacel. MD Anderson will use reasonable
efforts to conduct the work under each Study. Studies may be changed as agreed upon by the Parties in writing.

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

		1.2	The Agreement is a Collaboration agreement which shall govern the performance of Studies by MD
Anderson and one or more Principal Investigator(s), as defined below, on the basis of Study specific documents (“Study
Orders”) as agreed upon by the Parties. Once the Parties have agreed to the precise nature of each Study to be performed,
MD Anderson shall review the Protocol for such Study as proposed by Cyclacel. It is understood between the Parties that the sample
size of each Study will not exceed [***] Subjects unless otherwise agreed in writing by the
Parties. “Subject” shall mean, as the term is defined in the U.S. Code of Federal Regulations 21 CFR §312.3(b),
a human who participates in the Study, either as a recipient of the investigational new drug or as a control. Once the Protocol
has been agreed and has been approved by MD Anderson’s Institutional Review Board (“Institutional Review Board”
or “IRB”) under Section 2.2 below, (i) Cyclacel, as Study sponsor, shall obtain regulatory approval for the
Study as required by FDA; and (ii) the detailed provisions for performance of the Study by the Parties including by MD Anderson
and the MD Anderson principal investigator(s) responsible for the performance of such Study (“Principal Investigator(s)”
or “Investigator(s)”), shall be set out in a Study Order to be agreed between the Parties but substantially
in the form attached as Appendix III to this Agreement which shall detail the specifics of the Study to be performed under such
Study Order including, without limitation, (i) the detailed Protocol, (ii) the Principal Investigator, (iii) identify any project-specific
resources or support provided by Cyclacel including quantities of Cyclacel Drug Candidate and timing of delivery. Any changes to
the Protocol must be agreed upon in writing in advance by Cyclacel unless necessary to protect the safety, rights or welfare of
the Subjects.

 

		1.3	In the event of any conflict of terms of this Agreement and the terms of a Study Order, the terms
of this Agreement shall govern, unless the Study Order specifically and expressly supersedes this Agreement with respect to a specific
term, and then only with respect to the particular Study Order and specific term. If there is any discrepancy or conflict between
the terms contained in a Protocol and this Agreement and/or the relevant Study Order, the terms of the Protocol shall govern and
control with respect to clinical and/or scientific matters and the terms of the Agreement and/or the relevant Study Order shall
govern and control with respect to all other matters, e.g., legal and financial matters.

 

		2	Responsibilities and Compliance

 

		2.1	Each Study shall be subject to review and approval of the Study protocol (“Protocol”)
as required by the IRB and/or any relevant authorities prior to commencement of the Study.

 

		2.2	The scope of the Study to be performed shall be set forth in the Protocol(s) referenced in the
Study Order, which shall be incorporated by reference into such Study Order. These Protocol(s) shall be considered final after
being agreed to by MD Anderson and Cyclacel, including approval by MD Anderson’s IRB. The Principal Investigator shall submit
the Protocol and reports of the ongoing conduct of the Study to the IRB as required by the IRB, obtain written approval from the
IRB, and inform the IRB of Study closure.

 

		2.3	Cyclacel is the regulatory “sponsor” of the Studies. Cyclacel shall be responsible
for IND filing and will supervise monitoring for each Study. Cyclacel shall be responsible, directly or through third parties,
for the preparation, filing and maintenance of all regulatory documents with respect to the Studies. The Parties shall reasonably
share and exchange relevant Study information with the aim of ensuring that regulatory compliance is obtained for the Studies.
Investigator shall timely have completed, signed and delivered to Cyclacel all forms, documents and regulatory documentation required
by applicable law to be completed in connection with the initiation of each Study. For purposes of this Section 2.3, Investigator
agrees to disclose to Cyclacel, in a timely fashion and in writing on an appropriate form, any financial arrangement or interest
involving any Investigator or sub-investigator who performs services pursuant to this Agreement, or any spouse or dependent child
of such person (“Investigator Personnel”) that is required to be disclosed pursuant to applicable law. Investigator
shall update such disclosure as necessary to maintain its accuracy and completeness during the term of this Agreement and for any
other period required by applicable law. To the extent that samples are required to be analyzed and tested as part of a Study pursuant
to the Protocol, such samples shall be shipped to Cyclacel, analyzed and tested by Cyclacel or a designee in accordance with the
Protocol at Cyclacel’s cost and expense. Cyclacel shall promptly provide the results and data generated from such Study samples
to MD Anderson. Promptly upon MD Anderson’s request, Cyclacel shall return such samples to MD Anderson. Cyclacel and/or its
designee shall not have the right to use such samples for any purpose other than testing for the Study and shall not further distribute
or disclose such samples.

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

		2.4	MD Anderson represents that each Principal Investigator shall use reasonable efforts to conduct
a Study in accordance with (a) the terms and conditions of this Agreement and the relevant Study Order, (b) the provisions of the
Protocol, (c) applicable Good Clinical Practice requirements as incorporated by FDA regulations (“GCP”), and
(d) any and all applicable orders and mandates of relevant authorities and IRB, and applicable MD Anderson policies. MD Anderson
shall use diligent efforts to conduct the Study in accordance with specific and detailed performance milestones to be agreed between
the Parties and to be set out in the Study Order. If such mutually agreed upon performance milestones are not met, MD Anderson
and Cyclacel shall promptly discuss a strategy to cure the performance issues. If MD Anderson has not cured such performance issues
within ninety (90) days of such discussion, Cyclacel shall have the right to expand the affected Study to other sites. The costs
incurred at other sites shall not be part of this Agreement, shall not affect any aspect of this Agreement and shall be borne solely
by Cyclacel. MD Anderson shall use reasonable efforts to enroll a total of approximately 170 Subjects in the Studies within three
(3) years of the Effective Date.

 

		2.5	MD Anderson and Cyclacel shall comply with all federal, state, and local laws and regulations as
well as ethical codes applicable to the conduct of each such Study.

 

		2.6	MD Anderson and/or Principal Investigator shall forward to Cyclacel evidence of approval of each
Study by MD Anderson’s IRB. Cyclacel shall serve as “sponsor” within the meaning of such term under applicable
laws and regulations and shall promptly forward to MD Anderson evidence of approval of the Study by relevant regulatory authorities
(or exemption from such regulatory authority/ies review and approval).

 

		2.7	If, in the course of a Study at MD Anderson, a Subject is injured by such Subject’s participation
in the Study, MD Anderson and/or Principal Investigator shall inform Cyclacel of any such injury by fax or email in case of serious
and unexpected adverse reactions and/or serious and unexpected adverse events arising from the use of Study Drug Candidate(s) within
the timelines stipulated in the Protocol, or if such is not stipulated in the Protocol, within ten (10) business days following
MD Anderson or Principal Investigator becoming aware of such event.

 

		2.8	MD Anderson represents that: (a) it has not been debarred by the FDA pursuant to its authority
under Sections 306(a) and (b) of the U.S. Food, Drug, and Cosmetic Act (21 U.S.C. § 335(a) and (b)) and is not the subject
of any investigation or proceeding which may result in debarment by the FDA, and to the extent applicable, it shall not use any
Principal Investigator or Study team member in the performance of a Study that has been so debarred or subject to any such investigation
or proceeding, and; (b) it is not included in the List of Excluded Individuals/Entities (maintained by the U.S. Department of Health
and Human Services Office of Inspector General) or the List of Parties Excluded from Federal Procurement and Non-procurement maintained
by the U.S. General Services Administration, and is not the subject of any investigation or proceeding which may result in inclusion
in any such list, and to the extent applicable, it shall not use any Principal Investigator or Study team member in the performance
of a Study that is so included or the subject of any such investigation or proceeding. MD Anderson agrees to promptly notify Cyclacel
in writing if it becomes aware of any such debarment, exclusion, investigation or proceeding of MD Anderson or, to the extent applicable,
any Principal Investigator or Study team member.

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

		2.9	MD Anderson and Cyclacel shall comply with all applicable federal, state and local laws pertaining
to confidentiality and disclosure of all information or records obtained and reviewed in the course of the Study, and shall permit
access to such information or records only as authorized by a relevant Study subject, the IRB, and as authorized by law. Each Party
agrees to comply with all provisions of the Health Insurance Portability and Accountability Act (“HIPAA”) regulations
(45 C.F.R. Parts 160 and 164) as to the protection and security of Protected Health Information (“PHI”). Prior
to participation of each subject in a Study, MD Anderson will ensure that (a) it has obtained a signed written informed consent
document from the subject (“Consent”) and (b) it has obtained a signed, written, HIPAA authorization that adequately
discloses the circumstances under which the subject’s personal data might be disclosed, as applicable, and documents the
subject’s express written authorization for use and disclosure of the subject’s PHI for Study purposes, as applicable,
pursuant to the HIPAA regulations (“Authorization”). MD Anderson agrees to supply Cyclacel with evidence of
IRB approval of the Study, a copy of the Consent form which is IRB-approved, and a copy of any modified Consent form later approved
by the IRB and used by MD Anderson. To the extent permitted by the IRB, the Consent form and related Authorizations shall provide
for (i) access to the Subject’s medical records by Cyclacel, its designees, and applicable regulatory agencies such as the
FDA and (ii) use of de-identified Data for any purpose consistent with applicable law that Cyclacel deems appropriate. MD Anderson
shall submit to Cyclacel for comment all forms of Consent forms prior to enrolling Subjects. Cyclacel will only obtain, access,
use and disclose the individually identifiable health information of each Study subject in accordance with and to the extent permitted
by the IRB, Consent and the Authorization document and in accordance with this Agreement and applicable laws. Cyclacel shall not
transmit any information or records from a Study outside the USA except in a de-identified form.

 

		2.10	MD Anderson and Cyclacel will promptly notify each other upon identifying any aspect of a Protocol,
including information discovered during site monitoring visits, or Study results that may adversely affect the safety, well-being,
or medical care of the Subjects, or that may affect the willingness of Subjects to continue participation in a Study, influence
the conduct of the Study, or that may alter the IRB’s approval to continue the Study. MD Anderson will promptly notify the
IRB of any such events. When Study subject safety or medical care could be directly affected by Study results, then notwithstanding
any other provision of this Agreement, MD Anderson will send Subjects a written communication about such results.

 

		2.11	Cyclacel shall promptly provide MD Anderson with any materials and documentation and all pre-clinical
data reports and summaries in Cyclacel’s possession and necessary, in Cyclacel’s reasonable judgement, for MD Anderson’s
conduct of the Studies.

 

		2.12	MD Anderson represents and certifies: (i) that it has the legal authority to enter into this Agreement
for the Studies and (ii) to the best of its knowledge, that the terms of the Studies and this Agreement do not conflict with and
do not result in a breach under any agreement to which MD Anderson is a party that would have a material adverse effect on its
ability to perform its obligations under this Agreement. During the term of this Agreement, MD Anderson will not enter into any
agreement to provide services that would in any way result in a breach of this Agreement and materially impair its ability to complete
the Studies in a timely fashion.

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

		3	Personnel, Materials and Equipment

 

		3.1	Except as set forth in this Agreement, MD Anderson shall provide all reasonable necessary personnel,
facilities, and resources to accomplish its responsibilities under this Agreement and the relevant Study Order.

 

		3.2	Cyclacel agrees to promptly provide, or arrange to provide, MD Anderson with the required quantities
of CYC065, CYC140 or other mutually agreed Cyclacel Drug Candidate that will be utilized and/or required in accordance with the
provisions of the Protocol applicable to the Study, Collaboration Funding solely applicable to the Study, and/or support services
to the extent required for the conduct of a Study as specified in the Protocol or this Agreement. Any Cyclacel Drug Candidate provided
by Cyclacel will be used solely in accordance with the applicable Study and the Protocol. MD Anderson will not use such Cyclacel
Drug Candidate outside of the scope of the Study. Except to a Subject, MD Anderson will not transfer the Cyclacel Drug Candidate
to any third party for any purpose.

 

		3.3	It is recognized that the design of some Studies includes administration to the Subject of a Cyclacel
Drug Candidate in combination with another drug (“Other Drug”). If the cost of Other Drug is not reimbursed
under insurance or in any other manner, Cyclacel shall reimburse MD Anderson the costs associated with MD Anderson obtaining such
Other Drug within thirty (30) days of receipt of an invoice from MD Anderson for such cost. The indication that is the subject
of each Study, including if applicable, for the combination of the Other Drug and a Cyclacel Drug Candidate, shall be referred
to as “Study Indication”.

 

		3.4	Cyclacel will deliver the Cyclacel Drug Candidate DAP (INCOTERMS 2010) to MD Anderson’s,
or its designee’s, location as specified by MD Anderson (“Delivery” with respect to such Cyclacel Drug
Candidate). Title and risk of loss for the Cyclacel Drug Candidate shall transfer from Cyclacel to MD Anderson at Delivery. MD
Anderson will, or will cause its designee to: (i) take delivery of the Cyclacel Drug Candidate supplied hereunder and if applicable,
promptly ship the Cyclacel Drug Candidate to the Study sites for use in the Study, in compliance with cGMP, GCP and other applicable
statutes. After receipt, MD Anderson is solely responsible, at its own cost, for subsequent handling, storage, transportation,
warehousing and distribution of Cyclacel Drug Candidate supplied by Cyclacel hereunder. MD Anderson shall ensure that all such
activities are conducted in compliance with cGMP, GCP and other applicable law.

 

		3.5	MD Anderson or its designated agent shall, within ten (10) business days following receipt of a
shipment of Cyclacel Drug Candidate hereunder, carry out a Visual Inspection (as defined below) of such shipment in association
with the certificate of conformity and certificate of analysis. If following Visual Inspection MD Anderson determines in its sole
discretion (exercised reasonably) that the shipment is defective or deficient it shall promptly notify Cyclacel in writing rejecting
the shipment and specifying in detail the reasons therefor (“Notice of Rejection”). If MD Anderson does not
notify Cyclacel in this manner within such ten (10) day period, such shipment of Cyclacel Drug Candidate shall be deemed to have
been accepted by MD Anderson. For the purposes of this Agreement, “Visual Inspection” shall mean:

 

3.5.1 comparing
the shipment against the documentation accompanying the shipment to verify that the delivery date, identity, quantity and exterior
shipment labelling comply;

 3.5.2
verifying that the certificate of analysis for the shipment states that the Cyclacel Drug Candidate conforms in all material respects
to the applicable specifications and GMP;

 3.5.3
visually inspecting the exterior of the shipment to verify that the shipment appears to be in good condition;

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

3.5.4 verifying
that the temperature of the shipment has remained within specification by reviewing the data logger information;

3.5.5 for the avoidance of doubt,
Visual Inspection does not include laboratory analysis.

 

		3.6	Upon completion of the applicable Study, any unused quantities of the applicable Cyclacel Drug
Candidates (whether returned by Subjects, remaining at the conclusion of the Study, or otherwise) shall, at the direction of Cyclacel,
be returned to Cyclacel or disposed of properly by MD Anderson. If Cyclacel requests that such quantities of Study Drug Candidates
be destroyed, MD Anderson shall promptly destroy the same and provide to Cyclacel a certificate evidencing such destruction. If,
within thirty (30) days after completion of the applicable Study, Cyclacel does not provide MD Anderson with its decision regarding
whether to have the Cyclacel Drug Candidate returned or destroyed, MD Anderson shall have the right to destroy the Cyclacel Drug
Candidate.

 

		3.7	Decisions regarding the strategy and course of further clinical development progression of a Cyclacel
Drug Candidate alone or in combination after completion of each Study shall be at the sole discretion and responsibility of Cyclacel,
but in consultation with MD Anderson. Following completion of each Study the Parties and their clinical representatives including
the Principal Investigator for the Study shall meet to discuss the results in good faith. If it is concluded in good faith that
the results are positive, Cyclacel shall use its Commercially Reasonable Efforts to further develop and commercialize the Cyclacel
Drug candidate for the Study Indication. In this Section 3.7 “Commercially Reasonable Efforts” shall mean efforts and
resources commonly used by Cyclacel to develop and commercialize a product owned by it or to which it has rights, which product
is at a similar stage in its development or product life and is of similar market potential to the product for the Study Indication
in question and taking into account the patent and other proprietary position of the product.

 

		3.8	From time to time during the term, either Party (the “Transferring Party”) may supply
the other Party (the “Receiving Party”) with proprietary materials of the Transferring Party (other than Cyclacel Drug
Candidate) (“Proprietary Materials”) for use in the Study as further listed in the Study Order. In connection therewith,
each Receiving Party hereby agrees that: (a) the Receiving Party will not use the Proprietary Materials for any purpose other than
exercising its rights orperforming its obligations hereunder; (b) it will use such Proprietary Materials only in compliance with
all applicable laws; (v) it will not transfer any such Proprietary Materials to any Third Party without the prior written consent
of the Transferring Party; (d) it will not acquire any rights of ownership, or title in or to such Proprietary Materials as a result
of such supply by the Transferring Party; and (e) upon the expiration or termination of this Agreement or a Study Order, if requested
by the Transferring Party, it will destroy or return any such Proprietary Materials that are not the subject of the grant of a
continuing license hereunder.

 

		3.9	Nothing in this Agreement shall be construed to limit the freedom of MD Anderson or of any Principal
Investigator or Study team member to engage in similar clinical trials or research performed independently under other grants,
contracts, or agreements with parties other than Cyclacel.

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

		4	Financials

 

		4.1	Any costs and expenses incurred by Cyclacel in the performance of its own roles and responsibilities
shall be exclusively borne by Cyclacel including clinical supply of the Cyclacel Drug Candidates, as well as costs for the Other
Drug if they cannot be reimbursed (as provided in Section 3.3) and any additional laboratory costs as requested by Cyclacel at
Cyclacel’s sole discretion. Cyclacel will reimburse MD Anderson as specified in Sections 3.3, 4.2 and 4.3.

 

		4.2	Cyclacel shall pay MD Anderson for research staff, including study nurse, compensation in the amount
of $[***] per contract year for three (3) years following the Effective Date payable as follows:

 

	Effective Date:	 	 	$[***]	 
	 	 	 	 	 
	1st anniversary of Effective Date:	 	 	$[***]	 
	 	 	 	 	 
	2nd anniversary of Effective Date:	 	 	$[***]	 

 

		4.3	If the cumulative total amount of Evaluable Subjects enrolled according to each Protocol on all
four Studies exceeds a total of [***] Subjects, then Cyclacel will pay MD Anderson $[***]
for each additional Evaluable Subject. “Evaluable Subject” means a Subject properly enrolled in the Study and who has
completed Study procedures as required by the Protocol and whose case report forms (“CRFs”) have been completed.

 

		4.4	If any given Study has more than [***] Evaluable Subjects
enrolled, Cyclacel will pay MD Anderson $[***] for each additional Evaluable Subject.

 

		4.5	The items the subject of Sections 3.3, 4.2 and 4.3 are collectively, “Collaboration Funding”.
Payment for Collaboration Funding shall be due within thirty (30) days of Cyclacel’s receipt of an invoice from MD Anderson.
If the Parties extend the term of this Agreement by mutual agreement as set forth herein, the Parties shall negotiate in good faith
the amount of future Study funding commitments by applicable to such extended term.

 

		4.6	Cyclacel shall pay to MD Anderson the milestone payments listed in Appendix II relative to the total number of Subjects actually
dosed in the three-year period (each, a “Milestone Payment”), upon achievement of the milestones listed in Section
4.6 below, regardless of whether the milestone event is achieved by Cyclacel or an Affiliate, or a licensee of Cyclacel.

 

		4.7	Milestone event:

 

		·	Upon a Cyclacel Drug Candidate achieving first commercial Sale [***]
for a Study Indication described in Study Work Order or Appendix I (this Milestone Payment will be paid up to four times);

		·	Upon a Cyclacel Drug Candidate achieving first commercial Sale [***] for a Study Indication
described in Study Work Order or Appendix I (this Milestone Payment will be paid up to four times);

		·	Upon a Cyclacel Drug Candidate achieving first commercial Sale [***] for a Study Indication
described in Study Work Order or Appendix I (this Milestone Payment will be paid up to four times);

		·	Cumulative $[***] in Sales of either or all Cyclacel Drug Candidates for Study Indications
described in Study Work Order or Appendix I;

		·	Cumulative $[***] in Sales of either or all Cyclacel Drug Candidates for Study Indications
described in Study Work Order or Appendix I;

		·	Cumulative $[***] in Sales of either or all Cyclacel Drug Candidates for Study Indications
described in Study Work Order or Appendix I.

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act
of 1934, as amended.

 

		4.8	Cyclacel shall notify MD Anderson in writing immediately upon achievement of any of the foregoing milestones. Each of the foregoing
Milestone Payments shall be made by Cyclacel to MD Anderson (and following receipt of an invoice from MD Anderson) within forty-five
(45) calendar days of achieving the milestone event and shall not reduce the amount of any other payment provided for in this Agreement.

 

		4.9	The cumulative Sales milestones are each payable only once in respect of the Sales for all Study Indications in countries where
the Cyclacel Drug Candidate is protected by valid and non-expired composition of matter patents.

 

		4.10	The amount paid in respect of milestones earned shall be subject to a cap such that in a given calendar year Cyclacel pays
MD Anderson no more than [***].

 

		4.11	For purposes of this Agreement, “Sales” shall mean “Net Sales” which mean the gross amount invoiced
by Cyclacel, its Affiliates, or licensees for sale of Cyclacel Drug Candidate for a Study Indication to third parties, less the
following deductions attributable solely to sales of such Cyclacel Drug Candidate:

 

		4.11.1	normal and customary trade, cash and quantity discounts actually given, credits, price adjustments or allowances for damaged
products, returns or rejections of products;

 

		4.11.2	chargeback payments and rebates (or the equivalent thereof) for the Cyclacel Drug Candidate granted to group purchasing organizations,
managed health care organizations or to federal, state/provincial, local and other governments, including their agencies, or to
trade customers;

 

		4.11.3	reasonable and customary freight, shipping insurance and other transportation expenses directly
related to the sale of the Cyclacel Drug Candidate (if actually borne by Cyclacel, its Affiliates or licensees without reimbursement
from any third party);

 

		4.11.4	required distribution commissions/fees payable to any third party providing distribution services
to Cyclacel or its Affiliates;

 

		4.11.5	sales, value-added, excise taxes, tariffs and duties, and other taxes and government charges directly
related to the sale, to the extent that such items are included in the gross invoice price of the Cyclacel Drug Candidate and actually
borne by Cyclacel, its Affiliates or licensees or without reimbursement from any third party (but not including taxes assessed
against the income derived from such sale).

 

		4.12	In circumstances where Cyclacel, its Affiliates or licensees further develop and commercialize
a Cyclacel Drug Candidate for a Study Indication, within thirty (30) calendar days following each anniversary after completion
of the last Study and until the first Milestone Payment for such Study Indication is paid, Cyclacel will, will require its Affiliate,
or in the case of a licensee use reasonable efforts to require license to, deliver to MD Anderson a written progress report as
to Cyclacel’s (and any Affiliate’s and licensees) efforts and accomplishments during the preceding year in relation
to such development and commercialization together with commercialization plans for the upcoming year.

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act
of 1934, as amended.

 

		4.13	Commencing with the first sale of a Cyclacel Drug Candidate for a Study Indication by Cyclacel,
an Affiliate or licensee of Cyclacel, Cyclacel shall make a written report to MD Anderson within one hundred and twenty (120) days
of each Cyclacel fiscal year which ends in December, reporting the amount of all Sales received in respect of Cyclacel Drug Candidates
for the Study Indication. Cyclacel shall keep accurate records and books of accounting in accordance with good accounting practice
with respect to the patenting and commercialization of Study Drug Candidate (including by it, its Affiliates and licensees). Cyclacel
agrees to permit a representative of MD Anderson during normal business hours to inspect any or all parts of the books, ledgers
and records kept by Cyclacel which are relevant to a determination of the accuracy of any report required to be rendered to MD
Anderson. If any amounts due MD Anderson are determined to have been underpaid in an amount equal to or greater than five percent
(5%) of the total amount due during the period so examined, then Cyclacel will pay the cost of the examination plus accrued interest
at the highest allowable rate.

 

		4.14	If Cyclacel or its Affiliate licenses its rights to the Cyclacel Drug Candidates for a Study Indication,
Cyclacel will diligently collect all amounts due Cyclacel from licensees.

 

		4.15	All payments made pursuant to this Agreement shall be made in U.S. Dollars by wire payable to the
Study Center at:

 

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

 

Such payments shall be made free
and clear of any deduction or withholding, except that Sponsor may deduct or withhold (i) any taxes, surcharges or other governmental
charges or levies that Sponsor is required by Applicable Law to deduct or withhold and (ii) any monies that are the subject of
a bona fide dispute between MD Anderson and Cyclacel. All amounts paid to MD Anderson by Cyclacel, are expressed to be inclusive
of any value added taxes or other similar taxes or levies that might be imposed by a governmental authority on amounts paid by
Cyclacel pursuant hereto.

 

		5	Confidential Information

 

		5.1	In conjunction with each Study, the Parties may wish to disclose confidential information to each
other. For purposes of this Agreement, “Confidential Information” means confidential, non-public information, know-how
and data (technical or non-technical) that is disclosed in writing, orally, graphically, in machine readable form, or in any other
manner by or on behalf of a disclosing Party to a receiving Party or its Affiliates for purposes of this Agreement or any Study
Order (“Purpose”). For clarity, Confidential Information excludes Data as defined under Section 7.4 as there are separate
provisions of this Agreement governing Data. Confidential Information may be disclosed in any form (e.g. oral, written, graphic,
electronic or sample) by or on behalf of disclosing Party or its Affiliates, or may be otherwise accessible to receiving Party
or its Affiliates. Exchanges of Confidential Information directly between the Affiliates are also covered by this Agreement

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act
of 1934, as amended.

 

		5.2	Without disclosing Party’s prior written consent, and subject always to Section 5.5, receiving
Party will: (a) not use any part of or the whole of the Confidential Information for any purpose other than the Purpose; (b) restrict
the dissemination of Confidential Information to individuals within its own organization and disclose the Confidential Information
only to those of its officers, employees and Affiliates who have a legitimate need to have access to the Confidential Information,
who will be bound by confidentiality and non-use commitments no less restrictive than those of this Agreement, and who will have
been made aware of the confidential nature of the Confidential Information; (c) protect the Confidential Information by using the
same degree of care, but not less than a reasonable degree of care, to prevent the unauthorized use, dissemination, or publication
of the Confidential Information as receiving Party uses to protect its own confidential information of a like nature; (d) preserve
the confidentiality of the Confidential Information, not disclose it to any third party, and take all necessary and reasonable
precautions to prevent such information from being accessible to any third party; (e) not combine any part of or the whole of the
Confidential Information with any other information; and (f) promptly notify the disclosing Party upon becoming aware of evidence
or suspicion of any unauthorized use or disclosure of the Confidential Information. The foregoing obligations will exist for a
period of seven (7) years from the date of completion of the last Study in relation to which the Confidential Information is disclosed
or used.

 

		5.3	The obligations of confidentiality and non-use listed in this Article 5 will not apply to information:
(a) which is in the public domain or public knowledge at the time of disclosure, or which subsequently enters the public domain
through no fault of receiving Party; (b) which was rightfully in the possession of receiving Party at the time of disclosure by
disclosing Party; (c) which is independently developed by receiving Party without use of disclosing Party’s Confidential
Information; (d) which the receiving Party receives legally from any third party and which is not subject to an obligation of confidentiality;
(e) receiving Party is required to disclose pursuant to applicable law or the order of a court or other tribunal; provided, however,
that receiving Party will make reasonable efforts, if legally permissible, to notify disclosing Party prior to the disclosure of
any part of or the whole of the Confidential Information and allow disclosing Party the opportunity to contest and avoid such disclosure,
and provided, further, that receiving Party will disclose only that portion of such Confidential Information that it is legally
required to disclose; (f) is communicated to the receiving party’s IRB or other scientific committee; (g) is required to
be disclosed in order to obtain informed consent from patients or subjects who may wish to enroll in the Study, provided, however,
that the information will be disclosed only to the extent necessary and will not be provided in answer to unsolicited inquiries
by telephone or to individuals who are not eligible to be Subjects; (h) is disclosed to a Subject for the safety or well-being
of the Subject; or (j) is required to be disclosed in publicly filed financial or other public statements under rules governing
a stock exchange provided that to the extent possible the Party making such filing shall provide the other Party a copy of the
proposed text for such filing not less than two (2) business days prior to the proposed filing to enable such other Party to review
the same and provide comments.

 

		5.4	For the purposes of this Article 5, any combination of features disclosed to the receiving Party
will not be deemed to be within the foregoing exceptions merely because individual features are. Moreover, specific disclosures
made to the receiving Party will not be deemed to be within the foregoing exceptions merely because they are embraced by general
disclosures.

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act
of 1934, as amended.

 

		5.5	The receiving Party shall also have the right to use and/or disclose Confidential Information in
the following circumstances:

 

(i) to its actual or potential
investment bankers; (ii) to existing and potential investors in connection with an offering or placement of securities for purposes
of obtaining financing for its business and to actual and prospective lenders for the purpose of obtaining financing for its business;
and (iii) to a bona fide potential acquirer or merger partner for the purposes of evaluating entering into a merger or acquisition
and (iv) disclose Confidential Information to its legal advisers for the purpose of seeking legal advice, provided, however, any
such persons must be obligated to abide by confidentiality and non-use obligations as least as strict as set forth in Section 5
to hold in confidence and not make use of such Confidential Information for any purpose other than those permitted by this Agreement;
and

 

		5.6	All Confidential Information disclosed to receiving Party pursuant to this Agreement will be and
remain the disclosing Party’s property. Nothing contained herein will be construed as granting to receiving Party any proprietary
right on or in relation to any part of or the whole of the Confidential Information, or any right to use any of the Confidential
Information except for purposes of this Agreement and the Collaboration. Receiving Party will return to disclosing Party all documents
and other materials which constitute Confidential Information, as well as all copies thereof, promptly upon request or upon termination
of this Agreement (whichever is earlier); provided, however, that receiving Party may keep one copy of the Confidential Information
received under this Agreement in its secure files in accordance with the terms of this Agreement for the sole purpose of maintaining
a record of the Confidential Information received hereunder and for compliance with this Agreement and/or applicable laws.

 

		5.7	MD Anderson will not disclose any “Protected Health Information” (as such term is defined
under HIPAA) to Cyclacel under this Agreement and Cyclacel will not require MD Anderson to disclose any Protected Health Information.
Notwithstanding the foregoing, if Cyclacel comes into knowledge or possession of any Protected Health Information by or through
MD Anderson or any information that could be used to identify any Subject or other MD Anderson patients or research subjects, Cyclacel
will maintain any such Protected Health Information or other information confidential in accordance with laws and regulations as
applicable to MD Anderson, including without limitation HIPAA, will use any such Protected Health Information solely to the extent
permitted by applicable laws, the IRB and the Consent/Authorization of the patient/research subject, and will not use or disclose
any such Protected Health Information or other information in any manner that would constitute a violation of any applicable laws
or regulation if such use or disclosure was made by MD Anderson.

 

		5.8	Improper use or disclosure of the Confidential Information by receiving Party is likely to cause
substantial harm to disclosing Party. Therefore, in the event of a breach, threatened breach, or intended breach of this Agreement
by receiving Party, in addition to any other rights and remedies available to it at law or in equity, disclosing Party will be
entitled to seek preliminary and final injunctions enjoining and restraining such breach, threatened breach, or intended breach.

 

		6	Clinical Data / Monitoring

 

		6.1	Oral reports or interim written status reports of the progress of the Studies will be provided
by the Principal Investigator to Cyclacel no less than once per three (3) months during the course of a Study. Significant developments
arising out of Studies will be communicated promptly to Cyclacel.

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act
of 1934, as amended. 

 

		6.2	As applicable to and appropriate for a Study, Cyclacel may monitor the conduct of a Study in accordance
with Good Clinical Practice requirements of FDA Regulations, and may visit MD Anderson for the purpose of such monitoring. Any
such monitoring visits shall be scheduled in coordination with MD Anderson and/or Principal Investigator during normal administrative
business hours, and shall be subject to compliance with MD Anderson’s reasonable measures for confidentiality, safety and
security, and shall also be subject to compliance with generally applicable premises rules at MD Anderson.

 

		6.3	MD Anderson and Principal Investigator shall, during a Study, permit inspections by responsible
legal and regulatory authorities with respect to such Study. To the extent permitted by law and to the extent practicable, MD Anderson
shall notify Cyclacel of such inspection. Upon notification of an impending inspection concerning the Study by the FDA or other
regulatory authority, MD Anderson shall, to the extent permitted by law to the extent practicable notify Cyclacel immediately and
shall permit representatives of Cyclacel to be present during such inspection.

 

		6.4	Cyclacel and MD Anderson agree to maintain adequate and accurate records as required under Applicable
Law relating to the disposition of the Cyclacel Drug Candidate and the treatment of the Subjects. Investigator specifically agrees
to timely prepare and maintain complete, accurately written medical records, accounts, notes, reports, and data of all Studies
performed under this Agreement, including patient CRFs, for each Subject. All Study Information will be furnished to Cyclacel or
a representative of Cyclacel in a de-identified format. “Study Information” means all results, data, documents and
information generated by MDACC as a result of conducting the Study, but shall not include Inventions, laboratory notebooks, source
documents, patient records, business and compliance documents or any other documents that MD Anderson is required to retain per
Applicable Law or its policies. Cyclacel has the right to review Subject records to verify entries in the CRFs during normal administrative
business hours, and subject to compliance with MD Anderson’s reasonable measures for confidentiality, safety and security,
and shall also be subject to compliance with generally applicable premises rules at MD Anderson. Cyclacel shall not at any time
disclose the name of any subject or any information which identifies a Subject to a third party unless specifically required to
do so by Applicable Law or the FDA. Cyclacel, MD Anderson and Investigator agree to comply with applicable FDA reporting requirements,
including those related to adverse event reporting and all reporting requirements set forth in the Protocol or as required by applicable
law.

 

		6.5	Cyclacel and MD Anderson agree to maintain the records described in Section 6.4 above for the time
period required by applicable laws. Prior to destroying or otherwise disposing of any such records, MD Anderson will provide Cyclacel
a reasonable opportunity to reimburse MD Anderson to retain such records for a longer period of time or take possession of the
records at Cyclacel’s own expense.

 

		7	Data & Inventions

 

		7.1	In this Section 7 (i) “Invention” means any invention or discovery, whether patentable
or not, that is conceived and first reduced to practice during performance of a Study and which directly arises from the conduct
of the Study; and (ii) “Research and Academic Purposes” includes, but is not limited to, all forms of research funded
by MD Anderson itself, or under a grant, or in collaboration with another not-for-profit entity but expressly excludes any research
funded by or in collaboration with a for-profit commercial entity.

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act
of 1934, as amended. 

 

		7.2	MD Anderson shall promptly disclose to Cyclacel, on a confidential basis, any Inventions. MD Anderson
hereby assigns to Cyclacel all its right, title and interest in and to all Inventions and it agrees to take further reasonable
acts as may be reasonably required to convey ownership in all Inventions to Cyclacel, including executing, or causing its employees
(including the Investigator), officers or agents to execute, any documents necessary to effectuate the foregoing, each of the foregoing,
at Cyclacel’s sole cost and expense.

 

		7.3	All right, title and interest in and to Inventions shall be owned solely by Cyclacel and shall
be assigned to Cyclacel. Cyclacel shall grant and hereby grants to MD Anderson a non-exclusive, worldwide, perpetual, irrevocable,
fully paid-up license to use Inventions for Research and Academic Purposes.

 

		7.4	All data and results generated in the conduct of the Studies (“Data”) shall
be promptly disclosed by MD Anderson to Cyclacel and will be owned by Cyclacel subject to MD Anderson’s right to use Data
for Research and Academic Purposes as specified in Section7.3, as well as for publication purposes. The Parties will keep the Data
confidential until the earlier of (a) publication of the Data by MD Anderson, as provided in Section 12, or (b) publication of
the Data by Cyclacel. Cyclacel shall promptly provide MD Anderson with a copy of any Data generated by, or on behalf of Cyclacel
in connection with a Study.

 

		7.5	Cyclacel shall have the first right to prepare, file, prosecute, maintain, enforce and defend all
U.S. and foreign Patents, registrations and other forms of intellectual property in Inventions at the sole cost and expense of
Cyclacel. Cyclacel shall keep MD Anderson reasonably informed of all such filings and the prosecution of such filings.

 

		7.6	MD Anderson represents and certifies that its employees and agents (including the Investigator)
are obliged to convey to MD Anderson all right, title and interest to Inventions.

 

		7.7	MD Anderson shall provide assurance that no federal funding will be used by MD Anderson for the
Studies.

 

		8	Term and Termination

 

		8.1	This Agreement will be effective as of the Effective Date and will remain in effect for so long
as any payments are due to MD Anderson hereunder.

 

		8.2	A Party will have the right to terminate this Agreement if the other Party commits a material breach
of the Agreement and fails to cure such breach within ninety (90) days of receiving notice from the non-breaching Party of such
breach. Any expiration or termination of this Agreement under this Section 8 will not affect any then existing Study Orders, and
any such Study Orders will continue after the expiration or termination of this Agreement in accordance with their respective provisions.
Upon any expiration or termination of this Agreement, provisions of this Agreement that are incorporated by reference into any
then outstanding Study Orders and all other provisions of the Agreement relevant to the conduct of a Study Order or regulating
the relationship of the Parties in relation thereto will survive termination of this Agreement and will continue to apply to such
Study Orders until termination or expiration of each such Study Orders.

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act
of 1934, as amended. 

 

		8.3	A Party may terminate a Study Order: (a) if the other Party commits a material breach of the Study
Order and fails to cure such breach within thirty (30) days of receiving notice from the non-breaching Party of such breach; or
(b) due to health and safety concerns related to the Cyclacel Drug Candidate or procedures in the Study (including regulatory holds
due to the health and safety of the Subjects). The Parties agree that any termination of a Study Order shall allow for: (i) the
wind down of the Study to ensure the safety of Subjects; and (ii) Cyclacel’s final reconciliation of Data related to the
Study in addition to Cyclacel’s final monitoring visit. All reasonable fees associated with the wind-down activities and
final monitoring visit shall be paid by Cyclacel. Termination of one or more Study Orders will not automatically result in the
termination of this Agreement or termination of any other Study Orders. Upon termination of a Study Order, MD Anderson will immediately
return at Cyclacel’s cost any unused quantities of Cyclacel Drug Candidate provided by Cyclacel for such Study as directed
by Cyclacel.

 

		8.4	In case any regulatory or legal authorization necessary for the conduct of the Study is (i) finally
rejected or (ii) withdrawn, the relevant Study Order shall terminate automatically at the date of receipt of such final rejection.
Termination, relinquishment, expiration or cancellation of this Agreement or a Study Order will not affect the rights and obligations
of the Parties that have accrued prior to termination relinquishment, expiration or cancellation, including, without limitation,
any and all damages arising from any breach hereunder, and any provisions of this Agreement or a particular Study Order that by
their nature extend beyond expiration or termination will survive the expiration or termination of this Agreement and/or that particular
Study Order. In particular, the provisions of Sections 2-15as applicable will survive any expiration or termination of this Agreement.

 

		8.5	In the event the Parties cannot reach agreement on a new Principal Investigator pursuant to Section
8.2 or such new Principal Investigator does not agree to the terms of this Agreement and the relevant Study Order, either Party
may terminate such Study Order upon notice to the other Party.

 

		8.6	In addition, in order to accommodate the review and approval of this Agreement by the Office of
General Counsel of UT System (the “OGC”), for a period of sixty (60) days following the Effective Date (the “Limited
Unilateral Termination Period”), MD Anderson will have the right to terminate this Agreement without cause upon ten (10)
days’ notice to Cyclacel; provided, however, that (i) a termination by MD Anderson will be effective if notice of termination
is sent by MD Anderson any time within the Limited Unilateral Termination Period even if the ten day notice period extends beyond
the Limited Unilateral Termination Period and (ii) the Limited Unilateral Termination Period will expire on the earlier to occur
of (x) the end of the sixty days, or (y) written notice to Cyclacel from MD Anderson that the Agreement has been approved by the
OGC.

 

		8.7	For each Study, Cyclacel shall make all payments due for Study performance reasonably incurred
or obligated in good faith hereunder which have accrued up to the date of termination of a Study Order or this Agreement, or, in
case of a termination of this Agreement or the relevant Study Order pursuant to Section 7.5, up to the date of receipt of such
final rejection.

 

		8.8	If at the time of any termination of a Study Order or this Agreement MDACC and Cyclacel shall conclude,
based upon an evaluation of the risks to the Subjects, that some or all of the Subjects should not immediately be withdrawn from
Cyclacel Drug Candidate treatment, the Parties will cooperate to safely withdraw Subjects from Cyclacel Drug Candidate treatment
over a mutually agreeable period of time.

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act
of 1934, as amended.

 

		9	Indemnification

 

		9.1	Cyclacel agrees to defend, indemnify, and hold harmless MD Anderson, System each Principal Investigator
and its/their Regents, trustees, officers, directors, staff, employees, students, faculty members, and its/their Affiliates and
other parties as may be listed on a Study Order (“Indemnified Party/ies”): (a) from and against any and all
liability, claims, lawsuits, losses, demands, damages, costs, and expenses (“Indemnified Losses”) resulting
from (i) the design or manufacture of the Cyclacel Drug Candidate or defects in the Cyclacel Drug Candidate (including failure
to manufacture the Cyclacel Drug Candidate in accordance with current Good Manufacturing Practices in the United States of America),
(ii) the use of the Data or results of the Study (iii) Cyclacel’s negligence or intentional misconduct in connection with
a Study or this Agreement, (iv) Cyclacel’s breach of any representations and/or warranties provided hereunder, and (v) Cyclacel’s
failure to comply with applicable law or regulation; (b) from and against any Indemnified Losses arising from an injury to a Subject
caused by the Cyclacel Drug Candidate or any procedure required by the Protocol. The completion or termination of a Study shall
not affect’s Cyclacel’s obligation to indemnify with respect to any claim or suit based upon the aforementioned Indemnified
Losses. Notwithstanding the foregoing, Cyclacel will not be responsible for any Indemnified Losses to the extent that they arise
from (i) non-adherence to the Protocol by any of the Indemnified Parties (except permitted deviations for health and safety reasons);
or (ii) negligence, intentional misconduct, or malpractice of the Indemnified Parties, it being understood that the proper administration
of the Cyclacel Drug Candidate in accordance with the Protocol (including permitted deviations for health and safety reasons) shall
not constitute negligence, intentional misconduct, or malpractice for the purposes of this Agreement.

 

		9.2	To the extent authorized by the constitution and laws of the State of Texas, MD Anderson, agrees
to indemnify, and hold harmless Cyclacel and its/their officers, directors, staff, employees, students, and its/their Affiliates
(also, “Indemnified Party”): from and against any and all Indemnified Losses resulting from (i) non-adherence
to the Protocol by MD Anderson, each Principal Investigator and its/their Regents, trustees, officers, directors, staff, employees,
students, faculty members, and its/their Affiliates (except permitted deviations for health and safety reasons); or (ii) the negligence,
intentional misconduct, or malpractice of MD Anderson, each Principal Investigator and its/their Regents, trustees, officers, directors,
staff, employees, students, faculty members, and its/their Affiliates in conducting the Study, it being understood that the proper
administration of the Cyclacel Drug Candidate in accordance with the Protocol (including permitted deviations for health and safety
reasons) shall not constitute negligence, intentional misconduct, or malpractice for the purposes of this Agreement. The completion
or termination of a Study shall not affect MD Anderson’s obligation to indemnify with respect to any claim or suit based
upon the aforementioned Indemnified Losses. Notwithstanding the foregoing, MD Anderson will not be responsible for any Indemnified
Losses to the extent that they arise from the negligence, intentional misconduct, or malpractice of Cyclacel or its/their officers,
directors, staff, employees, students, and its/their Affiliates.

 

		9.3	Subject to the statutory duties of the Texas State Attorney General, any Indemnified Party shall:
(a) notify the indemnifying Party in writing as soon as is reasonably possible after receipt of notice of any and all claims, lawsuits,
and demands, or any action, suit, or proceeding giving rise to the right of indemnification; (b) permit the indemnifying Party
to retain counsel to represent the named Indemnified Party; and (c) permit the indemnifying Party to retain control of any such
claims, lawsuits, and demands, including the right to make any settlement, except that the indemnifying Party shall not make any
settlement or take any other action which would be deemed to confess wrongdoing by any of the Indemnified Parties without the prior
written consent of the applicable Indemnified Party.

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

		10	Subject Injury Medical Costs

 

		10.1	Cyclacel shall assume responsibility for reasonable medical expenses incurred by a Subject for
reasonable and necessary treatment if the Subject experiences an illness, adverse event or injury that is proven to result from
the administration of the Cyclacel Drug Candidate or any procedure required by the Protocol that the Subject would not have undergone
were it not for such Subject’s participation in the Study. Cyclacel shall not be responsible for expenses to the extent that
they are (i) the result of a foreseeable side effect as expressly and specifically indicated
in the Protocol, (ii) covered by the Subject’s medical or hospital insurance, or any similar third-party payor providing
such medical or hospital coverage (excluding Medicare, to the extent required by law), (iii) attributable to a failure of MD Anderson,
or any of its personnel conducting the Study, to adhere to the terms of the Protocol, provided, however, that emergency medical
care shall not be deemed a violation of the Protocol, (iv) attributable to the negligence or misconduct of MD Anderson or any of
the personnel conducting the Study, including the Principal Investigator, or (v) attributable to a pre-existing abnormal medical
condition or underlying disease of the Subject, or (vi) treatment that would have been provided to the Subject in the ordinary
course notwithstanding participation of the Study.

 

		11	Insurance

 

		11.1	During the term of any Study Order under this Agreement, Cyclacel shall maintain in full force
and effect insurance for its liabilities arising from the Study with limits of not less than $[***]per
loss and $[***] annual aggregate. Cyclacel shall provide MD Anderson with evidence of such
insurance upon request.

 

		11.2	MD Anderson is self-insured pursuant to The University of Texas Professional Medical Liability
Benefit Plan under the authority of Chapter 59, Texas Education Code. MD Anderson has and will maintain in force during the term
of this Agreement adequate insurance or financial resources to cover its obligations pursuant to this Agreement.

 

		12	Publications

 

		12.1	Publication or public disclosure of Study results may be based on the entire Study or Study interim
results but shall occur only after Study results have been provided to Cyclacel with an opportunity to review. In light of the
critical importance of such results to Cyclacel’s survival and success and the Parties extensive history of joint publications,
the Parties will jointly agree in good faith with respect to the Study manuscript, abstracts/presentations at meetings and such
publication and the journal submission strategy.

 

		12.2	Any such communication, presentation or publication by MD Anderson shall not contain Confidential
Information, other than Study Information, Study results or Data. Investigator may not disclose to third parties or otherwise make
public the raw data or CRFs obtained in the Study with respect to any proposed publication or presentation of the Study.

 

		12.3	With respect to any proposed publication or presentation of the Study results pursuant to Section
12.1 above, Investigator will submit to Cyclacel a copy of the proposed publication or presentation and the name of the scientific
journal or forum to which the proposed publication or presentation will be submitted at least sixty (60) days prior to the submission
thereof for publication or presentation. Investigator shall comply with Cyclacel’s request to delete references to Confidential
Information, other than Study information, Study results or Data, in any such publication or presentation, and agrees to delay
publication or presentation of the same for up ninety (90) additional days, in order to permit Cyclacel to obtain patent protection
or other similar protection as Cyclacel deems it necessary.

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

		12.4	MD Anderson and/or Principal Investigator shall give Cyclacel acknowledgment for its sponsorship
of a Study in all applicable Study publications. Authorship and acknowledgements for scientific publications shall be consistent
with the principles embodied in the International Committee of Medical Journal Editors (“ICMJE”) Uniform Requirements
for Manuscripts.

 

		12.5	Cyclacel shall register the Study
                                         if required by, and in accordance with, Section 801 of the Food and Drug Administration
                                         Amendments Act of 2007 on www.clinicaltrials.gov and on any other database required
                                         by laws or regulations in accordance with applicable standards regarding scope, form
                                         and content and in accordance with ICMJE guidelines such that the Study will be eligible
                                         for publication in those publications.

 

		13	Use of Name/Public Statements/Disclosure

 

		13.1	Except as expressly set forth in this Agreement, each Party agrees that it will not at any time
during the term of this Agreement or following termination of this Agreement use any name of the other Party or any other names,
insignia, mark(s), symbol(s), or logotypes associated with the other Party or any variant or variants thereof in any advertising,
or promotional materials without the prior written consent of the other Party.

 

		13.2	Except as expressly set forth in this Agreement, to the extent required by law or regulation, or
to the extent necessary for MD Anderson for the recruitment of subjects to any Study hereunder, the Parties agree to make no public
presentations about any Cyclacel Drug Candidate or any Study conducted under this Agreement. Any advertisements directed at recruitment
of study subjects for a Study must comply with all applicable laws, rules and regulations (including the need for IRB review),
the confidentiality obligations herein, and shall not include the trademarked insignia, symbol(s), or logotypes, or any variant
or variants thereof, of the other Party. Except as required by law or for regulatory purposes, neither Party will use the name
(including trademark or other identifier) of the other Party or such other Party’s employee or staff member (except in an
acknowledgment of sponsorship) in publications, advertising, press releases or for any other commercial purpose without the written
approval of the other Party. Cyclacel will not state or imply in any publication, advertisement, or other medium that any Cyclacel
Drug Candidate or service bearing any of Cyclacel’s names or trademarks and/or manufactured, sold or distributed by Cyclacel
has been tested, approved, or endorsed by MD Anderson.

 

		13.3	Either Party may use the name of the other Party in any document filed with any governmental authority
or regulatory agency applicable to a Study, and to comply with any applicable legal or regulatory requirements. Further, each Party
is permitted to disclose the other Party’s name, the title of the Study, the name of the Principal Investigator, and an overall
Study Budget amount projected to be paid/actual total amount paid for conducting the Study, provided that this information is presented
together as part of mandatory disclosure in accordance with and to the extent required applicable law.

 

		14	Principal Investigator

 

		14.1	If a designated Principal Investigator resigns from or otherwise leaves MD Anderson, or in the
event of the death, chronic illness or other non-availability of the Principal Investigator, MD Anderson shall use reasonable efforts
to designate a duly qualified person to act as new Principal Investigator, subject to the reasonable agreement of Cyclacel. If
the Parties are unable to agree on a new Principal Investigator or if the new Principal Investigator is unwilling to agree to the
terms and conditions of this Agreement and the relevant Study Order, either Party shall be entitled to terminate the respective
Study Order in accordance with Section 8.5.

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

		15	General Provisions

 

		15.1	Cyclacel hereby represents and warrants that:

 

(a)       It
is duly authorized, by all requisite corporate action, to execute and deliver this Agreement and to perform its obligations hereunder
and thereunder;

(b)       this
Agreement, and the execution and delivery hereof constitute legal, valid and binding obligations of Cyclacel that are enforceable
against it in accordance with their terms;

(c)       the
execution, delivery and performance of this Agreement by Cyclacel does not violate any agreement or instrument to which Cyclacel
is a party or by which Cyclacel is bound and does not violate any applicable law

(d)       it
will perform its obligations in accordance with applicable laws.

 

EXCEPT AS EXPRESSLY PROVIDED
HEREIN, NEITHER PARTY MAKES ANY WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE DATA OR RESULTS OF ANY STUDY OR THE CYCLACEL DRUG
CANDIDATE, OR OF THE MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE OF SUCH DATA, RESULTS OR CYCLACEL DRUG CANDIDATE. NEITHER
PARTY SHALL BE LIABLE FOR ANY INDIRECT OR CONSEQUENTIAL DAMAGES SUFFERED BY THE OTHER PARTY AS A RESULT OF PERFORMANCE OF ANY STUDY
UNDER THIS AGREEMENT. Notwithstanding the foregoing, Cyclacel represents and warrants that each Cyclacel Drug Candidate hereunder
shall have been manufactured in accordance with applicable current Good Manufacturing Practices in the United States and that it
has not received any claim that use of any Cyclacel Drug Candidate in the performance of a Study would infringe the rights of any
third party Recognising that each Cyclacel Drug Candidate is an investigational drug, and that the results of any study are unpredictable,
at the Effective Date Cyclacel represents that it knows of no defects in a Cyclacel Drug Candidate that cause personal injury going
beyond known side effects. Cyclacel understands and acknowledges that the development and dissemination of scientific knowledge
is a fundamental component of MD Anderson’s mission, and that MD Anderson makes no representations, warranties, or guarantees
with respect to any specific results of the Studies.

 

		15.2	Assignment. This Agreement and/or any Study Order may not be assigned by either Party except
as agreed upon in writing by the other Party provided always that either Party may assign this Agreement in whole or in part to
a corporate Affiliate on reasonable prior written notice to the other Party of such assignment on the condition that the assigning
Party shall remain liable hereunder for the prompt payment and performance of all obligations of the assignee; (ii) this Agreement
may be assigned by a Party to a third party in connection with a sale or transfer of all or substantially all of such Party’s
business or assets to which this Agreement relates or in connection with a merger or consolidation transaction involving such third
party provided always that such third party gives a written deed of undertaking to the non-affected Party agreeing to abide by
all the obligations under this Agreement of the assigning Party. Any assignment or attempt to assign not in accordance with this
Section shall be void and without effect.

 

		15.3	Independent Contractors. MD Anderson and Cyclacel shall be independent parties and nothing
contained in this Agreement shall be construed or implied to create an agency or partnership. No Party shall have the authority
to agree to or incur expenses on behalf of another except as may be expressly authorized by this Agreement or a Study Order.

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

		15.4	Notices. Any notice or communication required or permitted to be given or made under this
Agreement by one of the Parties hereto to the other shall be in writing and shall be deemed to have been sufficiently given or
made for all purposes on the date of mailing by certified mail, postage prepaid, overnight courier service, and/or fax to be followed
by mailed original addressed to such other Party at its respective address as referenced in the Study Order.

 

		15.5	Severability. If any one or more of the provisions of this Agreement shall be held to be
invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Agreement shall
not in any way be affected or impaired thereby.

 

		15.6	Entirety. This Agreement represents the entire agreement of the Parties with respect to
the subject matter hereof and it expressly supersedes all previous written and oral communications between the Parties. No amendment,
alteration, or modification of this Agreement or any Study Orders attached hereto shall be valid unless executed in writing by
authorized signatories of all Parties.

 

		15.7	Waiver. The failure of any Party hereto to insist upon strict performance of any provision
of this Agreement or to exercise any right hereunder will not constitute a waiver of that provision or right.

 

		15.8	Force Majeure. In the event that performance of the obligations of a Party hereunder are
prevented by events beyond their reasonable control, including, but not limited to, acts of God, regulations or acts of any governmental
authority, war, civil commotion, strikes, or other labor disturbances, epidemics, fire, earthquakes, storms or other catastrophes
of a similar nature, the affected Party will promptly notify the other Party of such event using the procedure defined herein,
and the Parties shall be relieved of their respective obligations hereunder to the extent that the performance of such obligations
is actually prevented thereby. During the existence of any such condition, the affected Party shall, nevertheless, use its best
efforts to remove the cause thereof and resume performance of its obligations hereunder. The period of performance shall be extended
for the Party who is unable to perform due to Force Majeure reasons by a period of time equal to the length of the period during
which the Force Majeure reason exists or for a longer period if required to meet the requirements of the Study Protocol.

 

		15.9	Counterparts. It is understood that this Agreement may be executed in one or more counterpart
copies, each of equal dignity, which when joined, shall together constitute one Agreement. In the event of execution by exchange
of facsimile or electronic signed copies, the Parties agree that, upon being signed by both Parties, this Agreement shall become
effective and binding and that facsimile or .pdf signed copies will constitute evidence of this Agreement.

 

		15.10	Export Control. Notwithstanding any other provision of this Agreement, it is understood
that the Parties are subject to, and shall comply with, applicable United States laws, regulations, and governmental requirements
and restrictions controlling the export of technology, technical data, computer software, laboratory prototypes, and other commodities,
information and items (individually and collectively, “Technology and Items”), including without limitation,
the Arms Export Control Act, the Export Administration Act of 1979, relevant executive orders, and United States Treasury Department
embargo and sanctions regulations, all as amended from time to time (“Restrictions”) and that the Parties’
obligations hereunder are contingent on compliance with applicable Restrictions.

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

		15.11	Choice of Law. Any disputes or claims arising under this Agreement shall be governed by
the laws of the State of Texas. MD Anderson is an agency of the State of Texas and under the constitution and the laws of the State
of Texas possesses certain rights and privileges, is subject to certain limitations and restrictions, and only has such authority
as is granted to it under the constitution and laws of the State of Texas. Notwithstanding any provision hereof, nothing in this
Agreement is intended to be, nor will it be construed to be, a waiver of the sovereign immunity of the State of Texas or a prospective
waiver or restriction of any of the rights, remedies, claims, and privileges of the State of Texas. Moreover, notwithstanding the
generality or specificity of any provision hereof, the provisions of this Agreement as they pertain to MD Anderson are enforceable
only to the extent authorized by the constitution and laws of the State of Texas; accordingly, to the extent any provision hereof
conflicts with the constitution or laws of the State of Texas or exceeds the right, power or authority of MD Anderson to agree
to such provision, then that provision will not be enforceable against MD Anderson or the State of Texas.

 

In witness whereof, the Parties hereto have caused this
Agreement to be executed by their duly authorized representatives to be effective as of the Effective Date.

 

The University of Texas M. D. Anderson Cancer Center Cyclacel
Limited

 

	Date:	 	 	Date:	 

 

	 	 	 
	Name	 	Name
	Title:	 	Title:

 

21 August 2018

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

Appendix I

 

Four studies planned; the listed studies
are subject to Principal Investigator/Cyclacel discussion and may vary from the final protocols agreed

 

		1.	CYC065 and venetoclax in relapsed/refractory CLL

		2.	[***]

		3.	[***]

		4.	CYC140 first-in-human study in relapsed/refractory AML or MDS

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

Appendix II

 

MILESTONE AND SALES PAYMENTS

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act
of 1934, as amended.

 

Appendix II

Milestone and
Sales Payments 

 

	 	[***]
	[***]

	 	[***]
	[***]

	 	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
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	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
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	[***]	[***]	[***]	[***]	[***]	[***]	[***]
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	[***]	[***]	[***]	[***]	[***]	[***]	[***]
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	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

Appendix III

 

CLINICAL COLLABORATION AGREEMENT - STUDY
ORDER

 

This Study Order (“Study Order”),
effective as of the ___ day of XXXX (“Effective Date”), is entered into by and between The University of Texas
MD Anderson Cancer Center, with a place of business located at 1515 Holcombe Blvd., Houston, TX 77030, USA (“MD Anderson”),
a member institution of The University of Texas System (“System”) and Cyclacel Limited, with a place of business
located at 1 James Lindsay Place, Dundee, Scotland, DD1 5JJ, United Kingdom, (“Cyclacel”). (MD Anderson and Cyclacel
each a “Party” and collectively the “Parties”). This Study Order is a part of, and is subject
to, the terms and conditions of the Clinical Collaboration Agreement entered into between MD Anderson and dated August ___ 2018
(“Agreement”).

 

1.       The Parties enter
into this Study Order in connection with:

 

The Study entitled_________________, to be conducted
pursuant

 

to Protocol No. [Insert Protocol
number] which may be attached hereto in Exhibit A and is incorporated herein.

 

2.       _______
is the Principal Investigator (as defined in the Agreement) for the Study which will be conducted at MD Anderson.

 

Cyclacel Drug Candidate for the above referenced Study
is_____________.

 

Other Drug for the above referenced Study is______________.

 

The Study Indication is XXXXXX

 

The quantity and delivery dates of Cyclacel Drug Candidate
are XXXX

 

[if applicable] The quantity and delivery dates of
Other Drug are XXXX

 

3.       The
parties may further exchange the following Proprietary Materials (other than Cyclacel Drug Candidate) with each other in connection
with the Study:

 

______ being provided by [Insert name of
providing party]

 

______ being provided by [Insert name of
providing party]

 

4.       Term: This
Study Order will continue until the Study is completed, which is expected to be (__) months after the Effective Date, or
until terminated early as provided in the Agreement.

 

5.       Notices.

 

Any notice or other formal communication related to this Agreement
must be in writing and will be deemed given only if: (a) delivered in person; or (b) sent by internationally recognized overnight
delivery service or air courier guaranteeing next day delivery. Until a change of address is communicated, as provided below, all
notices and other communications must be sent to the Parties at the following addresses or facsimile numbers:

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

If to MD Anderson:

 

The University of Texas

MD Anderson Cancer Center

1515 Holcombe Boulevard, Box 1643

Houston, TX 77030

Attn: Vice President, Strategic Industry Ventures

 

With a copy to:

 

The University of Texas

MD Anderson Cancer Center

Legal Services—Unit 1674

PO Box 301407

Houston, TX 77230-1407

Attn: Chief Legal Officer

 

And to:

 

[insert investigator information]

 

If to Cyclacel Limited:

 

Cyclacel Limited

1 James Lindsay Place

Dundee, Scotland, DD1 5JJ

United Kingdom

Attn: Chief Operating Officer

 

With a copy to:

Cyclacel Pharmaceuticals, Inc.

200 Connell Drive #1500

Berkeley Heights, NJ 07922

Attn: Chief Executive Officer

 

All notices will be effective and will
be deemed delivered: (a) if by personal delivery, delivery service or courier, on the date of delivery; and (b) if by electronic
facsimile communication, on the date of transmission of the communication. Either Party may change its notice address by sending
notice of the change to the other Party in the manner set forth above.

 

6.       Specific superseding
terms: N/A.

 

[Signatures on Following Page]

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

In witness whereof, the Parties hereto have caused this
Study Order to be executed by their duly authorized representatives to be effective as of the Effective Date.

 

	The University of Texas M. D. Anderson Cancer	Cyclacel Limited Center

 

	Date:	 	 	Date:	 

 

	 	 	 
	Name	 	Name
	Title:	 	Title:

 

READ AND UNDERSTOOD: 

 

I confirm that I have received a copy of the Agreement under
which this Study Order is issued, and that I have read and understand the Agreement and this Study Order.

 

Principal Investigator

 

	Date:	 	 

 

	 	 
	Name	 

 

     

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

Exhibit A

 

[Protocol]Exhibit

Exhibit 4.1

AMENDMENT NO. 5 TO RIGHTS AGREEMENT
Amendment No. 5, dated as of November 13, 2018 (this “Amendment”), to the Rights Agreement, dated as of December 21, 2006, as amended (the “Rights Agreement”), by and between USG Corporation, a Delaware corporation (the “Company”), and Computershare Trust Company, N.A., as rights agent (successor rights agent to Computershare Investor Services, LLC, hereinafter, the “Rights Agent”). 
RECITALS 
WHEREAS, on June 10, 2018, the Company entered into an Agreement and Plan of Merger (as it may be amended from time to time, the “Merger Agreement”) with Gebr. Knauf KG, a limited partnership (Kommanditgesellschaft) organized under the laws of Germany (“Knauf”), and World Cup Acquisition Corporation, a Delaware corporation and an indirect, wholly-owned subsidiary of Knauf (“Merger Sub”), which provides for the merger of Merger Sub with and into the Company, with the Company continuing as the surviving corporation and a wholly-owned subsidiary of Knauf; 
WHEREAS, the Board of Directors of the Company (a) determined on June 10, 2018 that the Merger Agreement, the Merger (as defined in the Merger Agreement) and the other transactions contemplated by the Merger Agreement are fair to, advisable and in the best interests of the Company and its stockholders, (b) approved and declared advisable the Merger Agreement and the consummation by the Company of the transactions contemplated thereby, including the execution, performance and delivery of the Merger Agreement, (c) subject to Section 6.5 of the Merger Agreement, resolved to recommend the adoption of the Merger Agreement and the transactions contemplated thereby by the stockholders of the Company, and (d) directed that the Merger Agreement be submitted to the stockholders of the Company for adoption;
WHEREAS, the Board of Directors of the Company determined on June 10, 2018 that each of the following are “Exempt Transactions” for the purposes of the Rights Agreement: (a) the approval, execution, delivery and performance of the Merger Agreement, (b) the approval, execution, delivery and performance of any voting agreement contemplated under the Merger Agreement (the “Voting Agreement”), (c) the consummation of the Merger and the other transactions contemplated by the Merger Agreement or the Voting Agreement (if any) and (d) the announcement of any of the foregoing; 
WHEREAS, the Board of Directors of the Company has determined in good faith that it is in the best interests of the Company and its stockholders to amend the Rights Agreement as set forth in this Amendment; 
WHEREAS, pursuant to Section 27 of the Rights Agreement, prior to the time at which the Rights cease to be redeemable, and subject to the penultimate sentence of Section 27 of the Rights Agreement, the Company may in its sole and absolute discretion, and the Rights Agent will if the Company so directs, supplement or amend any provision of the Rights Agreement in any respect in accordance with the terms of such Section without the approval of any holders of Rights or Common Shares; and

WHEREAS, pursuant to the terms of the Rights Agreement and in accordance with Section 27 thereof, the Company has directed that the Rights Agreement be amended as set forth in this Amendment, and by its execution and delivery hereof, directs the Rights Agent to execute this Amendment. 
NOW THEREFORE, in consideration of the foregoing and the mutual agreements set forth in the Rights Agreement and in this Amendment, the parties hereto hereby amend the Rights Agreement as follows: 
1.    Section 1(j) of the Rights Agreement is hereby amended and restated in its entirety as follows: 
“(j) “Expiration Date” means the earliest of (i) the Close of Business on May 31, 2019, (ii) the time at which the Rights are redeemed as provided in Section 23, (iii) the time at which all exercisable Rights are exchanged as provided in Section 24, and (iv) the time immediately prior to the Effective Time (as defined in the Merger Agreement), but only if the Effective Time occurs.”
2.     Section 1 of the Rights Agreement is hereby amended by adding the following subsections at the end thereof: 
“(jj)  “Merger Agreement” means the Agreement and Plan of Merger, dated as of June 10, 2018, as it may be amended or supplemented from time to time, made and entered into among Gebr. Knauf KG, a limited partnership (Kommanditgesellschaft) organized under the laws of Germany (“Knauf”), World Cup Acquisition Corporation, a Delaware corporation and an indirect, wholly-owned subsidiary of Knauf (“Merger Sub”), and the Company.”
“(kk)  “Voting Agreement” means the Voting Agreement, dated as of June 10, 2018, as it may be amended or supplemented from time to time, made and entered into among Knauf, Merger Sub and the Investor, on behalf of itself and its subsidiaries listed on Exhibit A thereto (together with the Investor, the “Investor Entities”), in the Investor Entities’ capacity as stockholders of the Company.”
3.     Section 1 of the Rights Agreement is hereby further amended by adding the following new paragraph at the end of that Section:  
“Notwithstanding anything in this Agreement to the contrary, (i) none of Knauf, Merger Sub, the Investor, any other Investor Entity, any of their respective Affiliates or Associates or any of their respective permitted assignees or transferees will be deemed an Acquiring Person, (ii) none of a Distribution Date, a Share Acquisition Date, a Flip-in Event, a Flip-over Event or a Triggering Event will be deemed to occur or to have occurred, and (iii) the Rights will not become separable, distributable, unredeemable, triggered or exercisable, in each such case, by reason or as a result of any of the following events, whether or not such events have already occurred: (w) the approval, adoption, execution, delivery or performance or, if approved in advance by the Board of Directors of the Company, amendment, modification or waiver of the Merger Agreement, (x) the approval, execution, delivery or performance or, if approved in advance by the Board of Directors of the Company, amendment, modification or waiver of the Voting Agreement, (y) the consummation of the Merger (as defined in the Merger Agreement) or any other transaction contemplated by the Merger Agreement or the Voting Agreement, or (z) the announcement of any of the foregoing.” 

2

4.     Exhibit B to the Rights Agreement is hereby deemed amended and restated in a manner consistent with this Amendment. 
5.     Capitalized terms used without other definition in this Amendment will be used as defined in the Rights Agreement. 
6.     This Amendment will be deemed to be a contract made under the internal substantive laws of the State of Delaware and for all purposes will be governed by and construed in accordance with the internal substantive laws of such State applicable to contracts to be made and performed entirely within such State. 
7.     Except as expressly provided herein, the Rights Agreement will not otherwise be supplemented or amended by virtue of this Amendment, but will remain in full force and effect. 
8.     This Amendment may be executed in any number of counterparts and each of such counterparts will for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Amendment executed and/or transmitted electronically shall have the same authority, effect and enforceability as an original signature. 
9.     This Amendment will be effective as of the date first above written and all references to the Rights Agreement will, from and after such time, be deemed to be references to the Rights Agreement as amended hereby.
10.    The undersigned officer of the Company, being duly authorized on behalf of the Company, hereby certifies in his or her capacity as an officer on behalf of the Company to the Rights Agent that this Amendment is in compliance with the terms of Section 27 of the Rights Agreement.
11.     Pursuant to Section 27 of the Rights Agreement, by its execution and delivery hereof, the Company directs the Rights Agent to execute this Amendment. 
12.    If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment, and of the Rights Agreement, shall remain in full force and effect and shall in no way be affected, impaired or invalidated.
 [Signatures on following page.]

3

IN WITNESS WHEREOF, this Amendment has been duly executed by the Company and the Rights Agent as of the date first above written. 
 
 
	
				
	 
	 
	 
	 

	USG CORPORATION

	

	 

	By:
	 
	/s/ Michelle M. Warner

	 
	 
	Name:
	Michelle M. Warner

	 
	 
	Title:
	Senior Vice President, General Counsel and Corporate Secretary

	

	COMPUTERSHARE TRUST COMPANY, N.A.

	

	 

	By:
	 
	/s/ Dennis V. Moccia

	 
	 
	Name:
	Dennis V. Moccia

	 
	 
	Title:
	Manager, Contract Administration

S-1

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