Document:

Exhibit 10.1

 

	[*]	
    Certain information in this document has been
    omitted from this exhibit because it is both (i) not material and (ii) would be

    competitively harmful if publicly disclosed.

 

LICENSE AGREEMENT

 

This License
Agreement (this “Agreement”), effective as of July 14, 2022 (the “Effective Date”), is entered into by and between
Unicycive Therapeutics, Inc., a Delaware corporation having offices at 4300 El Camino Real, Suite #210, Los Altos, California (“Unicycive”)
and Lee’s Pharmaceutical (HK) Limited, a Hong Kong corporation having offices at 1/F, Building 20E, Phase 3, Hong Kong Science Park, Shatin,
N.T., Hong Kong (“LP”).

 

RECITALS

 

WHEREAS,
Unicycive owns or otherwise controls all rights in and to the Product (as defined below);

 

WHEREAS, LP
desires to obtain certain commercialization rights in the Product, and Unicycive has agreed to grant LP such rights, subject and pursuant
to the terms and conditions set forth in this Agreement; and

 

WHEREAS,
upon the terms set forth below, Unicycive has agreed to supply the Product to LP,

 

NOW, THEREFORE, Unicycive and LP agree as follows:

 

	1.	Definitions

 

When used in this Agreement the capitalized
terms listed in this Section 1 shall have the following meanings:

 

 1.1 “Delivery Date” shall have the meaning specified in Section 3 below.

 

 1.2 “Field of Use” shall mean the treatment of hyperphosphatemia.

 

 1.3 “Legal Requirements” means any present and future national, state or local laws (whether under statute, rule, regulation or otherwise), requirements under permits, orders, decrees, judgments or directives, requirements of any Regulatory Authority (including without limitation all regulatory filings necessary to support LP’s applications for any Product approvals throughout the Territory), and any other requirements related in any way to the exercise of LP’s license rights related to the Product under this Agreement.

 

 1.4 “Product” means Renazorb (lanthanum dioxycarbonate).

 

 1.5 “Product Destination” means the shipping destination, as indicated by LP in a Product Purchase Order.

 

 1.6 “Product Purchase Order” shall have the meaning specified in Section 3.

 

     

     

    

 

 1.7 “Regulatory Authority” means the authority(ies) in each country in the Territory with responsibility for granting regulatory approval for the sale of the Product in such country, and any successor(s) thereto.

 

 1.8 “Term” means the period of time specified in Section 8.1.

 

 1.9 “Territory” means People’s Republic of China (“PRC”), Hong Kong, Macau, Taiwan, and Southeast Asia (i.e., Vietnam, Laos, Cambodia, Thailand, Burma, Singapore, Philippines, Malaysia and Indonesia). For purposes of Section 5.3(i) and (ii), PRC shall be deemed to include mainland China, Hong Kong, Macau and Taiwan, which will be deemed to count as one country.

 

 1.10 “Third Party” means any person who or which is not a party to this Agreement.

 

	2.	License Grant; Supply and Inspection Obligations

 

2.1 License
Grant. Subject to the provisions set forth in this Agreement, Unicycive hereby grants to LP, and LP hereby accepts from Unicycive,
a non-transferable, non-sublicensable right to develop, market and commercialize the Product solely in the Territory and solely within
the Field of Use. Under no circumstances will LP exercise, or allow Affiliates to exercise, the license rights granted hereunder anywhere
outside the Territory, nor shall LP sell Products to any person or entity if there is any basis to suspect that such person or entity
intends to ship or use the Product outside of the Territory.

 

2.2 Exclusive
Supplier of Requirements. Both parties agree to enter into a Manufacturing and Supply Agreement and a Quality Agreement within
twelve (12) months of the execution of this Agreement. Unicycive shall use commercially reasonable efforts to supply LP with all of
LP’s requirements for the Product, and LP shall purchase exclusively from Unicycive all of such requirements for the Product. LP
shall provide forecasts and place orders for its requirements of the Product, and Unicycive shall ship the ordered Products directly
to LP. Except as otherwise agreed upon in writing by the parties, LP shall not order the Product from a supplier other than
Unicycive.

 

2.7 Third
Party Manufacturers. The parties acknowledge and agree that Unicycive may, at its sole option and discretion, satisfy its supply
obligations to LP hereunder through arrangements with Third Parties who are engaged to perform services or supply in connection with
the manufacture, testing and/or packaging of the Product, provided that such arrangements shall not relieve Unicycive of its express
obligations under this Agreement.

 

2.8 Regulatory
Approvals and Filings. LP shall apply for, obtain and maintain all regulatory approvals from Regulatory Authorities in the
Territory, and comply with all Legal Requirements with respect to the Product necessary for LP to sell the Products in the Territory
necessary to support LP’s drug applications in the Territory and otherwise necessary to allow LP to perform its obligations,
and exercise its license rights, under this Agreement. Without limiting the foregoing, LP covenants, represents and warrants that:
(i) at LP’s own expense and sole responsibility, LP shall import API or drug substance and drug product from the contract
manufacturer organization(s) and conduct all necessary analytical testing(s) or pre-clinical studies in the Territory for regulatory
approvals; (ii) LP shall be solely responsible, at LP’s own expense, for the import of the API and drug product for local
clinical studies in the Territory; and (iii) LP has and assumes full financial and operational responsibility for the Product
development (pre- clinical and clinical), registration and filing, and for obtaining any and all required approvals anywhere in the
Territory.

 

    -2-

     

    

 

	3.	Product Purchase Orders; Forecasts

 

3.1
All purchases and sales between LP and Unicycive hereunder will be initiated by LP’s issuance of written purchase orders sent via
overnight courier (such as Fed Ex), air mail or by facsimile or email to Unicycive(a “Product Purchase Order”). Each
Product Purchase Order will state unit quantities, the Product Destination, and a delivery date of not less than one hundred and
eighty (180) days after the date of the Product Purchase Order (the “Delivery Date”). Each Product Purchase Order shall
be subject to Unicycive’s acceptance. Except as otherwise provided herein, no term or condition contained in a Product
Purchase Order may add, delete, supplement or otherwise modify any term or condition contained in this Agreement. In case of any
conflict between any term or condition contained in a Product Purchase Order and this Agreement, the terms and conditions of this
Agreement shall prevail. All mutual responsibilities for product manufacturing and supply, including the product forecast
requirements, shall be detailed in the Product Manufacturing & Supply Agreement, which both parties agree shall be completed
within 12 months of the execution of this agreement.

 

	4.	Product Delivery

 

4.1
Product Delivery. Unicycive shall arrange for the delivery of each Product shipment, via a carrier reasonably acceptable to LP,
on or before the Delivery Date, to the Product Destination. All Product shipments shall be shipped C.I.F. destination. Unicycive shall
ensure that the delivery of all Product shipments is accomplished in accordance with applicable Legal Requirements, including without
limitation all applicable customs, import and export requirements.

 

4.2 Delivery
and Timing. Unicycive shall use commercially reasonable efforts to ensure that all deliveries of Product shipments are made on a
timely basis to meet the Delivery Date.

 

4.3 Packaging;
Labeling. Unicycive shall use commercially reasonable efforts to ensure that all Product shipments are properly packaged and
labeled in accordance with all applicable Legal Requirements.

 

	5.	Payment Terms

 

5.1 Upfront
Payment. Upfront cash payment of $1,000,000 to be paid within 30 days of the signing of this Agreement.

 

5.2 Royalties;
Minimum Royalties. Throughout the Term, LP shall pay to Unicycive royalties (“Royalties”) at the following
progressive percentage rates for the following annual Net Sales in the Territory: (i) US$*-US$* – *%; (ii) US$*-US$* –
*%; (iii) US$*-US$* – *%; and (iv) above US$* – *%. The Royalties shall be subject to minimum annual royalty payments
starting from year * of the Product launch using a base amount equal to * percent (*%) of the annual forecast Total Sales amount as
set forth in the annual forecast table in Exhibit A of this Agreement. The minimum annual royalty payments shall be computed using
the progressive rate structure set forth above for the Royalties; provided, however, that the minimum annual royalty payments
starting from year six and onward shall be capped at the same amount as year five. Failure to pay such minimum payments within
thirty (30) days from the end of the preceding calendar year shall constitute a material breach of this Agreement and shall entitle
Unicycive to terminate this Agreement and the license granted hereunder. Notwithstanding anything to the contrary in this Agreement,
as from * (*) years from the first commercial sale of the Product pursuant to this Agreement in any country in the Territory, LP
shall have the right, subject to * (*) months prior written notice to Unicycive, to terminate this Agreement for convenience and to
surrender the license granted to it back to Unicycive.

 

    -3-

     

    

 

5.3 Milestone
Payments. LP shall make the following one-time, non-refundable and non-cancelable payments to Unicycive: (i) $500,000 within
thirty (30) days after *; (ii) $500,000 within thirty (30) days after *; and (iii) $* within thirty (30) days after *.

 

5.4 Taxes.
The upfront payment, royalties, minimum royalties, milestone payments and other amounts payable by LP to Unicycive pursuant to this
Agreement shall be net amounts without any deductions or set-off but subject to applicable tax withholdings (and LP is entitled to
deduct such tax prior to remittance). LP shall pay tax to be withheld to the proper taxing authority in the Territory by the due
date and send to Unicycive proof of such tax payment issued by the proper tax authority within sixty (60) days after tax
payment.

 

	6.	Representations and Warranties

 

 6.1 Unicycive. Unicycive represents and warrants that:

 

(a) It
has full power and authority to execute, deliver and perform this Agreement; it is a corporation duly organized, validly existing and
in good standing under the laws governing its incorporation and has full corporate power and authority to execute, deliver and perform
this Agreement.

 

(b)
The execution, delivery and performance of this Agreement have been duly authorized by all necessary action of Unicycive. Unicycive
is qualified to do business in all jurisdictions where such qualification is required for its performance hereunder. This Agreement
constitutes a legal, valid and binding agreement of Unicycive, enforceable against Unicycive in accordance with its terms, except as
limited by bankruptcy, insolvency, receivership and similar creditor’s rights laws in effect from time to time.

 

(c)
Unicycive holds all required permits, licenses, approvals or other authorizations, and is in compliance with all necessary filing
requirements necessary to perform its obligations hereunder.

 

    -4-

     

    

 

 6.2 LP. LP warrants and represents that:

 

(a)
It has full power and authority to execute, deliver and perform this Agreement; it is a corporation duly organized, validly existing
and in good standing under the laws governing its incorporation and has full corporate power and authority to execute, deliver and
perform this Agreement.

 

(b)
The execution, delivery and performance of this Agreement have been duly authorized by all necessary action of LP; this Agreement
constitutes a legal, valid and binding agreement of LP, enforceable against LP in accordance with its terms, except as limited by
bankruptcy, insolvency, receivership and similar creditor’s rights laws in effect from time to time.

 

6.3 Warranty
Disclaimer. EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH ABOVE IN THIS SECTION 6, UNICYCIVE AND LP GRANT TO EACH OTHER NO
WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, AND UNICYCIVE AND LP
SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NONINFRINGEMENT.

 

	7.	Indemnity

 

7.1 Indemnification
by Unicycive. Provided that the procedure for indemnification contained in Section 7.3 below is followed, Unicycive shall
defend, indemnify, and hold harmless LP and its officers, directors, employees, independent contractors, and agents from and against
any and all actual or threatened loss, liability, claims, demands, suits, proceedings, expenses, recoveries, and damages, including
attorneys’ fees, expert witness fees, and court costs, arising out of or related to the gross negligence or willful misconduct
of Unicycive.

 

7.2 Indemnification
by LP. Provided that the procedure for indemnification contained in Section 7.3 below is followed, LP shall defend, indemnify,
and hold harmless Unicycive and its officers, directors, employees, independent contractors, and agents from and against any and all
actual or threatened loss, liability, claims, demands, suits, proceedings, expenses, recoveries, and damages, including
attorneys’ fees, expert witness fees, and court costs, arising out of or related to a breach by LP of its obligations
(including warranties) under this Agreement, or from the gross negligence or willful misconduct of LP.

 

7.3
Procedure for Indemnification. The indemnified party shall promptly notify the indemnifying party of any claim for which the indemnified
party seeks indemnification. Upon receiving such notice, the indemnifying party shall, within fifteen (15) days, notify the indemnified
party as to whether it shall defend the claim. If the indemnifying party agrees to defend the claim, it shall have the sole right to
defend or settle the claim; provided, that: (i) the indemnified party may retain counsel at its own expense to monitor such defense or
settlement; (ii) if there is an actual or potential conflict of interest between the parties in such proceedings, the indemnified party
may retain counsel at the expense of the indemnifying party and participate in such defense; and (iii) the indemnified party shall have
the right to consent to any settlement, such consent not to be unreasonably withheld. If the indemnified party withholds consent from
a settlement that includes an unconditional release of the indemnified party, then the indemnifying party’s indemnification obligations
shall be limited to the amount payable under such proposed settlement, and the indemnifying party shall have no further obligation to
defend such claim. The indemnifying party shall consult with the indemnified party and keep it informed with respect to the proceedings.
The indemnified party shall offer its full cooperation in defense of a claim.

 

7.3 Control
of Defense. If the indemnifying party fails to assume or diligently defend any claim, the indemnified party, at its sole and absolute
discretion, may assume control over such defense or settlement, with fees and expenses paid by the indemnifying party; provided that the
indemnifying party shall have the right to consent to any settlement, such consent not to be unreasonably withheld.

 

	8.	Term and Termination

 

8.1 Term.
This Agreement shall become effective and binding upon the parties as of the Effective Date. Unless earlier terminated, as provided
in Section 5.2, and Sections 8.2 and 8.3 below, the term of this Agreement shall continue in effect until ten (10) years from the
date of first commercial sale of the Product pursuant to this Agreement in any country in the Territory. Thereafter, this Agreement
shall be renewed automatically for succeeding terms of one (1) year each unless either party provides six (6) months prior written
notice of termination during any renewal period.

 

8.2 Material
Breach. In the event of any material breach of this Agreement by any party hereto, the other party shall be entitled to dispatch
to the party alleged to be in breach a written demand for correction of such breach within a stipulated period, which period shall
not be less than ninety (90) days following the date of dispatch of the written demand, and if the party alleged to be in breach
fails to correct the breach within the period so stipulated in the written demand for correction, the other party shall have the
unconditional right and option to terminate this Agreement by giving the party hereto in breach written notice to that effect,
termination being effective on the effective date of such notice.

 

 8.3 Other Termination Rights. This Agreement also may be terminated:

 

 (a) By mutual assent of the parties;

 

(b)
By either party, upon the other party’s filing of a voluntary petition for bankruptcy, reorganization or arrangement under any state
statute, or upon assignment for the benefit of creditors, or upon the appointment of a receiver or trustee with respect to such
party or its assets, or upon the filing of a petition of the kind referenced above, against a party or its assets by a third party,
which filing is made without the agreement of the subject party and is not dismissed within sixty (60) days of the date of such
filing.

 

8.4
Survival. The following sections of this Agreement, in accordance with the terms and conditions of such sections shall survive
expiration or termination of this Agreement: Sections 6, 7, 9 and 11-21, as well as any provisions of this Agreement that by their nature
and purpose would customarily be deemed to survive.

 

    -5-

     

    

 

	9.	Force Majeure

 

Either
party shall be excused for the period of any suspension in the performance of its obligations hereunder, when such party is
prevented from performing by cause or causes which are beyond the reasonable control of such party, its agents, subcontractors or
assignees and which could not have been reasonably foreseen or prevented, including without limitation, acts of God, civil
commotion, war, invasion, rebellion, hostilities, strikes, or delays in the Regulatory Authority review process or orders of
Regulatory Authorities pertaining to the subject matter of this Agreement (excluding, in each case, any such event caused in whole
or in part by the party claiming a force majeure hereunder). The party making a claim of a force majeure event
hereunder (an “Affected Party”) shall provide prompt written notice to the other party describing the particulars of the
occurrence, including an estimate of its expected duration and the probable impact on the performance of the Affected Party’s
obligations. The Affected Party also shall furnish periodic reports with respect thereto. Notwithstanding the foregoing: (i) the
permitted suspension of the Affected Party’s performance shall be of no greater scope and of no longer duration than is reasonably
required by the force majeure event; (ii) no liability of either party which arose prior to the occurrence of the force
majeure event shall be excused because of such occurrence; and (iii) the Affected Party shall use reasonable efforts to continue
to perform its obligations hereunder and to cure or correct the force majeure event and to limit or mitigate damages to the
other party.

 

	10.	Product Supply

 

Unicycive acknowledges
the importance of ensuring a stable and consistent supply of the Product during the term of this Agreement. Therefore, the parties agree
to meet and confer during the first twelve (12) months of this Agreement to discuss and establish commercially reasonable mechanism to
achieve this mutual aim.

 

	11.	Notices

 

Any notice,
communication or consent required or permitted by this Agreement will be in writing and will be sent: (i) by prepaid mail, return receipt
requested; or (ii) via telecopy, followed within five (5) days by a copy mailed in the preceding manner, addressed to the other party
at the following address or at such other address for which such party gives notice as provided under this Agreement. Such notice will
be deemed to have been given when delivered or, if delivery is not accomplished by some fault of the addressee, when tendered:

 

	If to Unicycive, addressed to:	Unicycive Therapeutics Inc.

 4300 El Camino Real

 Suite# 210, Los Altos, CA 94022

 Attn.: Shalabh Gupta, MD

 Telephone: 650-351-4495
	 	 
	If to LP, addressed to:	Lee’s Pharmaceutical (HK) Limited

 1/F, Building 20E, Phase 3

 Hong Kong Science Park, Shatin

 N.T., Hong Kong

 Attn.: Leelalertsuphakun Wanee

 Telephone: 2314 1282

 

    -6-

     

    

 

	12.	Governing Law

 

This Agreement
shall be governed by, and construed and interpreted in accordance with, the laws of the State of California, excluding the Convention
on Contracts for the International Sale of Goods and that body of law known as conflicts of laws.

 

	13.	Assignment

 

The parties
agree that their rights and obligations under this Agreement may not be transferred or assigned to a third party without the prior written
consent of the other party hereto. Notwithstanding the foregoing, (i) either party may transfer or assign its rights and obligations under
this Agreement to a successor to all or substantially all of its business or assets relating to this Agreement whether by sale, merger,
operation of law or otherwise, and (ii) in the event Unicycive is acquired or assigns its rights in the Product to any third party, which
it may do at is sole option and discretion, all of Unicycive’s rights and obligations under this Agreement will be transferred and
delegated to the acquiring or assignee entity.

 

	14.	Entire Agreement

 

This Agreement
constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof and supersede all prior and contemporaneous
agreements, understandings, negotiations and discussions of the parties, whether oral or written. There are no warranties, representations
or other agreements between the parties in connection with the subject matter hereof, except as specifically set forth herein.

 

	15.	Modification and Waiver

 

No modification
to this Agreement, nor any waiver of any rights, shall be effective unless assented to in writing by the party to be charged and the waiver
of any breach or default shall not constitute a waiver of any other right hereunder or any subsequent breach or default.

 

	16.	Limitation of Liability

 

IN NO EVENT
WILL A PARTY HERETO BE LIABLE TO THE OTHER PARTY HERETO FOR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL OR INDIRECT DAMAGES ARISING IN ANY
WAY OUT OF THIS AGREEMENT, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY. THIS LIMITATION WILL APPLY EVEN IF SUCH OTHER PARTY HAS BEEN
ADVISED OF THE POSSIBILITY OF SUCH DAMAGE. NOTWITHSTANDING THE ABOVE, THE LIMITATIONS OF THIS SECTION 16 SHALL NOT APPLY TO LP’S
OBLIGATIONS UNDER SECTION 7.

 

	17.	Independent Contractors

 

The
relationship of Unicycive and LP established by this Agreement is that of independent contractors, and nothing contained in this
Agreement shall be construed to: (i) give either party the power to direct or control the day-to-day activities of the other party;
(ii) constitute the parties as partners, joint venturers, co-owners or otherwise as participants in a joint or common undertaking;
or (iii) allow either party to create or assume any obligation on behalf of the other party for any purpose whatsoever.

 

    -7-

     

    

 

	18.	Counterparts

 

This Agreement
may be executed in counterparts, each of which shall be deemed an original, but both of which together shall constitute one and the same
instrument.

 

	19.	Parties Bound

 

This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors in interest and permitted assigns.

 

	20.	Severability

 

If any provision
of this Agreement shall be determined to be void or unenforceable, the remaining provisions of this Agreement shall not be affected thereby,
and every other provision of this Agreement shall remain in full force and effect and enforceable to the fullest extent permitted by law.

 

	21.	Further Assurances

 

The parties
each agree to execute additional instruments and documents and to do all such further things as the other party may reasonably require
in order to carry out the intent of this Agreement. In addition, the parties agree to reasonably cooperate with one another in connection
with the execution of the other parties’ obligations hereunder.

 

IN WITNESS
WHEREOF, the parties have by duly authorized persons executed this Agreement as of the Effective Date.

 

	Unicycive Therapeutics, Inc.	 	Lee’s Pharmaceutical (HK) Limited
	 	 	 
	By:	                        	 	By:	                         
	 	 	 
	Print Name: Shalabh Gupta, MD	 	Print Name: Leelalertsuphakun Wanee
	 	 	 
	Title: Chairman & CEO	 	Title: Managing Director

 

    -8-

     

    

 

EXHIBIT A

 

ANNUAL SALES FORECAST

 

*

 

* Proposed selling price is *

 

 

-9-Document

THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY’S PROSPECTUS SUPPLEMENT DATED JULY 18, 2022 (THE “PROSPECTUS SUPPLEMENT”) AND ARE INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS AND PROSPECTUS SUPPLEMENT ARE AVAILABLE UPON REQUEST FROM BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC., THE SUBSCRIPTION AGENT, BY CALLING (855) 793-5068.
SUMMIT THERAPEUTICS INC.
Incorporated under the laws of the State of Delaware

NON-TRANSFERABLE SUBSCRIPTION RIGHTS CERTIFICATE
Evidencing Non-Transferable Subscription Rights to Purchase Shares of
Common Stock, Par Value $0.01 per share, of Summit Therapeutics Inc.

Subscription Price: To be determined as set forth below

THE SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE
5:00 P.M., EASTERN TIME, ON AUGUST 8, 2022 (THE “EXPIRATION DATE”)
REGISTERED OWNER:
THIS CERTIFIES THAT the registered owner whose name is inscribed hereon is the owner of certain non-transferable subscription rights (each, a “Subscription Right”). The Subscription Right entitles the holder thereof to subscribe for and purchase shares of common stock, par value $0.01 per share (the “Common Stock”), of Summit Therapeutics Inc., a Delaware corporation (the “Company”), at a subscription price per full share equal to the lesser of (i) $1.08 per share (the “Initial Price”) and (ii) the volume weighted-average price of the Common Stock for the five (5) consecutive trading days through and including the Expiration Date (the “Alternate Price”), pursuant to a rights offering (the “Rights Offering”), on the terms and subject to the conditions set forth in the Prospectus Supplement, which supplements the Company’s prospectus dated October 15, 2020 (the “Prospectus”).
Each stockholder will receive one Subscription Right for each share of Common Stock owned as of 4:00 p.m., Eastern Time, on July 5, 2022 (the “Record Date”) and each Subscription Right will entitle its holder to purchase 0.9436442 shares of Common Stock at the Initial Price per full share.
The Subscription Rights represented by this Non-Transferable Subscription Rights Certificate may be exercised by completing Form 1 and any other appropriate forms on the reverse side hereof and by returning the full payment of the subscription price for each share of Common Stock in accordance with the instructions contained herein.
This Non-Transferable Subscription Rights Certificate is not valid unless countersigned by Broadridge Corporate Issuer Solutions, Inc., the Subscription Agent. Witness the seal of Summit Therapeutics Inc. and the signatures of its duly authorized officers.
DATED: July 18, 2022
			
	/s/ Bob Duggan
 

	Robert W. Duggan, Chief Executive Officer

 
DELIVERY OPTIONS FOR NON-TRANSFERABLE SUBSCRIPTION RIGHTS CERTIFICATE
Delivery other than in the manner or to the addresses listed below will not constitute valid delivery.
 
									
	If delivering by hand or overnight courier:	 	If delivering by first class mail:
	 	 	 
	Broadridge Corporate Issuer Solutions, Inc.
Attn: BCIS IWS
51 Mercedes Way
Edgewood, NY 11717	 	Broadridge Corporate Issuer Solutions, Inc.
Attn: BCIS Re-Organization Dept.
P.O. Box 1317
Brentwood, NY 11717-0718

 
 
PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY.
SECTION 1 – EXERCISE OF SUBSCRIPTION RIGHTS
To subscribe for shares of Common Stock pursuant to your Subscription Right, please complete lines (a) and (b) and sign in part (c). If you do not indicate the number of Subscription Rights being exercised, or if you do not forward the full subscription payment for the number of Subscription Rights that you indicate are being exercised, then you will be deemed to have exercised the maximum number of Subscription Rights that may be exercised with the aggregate subscription payment you delivered to the Subscription Agent. Fractional shares of our Common Stock resulting from the exercise of the Subscription Rights will be eliminated by rounding down to the nearest whole share, with the total subscription payment being adjusted accordingly. Any excess subscription payments received by the Subscription Agent will be returned, without interest, as soon as practicable.
(a)               EXERCISE OF SUBSCRIPTION RIGHT:
									
		(i)	Basic Subscription Right

																														
	I exercise	____________
 
	x	0.9436442	=	 ______________________
 
	x	$1.08	=	$
	 	(No. of shares
owned)	x	(Initial ratio)	=	(No. of Basic Subscription 
Shares Subscribed For)
	x	(Initial Price)	 	(Amount Enclosed)

 
									
		(ii)	Over-Subscription Right: If you fully exercise your Basic Subscription Right, above, and wish to subscribe for additional shares, you may exercise your Over-Subscription Right below.

																					
	I exercise	 ____________________
 
	x	 	$1.08	=	$
	 	(No. of Over-Subscription
Shares
Subscribed For)	x	 	(Initial
Price)	=	(Amount Enclosed)

 
(b)               PAYMENT:
									
	 	Amount Enclosed	 
	Basic Subscription
Right:	$	 ̈    Certified check drawn on a U.S. bank, or postal or express money order payable to Broadridge Corporate Issuer Solutions, Inc., as Subscription Agent.

	 	 	 
	Over-Subscription
Right:	$	 ̈    Wire transfer directly to the escrow account maintained by Broadridge Corporate Issuer Solutions, Inc., as Subscription Agent.

	 	 	 
	Total Amount
Enclosed	$	 

Method of Payment. All payments must be made in U.S. dollars by wire transfer of funds, U.S. Postal money order or certified check drawn upon a U.S. bank payable to “Broadridge Corporate Issuer Solutions, Inc. (acting as Subscription Agent for Summit Therapeutics Inc.)”. The Subscription Agent will not accept payment by any other means.
 
(c)                SIGNATURE(S):

TO SUBSCRIBE: I acknowledge that I have received the Prospectus Supplement for the Rights Offering and I hereby irrevocably subscribe for the number of shares indicated above on the terms and conditions specified in the Prospectus Supplement. I hereby agree that if I fail to pay for the shares of Common Stock for which I have subscribed, Summit Therapeutics Inc. may exercise its legal remedies against me.
This form must be signed by the registered holder(s) exactly as their name(s) appear(s) on the certificate(s) or book entry or by person(s) authorized to sign on behalf of the registered holder(s) by documents transmitted herewith.
									
	______________________________ 
 
	_________________	 _________________
 

	Signature(s) of Subscriber(s)	Date	Daytime Telephone Number(s)

 
If signature is by trustee(s), executor(s), administrator(s), guardian(s), attorney(s)-in-fact, agent(s), officer(s) of a corporation or another acting in a fiduciary or representative capacity, please provide the following information (please print). See the instructions.
												
	________________________	 ____________________
 
	 __________________
 
	 ______________
 ___________

	Name(s)	Full Title	Taxpayer ID # or Social Security #	Date

 
SECTION 2 – SPECIAL ISSUANCE OR DELIVERY INSTRUCTIONS FOR SUBSCRIPTION RIGHTS HOLDERS
									
	(a) To be completed ONLY if the book-entry representing the Common Stock is to be issued in a name other than that of the registered holder. (See the Instructions.) DO NOT FORGET TO COMPLETE THE GUARANTEE OF SIGNATURE(S) SECTION BELOW.
	 	(b) To be completed ONLY if the book-entry representing the Common Stock is to be issued to an address other than that shown on the front of this certificate. (See the Instructions.)
DO NOT FORGET TO COMPLETE THE GUARANTEE OF SIGNATURE(S) SECTION BELOW.

 
												
	Print Full Name:	 ________________________	Print Full Name:	  ________________________
	Print Full Address:	  ________________________	Print Full Address:	  ________________________
	Taxpayer ID # or Social Security #:	  ________________________	Taxpayer ID # or Social Security #:	  ________________________

 
 

SIGNATURE GUARANTEE
This must be completed if you have completed any portion of Section 2.

									
	Signature Guaranteed:	 
	 	(Name of Bank or Form)
	 	 
	 ____________________________	 
	By:	 _____________________
	 	(Signature of Officer)
	 	 	 

 
IMPORTANT: The signature(s) should be guaranteed by an eligible guarantor institution (bank, stock broker, savings & loan association or credit union) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.
FOR INSTRUCTIONS ON THE USE OF NON-TRANSFERABLE SUBSCRIPTION RIGHTS CERTIFICATES, CONSULT BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC., THE SUBSCRIPTION AGENT, AT (855) 793-5068 (TOLL-FREE). THE RIGHTS OFFERING EXPIRES AT 5:00 P.M., EASTERN TIME, ON AUGUST 8, 2022, AND THIS NON-TRANSFERABLE SUBSCRIPTION RIGHTS CERTIFICATE IS VOID THEREAFTER.
THE RIGHTS OFFERING HAS BEEN REGISTERED OR QUALIFIED OR IS BELIEVED TO BE EXEMPT FROM REGISTRATION OR QUALIFICATION ONLY UNDER THE FEDERAL LAWS OF THE UNITED STATES AND THE LAWS OF THE STATES IN THE UNITED STATES. RESIDENTS OF OTHER JURISDICTIONS MAY NOT PURCHASE THE SECURITIES OFFERED HEREBY UNLESS THEY CERTIFY THAT THEIR PURCHASES OF SUCH SECURITIES ARE EFFECTED IN ACCORDANCE WITH THE APPLICABLE LAWS OF SUCH JURISDICTIONS.

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